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    Mircea Dobre • Robert W. Baird & Co.

    Mircea Dobre's questions to Parker-Hannifin Corp (PH) leadership

    Mircea Dobre's questions to Parker-Hannifin Corp (PH) leadership • Q4 2025

    Question

    Mircea Dobre of Robert W. Baird & Co. asked why the FY26 EPS guidance of $28.90 wasn't higher, pointing out that simply annualizing the strong Q4 FY25 result of $7.69 would yield a number above $30, a pattern of outperformance that has held true in most prior years.

    Answer

    EVP & CFO Todd Leombruno acknowledged the strong Q4 but explained it is not representative of the full year's seasonality, as sales are typically weighted 48% to the first half and 52% to the second. He emphasized that the Q1 guide, while sequentially lower, would still represent a record for a first quarter with year-over-year EPS growth, reflecting strong execution despite a challenged top line.

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    Mircea Dobre's questions to Parker-Hannifin Corp (PH) leadership • Q2 2025

    Question

    Mircea Dobre from Robert W. Baird & Co. asked about Parker's strategy for potential tariffs and the impact of end-market mix on industrial margins, particularly with weakness in the off-highway vertical.

    Answer

    CEO Jenny Parmentier explained that Parker's 'local-for-local' manufacturing model and past experience provide agility to manage potential tariffs without major supply chain changes. CFO Todd Leombruno and Ms. Parmentier clarified that while distribution has a higher margin profile, the current margin expansion is primarily driven by productivity and cost controls under the Win Strategy, not by favorable mix.

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    Mircea Dobre's questions to Parker-Hannifin Corp (PH) leadership • Q3 2025

    Question

    Mircea Dobre inquired about the strong, long-cycle order growth, its conversion timeline to revenue, and whether it signals positive industrial organic growth for fiscal 2026. He also asked about managing cost risks, like tariffs, within the large aerospace backlog.

    Answer

    Executive Jennifer Parmentier confirmed it is fair to expect positive industrial growth in fiscal 2026, noting the long-cycle orders extend beyond the current fiscal year. She detailed that order strength came from North American HVAC and distribution, European energy, and Asian electronics. Regarding risks, Parmentier expressed confidence in fully mitigating tariff impacts through a combination of pricing actions, supply chain strategies like dual sourcing, and ongoing cost reductions via the company's Win Strategy.

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    Mircea Dobre's questions to Alamo Group Inc (ALG) leadership

    Mircea Dobre's questions to Alamo Group Inc (ALG) leadership • Q2 2025

    Question

    Mircea Dobre from Robert W. Baird & Co. asked for clarification on the second-half revenue outlook for Vegetation Management, the specific costs impacting the division's margins, and an update on the CEO succession plan.

    Answer

    President and CEO Jeffery Leonard projected a continued but slow revenue build in Vegetation Management, noting uncertainty in forestry. EVP and CFO Agnes Kamps added that confidence is higher on the agricultural side due to strong orders and improved plant productivity. Kamps attributed margin pressure to the learning curve post-consolidation. Leonard cautioned against expecting significant margin improvement until Q4 due to an unfavorable product mix in forestry. Regarding succession, Leonard confirmed the process is on track for a conclusion in Q3.

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    Mircea Dobre's questions to Alamo Group Inc (ALG) leadership • Q1 2025

    Question

    Mircea Dobre of Robert W. Baird & Co. sought clarification on the cost impact of tariffs on U.S. components and raw materials, the flow-through of steel prices, and the company's outlook for Q2 performance in each business segment.

    Answer

    CEO Jeff Leonard estimated that reciprocal tariffs could increase purchased material costs by about 5%, translating to a 1-2% impact on total cost of goods sold, which will be managed through efficiencies and pricing. He noted that steel price increases have already been passed on to customers, a standard practice the market is used to. For the Q2 outlook, Leonard projected continued slow, sequential improvement in sales and margin for the Vegetation Management division. For the Industrial Equipment division, he expects expansion in both sales and margin, supported by a robust backlog of over $500 million.

