Sign in

    Daniel Imbro

    Managing Director and Equity Research Analyst at Stephens Inc.

    Daniel Imbro is a Managing Director and Equity Research Analyst at Stephens Inc., specializing in coverage of the Transportation sector after previously focusing on Automotive, Hardlines, and Leisure Products. He consistently provides successful stock recommendations for companies such as Academy Sports & Outdoors (ASO), Ryder System, Tractor Supply Company (TSCO), and others, earning a 66.67% success rate with a top rating return of +186.9% and holding a TipRanks 4.54-star analyst status. Imbro joined Stephens shortly after graduating summa cum laude from Hendrix College with a B.S. in economics and business, advancing from Senior Vice President to Managing Director. He is FINRA registered and holds relevant securities licenses, reflecting a high standard of professional credibility and industry recognition.

    Daniel Imbro's questions to STONERIDGE (SRI) leadership

    Daniel Imbro's questions to STONERIDGE (SRI) leadership • Q2 2025

    Question

    Daniel Imbro of Stephens Inc. asked about the financial impact timeline of the major new MirrorEye contract, whether it expands the total addressable market (TAM), the effect of new fleet orders on the 2026 outlook, and the nature of the non-operational foreign exchange (FX) impact on guidance.

    Answer

    President and CEO James Zizelman confirmed the major MirrorEye award is a long-term extension that will not impact 2025 or 2026 revenue. He explained it both fulfills the expected TAM and creates opportunities to expand it with new technologies. Zizelman also noted that new fleet wins in North America should improve the 2026 outlook. CFO Matthew Horvath clarified that the updated EBITDA guidance reflects year-to-date non-operating FX impacts and does not anticipate further headwinds at current rates.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to STONERIDGE (SRI) leadership • Q1 2025

    Question

    Daniel Imbro of Stephens Inc. asked about the momentum in the Electronics segment, particularly for MirrorEye and SMART 2, the expected margin ramp-up, the potential impact of tariffs on customer demand, and the sustainability of recent inventory reductions.

    Answer

    President and CEO Jim Zizelman attributed the Electronics momentum to the Volvo program ramp-up in Europe and strong aftermarket sales, expressing confidence in upcoming North American launches. CFO Matt Horvath projected a linear margin progression for the year, driven by maturing cost and quality initiatives. Regarding tariffs, Zizelman noted that 91% of their Mexico sales are USMCA-exempt, limiting direct impact. Horvath confirmed the sustainability of inventory reductions, stating there is still room for improvement in inventory turns even as the company grows.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to STONERIDGE (SRI) leadership • Q4 2024

    Question

    Daniel Imbro of Stephens Inc. questioned the unexpected Q4 engineering and quality costs, seeking assurance on visibility for 2025. He also asked for the growth outlook for the SMART2 tachograph and queried the inventory and working capital dynamics for 2026.

    Answer

    CFO Matt Horvath explained that Q4 engineering costs were a timing issue with customer reimbursements now expected in 2025, while quality costs were lumpy due to proactive reviews of past issues. President and CEO Jim Zizelman added that new processes for 'built-in quality' are in place. Regarding revenue, management noted that SMART2 sales are expected to be stable in 2025 after a large 2024 ramp-up. They also see continued opportunity to reduce inventory in 2026, even with projected revenue growth.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to STONERIDGE (SRI) leadership • Q3 2024

    Question

    Daniel Imbro of Stephens Inc. asked about Stoneridge's strategy to drive revenue growth amid a challenging macro environment, the 2025 production outlook from OEM customers, and the timing and take-rate assumptions for the recently announced Daimler Truck North America MirrorEye program.

    Answer

    President and CEO James Zizelman explained that the company can drive growth by increasing focus on its aftermarket and non-OEM business. CFO Matthew Horvath added that significant growth is expected from new MirrorEye launches and its adoption as standard equipment on several truck models, which is less dependent on the macro environment. Regarding the 2025 outlook, Mr. Zizelman noted expectations for a recovery in the commercial vehicle market in the second half of the year, potentially accelerated by pre-buys ahead of 2027 emissions regulations. Mr. Horvath clarified the Daimler program begins production in mid-2025 and, based on strong customer feedback, take rates are expected to exceed initial low assumptions.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to RXO (RXO) leadership

    Daniel Imbro's questions to RXO (RXO) leadership • Q2 2025

    Question

    Daniel Imbro asked if the strong Last Mile growth was organic and questioned why the guided Q3 year-over-year EBITDA increase wasn't larger, given the various tailwinds like synergies.

    Answer

    CEO Drew Wilkerson confirmed the 17% Last Mile stop growth was 100% organic, driven by customer consolidation, cross-selling from the Coyote acquisition, and new wins. CSO Jared Weisfeld explained the Q3 EBITDA bridge, citing persistent automotive headwinds (a >$10M gross profit headwind in Q2) as the primary offset to the positive impacts from synergies and improved profitability.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to RXO (RXO) leadership • Q4 2024

    Question

    Daniel Imbro asked about the key variables that would determine whether results fall at the high or low end of the Q1 EBITDA guidance. He also sought clarification on cash flow expectations, considering working capital drags and higher-than-expected transaction costs.

    Answer

    CSO Jared Weisfeld identified gross profit per load, driven by the cost of purchase transportation, as the primary variable for the Q1 EBITDA range. CFO Jamie Harris explained the company's cash flow profile, noting a strong 75% EBITDA-to-FCF conversion rate above the breakeven point. He confirmed transaction costs are cash expenses but represent a good ROI, and he reiterated confidence in the long-term 40-60% free cash flow conversion target through a cycle.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to Matson (MATX) leadership

    Daniel Imbro's questions to Matson (MATX) leadership • Q2 2025

    Question

    Daniel Imbro from Stephens Inc. asked about the infrastructure investments needed for Southeast Asia expansion, the expected sequential trend for China rates, and whether any cost reduction actions were taken in Q2.

    Answer

    CEO Matthew Cox stated that Southeast Asia expansion is customer-led, focusing on partnerships with feeder services to maintain fast and reliable transit times, rather than direct infrastructure investment. CFO Joel Wine confirmed that cost-tightening actions were taken in Q2 and are expected to continue. He also reiterated that the back-half outlook already incorporates expectations for a muted peak season with lower freight rates and volumes in the China market.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to Matson (MATX) leadership • Q2 2025

    Question

    Daniel Imbro of Stephens Inc. asked about Matson's strategy for Southeast Asia, specifically the infrastructure investments needed to maintain leadership as the market evolves post-tariffs. He also questioned if Matson's China rates would sequentially follow the moderating SCFI and whether cost-reduction actions taken in Q2 would continue through the second half of the year.

    Answer

    Matthew Cox, Chairman, Director & CEO, outlined the Southeast Asia strategy, which is customer-driven and focuses on partnering with feeder services to establish the fastest and most reliable transit times from new origins, including leveraging land transport from nearby countries. Joel Wine, EVP & CFO, confirmed that G&A cost-saving measures initiated in Q2 are expected to persist for the rest of the year, contributing to margin performance. He also reiterated that the Q3 outlook already incorporates expectations for a more muted peak season with lower freight rates and volumes in the China market.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to Matson (MATX) leadership • Q2 2025

    Question

    Daniel Imbro from Stephens Inc. asked about the infrastructure investments needed for Southeast Asia expansion, the directional trend for China rates, and whether any cost-saving measures were taken in Q2.

