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    Jamie Cook • Truist Securities

    Jamie Cook's questions to Paccar Inc (PCAR) leadership

    Jamie Cook's questions to Paccar Inc (PCAR) leadership •

    Question

    Jamie Cook requested the specific price versus cost breakdown for the Parts aftermarket business, similar to what was provided for trucks. She also asked if PACCAR could achieve above-average incremental margins during the next cyclical upswing.

    Answer

    President and CFO Harrie Schippers provided the figures for the Parts segment, stating price was up 3% and costs were up 4% in the quarter. CEO Preston Feight addressed the second question, agreeing with the premise that PACCAR is well-positioned to deliver 'excellent performance' and strong incremental margins in the coming years due to its premium products and operational discipline.

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    Jamie Cook's questions to Paccar Inc (PCAR) leadership • Q2 2025

    Question

    Jamie Cook asked about the reasons for Q2 deliveries and margins exceeding expectations, whether the guided 13% Q3 margin could be a cyclical bottom, and for color on the 2026 outlook.

    Answer

    CEO & Director R. Preston Feight attributed Q3 delivery guidance to normal European shutdowns and market adjustments. He suggested that the 13% margin could represent a cycle bottom, highlighting PACCAR's structurally stronger performance compared to past cycles with similar delivery volumes. For 2026, he expressed optimism, expecting improvement driven by clarity on regulations and tariffs.

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    Jamie Cook's questions to Paccar Inc (PCAR) leadership • Q2 2025

    Question

    Jamie Cook from Truist Securities asked about the reasons for Q2 deliveries and margins exceeding expectations, whether Q3's guided 13% margin could be a cyclical bottom, and for color on the 2026 outlook.

    Answer

    CEO & Director R. Preston Feight attributed Q3 delivery guidance to normal European shutdowns and market adjustments. He suggested Q3 could represent a margin bottom, highlighting PACCAR's structurally stronger performance compared to past cycles with similar delivery volumes. He expressed optimism for 2026, expecting clarity on regulations and tariffs to drive improvement.

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    Jamie Cook's questions to Paccar Inc (PCAR) leadership • Q1 2025

    Question

    Jamie Cook asked for more detail on the Q1 margin miss despite in-line deliveries, specifically requesting the price-cost breakdown for trucks and parts. She also questioned the company's comfort with industry inventory levels and its own order book.

    Answer

    CEO Preston Feight attributed the margin pressure to a 1% increase in costs while pricing was relatively flat, largely due to tariff impacts that were not in effect for the full quarter. He stated that PACCAR's inventory is at 3.1 months versus the industry's 4 months, a level they are comfortable with, especially given their higher mix of vocational trucks.

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    Jamie Cook's questions to Paccar Inc (PCAR) leadership • Q4 2024

    Question

    Jamie Cook requested specifics on the price-versus-cost dynamic for the truck and parts segments in Q4 and its implication for 2025. She also asked if Q1 represents the trough for margins and if incremental margins could return in the second half of the year.

    Answer

    CEO Preston Feight specified that for the truck segment in Q4, price versus cost was negative, with price at -0.6% and cost at +2.7%, but he expects this to trend favorably through 2025. President and CFO Harrie Schippers added that as the market improves in the second half, margin development should improve accordingly, supporting a return to incremental margins.

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    Jamie Cook's questions to Parker-Hannifin Corp (PH) leadership

    Jamie Cook's questions to Parker-Hannifin Corp (PH) leadership • Q4 2025

    Question

    Jamie Cook of Truist Securities highlighted the exceptional Q4 margin strength in North America despite declining sales and asked for an explanation. She also questioned the potential risk to the FY26 outlook if the industrial recovery stalls and aerospace cannot compensate.

    Answer

    Chairman and CEO Jennifer Parmentier attributed the strong North American margins to a favorable sales mix, particularly within the Engineered Materials and Filtration groups, alongside strong Win Strategy execution. Regarding FY26 risk, she expressed confidence in the 1% industrial growth guide and the company's proven ability to expand margins even in negative organic growth environments, stating they can deliver the guided results.

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    Jamie Cook's questions to Parker-Hannifin Corp (PH) leadership • Q2 2025

    Question

    Jamie Cook from Truist Securities requested more detail on the divergent order trends in Latin America (+10%) and EMEA (-8%). She also asked if structural improvements from the Win Strategy could lead to above-average incremental margins during the next market recovery.

    Answer

    CFO Todd Leombruno described the performance in Latin America as stellar and broad-based. He and CEO Jenny Parmentier attributed the EMEA weakness to a challenging, widespread demand environment. Regarding margins, Mr. Leombruno reiterated that 30% incremental margin remains the best-in-class target, and the company is focused on achieving it through disciplined execution.

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    Jamie Cook's questions to Parker-Hannifin Corp (PH) leadership • Q1 2025

    Question

    Jamie Cook inquired about the drivers behind the revised 70% incremental margin guidance for the year, questioning the impact of the divestiture versus core business performance. She also asked for details on the positive turn in international orders, specifically the size and market drivers of growth in Asia.

