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    Brad Hewitt • Wolfe Research, LLC

    Brad Hewitt's questions to Nordson Corp (NDSN) leadership

    Brad Hewitt's questions to Nordson Corp (NDSN) leadership • Q3 2025

    Question

    Brad Hewitt of Wolfe Research LLC asked about the implied organic sales deceleration in the Q4 outlook and questioned if the Advanced Technology Solutions (ATS) segment's margin is at a normalized run-rate in the 24-25% range.

    Answer

    EVP & CFO Daniel Hopgood explained the Q4 year-over-year comparison is tougher for some systems businesses, which mutes the growth rate, but noted the guidance implies a modest sequential sales increase from Q3. President & CEO Sundaram Nagarajan stated that a 24-25% EBITDA margin for ATS seems reasonable at current revenue levels but cautioned that the segment requires significant ongoing R&D investment, which is a key factor in its cost structure.

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    Brad Hewitt's questions to Zebra Technologies Corp (ZBRA) leadership

    Brad Hewitt's questions to Zebra Technologies Corp (ZBRA) leadership • Q2 2025

    Question

    Brad Hewitt asked about capital allocation priorities following the Elo acquisition, given the pro forma leverage of around two turns. He also inquired about Elo's historical organic growth profile from 2019-2024 and whether the expected revenue synergies are incremental to its 5-7% growth algorithm.

    Answer

    CEO Bill Burns affirmed that the near-term focus will be on integrating Elo, but the overall capital allocation strategy remains unchanged, balancing organic growth, strategic M&A, and shareholder returns. CFO Nathan Winters stated Elo's historical growth profile is very similar to Zebra's. He noted the $25 million in synergies includes cost savings and go-to-market benefits that could help achieve the higher end of the 5-7% growth target.

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    Brad Hewitt's questions to SPX Technologies Inc (SPXC) leadership

    Brad Hewitt's questions to SPX Technologies Inc (SPXC) leadership • Q2 2025

    Question

    Brad Hewitt of Wolfe Research, LLC asked for details on the Q3 guidance for organic growth and margins by segment, and what factors would prompt an acceleration of investments in the data center market.

    Answer

    CFO Mark Carano outlined the second-half outlook, projecting mid-teens growth for HVAC (two-thirds organic) with margin expansion, and ~10% organic growth for D&M with some margin compression from tariffs and investments. President & CEO Gene Lowe responded that the company is already 'feeling even more bullish' on data centers and is fully supporting growth, not throttling back investments.

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    Brad Hewitt's questions to ITT Inc (ITT) leadership

    Brad Hewitt's questions to ITT Inc (ITT) leadership • Q2 2025

    Question

    Brad Hewitt asked for help understanding the building blocks for year-over-year accretion from the Svanohoi and Kesaria acquisitions into 2026. He also inquired about order activity trends in the short-cycle Industrial Process business through Q2 and into July.

    Answer

    CFO Emmanuel Caprais stated that both acquisitions are outperforming plans and guided that investors should expect around 100 basis points of margin improvement annually from acquisitions on average. CEO Luca Savi described Q2 short-cycle IP orders as the second-highest ever, with no unusual trend changes, noting that a slightly softer July is a typical seasonal pattern.

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