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    Christopher SnyderMorgan Stanley

    Christopher Snyder's questions to Johnson Controls International PLC (JCI) leadership

    Christopher Snyder's questions to Johnson Controls International PLC (JCI) leadership • Q2 2025

    Question

    Christopher Snyder inquired about changes in the competitive landscape for data centers and asked for views on the installation business and its role in driving aftermarket service contracts.

    Answer

    CFO Marc Vandiepenbeeck and CEO Joakim Weidemanis asserted JCI's strong competitive position in data centers is due to its deep technological know-how and differentiated products, which new entrants cannot easily replicate. On installation, Weidemanis said it's a key focus of his strategy review to pragmatically determine where it makes sense to drive lifecycle value.

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    Christopher Snyder's questions to Johnson Controls International PLC (JCI) leadership • Q1 2025

    Question

    Christopher Snyder asked about the long-term sustainability of the company's mid-single-digit organic growth profile. He also inquired if the margin in the backlog is continually improving and if there is price protection against potential tariffs.

    Answer

    CFO Marc Vandiepenbeeck stated that long-term growth is supported by the high-growth service business and a focus on fast-growing verticals like data centers. He confirmed that backlog margins continue to improve and that a large portion of the backlog has contractual clauses to pass on tariff-related price increases, though some require negotiation.

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    Christopher Snyder's questions to Johnson Controls International PLC (JCI) leadership • Q4 2024

    Question

    Christopher Snyder asked about the margin outlook for North America Building Solutions in fiscal 2025, considering the pressure from a higher mix of Systems revenue in Q4, and what the full-year guidance implies for the segment.

    Answer

    CFO Marc Vandiepenbeeck acknowledged the Q4 margin pressure from the mix of high-growth, large Systems projects, which carry lower margins than Service. He projected that this headwind will moderate throughout fiscal 2025 as service revenue from these newly installed systems begins to be recognized, supporting an improved margin rate over the year.

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    Christopher Snyder's questions to Rockwell Automation Inc (ROK) leadership

    Christopher Snyder's questions to Rockwell Automation Inc (ROK) leadership • Q2 2025

    Question

    Christopher Snyder of Morgan Stanley questioned if delayed projects are expected to resume as visibility improves and asked about the muted margin outlook for the second half despite higher volumes and cost savings.

    Answer

    CEO Blake Moret confirmed that project delays are not cancellations and are expected to proceed, though he did not provide a specific timeline. He noted North America was the strongest region for orders. CFO Christian Rothe explained that while the full-year margin guide was raised to 20%, significant progress was made in Q2, so further expansion will be more modest. He emphasized that the goal for tariffs is cost recovery with zero EPS impact, separate from operational margin execution.

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    Christopher Snyder's questions to Rockwell Automation Inc (ROK) leadership • Q1 2025

    Question

    Christopher Snyder of Morgan Stanley asked if the post-election environment contributed to improved Q1 orders and what the margin trajectory for the Software and Control segment would be for the rest of the year.

    Answer

    CEO Blake Moret acknowledged a general optimism post-election likely contributed to customers moving forward with projects. CFO Christian Rothe stated that the Software and Control segment, which had a strong start, is expected to see continued gradual margin progress throughout the year as sales in the segment are guided to be approximately flat year-over-year.

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    Christopher Snyder's questions to Rockwell Automation Inc (ROK) leadership • Q4 2024

    Question

    Christopher Snyder asked about the magnitude of order growth in the Americas, the competitive landscape, and Rockwell's content opportunity in emerging U.S. manufacturing sectors like semiconductors.

    Answer

    Blake Moret, Chairman and CEO, confirmed sequential order growth in North America in Q4 and expects the region to lead in fiscal 2025, noting modest share gains. He highlighted a robust project funnel split between traditional verticals and new sectors like semiconductors, which represents a substantial future opportunity.

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    Christopher Snyder's questions to Eaton Corporation PLC (ETN) leadership

    Christopher Snyder's questions to Eaton Corporation PLC (ETN) leadership • Q1 2025

    Question

    Christopher Snyder asked about Eaton's Q1 data center performance and the outlook for the remainder of the year, given tough comparisons. He also inquired about the competitive positioning in the U.S. market following recent tariffs, particularly against European and Asian competitors.