    Answer

    CFO Todd Leombruno attributed the strong incremental margins primarily to exceptional Q1 performance of 95%, strong growth and margin expansion in the Aerospace segment, and effective cost controls in the industrial businesses. CEO Jenny Parmentier added that the Asia Pacific region, representing about 11% of total sales, saw a pickup in transportation and semiconductor markets, with robust growth in India and Southeast Asia.

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    Jamie Cook's questions to Parker-Hannifin Corp (PH) leadership • Q3 2025

    Question

    Jamie Cook questioned the sustainability of high Aerospace margins, asking if they are overly dependent on the aftermarket, which could become a headwind. She also asked if the 27% adjusted EBITDA margin target is conservative, given current performance with depressed industrial markets.

    Answer

    Executive Jennifer Parmentier stated that while the aftermarket is strong (forecasted at 50% of aerospace for the full year), the company is confident in its ability to continue expanding aerospace margins. Regarding the overall targets, she expressed pride in the team's performance, especially on the industrial side, and affirmed their commitment to the existing targets. Executive Todd Leombruno added that the targets are holistic, encompassing growth and cash flow, not just margins, and that progress is still needed on all fronts.

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    Jamie Cook's questions to Cummins Inc (CMI) leadership

    Jamie Cook's questions to Cummins Inc (CMI) leadership • Q2 2025

    Question

    Jamie Cook from Truist Securities asked about the drivers behind strong margins in the Distribution and Components segments and sought an outlook on the North American truck cycle for 2026-2027.

    Answer

    CFO Mark Smith explained that Distribution margins benefited from strong power generation and parts demand, while Components margins were helped by the absence of a prior-year product coverage issue. Chair and CEO Jennifer Rumsey described the truck cycle as highly uncertain due to tariffs and regulations, noting that while a 2027 pre-buy is possible if regulations hold, the immediate outlook is weak with no clear catalyst for recovery.

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    Jamie Cook's questions to Cummins Inc (CMI) leadership • Q2 2025

    Question

    Jamie Cook from Truist Securities questioned the drivers behind the strong Distribution segment margins and the improved Component segment margins despite a sales decline, asking for quantification of any product coverage benefits. She also inquired about the outlook for the North American truck cycle in 2026 and 2027.

    Answer

    CFO Mark Smith explained that Distribution margins benefited from strong power generation and parts demand, plus positive pricing. For Components, he noted a prior-year product coverage issue made for a favorable comparison, worth about 50 basis points, but warned margins will face pressure from volume declines. CEO Jennifer Rumsey described the truck cycle as highly uncertain due to economic conditions, tariffs, and regulations, suggesting a potential 2027 emissions rule could drive a pre-buy, but the timing remains unclear.

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    Jamie Cook's questions to Cummins Inc (CMI) leadership • Q1 2025

    Question

    Jamie Cook inquired about the quantifiable impact of trade tariffs on Cummins' business, which segments would be most affected, and the visibility of backlogs.

    Answer

    Chief Financial Officer Mark Smith explained that Cummins would not quantify the tariff impact due to high uncertainty, noting the primary concern is the broader economic effect. He stated costs would be passed on with an expected lag. Chair and CEO Jennifer Rumsey added that the Power Systems business has a resilient multi-year order board, while the on-highway Engine and Components businesses are more sensitive to economic sentiment, as reflected in recent weak truck orders.

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    Jamie Cook's questions to Cummins Inc (CMI) leadership • Q4 2024

    Question

    Jamie Cook asked about the drivers of the strong Power Systems margin guidance despite a muted revenue forecast and whether previous targets now seem conservative. She also inquired if Cummins has altered customer contract terms to better absorb potential cost increases from future tariffs.

    Answer

    CFO Mark Smith attributed the Power Systems margin strength to continued supply chain efficiencies, productivity gains, and some pricing. On tariffs, Smith stated that while the company's strategy is to produce locally, it would look to pass on any incurred tariff costs to the market. He emphasized the focus is on controlling internal costs and scaling growth effectively.

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    Jamie Cook's questions to Cummins Inc (CMI) leadership • Q3 2024

    Question

    Jamie Cook of Truist Securities asked if Cummins is adjusting its large engine capacity expansion plans and how much new capacity might benefit 2025. She also requested quantification of the retroactive pricing benefit in the Engine segment and the hurricane impact in the Components segment.

    Answer

    CEO Jennifer Rumsey confirmed that a 30% capacity increase on the 95-liter engine achieved this year will carry into 2025, with a project to double capacity coming online late next year. CFO Mark Smith quantified the retroactive pricing's impact as roughly 50 basis points for the total company in Q3. He stated the hurricane impact was in the 'low tens of millions of dollars' and emphasized a continued focus on cost discipline.

