Avinatan Jaroslawicz • UBS

Question 1

Avinatan Jaroslawicz's questions to Primoris Services Corp (PRIM) leadership • Q1 2025

May 6, 2025

Question

Avinatan Jaroslawicz of UBS asked why power delivery customers were releasing work ahead of schedule and what factors the company needs to see to raise its full-year guidance.

Answer

Chairman and Interim CEO David King explained that customers are moving faster to secure spots in long-lead-time equipment delivery cycles and to meet key project deadlines. He also stated that before raising guidance, management wants more clarity and for the 'rhetoric' around tariffs and policy to 'settle down.' CFO Ken Dodgen added that positive rate cases also enabled customers to start work earlier.

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Question 2

Avinatan Jaroslawicz's questions to MasTec Inc (MTZ) leadership • Q4 2024

Feb 28, 2025

Question

Avinatan Jaroslawicz of UBS asked for more clarity on the timing of the pipeline business's inflection to growth. He also inquired about how far out the renewables business is booked, whether there are timing shifts due to policy uncertainty, and what portion of the 2025 guide still needs to be booked.

Answer

CEO Jose Mas explained that new pipeline project awards in 2025 would primarily impact 2026 revenue, though an early start could lead to outperformance in 2025. For renewables, he stated they are in an 'incredible position' with backlog for 2025 targets, as backlog only includes fully committed projects. He remains 'incredibly bullish' on 2026 and beyond, irrespective of political discussions.

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Question 3

Avinatan Jaroslawicz's questions to Cummins Inc (CMI) leadership • Q4 2024

Feb 4, 2025

Question

Avinatan Jaroslawicz asked for clarification on the North America heavy-duty truck outlook, questioning if the forecast implies negative retail demand in the second half if a prebuy fails to materialize. He also asked about the medium-duty market's 2024 performance and 2025 share outlook.

Answer

Chair and CEO Jennifer Rumsey explained that underlying truckload carrier economics could improve, providing potential upside in the second half in addition to an anticipated prebuy. CFO Mark Smith added that for medium-duty, Cummins will largely follow the market in 2025 after a long track record of share gains, with the forecast reflecting weaker industry orders.

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Question 4

Avinatan Jaroslawicz's questions to Dycom Industries Inc (DY) leadership • Q3 2025

Nov 20, 2024

Question

Avinatan Jaroslawicz asked for the key drivers behind the forecasted slight deceleration in organic growth for Q4.

Answer

CFO H. DeFerrari attributed the Q4 organic growth outlook to several factors: a strong Q3 comparison, a planned slowdown in the second half from certain customers who had a stronger first half, and typical seasonal constraints like fewer workdays and weather, which limit the pace of growth in the fiscal fourth quarter.

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Question 5

Avinatan Jaroslawicz's questions to Rush Enterprises Inc (RUSHA) leadership • Q3 2024

Oct 30, 2024

Question

Avinatan Jaroslawicz sought confidence in the aftermarket sales bottom, the drivers behind the late 2025 Class 8 rebound, and how current vocational volumes compare to historical norms.

Answer

Executive W. Rush explained that while aftermarket sales have been flat, sequential growth from over-the-road customers has just begun, signaling a potential bottom. He expects a return to more typical seasonal growth patterns in mid-2025. Rush confirmed the anticipated late-2025 Class 8 rebound will be driven by a combination of an improving over-the-road freight market and a compressed pre-buy cycle ahead of 2027 EPA regulations. On vocational volumes, he described demand as very strong and expects it to continue through 2025 but avoided comparing it to a 'normal' level, citing the cyclicality of the truck market.