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    Joseph Nolan • Longbow Research

    Joseph Nolan's questions to Carlisle Companies Inc (CSL) leadership

    Joseph Nolan's questions to Carlisle Companies Inc (CSL) leadership • Q2 2025

    Question

    Joseph Nolan from Longbow Research asked about channel inventory levels for key roofing products, confidence in a recently announced polyiso price increase, and whether weather-related volume impacts would be recovered in the second half.

    Answer

    CEO D. Christian Koch stated that channel inventory levels are on the lighter side but have been consistent. He expressed low confidence in the polyiso price increase gaining traction, forecasting flat pricing for the second half. Regarding weather, Koch noted that a constrained contractor labor market makes it unlikely that delayed work would be fully recovered quickly, with demand instead rolling into existing backlogs.

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    Joseph Nolan's questions to Garmin Ltd (GRMN) leadership

    Joseph Nolan's questions to Garmin Ltd (GRMN) leadership • Q2 2025

    Question

    On behalf of David MacGregor, Joseph Nolan asked about the factors driving growth in the Marine segment despite a soft market and requested an update on the progress of the next significant Auto OEM program.

    Answer

    President and CEO Clifton Pemble stated that while the marine market has faced uncertainty, demand for Garmin's products has been stable, driven by innovation, differentiation, and market share gains. Regarding the Auto OEM program, he confirmed it is progressing well, with the company currently validating its global production lines to support the new design for the 2026 launch.

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    Joseph Nolan's questions to Garmin Ltd (GRMN) leadership • Q1 2025

    Question

    Joseph Nolan, on for David MacGregor, inquired about the progression of margins throughout the year, specifically if there would be a lag in Q2 from mitigation actions. He also asked for more detail on the timing of promotions that affected the Marine segment's Q1 results.

    Answer

    CFO Doug Boessen acknowledged that Q2 results will have many "puts and takes," including the timing of tariff implementation, the sell-through of non-tariffed inventory, and the rollout of mitigation efforts. CEO Cliff Pemble clarified that the Marine segment's Q1 performance was impacted by a shift in the timing of a major promotional event with a national retailer, which occurred in Q1 of 2024 but shifted to Q2 in 2025.

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    Joseph Nolan's questions to Polaris Inc (PII) leadership

    Joseph Nolan's questions to Polaris Inc (PII) leadership • Q2 2025

    Question

    Joseph Nolan, on for David MacGregor, asked about the factors driving ORV share gains and the outlook for product mix in the second half of the year.

    Answer

    CEO Michael Speetzen attributed ORV share gains to Polaris's innovative products like the Expedition and Ranger 1500, which lack direct competitors, and a more level playing field as competitors' inventory improves. CFO Robert Mack projected that product mix in the second half would be 'flat to up a little bit' and less of a headwind than in Q2, as the company is now past the initial channel fill of its newer, high-end models.

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    Joseph Nolan's questions to Allegion PLC (ALLE) leadership

    Joseph Nolan's questions to Allegion PLC (ALLE) leadership • Q2 2025

    Question

    Speaking on behalf of David MacGregor, Joseph Nolan from Longbow Research asked for the company's view on the price-cost dynamic for the second half of the year and trends in various cost buckets. He also questioned whether the company has observed any demand elasticity in the non-residential market related to the implementation of tariff surcharges.

    Answer

    SVP & CFO Mike Wagnes stated that Allegion will continue to use pricing and productivity to cover cost pressures and expects the dynamic to be breakeven to slightly positive for the full year. President & CEO John Stone confirmed that no demand elasticity has been observed, noting that non-residential project activity remains strong and customers continue to operate in a short lead time, book-and-ship environment.

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    Joseph Nolan's questions to MarineMax Inc (HZO) leadership

    Joseph Nolan's questions to MarineMax Inc (HZO) leadership • Q2 2025

    Question

    Joseph Nolan, on for David MacGregor, asked for a breakdown of the gross margin decline, separating the impact of product mix versus pricing and cost pressures, and for an outlook on these factors.

    Answer

    Executive Michael McLamb attributed the consolidated gross margin decline to two primary factors: approximately two-thirds was due to lower boat margins (pricing pressure), and one-third was from a negative mix shift, as a higher percentage of revenue came from lower-margin boat sales. He indicated that the company's guidance for the next quarter already assumes a continued promotional environment.

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    Joseph Nolan's questions to Harley-Davidson Inc (HOG) leadership

    Joseph Nolan's questions to Harley-Davidson Inc (HOG) leadership • Q4 2024

    Question

    Joseph Nolan of Longbow Research requested more detail on the company's retail sales outlook for its various international end markets in 2025.

    Answer

    Chief Financial Officer Jonathan Root recapped the mixed performance in 2024, noting challenges in China, Japan, and Germany, with strength in Australia/New Zealand and parts of Southern Europe. For 2025, he stated that the overall global outlook is 'pretty flat,' and this expectation generally applies to international markets as well, though he noted an expectation for slight growth in the Asia Pacific region.

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