    Answer

    President and COO Paulo Sternadt confirmed that Q1 data center growth was very strong, exceeding the 45% growth from the prior year. He expressed confidence in continued high-level orders and negotiation activity, highlighting the timely acquisition of Fiber Bond. Regarding tariffs, Sternadt emphasized Eaton's significant U.S. manufacturing footprint and 'local for local' strategy, which provides a competitive advantage and resilience against trade impacts, contrasting with competitors who serve the U.S. from Europe.

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    Christopher Snyder's questions to Eaton Corporation PLC (ETN) leadership • Q4 2024

    Question

    Christopher Snyder of UBS inquired about the drivers behind the forecasted acceleration in organic growth from Q1 to the remainder of 2025 and asked for the expected cadence of adjusted EPS throughout the year.

    Answer

    Olivier Leonetti, EVP & CFO, outlined an EPS split of approximately 48% in the first half and 52% in the second half, a more balanced cadence than in prior years. Paulo Sternadt, President & COO, detailed the revenue acceleration, projecting 7% organic growth in H1 and 9% in H2, driven by new capacity in Electrical Americas, a recovery in Electrical Global, and favorable comparisons in the Vehicle segment later in the year.

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    Christopher Snyder's questions to Eaton Corporation PLC (ETN) leadership • Q3 2024

    Question

    Christopher Snyder of Morgan Stanley asked for clarification on the mega projects pipeline, noting that with only 16% started, it suggests 84% of orders are still pending. He questioned if these projects are progressing more slowly than anticipated. He also inquired about Eaton's relationships with hyperscalers and how commercial agreements are evolving as capacity constraints are addressed.

    Answer

    Chairman and CEO Craig Arnold confirmed the math, stating that a large portion of projects are still in the future, with lower-than-historical cancellation rates of around 10%. He suggested that industry constraints (labor, power) might extend the overall cycle rather than slow it down. Regarding hyperscalers, Arnold described relationships as very strong and noted that capacity challenges have led to more transparent, committed commercial agreements as customers work to secure their supply.

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    Christopher Snyder's questions to Ingersoll Rand Inc (IR) leadership

    Christopher Snyder's questions to Ingersoll Rand Inc (IR) leadership • Q1 2025

    Question

    Christopher Snyder of Morgan Stanley highlighted the contrast between the strong Q1 book-to-bill and the guidance reduction, asking if there was any order pull-forward ahead of tariffs or if customer conversations were changing. He also asked if tariffs altered Ingersoll Rand's competitive position in the U.S.

    Answer

    CEO Vicente Reynal stated there was no evidence of order pull-forward, as most products are configured-to-order and distributor inventories are monitored. He reiterated that demand signals through April remained positive. He asserted that the company's 'in-region for-region' manufacturing model provides a distinct competitive advantage in the current tariff environment, as many competitors rely more heavily on imports.

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    Christopher Snyder's questions to Ingersoll Rand Inc (IR) leadership • Q4 2024

    Question

    Christopher Snyder asked if delayed projects in China were related to the U.S. election and whether to expect year-over-year margin declines in Q1 2025 due to a tough comparison.

    Answer

    CEO Vicente Reynal stated the specific China project delays were technical, not election-related, and that he has not seen a significant change in customer conversations post-election. CFO Vik Kini acknowledged that Q1 faces a difficult margin comp and that meaningful year-over-year expansion is not expected, with improvement anticipated as the year progresses.

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    Christopher Snyder's questions to Ingersoll Rand Inc (IR) leadership • Q3 2024

    Question

    Christopher Snyder followed up on "site readiness," asking if customers expect the underlying labor constraints to improve. He also asked about the potential impact and timing of the recent stimulus in China on Ingersoll Rand's business.

    Answer

    Chairman and CEO Vicente Reynal stated that labor constraints are expected to persist, which is why they anticipate a gradual recovery. On China, he said the stimulus's focus on energy efficiency aligns perfectly with IR's offerings, but it takes time to trickle down to the regions, so while it bodes well for 2025, no direct impact has been seen yet.

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    Christopher Snyder's questions to Fortive Corp (FTV) leadership

    Christopher Snyder's questions to Fortive Corp (FTV) leadership • Q1 2025

    Question

    Christopher Snyder questioned the breakdown of tariff mitigation between pricing and other actions, its cadence, and whether the 2026 goal was for dollar or margin recovery. He also asked for an update on the performance of EA Elektro.