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    Jamie Cook's questions to Caterpillar Inc (CAT) leadership

    Jamie Cook's questions to Caterpillar Inc (CAT) leadership • Q2 2025

    Question

    Jamie Cook of Truist Securities questioned the impact of ongoing capacity additions on the Energy & Transportation segment's sales and margins in 2025 and beyond.

    Answer

    CEO Joe Creed expressed satisfaction with the Energy & Transportation (E&T) segment's performance and growing backlog. He clarified that current throughput improvements are from efficiency gains, with major capacity investments expected to yield a step change towards the end of 2026 and into 2027. He added that as capacity comes online, he expects operational efficiency to improve further.

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    Jamie Cook's questions to Caterpillar Inc (CAT) leadership • Q1 2025

    Question

    Jamie Cook asked a long-term strategic question about whether Caterpillar's margin volatility could decrease over time, potentially settling into a narrower and structurally higher range due to business diversity, services growth, and strong operational execution.

    Answer

    Joe Creed, COO and incoming CEO, agreed with the premise, stating that a key goal of the services strategy is to dampen cyclicality. He pointed to secular growth trends in power and the discipline of the O&E model as contributors to stability. CFO Andrew Bonfield added that the current margin target range was based on a 2010-2016 performance period and that the business is now more resilient, making the low end of that range less likely to be revisited.

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    Jamie Cook's questions to Caterpillar Inc (CAT) leadership • Q4 2024

    Question

    Jamie Cook of Truist Securities asked for details on the Energy & Transportation shipment delays in Q4 and questioned why the segment's 2024 top-line growth wasn't stronger, seeking clarity on how capacity constraints will affect 2025.

    Answer

    Executive D. Umpleby explained that the 125% capacity increase for large engines is a multi-year effort that did not significantly impact 2024. Executive Andrew R. Bonfield specified the Q4 delays were mainly in services and international locomotives, which should ship in H1 2025, and reiterated the expectation for E&T sales growth in 2025.

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    Jamie Cook's questions to Caterpillar Inc (CAT) leadership • Q3 2024

    Question

    Jamie Cook asked for specifics on the incremental large engine capacity expansion, including the capital investment, long-term revenue opportunity, and implications for Energy & Transportation segment margins.

    Answer

    Chairman and CEO Jim Umpleby did not quantify the capital investment but confirmed the goal is to increase large engine output capability by over 125% compared to 2023. He identified data center demand as a primary driver for both backup and distributed power generation. He noted an opportunity for margin expansion in the segment due to higher volumes and favorable mix but did not provide a specific target.

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    Jamie Cook's questions to CNH Industrial NV (CNH) leadership

    Jamie Cook's questions to CNH Industrial NV (CNH) leadership • Q2 2025

    Question

    Jamie Cook of Truist Securities asked about the levers CNH can use to grow earnings in 2026 beyond production volume, such as cost savings and quality improvements, and also inquired about the company's pricing strategy by region.

    Answer

    CEO Gerrit Marx confirmed that full-year pricing will be positive, driven by new product features and the need to offset tariff impacts. He outlined a three-part strategy to counter tariffs: pricing actions, cost-sharing with suppliers, and internal cost discipline, noting that year-to-date quality expenses are significantly down. He added that pricing power is stronger in markets with recovering demand, like parts of Europe, and more muted in North America.

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    Jamie Cook's questions to MasTec Inc (MTZ) leadership

    Jamie Cook's questions to MasTec Inc (MTZ) leadership • Q2 2025

    Question

    Jamie Cook of Truist Securities questioned whether the current investments in labor and capacity would create a short-term margin headwind into 2026. She also asked for MasTec's current thoughts on M&A and if acquisitions were necessary to enhance competitive positioning or ramp up labor.

    Answer

    CEO José R. Mas stated that the investment costs are being absorbed in 2025 and should not be a lingering headwind for 2026, where he expects high utilization. On M&A, he said acquisitions are not needed to achieve their growth targets, including exceeding $15 billion in revenue and $8 in EPS in 2026. However, he acknowledged the company is more ready for opportunistic, non-transformational tuck-in acquisitions than it has been in recent years.

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    Jamie Cook's questions to MasTec Inc (MTZ) leadership • Q1 2025

    Question

    Jamie Cook asked for an update on the 2026 revenue outlook for the Pipeline segment, the competitive landscape, and for more details on the margin performance in the Power Delivery segment, which appeared to have a slow start.

    Answer

    CEO Jose Mas reaffirmed his confidence that 2026 Pipeline segment revenue could meet or exceed 2024 levels, emphasizing that this is the company's highest-margin business. He clarified that Power Delivery margins were impacted by weather on a specific project and would have otherwise beaten expectations, expressing confidence in the segment's margin progression for the rest of the year.

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    Jamie Cook's questions to MasTec Inc (MTZ) leadership • Q4 2024

    Question

    Jamie Cook of Credit Suisse asked for confirmation and rationale behind the forecast that MasTec's pipeline business revenues in 2026 could exceed 2024 levels. She also inquired about the company's M&A strategy given its strong free cash flow and reduced net leverage.

