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    Chad Dillard • Bernstein

    Chad Dillard's questions to Cummins Inc (CMI) leadership

    Chad Dillard's questions to Cummins Inc (CMI) leadership • Q2 2025

    Question

    Chad Dillard from AllianceBernstein asked if the goal of tariff price-cost neutrality by Q4 applies evenly across segments and what the overall price-cost dynamic was in Q2. He also inquired about the growth trajectory and profitability path for the Accelera segment.

    Answer

    CFO Mark Smith stated that while all segments are impacted by tariffs, the Engine and Components businesses are absorbing more of the cost. He noted that excluding tariffs, overall price-cost was a positive 1.2% in Q2. CEO Jennifer Rumsey acknowledged that Accelera's growth has slowed but said the company is focused on reducing losses and is well-positioned for when the market develops, benefiting from engine sales in the interim.

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    Chad Dillard's questions to Cummins Inc (CMI) leadership • Q2 2025

    Question

    Chad Dillard from AllianceBernstein asked if the Q4 tariff price-cost neutrality would be consistent across segments and inquired about the growth trajectory for the Accelera business.

    Answer

    CFO Mark Smith indicated the tariff impact is a challenge across all segments, with Engine and Components absorbing more of the cost. Chair and CEO Jennifer Rumsey acknowledged that Accelera's growth trajectory has slowed but stated Cummins is well-positioned to serve the market as it develops, while continuing to sell more engines in its base business.

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    Chad Dillard's questions to Caterpillar Inc (CAT) leadership

    Chad Dillard's questions to Caterpillar Inc (CAT) leadership • Q2 2025

    Question

    Chad Dillard of Bernstein questioned the decision to build dealer inventory in the second half of 2025 and the source of visibility supporting this move.

    Answer

    CFO Andrew Bonfield clarified that this is a planning assumption based on strong dealer order rates, not a directive. CEO Joe Creed added that the key takeaway is a different seasonal pattern, with stronger-than-usual second-half sales expected due to resilient sales to users, which prevents the typical inventory drawdown.

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    Chad Dillard's questions to Oshkosh Corp (OSK) leadership

    Chad Dillard's questions to Oshkosh Corp (OSK) leadership • Q2 2025

    Question

    Chad Dillard of Bernstein asked for expectations on second-half orders, specifically the mix between national and independent accounts, and for details on the current backlog composition. He also questioned if typical seasonality is the right way to model Access segment revenue and margins for Q3 and Q4.

    Answer

    CEO John Pfeifer declined to provide specific backlog mix details but suggested the mix is likely weighted toward national accounts due to their role in large projects. CFO Matthew Field confirmed that the Access segment is expected to follow normal, pre-COVID seasonality, with a relatively strong Q3 followed by a seasonal dip in Q4.

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    Chad Dillard's questions to Quanta Services Inc (PWR) leadership

    Chad Dillard's questions to Quanta Services Inc (PWR) leadership • Q2 2025

    Question

    Chad Dillard from Bernstein inquired about cross-selling opportunities with Dynamic Systems, including customer overlap with Cupertino and the potential for programmatic contracts. He also asked how renewables customers are navigating the safe harbor executive order.

    Answer

    President & CEO Duke Austin highlighted significant customer and service synergies between Dynamic and Cupertino, noting they are often on the same projects for the same clients. He sees an opportunity to provide a more complete, expedited solution for clients. Regarding renewables, Austin stated Quanta actively helps clients with safe harbor and project certainty, leveraging its supply chain investments (transformers, poles) and craft labor to navigate the noisy regulatory environment, leading to continued backlog growth.

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    Chad Dillard's questions to Titan America SA (TTAM) leadership

    Chad Dillard's questions to Titan America SA (TTAM) leadership • Q2 2025

    Question

    Chad Dillard requested more specific details on the company's 'strong order book,' including its duration, end-market mix, and year-over-year growth, and asked for a quantification of the easier comps from last year's hurricanes.

    Answer

    CFO Larry Wilt described the order book as comprising purchase orders for multifamily, commercial, and infrastructure projects with strong year-over-year bidding activity. He confirmed three hurricanes impacted operations in late 2024, creating easier comps, but did not have the exact number of lost workdays immediately available.