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    Mircea Dobre's questions to Alamo Group Inc (ALG) leadership • Q3 2024

    Question

    Mircea Dobre of Baird questioned if Vegetation Management sales would continue to decline towards the stabilized order rate, potentially eroding margins despite cost cuts. He also asked about SG&A trends and the reason for the sequential margin softening in the high-performing Industrial Equipment division.

    Answer

    President and CEO Jeff Leonard acknowledged the logic, stating the company will be "playing defense" in Vegetation Management through at least Q1 2025 but emphasized that "huge chunks of cost" have been structurally removed. CFO Agnes Kamps added these cost savings are permanent. Regarding SG&A, Leonard confirmed reduced bonus accruals helped in Q3. For Industrial margins, he cited pre-election caution for some order flattening but sees room for modest expansion in 2025.

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    Mircea Dobre's questions to ESAB Corp (ESAB) leadership

    Mircea Dobre's questions to ESAB Corp (ESAB) leadership • Q2 2025

    Question

    Mircea Dobre sought clarification on the $30 million in productivity and back-office savings, asking if it was incremental and why guidance was not raised more, given the savings and FX tailwinds. He also requested details on the size of the Mexico business and the specific industries driving the disruption.

    Answer

    CFO Kevin Johnson confirmed the savings are incremental for the year but noted the company is also reinvesting $20 million into strategic growth initiatives like AI. President & CEO Shyam Kambeyanda explained that Mexico and automation together represent 20-25% of the Americas business and were the source of the 500 bps headwind, driven by customers in transportation and general industry pausing orders.

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    Mircea Dobre's questions to ESAB Corp (ESAB) leadership • Q1 2025

    Question

    Mircea Dobre sought clarification on the Americas organic growth outlook, specifically the price/volume split and the expected cadence of margin progression for 2025.

    Answer

    CFO Kevin Johnson confirmed the Americas outlook implies stronger pricing but more challenged volumes, with volumes expected to be down mid-single digits for the year. CEO Shyam Kambeyanda noted that while the company is confident in its ability to expand margins via its EBX process, the cadence in 2025 will likely differ from the sequential build seen in 2023 and 2024 due to the different organic growth environment.

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    Mircea Dobre's questions to ESAB Corp (ESAB) leadership • Q3 2024

    Question

    Mircea Dobre of Robert W. Baird & Co. inquired about the drivers behind the double-digit growth in equipment sales amid a subdued macro environment, asking if it was due to new products or channel stocking. He also asked for an update on European market conditions, particularly if a bottom was forming.

    Answer

    CEO Shyam Kambeyanda attributed the strong equipment sales to commercial excellence initiatives, a complete product portfolio, and significant progress in North America, explicitly denying it was due to channel stocking. He characterized the European market as subdued but stable, similar to Q2, with the company gaining share through strategic product line simplification despite softness in automotive and yellow goods sectors.

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    Mircea Dobre's questions to Caterpillar Inc (CAT) leadership

    Mircea Dobre's questions to Caterpillar Inc (CAT) leadership • Q2 2025

    Question

    Mircea Dobre of Robert W. Baird & Co. asked about the long-term potential to mitigate tariff costs and if the current drag should be considered a structural headwind for 2026.

    Answer

    CEO Joe Creed reiterated that it's too early to call any impact "permanent" as the situation is uncertain and all mitigation levers remain available. He deferred specific 2026 commentary, emphasizing the company's strong operational momentum. CFO Andrew Bonfield added that the ultimate focus is on profitable growth in absolute dollar terms, not just margin percentages.

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    Mircea Dobre's questions to Caterpillar Inc (CAT) leadership • Q4 2024

    Question

    Mircea Dobre of Baird requested clarification on the Construction Industries segment, asking for the expected sequential progression of revenue and margin from Q4 2024 into Q1 2025.