    Answer

    Matthew Cox, Chairman & CEO, stated that the Southeast Asia strategy is customer-led, focusing on partnering with feeder services to maintain fast and reliable transit times rather than direct infrastructure investment. Joel Wine, EVP & CFO, confirmed that cost reduction actions were taken in Q2 and are expected to continue. He also noted that the back-half outlook incorporates the expectation of lower freight rates and volumes from China, contributing to a muted peak season.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to Matson (MATX) leadership • Q2 2025

    Question

    Daniel Imbro from Stephens Inc. asked about the infrastructure investments needed for expansion in Southeast Asia, whether China rates would follow the moderating SCFI, and if Q2 cost reductions would persist.

    Answer

    Chairman and CEO Matthew Cox stated that Southeast Asia expansion is customer-driven, focusing on establishing fast, reliable services with feeder partners, and noted overland cargo flows from areas like Cambodia. EVP and CFO Joel Wine confirmed that G&A cost-tightening actions taken in Q2 are expected to continue. He also reiterated that the outlook for a muted peak season, with lower year-over-year rates and volumes in China, is factored into the company's guidance.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to Matson (MATX) leadership • Q1 2025

    Question

    Daniel Imbro of Stephens Inc. inquired about Matson's capacity in Vietnam and its 'Catchment Basin' strategy, asking how much volume could be sourced from its new direct services to offset potential weakness from China. He also sought clarification on whether the reported 30% quarter-to-date decline in China volume was net of any growth from Vietnam.

    Answer

    Matthew Cox, Chairman and CEO, explained that Vietnam currently originates about 20% of Matson's volume, with significant capacity to scale up through feeder partners. He noted that the initial volume decline post-tariffs was seen across all origins, but Vietnam volumes have since recovered to prior levels, partly due to the new Ho Chi Minh service. Cox also highlighted that Vietnam itself faces infrastructure constraints that could limit rapid, large-scale production shifts.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to Matson (MATX) leadership • Q3 2024

    Question

    Daniel Imbro asked about near-term freight rate trends, inquiring how rates have performed post-peak season and seeking quantification on the expected sequential rate decline from Q3 to Q4. He also questioned the timing of repricing for the chartered CLS MAX ships and the potential operating margin tailwind in 2025.

    Answer

    Chairman and CEO Matthew Cox explained that the Q4 rate moderation follows traditional seasonality, though rates will remain significantly higher than the prior year, influenced by factors like the ILA contract and e-commerce trends. EVP and CFO Joel M. Wine confirmed that all six MAX service charters have been extended into 2026-2027, resulting in an estimated $8 million reduction in charter costs for 2025 compared to 2024.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to XPO (XPO) leadership

    Daniel Imbro's questions to XPO (XPO) leadership • Q2 2025

    Question

    Daniel Imbro of Stephens Inc. asked for the primary drivers of the expected sequential yield increase in the second half, questioning if it's from core pricing, accessorials, or easier comps, and how to think about the two-year stacked yield trend.

    Answer

    CFO Kyle Wismans attributed the expected yield growth to strong contract renewals, which are expected to be even stronger in Q3, and the compounding effect of initiatives like growing accessorial revenue and expanding the local customer channel. He noted the strong flow-through from yield to revenue per shipment as proof of retention. He reiterated that Q3 year-over-year yield ex-fuel growth is expected to be at or above Q2 levels, driven by these self-help measures.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to XPO (XPO) leadership • Q3 2024

    Question

    An analyst on behalf of Daniel Imbro from Stephens Inc. asked about remaining opportunities for service improvement beyond the in-sourcing of line haul.

    Answer

    Executive Mario Harik highlighted the dramatic reduction in the damage claims ratio to 0.2% from 1.2% historically, with a future goal of 0.1%. He explained that future service gains will come from creating more direct-to-destination trailers to reduce rehandling and continuing to improve on-time performance, which is already at a record high.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to CANADIAN PACIFIC KANSAS CITY LTD/CN (CP) leadership

    Daniel Imbro's questions to CANADIAN PACIFIC KANSAS CITY LTD/CN (CP) leadership • Q2 2025

    Question

    Daniel Imbro of Stephens Inc. asked for a quantification of the headwinds to revenue per RTM from fuel, the carbon tax, and business mix in Q2, and inquired when core pricing gains might become more visible.

    Answer

    EVP & CMO John Brooks explained that lower fuel prices and the removal of the carbon tax effectively wiped out all pricing gains in the quarter, while negative mix from strong bulk and intermodal growth was a 4% headwind. He expects the fuel headwind to improve but the carbon tax headwind to persist. Mix will likely remain a headwind in the second half due to an expected strong performance in bulk commodities like grain, potash, and coal.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to CANADIAN PACIFIC KANSAS CITY LTD/CN (CP) leadership • Q4 2024

    Question

    Daniel Imbro asked for details on synergy capture running ahead of plan, where new opportunities are emerging, and whether these synergies could extend beyond the initial forecast period.

    Answer

    EVP and CMO John Brooks confirmed they are ahead of schedule, ending 2024 with an over $800 million synergy run rate and targeting another $300 million in 2025. He described the progress as being in the 'early to mid-innings,' with significant future opportunities in automotive (OEMs and parts), the MMX intermodal service, and a largely untapped refrigerated business linked to new Americold facilities. This suggests a long runway for synergy growth well into the future.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to OLD DOMINION FREIGHT LINE (ODFL) leadership

    Daniel Imbro's questions to OLD DOMINION FREIGHT LINE (ODFL) leadership • Q2 2025

    Question

    Daniel Imbro from Stephens Inc. asked if competitors are successfully encroaching on Old Dominion's high-service business and what the market underappreciates about their competitive moat.

    Answer

    EVP & CFO Adam Satterfield stated they compete on every account and their value goes beyond basic service to solving customer problems. President & CEO Kevin Freeman added a key differentiator, especially in retail and grocery, is their ability to prevent costly 'on-time, in-full' fines for customers, a capability competitors have not been able to replicate.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to OLD DOMINION FREIGHT LINE (ODFL) leadership • Q2 2025

    Question

    Daniel Imbro from Stephens Inc. asked if competitors' efforts to improve service offerings are making inroads into Old Dominion's high-service customer base, such as in the grocery and SMB sectors.

    Answer

    EVP & CFO Adam Satterfield noted that ODFL has always competed on all accounts and its value extends beyond basic service metrics. President & CEO Kevin Freeman added a key differentiator, especially in retail, is ODFL's proven ability to help customers avoid costly fines for not having products on the shelf on time and in full, a capability he believes competitors have not matched.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to OLD DOMINION FREIGHT LINE (ODFL) leadership • Q1 2025

    Question

    Daniel Imbro asked where market share might be shifting if ODFL's is stable, and whether management's view on the LTL industry's long-term, cycle-to-cycle growth potential has changed.

    Answer

    CEO Kevin Freeman explained that market share fluctuations are largely due to a modal shift, with LTL freight moving to truckload carriers offering stop-off charges in a soft market. He expects this freight to return to LTL when truckload capacity tightens. CFO Adam Satterfield added that the overall LTL industry volume is still down significantly from its 2021 peak.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to OLD DOMINION FREIGHT LINE (ODFL) leadership • Q1 2025

    Question

    Daniel Imbro asked why ODFL's market share might be shifting on the margin if not due to price, and whether the company's view on the LTL industry's long-term growth rate has changed.

