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    Angel Castillo • Morgan Stanley

    Angel Castillo's questions to Martin Marietta Materials Inc (MLM) leadership

    Angel Castillo's questions to Martin Marietta Materials Inc (MLM) leadership • Q2 2025

    Question

    Angel Castillo asked about the potential pricing uplift on the acquired Quikrete assets and sought clarity on the disconnect between numerous data center announcements and slowing construction spend data.

    Answer

    CEO C. Howard Nye indicated a pricing opportunity exists in the new markets as part of their 'value journey.' Regarding data centers, he attributed the lag on new projects to permitting and utility readiness, describing it as a 'nice, long, steady climb over multiple years' rather than an immediate surge, which suits Martin Marietta's business model.

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    Angel Castillo's questions to Kennametal Inc (KMT) leadership

    Angel Castillo's questions to Kennametal Inc (KMT) leadership • Q4 2025

    Question

    Angel Castillo of Morgan Stanley asked for more detail on the fiscal year 2026 outlook, specifically how Q1-to-date trends are informing the full-year segment forecasts. He also inquired about the strategic shift toward cost-cutting and portfolio optimization, questioning whether it stems from near-term market conservatism or deeper, company-specific structural challenges.

    Answer

    Sanjay Chowbey, President, CEO & Director, stated that the FY2026 outlook is a balanced view based on market indicators and customer discussions, with the start of the year tracking in line with full-year projections. He explained the strategic focus on rightsizing is a response to both the prolonged market slowdown and the need to make sustainable structural improvements, while ensuring the company is prepared for an eventual volume recovery.

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    Angel Castillo's questions to Cummins Inc (CMI) leadership

    Angel Castillo's questions to Cummins Inc (CMI) leadership • Q2 2025

    Question

    Angel Castillo of Morgan Stanley inquired about the growth trajectory of Cummins' data center business, referencing a prior forecast of reaching $2 billion in sales by 2026.

    Answer

    Chair and CEO Jennifer Rumsey confirmed that Cummins remains well-positioned in the growing data center market, benefiting from its Sentum series products and distribution network. Both Rumsey and CFO Mark Smith affirmed that the company's enthusiasm for demand has not changed and that the $2 billion sales target for 2026 remains a reasonable expectation.

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    Angel Castillo's questions to Cummins Inc (CMI) leadership • Q2 2025

    Question

    Angel Castillo of Morgan Stanley asked for an update on the data center business, referencing a prior forecast of reaching $2 billion in sales by 2026. He sought to understand the current growth trajectory and market share position.

    Answer

    Chair and CEO Jennifer Rumsey confirmed that Cummins remains well-positioned in the growing data center market, benefiting from its Sentum series products and distribution network. She noted that additional capacity will be online by 2026 to meet demand. Both she and CFO Mark Smith reaffirmed that the company's enthusiasm for demand has not changed and the $2 billion sales target for 2026 remains intact.

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    Angel Castillo's questions to Allison Transmission Holdings Inc (ALSN) leadership

    Angel Castillo's questions to Allison Transmission Holdings Inc (ALSN) leadership • Q2 2025

    Question

    Angel Castillo of Morgan Stanley asked for an outlook on 2026 demand, considering the current weakness as a potential demand push-out, and inquired about the impact of Section 232 tariffs and EPA 2027 regulations on customer pre-buy activity.

    Answer

    Chair & CEO David Graziosi suggested that OEMs are reducing build rates to avoid entering 2026 oversupplied amid market uncertainty, framing the current slowdown as a demand deferral. He noted Allison is well-positioned against tariffs due to its USMCA sourcing and that its current product portfolio is already prepared to meet future EPA regulations without significant changes.

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    Angel Castillo's questions to CNH Industrial NV (CNH) leadership

    Angel Castillo's questions to CNH Industrial NV (CNH) leadership • Q2 2025

    Question

    Angel Castillo of Morgan Stanley inquired about CNH's production levels and the progress on reducing dealer inventory, asking for specifics on the remaining excess inventory and the company's confidence in achieving its year-end targets.

    Answer

    CEO Gerrit Marx confirmed that of the initial €1 billion in excess inventory, another €200 million was reduced in the quarter, keeping them on track for year-end goals. He explained that elevated stock of smaller tractors in North America is a strategic buffer against tariff uncertainty, while South America is on target. He also noted that strong retail demand in parts of Europe, like Poland and Germany, required backfilling orders from company inventory.

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    Angel Castillo's questions to Oshkosh Corp (OSK) leadership

    Angel Castillo's questions to Oshkosh Corp (OSK) leadership • Q2 2025

    Question

    Angel Castillo of Morgan Stanley asked for more details on the higher sales discounts in the Access segment and the overall competitive landscape. He also inquired if the recent tax bill has impacted customer equipment demand and requested quantification of the tax benefit on the company's free cash flow guidance.

    Answer

    CFO Matthew Field noted that discounts of 2-3% were in line with expectations. CEO John Pfeifer described a bifurcated demand environment, with strength in large infrastructure and data center projects but some pausing in private non-residential construction. Field confirmed the increased free cash flow guidance largely reflects tax bill changes related to R&D credits, while Pfeifer noted the bill is supportive long-term rather than a driver of a near-term demand spike.

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    Angel Castillo's questions to WillScot Holdings Corp (WSC) leadership

    Angel Castillo's questions to WillScot Holdings Corp (WSC) leadership • Q2 2025

    Question

    Angel Castillo of Morgan Stanley inquired about the drivers behind recent improvements in the modular segment, including rental rates and the 7% VAPS growth, and questioned why this strength didn't translate to a more optimistic second-half outlook.

