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    Josh Sullivan • The Benchmark Company LLC

    Josh Sullivan's questions to TAT Technologies Ltd (TATT) leadership

    Josh Sullivan's questions to TAT Technologies Ltd (TATT) leadership • Q2 2025

    Question

    Josh Sullivan from The Benchmark Company LLC inquired about the reacceleration in the MRO market, the drivers of the strong quarterly cash flow, and the progress of the company's APU strategy.

    Answer

    CEO & President Igal Zamir explained that MRO volatility is a recurring industry pattern where airlines defer discretionary maintenance during uncertain periods and then accelerate intake after depleting spare parts, a trend currently underway. Zamir attributed the strong cash flow to a new strategic focus on cash management, following earlier phases centered on revenue growth and profitability. He also confirmed the APU strategy is progressing as planned, gaining market share on legacy platforms while securing initial deals on newer ones.

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    Josh Sullivan's questions to Archer Aviation Inc (ACHR) leadership

    Josh Sullivan's questions to Archer Aviation Inc (ACHR) leadership • Q2 2025

    Question

    Josh Sullivan from The Benchmark Company asked a high-level question about the defense opportunity, inquiring if the business could eventually see a 50/50 split with commercial and how defense technology fits into the long-term portfolio.

    Answer

    Chief Technology Officer Tom Muniz described the business as having three pillars: early civil commercialization (Launch Edition), global civil scale (FAA certification), and defense. He noted that defense revenue is 'chunky' and tied to programs of record. While not providing a specific split, he stated that defense has the potential to be a 'very large portion of the business over time,' especially in the early revenue-generating years.

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    Josh Sullivan's questions to Kratos Defense and Security Solutions Inc (KTOS) leadership

    Josh Sullivan's questions to Kratos Defense and Security Solutions Inc (KTOS) leadership • Q2 2025

    Question

    Josh Sullivan of The Benchmark Company asked about the U.S. Air Force's drone procurement strategy and whether a need for target drones similar to the U.S. Golden Dome initiative exists in Europe.

    Answer

    CEO Eric DeMarco carefully noted recent public comments from the Air Force suggesting a potential shift toward more affordable, higher-quantity drones. He confirmed a significant and growing need for target drones in Europe as allies procure U.S. air defense systems, adding that these direct commercial or FMS sales would carry significantly higher margins.

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    Josh Sullivan's questions to Bristow Group Inc (VTOL) leadership

    Josh Sullivan's questions to Bristow Group Inc (VTOL) leadership • Q2 2025

    Question

    Josh Sullivan from The Benchmark Company LLC asked if the quarter's increased subcontractor costs were transitional or persistent, inquired about the current state of supply chain dynamics for spare parts, sought an update on the advanced air mobility (AAM) sandbox project, and asked about the company's free cash flow profile and capital deployment priorities.

    Answer

    SVP & CFO Jennifer Whalen explained that while some subcontractor activity is normal, current costs are elevated due to the government contract transitions, particularly the fixed-wing element, and a portion of these costs will not persist post-transition. President & CEO Chris Bradshaw noted that supply chain issues are improving but remain a headwind, and shared that the first AAM sandbox flight is imminent. Jennifer Whalen then detailed capital priorities, including completing government contract CapEx, funding new AW189s, and executing on the plan to reduce gross debt to $500 million.

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    Josh Sullivan's questions to Carpenter Technology Corp (CRS) leadership

    Josh Sullivan's questions to Carpenter Technology Corp (CRS) leadership • Q4 2025

    Question

    Josh Sullivan of The Benchmark Company, LLC inquired about the nature of 'urgent' defense requests versus regular orders, how the company's maintenance strategy serves as a competitive advantage, and whether the power generation business is seeing a shift towards more advanced materials.

    Answer

    President and CEO Tony Thene explained that defense orders are expected to remain at elevated levels due to budget alignment with Carpenter's products. He described the company's data-driven, targeted maintenance approach as a key strategic advantage for ensuring asset availability. For power generation, he confirmed Carpenter supplies high-end, aerospace-like alloys, which command similar high margins and represent a significant growth area.

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    Josh Sullivan's questions to FTAI Aviation Ltd (FTAI) leadership

    Josh Sullivan's questions to FTAI Aviation Ltd (FTAI) leadership • Q2 2025

    Question

    Josh Sullivan of The Benchmark Company asked for an outlook on a potential second Strategic Capital Initiative (SCI) vehicle and inquired about the timeline for when FTAI might begin investing in assets related to newer LEAP or GTF engines.

    Answer

    Joseph Adams, Chairman, CEO & Director, expressed high satisfaction with the first SCI vehicle's progress and indicated a decision on SCI two would likely be made in Q3 or Q4 2025. Regarding new-generation engines, he maintained the company's timeline of 2028-2029, citing the need for platform stabilization, a sufficient number of engines coming off power-by-the-hour programs, and favorable market economics before entering that market.

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    Josh Sullivan's questions to Constellium SE (CSTM) leadership

    Josh Sullivan's questions to Constellium SE (CSTM) leadership • Q2 2025

    Question

    Josh Sullivan from The Benchmark Company LLC questioned if the "shift in demand to the right" for aerospace was a new development and asked about demand signals for the Airwear product from the growing space market.

    Answer

    CEO Jean-Marc Germain clarified the aerospace demand shift is an ongoing issue of supply chain destocking due to lower-than-forecasted OEM build rates, not a new trend. He described demand for Airwear in the space market as "lumpy but growing," driven by the product's unique lightweight and cryogenic properties, for which Constellium holds strong patents.

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    Josh Sullivan's questions to Kaiser Aluminum Corp (KALU) leadership

    Josh Sullivan's questions to Kaiser Aluminum Corp (KALU) leadership • Q2 2025

    Question

    Josh Sullivan of The Benchmark Company, LLC inquired about the location of the excess aerospace inventory (distributors vs. OEMs), how the current destock-to-restock cycle compares to past cycles, and Kaiser's exposure to specific defense programs versus general defense spending trends.

    Answer

    CEO Keith Harvey clarified that the excess aerospace inventory now primarily resides at the OEMs, as service centers have already adjusted their stock levels. He characterized the current environment as a strong multi-year ramp-up driven by high OEM backlogs. Regarding defense, Harvey emphasized Kaiser's diversified position across multiple new and legacy platforms (F-35, F-16, F-15), which provides stability and allows the company to offset any single program's fluctuations with demand from other strong markets.

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    Josh Sullivan's questions to HEICO Corp (HEI) leadership

    Josh Sullivan's questions to HEICO Corp (HEI) leadership • Q2 2025

    Question

    Josh Sullivan asked for clarification on management's optimism about a 'pro-business direction' from the administration and inquired about HEICO's positioning for high-volume missile defense manufacturing.

    Answer

    Co-CEO Eric Mendelson explained the comment referred to optimism about reduced bureaucracy and a pro-expansion environment. Co-CEO Victor Mendelson added that as a component supplier, HEICO views new defense tech players as potential customers, not competitors, and is already supplying some.

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    Josh Sullivan's questions to HEICO Corp (HEI) leadership • Q1 2025

    Question

    Josh Sullivan, on for David Strauss at Barclays, asked for the annualized revenue contribution from recent acquisitions and questioned the sustainability of the high organic growth rates in both the Flight Support and Electronic Technologies groups.

    Answer

    Carlos Macau, EVP and CFO, declined to provide specific financial details for recent acquisitions as they were not individually material. Eric Mendelson, Co-President, stated that while the fundamentals and tailwinds should continue, HEICO does not provide guidance on revenue growth, focusing instead on earnings growth, which was 22% in the Flight Support Group.

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