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    Andy Kaplowitz • Citigroup Inc.

    Andy Kaplowitz's questions to Atkore Inc (ATKR) leadership

    Andy Kaplowitz's questions to Atkore Inc (ATKR) leadership • Q3 2025

    Question

    On behalf of Andy Kaplowitz, an analyst asked about Atkore's volume growth visibility for fiscal 2026, demand trends in the water end market, and the competitive landscape for HDPE products amid BEADs funding.

    Answer

    President and CEO Bill Waltz expressed optimism for future volume growth, citing exploding demand from data centers and a positive outlook for solar. He noted that while mega-projects can be lumpy, the overall trend is favorable. For the water market, he stated that the municipal sector is picking up. Regarding HDPE, Waltz mentioned that while the competitive dynamic with satellites hasn't changed, overall business volume is increasing. CFO John Deitzer added that a low single-digit volume growth environment seems reasonable for the future.

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    Andy Kaplowitz's questions to Atkore Inc (ATKR) leadership • Q4 2024

    Question

    An analyst on behalf of Andy Kaplowitz at Citigroup asked for more detail on productivity opportunities and the factors contributing to the soft Q1 guidance and the expected ramp-up in the second half of the year.

    Answer

    CEO Bill Waltz explained that Atkore expects tens of millions in net productivity in FY25, driven by investments in lean teams focused on scrap reduction and equipment uptime, which are not solely volume-dependent. Regarding the Q1 outlook, Waltz cited normal construction seasonality, while CFO John Deitzer added that Q1 faces a difficult year-over-year comparison and that new growth initiatives are expected to gain traction and contribute more significantly as the year progresses.

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    Andy Kaplowitz's questions to Honeywell International Inc (HON) leadership

    Andy Kaplowitz's questions to Honeywell International Inc (HON) leadership • Q2 2025

    Question

    Andy Kaplowitz from Citigroup asked for more color on the accelerating Defense & Space business and for an update on how direct material productivity and AI initiatives are helping to offset cost inflation, as well as the stickiness of recent price increases.

    Answer

    Chairman & CEO Vimal Kapur stated that Defense & Space growth is driven by both supply chain healing and strong international and domestic demand. He confirmed that pricing has been sticky and is balanced with significant productivity gains from value engineering, which is being accelerated by AI. SVP & CFO Mike Stepniak added that the overall focus is on consistent long-term growth, allowing business units flexibility on the price-volume mix.

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    Andy Kaplowitz's questions to Honeywell International Inc (HON) leadership • Q2 2025

    Question

    Andy Kaplowitz of Citigroup requested more color on the accelerating growth in Defense and Space, particularly the balance between U.S. and international demand. He also asked for an update on direct material productivity initiatives and the stickiness of recent price increases.

    Answer

    Chairman & CEO Vimal Kapur attributed the Defense and Space growth to both supply chain healing and strong order demand from domestic and international markets, which he expects to continue. On productivity, he stated that pricing has been sticky and successfully executed without destroying demand. He highlighted that value engineering, enhanced by AI, is becoming a meaningful lever that provides optionality in balancing price and productivity to drive margins.

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    Andy Kaplowitz's questions to Mayville Engineering Company Inc (MEC) leadership

    Andy Kaplowitz's questions to Mayville Engineering Company Inc (MEC) leadership • Q4 2024

    Question

    Representing Andy Kaplowitz of Citigroup, an analyst asked about the company's path to achieving its long-term 14-16% EBITDA margin target given the 2025 guidance is around 11%, and requested an update on the Hazel Park facility ramp-up.

    Answer

    Executive Jagadeesh Reddy acknowledged that achieving the 2023 Investor Day targets might take longer due to current market conditions but reaffirmed they are achievable, citing future volume leverage from a Commercial Vehicle market recovery in 2026. Executive Todd Butz added that 2025 is a story of two halves, with margins expected to improve from 8-10% in H1 to 11-13% in H2, creating a clear path toward the long-term goal. Regarding Hazel Park, Reddy stated that while the top-line has been impacted by market demand, the company remains on track with new product launches.

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    Andy Kaplowitz's questions to Jacobs Solutions Inc (J) leadership

    Andy Kaplowitz's questions to Jacobs Solutions Inc (J) leadership • Q1 2025

    Question

    Andrew Kaplowitz asked about the sustainability of double-digit growth in the Water and Environmental segment, particularly regarding potential impacts from U.S. deregulation, and questioned the drivers for the expected second-half recovery in Advanced Manufacturing.

    Answer

    Chair and CEO Bob Pragada affirmed confidence in Water and Environmental growth, citing fundamental needs like urbanization and climate effects, and noted some deregulation can even accelerate projects. For Advanced Manufacturing, he explained that while the semi business is flat, data centers are growing double-digits, and a recovery is expected in Industrial Manufacturing, driven by a growing pipeline and reshoring efforts.

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    Andy Kaplowitz's questions to Jacobs Solutions Inc (J) leadership • Q4 2024

    Question

    On behalf of Andy Kaplowitz, Natalia from Citi asked about the margin and revenue growth outlook for the PA Consulting segment in fiscal 2025. She also inquired about capital deployment priorities and whether M&A could be used to fill any portfolio gaps.

    Answer

    CEO Bob Pragada stated that PA Consulting's margin profile is expected to continue its strength. CFO Venk Nathamuni added that they anticipate a growth inflection point for PA in FY25, which is factored into the overall company guidance. Regarding capital, Venk prioritized organic investment and shareholder returns (buybacks, dividends), noting M&A is a long-term accelerant and that the company has significant optionality due to its strong balance sheet.

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    Andy Kaplowitz's questions to AECOM (ACM) leadership

    Andy Kaplowitz's questions to AECOM (ACM) leadership • Q4 2024

    Question

    An analyst on behalf of Andy Kaplowitz asked about the fiscal 2025 organic NSR growth outlook, questioning if both segments would grow in the 5-8% range and seeking an update on the Middle East. He also asked why guided margin expansion of 30 bps is below recent historical averages.

    Answer

    Management stated that the Americas segment is expected to lead organic growth, with International ramping up in the second half. President Lara Poloni confirmed the Middle East business grew in Q4 and for the full year, with no slowdown. CEO Troy Rudd explained that the 30 bps margin expansion reflects record organic investments in talent, technology, and new platforms like the Water & Environment Advisory business. These investments, while expensed now, are expected to drive margins well beyond the 17% long-term target.

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