Sign in

    Mark Reichman • Noble Capital Markets

    Mark Reichman's questions to FreightCar America Inc (RAIL) leadership

    Mark Reichman's questions to FreightCar America Inc (RAIL) leadership • Q2 2025

    Question

    Mark Reichman of Noble Capital Markets inquired about the disparity between declining railcar sales and rising aftermarket sales, seeking clarity on whether it was due to capacity allocation or order timing. He also asked about gross margin sustainability, the future impact of tank car retrofits, and the production capacity of the planned fifth line.

    Answer

    President, CEO & Director Nicholas Randall and VP, CFO & Treasurer Michael Riordan explained that Q2 production outpaced deliveries, with some units scheduled for H2, which smooths out labor and production. They affirmed that customer demand, not capacity, dictates sales. Randall expects the strong gross margins from H1 to continue, driven by product mix and operational productivity. He clarified the fifth line's slightly lower initial capacity forecast is a cautious approach for a new product ramp-up. Chief Commercial Officer Matthew Tonn added that the company expects to gain market share and sees an order increase in H2 2025.

    Ask Fintool Equity Research AI

    Mark Reichman's questions to Alliance Resource Partners LP (ARLP) leadership

    Mark Reichman's questions to Alliance Resource Partners LP (ARLP) leadership • Q2 2025

    Question

    Mark Reichman of Noble Capital Markets sought assurance on the sustainability of the new, lower distribution level and its adequacy for funding future growth. He also asked about the key factors that could drive sales tonnage growth in 2026 and whether ARLP might supply the Gavin power plant or similar future investments.

    Answer

    Chairman, CEO, and President Joseph Craft affirmed the board's belief that the new distribution is sustainable for several years, supported by a strong balance sheet, financing capacity, and self-funding growth in the minerals segment. He identified potential 2026 volume growth from recovering production at Tunnel Ridge (Appalachia), operational improvements at Henderson (Illinois Basin), and a potential rebound in the export market. Craft confirmed ARLP sees an opportunity to supply the Gavin plant if its burn rate increases and noted similar supply opportunities could arise from future acquisitions of plants ARLP already serves.

    Ask Fintool Equity Research AI

    Mark Reichman's questions to Alliance Resource Partners LP (ARLP) leadership • Q1 2025

    Question

    Mark Reichman of NOBLE Capital Markets asked how the current uncertain environment is shaping capital allocation for 2026, whether executive orders have altered the scope of non-coal investments, and if the two-year regulatory relief for coal plants could become permanent.

    Answer

    Joseph Craft, Chairman, President and CEO, stated that capital allocation is currently focused on maintenance for coal operations, though they are evaluating opportunities in data center infrastructure, citing a recent investment in the Gavin power plant. He noted that growth in the oil and gas minerals segment is slow due to seller pricing expectations. Craft confirmed they have narrowed their focus on non-coal investments but are advancing their joint development with Infinitum. He believes the EPA is moving quickly to revise rules, which should provide utilities with more permanent clarity on coal fleet viability by the end of the year.

    Ask Fintool Equity Research AI

    Mark Reichman's questions to Alliance Resource Partners LP (ARLP) leadership • Q1 2025

    Question

    Mark Reichman asked how the current uncertain environment is influencing capital allocation, whether the company is taking a more defensive posture, how executive orders are shaping the scope of new investments, and if the two-year regulatory relief for coal plants could become permanent.

    Answer

    Chairman, President and CEO Joseph Craft explained that capital allocation is currently focused on maintenance for coal operations, though they are evaluating opportunities in data center infrastructure, such as their recent investment in the Gavin power plant. He noted that growth in the minerals segment is slow as seller price expectations haven't adjusted to lower oil prices. Craft confirmed they have narrowed their investment focus, with the Infinitum partnership progressing well. He believes the administration is actively working to revise all six relevant EPA rules, which should provide long-term clarity and relief for utilities beyond the initial two-year window.

    Ask Fintool Equity Research AI

    Mark Reichman's questions to AZZ Inc (AZZ) leadership

    Mark Reichman's questions to AZZ Inc (AZZ) leadership • Q1 2026

    Question

    Mark Reichman of Noble Capital Markets asked if the Canton Galvanizing acquisition fits AZZ's typical bolt-on profile and if there were opportunities to improve its economics. He also requested expectations for the Precoat Metals segment's sales and margin performance.

    Answer

    President & CEO Tom Ferguson stated the Canton acquisition was on the lower end of the typical revenue range but was already profitable, with AZZ expecting to drive further margin improvement. For Precoat Metals, Ferguson and CFO Jason Crawford explained that while Q1 volumes were impacted by tariff disruptions, margins improved due to the business's variable cost structure, with the new Washington facility expected to contribute more significantly in the second half of the year.

    Ask Fintool Equity Research AI

    Mark Reichman's questions to AZZ Inc (AZZ) leadership • Q3 2025

    Question

    Mark Reichman questioned the normalized growth rates for the Metal Coatings and Precoat Metals segments, excluding acquisitions, and asked for elaboration on how fiscal policies at federal, state, and local levels impact the business.

    Answer

    CEO Thomas Ferguson explained that while AZZ is typically a GDP-level growth business, he expects it to outperform GDP over the next few years due to secular tailwinds in infrastructure, reshoring, and green energy. He specified that Metal Coatings is more tied to infrastructure, while Precoat Metals follows broader construction activity. Ferguson and Executive David Nark added that public projects are often slowed by cross-jurisdictional reviews, and any streamlining of the permitting process would significantly accelerate projects funded by initiatives like the IIJA and CHIPS Act.

    Ask Fintool Equity Research AI

    Mark Reichman's questions to AZZ Inc (AZZ) leadership • Q2 2025

    Question

    Mark Reichman of Noble Capital Markets asked for details on the revenue ramp-up schedule for the new Washington, Missouri facility. He also inquired about the key wildcards that would determine whether the company lands at the high or low end of its annual sales and EBITDA guidance.

    Answer

    CFO Jason Crawford explained that the Missouri facility will begin ramping up at the start of fiscal 2026 (March) and is not expected to reach its full run-rate revenue of $50-$60 million until the second year of operation. Executive Thomas Ferguson stated that the low end of the sales guidance is now 'out of the question,' as recent positive trends, including hurricane-related demand and strong performance from the Avail JV, have mitigated earlier concerns and created upside potential.

    Ask Fintool Equity Research AI