    Answer

    CEO Jose Mas confirmed the optimistic 2026 pipeline revenue outlook, attributing it to a significant positive shift in customer mindset and a growing number of projects. Regarding capital allocation, Mas stated that while they are always looking, the primary focus is on strong organic growth opportunities, with the potential for smaller, tuck-in acquisitions to accelerate strategic goals.

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    Jamie Cook's questions to MasTec Inc (MTZ) leadership • Q3 2024

    Question

    Jamie Cook of Truist Securities inquired about the focus of future M&A—adjacent markets versus scale—and questioned the Oil and Gas segment's profitability outlook post-MVP project.

    Answer

    CEO Jose Mas stated that while organic growth is the top priority, the company's restored financial flexibility allows for M&A focused on building scale in existing businesses, with some activity possible in the next year. He clarified that the MVP project was margin-dilutive, and its conclusion does not pose a risk to the Oil and Gas segment's profitability, which he expects to remain strong with a baseline target of mid-teen margins.

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    Jamie Cook's questions to Fluor Corp (FLR) leadership

    Jamie Cook's questions to Fluor Corp (FLR) leadership • Q2 2025

    Question

    Jamie Cook of Truist Securities followed up on the NuScale monetization, asking if the initial 15 million share conversion is the primary path forward and whether a strategic sale is now off the table. She also requested more color on the cash flow implications of the LNG Canada COVID claim settlement and an explanation for the $1.7 billion positive backlog adjustment.

    Answer

    CFO John Regan explained that the 15 million NuScale share conversion helps utilize tax credits, demonstrates the conversion path, and is expected to recoup Fluor's initial investment. He noted it is 'increasingly difficult' for a strategic buyer to acquire the entire stake at the current price. CEO Jim Breuer clarified that the LNG Canada settlement does not significantly change management's expectations and that the $1.7 billion backlog adjustment was for scope changes on existing reimbursable work, primarily customer-furnished materials (CFM), leading to a temporary $13 million deferral of profit.

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    Jamie Cook's questions to Fluor Corp (FLR) leadership • Q1 2025

    Question

    Jamie Cook questioned the potential conservatism in the full-year EBITDA guidance given that Q1 results annualized would meet the high end, and also asked about the confidence in the cash flow forecast despite a Q1 outflow, especially with an increased share buyback plan.

    Answer

    CFO John Regan clarified that Q1 adjusted EPS was favorably impacted by about $0.08 to $0.09 due to stock price-sensitive compensation, which distorts a simple annualization and places them more squarely at the midpoint of the guidance. CEO James Breuer added that the company's confidence in its cash flow outlook, supported by some working capital normalization in April, underpins the increased share repurchase authorization.

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    Jamie Cook's questions to Fluor Corp (FLR) leadership • Q4 2024

    Question

    Jamie Cook asked for more color on the LNG Canada project, referencing a partner's announced cost increases, and questioned if the lower end of the 2025 Energy Solutions margin guidance reflects issues there. She also asked for guidance on the expected cadence of earnings in 2025, specifically first half versus second half.

    Answer

    COO James Breuer stated that while additional resources were needed for insulation work, the LNG Canada project continues to track to management's expectations and is on schedule for the first cargo by mid-2025. CFO Joe Brennan explained the Energy Solutions margin guidance reflects a 'pivot' as large projects wind down and the business reloads with front-end work, causing some initial drag. Incoming CFO John Regan added that earnings would be back-end loaded, with a 'really high exit velocity' from an EBITDA perspective in the second half of the year as the Urban Solutions segment ramps up.

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    Jamie Cook's questions to Fluor Corp (FLR) leadership • Q3 2024

    Question

    Jamie Cook inquired about the significant implied revenue ramp in Q4 guidance, the lower implied margins for Energy Solutions, the drivers behind the improved free cash flow guidance, and the potential timing for share repurchases.

    Answer

    Chief Financial Officer Joe Brennan explained that the margin reduction is due to revenue recognition timing on a large project slipping into 2025, combined with some project cancellations and delays. He noted that improved cash flow stems from disciplined management of legacy project funding, reducing it from a forecasted $260 million to $80 million for the year. Brennan stated that a comprehensive shareholder return plan, including buybacks funded by operating cash flow, will be detailed soon and will begin as soon as practical.

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    Jamie Cook's questions to AGCO Corp (AGCO) leadership

    Jamie Cook's questions to AGCO Corp (AGCO) leadership • Q2 2025

    Question

    Jamie Cook of Truist Securities inquired about the controllable factors that could drive earnings growth in 2026 assuming a flat market, and asked when the North American segment's losses from underproduction might cease.

    Answer

    SVP & CFO Damon Audia identified two primary drivers for 2026 earnings growth: lapping the significant margin headwind from underproduction (over 1%) and realizing the full run-rate savings from ongoing restructuring actions. The question on North American losses was addressed later in the call.

