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Management estimated that over $30 million in sales were shifted or delayed due to tariff-related disruptions, but noted the bulk of the issue is now past. They are withholding guidance due to poor visibility into consumer reaction to price increases, which they expect will start hitting shelves in Q3. The company anticipates low price elasticity on most items due to their low average selling prices, though larger items like dinnerware sets could be more vulnerable.

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CEO Robert Kay estimated that over $30 million in sales were delayed or shifted due to tariff-related disruptions, with the bulk of the issue now resolved. He explained that the company is withholding guidance due to poor visibility on the consumer response to upcoming price increases, which he expects will begin hitting shelves in Q3. Mr. Kay noted that historically, their products have shown low price elasticity due to low average selling prices, though larger items like dinnerware sets could be more vulnerable.

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Guidance was withdrawn due to a lack of visibility in the volatile market. The shift from China has been an ongoing multi-year process, and the company believes it is ahead of the industry. Historically, demand for their low-priced essential products has been relatively inelastic. Management believes there is a significant intrinsic value gap in the stock and that the company's long-term fundamentals are very strong.

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The company aims to reduce its China production from 75% to under 50% by year-end. While growth drivers like foodservice and the Dolly Parton program are strong, official guidance is pending. The Dolly Parton program is expanding successfully. Brand performance varied, with Farberware and Mikasa growing while Taylor and Pfaltzgraff declined; strategies are in place to revive Taylor's growth.

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CEO Jeremy Andrus attributed the tough Q2 grill market to poor consumer sentiment in April/May and the lingering effects of the pandemic pull-forward demand, noting this year felt like the start of normalization. Regarding MEATER, he cited intense low-price competition but noted the rate of decline has slowed. He explained the plan is to integrate MEATER's operations into Traeger's infrastructure to improve profitability and leverage Traeger's marketing expertise. Finally, he expressed strong personal belief in the company's long-term value, brand strength, and innovation pipeline as reasons for his optimism and continued stock purchases.

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CEO Jeremy Andrus explained that grills from China are subject to the 45% rate, while certain accessories sourced from China could face a 145% tariff, prompting an urgent shift in sourcing for those items. CFO Dom Blosil declined to give a specific COGS breakdown but provided a proxy: consumables are domestic, 80% of grills are from China, and 75% of accessories are non-China. Jeremy Andrus added that while not all SKUs have redundant sourcing, the highest-volume ones do, and they are laser-focused on building more non-China capacity.

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CEO Jeremy Andrus stated that the industry appears to have bottomed out, with expectations for modest growth in 2025, though tariff impacts create uncertainty. He confirmed Traeger gained share in 2024 and that the market is still meaningfully down from 2019 levels. Andrus also affirmed the company's plan to continue leveraging the sub-$500 price point, citing strong consumer appetite. CFO Dominic Blosil clarified that the Q4 inventory increase was for the Woodridge launch, not tariff pre-buys, but that they have been building inventory in Q1 in anticipation of tariffs.

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CEO Jeremy Andrus stated that while it's hard to forecast specific growth, they believe the category has found a bottom and should see some growth in 2025. CFO Dom Blosil addressed freight, noting that the expiration of a high-rate, long-term contract next year will be a tailwind, and the growing direct import program also helps mitigate cost pressures.

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CEO Timothy FitzGerald attributed recent declines to pressures on large chain customers but expressed confidence in a turnaround, citing strong strategic positioning and justifying the share repurchase program. CTO & COO James Pool noted that IoT solutions like Open Kitchen are gaining traction and winning rollouts, while newer automation products are seeding well for 2026. Both acknowledged that uncertainty from tariffs has extended sales cycles.

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CEO Timothy FitzGerald explained that the CFS decline is concentrated in large chains, which he expects to recover, and expressed confidence by highlighting the share repurchase program. CTO & COO James Pool noted that new innovations are seeding well for future growth, with IoT and Open Kitchen already securing wins, and highlighted game-changing beverage technology as a key future driver.

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Executive Steve Spittle noted that competitors have implemented price increases ranging from 10% to 25%+, whereas Middleby's planned mid-to-high single-digit increase is lower and more thoughtfully timed. Executive Timothy FitzGerald added that all tariff complexities are factored into their estimates. Executive James K. Pool reported good momentum and pipeline activity for Open Kitchen, which is driving rollouts. He highlighted new products like the torque fryer, Invoq combi ovens, and the invection oven as key innovations gaining traction.

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Executive Timothy FitzGerald stated the portfolio review is continuous, with a formal process starting mid-last year, and described the Residential business as a platform with high recovery potential. Executive Bryan Mittelman noted 2025 growth will be more volume-driven. Executive Steve Spittle expressed confidence in chain plans, citing international expansion and technology adoption as key drivers despite recent delays.

