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    Avi Jaroslawicz • UBS Group

    Avi Jaroslawicz's questions to Primoris Services Corp (PRIM) leadership

    Avi Jaroslawicz's questions to Primoris Services Corp (PRIM) leadership • Q2 2025

    Question

    Avi Jaroslawicz from UBS Group inquired about the rationale behind the implied margin decline for the Utility segment in the second half of 2025. He also asked whether awards for data center fiber projects would be reported in fixed or MSA backlog.

    Answer

    EVP & CFO Ken Dodgen explained that Q2 Utility margins were exceptionally high due to some one-time items, and a sequential decline is expected in Q3 and Q4, with Q4 also subject to normal seasonality. He clarified that data center-related communications work would appear in both fixed project and MSA backlog, as the business is a mix of both contract types.

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    Avi Jaroslawicz's questions to CNH Industrial NV (CNH) leadership

    Avi Jaroslawicz's questions to CNH Industrial NV (CNH) leadership • Q2 2025

    Question

    Avi Jaroslawicz from UBS Group inquired about the timing of tariff-related cost impacts, asking when they would fully flow through the P&L and whether the impact would be contained to 2025 or extend into 2026.

    Answer

    CFO Jim Nicholas explained that the bulk of the negative EBIT impact, estimated at nearly $120 million, will be felt in the second half of 2025. He noted that since tariffs were not a factor in the first half of 2025, they will create a year-over-year headwind in the first half of 2026. The company is actively working to mitigate these costs through pricing, supplier negotiations, and internal efficiencies.

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    Avi Jaroslawicz's questions to EMCOR Group Inc (EME) leadership

    Avi Jaroslawicz's questions to EMCOR Group Inc (EME) leadership • Q2 2025

    Question

    Avi Jaroslawicz of UBS Group asked about the sustainability of the construction segment's high margins, the company's prefabrication capacity and expansion plans, and how EMCOR balances booking new work against potential capacity constraints.

    Answer

    CFO Jason Nalbandian suggested a rolling 24-month average is a good indicator for sustainable construction margins, putting the range between 12.25% and 13.25%. CEO Tony Guzzi confirmed they are continuously expanding prefabrication capacity, primarily for internal projects. Guzzi also explained that the company manages its project mix strategically and builds supervision capabilities to meet demand, so they do not feel capacity constrained.

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    Avi Jaroslawicz's questions to EMCOR Group Inc (EME) leadership • Q2 2025

    Question

    Avi Jaroslawicz from UBS Group AG inquired about the sustainability of the high margins in the construction segment, the company's prefabrication capacity and expansion plans, and how EMCOR balances taking on new work against its operational capacity.

    Answer

    CFO Jason Nalbandian suggested that a rolling 24-month average for construction margins, which is around 12.25% to 13.25%, is a good indicator of sustainability. Chairman, President & CEO Tony Guzzi confirmed they are continuously expanding prefabrication capabilities, with CapEx doubling to support this, primarily for their own projects. Guzzi explained they don't think in terms of being 'capacity constrained' but rather strategically manage their mix and build supervision capabilities to serve target markets over the long term.

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