    Answer

    CEO Kevin Freeman explained that perceived market share fluctuations are likely due to a temporary modal shift, with some LTL freight moving to truckload carriers in the weak environment. He expects this freight to return to LTL when truckload capacity tightens. CFO Adam Satterfield added that winning share requires both service and value, which remains ODFL's focus.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to OLD DOMINION FREIGHT LINE (ODFL) leadership • Q4 2024

    Question

    Daniel Imbro inquired about the typical lag time for an expansionary PMI to translate into higher shipment volumes and which parts of ODFL's business tend to inflect first.

    Answer

    CFO Adam Satterfield noted that ODFL's industrial-related business outperformed its retail segment in Q4, aligning with positive customer sentiment and the rising ISM. He mentioned there is typically a couple-month lag for such economic indicators to translate into accelerated shipment volumes for the industry.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to OLD DOMINION FREIGHT LINE (ODFL) leadership • Q3 2024

    Question

    Daniel Imbro questioned how LTL yields are expected to shape up in the fourth quarter and whether a persistently weak macro environment could lead to irrational pricing in the market.

    Answer

    CFO Adam Satterfield expressed satisfaction with Q3 yield performance, attributing it to superior service validated by the recent Mastio award. He anticipates Q4 revenue per hundredweight (excluding fuel) to increase by 3.8% to 4.2% based on normal seasonality, stating ODFL will maintain its disciplined, long-term pricing approach.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to ARCBEST CORP /DE/ (ARCB) leadership

    Daniel Imbro's questions to ARCBEST CORP /DE/ (ARCB) leadership • Q2 2025

    Question

    Daniel Imbro from Stephens Inc. asked about LTL pricing, specifically the strategy for implementing the 5.9% General Rate Increase (GRI) a month earlier than the previous year, any early customer feedback, and the portion of business the GRI affects.

    Answer

    Chief Commercial Officer Eddie Sorg clarified that the timing aligns with their typical 10-11 month GRI cycle. He stated the increase is justified by the value provided to customers and rising costs. Sorg noted that the portion of business subject to the GRI is smaller than in past years, so the overall impact, while needed, will not be 'overly great'.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to ARCBEST CORP /DE/ (ARCB) leadership • Q1 2025

    Question

    Daniel Imbro asked about the revenue assumptions underpinning the Q2 operating ratio guidance and whether any specific new cost reductions are planned given the macroeconomic environment.

    Answer

    Chief Financial Officer Matt Beasley explained that while no specific revenue outlook was provided, the guidance assumes typical seasonal increases in daily revenue. He confirmed a continued focus on a portfolio of ongoing cost initiatives, such as compliance campaigns and workforce alignment, rather than new, specific cuts.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to ARCBEST CORP /DE/ (ARCB) leadership • Q4 2024

    Question

    Daniel Imbro asked for quantification of the Q4 operating ratio benefit from the union bonus accrual unwind and how that tougher comparison might affect the Q1 2025 OR. He also asked about the bonus accrual outlook for 2025.

    Answer

    CFO Matt Beasley acknowledged an impact in Q4 from adjusting various incentive plans based on performance but did not provide a specific number. He noted that encouraging trends on non-weather-impacted days in January give them hope for sequential revenue improvement. For 2025, he stated the company will follow its typical quarterly process of truing up all incentive plans based on performance and expectations.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to ARCBEST CORP /DE/ (ARCB) leadership • Q3 2024

    Question

    Daniel Imbro from Stephens Inc. asked for an explanation of the Q3 ABF operating ratio, which was weaker than the mid-quarter update, focusing on the unexpected decline in weight per shipment in September.

    Answer

    An executive, Christopher Adkins, attributed the lower weight per shipment to freight shifting to the low-priced truckload market and weakness in the heavier household goods moving business. CFO Matt Beasley added that September's weight per shipment was simply weaker than anticipated due to the macro backdrop.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to LANDSTAR SYSTEM (LSTR) leadership

    Daniel Imbro's questions to LANDSTAR SYSTEM (LSTR) leadership • Q2 2025

    Question

    Daniel Imbro from Stephens Inc. inquired about the outlook for key end markets in the second half of the year and asked for details on the Q3 variable contribution margin (VCM) forecast, questioning why it would be flat sequentially given recent rate softness.

    Answer

    CEO Frank Lonegro and VP Jim Applegate detailed a mixed end-market outlook, with continued strength in data centers and infrastructure offsetting weakness in automotive and housing. CFO Jim Todd explained that while softer rates could widen brokerage spreads, a potential headwind to VCM could be lower BCO utilization, leading to a relatively flat sequential expectation.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to LANDSTAR SYSTEM (LSTR) leadership • Q1 2025

    Question

    Daniel Imbro requested more detail on near-term volume trends for April and May, and asked for help bridging operating expenses from Q1 to Q2 in lieu of formal guidance.

    Answer

    CEO Frank Lonegro noted that automotive and cross-border freight were drags in Q1 but highlighted strength in heavy haul. Executive James Todd specified that April volumes were slightly below normal seasonality. For Q2 expenses, management guided that the $4.8M fraud charge will not repeat, a $2-3M convention cost will be added, and incentive compensation should be similar to Q1, while expecting Q2 revenue to be above Q1 but below the prior year.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to LANDSTAR SYSTEM (LSTR) leadership • Q3 2024

    Question

    Daniel Imbro of Stephens asked for an outlook on the automotive category, which has been weak, and inquired about cost-management levers for 2025 given expected headwinds from incentive compensation and insurance.

    Answer

    CEO Frank Lonegro attributed automotive weakness to lower demand for expedited services and consumer hesitancy due to high interest rates. CFO James Todd detailed potential cost offsets for 2025, including lower contractor bad debt if the market improves, reduced trailer maintenance from a refreshed fleet, and moderating depreciation pressure from IT projects, though this will be partially offset by higher depreciation on new trailers. He also noted headcount has been reduced through attrition.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to TFI International (TFII) leadership

    Daniel Imbro's questions to TFI International (TFII) leadership • Q2 2025

    Question

    Daniel Imbro from Stephens Inc. asked for an explanation of the nearly 7% year-over-year decline in U.S. LTL yield, and inquired if the P&C segment benefited from any Canadian postal or competitor strikes during the quarter.

    Answer

    CFO David Saperstein explained that the yield decline was primarily driven by a mix shift towards heavier freight, as weight per shipment increased by over 5%. Alain Bedard, President, CEO & Chairman, added that any potential Canadian postal strike had a minimal, insignificant impact on the P&C segment's results.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to TFI International (TFII) leadership • Q4 2024

    Question

    Daniel Imbro asked about the investments being made to fix the high claims ratio at U.S. LTL and for an update on other service metrics. He also questioned if the challenges in the U.S. LTL market were more structural than initially anticipated.

    Answer

    Executive Alain Bedard explained the claims ratio was partly skewed by the closure of a salvage store but that the team is focused on fixing the root cause. He noted service is improving, with on-time delivery up to the 95-96% range and missed pickups down 50%. Bedard conceded that the systemic issues at the former UPS Freight were far worse than anticipated, particularly regarding outdated technology for LTL. He stressed the key difference versus Canada is network density, which has been impossible to build organically and will require M&A.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to TFI International (TFII) leadership • Q3 2024

    Question

    Daniel Imbro asked management to rank the headwinds to U.S. LTL pricing between service issues and competitor capacity. He also inquired about the company's M&A appetite and the current M&A environment, given the focus on debt reduction.

