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President & CEO William Miller II explained that cost reviews are comprehensive but aim to protect long-term success. He noted that a potential interest rate cut would represent upside to the revised guidance and that margins are expected to normalize to the mid-13% range as the chassis inventory mix shifts. He also confirmed ongoing activity with large military RFQs. EVP & CFO Deborah Whitmire stated that $20 million remains on the share buyback authorization and the board will aggressively evaluate its use.

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William Miller, President and CEO, explained that retail activity remains consistent but is tempered by customer uncertainty around tariffs and tax incentives. He noted that direct COGS exposure to China is minimal, but the company has proactively implemented a tariff surcharge and price increases. Miller attributed the conservative margin guidance to anticipated increases in lower-margin chassis shipments later in the year and general caution. He estimated another 30 to 90 days for dealer inventories to normalize before chassis orders pick up.

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Executive William Miller noted that post-election sentiment has improved, with held-up deals now closing. He also stated that distributors are actively working to resolve throughput issues by expanding facilities and outsourcing. Regarding margins, Miller anticipates maintaining current levels into the next year. CFO Deborah Whitmire addressed SG&A, explaining that while the company seeks leverage, new global compliance and regulatory costs present ongoing challenges to their 6.5% target.

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President and CEO Jeffery Leonard affirmed that M&A remains the primary capital allocation priority, highlighting the recent Ring O Matic acquisition as a key platform for growing the rental business. He explained that R&D is currently focused on adapting to upcoming emission standards rather than developing major new organic verticals. Regarding the snow business, Leonard stated that activity remains very strong, particularly in Canada, and he does not foresee a slowdown, noting that market strength is consistent with reports from others in the industry.

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President and CEO Jeff Leonard stated he sees no significant mix changes affecting Industrial margins and noted that repurposing a plant has mitigated tariff risks and improved capacity. Regarding capital allocation, Leonard emphasized that the primary use for cash is the active M&A pipeline, with share buybacks as a secondary option. He also confirmed the CEO search is proceeding well and he remains fully committed until a successor is named.

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President and CEO Jeff Leonard confirmed the capacity consolidations are long-term solutions with ample room for future needs. He stated that the majority of cost-saving actions are complete and expressed confidence in expanding overall margins by a "couple of points" in 2025. Leonard also affirmed that forestry is currently a larger focus and experienced a larger dollar decline than the agricultural segment.

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CEO John Wyskiel explained that the industry-wide order drop coincided with tariff announcements, creating temporary uncertainty. He expressed confidence in a recovery driven by pent-up demand and an aging fleet. CFO Razvan Radulescu confirmed that dealers and customers explicitly cited tariff uncertainty for pausing orders and that Blue Bird's new pricing stability through March is expected to unlock demand. Radulescu affirmed that margins are sustainable, as profitability is similar across all powertrain types, and highlighted that future gains would come from automation, pointing to the company's long-term target of '16% plus' EBITDA margin.

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CEO John Wyskiel stated that while it's too early in his tenure to speculate on raising margin targets, his deep operational background will be an asset. CFO Razvan Radulescu explained that EV price reduction plans are paused due to tariffs. He noted that a strong first half and the ability to substitute delayed EV builds with ICE and propane orders in Q4 provide the stability to maintain the full-year guidance.

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CEO Phil Horlock stated that the EV business is projected to be self-sustaining post-subsidies, with plans accounting for lower vehicle prices over time, supported by ongoing state and local grants. CFO Razvan Radulescu added that the EV price multiplier is already decreasing from 3x to 2.5x that of a diesel bus, with clear cost-down roadmaps in place with suppliers. For the parts business, management is targeting low-single-digit growth for fiscal 2025.

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President, CEO & Director Jag Reddy expressed strong optimism about the AccuFab acquisition, noting that the integration is on track with a detailed playbook and that the commercial opportunities are incredible, with a path to $100 million in revenue by 2028. Regarding the guidance reduction, Reddy explained it was primarily driven by a sharp decline in the commercial vehicle market, citing the ACT forecast drop to 252,000 units and direct evidence of customers taking significant production downtime. He stated that agriculture is at a trough, construction is stable, and powersports inventories have largely stabilized.