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    Jamie Cook's questions to AGCO Corp (AGCO) leadership • Q1 2025

    Question

    Jamie Cook of Truist Securities inquired about the drivers behind AGCO's Q1 earnings beat and the company's specific strategies for mitigating tariff impacts, including any potential risks to the order book.

    Answer

    CFO Damon Audia attributed the Q1 outperformance to stronger pricing and mix in Europe and accelerated cost control benefits, which accounted for about $0.25 of the beat, with another $0.20 from below-the-line items. Regarding tariffs, he stated that the current outlook embeds a net negative impact of approximately $0.30 per share, reflecting planned price increases and a potential slowdown in North American volume. Mitigation strategies include using bonded warehouses and actively working with suppliers.

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    Jamie Cook's questions to AGCO Corp (AGCO) leadership • Q4 2024

    Question

    Jamie Cook from Truist Securities asked for the full-year margin outlook and cadence for South America, inquired about potential new restructuring actions, and requested the sales and profit expectations for the PTx segment embedded in the 2025 guidance.

    Answer

    CFO Damon Audia projected South America's full-year 2025 margins to be similar to 2024's mid-to-high single-digit range, starting with a negative Q1. He confirmed existing restructuring plans and a new $75 million savings initiative, adding that discretionary levers are available if needed. For the combined PTx segment, he expects 2025 revenue to be relatively flat compared to 2024's level of approximately $850 million.

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    Jamie Cook's questions to AGCO Corp (AGCO) leadership • Q3 2024

    Question

    Jamie Cook questioned the feasibility of AGCO's Q4 margin guidance, asking how the company expects to achieve a 10% margin, up from 5.5% in Q3, amidst lower sales and pricing headwinds. She also inquired about the disconnect between bloated dealer inventories and an unchanged retail sales forecast, seeking context on planned production cuts for the Americas in early 2025.

    Answer

    Damon Audia, Senior Vice President & CFO, explained that the Q4 margin ramp is supported by higher production in Europe, the shift of some sales from Q3 to Q4 due to a dealer issue, seasonal strength, and accelerating cost savings. He noted that while inventory units are down, the 'months of supply' metric is up due to a weaker 2025 outlook, confirming significant production cuts will continue, with AGCO likely to underproduce retail demand in early 2025.

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    Jamie Cook's questions to Quanta Services Inc (PWR) leadership

    Jamie Cook's questions to Quanta Services Inc (PWR) leadership • Q2 2025

    Question

    Jamie Cook of Truist Securities inquired about Quanta's internal strategies to manage a potential short-term slowdown in renewables, and asked about the potential for revenue synergies and margin improvement from the Dynamic Systems acquisition.

    Answer

    President & CEO Duke Austin explained that Quanta's workforce is fungible and can be moved across segments like transmission and substations, mitigating risk from any single market. He noted the company intentionally operates below 100% capacity to maintain flexibility. Regarding Dynamic Systems, he highlighted significant revenue opportunities from offering integrated solutions with existing businesses like Cupertino, though he reiterated that synergies are not included in initial deal models.

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    Jamie Cook's questions to Quanta Services Inc (PWR) leadership • Q1 2025

    Question

    Jamie Cook questioned why margins in the electric infrastructure business wouldn't trend higher with a mix shift towards larger projects and asked for an update on the performance and revenue synergies of the Cupertino acquisition.

    Answer

    President and CEO Duke Austin explained that margins are being held in the guided range by significant training costs associated with scaling the workforce. He noted that the Cupertino acquisition is performing 'ahead of schedule' and is a top-tier deal, with significant synergy opportunities in the large and growing technology infrastructure market.

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    Jamie Cook's questions to Quanta Services Inc (PWR) leadership • Q4 2024

    Question

    Jamie Cook asked for expectations on backlog growth for 2025, specifically focusing on potential revenue synergies and larger contract awards from the Cupertino acquisition. She also requested clarity on the expected cadence of free cash flow throughout the year.

    Answer

    President & CEO Earl Austin expects record backlog levels driven by larger projects, noting that synergies from acquisitions like Cupertino materialize as tech and utility markets converge, expanding Quanta's addressable market. He explicitly confirmed the potential for larger awards related to Cupertino. CFO Jayshree Desai stated that the free cash flow profile for 2025 will follow a typical pattern, being weighted towards the second half of the year.

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    Jamie Cook's questions to Quanta Services Inc (PWR) leadership • Q3 2024

    Question

    Jamie Cook of Truist inquired about the strong renewable segment margins and the likelihood of achieving sustainable double-digit margins in 2025. She also asked for an update on the performance of the recently acquired Cupertino Electric.

    Answer

    President and CEO Earl "Duke" Austin stated that double-digit margins in renewables are achievable over time but reminded of seasonality. He noted Cupertino is already providing synergies that will become more visible in 2025 and beyond. CFO Jayshree Desai reiterated the 9-10% margin target range for renewables from their Investor Day and confirmed Cupertino is performing at the high end of its $1.0-$1.1 billion 2024 revenue guidance.

