Sign in

    Jon Braatz • KCCA

    Jon Braatz's questions to Lindsay Corp (LNN) leadership

    Jon Braatz's questions to Lindsay Corp (LNN) leadership • Q3 2025

    Question

    Jon Braatz asked for an update on the large project's delivery status and whether the future pipeline can offset its completion. He also questioned the disconnect between Lindsay's flat North American volumes and declining volumes at other large ag equipment OEMs.

    Answer

    SVP & CFO Brian Ketcham provided a delivery schedule, noting ~$24M was shipped in Q3, with the remainder to ship in Q4 and Q1 2026. He affirmed the project funnel is ample to fill the gap, though timing is uncertain. President and CEO Randy Wood explained the volume disconnect is due to Lindsay's factory-to-field model, which avoids the dealer destocking issues faced by OEMs like John Deere.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to Lindsay Corp (LNN) leadership • Q1 2025

    Question

    Jon Braatz of Kansas City Capital asked about the fundamental drivers for recent commodity price movements, the soybean price trend in Brazil, the outlook for the company's tax rate and other income, and the expected margin profile for the new $20 million Road Zipper project.

    Answer

    CEO Randy Wood attributed commodity price moves to market speculation rather than supply-demand shifts and noted Brazil's soybean prices are stabilizing. CFO Brian Ketcham projected a lower full-year tax rate around 23% due to an earnings mix shift to a tax-free zone in Turkey. He also confirmed the new Road Zipper project is expected to have a margin profile similar to past accretive projects, agreeing it would be 'definitely over 30%'.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to Lindsay Corp (LNN) leadership • Q4 2024

    Question

    Jon Braatz asked about the magnitude of storm-related revenue in the quarter and the potential impact from recent hurricanes in the Southeast. He also inquired about the underlying drivers for the increased project activity observed in the EMEA region.

    Answer

    CFO Brian Ketcham characterized Q4 storm damage revenue as 'slightly above average,' which helped offset what would have been a low-single-digit decline in North American unit volumes. Executive Randy Wood noted the recent hurricane impact will likely result in a longer replacement cycle, stretching into next spring, with potentially more repairs than full replacements. Regarding EMEA, he explained that while long-term drivers like food security remain constant, improved access to capital and funding in the region is now enabling the execution of these large projects.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to Powell Industries Inc (POWL) leadership

    Jon Braatz's questions to Powell Industries Inc (POWL) leadership • Q2 2025

    Question

    Jon Braatz asked about the LNG market outlook, questioning if a recent award was tied to the end of the U.S. pause on LNG permits and whether commercial risks like tariffs and energy prices could delay future project investment decisions (FIDs).

    Answer

    CEO Brett Cope stated that while he couldn't link a specific award to the policy change, overall industry activity is definitely up. He acknowledged commercial risks but reported that discussions with clients about future projects remain 'very robust' and 'positive.' Cope sees no current signs of project delays and noted the company is considering further investment to prepare for demand.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to Powell Industries Inc (POWL) leadership • Q1 2025

    Question

    Jon Braatz sought confirmation that the new $75 million LNG project award has all necessary permits to proceed. He also asked about the level of optimism among LNG clients regarding future projects given the regulatory environment, and whether Powell has the capacity to handle a potential new wave of LNG orders.

    Answer

    Executive Brett Cope confirmed the $75 million LNG project is fully permitted and a 'full go'. He conveyed a 'heightened renewed encouragement' within the LNG sector based on recent client discussions, despite acknowledging potential timing uncertainties. Cope expressed confidence in Powell's ability to manage a future wave of projects, citing proactive capacity planning, engineering resource expansion, and process improvements. He stated that the potential future LNG opportunity is larger in aggregate than the 2022-23 wave, though likely more spread out over time.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to Powell Industries Inc (POWL) leadership • Q4 2024

    Question

    Jon Braatz of Kansas City Capital asked about the expected timeline for LNG projects to resume activity after the current government pause and whether Powell is already engaged in work for these projects. He also inquired about the current run-rate of the 'book and burn' business and its potential for further growth. Finally, he posed a strategic question about whether management is more optimistic about the duration of the current business cycle versus the magnitude of annual growth.

