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    Justin Bergner

    Portfolio Manager and Research Analyst at Gabelli Funds

    Justin Bergner is a Portfolio Manager and Research Analyst at Gabelli Funds, specializing in diversified industrials, electrical, and transportation companies, with coverage spanning major names such as Nvent Electric, Rockwell Automation, Stanley Black & Decker, Timken, W.W. Grainger, and Alcoa. Over his nine years managing the Gabelli Dividend Growth Fund, he has demonstrated disciplined performance with a focus on reliable, dividend-paying and undervalued equities, contributing to the fund's growth objectives. Beginning his investment career at Gabelli in 2005 as a metals and mining analyst, he spent five years at Axiom International Investors as a senior analyst in industrials and healthcare before rejoining Gabelli in 2013. Bergner is a CFA charterholder with FINRA-registered roles, holding an MBA from Wharton and a BA in Economics & Mathematics from Yale.

    Justin Bergner's questions to MATTHEWS INTERNATIONAL (MATW) leadership

    Justin Bergner's questions to MATTHEWS INTERNATIONAL (MATW) leadership • Q3 2025

    Question

    Justin Bergner from Gabelli Funds asked a series of clarifying questions regarding the status of the RotoGravure/European packaging business sale, the components of the debt reduction bridge post-SGK divestiture, and how the full-year EBITDA guidance incorporates the Propellus stake. He also inquired about recent legal developments with Tesla and the potential conversion timeline for the energy storage pipeline.

    Answer

    President & CEO Joseph Bartolacci clarified the RotoGravure sale is expected to close by September 30, generating over $30 million in net cash. CFO Steven Nicola detailed the debt bridge, citing factors like trapped cash, currency hedges, and the Dodge acquisition. Bartolacci confirmed the $190 million EBITDA guidance includes their estimated, non-lagged share of Propellus's results and noted Tesla's recent legal filings are considered long shots. He also provided a 60-90 day timeline for a potential major order in the battery coating line business.

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    Justin Bergner's questions to MATTHEWS INTERNATIONAL (MATW) leadership • Q3 2025

    Question

    Justin Bergner from Gabelli Funds asked a series of clarifying questions regarding the status of the RotoGravure/European packaging business sale, the components of the debt reduction bridge post-SGK divestiture, and how the full-year EBITDA guidance incorporates the Propellus stake. He also inquired about recent legal developments with Tesla and the potential conversion timeline for the $150 million energy storage pipeline.

    Answer

    President, CEO & Director Joseph Bartolacci clarified that the RotoGravure sale (the European packaging business) is the same transaction, expected to close by September 30. CFO & Treasurer Steven Nicola detailed the debt bridge, citing cash in divested subsidiaries, currency hedge settlements, and the Dodge acquisition. Bartolacci confirmed the $190M EBITDA guidance includes their estimated, non-lagged share of Propellus's results and discussed recent Tesla legal filings. He also provided a 60-90 day timeline for a potential battery coating line order.

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    Justin Bergner's questions to MATTHEWS INTERNATIONAL (MATW) leadership • Q2 2025

    Question

    Justin Bergner of Gabelli Funds asked a series of questions, seeking clarification on whether the $50 million cost savings program was related to the SGK sale and the specifics of the post-close accounting for the SGK joint venture. He also inquired about plans for the share repurchase program, the mechanics of the dry battery electrode retrofit opportunity, and the value proposition of this technology for the grid storage market.

    Answer

    Joseph Bartolacci, President and CEO, clarified that the cost savings are unrelated to SGK and are tied to downsizing in the energy business and at corporate. Steven Nicola, CFO, explained the post-close SGK accounting: GAAP net income will include the equity portion, while adjusted EBITDA will use a 1-quarter lag with a pro forma provided for the current quarter. Bartolacci confirmed they anticipate expanding the share repurchase authorization post-close. He described the retrofit as a drop-in replacement for the wet electrode production step and stated the value proposition for grid storage is identical to EVs, representing a market expansion.