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    Jamie Cook's questions to AMETEK Inc (AME) leadership

    Jamie Cook's questions to AMETEK Inc (AME) leadership • Q2 22025

    Question

    Jamie Cook of Truist Securities questioned the puts and takes of the updated guidance, its level of conservatism, and the assumptions regarding tariff costs. She also asked about the margin outlook for the Electromechanical Group (EMG).

    Answer

    Chairman and CEO David Zapico confirmed the guide includes a small benefit from the Ferro acquisition and acknowledged "a bit of conservatism" in the Q3 forecast. He stated the previously mentioned $100 million tariff headwind is no longer a concern for the year. For EMG, he affirmed that its strong margin expansion, with core margins up 260 basis points, is expected to continue through the second half of the year.

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    Jamie Cook's questions to AMETEK Inc (AME) leadership • Q1 2025

    Question

    Jamie Cook asked about the margin trajectory for the EMG segment, given positive order momentum in Paragon. She also questioned if the complex trade environment has put larger M&A on hold and noted the absence of specific Q2 guidance.

    Answer

    CEO David Zapico explained that specific Q2 guidance was withheld due to uncertainty around the timing of $70 million in U.S.-to-China shipments, though the full-year outlook was reaffirmed. He projected margin upside for Paragon in the second half. Regarding M&A, Zapico asserted the pipeline is robust and they are not backing off, viewing market dislocation as an opportunity.

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    Jamie Cook's questions to AMETEK Inc (AME) leadership • Q4 2024

    Question

    Jamie Cook of Truist Securities asked about the cadence of orders, whether recent improvements could be a pre-buy ahead of elections, and the expected progression of growth throughout 2025 given the flat Q1 guidance.

    Answer

    Executive David Zapico described a typical quarterly order cadence with December being the strongest month, and noted this strength continued into January. He stated that customers have not indicated any pre-buy activity. Zapico characterized the flat Q1 guidance as a prudent start to the year, expecting growth to improve as destocking mitigates.

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    Jamie Cook's questions to Illinois Tool Works Inc (ITW) leadership

    Jamie Cook's questions to Illinois Tool Works Inc (ITW) leadership • Q2 2025

    Question

    Jamie Cook of Truist Securities asked for details on where Customer-Back Innovation (CBI) is succeeding outside of automotive and inquired about the updated foreign exchange impact assumption in the new guidance.

    Answer

    President & CEO Chris O'Herlihy highlighted Welding as a standout for CBI, contributing over 3% to its growth, and also noted successes in Food Equipment and Automotive in China. He confirmed ITW is on track to meet its 2.3% to 2.5% CBI yield goal for the year. Senior VP & CFO Michael Larsen added that based on current rates, the company now expects a modest FX tailwind for the year, a shift from the headwind anticipated previously.

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    Jamie Cook's questions to Illinois Tool Works Inc (ITW) leadership • Q1 2025

    Question

    Jamie Cook of Truist Securities questioned the absence of a slide on Customer-Back Innovation (CBI) and its expected revenue contribution for 2025. She also asked for confirmation on the assumed headwind from Product Line Simplification (PLS).

    Answer

    President and CEO Christopher O'Herlihy affirmed that ITW is on track to meet its full-year CBI contribution target of 2.3% to 2.5%. CFO Michael Larsen added that they avoid giving lumpy quarterly updates on the metric. Larsen also confirmed that the full-year headwind from PLS is still expected to be 100 basis points, primarily impacting the Specialty Products, Automotive, and Construction segments.

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    Jamie Cook's questions to Illinois Tool Works Inc (ITW) leadership • Q4 2024

    Question

    Jamie Cook asked about the potential headwind to the Automotive business from a market shift back to ICE from EV, and questioned CEO Chris O'Herlihy on his confidence in the 30%+ margin target given the focus on CBI.

    Answer

    CFO Michael Larsen clarified that ITW's content and margin profile are similar for both ICE and EV vehicles, making the company agnostic to the mix shift. CEO Christopher O'Herlihy addressed the margin target, stating that CBI is an enabler of higher margins and that quality organic growth and margin expansion go hand-in-hand, with the path to 30% paved by operating leverage, not cost-cutting.

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    Jamie Cook's questions to Illinois Tool Works Inc (ITW) leadership • Q3 2024

    Question

    Jamie Cook asked for a breakdown of the drivers behind the strong growth in the Specialty Products segment, given the headwinds from product line simplification (PLS). She also questioned if CEO Chris O'Herlihy sees any business segments as more challenged in achieving their long-term organic growth targets.

    Answer

    CEO Chris O'Herlihy attributed the Specialty segment's strength to aerospace (up 30%), consumer packaging equipment, and favorable comps, reaffirming the segment is on track to be a long-term 4% grower. CFO Michael Larsen highlighted the segment's 31%+ margin, demonstrating the power of operating leverage. Regarding long-term growth, Chris O'Herlihy expressed strong conviction that all seven segments can achieve 4%+ growth, driven by the Customer-Backed Innovation (CBI) framework.