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Executive Timothy FitzGerald expressed confidence in a 2025 recovery based on industry forecasts and direct chain customer conversations, noting closures are concentrated in independents and some casual dining chains. Executive Steve Spittle added that demand is also driven by the need to improve unit economics, separate from new openings. Regarding volumes, CFO Bryan Mittelman confirmed they are down, but Steve Spittle added that the company also strategically exited numerous low-margin SKUs, which impacted the metric.

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President and CEO Matthew Stevenson stated that feedback on pricing was positive, with Holley's prices being in line with or lower than competitors. He noted that the strategy for tariff mitigation involves shifting to countries with more stable long-term relationships with the U.S. to reduce China exposure. CFO Jesse Weaver addressed the H2 guidance, explaining that the company is taking a conservative view on unit volumes due to broader economic uncertainties, the flow-through of price increases across the economy, and employment trends, deeming it prudent to wait for more visibility.

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CEO Matt Stevenson attributed the strong March sales to pent-up consumer demand following a slow, weather-impacted January and February, a view supported by feedback from B2B partners. On the technical tariff question, Stevenson acknowledged the complexity, confirming that different tariffs can apply and that the rules are constantly changing. He stated that Holley uses external expert firms to navigate these complexities on a product-by-product basis.

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Executive Matthew Stevenson stated that Q1 core business sales were trending flat year-over-year, with a potential variance of 1-2%. He confirmed the post-SEMA optimism has faded, which is factored into the cautious 2025 guidance. Stevenson estimated the total market was down 5-7% in 2024, with Holley's results impacted more significantly by distributor inventory normalization, a situation that has since improved.

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CEO Matt Stevenson stated that the removal of election uncertainty should be a positive, noting a palpable 'buzz' at SEMA post-election. He described Holley's SEMA presence as a 'dramatic change' that showcased all four consumer verticals and received overwhelmingly positive feedback from distributors on the company's new partnership-focused approach, culminating in 10 awards.

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CEO Lachlan Given reiterated that the primary strategy is scaling the business through acquisitions and de novo growth, viewing the current cash balance as insufficient for the global opportunity, though he acknowledged the stock's value and the need for a balanced approach. He described the Founders One investment as a successful deployment of early-stage capital into a proven team, with its future structure under board review. CFO Tim Jugmans addressed the LatAm margins, noting that aged inventory is immaterial and that the company is focused on driving sales through new incentives.

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CFO Timothy Jugmans explained that strong loan growth led to increased customer negotiations and discounts, impacting margins. Executive Lachlan Given stated there has been no discernible impact from immigration-related issues and the company remains focused on operational execution. Regarding seasonality, Mr. Jugmans noted that recent tax seasons, with shorter refund periods, may represent a 'new normal'. Mr. Given added that the Auto Dinero acquisition is still in due diligence and that the company is under no pressure to refinance its convertible notes, having the liquidity to pay with cash while exploring all options to fuel future growth.

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CEO Lachlan Given stated that the company is finalizing diligence on the 53-store auto pawn acquisition in Mexico, a move to enter a key collateral market. He anticipates a stable regulatory environment post-election. Regarding Latin America, Mr. Given credited a people-led cultural transformation for the strong momentum and noted that while margins can improve, the focus is on PLO growth and inventory turns. On capital allocation, he emphasized that the company has multiple options for the 2025 convertible notes and will maintain flexibility to secure the best long-term solution. CFO Timothy Jugmans added that he expects a return to more normal PLO seasonality in fiscal 2025.

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Chief Financial Officer Timothy Jugmans stated the smaller 9% PLO decline appears to be a 'new normal' as consumer costs outpace tax refund growth. He also noted that while tariffs have a delayed impact, general merchandise values are rising. On margins, he explained the focus is on maximizing total gross profit dollars, which can involve higher loan amounts that boost Pawn Service Charges (PSC) even if it slightly lowers merchandise margins on forfeited items. Executive Lachlan Given added that the new capital provides flexibility for disciplined M&A while maintaining a conservative, liquid balance sheet.

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CFO Robert Kraft stated the full-year 2025 guide assumes about 6.5% total price. President & CEO Jon Michael Adinolfi deferred to retailers on the timing of shelf price changes but stated that a return to 4.5 to 5.0 million existing home sales would be a more normalized level that would benefit certain categories.

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CFO Robert Kraft and CEO Jon Adinolfi explained that RDS growth will be driven by new capabilities in MinuteKey 3.5 machines, such as duplicating auto fobs and transponders, which opens new markets. They noted a healthy revenue lift from existing 3.5 machines and expressed confidence that when the housing market turns, the upgraded fleet will capitalize on that tailwind. Regarding shipping, Adinolfi stated that while they expect an increase in contract rates, the impact on 2025 will be limited due to P&L timing and favorable shipping flow.

