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    Brian Sponheimer • Gabelli Funds

    Brian Sponheimer's questions to Hyster-Yale Inc (HY) leadership

    Brian Sponheimer's questions to Hyster-Yale Inc (HY) leadership • Q2 2025

    Question

    Brian Sponheimer of Gabelli Funds inquired about the potential competitive impact of Toyota taking Toyota Industries private and whether current profitability pressures could hinder Hyster-Yale's ability to invest in technology like autonomous lift trucks.

    Answer

    President & CEO Rajiv Prasad responded that he does not expect the Toyota transaction to create a short-to-medium term market dynamic, viewing it as part of a broader trend in Japan for corporate restructuring. On technology investment, Mr. Prasad affirmed the company's commitment, highlighting the recent launch of automated solutions. CFO Scott Minder added that capital expenditures remain above depreciation and amortization, demonstrating continued investment in technology and efficiency.

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    Brian Sponheimer's questions to Modine Manufacturing Co (MOD) leadership

    Brian Sponheimer's questions to Modine Manufacturing Co (MOD) leadership • Q1 2026

    Question

    Brian Sponheimer asked about the long-term strategic vision, questioning at what point of scale for the data center and broader Climate Solutions businesses the company might consider another strategic separation.

    Answer

    President & CEO Neil Brinker acknowledged that as the company's portfolio continues to transform through growth, acquisitions, and divestitures, they will have to re-evaluate the business structure. He confirmed that this strategic review is a normal part of their annual 80/20 process and will be looked at going forward.

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    Brian Sponheimer's questions to Astec Industries Inc (ASTE) leadership

    Brian Sponheimer's questions to Astec Industries Inc (ASTE) leadership • Q4 2024

    Question

    Brian Sponheimer of Gabelli Asset Management asked about the potential impact of reinstituting 100% bonus depreciation on orders and queried what level of interest rate change would be needed to shift the market from restrictive to beneficial.

    Answer

    CEO Jaco van der Merwe stated that reinstituting 100% bonus depreciation would be a 'great win,' particularly for the company's smaller customers. On interest rates, he offered a counterpoint, suggesting that customers are adapting to the higher rate environment. He believes the increasing age of equipment is forcing customers to begin replacing machinery regardless of rates, as evidenced by strong sales conversions in December and January.

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    Brian Sponheimer's questions to Herc Holdings Inc (HRI) leadership

    Brian Sponheimer's questions to Herc Holdings Inc (HRI) leadership • Q4 2024

    Question

    Brian Sponheimer inquired about Herc's tax policy 'wish list,' such as the return of bonus depreciation, and asked if the conclusion of the election has changed local market quoting activity.

    Answer

    CFO W. Humphrey identified bonus depreciation as the top item on their tax policy wish list. CEO Lawrence Silber stated that local market activity has not yet picked up and will likely require interest rate cuts from the Fed to stimulate new project investments, regardless of election clarity.

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    Brian Sponheimer's questions to Garrett Motion Inc (GTX) leadership

    Brian Sponheimer's questions to Garrett Motion Inc (GTX) leadership • Q3 2024

    Question

    Brian Sponheimer asked about the sustainability of the strong 17.4% EBITDA margin amid top-line softness, questioning if it represents a new, higher floor for profitability, and also inquired about pricing pressure from automakers.

    Answer

    President and CEO Olivier Rabiller attributed the strong margin to long-term, structural efforts to improve the company's cost position and operational flexibility, rather than a one-time event. He stated that while raw material deflation provided a minor boost, the primary driver was sustained work on efficiency. Regarding pricing, Rabiller acknowledged that pressure from automakers is constant but has not fundamentally changed, and Garrett's ability to deliver performance and support helps navigate this environment.

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