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    Lee Jagoda • CJS Securities

    Lee Jagoda's questions to Griffon Corp (GFF) leadership

    Lee Jagoda's questions to Griffon Corp (GFF) leadership • Q3 2025

    Question

    Lee Jagoda of CJS Securities inquired about Griffon's pricing strategy for its Consumer and Professional Products (CPP) segment in response to tariffs and also asked about the current sell-through trends at the retail level.

    Answer

    Chairman & CEO Ronald Kramer acknowledged that some price increases have been implemented but declined to offer specifics due to ongoing, sensitive customer negotiations. He added that retail point-of-sale (POS) activity remains weak, attributing it to unfavorable weather, soft consumer sentiment, and broader concerns about tariffs and inflation.

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    Lee Jagoda's questions to Griffon Corp (GFF) leadership • Q2 2025

    Question

    Lee Jagoda from CJS Securities inquired about Griffon's market position and pricing power within the CPP segment, whether a trade-down could benefit certain products, and the competitive landscape for moving fan production out of China.

    Answer

    Chairman and CEO Ronald Kramer explained that they plan to mitigate tariff-related price increases by pivoting the supply chain and other cost actions. He noted the current environment is an opportunity to help retail partners transition. Regarding fans, Kramer stated that the entire U.S. market is largely sourced from China and that Griffon's supply partner is already planning to move factories, which aligns with Griffon's strategy.

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    Lee Jagoda's questions to Griffon Corp (GFF) leadership • Q4 2024

    Question

    Lee Jagoda inquired about the success of cross-selling commercial doors, competitive advantages in the residential door market, and the potential impact of tariffs on the business.

    Answer

    An unnamed executive, likely Brian Harris, detailed the long-term potential for commercial cross-selling and highlighted residential wins through superior design, dealer tools, and distribution. Chairman and CEO Ronald Kramer added that the Home & Building Products (HBP) segment is an American-made business unaffected by tariffs, while the Consumer and Professional Products (CPP) segment has a flexible global sourcing model to mitigate any tariff-related costs.

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    Lee Jagoda's questions to Novanta Inc (NOVT) leadership

    Lee Jagoda's questions to Novanta Inc (NOVT) leadership • Q2 2025

    Question

    Lee Jagoda of CJS Securities asked for a breakdown of the full-year revenue guidance, the primary drivers for organic growth in 2026, and the outlook for the industrial and precision medicine segments.

    Answer

    CFO Robert Buckley clarified that full-year organic revenue is expected to be between down 1% and up 1%, with the Keon acquisition performing better than expected. Chair and CEO Matthijs Glastra and CFO Robert Buckley identified 2026 growth drivers as the continued ramp in advanced surgery, AI-enabled robotics, and new design wins in additive manufacturing. They also indicated that both the industrial and precision medicine businesses have likely bottomed and are expected to show sequential improvement.

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    Lee Jagoda's questions to Novanta Inc (NOVT) leadership • Q1 2025

    Question

    Lee Jagoda inquired about the financial impact of the Kion acquisition, including its revenue contribution and effect on EPS and EBITDA. He also asked about the strategic rationale, Novanta's prior relationship with Kion, and the specifics of the announced $20 million in annual cost savings.

    Answer

    Chief Financial Officer Robert Buckley explained that the Kion acquisition is expected to be slightly accretive to EPS in its first year, with a more material revenue impact anticipated in 2026. He noted that Novanta was already a key supplier to Kion, and the deal provides access to Kion's AI-based software. Buckley clarified that the $20 million in cost savings is primarily to offset lost profit from deferred shipments to China, giving the company confidence in meeting its full-year EBITDA guidance.

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    Lee Jagoda's questions to Novanta Inc (NOVT) leadership • Q4 2024

    Question

    Lee Jagoda of CJS Securities asked for an update on the 2025 outlook, specifically concerning the recovery timeline for the DNA sequencing business and the potential for organic growth to accelerate in 2026 based on the new product pipeline.

    Answer

    Chair and CEO Matthijs Glastra explained that while DNA sequencing shipments have normalized, new headwinds from NIH funding cuts and trade policy retaliation have increased uncertainty. He affirmed confidence in future growth, stating that the $50 million in new product revenue for 2025 is just the first year of the launch cycle. He expects this, combined with a growing consumables business and over 50% more new product launches planned for 2025, to drive accelerating growth in subsequent years.

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    Lee Jagoda's questions to Novanta Inc (NOVT) leadership • Q3 2024

    Question

    Lee Jagoda of Oppenheimer & Co. Inc. asked for a breakdown of the Q4 revenue guidance shortfall, questioning how much was due to macro pressures versus specific customer launch delays. He also inquired why the 2025 growth forecast is only 'up to 10%' despite significant revenue being deferred into that year, and asked about the expected organic growth trajectory for Q1 2025.