    Answer

    President & COO Timothy Boswell explained the modular strength is driven by a mix shift towards high-performing Flex and complex units, particularly with enterprise accounts where modular units on rent are up 4% YoY. He noted the order book remains positive. EVP & CFO Matthew Jacobsen added that the H2 outlook reflects continued weakness in smaller, interest-rate-sensitive projects, and while potential tailwinds exist, their near-term impact is not assumed to be immediate. CEO Bradley Soultz also noted the seasonality of the business, suggesting any significant demand improvement would likely not materialize until the following spring.

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    Angel Castillo's questions to Vulcan Materials Co (VMC) leadership

    Angel Castillo's questions to Vulcan Materials Co (VMC) leadership • Q2 2025

    Question

    Angel Castillo from Morgan Stanley asked what is driving the improved conversion of bids to bookings and whether project deferrals and delays are still occurring at elevated levels or if that trend is also improving.

    Answer

    Chair & CEO J. Thomas Hill responded that project deferrals have largely passed and jobs are now starting. Senior VP & CFO Mary Carlisle added that the market seems to have moved past a period of uncertainty, evidenced by trailing three-month contract awards in private non-residential turning positive. The improvement is broad-based, excluding single-family housing.

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    Angel Castillo's questions to Terex Corp (TEX) leadership

    Angel Castillo's questions to Terex Corp (TEX) leadership • Q2 2025

    Question

    Angel Castillo asked about the demand risk from cautious independent rental customers, potential incentives to shift MP production to North America, and whether delayed rent-to-own conversions reflect a structural market shift.

    Answer

    President & CEO Simon A. Meester stated that the delay in rent-to-own conversions is driven by interest rates and sentiment, not a structural change in ownership preference. He also mentioned that while the company constantly assesses its manufacturing footprint, it is waiting for current market dynamics to stabilize before making significant changes.

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    Angel Castillo's questions to Terex Corp (TEX) leadership • Q3 2024

    Question

    Angel Castillo of Morgan Stanley sought clarification on the updated revenue guidance, questioning the implied reduction for legacy businesses, and asked about the interest rate conditions needed to restart deferred local projects.

    Answer

    CFO Julie Beck clarified that the updated outlook is within the margin of the guidance provided in the September pre-announcement. CEO Simon Meester added that the adjustment was a prudent measure, not a major deviation. Regarding deferred projects, Meester explained the issue is more about timing than a specific rate, with sentiment pointing to a pickup in the second half of 2025, while mega projects continue to provide a tailwind.

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    Angel Castillo's questions to Timken Co (TKR) leadership

    Angel Castillo's questions to Timken Co (TKR) leadership • Q2 2025

    Question

    Angel Castillo from Morgan Stanley sought to clarify if an atypical second-half recovery could push results above the high end of guidance. He also asked about the company's M&A appetite, particularly for automation, and whether M&A is on hold during the CEO transition.

    Answer

    EVP and CFO Philip Fracassa responded that exceeding the high end of guidance would require an acceleration in demand, which is not currently assumed. President & CEO Rich Kyle stated that M&A is not on pause during the CEO search, though any near-term deals would likely be bolt-on acquisitions aligned with the current strategy. He added that Timken does not need new acquisitions to win in automation but could supplement its portfolio.

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    Angel Castillo's questions to Paccar Inc (PCAR) leadership

    Angel Castillo's questions to Paccar Inc (PCAR) leadership • Q2 2025

    Question

    Angel Castillo questioned the confidence in second-half deliveries given recent weak orders and asked for color on the drivers behind the guided 4-6% Q3 revenue growth reacceleration in the Parts business, including the assumed gross margin.

    Answer

    CEO & Director R. Preston Feight cited several factors for confidence in H2, including the eventual balancing of truckload capacity, benefits from new legislation, and clarity on 2027 emissions standards and tariffs. EVP Kevin Baney attributed the strong Parts forecast to the team's execution and normalizing sales growth. CFO & SVP Brice Poplawski noted that more shipping days in Europe in Q3 will also contribute.

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    Angel Castillo's questions to Paccar Inc (PCAR) leadership • Q2 2025

    Question

    Angel Castillo of Morgan Stanley questioned the confidence in second-half deliveries despite recent weak orders and sought more color on the drivers for the guided 4-6% Q3 growth in the parts business, including margin assumptions.

    Answer

    CEO & Director R. Preston Feight cited several factors for second-half confidence: balancing truckload capacity, benefits from new legislation, and clarity on 2027 emissions standards and tariffs. EVP Kevin Baney attributed the strong parts forecast to the team's performance and normalizing sales growth. CFO & SVP Brice Poplawski noted more shipping days in Europe in Q3 would also help.

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    Angel Castillo's questions to Donaldson Company Inc (DCI) leadership

    Angel Castillo's questions to Donaldson Company Inc (DCI) leadership • Q3 2025

    Question

    Angel Castillo of Morgan Stanley inquired about the dynamics of Donaldson's gross profit margin, the ability to remain price-cost neutral, and the specific impact of footprint optimization initiatives. He also asked about the reasons for the lowered CapEx outlook and the potential influence of tax policies on future capital investments.

    Answer

    CFO Brad Pogalz explained that the gross margin decline was primarily due to the 'heavy lifting' phase of plant rationalization projects in the US and UK, but affirmed the company's ability to remain price-cost neutral. CEO Tod Carpenter added that CapEx was deferred to prioritize managing supply chain disruptions and tariff uncertainty, which required holding higher inventory to ensure customer service.

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