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    Joseph Grabowski • Robert W. Baird & Co.

    Joseph Grabowski's questions to Middleby Corp (MIDD) leadership

    Joseph Grabowski's questions to Middleby Corp (MIDD) leadership • Q2 2025

    Question

    Joseph Grabowski of Robert W. Baird & Co. asked for confirmation on implied organic sales trends in the guidance, the outlook for large QSR customers, and details on operational initiatives to offset tariffs.

    Answer

    CFO Bryan Mittelman confirmed the interpretation of the guidance. CCO Steve Spittle detailed that large QSR customers are delaying new store openings and equipment upgrades due to traffic declines and cost pressures. CEO Timothy FitzGerald pointed to supply chain optimization, including sourcing from non-tariff regions, as a key initiative to mitigate tariff costs.

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    Joseph Grabowski's questions to Brady Corp (BRC) leadership

    Joseph Grabowski's questions to Brady Corp (BRC) leadership • Q2 2025

    Question

    Joseph Grabowski of Robert W. Baird & Co. asked about the potential impact of pending tariffs from Mexico and Canada on Brady's costs and revenue, and inquired about the company's ability to mitigate these effects by shifting production.

    Answer

    President and CEO Russell Shaller explained that the impact is dependent on the tariff percentage. He stated that Brady has significant flexibility to move production of high-margin printer materials to the U.S. very quickly to sidestep tariffs, as some raw materials are sourced domestically. He noted that moving machinery for lower-margin products would take longer. Shaller concluded that the company's larger concern is the potential for a broader global economic slowdown resulting from tariffs, rather than a direct operational impact on Brady.

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    Joseph Grabowski's questions to Lincoln Electric Holdings Inc (LECO) leadership

    Joseph Grabowski's questions to Lincoln Electric Holdings Inc (LECO) leadership • Q4 2024

    Question

    Joseph Grabowski, sitting in for Mike Dugan, requested more color on the 'green shoots' in automation order trends and asked for details on the permanent cost savings initiatives and how they position the company for the next upturn.

    Answer

    CEO Steven Hedlund explained the 'green shoots' are in long-cycle automotive projects, where customers are now committing to previously paused investments. CFO Gabe Bruno detailed that permanent savings are structural changes, like manufacturing footprint optimization, which have driven a 200-basis-point average margin improvement during the current strategy cycle.

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    Joseph Grabowski's questions to Astec Industries Inc (ASTE) leadership

    Joseph Grabowski's questions to Astec Industries Inc (ASTE) leadership • Q3 2024

    Question

    Joseph Grabowski of Robert W. Baird & Co. welcomed the new CFO and inquired about the Material Solutions segment, including the impact of dealer destocking, the timing of order conversions, and clarification on a legal settlement's effect on EBITDA.

    Answer

    Chief Financial Officer Brian Harris expressed his excitement to join Astec, citing the company's strong foundation and growth opportunities. President and CEO Jaco van der Merwe clarified that a legal case settlement resulted in a $2 million positive impact to EBITDA. He also noted that dealer destocking is progressing, with strong quoting activity suggesting potential order conversions in Q4 or early 2025, supported by a strategic focus on larger systems.

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