    Answer

    President and CEO James Lico stated that tariff mitigation will be about two-thirds price-related, with the impact being largest in Q2 before being fully offset on a dollar basis by Q4. He clarified the goal is to neutralize the dollar impact, which will still result in some margin degradation. For EA Elektro, Lico noted it faced headwinds from slowing EV mobility investments in Europe, and its full-year growth outlook is now closer to flat.

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    Christopher Snyder's questions to Fortive Corp (FTV) leadership • Q4 2024

    Question

    Christopher Snyder of Morgan Stanley asked if Precision Technologies' (PT) orders were increasing in absolute dollar terms and inquired about the segment's book-to-bill ratio. He also questioned why Q1 organic growth for PT was guided to be weaker than the Q4 result, given the positive order momentum.

    Answer

    Executive Elena Rosman reported the PT book-to-bill was 0.96 for Q4, typical for the quarter, and 1.0 for the full year. President and CEO James Lico confirmed order dollars were up from Q3 to Q4 and expects continued order growth in H1. He explained the weaker Q1 outlook is due to a more challenged China comp and the EA Elektro-Automatik business lapping its strongest quarter from the prior year. Elena Rosman added that EA represents a $10 million core decline headwind in Q1.

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    Christopher Snyder's questions to Fortive Corp (FTV) leadership • Q3 2024

    Question

    Christopher Snyder of Morgan Stanley asked if the sequential improvement in Precision Technologies (PT) orders was driven by broader strength beyond delayed government orders and if PT revenue growth should align with order growth in 2025.

    Answer

    President and CEO James Lico confirmed the PT order improvement was broad-based, citing secular growth at Qualitrol and EMC and absolute dollar growth at Tektronix. He agreed that, on a full-year basis, PT revenue and order growth rates should begin to converge in 2025 as backlog normalization comps fade, though some quarterly volatility could persist.

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    Christopher Snyder's questions to WW Grainger Inc (GWW) leadership

    Christopher Snyder's questions to WW Grainger Inc (GWW) leadership • Q1 2025

    Question

    Christopher Snyder asked for quantification of the price impact from announced tariffs and questioned the rationale for maintaining the gross margin guidance. He also asked why the company uses Industrial Production (IP) as its primary volume benchmark given its limited scope.

    Answer

    SVP and CFO Dee Merriwether estimated the net impact of initial tariff-related price increases at 1% to 1.5% and stated the gross margin guidance is maintained because the company will target price/cost neutrality over time. Chairman and CEO D.G. Macpherson explained that while their internal model is more accurate, IP has historically been a simple and correlated proxy, but its recent divergence prompted the shift to an annual outgrowth disclosure to reduce noise.

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    Christopher Snyder's questions to WW Grainger Inc (GWW) leadership • Q4 2024

    Question

    Christopher Snyder asked for confirmation that the 'minimal price' expectation for 2025 reflects supplier costs and inquired about the company's ability to push for more price if needed. He also questioned the gross margin seasonality and whether the full-year guidance seemed conservative.

    Answer

    CEO D.G. Macpherson confirmed that price expectations are tied to supplier costs and the company's goal is to remain price-competitive and price/cost neutral. CFO Dee Merriwether added that the minimal price outlook is because Grainger is not seeing inflation in the MRO-specific products it sells, unlike other categories like airplanes that are included in broader PPI indices, which explains the lack of a typical Q1 price-driven margin lift.

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    Christopher Snyder's questions to Hubbell Inc (HUBB) leadership

    Christopher Snyder's questions to Hubbell Inc (HUBB) leadership • Q1 2025

    Question

    Christopher Snyder asked about the price-cost dynamic, confirming if a $30 million headwind in the first half implies a positive price-cost in the second half to achieve neutrality for the year. He also asked for a list of Hubbell's main competitors in the Utility T&D space.

    Answer

    EVP & CFO Bill Sperry confirmed the analysis, stating that the company anticipates a surplus in the second half to offset the first-half deficit, which is typical for a LIFO reporter in an inflationary cycle. Sperry then identified the primary competitors in Utility T&D as Eaton's Cooper division, ABB's Thomas & Betts, and the private company Clean Power Systems.