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President and CEO Mark Van Genderen stated that minor interest rate cuts would likely not stimulate significant demand, but a substantial decrease could have a positive impact over time. EVP & CFO Sarah Lauber added that the company has the capacity to meet any potential demand lift. Mr. Van Genderen also confirmed the 10% municipal capacity increase is a net addition and does not replace commercial or fleet capacity, highlighting the new purpose-built facility in Missouri.

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CFO Sarah Lauber explained that 2025 margins for the Solutions segment are impacted by planned growth investments and uncertainty in commercial demand, though the long-term goal of low-teens margins remains. CEO Mark Van Genderen stated that M&A is the primary focus, but if no deals are made, the company would evaluate other options like its existing $40 million share buyback authorization or a potential dividend increase.

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Mark Van Genderen, COO, explained that while direct dealer presence in the south is limited, the company saw sales through its nimble distribution model and noted that northern contractors travel south, increasing equipment usage. He also confirmed that current growth in the Solutions segment is primarily from the municipal sector, which has a strong, multi-year backlog. CFO Sarah Lauber projected 2025 free cash flow to be at or above 2024's $33 million, noting that while a one-time negative impact from a sale-leaseback will not recur, this will be offset by a planned increase in capital expenditures.

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Interim CFO Elyse Brody stated that M&C's margins are relatively similar to MSA's overall, making it neutral to margins but accretive to EPS by about $0.10 for the year. President & CEO Steven Blanco added that M&C is a German-based company with about a third of its sales in Germany. He confirmed MSA's plan is to leverage its global scale and channels to expand M&C's premium solutions into other key markets over time.

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President and CEO Steven Blanco responded that cost and productivity initiatives are considered long-term and strategic, and the company expects those gains to be permanent. He reaffirmed full commitment to the 2028 targets, citing the on-pace ACCELERATE strategy, favorable macro trends, and a diverse portfolio. While acknowledging potential near-term choppiness, he expressed confidence in the company's ability to manage through it and achieve its long-term goals.

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CFO Jim Nicholas fully endorsed the strategy outlined at the May Investor Day, stating the 'diagnosis was correct.' He emphasized that improving quality is 'job one' and is already yielding benefits in lower warranty costs. He also highlighted the importance of the precision tech stack for driving value and the strategic sourcing initiatives, which he described as a 'flywheel' that is now spinning and delivering results.

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CEO David Dunbar confirmed the growth drivers, breaking down the $100M+ forecast into over $60M from acquisitions, over $20M from new products, and approximately $38M from fast-growth markets, noting this excludes any general market recovery. He stated that while EV sales dipped slightly in FY25, he anticipates nice growth in FY26 from high-end European brands. Regarding the Croatia facility, he projected it would ship single-digit millions in FY26, ramping to over $30 million within three years.

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CFO Ademir Sarcevic confirmed there are opportunities to improve working capital, particularly by addressing longer customer credit terms from recent acquisitions, which will help generate more operating cash flow. Both Sarcevic and CEO David Dunbar agreed the overall corporate impact from tariffs is de minimis, though Dunbar noted the Scientific segment faces specific work. Dunbar also stated that the new product pipeline for fiscal 2026 is expected to be of a similar magnitude to fiscal 2025, with recently launched products continuing to ramp up.

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CEO David Dunbar confirmed that the new product pipeline for fiscal 2026 is expected to be of a similar magnitude to fiscal 2025, ensuring a steady stream of launches. He clarified that Standex's space-related business is concentrated on larger launch vehicles, such as those from ULA, rather than the smaller vehicles from some newer players. Consequently, he anticipates a steady, gradual ramp in this business through fiscal 2028, not large, chunky orders in the near term.

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CEO David Dunbar explained that synergies are primarily growth-oriented, such as European expansion and cross-selling into India, rather than cost-based, though some sourcing opportunities exist. CFO Ademir Sarcevic clarified the shares were priced on a 30-day average and attributed the robust Engraving margins to a combination of product mix and significant productivity and restructuring actions.