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CEO Doug Cahill responded that while they don't 'need' to be in RDS, it's a high-margin business they are actively turning around. The goal is to make it valuable to either keep or sell, thereby creating strategic options. CFO Rocky Kraft noted the Intex integration is proceeding as quickly as Koch's. Cahill and COO John Michael Adinolfi affirmed the M&A pipeline is healthy, with a target of two deals per year, noting that Hillman is an attractive acquirer for many companies.

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President & CEO Danny Rivera attributed collision industry softness to consumer claim avoidance and high total loss rates, but emphasized that Driven is gaining market share. For Take 5, he stated there has been no material change in service frequency and sees plenty of ceiling for ticket growth by adding new services and increasing attachment rates, which are currently in the mid-to-high 40s but reach the 60s in some stores.

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EVP and COO Danny Rivera stated that Take 5's 8% same-store sales growth indicates strong demand with no signs of service deferral, attributing this to effective brand and performance marketing. On auto glass, he reiterated that it is a small, incubating business with a multi-year growth plan focused on building its insurance and commercial partnerships.

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President and CEO Mark LaVigne stated that consumer pantry inventories are likely light as purchase cycles stretch, while retailer inventories are slightly elevated, which is factored into the Q4 guidance. He described the consumer as cautious and value-seeking, with behavior varying by category. He clarified that the timing of price increases on the shelf is a decision made by individual retailers.

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Mark LaVigne, President and CEO, explained that the nature of the gains is specific to each retailer and situation, encompassing expanded distribution, new listings, and displacements of both branded competitors and private label. He emphasized that the company leverages its full portfolio to achieve these wins and prefers to let retail partners announce the changes as they appear on shelves. He pointed to the nearly 4% organic growth in the quarter as evidence of the strategy's success.

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CEO Mark LaVigne expressed strong confidence in Auto Care, highlighting its 2% growth in 2024, the 1-2% growth outlook for 2025, and the upcoming Armor All Podium series launch. CFO John Drabik confirmed that targeting a half-turn of leverage reduction per year remains the goal, supported by a planned $150-$200 million debt paydown in 2025.

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CEO Chris Peterson explained that core sales have improved dramatically since the strategy's launch and attributed the quarterly deceleration to retailer shipment timing and challenging category dynamics. CFO Mark Erceg added that the company is delivering on its financial commitments, with significant margin expansion, double-digit adjusted EPS growth, and deleveraging. He reiterated that sales would be the last metric to recover and noted guidance implies a flat core sales run-rate for Q4.

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CEO Christopher Peterson confirmed the sensitivity is primarily driven by the baby gear category, which accounts for 70% of China imports. Both Peterson and CFO Mark Erceg stated they would prefer the tariffs remain, as it would accelerate market consolidation and drive share gains for Newell's advantaged, domestically-produced brands over the long term, despite some near-term disruption.

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CEO Christopher Peterson clarified that of the 10% year-end China exposure, the majority is baby-related and currently exempt from 301 tariffs, though the newest tariff announcement may apply to all goods. He ranked the drivers for core sales growth as: 1) category improvement, 2) a ramped-up innovation pipeline, 3) a shift to positive net distribution, and 4) improved mix and pricing. CFO Mark Erceg added that increased A&P spending is also crucial.

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CEO Christopher Peterson pointed to investments in front-end capabilities, the new operating model, sequential top-line improvement, and market share gains as reasons for confidence, expecting a return to growth in 2025. He views the competitor positively, stating it proves that the categories respond to the innovation-led strategy Newell is now implementing.

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CEO Scott Huckins clarified that destocking was a neutral event in Q2, with the Q1 reduction holding steady. CFO Nathan Lowe explained the Q2 gross margin was impacted by the timing of pricing actions relative to cost increases, not just SG&A leverage, and reiterated the full-year guide contemplates recovery. Huckins also confirmed the company is pleased with the strong performance of its new cooking and baking innovations.

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CEO Scott Huckins stated that private label share has been stable, noting that in Reynolds' three largest categories (foil, waste bags, food bags), the company grew retail takeaway in Q1 while store brands lost share. CFO Nathan Lowe added that cost pass-through and pricing implementation both occur within a two to six-month timeframe, which aligns conveniently.

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President and CEO Scott Huckins attributed the muted category growth to headwinds in foam products and a challenged consumer facing record levels of debt. On pricing, he emphasized a thoughtful approach considering price gaps and thresholds, using it as a complement to productivity initiatives. Huckins broke down the one-time costs as roughly half for CEO transition and half for targeted investments in revenue growth management and cost-out programs, intended to drive future growth.

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CFO Scott Huckins explained that Q3 volumes were impacted by an estimated $15 million retail volume pull-forward into Q2 due to promotion timing. President and CEO Lance Mitchell confirmed that the company's long-term growth algorithm remains low single-digit growth, as stated at Investor Day, but declined to provide specific guidance for 2025 at this time.