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    Jamie Cook's questions to Jacobs Solutions Inc (J) leadership

    Jamie Cook's questions to Jacobs Solutions Inc (J) leadership • Q2 2025

    Question

    Jamie Cook asked about the company's appetite for broader M&A beyond the potential increase in its PA Consulting stake. She also questioned the achievability of the high end of the full-year EPS guidance given the first-half results.

    Answer

    Chair and CEO Bob Pragada stated that the timing of the PA Consulting investment decision is on schedule and that the company's current focus is on organic execution and capital returns, not further M&A. CFO Venk Nathamuni defended the full EPS guidance range, expressing confidence that the combination of revenue growth and margin expansion in H2 supports the outlook.

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    Jamie Cook's questions to AECOM (ACM) leadership

    Jamie Cook's questions to AECOM (ACM) leadership • Q2 2025

    Question

    Jamie Cook asked for the full-year margin expectation for the International segment and questioned if the company would consider adjusting its long-term targets to be more aggressive on margins and less so on top-line growth, given recent performance trends.

    Answer

    CFO Gaurav Kapoor stated that International margins are expected to continue improving through the year. CEO Troy Rudd addressed the long-term targets by emphasizing that 'not all growth is of equal value,' explaining that the company prioritizes winning valuable work that supports margins over chasing top-line growth at any cost, which could be easily achieved by bidding at lower rates.

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    Jamie Cook's questions to AECOM (ACM) leadership • Q1 2025

    Question

    Jamie Cook inquired about the scale of investments being made in the current year to drive organic growth, particularly in the Water and Environment advisory business, and asked for an outlook on the International segment's design backlog growth.

    Answer

    President Lara Poloni reported strong momentum in the Water & Environment Advisory business, noting it was ahead of milestones for backlog, pipeline, and talent acquisition. She highlighted a 100% re-compete win rate on the U.K.'s AMP8 water program and strong growth in the Middle East, which contributed to an overall increase in the International backlog and a 1.2 book-to-burn ratio for the segment in the quarter.

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    Jamie Cook's questions to Terex Corp (TEX) leadership

    Jamie Cook's questions to Terex Corp (TEX) leadership • Q1 2025

    Question

    Jamie Cook asked for a breakdown of the full-year guidance, questioning how the Q1 earnings beat is reconciled with a new $0.40 tariff headwind while the EPS forecast is maintained. She also inquired if Terex's U.S. manufacturing footprint creates a competitive advantage.

    Answer

    CFO Jennifer Kong-Picarello explained that the Q1 beat, largely from the ES segment, partially offsets the tariff impact, with the remainder covered by operational efficiencies and a lower share count. CEO Simon Meester stated that while the U.S.-centric footprint is an advantage, particularly in ES and Aerials, it's difficult to pinpoint a specific product line for market share gains, though it helps against Asian competitors.

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    Jamie Cook's questions to Terex Corp (TEX) leadership • Q4 2024

    Question

    Jamie Cook asked for confirmation on the accretion outlook for the ESG acquisition in 2025 compared to initial expectations. She also questioned how Terex is managing pricing and flexibility in its Aerials business given the potential for future tariffs.

    Answer

    Executive Julie Beck reaffirmed that the company's confidence in ESG's accretion has only increased following its strong Q4 performance. Executive Simon Meester stated that regarding potential tariffs, the company's first priority would be to mitigate the impact internally through its operational flexibility. He added that Terex remains focused on maintaining pricing discipline to be price-cost neutral against other inflationary pressures.

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    Jamie Cook's questions to Zebra Technologies Corp (ZBRA) leadership

    Jamie Cook's questions to Zebra Technologies Corp (ZBRA) leadership • Q1 2025

    Question

    Jamie Cook inquired about the demand picture, asking if there was any change in demand throughout the quarter or into April, and requested more detail on the company's plans to mitigate tariff risks.

    Answer

    CEO William Burns stated that strong demand from late 2024 carried through Q1 and into April, with no significant change in customer purchasing behavior despite tariff uncertainty. He confirmed a dedicated team is managing mitigation strategies, including the ongoing diversification of their manufacturing footprint and supply chain, which has been a multi-year effort.

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    Jamie Cook's questions to Zebra Technologies Corp (ZBRA) leadership • Q3 2024

    Question

    Jamie Cook inquired about the extent to which large orders contributed to Q3 results and what is implied for Q4. She also asked about the sustainability of gross margins at the 49% level into 2025, given the strong exit rate.

    Answer

    CEO William Burns explained that large order activity, which was absent in late 2023, is returning to normal seasonality in H2 2024, though 2025 visibility remains limited. CFO Nathan Winters noted that Q3's high gross margin benefited from lower large-deal volume and expects a sequential decline in Q4 as the mix of large deals increases, making it a wildcard for 2025.