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SVP & CFO David Martin attributed the Q3 EBITDA moderation to seasonal shutdowns and product mix, and noted Q4 OEM schedules look similar to last year. CEO & President Paul Reitz described the current market as a "pause" due to interest rates and tariffs, but noted positive signs from large drop-in orders as inventories deplete. Reitz expects an uptick in 2026, while Martin confirmed the existence of NOLs but emphasized stable cash taxes.

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CFO David Martin stated that rubber is primarily sourced from West Africa under solid contracts, minimizing tariff impacts, while steel is mostly domestic. He confirmed contractual mechanisms exist to pass on costs to OEMs. CEO Paul Reitz added that Titan's global footprint allows it to capitalize on strength in markets like Brazil, which is seeing high demand. He noted that while U.S. OEM visibility hasn't fully returned to normal, the company has adapted well and is positioned to meet demand when the cycle turns, highlighting significant Q1 drop-in orders.

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CFO David Martin stated that the company will manage working capital accordingly to meet potential growth without overinvesting. CEO Paul Reitz described the earthmoving and construction market as stable with a solid demand floor, balanced by OEM inventory corrections. For the consumer segment, he noted the aftermarket business remains strong while OEMs are managing inventory. Regarding the ag sector, Reitz explained that genuine optimism is building among customers and the internal team, signaling a recovery in the second half of the year and into 2026, impacting both current orders and future production planning.

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President & CEO Jennifer Sherman stated that while it's too early to see an impact, the bonus depreciation from the new tax bill could be a future benefit. She emphasized that all new products are developed with the company's EBITDA margin targets in mind, and that lower-priced models help utilize capacity, can lead to customer upgrades, and create long-term aftermarket opportunities.

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President and CEO Jennifer Sherman downplayed disruption risk, stating the transition affects a small part of the business and that interested parties are mostly existing dealers ready to 'hit the ground running.' She described the HOG acquisition as a key strategic addition, filling technology and market gaps (airports, international). CFO Ian Hudson added that both the ESG and SSG segments have the potential to improve margins in 2025.

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CFO Ian Hudson explained that the rental business was a key driver of the 10% year-over-year growth in aftermarket revenues, with rental income up 12% and used equipment sales up 15%, particularly for safe digging trucks. President and CEO Jennifer Sherman added that demand for their products remains high, with sewer cleaner orders up 15%. She noted the company is working closely with chassis partners regarding 2027 regulations but isn't pre-buying yet. Regarding ESG margins, Hudson attributed the strength to the aftermarket business, which is seasonally strong in Q3, suggesting a potential moderation in Q4 and Q1 due to weather.

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EVP and CFO Philip Fracassa noted the backlog increase was broad-based across industrial sectors like off-highway, renewables, and general industrial. President & CEO Rich Kyle stated there was no sudden influx of calls after the policy news, explaining that the primary benefit is increased certainty, which encourages investment over time rather than causing an immediate reaction. The impact on demand typically takes a couple of quarters to materialize.

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CFO Philip Fracassa confirmed that if tariffs remain stable, the net impact in 2026 should be zero as they expect to be fully offset on a dollar basis by the end of 2025. Regarding the CEO transition, CEO Richard Kyle emphasized continuity, stating the management team is unchanged and the corporate strategy was confirmed, not altered, under the previous CEO. He noted the main change was an acceleration of existing portfolio reviews, such as the now-active automotive OE restructuring.

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CEO Tarak Mehta explained that cross-selling is being accelerated through sales incentives and by leveraging customer design activities to generate leads for complementary products like seals and lubrication. On renewables, management expects flattish sales in 2025, noting the market has stabilized at a lower level after the rate of decline moderated in Q4.

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CFO Philip Fracassa stated that cost actions have been ongoing all year, with incremental efforts targeted for 2025, and noted that while Q4 decrementals are high, the two-year stacked decremental is under 20%. President and CEO Tarak Mehta added that cost trimming is specific to product lines where capacity exceeds demand. Regarding 2025, Mehta explained the net cost impact is difficult to predict without a clear top-line view, but the team is focused on addressing costs where challenged and investing where opportunities exist.