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    Christopher Snyder's questions to Hubbell Inc (HUBB) leadership • Q4 2024

    Question

    Christopher Snyder asked about the Q1 outlook, specifically if the headwind from the PCX design change would be resolved. He also requested a sizing of the Q4 inventory variability impact and inquired if recent strong orders represent true demand or tariff-related pre-buys.

    Answer

    CFO William Sperry confirmed the PCX headwind is expected to be resolved in Q1 but declined to size the Q4 inventory impact, stating the issue is fading. CEO Gerben Bakker addressed the order patterns, explaining that while it's hard to parse motivations, the company actively monitors for unusual activity to prevent customers from stockpiling ahead of potential tariff-driven price increases.

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    Christopher Snyder's questions to Hubbell Inc (HUBB) leadership • Q4 2024

    Question

    Christopher Snyder from Morgan Stanley & Co. LLC asked if the PCX-related headwind in the Electrical segment would be gone in Q1 and sought to quantify the Q4 headwind from year-end inventory variability. He also questioned if recent strong orders reflected true demand or potential tariff pre-buys.

    Answer

    CFO Bill Sperry confirmed the PCX headwind is expected to reverse in Q1 but declined to size the Q4 inventory impact, emphasizing that the issue is fading. CEO Gerben Bakker stated that while some tariff pre-buying could occur, the company monitors order patterns closely to prevent a large, artificial bubble from forming ahead of any tariff implementation.

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    Christopher Snyder's questions to Hubbell Inc (HUBB) leadership • Q3 2024

    Question

    Christopher Snyder from Morgan Stanley questioned how quickly the utility business could return to its mid-single-digit growth target, given the Q4 outlook. He also asked about the future growth expectations for the Aclara business.

    Answer

    CFO William Sperry stated that the company anticipates a return to organic utility growth at the beginning of 2025 as inventory normalizes. CEO Gerben Bakker clarified that for Aclara in 2025, they expect a decline in meters to be more than offset by growth in AMI and Protection & Control solutions.

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    Christopher Snyder's questions to Carrier Global Corp (CARR) leadership

    Christopher Snyder's questions to Carrier Global Corp (CARR) leadership • Q1 2025

    Question

    Christopher Snyder of Morgan Stanley asked whether the $75 million residential pre-buy from Q4 was worked through in Q1 or is still expected to be a headwind. He also inquired if the strong services business is creating a flywheel effect that helps win new equipment projects.

    Answer

    CEO David Gitlin explained that assessing the pre-buy impact is imprecise but noted that elevated channel inventory levels are being watched carefully, contributing to a measured second-half outlook. He confirmed a '100%' flywheel effect, stating that building out the services business and life cycle support is a clear competitive advantage that is helping the company win more than its fair share of equipment deals in the Americas.

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    Christopher Snyder's questions to Carrier Global Corp (CARR) leadership • Q4 2024

    Question

    Christopher Snyder asked about the drivers behind the stronger-than-expected 35% growth in Americas residential HVAC and questioned if there were any concerns about consumer behavior, such as a shift to repair-over-replace or product trade-downs, given rising equipment costs.

    Answer

    CEO David Gitlin attributed the strong quarterly performance to a combination of stronger underlying demand, market share gains, and a very favorable year-over-year comparison. Regarding consumer behavior, he stated that despite closely monitoring price elasticity, the company has not observed a significant shift toward repairs or any material trade-down activity from homeowners.

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    Christopher Snyder's questions to Carrier Global Corp (CARR) leadership • Q3 2024

    Question

    Christopher Snyder from Morgan Stanley questioned the strong Q3 order growth, noting it seemed to be a deceleration from the 20-30% pace mentioned earlier in the quarter, and asked if anything softened. He also asked for details on the 'aftermarket 2.0' strategy, its costs, and the opportunity it presents.

    Answer

    David Gitlin, Chairman and CEO, clarified that the slight deceleration in orders from the initial pace was due to a slowdown in residential 410A orders in September, as expected. Regarding aftermarket 2.0, he described it as a move to a higher level of sophistication, using data from 50,000 connected chillers for prognostics, diagnostics, and value-added services like carbon tracking. He noted the strategy requires modest investment but drives higher-margin growth and is becoming embedded in the company's DNA.