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    Chad Dillard's questions to Titan America SA (TTAM) leadership • Q4 2024

    Question

    Chad Dillard asked about the magnitude of the weather impact on Q4 volumes, the expected volume and pricing cadence through 2025, and the outlook for cash conversion and CapEx for the year.

    Answer

    CEO Vassilios Zarkalis explained that severe weather in Q4 and Q1 2025 created significant pent-up demand and backlogs, leading to an expectation that 2025 results will be weighted towards the second half. CFO Lawrence Wilt stated that the company will manage its growth investments prudently to ensure cash conversion remains at a solid level consistent with past performance.

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    Chad Dillard's questions to Paccar Inc (PCAR) leadership

    Chad Dillard's questions to Paccar Inc (PCAR) leadership • Q2 2025

    Question

    Chad Dillard from Bernstein asked how the possibility of a 2026 pre-buy is influencing PACCAR's down-cycle strategy regarding labor and fixed costs, and whether recent price increases are sticking with customers.

    Answer

    CEO & Director R. Preston Feight emphasized PACCAR's continuous focus on lean production and cost control. He noted that as the market's likelihood of improving increases, it will be beneficial for both employees and the company, suggesting a balanced approach. He also linked pricing dynamics to improving carrier profitability and the eventual need to meet replacement demand.

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    Chad Dillard's questions to Paccar Inc (PCAR) leadership • Q2 2025

    Question

    Chad Dillard asked how the possibility of a pre-buy ahead of 2027 regulations is changing PACCAR's down-cycle playbook, specifically regarding labor retention and fixed cost absorption, and also inquired about pricing trends in the second half of the year.

    Answer

    CEO & Director R. Preston Feight emphasized PACCAR's continuous focus on lean production and cost control. He stated that given the likelihood of market improvement, the company aims to retain its employees to meet potential upside demand. Regarding pricing, he noted that as the truckload market rebalances and profitability improves for carriers, it will be positive for market dynamics and demand.

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    Chad Dillard's questions to Hubbell Inc (HUBB) leadership

    Chad Dillard's questions to Hubbell Inc (HUBB) leadership • Q4 2024

    Question

    Chad Dillard of AllianceBernstein asked about the extent of margin pressure in the Telecoms business since its peak and the company's strategy for rightsizing it. He also sought confirmation on the Q4 price realization figure and its breadth across the portfolio.

    Answer

    CFO Bill Sperry stated that Telecoms margins, while still attractive, have moved from the high end of the portfolio and that the business was rightsized throughout 2024. CEO Gerben Bakker added that the business was deliberately scaled down to match volume, enabling profitable growth from the new, lower cost base. Sperry then re-confirmed Q4 price was over 1 point and favorable across the portfolio, with the exception of the telecom market.

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    Chad Dillard's questions to Hubbell Inc (HUBB) leadership • Q4 2024

    Question

    Chad Dillard inquired about the telecom business, asking about the extent of margin pressure since its peak and the strategy for rightsizing the operation. He also sought clarification on Q4 price realization and its breadth across the portfolio.

    Answer

    CFO William Sperry stated that telecom margins, while down from their peak, remain attractive and that the business was rightsized in 2024. CEO Gerben Bakker added that the business was deliberately scaled down to protect profitability. Sperry clarified that Q4 price was 'a little bit more than 1 point overall' and was favorable across the portfolio, with the notable exception of the telecom market.

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    Chad Dillard's questions to Jacobs Solutions Inc (J) leadership

    Chad Dillard's questions to Jacobs Solutions Inc (J) leadership • Q1 2025

    Question

    An analyst on behalf of Chad Dillard asked about the company's total exposure to the U.S. federal government and the potential risk to contract payments from budget uncertainties.

    Answer

    Chair and CEO Bob Pragada clarified that Jacobs has limited direct exposure, with less than 10% of its business tied to federal agencies. He specified that approximately 80% of that portion is related to defense infrastructure work, which has continued without disruption from political narratives.

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