    Answer

    Executive Andrew R. Bonfield explained that the typical Q1 sales lift from dealer inventory builds will be significantly less in 2025. He noted that this, combined with a price headwind similar to Q4, are primarily timing issues. Underlying sales to users are expected to be relatively stable, with no major demand shift anticipated through the year.

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    Mircea Dobre's questions to Caterpillar Inc (CAT) leadership • Q3 2024

    Question

    Mig Dobre asked what percentage of the current backlog is deliverable within the next 12 months and about the competitive dynamics in power generation, particularly regarding lead times.

    Answer

    Chairman and CEO Jim Umpleby stated that, as a general rule, about 75% of the total backlog is expected to be sold within 12 months. He acknowledged that demand for reciprocating engines in power generation is very strong, confirming that if Caterpillar could produce more engines, it could sell more, which is the primary reason for the announced capacity expansion.

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    Mircea Dobre's questions to Oshkosh Corp (OSK) leadership

    Mircea Dobre's questions to Oshkosh Corp (OSK) leadership • Q2 2025

    Question

    Mircea Dobre from Robert W. Baird & Co. sought clarification on how Oshkosh expects to fully offset tariff headwinds and whether this could become a larger issue in 2026. He also asked about the margin trajectory for the Transport segment in the second half and its sustainability into the next year.

    Answer

    CEO John Pfeifer clarified that while tariff headwinds persist, a combination of a slightly improved tariff environment, ongoing mitigation strategies like local-for-local production, and general business outperformance allows them to maintain their guidance. CFO Matthew Field stated that the Transport segment's margin is expected to improve steadily due to new contracts for FHTV and FMTV, providing building blocks for continued improvement into 2026.

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    Mircea Dobre's questions to Oshkosh Corp (OSK) leadership • Q1 2025

    Question

    Mircea Dobre inquired about the specific sources of tariff-related cost headwinds by component or country and asked for details on the Defense segment's NGDV revenue ramp and margin cadence for the year.

    Answer

    CFO Matthew Field identified the Access segment as the most exposed due to its global supply chain, with China having an outsized impact. For the Defense segment, Field reiterated that NGDV production will ramp to a full run rate by year-end, with revenue and margins expected to increase sequentially throughout the year. CEO John Pfeifer added that Q1's breakeven result does not alter their full-year confidence.

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    Mircea Dobre's questions to Oshkosh Corp (OSK) leadership • Q4 2024

    Question

    Mircea Dobre from Robert W. Baird & Co. pressed for more detail on the Defense segment's margin cadence, specifically asking about the implied margin for Q1 2025. He also asked if the segment could be expected to return to normalized margins in 2026, given the NGDV ramp and contract repricing.

    Answer

    CFO Matt Field confirmed that Q1 would be the lowest production quarter for USPS and thus the lowest margin quarter for the Defense segment. CEO John Pfeifer explained that the benefits from repriced contracts for heavy and medium tactical vehicles will materialize slowly, starting in late 2025 and into 2026, while the NGDV margin builds throughout the year with production volume.

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    Mircea Dobre's questions to Oshkosh Corp (OSK) leadership • Q3 2024

    Question

    Mircea Dobre asked how Oshkosh plans to manage its Access segment in 2025 given added capacity and softer demand, and if restructuring is a possibility. He also inquired if the proprietary chassis on the Volterra EV refuse truck provides a competitive advantage.

    Answer

    CEO John Pfeifer stated the company has been building resilience through manufacturing flexibility and growing aftermarket revenue, and does not anticipate significant restructuring. EVP and CFO Michael Pack confirmed the integrated Volterra chassis is a competitive advantage, enabling superior safety, productivity, and total cost of ownership benefits.

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    Mircea Dobre's questions to AGCO Corp (AGCO) leadership

    Mircea Dobre's questions to AGCO Corp (AGCO) leadership • Q2 2025

    Question

    Peter Kalemcaryian, on behalf of Mircea Dobre of Robert W. Baird & Co., asked for quantification of the market share gain embedded in the 2025 guidance and for commentary on Fendt's share in North America amid potential tariff impacts.