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    Christopher Snyder's questions to Trane Technologies PLC (TT) leadership

    Christopher Snyder's questions to Trane Technologies PLC (TT) leadership • Q1 2025

    Question

    Christopher Snyder asked for an update on Americas Commercial HVAC demand, questioning if customer conversations have changed or if there's a risk of project elongation due to cost uncertainty. He also asked for a ranking of the key drivers behind Trane's consistent market outperformance, such as equipment efficiency, service offerings, and its direct sales force.

    Answer

    CEO David Regnery stated that the company has not seen widespread project delays, attributing this to the strong payback and carbon footprint reduction offered by their applied systems. Regarding market outperformance, Regnery declined to rank the drivers, instead describing it as a 'system of things' including the direct sales force, business operating system, and innovation processes. He emphasized that the company's culture, which encourages problem-solving and innovation, is the ultimate differentiator.

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    Christopher Snyder's questions to Trane Technologies PLC (TT) leadership • Q4 2024

    Question

    Christopher Snyder of UBS inquired about the sustainability of the Service business's double-digit growth, which outpaces the typical high-single-digit guidance, and asked for the outlook baked into the 2025 forecast. He also questioned if the improvement in Commercial HVAC equipment orders was due to project lumpiness or a broader-based recovery across its many verticals.

    Answer

    CEO Dave Regnery expressed pride in the $6.5 billion Service business, noting its recent low-teens growth. While maintaining a conservative high-single-digit long-term guide, he highlighted that the growing backlog of complex applied systems creates a strong future service pipeline. Regnery confirmed the high-single-digit Commercial HVAC order growth in the Americas was broad-based, with 13 of 14 verticals growing in 2024, driven by a diverse product portfolio and a strong sales force, not just data centers. CFO Chris Kuehn added that the growth in applied systems, up over 120% in the Americas on a 3-year stack, builds an installed base that will drive future service revenue.

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    Christopher Snyder's questions to Trane Technologies PLC (TT) leadership • Q3 2024

    Question

    Christopher Snyder of Morgan Stanley asked for details on the mechanics of the services business, including the lag from equipment sale to service revenue, margins, and specifics on reinvestments. He also followed up on the service model for the data center vertical.

    Answer

    CEO Dave Regnery described the services business, about one-third of company revenue, as a resilient, high-single-digit grower. He explained service revenue typically ramps up in years two and three post-installation, driven by sophisticated systems and connected solutions that monitor energy use. CFO Chris Kuehn confirmed services have higher-than-average margins and noted that accelerated investments are focused on adding service technicians and improving digital tools. Regnery added that for sophisticated systems like data centers, customers prefer OEM service, and Trane already has a large installed base being serviced.

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    Christopher Snyder's questions to Gates Industrial Corporation PLC (GTES) leadership

    Christopher Snyder's questions to Gates Industrial Corporation PLC (GTES) leadership • Q1 2025

    Question

    Christopher Snyder questioned the company's confidence that there was no Q1 pre-buy activity, asking if the first quarter of positive organic growth was primarily attributable to new customer wins. He also followed up on the timing of the realization of announced price increases.

    Answer

    CEO Ivo Jurek reiterated that sales-in vs. sales-out data from channel partners indicates no inventory build-up. He attributed the positive core growth not to pre-buys but to a pragmatic outlook, strong performance in the recovering personal mobility market, and significant market share gains in the robust automotive replacement channel. CFO L. Mallard clarified that while price increases were implemented in Q2, the realization and cost impact will primarily occur in Q3 and the second half of the year, matching the timing of incoming tariff costs.

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    Christopher Snyder's questions to Gates Industrial Corporation PLC (GTES) leadership • Q4 2024

    Question

    Christopher Snyder of Morgan Stanley asked for color on the specific end markets driving growth in China and questioned whether this strength could be related to tariff pre-buying activity ahead of potential U.S. policy changes.

    Answer

    CEO Ivo Jurek reported that growth in China was broad-based, with strong performance in Personal Mobility and diversified industrial, and constructive results in Ag, Construction, and Automotive replacement. He dismissed the idea of tariff pre-buys, emphasizing that Gates' China operations are predominantly "in China for China" and serve local OEMs. He further supported this by noting that the broader East Asia and India region showed similarly constructive growth.