    Answer

    CEO Matthijs Glastra explained the Q4 revenue delta is a mix of customer-specific issues (primarily DNA sequencing, DUV/EUV lithography, and robotic surgery) and broader life sciences market weakness. CFO Robert Buckley added that the 'up to 10%' growth forecast for 2025 incorporates caution due to macroeconomic uncertainty, but confirmed no market share has been lost. Buckley also stated that organic growth is expected to continue its sequential improvement from Q4 into Q1 2025.

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    Lee Jagoda's questions to Hillman Solutions Corp (HLMN) leadership

    Lee Jagoda's questions to Hillman Solutions Corp (HLMN) leadership • Q2 2025

    Question

    Lee Jagoda of CJS Securities inquired about Hillman's strategy for the pro channel, asking how its retail advantages translate and for examples of recent success. He also requested an updated view on the back-half EBITDA cadence given the timing of tariff costs versus price increases.

    Answer

    President & CEO Jon Michael Adinolfi stated that over 25% of business is already pro-related and the company will continue to support its customers who serve pros, particularly in fasteners. CFO Robert Kraft explained that tariff costs will begin hitting late in Q3, leading to a strong Q3 as pricing will be in place, with both price and cost fully reflected in Q4.

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    Lee Jagoda's questions to Hillman Solutions Corp (HLMN) leadership • Q1 2025

    Question

    Lee Jagoda inquired about the margin pressure in the Robotics and Digital Solutions (RDS) segment during Q1 and its expected trajectory for the remainder of the year. He also asked about the outperformance of the personal protective business, questioning if pre-buying ahead of tariffs or promotional activity was a factor.

    Answer

    President and CEO Jon Michael Adinolfi explained that RDS margins were impacted by the MinuteKey 3.5 rollout and seasonally low Q1 revenue, but he expects a return to 30%+ EBITDA margins for the rest of the year. For the protective business, he confirmed strong promotional performance, not pre-buying, drove results and that the full-year outlook remains in line with initial expectations.

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    Lee Jagoda's questions to Hillman Solutions Corp (HLMN) leadership • Q4 2024

    Question

    Will, on behalf of Lee Jagoda, asked about the performance and outlook for Hillman's Canadian business, focusing on current trends, the impact of industrial production, and any potential effects from tariffs or trade disputes.

    Answer

    CEO Jon Adinolfi stated that while the Canadian market is facing pressure, particularly on the industrial side, new business wins are helping to offset some of the weakness. CFO Robert Kraft added that the Canadian team has successfully maintained profitability despite significant market headwinds and they are confident in the team's ability to perform in 2025 and capitalize on an eventual economic recovery.

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    Lee Jagoda's questions to Hillman Solutions Corp (HLMN) leadership • Q3 2024

    Question

    Lee Jagoda requested a breakout of Intex's Q3 revenue contribution and Q4 expectations, and asked if there were early signs of new business wins from the acquisition. He also sought clarification on the SG&A impact from the $7.8 million True Value charge and the outlook for SG&A leverage in Q4 and 2025.

    Answer

    CFO Rocky Kraft reiterated Intex's annualized revenue of approximately $55 million rather than providing specific quarterly figures. COO John Michael Adinolfi confirmed that promising growth opportunities with existing and new customers are already emerging for Intex. Regarding SG&A, Kraft explained the True Value charge was an add-back for adjusted results and projected Q4 adjusted SG&A to be slightly above 31% of sales due to seasonality, with the full-year target remaining around 30% and leverage expected in 2025.

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    Lee Jagoda's questions to Primoris Services Corp (PRIM) leadership

    Lee Jagoda's questions to Primoris Services Corp (PRIM) leadership • Q4 2024

    Question

    On behalf of Lee Jagoda, Will asked for more detail on the drivers behind the stronger-than-expected Q4 margins in the Utilities segment and the high single-digit margins in the Energy segment.

    Answer

    CFO Ken Dodgen attributed the strong Utilities margins to approximately $9 million in storm restoration work, improved productivity, and favorable weather extending the work season for the gas business. For the Energy segment, he explained margins were impacted by fewer renewables project closeouts and the non-recurrence of a high-margin pipeline project from the prior year, but he expects margins to normalize to the 10-12% range in 2025. CEO Tom McCormick also emphasized the impact of fewer renewables closeouts.

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    Lee Jagoda's questions to Ingevity Corp (NGVT) leadership

    Lee Jagoda's questions to Ingevity Corp (NGVT) leadership • Q3 2024

    Question

    Lee Jagoda inquired about the volume of Crude Tall Oil (CTO) resales in Q3, the timeline for consuming remaining high-cost inventory, the current CTO spot price, and the criteria for the ongoing CEO search.

    Answer

    CFO Mary Hall stated that CTO resales were nominal in Q3 and are essentially complete, with high-cost production inventory expected to be consumed by the end of Q1 2025. She noted the CTO spot price has plateaued around $650-$750 per ton. Interim CEO Luis Fernandez-Moreno added that the Board is conducting a diligent CEO search and he is committed to leading fully until a successor is found, without offering a specific timeline or criteria.

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