    Answer

    CEO Alain Bedard emphasized that fixing service is the top priority, as poor service leads to high customer churn, negating any pricing advantages. Regarding M&A, he confirmed that reducing debt to below a 2.0x leverage ratio is the immediate focus. However, he noted the weak freight market creates good M&A opportunities, and TFI will remain patient while still planning for typical tuck-in acquisitions in 2025.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to SAIA (SAIA) leadership

    Daniel Imbro's questions to SAIA (SAIA) leadership • Q2 2025

    Question

    Daniel Imbro of Stephens Inc. inquired about service metrics beyond the claims ratio, such as on-time delivery and missed pickups, and how they compare between legacy and new markets. He also asked about the historical impact of a wage increase on Q3 OR degradation.

    Answer

    President & CEO Frederick Holzgrefe confirmed that on-time delivery and pickup completion are at high, competitive levels and, importantly, are consistent between new and legacy facilities. EVP & CFO Matthew Batteh estimated that the historical impact of a wage increase on the Q3 OR has been around 75 basis points, though it can vary with volume and other factors.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to SAIA (SAIA) leadership • Q1 2025

    Question

    Daniel Imbro of Stephens Inc. noted that Saia's February-to-March shipment trend in legacy markets seemed weaker than peers and asked for reasons, including potential service issues. He also questioned the drivers behind the significant deleverage in salaries, wages, and benefits.

    Answer

    President and CEO Fritz Holzgrefe stated he was not aware of any specific service issues and attributed the trend to general market variables. He explained the cost deleverage was primarily due to volume declines in high-margin legacy facilities, where it's difficult to adjust the cost structure in the short term. Executive Matthew Batteh added that geography matters, as new markets are less dense and efficient, and many 2024 openings are not yet a year old.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to SAIA (SAIA) leadership • Q4 2024

    Question

    Daniel Imbro of Stephens Inc. inquired about progress on service improvement initiatives and their impact on pricing, as well as how Saia plans to deploy free cash flow as capital expenditures moderate.

    Answer

    CEO Fritz Holzgrefe confirmed that service initiatives are succeeding, with customer acceptance reflected in volume growth, three-quarters of which came from new 2024 terminals. Executive Matthew Batteh addressed capital allocation, stating that reinvesting in the business has proven effective. As CapEx moderates, he noted the company is utilizing its revolving credit facility and estimates a ~$1 EPS impact from interest expense in 2025, with future cash flow deployment to be determined.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to SAIA (SAIA) leadership • Q3 2024

    Question

    Daniel Imbro of Stephens Inc. asked about the normal operating ratio (OR) seasonality from Q3 to Q4 and how 2024 might compare. He also inquired about the outlook for expense growth and incremental margins in 2025 as terminal opening costs moderate.

    Answer

    Executive Matthew Batteh stated that the average sequential OR degradation from Q3 to Q4 has been around 250 basis points, but the company aims to perform better than that this year. CEO Fritz Holzgrefe added that 2025 will not see the same level of terminal openings, allowing a shift in focus to monetizing the expanded network. He suggested that with a stable environment, improving margins is the goal for next year.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to RYDER SYSTEM (R) leadership

    Daniel Imbro's questions to RYDER SYSTEM (R) leadership • Q2 2025

    Question

    Daniel Imbro of Stephens Inc. asked if the pace of contractual sales delays, particularly in the Dedicated segment, had improved during the second quarter. He also sought clarification on whether the back-half guidance assumes a directional improvement in truck pricing or just a favorable mix shift.

    Answer

    Chairman & CEO Robert Sanchez responded that sales decision delays in lease and dedicated did not improve in Q2, though they did see improvement in the SCS segment. He clarified that the back-half guidance is driven more by a favorable sales mix (less wholesaling) with only a slight improvement in market pricing assumed, primarily in Q4.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to RYDER SYSTEM (R) leadership • Q4 2024

    Question

    Daniel Imbro asked about the Dedicated Transportation Solutions (DTS) segment, focusing on the reasons for the sequential deceleration in revenue per truck and the key levers for margin recovery back to the target range in 2025.

    Answer

    CEO Robert Sanchez explained the revenue-per-truck change was due to seasonal slowdowns and the specific mix of their customized dedicated customer base. Steve Sensing, President of DTS, added that operating revenue, which normalizes for fuel, performed as expected. Sanchez identified the primary driver for margin recovery in 2025 as the successful integration of the Cardinal Logistics acquisition, which is expected to return DTS EBT margins to the high single-digit target.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to RYDER SYSTEM (R) leadership • Q3 2024

    Question

    Daniel Imbro of Stephens Inc. followed up on the used tractor pricing discussion, asking if gains on sale are expected to decline sequentially and how Ryder maintained its free cash flow guidance despite lower used vehicle sales volume and pricing.

    Answer

    CEO Robert Sanchez projected that gains on sale would likely hover around the recent quarterly range of $15M-$20M as pricing appears to be finding a bottom. CFO John Diez addressed the cash flow question, explaining that while proceeds from used vehicle sales were softer, the impact was within the existing $100 million guidance range. Therefore, an adjustment was not deemed necessary, particularly as market conditions are 'bouncing along the bottom.'

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to COVENANT LOGISTICS GROUP (CVLG) leadership

    Daniel Imbro's questions to COVENANT LOGISTICS GROUP (CVLG) leadership • Q2 2025

    Question

    Daniel Imbro of Stephens Inc. asked about the drivers behind the Dedicated segment's truck count growth, the outlook for the poultry business, and the reasons for the sequential decline in revenue per mile. He also inquired about the current M&A environment.

    Answer

    President Paul Bunn attributed the dedicated fleet growth to a small acquisition and expansion in the poultry business, with the avian flu impact having subsided. CFO Tripp Grant explained that the revenue per mile metric was distorted by a mix shift towards lower-mileage dedicated trucks and away from expedited units. Grant also noted a recent pickup in interesting M&A opportunities, though the company remains disciplined.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to COVENANT LOGISTICS GROUP (CVLG) leadership • Q1 2025

    Question

    Daniel Imbro asked for an update on the LTL line haul and AAT government businesses within the Expedited segment, the company's appetite for M&A versus share repurchases, and the drivers behind the reduced CapEx outlook for 2025.

    Answer

    CEO David Parker described the LTL market as mixed, with national carriers facing more stress than regional ones and a notable lack of seasonal demand pickup. President Paul Bunn reported that the AAT government business had a strong Q1 and continues to perform well. Regarding capital allocation, executive James Grant and Bunn stated that the new share repurchase program does not preclude a strategic M&A deal, emphasizing a disciplined approach. Grant clarified that 2025 CapEx is lower because 2024 included significant growth spending for the poultry business, making 2025 a more normalized, maintenance-level year.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to COVENANT LOGISTICS GROUP (CVLG) leadership • Q4 2024

    Question

    Daniel Imbro of Stephens Inc. inquired about the early bid season, rate momentum through 2025, and the financial impact of Q1 weather. He also asked for an update on the Dedicated business, questioning the nature of customer shutdowns and competitive pressures.