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    Christopher Snyder's questions to Stanley Black & Decker Inc (SWK) leadership

    Christopher Snyder's questions to Stanley Black & Decker Inc (SWK) leadership • Q1 2025

    Question

    Christopher Snyder of Morgan Stanley asked about customer inventory levels at major retailers, questioning why the guidance includes a destocking assumption if levels are considered normal. He also asked about the potential timing of any destock, whether it was a Q2 or Q3 risk.

    Answer

    EVP and CFO Pat Hallinan clarified that while overall customer inventory levels are normal, the volume decline assumption in the guidance is not from a broad-based destock. Instead, it reflects continued softness in the DIY consumer segment and the anticipated impact of higher interest rates on housing. Any inventory adjustments would likely be targeted at specific retailers or product lines with high DIY exposure.

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    Christopher Snyder's questions to Stanley Black & Decker Inc (SWK) leadership • Q3 2024

    Question

    Christopher Snyder followed up on the gross margin commentary, asking for confirmation on whether the 35% target for year-end 2025 is still achievable and what specific macroeconomic conditions are necessary to reach it.

    Answer

    EVP and CFO Pat Hallinan clarified that the 35% target for year-end 2025 is still the team's working goal, but its achievement is contingent on offsetting headwinds. He identified key factors as the pace of interest rate effects, the correction speed in the automotive market, and the timing of fixed cost reduction benefits. He emphasized confidence in eventually exceeding 35% gross margin, with the precise timing dependent on balancing headwinds against accelerated internal activities.

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    Christopher Snyder's questions to Honeywell International Inc (HON) leadership

    Christopher Snyder's questions to Honeywell International Inc (HON) leadership • Q1 2025

    Question

    Christopher Snyder questioned why Q2 margin guidance was flat sequentially despite higher volumes and the accretive PPE divestiture. He also asked a strategic question about the importance of adding discrete automation exposure to the future standalone Automation company's portfolio.

    Answer

    CFO Mike Stepniak stated that Q2 margins feel similar to Q1 with no new structural pressures. CEO Vimal Kapur added that a shift in product mix within ESS would temper margins in Q2 compared to Q1. On strategy, Kapur explained the focus for the Automation company is on high-growth end-verticals like LNG and data centers, rather than a specific focus on discrete versus process automation.

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    Christopher Snyder's questions to Honeywell International Inc (HON) leadership • Q4 2024

    Question

    Christopher Snyder asked about the primary motivation for the separation, questioning if it was driven more by unlocking sum-of-the-parts value or by the belief that the businesses would perform better independently. He also pointed out the strong Q4 growth in short-cycle markets and asked why the 2025 guide assumes a deceleration from that exit rate.

    Answer

    CEO Vimal Kapur explained the primary driver was the diverging strategic paths of Aerospace and Automation, stating that focused, separate companies could drive more growth and value. Incoming CFO Mike Stepniak addressed the guidance, stating that while Q4 was encouraging, the 2025 outlook is prudent and does not assume a sustained recovery in industrial products. He also cited Q1 headwinds from fewer selling days and lumpiness in aerospace.

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    Christopher Snyder's questions to Honeywell International Inc (HON) leadership • Q3 2024

    Question

    Christopher Snyder of Morgan Stanley questioned the reason for the slowdown in Aerospace organic growth guidance for Q4, asking if it was due to spillover from the Q3 facility fire or a reflection of market conditions. He also asked whether Honeywell is holding, gaining, or losing market share in its Industrial Automation segment given its prolonged declines.

    Answer

    CEO Vimal Kapur clarified that Q3 Aerospace performance was impacted by two discrete events: a plant fire and Hurricane Helene, but the full-year low-double-digit growth outlook is unchanged, supported by a strong backlog. For Industrial Automation, he stated that performance largely reflects challenging market drivers in key regions like Germany and China. He expressed confidence that the segment will return to growth in 2025 as major headwinds from the Intelligrated rebaselining and prior-year Zebra royalty payments will no longer be factors.

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    Christopher Snyder's questions to Allegion PLC (ALLE) leadership

    Christopher Snyder's questions to Allegion PLC (ALLE) leadership • Q1 2025

    Question

    Christopher Snyder sought to clarify the guidance mechanics, confirming that the revenue outlook excludes tariff-related price actions while the profit outlook includes them. He also asked about the impact of 'project paralysis' on volumes.