    Answer

    CEO Brett Cope responded that while the exact timing for LNG projects to restart is a key question, activity is ramping up with positive momentum expected for fiscal '25, '26, and '27. He confirmed Powell is working on both expansion and new greenfield LNG projects. CFO Michael Metcalf stated the 'book and burn' business has increased to a $40-$50 million quarterly range due to productivity gains. Addressing the cycle outlook, Cope agreed that he has become a bigger believer in the duration of the cycle, noting it has 'legs for longer,' which provides strategic clarity.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to Thermon Group Holdings Inc (THR) leadership

    Jon Braatz's questions to Thermon Group Holdings Inc (THR) leadership • Q4 2025

    Question

    Jon Braatz of Kansas City Capital sought more clarity on the financial impact of tariffs, asking for the expected net impact in fiscal 2026 after mitigation efforts. He also questioned how the new trade policies might affect Thermon's competitive positioning.

    Answer

    CEO Bruce Thames estimated the gross impact from tariffs to be $16 million to $20 million, with a projected net impact of $4 million to $6 million for fiscal 2026, concentrated in the first half. Regarding competitive positioning, Thames highlighted Thermon's strategic advantage from its global manufacturing footprint in the U.S., Canada, Europe, and India, which allows for production shifting to mitigate risk. He noted that while the company is not heavily dependent on China, it is actively managing second and third-order supply chain effects.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to Thermon Group Holdings Inc (THR) leadership • Q3 2025

    Question

    Jon Braatz of Kansas City Capital Associates questioned the high level of SG&A spending, the revenue performance of the Vapor Power and F.A.T.I. acquisitions, and the potential for litigation to further delay LNG projects.

    Answer

    CFO Jan Schott projected SG&A spending to remain flat at the current dollar rate for the near term. CEO Bruce Thames addressed acquisition performance, noting F.A.T.I. performed exceptionally well while Vapor Power's revenue fell short due to production conversion delays, which they are working to resolve given its strong backlog. On the topic of LNG, Thames conveyed that customer engagement has been very positive regarding the permitting outlook.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to MYR Group Inc (MYRG) leadership

    Jon Braatz's questions to MYR Group Inc (MYRG) leadership • Q1 2025

    Question

    Jon Braatz posed a broad question about the impact of the current political administration, the Inflation Reduction Act, and solar tariffs on utilities' strategies for clean energy projects. He also asked if the company anticipates needing to draw on its credit lines for working capital, given the strong Q1 cash flow.

    Answer

    President and CEO Richard Swartz acknowledged that price increases from tariffs could cause some developers to pause clean energy projects, but noted MYR Group has been selective in this area and its core business remains unaffected. SVP and CFO Kelly Huntington addressed the working capital question by reiterating her earlier points on cash flow variables and stating the company is in a good financial position, also noting a large loss from Q2 2024 will soon roll off the leverage calculation.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to MYR Group Inc (MYRG) leadership • Q4 2024

    Question

    Jon Braatz posed a big-picture question about how a potential political shift towards oil and gas generation, instead of clean energy, might affect MYR Group's business and what they are hearing from utility customers. He also asked for clarification on the unrecognized benefit from the deferred tax charge.

    Answer

    President and CEO Richard Swartz explained that the company's T&D work, such as transmission lines and substations, is necessary regardless of the power generation source, so a shift would not fundamentally alter their opportunities. T&D COO Brian Stern added that they have not seen any shifts in planning or discussions with their major utility customers related to a potential change in administration. CFO Kelly Huntington clarified the higher effective tax rate was driven by higher permanent differences, largely from contingent compensation on a prior acquisition, and the growth of Canadian operations. She expects the tax rate to be more even quarter-to-quarter in 2025.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to MYR Group Inc (MYRG) leadership • Q3 2024

    Question

    Jon Braatz asked for clarification on whether MYR Group is still pursuing solar work, the competitiveness of that market, and how the performance of the problem projects in Q3 compared to expectations. He also questioned if these projects would be less of a drag in Q4.