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    Justin Bergner's questions to MATTHEWS INTERNATIONAL (MATW) leadership • Q2 2025

    Question

    Justin Bergner asked a series of questions, starting with clarifications on whether the $50 million cost-out program was tied to the SGK divestiture and how the post-close accounting for the SGK joint venture would work. He also inquired about plans to expand the share repurchase authorization. More substantively, he asked for details on the dry battery electrode retrofit opportunity for existing wet-process facilities and questioned the specific business case for using dry battery technology in grid storage compared to the EV market.

    Answer

    President and CEO Joseph Bartolacci confirmed the cost savings are unrelated to SGK and are from downsizing the energy business and corporate functions. CFO Steven Nicola explained that for adjusted EBITDA, they will report the SGK venture's results on a one-quarter lag but provide a current pro forma estimate. Mr. Bartolacci added that they anticipate expanding the share repurchase authorization. He described the retrofit as dropping their mass-production dry electrode equipment into an existing factory, which can triple output in the same footprint. He also stated the value proposition for grid storage is identical to EVs—a more efficient, less expensive process that also allows for thicker electrodes beneficial to grid storage chemistries.

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    Justin Bergner's questions to MATTHEWS INTERNATIONAL (MATW) leadership • Q1 2025

    Question

    Justin Bergner questioned how the Tesla arbitration ruling affects the strategic review process for the energy storage business and asked about current demand trends for the product identification and warehouse automation businesses.

    Answer

    President and CEO Joseph Bartolacci responded that the company has been evaluating strategic alternatives for 18-24 months to highlight the value of its growth businesses. He stated the ruling provides clarity to resume that evaluation, though they will remain patient to maximize shareholder value. He also noted that product identification demand is steady and growing, while the warehouse automation business is seeing a strong recovery with quote activity and order intake better than last year.

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    Justin Bergner's questions to MATTHEWS INTERNATIONAL (MATW) leadership • Q4 2024

    Question

    Inquired about the trigger and focus of the strategic review, the cadence and cost of the $50 million savings program, and asked for clarification on a new patent in the energy storage business.

    Answer

    The strategic review was triggered by the maturation of opportunities in the Industrial Tech segment. The company is not commenting on the specific scope. The $50M in savings will be realized over two years ($25-30M run rate by end of FY25), with a cash cost of ~$30M, which will be offset by asset sales. The new patent, filed in 2019, relates to a critical process for dry battery electrode production and demonstrates the company's long-standing expertise.

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    Justin Bergner's questions to GATX (GATX) leadership

    Justin Bergner's questions to GATX (GATX) leadership • Q2 2025

    Question

    Justin Bergner of Gabelli Funds asked if the entire earnings guidance increase was attributable to engine leasing and why the guidance range was not narrowed. He also questioned if the secondary market had stalled due to recent merger speculation and requested a deeper analysis of the strong profitability in the Rail International segment.

    Answer

    EVP & CFO Thomas Ellman confirmed the majority of the guidance increase was due to engine leasing, with the range remaining wide because of the timing uncertainty of large remarketing gains. EVP & President of Rail North America, Paul Titterton, stated the secondary market remains robust and unaffected by merger news. Mr. Ellman clarified that after adjusting for favorable foreign exchange rates, Rail International's performance was slightly below expectations due to market challenges in Europe.

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    Justin Bergner's questions to GATX (GATX) leadership • Q2 2025

    Question

    Justin Bergner of Gabelli Funds questioned if the entire $0.20 guidance increase was due to engine leasing, why the guidance range wasn't narrowed, the potential impact of a major rail merger on the secondary market, and sought a deeper breakdown of the strong international segment profit.

    Answer

    EVP & CFO Thomas Ellman confirmed the guidance increase was majority-driven by engine leasing and the range remains wide due to the lumpy timing of remarketing gains. Executive VP Paul Titterton stated the secondary market remains robust and is not expected to be impacted by the merger news. Mr. Ellman also clarified that while international profit seems strong, it is tracking at the lower end of expectations for the year once corrected for foreign exchange rates, due to market challenges in Europe.

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    Justin Bergner's questions to GATX (GATX) leadership • Q2 2025

    Question

    Justin Bergner questioned if the entire guidance increase was due to engine leasing, why the guidance range wasn't narrowed, the potential impact of rail merger speculation on the secondary market, and the drivers behind the strong international segment profitability.