    Answer

    CEO David Parker expressed significant optimism, stating it's the best he has felt about the market in 2.5 years. He noted that Covenant has already secured 2.5% rate increases on over half its business and has won more bids in early 2025 than in the first six months of 2024. For the Dedicated segment, Parker explained that customer fleet rightsizing is largely complete and detailed the temporary nature of disruptions from Avian Influenza, expecting a recovery by March.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to COVENANT LOGISTICS GROUP (CVLG) leadership • Q3 2024

    Question

    Daniel Imbro of Stephens inquired about strategies to improve utilization in the Expedited segment, the margin outlook for the Dedicated segment in Q4, and the company's approach to M&A given anticipated free cash flow.

    Answer

    Executive M. Bunn stated that they are actively rebalancing the Expedited network to improve utilization and expect fleet counts to remain stable. He projected the Dedicated segment's Q4 performance to be similar to Q3, with strong poultry business offset by other rate adjustments. Regarding M&A, both M. Bunn and CEO David Parker emphasized a patient and disciplined approach, seeking niche, high-margin businesses that fit their culture, while building cash reserves.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to UNION PACIFIC (UNP) leadership

    Daniel Imbro's questions to UNION PACIFIC (UNP) leadership • Q2 2025

    Question

    Daniel Imbro from Stephens Inc. inquired about the progress on automation initiatives, such as one-person crews, given the current administration and a potentially more favorable regulatory backdrop.

    Answer

    EVP of Operations Eric Gehringer confirmed that there is momentum and that engagements with the FRA have been effective and prompt. He noted that discussions are broad, covering not just crew size but also other technologies that can improve safety. He expressed satisfaction with the progress and the speed of conversations, which aim to benefit the entire industry with a safer railroad.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to UNION PACIFIC (UNP) leadership • Q1 2025

    Question

    Daniel Imbro of Stephens Inc. asked about domestic intermodal conversion trends during Q1's soft truck market and the outlook for intermodal revenue per carload given the mix shift and pricing environment.

    Answer

    EVP Kenny Rocker expressed encouragement from bid season wins and over-the-road conversions, stating that an improving truck market would positively impact revenue per car. CFO Jennifer Hamann added that a mix shift from lower-revenue international to domestic intermodal could also be a positive factor for the segment's average revenue per car.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to UNION PACIFIC (UNP) leadership • Q4 2024

    Question

    Daniel Imbro of Stephens Inc. asked about the expected impact of business mix on revenue per carload in 2025 and the likely cadence of volume growth throughout the year, given the difficult comparisons in the second half.

    Answer

    CFO Jennifer Hamann stated that while the company does not provide volume guidance, the negative mix impact from strong international intermodal growth will likely continue in the first half of 2025 and ease in the second half. EVP of Marketing and Sales Kenny Rocker added that the overarching goal is for volume to outpace the market and for revenue to outpace volume.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to UNION PACIFIC (UNP) leadership • Q3 2024

    Question

    Daniel Imbro of Stephens Inc. inquired about the competitive landscape, particularly against their Western peer, and the current state of core merchandise pricing.

    Answer

    EVP Kenny Rocker stated that the primary competition is with trucking, not other railroads, and the focus is on providing a service product that wins share. He confirmed the commercial team is securing strong pricing on merchandise freight by aligning price with the value of their service product. Executive Vincenzo Vena added that an efficient industry benefits all, as much of their traffic is interchanged.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to Knight-Swift Transportation Holdings (KNX) leadership

    Daniel Imbro's questions to Knight-Swift Transportation Holdings (KNX) leadership • Q2 2025

    Question

    Daniel Imbro of Stephens Inc. asked about the mid-cycle margin potential for the truckload segment, considering the combination of industry capacity reduction and Knight-Swift's significant progress on lowering its cost per mile.

    Answer

    CEO Adam Miller reiterated the company's truckload operating ratio targets: mid-80s for mid-cycle, low-80s to high-70s at peak, and upper-80s in challenging markets. He emphasized the current focus on cost controls to create leverage for the eventual market turn. CFO Andrew Hess added that with fewer carriers participating in one-way service, Knight-Swift's scale across its brands positions it for outsized gains when service becomes a higher priority for shippers.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to Knight-Swift Transportation Holdings (KNX) leadership • Q1 2025

    Question

    Daniel Imbro asked about the sustainability of the cost-per-mile decline in the core Truckload business and whether there is an opportunity to accelerate cost reductions if volumes deteriorate further through the year.

    Answer

    Executive Andrew Hess affirmed the cost-per-mile improvements are sustainable, attributing two-thirds to operational gains in fuel, maintenance, and safety, and the rest to significant reductions in fixed overhead costs like facilities, G&A, and vendor negotiations. He stated the company has different playbooks to adjust costs further depending on market direction. Executive Adam Miller added that improved safety performance and claims management present further opportunities for cost reduction.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to Knight-Swift Transportation Holdings (KNX) leadership • Q4 2024

    Question

    Daniel Imbro asked how the LTL segment is balancing strong yield growth with the need for shipment growth to leverage new facilities, and inquired about signs of underlying LTL market stabilization.

    Answer

    Adam Miller, an executive, stated they are striking a balance by using 3PL volume to initiate flow in new terminals and then building density with higher-yield national bid business. He affirmed their commitment to pricing discipline, targeting mid-single-digit increases on renewals. Miller also noted strong customer interest in their newly expanded network coverage, with new volume commitments expected to be implemented in late Q1 and Q2.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to Knight-Swift Transportation Holdings (KNX) leadership • Q3 2024

    Question

    Daniel Imbro of Stephens Inc. asked about the expense outlook for 2025, specifically if anticipated rate increases would be sufficient to offset cost inflation and drive margin expansion.

    Answer

    Executive Adam Miller stated the goal for 2025 is to convert rate improvements directly into margin gains by holding cost per mile flat or better, aided by improved utilization. Executive Andrew Hess noted that cost inflation is normalizing and that efforts to reduce fixed costs are beginning to yield benefits, citing a 250 basis point sequential OR improvement in legacy businesses.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to HUNT J B TRANSPORT SERVICES (JBHT) leadership

    Daniel Imbro's questions to HUNT J B TRANSPORT SERVICES (JBHT) leadership • Q2 2025

    Question

    Daniel Imbro from Stephens Inc. asked about the Dedicated segment, inquiring if a delayed customer fleet loss benefited Q2 margins and seeking more detail on how startup costs for new business might affect near-term operating income.

    Answer

    Brad Hicks, President of Dedicated, clarified that startup costs for new fleets added late in the year can create a drag on profitability for that period. He stated the delayed fleet loss did not materially impact Q2's operating ratio. SVP of Finance Brad Delco added that the timing difference was only a matter of a few days.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to HUNT J B TRANSPORT SERVICES (JBHT) leadership • Q1 2025

    Question

    Daniel Imbro from Stephens Inc. inquired about Intermodal profitability, the balance between unfavorable mix and filling empty lanes, and how the company is managing its cost base amid macro uncertainty.

    Answer

    Darren Field, President of Intermodal, stated that the benefits of filling empty lanes would become more visible later in the year. Spencer Frazier, EVP of Sales and Marketing, added that customers are resilient and focused on long-term efficiency, with mode conversion to intermodal being a key opportunity. CEO Shelley Simpson outlined a three-pronged approach to the uncertain environment, focusing on cost management, stock buybacks, and prudent capital spending, emphasizing the executive team's experience in navigating cycles.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to HUNT J B TRANSPORT SERVICES (JBHT) leadership • Q4 2024

    Question

    Daniel Imbro asked about the Integrated Capacity Solutions (ICS) segment, noting its strong gross margins and inquiring about pricing strategy, growth outlook, and the potential for future profitability to exceed historical norms.