    Answer

    Executive Richard Swartz confirmed the company continues to selectively pursue solar work where it can secure the right pricing and terms, noting the market isn't uniformly competitive across all regions. CFO Kelly Huntington explained that Q3 results were negatively impacted by unforeseen unfavorable weather on the solar projects. She stated that while they hope the drag lessens in Q4, the projects will carry lower margins until completion, and risks remain. Richard Swartz added that ongoing client negotiations on change orders could also affect the final outcome.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to AZZ Inc (AZZ) leadership

    Jon Braatz's questions to AZZ Inc (AZZ) leadership • Q4 2025

    Question

    Jon Braatz of Kansas City Capital asked if the Washington facility's ramp-up could exceed expectations, sought clarification on its revenue potential, and inquired about the geographic scope of the Q4 weather impact.

    Answer

    Executive Tom Ferguson expressed optimism that the Washington facility could outperform guidance, as the team is working on an aggressive plan and customer demand forecasts are strong. Executive Jason Crawford clarified that the facility's full run-rate revenue potential is around $60 million, not the initial ramp-up revenue. Executive David Nark and Tom Ferguson explained the inclement weather was widespread, impacting operations across the South, particularly Texas, as well as the upper Midwest and the East.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to AZZ Inc (AZZ) leadership • Q3 2025

    Question

    Jon Braatz inquired about the customer base's sensitivity to interest rate movements, the outlook for the zinc cost environment heading into fiscal 2026, and the potential impact on the galvanizing business if LNG export permits were renewed.

    Answer

    CEO Thomas Ferguson assessed that interest rate changes have a minor effect on project viability, primarily impacting timing, and that tariff uncertainty is a greater concern. He noted that zinc costs are trending up slowly, which is a manageable and predictable factor that can be built into their value pricing. Ferguson confirmed that a renewal of LNG permits would be a 'nice positive' for the galvanizing segment, particularly in the Southeast where AZZ has a strong presence.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to Valmont Industries Inc (VMI) leadership

    Jon Braatz's questions to Valmont Industries Inc (VMI) leadership • Q1 2025

    Question

    Jon Braatz from Kansas City Capital asked if the company's expectation for the North American irrigation market has weakened compared to three months prior. He also sought clarification on whether the $3 million in Q1 tariff costs would be fully recovered over the rest of the year.

    Answer

    CEO Avner Applbaum confirmed that the outlook for the North American irrigation market is indeed weaker due to farmer caution amid uncertainty, but emphasized that the company continues to invest in technology and strategic accounts for the eventual recovery. CFO Tom Liguori affirmed that the $3 million in tariff costs from Q1 are expected to be fully recovered in the subsequent three quarters, resulting in a cost-neutral impact for the full fiscal year.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to Valmont Industries Inc (VMI) leadership • Q4 2024

    Question

    Jon Braatz from Kansas City Capital asked for more details on the 'new capabilities' within the utility segment and inquired whether the recent ramp-up in the telecommunications business was expected to continue at an accelerated pace.

    Answer

    President and CEO Avner Applbaum highlighted new utility capabilities such as composite solutions for substation protection and pre-packaged substations that reduce on-site construction time. Regarding telecommunications, he clarified that spending has returned to more 'normalized' levels rather than rapid acceleration, with expectations for low single-digit growth from major U.S. carriers.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to PriceSmart Inc (PSMT) leadership

    Jon Braatz's questions to PriceSmart Inc (PSMT) leadership • Q2 2025

    Question

    Jon Braatz of Oppenheimer & Co. Inc. inquired about the potential impact of international tariffs on PriceSmart's operations and the company's new store opening pipeline for fiscal 2026.

