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Chris Krueger

Managing Director at TD Cowen

Chris Krueger is a Managing Director at TD Cowen Washington Research Group, specializing in macro, trade, fiscal, and tax policy analysis with a focus on U.S. politics and their capital market impacts. He publishes the DC Download, a daily must-read for Wall Street portfolio managers, and covers key Washington policy developments rather than specific public companies. Recently named #2 in the Institutional Investor Washington Strategy category after consistent top-decade rankings alongside his team, Krueger joined TD Cowen in August 2016 as Washington Strategist, following roles at Guggenheim Securities, MF Global, Concept Capital, Potomac Research Group, and nearly four years on the senior staff of the House of Representatives. A graduate of the University of Vermont and Catholic University, he holds no specified securities licenses as his role centers on policy strategy.

Chris Krueger's questions to Ralliant (RAL) leadership

Question · Q4 2025

Chris Krueger asked for comments on the order activity in the Test and Measurement segment during the quarter, including sequential trends and the book-to-bill ratio for the segment and overall. He also sought a better understanding of the level and nature of corporate costs embedded in the guidance, their cadence throughout the year, and whether they are largely fixed or scale with volume.

Answer

Tami Newcombe (President and CEO) reported positive signals in Test and Measurement, with a 1:1 book-to-bill for products, building sales funnels for semiconductor and large communications customers, and strong quoting activity from distribution partners. Neil Reynolds (CFO) clarified that the adjusted OpEx run rate is approximately $175 million per quarter, including $50-$55 million in annual corporate costs, with a modest increase expected for 2026. Nathan McKern (VP of Investor Relations) added that this adjusted OpEx excludes amortization.

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Question · Q4 2025

Chris Krueger asked about the order activity in the Test and Measurement segment for the quarter, sequential trends, the book-to-bill ratio, and sought a better understanding of the level and nature of corporate costs embedded in the guidance.

Answer

Tami Newcombe, President and CEO, noted a 1:1 book-to-bill for Test and Measurement products, with building sales funnels and positive signals from distribution partners, including increased quoting activity and normalized inventory levels. Neill Reynolds, CFO, clarified that the adjusted operating expense run rate is approximately $175 million per quarter, including corporate costs, with a modest increase to $700-$720 million for 2026. Nathan McKern, VP of Investor Relations, added that the $175 million figure excludes amortization.

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