    Answer

    Nicholas Hobbs, COO and President of Highway Services, attributed strong Q4 margins partly to project work. He outlined a strategy focused on higher-service, complex freight for small to mid-sized customers. With the BNSF Logistics integration complete, he expressed confidence in the ability to scale the business and leverage investments in people and technology.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to HUNT J B TRANSPORT SERVICES (JBHT) leadership • Q3 2024

    Question

    Daniel Imbro asked about the drivers behind the sequential Intermodal margin improvement and the company's strategic approach to the upcoming bid season, specifically balancing volume growth and pricing.

    Answer

    Darren Field, President of Intermodal, attributed the margin performance to volume leverage and mix, while emphasizing that pricing remains the most significant lever. He stated the bid season strategy is to communicate their value and cost challenges to customers. Spencer Frazier, EVP of Sales and Marketing, added that these are transparent conversations about the cost to serve.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to FEDEX (FDX) leadership

    Daniel Imbro's questions to FEDEX (FDX) leadership • Q4 2025

    Question

    Daniel Imbro inquired about the expected cadence of the $1 billion in transformation savings for fiscal 2026, questioning why the Q1 benefit of $200 million isn't larger given the nearly $700 million in DRIVE savings achieved in Q4 2025.

    Answer

    EVP & CFO John Dietrich explained that the $1 billion in savings from DRIVE and Network 2.0 is expected to ramp up throughout the fiscal year. He clarified that a material financial impact from Network 2.0 is not anticipated until late fiscal 2027 and confirmed that the Q4 DRIVE savings met their target, contributing to the two-year $4 billion goal.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to FEDEX (FDX) leadership • Q4 2025

    Question

    Daniel Imbro asked about the expected cadence of the $1 billion in transformation savings for fiscal 2026 and questioned why the Q1 savings estimate of $200 million wasn't larger, given the strong DRIVE savings realized in Q4 2025.

    Answer

    EVP & CFO John Dietrich explained that the $1 billion in savings from DRIVE and Network 2.0 is expected to ramp up throughout the fiscal year. He clarified that a material financial impact from Network 2.0 is not anticipated until the end of fiscal 2027 and confirmed that the company achieved its fiscal 2025 DRIVE savings targets.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to FEDEX (FDX) leadership • Q3 2025

    Question

    Daniel Imbro of Stephens asked about the progression of the pricing environment into Q4 and how to balance the rational pricing environment against the customer trade-down to economy services.

    Answer

    EVP and CCO Brie Carere stated the pricing environment has been rational and has improved throughout the fiscal year, with strong capture on demand surcharges and the recent GRI. She clarified that the volume mix shift is due to deferred services growing faster than priority, not a 'trade-down,' and that the company is successfully capturing this growth profitably.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to FEDEX (FDX) leadership • Q2 2025

    Question

    Daniel Imbro of Stephens Inc. asked about post-spin capital allocation, including how debt might be divided between the two new companies and whether the separation would enable different investment strategies.

    Answer

    EVP and CFO John Dietrich stated that there are no anticipated changes to the capital allocation strategy, which remains focused on optimizing the business and returning cash to shareholders. He confirmed the plan to complete the remaining $500 million in share repurchases for the fiscal year. Dietrich noted that specifics regarding the post-separation capital structure will be determined and communicated in the coming months.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to FEDEX (FDX) leadership • Q1 2025

    Question

    Daniel Imbro asked about capital deployment strategy for the FedEx Freight segment, particularly regarding reinvestment for growth, and inquired about the key factors being analyzed in the ongoing strategic review of the LTL business.

    Answer

    EVP and CFO John Dietrich confirmed that Freight is a key part of the capital investment plan, focused on high-return opportunities, and that declining fleet spend frees up capital for other areas. EVP and CCO Brie Carere added that growth at Freight is not being constrained by capital allocation and that the company remains committed to profitably growing the portfolio and expanding where it makes sense.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to CANADIAN NATIONAL RAILWAY (CNI) leadership

    Daniel Imbro's questions to CANADIAN NATIONAL RAILWAY (CNI) leadership • Q1 2025

    Question

    Daniel Imbro asked about direct Canada-to-Mexico trading opportunities and how CN's rail service to Mexico, via its partners, compares competitively against its closest peer.

    Answer

    CCO Remi Lalonde confirmed they are actively pursuing opportunities, such as NGLs and agricultural products, to Mexico. Derek Taylor, Chief Field Operations Officer, described the service as a "seamless interchange" in Chicago with partners UP and FXE for the Falcon service, and with NS for the Lynx service. He also highlighted the new, unique Crowley container service from Gulfport as a competitive differentiator.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to CANADIAN NATIONAL RAILWAY (CNI) leadership • Q4 2024

    Question

    Daniel Imbro asked about the revenue mix for 2025, specifically how the growth in lower revenue-per-RTM international intermodal would be balanced by other business lines, and for color on other mix-related headwinds and tailwinds.

    Answer

    CCO Remi Lalonde identified petroleum, chemicals, and grain as areas of strength, with headwinds in forest products and metals. CEO Tracy Robinson added that while international intermodal has a lower revenue per RTM, it is a profitable business that effectively leverages the network and is a core part of their growth strategy.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to CANADIAN NATIONAL RAILWAY (CNI) leadership • Q3 2024

    Question

    Daniel Imbro of Stephens Inc. asked if the Q4 volume outlook assumes a positive change in trend for weaker categories like automotive and chemicals to reach the low end of the guidance.

    Answer

    Chief Network Operations Officer Patrick Whitehead clarified that the key driver will be the recovery of international intermodal volumes, particularly the U.S. mix. He also pointed to continued strength in grain and a recovery in domestic intermodal as sufficient to carry them to the low end of the guided range, despite other headwinds.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to Schneider National (SNDR) leadership

    Daniel Imbro's questions to Schneider National (SNDR) leadership • Q1 2025

    Question

    Daniel Imbro asked about the drivers of strength in Intermodal pricing and how bid season has progressed. He also questioned what building blocks are needed to return to the long-term Intermodal margin target of 10-14% given current industry capacity.

    Answer

    EVP & Group President Jim Filter described core renewal pricing in Intermodal as 'flattish,' though revenue per order has improved for three consecutive quarters. CEO Mark Rourke noted truck pricing was up low to mid-single digits. To restore long-term margins, Mark Rourke cited a combination of factors including improved pricing, better truck alternatives, and asset efficiency, stating they can grow order volume 20-25% without new boxes. Jim Filter added that optimizing their own dray capacity would also be a big part of margin recovery.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to Schneider National (SNDR) leadership • Q4 2024

    Question

    Daniel Imbro asked about the expected timing for a return to organic truck count growth in the network and dedicated segments, and the potential cadence of that growth as the market improves.

    Answer

    CEO Mark Rourke explained that network growth is expected to resume in Q2 2025, driven by variable cost capacity like owner-operators and power-only. For the Dedicated segment, he anticipates growth from new business startups and, significantly, from increased revenue per truck per week by improving asset utilization, particularly from recently acquired companies like Cowan.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to Schneider National (SNDR) leadership • Q3 2024

    Question

    Representing Daniel Imbro of Stephens Inc., Reed asked for the outlook on intermodal pricing for Q4 and into 2025, and whether the segment's recent operating ratio improvement is sustainable. He also questioned the rationale for maintaining the net CapEx guidance amid challenging market dynamics.