    Answer

    CFO Michael Wagnes confirmed the guidance mechanics were stated correctly. CEO John Stone acknowledged that higher interest rates had caused some privately financed projects to pause but suggested these planned projects could move forward once the financing environment improves, creating a potential backlog of work.

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    Christopher Snyder's questions to Allegion PLC (ALLE) leadership • Q4 2024

    Question

    Christopher Snyder of Morgan Stanley asked about the size of the Q4 tariff-related pull-forward in the residential business and the company's exposure to government buildings within its institutional segment.

    Answer

    CFO Michael Wagnes estimated the Q4 pull-forward at mid-single-digit millions, which benefited the quarter but will create a headwind for Q1 2025. CEO John Stone clarified that the institutional business has limited exposure to federal government funding issues, as projects are primarily funded locally through municipal bonds and property taxes.

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    Christopher Snyder's questions to Vertiv Holdings Co (VRT) leadership

    Christopher Snyder's questions to Vertiv Holdings Co (VRT) leadership • Q1 2025

    Question

    Christopher Snyder from Morgan Stanley asked for the best metric to track liquid cooling demand, questioning if NVIDIA's Blackwell shipments are a good proxy and what the typical lead time is for Vertiv's solutions.

    Answer

    CEO Giordano Albertazzi agreed that Blackwell shipments are a good proxy for liquid cooling demand, though not the only one. He estimated that demand for Vertiv's solutions typically precedes the deployment of new chips by approximately three to six months and expressed satisfaction with the product line's growth trajectory.

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    Christopher Snyder's questions to Watsco Inc (WSO) leadership

    Christopher Snyder's questions to Watsco Inc (WSO) leadership • Q1 2025

    Question

    Christopher Snyder asked for an estimate of competitors' remaining 410A inventory and inquired about the current installation rate of 454B systems, questioning if demand elasticity for the new, pricier product has been truly tested yet.

    Answer

    Executive Rick Gomez provided an anecdotal view that independent distributors would likely exhaust 410A inventory by the end of Q2. Executive Barry S. Logan countered that it was not too early to judge 454B adoption, noting it was 25% of Q1 volume and had ramped to over 60% of sales in the most recent two weeks, with the company satisfied with its market acceptance.

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    Christopher Snyder's questions to Lennox International Inc (LII) leadership

    Christopher Snyder's questions to Lennox International Inc (LII) leadership • Q1 2025

    Question

    Christopher Snyder inquired about the risk of consumer price elasticity on repair-versus-replace decisions as new equipment costs rise, and asked when these higher prices are expected to fully reach the homeowner.

    Answer

    CEO Alok Maskara assessed the risk of elasticity on replacement as very low, as equipment cost is only one part of the total installed price, making the homeowner impact less significant. He stated the company has not observed any adverse trends in repair-vs-replace decisions. He also confirmed that the first price increase is already making its way to homeowners in Q2 with no change observed in demand patterns.

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    Christopher Snyder's questions to Lennox International Inc (LII) leadership • Q4 2024

    Question

    Christopher Snyder questioned how a $125 million Q4 prebuy translates to a 2% full-year headwind, asking if it implied a prebuy also occurred in Q3, and inquired about the methodology for calculating the prebuy amount.

    Answer

    CEO Alok Maskara explained the 2% headwind reflects a "double impact": a destocking effect in the first half of 2025 and a difficult year-over-year comparison in Q4 2025. He admitted the calculation is an estimate but directionally correct, driven by better R-410A availability at Lennox compared to competitors, which led to both prebuy activity and temporary share gains.

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    Christopher Snyder's questions to Otis Worldwide Corp (OTIS) leadership

    Christopher Snyder's questions to Otis Worldwide Corp (OTIS) leadership • Q1 2025

    Question

    Christopher Snyder of Morgan Stanley inquired about the quarterly cadence of the tariff impact and its expected persistence into 2026. He also asked for commentary on any 'green shoots' or signs of optimism in the European new equipment market.

    Answer

    Chair, CEO and President Judy Marks indicated that, based on past experience, the tariff impact from the existing backlog could extend into 2026, but new orders will incorporate mitigations. She expressed continued optimism for EMEA, citing strong underlying performance despite a tough quarterly compare, strength in key European sub-regions, and the success of the Gen360 product. She also highlighted the strategic shift in China, where service now constitutes 40% of revenue, reducing dependency on new equipment.