    Answer

    EVP & CFO Tom Ellman confirmed the guidance increase is primarily due to engine leasing and the range remains wide because of the lumpy timing of large remarketing gains. Paul Titterton, EVP & President of Rail North America, stated the secondary market remains robust and unimpacted by merger news, driven by strong capital demand. Tom Ellman also clarified that while international profit looks strong, it is tracking slightly below expectations when adjusted for foreign exchange rates due to market challenges in Europe.

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    Justin Bergner's questions to GATX (GATX) leadership • Q2 2025

    Question

    Justin Bergner of Gabelli Funds asked if the entire guidance increase was due to engine leasing, why the guidance range wasn't narrowed, whether the potential rail merger was affecting the secondary market, and for a breakdown of the strong international segment performance.

    Answer

    EVP & CFO Thomas Ellman confirmed the guidance increase is majority-driven by engine leasing and the range remains wide due to the lumpy timing of remarketing gains. He also clarified that international profit was tracking below expectations absent favorable FX rates. Paul Titterton, EVP & President of Rail North America, stated the secondary market remains robust and unaffected by merger speculation, driven by strong capital demand.

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    Justin Bergner's questions to GATX (GATX) leadership • Q2 2025

    Question

    Justin Bergner questioned if the full earnings guidance increase was attributable to engine leasing and why the range wasn't narrowed. He also asked about any recent changes in the secondary market ahead of the major railroad merger announcement and sought a more detailed breakdown of the strong international segment profitability.

    Answer

    EVP & CFO Tom Ellman confirmed the majority of the guidance increase is from engine leasing and the wide range reflects timing uncertainty of large remarketing events. EVP & President of Rail North America, Paul Titterton, stated the secondary market remains robust with no slowdown, driven by strong capital demand. Tom Ellman clarified that international segment profit, when adjusted for favorable foreign exchange rates, is slightly below expectations due to market challenges in Europe.

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    Justin Bergner's questions to GATX (GATX) leadership • Q1 2025

    Question

    Justin Bergner from Gabelli Funds asked about sequential spot lease rate trends and whether the company's view on the secondary market had strengthened. He also inquired about the reasons for the higher-than-normal cash balance and whether the RRPF joint venture saw unusually high gains from asset sales during the quarter.

    Answer

    President and CEO Robert Lyons responded that sequential lease rates were down slightly, as anticipated. He stated the view on the secondary market is unchanged, with its continued strength highlighting asset quality. The high cash balance was attributed to a strategic $800 million bond issuance to pre-fund 2025 needs. Lyons clarified that the RRPF joint venture's income mix of operating and remarketing income was in line with expectations and not driven by unusual sales.

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    Justin Bergner's questions to GATX (GATX) leadership • Q4 2024

    Question

    Justin Bergner questioned the capital allocation plan for 2025, asking where investment would increase to partially offset the lower volume in Rail North America. He also asked about the impact on debt levels and the timeline for the conclusion of higher maintenance expenses.

    Answer

    EVP and CFO Thomas Ellman explained that Rail International investment is expected to increase by $50-$100 million, while other segments remain similar. He also stated that the company's leverage, measured by debt-to-equity, is expected to remain relatively consistent. Paul Titterton, EVP and President of Rail North America, clarified that 2025 is the last high compliance year and expects net maintenance expense to decrease starting in 2026.

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    Justin Bergner's questions to GATX (GATX) leadership • Q3 2024

    Question

    Justin Bergner of Gabelli Funds asked about sequential lease rate trends, the long-term earnings mix for the RRPF joint venture, and the drivers behind the strong profitability in the Rail International segment.

    Answer

    President and CEO Bob Lyons noted that absolute lease rates saw a very small downtick from Q2 to Q3 but remain at historically high levels, supported by stable supply-side dynamics. Regarding RRPF, EVP and CFO Tom Ellman and CEO Bob Lyons explained that while the earnings mix can vary, the growing fleet size will, on the margin, shift the long-term average toward more operating income, though this change will be gradual. Lyons confirmed Rail International's strong performance was not due to one-offs but reflected solid execution and cost control in Europe and continued growth in India.