    Answer

    Interim CEO Robert Price explained that the company is mitigating tariff risks by increasing direct shipments from Asia to its regional distribution centers, bypassing the U.S. He noted that currently, no reciprocal tariffs have been imposed by their operating countries, making the expected impact minimal. On store growth, Executive Michael McCleary referenced the 10-Q, stating that up to six locations are in various stages of permitting and due diligence, though specific timing for 2026 openings was not provided.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to PriceSmart Inc (PSMT) leadership • Q1 2025

    Question

    Jon Braatz of R.W. Baird inquired about the specifics of currency conversion costs, the future of the export business after losing the Philippines contract, and the potential growth trajectory for the private label business.

    Answer

    Executive Michael McCleary clarified that currency conversion costs are factored into product margins and that timing disconnects can occur quarterly. Interim CEO Robert Price explained that a new division is actively developing the export business with new customers, focusing on private label products. Regarding private label, both executives noted significant growth potential for the Member's Selection brand due to its quality and value, while stressing the need to balance it with essential North American brands.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to PriceSmart Inc (PSMT) leadership • Q4 2024

    Question

    Jon Braatz of D.A. Davidson & Co. inquired about PriceSmart's new tax optimization program for fiscal 2025, the allocation of the resulting savings, and the status of its export business after discontinuing its partnership in the Philippines.

    Answer

    Executive Michael McCleary and Interim CEO Robert Price explained that the tax optimization involves more effectively using foreign tax credits against U.S. income, a strategy they admitted should have been implemented sooner. Price stated the savings would be split between reinvestment (e.g., lower prices) and profitability. Regarding the export business, McCleary confirmed the Philippines partner, S&R, is now large enough to source directly. He added that PriceSmart has a dedicated team focused on new export opportunities within the Western Hemisphere, which also supports their tax strategy.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to Apogee Enterprises Inc (APOG) leadership

    Jon Braatz's questions to Apogee Enterprises Inc (APOG) leadership • Q3 2025

    Question

    Jon Braatz questioned the sensitivity of UW Solutions' industrial flooring market to higher interest rates and a slowing economy. He also asked for context on the scale of a 'big win' for that business and requested an update on progress from investments in the LSO segment's adjacent markets.

    Answer

    CFO Matt Osberg explained that the industrial flooring business is relatively insulated from economic cycles as it is driven by robotics adoption and is approximately 80% repair and remodel (R&R). CEO Ty Silberhorn clarified that while most flooring projects are smaller, a 'big win' could involve a multi-facility rollout for a large account, reaching over $1 million. He also noted that LSO is making good progress in adjacent markets, but these gains are currently being masked by softness in its retail channel.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to Apogee Enterprises Inc (APOG) leadership • Q2 2025

    Question

    Jon Braatz questioned whether UW Solutions' coatings are proprietary, if the business was previously capital constrained, and how its performance has trended across economic cycles.

    Answer

    CEO Ty Silberhorn confirmed that UW's coatings are highly proprietary, operating on a trade secret model which supports higher margins. He also stated the business is not capital constrained, as the previous owner made significant investments in capacity. Regarding cyclicality, he noted a sales bump during the 2020-2021 period driven by e-commerce build-out, which has since settled into a sustainable double-digit growth rate, supported by a significant mix of repair and renovation projects.

    Ask Fintool Equity Research AI

    Jon Braatz's questions to Helios Technologies Inc (HLIO) leadership

    Jon Braatz's questions to Helios Technologies Inc (HLIO) leadership • Q3 2024

    Question

    Jon Braatz of Kansas City Capital inquired about the order book visibility for the Faster business and what cost-reduction levers are available if the agricultural market downturn is prolonged.

    Answer

    Sean Bagan, Interim President, CEO, and CFO, responded that the Faster business is actively diversifying into construction and other mobile markets to mitigate agricultural weakness. To manage costs in the near term, the company is implementing production shutdowns on Fridays at its NEM facility, pacing its expansion plans, and has consolidated the Faster U.S. business into other U.S. facilities to improve the cost structure without cutting too deeply into its workforce.

    Ask Fintool Equity Research AI