    Answer

    EVP Jim Filter stated it was too early for 2025 pricing guidance but confirmed their disciplined approach is yielding slight sequential price improvements. CFO Darrell Campbell affirmed the $330 million net CapEx guidance, attributing it to improved asset productivity and disciplined allocation. CEO Mark Rourke added that future growth can be achieved with less capital reinvestment in trailers, potentially boosting margins.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to RUSH ENTERPRISES INC \TX\ (RUSHA) leadership

    Daniel Imbro's questions to RUSH ENTERPRISES INC \TX\ (RUSHA) leadership • Q1 2025

    Question

    Daniel Imbro inquired about the demand environment, asking how new unit sales trended through Q1 and into April, and whether the company's customers were reducing CapEx similarly to larger fleets. He also asked for details on the Q1 softness in parts and service, and whether the expected Q2 improvement would be sequential or year-over-year.

    Answer

    W. Rush, Chairman, CEO, and President, described the current environment as "hand to mouth" due to significant uncertainty around tariffs and emissions regulations. He noted that while some customers have halted orders for the second half of the year, the company expects a slight sequential increase in Class 8 deliveries in Q2. For the aftermarket segment, Rush clarified the expected Q2 improvement is sequential, not year-over-year. He attributed Q1 softness to weather in January and February, followed by a pickup in March, and noted that lower miles driven by over-the-road customers remains a headwind.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to RUSH ENTERPRISES INC \TX\ (RUSHA) leadership • Q4 2024

    Question

    On behalf of Daniel Imbro from Stephens Inc., an analyst asked about the 2025 outlook for the vocational and medium-duty truck markets, as well as the company's capital allocation priorities, including M&A and shareholder returns.

    Answer

    Executive W. Rush stated that the vocational market is expected to remain strong, though without the large backlogs of previous years. He anticipates the medium-duty market will be flat year-over-year after catching up on pent-up demand. Regarding capital, Rush confirmed M&A is the top priority, followed by shareholder returns through consistent dividend growth and an active share repurchase program.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to RUSH ENTERPRISES INC \TX\ (RUSHA) leadership • Q3 2024

    Question

    Daniel Imbro questioned the impact of high industry inventory on gross profit per unit for new and used trucks, the sustainability of recent operating expense reductions, and the current state of technician availability.

    Answer

    Executive W. Rush stated that the company is actively managing its inventory, which is in better shape than earlier in the year. He highlighted the used truck department's success in reducing inventory and increasing turns, contributing positively to earnings. On costs, Rush explained that G&A expenses were proactively cut in response to flattening aftermarket profits, and he believes this cost discipline is sustainable. Regarding labor, he acknowledged that hiring and retaining entry-level technicians remains a significant challenge due to high industry turnover, but the company has a multipronged strategy to improve performance in the coming year.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to RUSH ENTERPRISES INC \TX\ (RUSHA) leadership • Q2 2024

    Question

    Daniel Imbro of Stephens Inc. asked about the demand outlook for Class 8 trucks for the second half of the year and whether management is hearing more positive tones from carriers. He also inquired about the reasons for the sequential decline in parts and service revenue and the company's priorities for capital allocation, including M&A, dividends, and share repurchases.

    Answer

    W. Rush, an executive, explained that the second-half Class 8 pipeline is similar to Q1 levels, with the freight market stabilizing but a significant recovery unlikely until 2025. He attributed the parts and service softness to struggling small customers, noting that the company's diversified customer base, including public sector and vocational, prevented a more severe decline. For capital allocation, Rush stated that M&A to expand the company's footprint remains the top priority, followed by a balanced approach to shareholder returns through dividends and buybacks.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to KIRBY (KEX) leadership

    Daniel Imbro's questions to KIRBY (KEX) leadership • Q1 2025

    Question

    Daniel Imbro of Stephens Inc. asked for details on the Inland Marine segment's performance, specifically the exit rates for barge utilization and spot pricing in Q1, and the trend for term contract pricing. He also questioned how inland margins are expected to progress from Q1's 20% level to meet the full-year improvement guidance.

    Answer

    CEO David W. Grzebinski stated that inland utilization exited Q1 in the mid-90% range, with spot prices up low-single digits sequentially and term contracts renewing up mid-single digits year-over-year. President and COO Christian O'Neil highlighted strong underlying fundamentals, including tight shipyard capacity and high newbuild costs. Regarding margins, David Grzebinski reaffirmed the full-year guidance for a 200-300 basis point improvement, citing the typical seasonal cadence where Q2 and Q3 are strongest.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to KIRBY (KEX) leadership • Q3 2024

    Question

    Daniel Imbro asked for an update on the inland marine spot pricing environment for Q4, the outlook for contract renewals into 2025, and the potential peak for inland margins during the current market cycle.

    Answer

    CEO David W. Grzebinski and COO Christian O'Neil responded. Grzebinski highlighted strong supply-demand fundamentals, with rising new barge costs ($4.5 million) limiting new supply. He projected 200-300 basis points of inland margin improvement for 2025 and stated he would be disappointed if margins did not surpass the previous cycle's peak of ~27.5%. O'Neil added that Q4 term renewals are progressing well, with benefits to be realized in 2025, and noted a slight uptick in the chemical business offsetting some refinery maintenance seasonality.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to WERNER ENTERPRISES (WERN) leadership

    Daniel Imbro's questions to WERNER ENTERPRISES (WERN) leadership • Q1 2025

    Question

    Daniel Imbro sought clarification on the fleet growth guidance and reiterated CapEx plans given current returns. He also asked about the timing of financial benefits from the EDGE TMS rollout and whether advanced TMS platforms are helping smaller carriers survive.

    Answer

    CEO Derek Leathers confirmed fleet growth is focused on Dedicated and that CapEx plans remain fluid due to tariff uncertainty. Regarding the EDGE TMS platform, he explained that current spending is elevated, with significant productivity gains expected in late Q3 and Q4. CFO Chris Wikoff quantified the Q1 IT spend headwind at approximately $0.05 to EPS. Leathers opined that bank leniency, rather than technology, has been the primary factor keeping smaller carriers in the market.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to WERNER ENTERPRISES (WERN) leadership • Q3 2024

    Question

    Daniel Imbro asked for clarification on the seemingly more positive peak season outlook compared to peers and inquired about 2025 CapEx trends and the role of share buybacks in capital allocation, given the pause in Q3.

    Answer

    Chairman & CEO Derek Leathers clarified that while not bullish on the entire quarter, he expects an incremental price and volume lift during peak season based on direct customer conversations. EVP, Treasurer & CFO Chris Wikoff explained that while it's too early for 2025 CapEx guidance, the company has the optionality to invest in growth. He added that share repurchases remain an opportunistic tool, balanced against other capital priorities like M&A.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to WESTINGHOUSE AIR BRAKE TECHNOLOGIES (WAB) leadership

    Daniel Imbro's questions to WESTINGHOUSE AIR BRAKE TECHNOLOGIES (WAB) leadership • Q1 2025

    Question

    Daniel Imbro requested quantification of the financial impact from tariffs, including details on imported freight components. He also asked about the Q1 free cash flow performance, particularly the slowdown in receivable securitization.