    Answer

    SVP & CFO Damon Audia stated that while specific figures are not disclosed, AGCO is gaining share across its brands and regions. Chairman, President & CEO Eric Hansotia elaborated on pricing strategy, explaining that tariff-related costs are managed across the entire global portfolio to maintain competitive balance, rather than being applied directly to the affected products.

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    Mircea Dobre's questions to AGCO Corp (AGCO) leadership • Q4 2024

    Question

    Mircea Dobre from Robert W. Baird & Co. questioned the timeline for normalizing dealer inventory, asking if the issue would be resolved in Q1 or Q2, and what benchmarks would guide Q2 production. He also sought clarity on the confidence behind the forecast for positive pricing in 2025 after a negative Q4.

    Answer

    CFO Damon Audia explained that while European inventory is in good shape, the process will extend into Q2 for South America and potentially longer for North America, depending on farmer sentiment. Regarding pricing, he cited carryover from new Fendt models, a tax law change in Argentina that affects the metric, and expected positive pricing in North America as factors supporting the 0% to 1% positive full-year forecast.

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    Mircea Dobre's questions to AGCO Corp (AGCO) leadership • Q3 2024

    Question

    Mircea Dobre sought to clarify the 2025 demand outlook, asking if the combination of lower unit inventories and higher 'months of supply' implied a mid-teens market decline next year. He also questioned why Q4 production cuts were not more aggressive, given that guidance suggested stable to slightly higher sequential production.

    Answer

    Damon Audia, SVP & CFO, and Eric Hansotia, CEO, indicated that while the market will be down in 2025, they do not expect another large decline like in 2024. Hansotia framed 2025 as likely landing between 2024 levels and the previous cycle's trough. Audia explained that Q4 production appears higher sequentially mainly due to a rebound in Europe after extended Q3 shutdowns and that the company is still producing to fill specific retail orders.

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    Mircea Dobre's questions to Lincoln Electric Holdings Inc (LECO) leadership

    Mircea Dobre's questions to Lincoln Electric Holdings Inc (LECO) leadership • Q2 2025

    Question

    Mircea Dobre from Robert W. Baird & Co. asked for a deeper dive into the stabilizing automation business, particularly the automotive component, and questioned if the strength in general industries involved any demand pull-forward due to tariffs. He followed up by asking about the framework for incremental margins in the next growth cycle, given the company's margin resilience and larger automation mix.

    Answer

    President, CEO & Chair Steven Hedlund clarified that a 'steady' automation outlook for H2 implies a year-over-year decline, as Q4 is typically stronger. EVP, CFO & Treasurer Gabriel Bruno added that he was not seeing any inventory pull-forward and that positive consumable activity reflects real factory demand. Regarding future margins, Bruno stated that the company targets mid-20s incremental margins on mid-single-digit volume growth, with automation expected to contribute at a higher incremental rate as it recovers.

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    Mircea Dobre's questions to Lincoln Electric Holdings Inc (LECO) leadership • Q1 2025

    Question

    Mircea Dobre sought clarity on the cautious second-half outlook, questioning whether it was driven primarily by automation project delays or a potential slowdown in the more stable consumables business. He also asked for specifics on where the company is facing tariff-related cost headwinds, such as in certain components or sourcing countries.

    Answer

    CEO Steven Hedlund clarified that the cautious outlook stems from two factors: 1) risk to automation revenue recognition from delayed customer decisions, and 2) concern that further price increases to offset tariffs could negatively impact volumes in the core business. CFO Gabriel Bruno added that tariff pressures are broad-based across steel, components, and accessories, with less than 20% of total COGS exposed. He noted this exposure across their global supply chain is what informs their mid-single-digit pricing response.

