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    Joseph Grabowski

    Senior Research Associate specializing in equity research for the Industrials sector at Robert W. Baird & Co.

    Joseph Grabowski is a Senior Research Associate specializing in equity research for the Industrials sector at Robert W. Baird & Co., where he notably covers companies such as Alamo Group and participates in machinery and diversified industrial analysis. He has established a solid performance track record with a 33.33% success rate and an average return of -3.15% according to recent analyst metrics, and has delivered actionable investment ratings impacting key industry players. Grabowski began his analyst career at Sears, Roebuck & Co. in 1993, later joining Strong Capital Management and Allspring Global Investments before moving to Baird in 2013, leveraging both portfolio management and research experience. He holds an MBA from The University of Chicago and an undergraduate degree from the University of Illinois, adding FINRA-registered credentials and industry recognition within Baird’s top-ranked research team.

    Joseph Grabowski's questions to MIDDLEBY (MIDD) leadership

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

    Question

    Joseph Grabowski of Robert W. Baird & Co. inquired about the implied organic sales trends for Q3 and Q4, the outlook for large QSR customers, and the specific operating initiatives beyond price increases being used to offset tariffs.

    Answer

    CFO Bryan Mittelman confirmed the interpretation of the guidance, suggesting a focus on sequential performance. CCO Steve Spittle detailed that large QSRs are facing traffic declines and cost pressures, causing them to push new store openings into 2026. CEO Timothy FitzGerald highlighted that supply chain initiatives, such as leveraging their global supply base and moving to non-tariff markets, are key operational efforts to offset tariff costs.

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    Joseph Grabowski's questions to MIDDLEBY (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 (BRC) leadership

    Joseph Grabowski's questions to BRADY (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 (LECO) leadership

    Joseph Grabowski's questions to LINCOLN ELECTRIC HOLDINGS (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 (ASTE) leadership

    Joseph Grabowski's questions to ASTEC INDUSTRIES (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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    Joseph Grabowski's questions to MANITOWOC CO (MTW) leadership

    Joseph Grabowski's questions to MANITOWOC CO (MTW) leadership • Q3 2024

    Question

    Joseph Grabowski from Robert W. Baird & Co. asked if a specific U.S. election outcome would be more beneficial than simply resolving uncertainty, what catalysts are needed for a European tower crane market recovery, and what levers exist to achieve the Q4 free cash flow target.

    Answer

    President and CEO Aaron Ravenscroft stated that a Trump victory would likely be the most beneficial outcome for the traditionally conservative crane industry. He described the European tower crane market as being at a bottom, with a recovery dependent on government stimulus for housing, which he anticipates could begin in the second half of 2025. EVP and CFO Brian Regan outlined that hitting the free cash flow target depends on reducing CapEx, achieving book-and-ship sales targets, and strong year-end cash collections.

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