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    John Bair • Ascend Wealth Advisors

    John Bair's questions to L B Foster Co (FSTR) leadership

    John Bair's questions to L B Foster Co (FSTR) leadership • Q2 2025

    Question

    John Bair of Ascend Wealth Advisors, LLC asked about the extent of the cleanup in the UK business and the future impact on the company's tax rate. He also inquired about the EnviroCast business, specifically its focus between residential and commercial markets, potential legislative drivers, and the company's own labor situation at its facilities.

    Answer

    EVP & CFO William Thalman addressed the tax question, explaining that the high Q2 effective rate was a non-cash P&L impact from UK losses, and he expects the rate to normalize to the 30-35% range for the rest of the year and into the upper 20s in 2026, with cash taxes remaining low. President & CEO John Kasel added that the EnviroCast business is initially focused on the residential market, driven by demand for hurricane-resistant homes and rising insurance costs. He noted that local construction labor shortages are a significant tailwind for their factory-built solution. Kasel also affirmed that L.B. Foster maintains a strong workforce due to a focus on company culture.

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    John Bair's questions to L B Foster Co (FSTR) leadership • Q3 2024

    Question

    John Bair from Ascend Wealth Advisors asked for details on the new Central Florida facility, including its commissioning timeline, required CapEx, and its contribution to 2025 revenue projections. He also inquired about the geographic focus for potential bolt-on acquisitions.

    Answer

    President and CEO John Kasel detailed that the Florida facility is a 'brownfield' partnership with a major precaster, requiring a capital-light investment of $3.5 million to $4 million. He noted that production is expected to begin by the end of 2024 and its run rate is factored into the 2025 revenue outlook. Kasel also confirmed that any future bolt-on acquisitions would be focused on North American operations, where the company sees significant opportunity.

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    John Bair's questions to Consolidated Water Co Ltd (CWCO) leadership

    John Bair's questions to Consolidated Water Co Ltd (CWCO) leadership • Q1 2025

    Question

    John Bair of Ascend Wealth Advisors, LLC asked for more detail on the Hawaii project's permitting risks, the potential for expansion into the Asia Pacific market, and the general outlook for domestic project opportunities.

    Answer

    CEO Frederick McTaggart clarified that permitting risks for the Hawaii project are primarily related to timing, not project viability, with certain state-level permits like archeological studies being the client's responsibility. McTaggart stated the company is not currently pursuing Asia Pacific opportunities, instead focusing on markets closer to home, such as Florida. He also noted that the domestic project pipeline, particularly in the Western U.S., remains encouraging with a steady number of smaller-scale opportunities.

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    John Bair's questions to Oil-Dri Corporation of America (ODC) leadership

    John Bair's questions to Oil-Dri Corporation of America (ODC) leadership • Q2 2025

    Question

    John Bair of Ascend Wealth Advisors asked about the progress and cost management of manufacturing infrastructure investments, and separately inquired about the timeline, investment, and structure of the 'Mini ball' data analytics initiative.

    Answer

    VP of Operations Aaron Christiansen described the manufacturing investment as a long-term, sustained commitment focused on adding capacity and reducing costs, noting pre-buying materials is limited. CFO and CIO Susan Kreh explained the data analytics initiative is a multi-year effort starting in fiscal 2025, using a hybrid model of a new internal leader and third-party offshoring partners.

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    John Bair's questions to Oil-Dri Corporation of America (ODC) leadership • Q1 2025

    Question

    John Bair asked about customer ordering behavior, specifically if they are building inventory ahead of potential price increases, and inquired about the company's future pricing strategy to offset inflation.

    Answer

    Christopher Lamson, Group VP of Retail and Wholesale, stated that the company has disciplines to prevent customers from pre-buying inventory ahead of price changes. He confirmed a regional price increase in Q1 and another planned for the industrial business. CEO Daniel Jaffee added that mining costs and regulations create a consistent need for price adjustments to recover costs and reflect value, as these factors cause costs to rise annually.

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    John Bair's questions to Oil-Dri Corporation of America (ODC) leadership • Q4 2024

    Question

    John Bair from Ascend Wealth Advisors followed up with a question regarding Oil-Dri's cat litter market share performance and the sources of any recent gains.

    Answer

    Christopher Lamson, Group VP of Retail and Wholesale, responded that the company's market share increased modestly. He attributed the growth to a strategic focus on the lightweight and crystal litter segments, which are growing significantly faster than the overall cat litter category, thereby lifting Oil-Dri's overall position.

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