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    Jamie Cook's questions to Oshkosh Corp (OSK) leadership

    Jamie Cook's questions to Oshkosh Corp (OSK) leadership • Q1 2025

    Question

    Jamie Cook asked for an allocation of the $1 tariff headwind and the $0.50 in mitigation efforts across the business segments and inquired about customer sentiment in the Access segment.

    Answer

    CFO Matthew Field stated that while the majority of the direct tariff cost would hit the Access segment, the mitigation offsets would be broad-based across the company, making a precise allocation difficult. CEO John Pfeifer reported that Access customer sentiment remains positive, supported by a healthy $1.8 billion backlog, strong fleet utilization rates, and no notable order cancellations.

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    Jamie Cook's questions to Oshkosh Corp (OSK) leadership • Q4 2024

    Question

    Jamie Cook from Truist Securities questioned Oshkosh's pricing strategy for Access equipment, such as using firm pricing versus escalators, in the event of new tariffs. She also asked about any perceived risk to the USPS NGDV contract regarding price, EV mix, or schedule under a potential new administration.

    Answer

    CEO John Pfeifer responded that the Access business has mitigation plans for various tariff scenarios, aiming to minimize or eliminate the need for price increases by leveraging its global footprint. Regarding the USPS contract, he expressed confidence, stating the program is critical for the Postal Service's productivity, and Oshkosh is prepared to deliver whatever mix is ordered, noting the USPS is 'absolutely delighted' with the vehicles.

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    Jamie Cook's questions to Oshkosh Corp (OSK) leadership • Q3 2024

    Question

    Jamie Cook questioned the repeated lowering of the free cash flow guide and the large ramp implied for Q4. She also asked if discussing 2025 decrementals for Access implies a sales decline and whether there is a risk of pricing turning negative.

    Answer

    EVP and CFO Michael Pack attributed the Q4 cash flow ramp to working capital timing, particularly the conversion of unbilled receivables in the Defense segment. Regarding Access, he clarified they are not yet calling for a down year but acknowledged market softness, stating it's too early in negotiations to speculate on specific margin outcomes but expects them to remain solid.

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    Jamie Cook's questions to Cognex Corp (CGNX) leadership

    Jamie Cook's questions to Cognex Corp (CGNX) leadership • Q4 2024

    Question

    Jamie Cook asked if Cognex might pivot its end-market focus away from cyclical areas like Automotive and Consumer Electronics to reduce volatility, and also inquired about the company's M&A appetite for 2025.

    Answer

    CEO Robert Willett explained that the emerging customer initiative is designed to reduce volatility by broadening the customer base into more mid-tier accounts across various industries, rather than pivoting away from core markets. CFO Dennis Fehr stated that M&A remains a high priority after organic investments. He highlighted the successful Moritex acquisition and confirmed Cognex is actively looking for quality deals, with more details to be shared at the upcoming Investor Day.

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    Jamie Cook's questions to Cognex Corp (CGNX) leadership • Q3 2024

    Question

    Jamie Cook inquired about the emerging customer initiative, specifically how the new target of 3,000 customers compares to the previous $50 million incremental revenue goal and if the unified sales force presents a cost-saving opportunity. She also asked for details on Q4 gross margin headwinds from mix and pricing.

    Answer

    CEO Robert Willett positioned the 3,000 new customers as a significant first step in a long-term strategy to broaden Cognex's customer base, noting the new sales profile is less expensive and offers higher productivity potential. CFO Dennis Fehr explained the sequential gross margin decline was driven by the dilutive effect of an extra month of Moritex financials, a product mix shift towards Logistics, and competitive pricing pressures, particularly in China.

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    Jamie Cook's questions to Fortive Corp (FTV) leadership

    Jamie Cook's questions to Fortive Corp (FTV) leadership • Q4 2024

    Question

    Jamie Cook of Truist Securities requested an update on trends in the semiconductor market as it relates to the PT segment and its 2025 expectations. She also asked about the likelihood of an inbound acquisition offer for PT derailing the planned spin-off.

    Answer

    SVP and CFO Charles McLaughlin stated it was a fair assumption that the company is moving forward with the spin-off and has evaluated all inbound offers. President and CEO James Lico noted that the high-speed compute segment of the semiconductor market has been good, while weaker aspects are tied to discrete consumer products. He said they are seeing some green shoots but have not factored a dramatic recovery into the 2025 plan.

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    Jamie Cook's questions to Fortive Corp (FTV) leadership • Q3 2024

    Question

    Jamie Cook of Truist asked about the drivers of the strong margins in the Precision Technologies (PT) segment despite weak organic growth and sought context on the path to the previously stated 2025 EPS target of $4.50.

    Answer

    SVP and CFO Charles McLaughlin attributed the PT margin strength to prior restructuring actions and the accretive EA Elektro-Automatik acquisition. President and CEO James Lico reiterated that the $4.50 EPS target was aspirational, not a guide, and is challenging given the current revenue base. He emphasized the company is on a path for strong EPS growth in 2025 but did not commit to a specific figure.

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