    Answer

    CFO John Olin declined to quantify the tariff impact due to ongoing volatility but stated Wabtec is working to minimize it and has adjusted prices accordingly. Regarding cash flow, Olin explained the year-over-year decrease was due to a $230 million securitization balance in the prior year versus zero in the current quarter. He noted that going forward, all securitization changes will be recognized in the financing section of the cash flow statement, not operating cash.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to WESTINGHOUSE AIR BRAKE TECHNOLOGIES (WAB) leadership • Q4 2024

    Question

    Daniel Imbro of Stephens Inc. asked for the reasons behind the deceleration in organic growth and backlog in Q4. He also questioned why increased technological differentiation isn't leading to higher organic pricing growth and inquired about the underlying rate of cost inflation.

    Answer

    CFO John Mastalerz stated the Q4 revenue slowdown was due to the planned production cadence of locomotives and mods, not slowing business momentum, pointing to 19.7% order growth for the year as proof. CEO Rafael Santana explained that value pricing is tied to customer ROI, like fuel efficiency, not just price hikes. He added that the company's productivity and cost-out initiatives enable it to consistently stay ahead of inflation.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to WESTINGHOUSE AIR BRAKE TECHNOLOGIES (WAB) leadership • Q3 2024

    Question

    Daniel Imbro asked about the drivers behind accelerating international contract wins and the potential for margin improvement in those markets, and also inquired about the current M&A landscape.

    Answer

    CEO Rafael Santana attributed international momentum to customer success with Wabtec's fleet, technology investments, and digital expansion. Regarding M&A, Santana noted the pipeline is the strongest it has been, with a focus on returns. CFO John Olin added that strong cash flow enables opportunistic share repurchases in the absence of suitable M&A deals.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to CSX (CSX) leadership

    Daniel Imbro's questions to CSX (CSX) leadership • Q1 2025

    Question

    Daniel Imbro inquired about headcount flexibility, asking if staffing could be reduced if volumes remain soft, and also asked about the expected trajectory for compensation per employee given union contract schedules.

    Answer

    CFO Sean Pelkey stated that headcount is expected to remain flat, as the current crew base is needed to improve network fluidity and can handle more volume as efficiency recovers. Regarding compensation, he noted a 4% wage increase will take effect in the second half, but Q2 comp-per-employee should decline from Q1 due to less weather-related overtime.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to CSX (CSX) leadership • Q4 2024

    Question

    Daniel Imbro asked for an update on the automotive segment, specifically when customers expect production to return to growth after several quarters of elevated inventories.

    Answer

    EVP and CCO Kevin Boone acknowledged a slow start to the year, partly due to weather, but expects volumes to improve from current levels. He described the outlook as 'more of the same,' with no strong optimism or pessimism. CEO Joe Hinrichs added that while 2025 sales are estimated in the low $16 million range, there is significant long-term potential as sales were previously over $17 million pre-pandemic.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to CSX (CSX) leadership • Q3 2024

    Question

    Daniel Imbro asked for more detail on volume growth from truck-to-rail conversions, including the cadence and categories of wins, and also inquired about the current state of merchandise pricing.

    Answer

    CCO Kevin Boone reported that CSX is successfully converting truck volume within its merchandise franchise at a higher rate than in recent years, with momentum across various areas like forest products. He noted that a tighter trucking market would accelerate this trend. On pricing, he emphasized that the focus is on delivering value through superior service, which allows customers to recognize value beyond just the price.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to Hub Group (HUBG) leadership

    Daniel Imbro's questions to Hub Group (HUBG) leadership • Q4 2024

    Question

    Daniel Imbro of Stephens inquired about the nuances of Intermodal pricing, asking if price increases would be easier to achieve in the West and whether competition is emerging in certain lanes. He also asked for reasons behind the lighter-than-expected Q4 Logistics margin and the drivers for the expected Q1 improvement.

    Answer

    Executive Phillip Yeager explained that while backhaul lanes remain competitive, there are pricing opportunities in head-haul lanes and for operationally inefficient business. He noted the company is not seeing irrational behavior. For Logistics, CFO Kevin Beth attributed the Q4 softness primarily to brokerage and some weakness in managed transportation. Yeager identified the completion of the warehouse network alignment and a rebound in demand for managed transportation and consolidation as key tailwinds for Q1 margin improvement.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to Hub Group (HUBG) leadership • Q3 2024

    Question

    Speaking on behalf of Daniel Imbro of Stephens Inc., an analyst asked for clarification on the revised Q4 ITS volume guidance and whether ITS margins were still expected to increase sequentially from Q3 levels.

    Answer

    CFO Kevin Beth confirmed the Q4 ITS volume guidance of low-double-digit growth, attributing the revision to a pull-forward of demand into Q3. Consequently, the expected Q4 margin step-up that occurred in Q3 will not be repeated; margins are expected to decline slightly in Q4 due to normal seasonality. Executive Phillip Yeager added that the EASO joint venture provides potential upside to the volume guidance, which was not included in the forecast.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to NORFOLK SOUTHERN (NSC) leadership

    Daniel Imbro's questions to NORFOLK SOUTHERN (NSC) leadership • Q4 2024

    Question

    Daniel Imbro asked about the drivers behind the more bearish outlook for coal and requested an update on the new 5-million-ton annual contract, including its timing.

    Answer

    Management explained the bearish outlook is driven by continued pressure on international coal prices and high domestic utility stockpiles resulting from low natural gas prices. CMO Ed Elkins confirmed that volumes from the new customer contract are expected to begin coming online in the second quarter of 2025.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to NORFOLK SOUTHERN (NSC) leadership • Q2 2024

    Question

    Daniel Imbro from Stephens Inc. asked what is needed to win back more profitable merchandise business and whether the current guidance already assumes a certain pace of market share recapture.

    Answer

    Alan Shaw, CEO, pointed to leveraging improved service and rail's inherent cost advantage. Ed Elkins, CMO, stressed that the merchandise share erosion occurred over an extended period and winning it back requires consistently demonstrating the new, higher level of service reliability, which is the primary focus.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to C. H. ROBINSON WORLDWIDE (CHRW) leadership

    Daniel Imbro's questions to C. H. ROBINSON WORLDWIDE (CHRW) leadership • Q3 2024

    Question

    Daniel Imbro questioned the rise in adjusted personnel costs despite a sequential decline in headcount. He asked if the new model relies on fewer, higher-compensated employees and if personnel costs are expected to continue increasing.

    Answer

    CEO Dave Bozeman clarified that the Q3 increase in personnel costs was driven by higher variable compensation tied to improved financial performance, not a structural change in compensation per employee. He reiterated that the strategy to decouple headcount from volume growth remains firmly in place.

    Ask Fintool Equity Research AI

    Daniel Imbro's questions to UNITED PARCEL SERVICE (UPS) leadership

    Daniel Imbro's questions to UNITED PARCEL SERVICE (UPS) leadership • Q3 2024

    Question

    Speaking for Daniel Imbro, Joe Enderlin asked about the level of price competition in the market and whether peak trade-down pressures have been fully realized.

    Answer

    CFO Brian Dykes described the pricing environment as competitive but rational. He emphasized that UPS differentiates and wins on service and capabilities, such as RFID technology, rather than just price. He pointed to recent commercial wins and strong growth in the SMB Commercial segment (up 3.8%) as evidence of this strategy's success.

    Ask Fintool Equity Research AI