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CFO Amy Campbell clarified the tariff impacts, noting the $5 million RV headwind is limited to 2H 2025 and early 2026, while the $10 million Specialty Vehicle impact represents a 2-2.5% material cost increase that will create a headwind in the first half of fiscal 2026. She explained the primary driver for the CapEx investments is to reduce lead times and increase throughput. Campbell also confirmed the Lance Camper sale has no material impact on the 2027 EBITDA goals, as motorized units generate nearly all of the segment's profit.

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CEO Mark Skonieczny explained that the primary tariff risk is indirect through subassemblies, but the company is better prepared with multi-sourcing strategies. He also stated they want to see a sustained 1-to-1 wholesale-to-retail ratio in RVs before raising guidance. CFO Amy Campbell added that while repricing fixed contracts is limited, recent price increases for Specialty Vehicles included a buffer for unknown inflation, and costs for commercial chassis can be passed through.

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President and CEO Mark Skonieczny explained that the cautious Recreation outlook is due to dealers being hesitant to release orders for production, with more clarity expected after the Tampa show in the spring. He noted that M&A targets would be accretive but could benefit from REV's operational system and confirmed there were no significant hurricane impacts. CFO Amy Campbell addressed risks, stating that less than 2% of the supply base is outside the U.S., which mitigates some tariff and global disruption risks.

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CEO Mark Skonieczny explained that ambulance production rates are at or above pre-COVID levels, while the fire business still has opportunities for efficiency gains on complex units, rather than just incremental throughput. He affirmed that the Specialty Vehicles segment exited Q3 with double-digit margins and expects to do so again in Q4. CFO Amy Campbell clarified that there is not a significant margin difference between the company's custom and semi-custom (e.g., S-180) trucks.

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CEO John Pfeifer declined to guide for 2026 but explained that the second-half 2025 outlook is based on visibility into customers' project backlogs. CFO Matt Field confirmed that the Vocational backlog, particularly for Pierce, grew during the quarter and that the book-to-bill was over one, as the team works to ramp up production to meet strong demand.

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CEO Richard Olson and CFO Angela Drake described 'AMP It Up' as a two-year, employee-focused initiative extending the original AMP program, with a goal of reaching at least a 14% adjusted operating margin by fiscal 2026. Regarding autonomous products, Olson confirmed significant launches across golf, commercial, and residential lines, noting that while specific penetration figures were not provided, the timing is ideal to address customer labor shortages.

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CEO Richard Olson explained that any major golf course renovation or new build project inherently involves both equipment and irrigation, making it an opportunity for both product categories. On M&A, he reiterated the company's disciplined approach of seeking adjacencies that enhance shareholder value. Olson confirmed that technology is a key area of interest for acquisitions, particularly smaller, entrepreneurial companies whose tech can be leveraged across Toro's portfolio.

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President and CEO John Van Scoter detailed the highly selective DOE grant process, confirming Solid Power was chosen from a competitive pool. He clarified the grant is a cash offset for a previously planned $110 million project to establish continuous manufacturing, not a new initiative. Regarding the election, Van Scoter stated the company remains focused on its core strategy to develop longer-range, lower-cost, and safer EV batteries, which he believes addresses fundamental market needs regardless of the political environment.

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President and CEO John Van Scoter stated that the customer pipeline is growing, with over 10 potential customers now in the sampling program. He highlighted that the engagement is strong, evidenced by multiple repeat sample shipments to the same companies, some as many as five or six times. He also confirmed that new customers have been added to the sampling program since the last earnings call.

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CEO RJ Scaringe responded that while Rivian offers a spectrum of options to meet different price points, the company is seeing very high demand for its premium, higher-margin Tri-Motor variant. He also expressed excitement for the upcoming next-generation Quad-Motor, which will be a premium offering, indicating continued strength at the higher end of the product lineup.

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CEO Ryan McMonagle acknowledged some pricing pressure in the used market but noted positive sequential demand growth. He stated that a high-70s to low-80s utilization rate is a good target, confirming the recent recovery aligns with expectations. McMonagle also clarified that the company is not planning a significant pre-buy of Class 8 chassis in early 2025 and sees good availability currently.

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