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    Justin Bergner's questions to AMPCO PITTSBURGH (AP) leadership

    Justin Bergner's questions to AMPCO PITTSBURGH (AP) leadership • Q1 2025

    Question

    Inquired about the drivers for the strong EBITDA margin in the Forged and Cast business and asked for an update on the restructuring of the U.K. facility, including timing and potential outcomes.

    Answer

    The margin improvement was attributed to a combination of higher sales volume, better pricing, and improved manufacturing efficiencies. Regarding the U.K. facility, the company expects the consultation process to conclude by the end of May, at which point a definitive plan to 'dramatically stem the losses' will be announced, though specific outcomes could not yet be shared.

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    Justin Bergner's questions to AMPCO PITTSBURGH (AP) leadership • Q3 2024

    Question

    Inquired about the year-to-date cash flow from working capital, the drivers for the forecasted volume growth in the Forged and Cast Engineered Products segment, potential upside from new U.S. aluminum rolling mills, and the efficiency gains from recently installed equipment.

    Answer

    Management confirmed that a release of working capital contributed to positive operating cash flow. The forecasted volume growth is driven by a recovery in the cast roll market and gaining market share from a competitor's exit and with key U.S. customers. The company is benefiting from growth in the aluminum market. The new equipment is performing better than anticipated, improving reliability and efficiency, with more potential gains expected.

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    Justin Bergner's questions to FOSTER L B (FSTR) leadership

    Justin Bergner's questions to FOSTER L B (FSTR) leadership • Q1 2025

    Question

    Justin Bergner of Gabelli Funds questioned the cause of lower gross margins in the Rail segment despite a seemingly favorable product mix, asked about the margin impact from higher steel prices, sought clarity on which business was affected by delayed government funding, and requested an update on April's performance.

    Answer

    CFO Bill Thalman explained the Rail margin pressure was due to the significant volume decline in rail distribution and a tough comparison for the Total Track Monitoring (TTM) business. President and CEO John Kasel stated that the company is prepared to pass on higher steel costs from tariffs, similar to past experiences. He clarified that the delayed funding primarily impacted the rail distribution business tied to transit authorities. Regarding recent trends, Kasel commented that he was 'not discouraged' by April's performance and that his confidence in meeting full-year guidance is based on current activity.

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    Justin Bergner's questions to FOSTER L B (FSTR) leadership • Q4 2024

    Question

    Justin Bergner of Gabelli Funds questioned the potential impact of disruptions at national and state parks on the Precast Concrete business, which segments are expected to drive the anticipated second-half recovery, and whether potential tariffs with Canada and Mexico could negatively affect the Rail business.

    Answer

    President and CEO John Kasel acknowledged that park-related issues could push results toward the lower end of guidance but stated the business remains strong with a solid backlog, supported by the Great American Outdoors Act. He identified the second-half recovery drivers as typical seasonality, a rebound in Protective Coatings, and growth from new Precast Concrete operations in Florida and Tennessee. Regarding tariffs, Kasel noted that while they can create uncertainty, customer demand is strong and contracts provide flexibility to pass on increased costs.

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    Justin Bergner's questions to TRINITY INDUSTRIES (TRN) leadership

    Justin Bergner's questions to TRINITY INDUSTRIES (TRN) leadership • Q4 2024

    Question

    Justin Bergner asked for quantification of the incentive compensation reduction within the guided SG&A savings, confirmation of the Rail Products margin and tax rate guidance, and the reason for lower Q4 leasing margins. He also questioned if the guided level of secondary market sales represents a new normal.

    Answer

    CFO Eric Marchetto clarified that lower incentive compensation accounts for less than half of the $40 million in SG&A savings, representing a reset to target levels after a strong 2024. He confirmed the 7%-8% Rail Products margin guidance and 25%-27% tax rate guidance. CEO Jean Savage explained that leasing margins were impacted by elevated maintenance costs from a compliance interval, a factor expected to persist. Marchetto added that the $40-$50 million gains guidance reflects a strategic choice to invest in the lease fleet rather than maximize sales.

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