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    Mircea Dobre's questions to Lincoln Electric Holdings Inc (LECO) leadership • Q3 2024

    Question

    Mircea Dobre followed up on the automation business, asking about potential long-term adjustments given persistent automotive challenges and the role of M&A. He also questioned if the current decremental margin performance could be sustained into 2025 if market weakness continues.

    Answer

    CFO Gabriel Bruno affirmed confidence in the long-term automation strategy and its path to higher margins, stating the company will navigate the cycle without compromising growth. CEO Steven Hedlund added that significant work has already been done to make the automation business more resilient. Regarding 2025 margins, Bruno pointed to the strength of the business model. Hedlund added that it's hard to imagine conditions worsening, but the company has more cost levers to pull if necessary.

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    Mircea Dobre's questions to Terex Corp (TEX) leadership

    Mircea Dobre's questions to Terex Corp (TEX) leadership • Q2 2025

    Question

    Mircea Dobre asked about the reasons for the $20 million reduction in EBITDA guidance, the specifics of tariff mitigation plans, and the margin and revenue outlook for the Aerials (AWP) segment in the second half.

    Answer

    SVP & CFO Jennifer Kong-Picarello explained the EBITDA adjustment was due to an unfavorable mix in Aerials and higher tariffs, which offset stronger ES performance. President & CEO Simon A. Meester detailed mitigation strategies including supply chain collaboration and insourcing. For Aerials, management expects a mid-single-digit operating margin in Q3, down from Q2, due to tariffs and mix, but expressed confidence in the full-year outlook based on normal seasonality and backlog visibility.

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    Mircea Dobre's questions to Terex Corp (TEX) leadership • Q1 2025

    Question

    Mircea Dobre questioned if the $0.40 tariff guidance includes potential tariffs on UK-produced goods affecting the MP segment. He also asked about the long-term sustainability of the high Environmental Solutions (ES) segment margins.

    Answer

    CEO Simon Meester emphasized that the primary tariff mitigation strategy is through supply chain adjustments, declining to comment on specific pricing for the MP segment. CFO Jennifer Kong-Picarello addressed ES margin sustainability by pointing to the expected $25 million in run-rate synergies by 2026, which will support profitability despite investments needed to sustain record throughput.

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    Mircea Dobre's questions to Terex Corp (TEX) leadership • Q4 2024

    Question

    Mircea Dobre questioned why the Materials Processing (MP) segment is expected to decline less than AWP, given its weaker backlog coverage, and asked about Q1 margin expectations. He also followed up on whether shifting production due to tariffs would undermine the long-term margin benefits of the Mexico facility.

    Answer

    Executive Simon Meester explained that the MP segment has strong forward visibility through its dealer model and is expected to bottom in Q1 before improving sequentially, driven by an aging fleet and positive quoting activity. Executive Julie Beck noted Q1 MP margins would be consistent with Q4. Regarding the Mexico plant, management clarified they have options to repurpose it for other regions and are not planning to change the physical footprint, thus preserving its value.

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    Mircea Dobre's questions to Illinois Tool Works Inc (ITW) leadership

    Mircea Dobre's questions to Illinois Tool Works Inc (ITW) leadership • Q2 2025

    Question

    Mircea Dobre of Robert W. Baird & Co. asked about the business impact of tariff uncertainty during Q2 and questioned the company's capital allocation strategy, particularly regarding M&A and the potential for more aggressive buybacks.

    Answer

    President & CEO Chris O'Herlihy stated that since ITW produces over 90% of its products in the regions where they are sold, the direct tariff impact is manageable. On capital allocation, he reiterated a disciplined M&A approach, while Senior VP & CFO Michael Larsen confirmed the current strategy of prioritizing internal investments, a growing dividend, and systematic buybacks is considered optimal and well-aligned with the enterprise strategy.

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    Mircea Dobre's questions to Herc Holdings Inc (HRI) leadership

    Mircea Dobre's questions to Herc Holdings Inc (HRI) leadership • Q2 2025

    Question

    Mircea Dobre of Robert W. Baird & Co. asked to distinguish between cyclical and structural issues in H&E's performance, and questioned the strategy for recovery. He also inquired about the company's path to deleveraging and the expected timeline for resuming M&A activity.