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    Christopher Snyder's questions to Otis Worldwide Corp (OTIS) leadership • Q4 2024

    Question

    Christopher Snyder asked about the Americas business, questioning if recent order growth was absolute or just due to easy comps, and why Otis's Americas New Equipment revenue is guided down while the market is guided up.

    Answer

    Executive Cristina Mendez confirmed that Americas New Equipment orders grew in absolute dollars sequentially through 2024. Executive Judith Marks added that the negative 2025 revenue outlook, despite a positive market, is due to the long order-to-revenue conversion cycle in the Americas and a very strong 2024 revenue performance that depleted the backlog, which now needs to be refilled.

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    Christopher Snyder's questions to Fastenal Co (FAST) leadership

    Christopher Snyder's questions to Fastenal Co (FAST) leadership • Q1 2025

    Question

    Christopher Snyder from Morgan Stanley asked about fastener supply chains, noting their heavy reliance on Asia and questioning why a shift to Mexico hasn't occurred as it has in other industries. He also inquired about the potential for nearshoring this production.

    Answer

    CEO Daniel Florness acknowledged North America's long-term advantages, such as stable energy costs, but explained that Asia possesses immense, long-established scale in fastener production. He reasoned that manufacturers are hesitant to make the massive capital investment required to build similar scale in North America or Mexico because the tariffs that make such a move economically viable could be reversed at any time, creating significant investment risk. He concluded that Fastenal has not found manufacturing capabilities in North America to satisfy its needs at scale.

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    Christopher Snyder's questions to Fastenal Co (FAST) leadership • Q3 2024

    Question

    Christopher Snyder from Morgan Stanley questioned the reason for the divergence between flat Onsite signings and strong FMI signings in the quarter.

    Answer

    CFO Holden Lewis explained that Onsite signings can be lumpy and that FMI technology is deployed widely at non-Onsite locations, emphasizing the consistent growth in the installed base for both. CEO Dan Florness added that approximately 90% of locations with FMI vending are not Onsites, and the faster speed-to-revenue from FMI is a positive for the business.

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    Christopher Snyder's questions to Acuity Inc (AYI) leadership

    Christopher Snyder's questions to Acuity Inc (AYI) leadership • Q2 2025

    Question

    Christopher Snyder from UBS inquired about the high-level impact of new tariffs on Acuity's competitive position, given its significant manufacturing in Mexico, and asked if the company is observing any market freezing or project delays due to cost uncertainty.

    Answer

    Neil Ashe, Chairman, President, and CEO, explained that Acuity views tariffs as a supply shock and is confident in its relative competitive position due to its diversified global supply chain, with about half of its supply from USMCA-compliant operations in Mexico. He detailed the financial process, noting a lag between incurring tariff costs and realizing price increases, which impacts cash flow. Ashe also confirmed that market uncertainty led to some project delays late in the quarter, but it is too early to determine the full demand impact of the new tariffs.

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    Christopher Snyder's questions to Acuity Inc (AYI) leadership • Q1 2025

    Question

    Christopher Snyder of Morgan Stanley asked if the guided accretion from QSC includes any revenue or cost synergies and questioned the outlook for gross margins, given their continued strength.

    Answer

    Neil Ashe, Chairman, President and CEO, clarified that the initial guidance for QSC assumes it operates as it has been, with revenue synergies being a future opportunity and no plans for cost reductions. Karen Holcom, SVP and CFO, attributed strong gross margins to product vitality, service, and productivity initiatives. She affirmed that there is still room for margin improvement at Acuity Brands Lighting (ABL), though some SG&A investments will be made to drive future gains.

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    Christopher Snyder's questions to 3M Co (MMM) leadership

    Christopher Snyder's questions to 3M Co (MMM) leadership • Q3 2024

    Question

    Christopher Snyder from Morgan Stanley asked about the timeline for achieving growth in excess of GDP, questioning if it depends more on innovation cycles or an improvement in end markets. He also sought clarification on whether future portfolio exits would be through sales rather than organic wind-downs.

    Answer

    CEO William Brown emphasized a 'walk before you run' approach, focusing first on growing with the market. He stated that outperformance will require both long-term R&D success and near-term improvements in sales execution, independent of macro forecasts. He also clarified that while minor SKU pruning is normal, significant business exits would be inorganic sales where 3M would ensure it gets paid appropriate value.

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