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President & CEO Jerry Gahlhoff described the double-digit improvement in short-term turnover as one of his 'proudest accomplishments' of the year. He explained that this success directly contributed to leveraging service wages, as the company hired fewer people and reduced costs associated with training employees who leave quickly. He noted that best practices are being shared across the organization to continue this positive trend, which benefits both financial performance and customer consistency.

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CEO Jerry Gahlhoff deferred to third-party reports for a precise industry growth rate, while CFO Ken Krause added that they feel the market is healthy and they are likely gaining share. Regarding retention, Jerry Gahlhoff reported 'marked improvement' with double-digit percentage gains in first-year technician retention, resulting in fewer new hires. Ken Krause echoed this, citing a note from the head of Orkin highlighting significant progress.

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CEO Joseph Hayek noted that competitors are employing various tariff mitigation strategies, and Worthington's domestic production provides an advantage. CFO Colin Souza indicated that while Q3 and Q4 are seasonally strong, the company does not expect a significant margin decline and is actively working toward its 30% goal. Regarding Elgin, Souza explained its seasonality is stronger in the second half of the calendar year and that Worthington's business system will be deployed to improve its margins. Hayek confirmed that Elgin has no sourcing from China.

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CEO Joseph Hayek stated that organic sales growth, excluding Ragasco and SCS, was 4%. He commented that three weeks into Q4, business has not "dropped off a cliff." CFO Colin Souza and Hayek confirmed that margins are structurally higher post-SCS deconsolidation and that a return to normal mix in large heating tanks has also helped. They reiterated the goal of high 20s gross margins. On SG&A, Souza noted the run rate is in the mid-$60 million range per quarter, with ongoing efforts to improve efficiency. Hayek added that M&A uncertainty is not ideal, but it hasn't completely chilled the market for long-term acquirers like Worthington.

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CEO Joseph Hayek affirmed that while the 6-8% top-line growth target remains, achieving it is dependent on market conditions, which are currently flat to steady. He confirmed that the recent 27% gross margin is a reasonable expectation going forward, given the structural changes to the business. For M&A in the Consumer segment, Hayek indicated a focus on the value-added tools space, targeting companies that can leverage Worthington's existing retail and professional distribution channels, rather than other areas like celebrations or outdoor living.

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CEO Andy Rose identified the larger-than-expected margin compression at ClarkDietrich and the prolonged destocking in the heating business as the main drivers of the year-over-year decline. CFO and COO Joe Hayek added that an influx of aggressively priced gas grill cylinders from a competitor also impacted the quarter. Rose cited the completion of distributor destocking and the business moving into its seasonally stronger period as evidence for the market bottom. Hayek noted that the rate cut has improved the outlook for capital costs for customers.

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CEO Niko Lahanas stated that tariffs are not helping the M&A environment, which is at its slowest since 2009, with a persistent disconnect in bid-ask spreads. CFO Brad Smith added that evaluating deals remains a top priority. Regarding margins, Lahanas confirmed they are structurally higher due to intentional mix shifts, SKU rationalization, and broad efficiency gains from the 'Cost and Simplicity' program, crediting the business units for excellent execution.

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CEO Nicholas Lahanas acknowledged recent challenges but highlighted the team's strong execution, which has maintained a healthy margin profile and a strong balance sheet. He stated that the business is in a cycle but showing signs of recovery, emphasizing the strong management team, attractive categories, and a robust balance sheet for accretive M&A as key reasons for investor confidence.

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CEO Nicholas Lahanas stated that meaningful pet category growth is contingent on an increase in live animal sales and household penetration, which he sees as the current rate-limiting factor. J.D. Walker, President of Garden Consumer Products, described ideal weather as warm, moderate temperatures with timely precipitation. He noted that the wild bird feed business provides a counter-seasonal offset to mitigate some weather risk.

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CEO Mark Adam Barrocas explained that SharkNinja is a long-term double-digit growth company, pointing to the 10-12% growth guided for 2025. He attributed 2024's success to broad-based strength across all three growth pillars: market share gains in existing categories, expansion into new categories, and 50% growth internationally. For 2025, he expects continued strong international expansion (especially in Europe), the full-year impact of 2024's new products, and a robust pipeline of new launches like CryoGlow and FlexFlame, all supported by a healthy core business.

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CFO Jeremy Smeltser stated that retailer commitment to Home & Garden feels similar to last year, with some incremental off-shelf space, and noted the strong Q1 sales were a pull-forward from Q2. CEO David Maura added that the division's turnaround is remarkable, driven by innovation and product efficacy. Regarding HPC, Maura agreed that while geopolitical factors have slowed the M&A process, the continued operational improvements, with a goal of growing EBITDA toward $100 million, will ultimately create more value in a category ripe for consolidation.

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