    Answer

    SVP & CFO Mark Humphrey stated the company will follow its integration plan and reiterated the goal of reaching its 2-3x leverage target within calendar 2027. CEO Lawrence Silber confirmed that M&A is paused for the 'near term' until the integration is complete, synergies are being achieved, and leverage is reduced.

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    Mircea Dobre's questions to Herc Holdings Inc (HRI) leadership • Q1 2025

    Question

    Mircea Dobre asked if mega projects are a margin headwind, contrasting with H&E's experience. He also inquired about the plan and timeline for deleveraging post-acquisition, especially in an uncertain macro environment.

    Answer

    COO Aaron Birnbaum explained that mega projects are not a margin headwind for Herc because its broad product and specialty fleet offerings provide premium returns that offset any pricing pressure on general rent. CFO W. Humphrey stated pro forma leverage would be just over 3.5x, with a plan to return to the 2x-3x target range within 24 months by running their standard downturn playbook if needed (cutting CapEx, managing costs).

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    Mircea Dobre's questions to Herc Holdings Inc (HRI) leadership • Q4 2024

    Question

    Mircea Dobre asked about the business impact from recent California fires and sought clarification on why the mega project start forecast shows significantly more growth than combined non-residential and infrastructure forecasts.

    Answer

    COO Aaron Birnbaum stated that no special revenue from the California fires is embedded in guidance, as the focus is on emergency response and awaiting rebuilding funds. He also explained that many large, privately-funded mega projects are not captured in traditional non-residential construction data sets like Dodge. CFO W. Humphrey added that no Herc branches were damaged.

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    Mircea Dobre's questions to Herc Holdings Inc (HRI) leadership • Q3 2024

    Question

    Mircea Dobre sought clarification on whether the updated guidance includes a normal hurricane season assumption or if it's a placeholder. He also asked what drove the $50 million revenue guidance increase and why it didn't translate to a larger EBITDA uplift.

    Answer

    CEO Lawrence Silber confirmed the guidance bakes in a 'historical normal average' for hurricane impact, which is just one of several positive factors. He and CFO W. Humphrey explained the muted EBITDA impact is due to the margin drag from recent acquisitions and greenfields, which are not yet at mature profitability levels. Humphrey also cited accelerating mega project growth as a key driver for the higher revenue outlook.

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    Mircea Dobre's questions to Titan Machinery Inc (TITN) leadership

    Mircea Dobre's questions to Titan Machinery Inc (TITN) leadership • Q1 2026

    Question

    Mircea Dobre from Baird requested a regional inventory update, details on the significant European revenue guidance increase driven by Romania, and clarification on the domestic Ag segment's sales cadence and margin improvement drivers for the remainder of the year.

    Answer

    Executive Bryan Knutson explained the inventory reduction is focused on Domestic Ag (60%) and Europe (40%), primarily targeting used and aged seasonal products. The European guidance increase is driven by significant EU stimulus funds in Romania, which constitutes half of the segment's business. Executive Bo Larsen added that domestic Ag margins are expected to improve in the second half as aged, interest-bearing inventory is cleared. He projected domestic Ag equipment sales to be down about 30% YoY for the remaining quarters.

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    Mircea Dobre's questions to Titan Machinery Inc (TITN) leadership • Q4 2025

    Question

    Mircea Dobre of Robert W. Baird & Co. questioned the effectiveness of government aid in stimulating demand, the adequacy of the planned $100M inventory reduction, inventory levels on a per-unit basis versus historical norms, and the SG&A outlook for fiscal 2026.

    Answer

    Executive Bryan Knutson acknowledged commodity prices are the primary demand driver but viewed past government aid as a stabilizing factor. Executive Bo Larsen explained the $100M inventory reduction is a starting point that will be adjusted based on demand, targeting an inventory turn ratio of 1.9-2.0x in the medium term. Larsen also provided guidance for fiscal 2026 SG&A to be approximately $380 million, or 17.3% of sales.

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    Mircea Dobre's questions to Titan Machinery Inc (TITN) leadership • Q3 2025

    Question

    Mircea Dobre of Baird asked a series of questions covering inventory reduction plans for Q4 and fiscal 2026, the geographic focus of destocking, the forward outlook for equipment margins, the risk of a large used equipment write-down, the level of OEM support, and Titan's view on Deere's pessimistic industry forecast.

    Answer

    Executive Bo Larsen confirmed that inventory reduction will continue in Q4 and accelerate in fiscal 2026, with the bulk of the effort focused on the U.S. and about $70 million in Europe. He projected domestic Ag equipment margins would remain in the low 5% range through fiscal 2026, with continuous market-based adjustments mitigating the risk of a single large write-down. Executive Bryan Knutson added that CNH is providing support similar to Deere's programs and that Titan's $400 million inventory reduction target is appropriate, even considering a potentially weaker market, due to factors like equipment cost inflation and a different lease return environment than in the last cycle.

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    Mircea Dobre's questions to Titan Machinery Inc (TITN) leadership • Q2 2025

    Question

    Mircea Dobre of Robert W. Baird & Co. asked for clarification on lower rental margins and a high 'other expense' line item in Q2. He also questioned the modest inventory reduction target for H2 FY25, the significant margin pressure, and whether new equipment orders are for stock or are presold.

    Answer

    Executive Bo Larsen explained the 'other expense' was a net figure from a sale-leaseback expense and a tax credit gain. He attributed lower rental margins to reduced utilization. Larsen noted the inventory decline is modest because they are still receiving old orders and sales forecasts have been lowered. He anticipates margins in FY26 will be similar to H2 FY25, not more compressed. Executive Bryan Knutson confirmed that new orders are almost exclusively presold with customer names.

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    Mircea Dobre's questions to Middleby Corp (MIDD) leadership

    Mircea Dobre's questions to Middleby Corp (MIDD) leadership • Q1 2025

    Question

    Mircea Dobre asked for a segmental breakdown of the estimated $175 million tariff impact, the timeline for offsetting these costs, and the split between pricing versus other actions, questioning the ability to raise prices in a weak market. He also asked about the Q2 revenue outlook and risks to the second-half new store opening schedule.

    Answer

    An executive, identified as Steve, detailed the tariff impact as roughly 70% Commercial, 20% Residential, and 10% Food Processing. He stated the company is confident it can mitigate the impact by year-end through a July 1 price increase, supply chain moves, and operational initiatives. He specified the price increase would be in the mid-to-high single-digit range, covering a predominant part of the cost. He also confirmed expectations for sequential revenue improvement in Q2 and that customer new store opening plans for the second half remain higher year-over-year.

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    Mircea Dobre's questions to Middleby Corp (MIDD) leadership • Q4 2024

    Question

    Mircea Dobre questioned the full scope of the strategic review, asking if the Residential business was also being evaluated for alternatives, and sought details on the Commercial Foodservice outlook, particularly the drivers for its expected growth inflection in 2025.

    Answer

    Executive Timothy FitzGerald affirmed the portfolio is under continuous review but the current action is focused on Food Processing, highlighting the Residential segment's significant margin recovery potential. Regarding the Commercial outlook, Executive Bryan Mittelman and Executive Steve Spittle projected sequential improvement driven by chain customer new store plans, increased general market quoting activity, and strong international momentum.

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    Mircea Dobre's questions to Middleby Corp (MIDD) leadership • Q3 2024

    Question

    Mircea Dobre asked about the Q4 Commercial Foodservice outlook diverging from normal seasonality, distributor inventory levels, the lack of a January 1 price increase, and the significant decline in SG&A. He also followed up on the company's capital deployment strategy.

    Answer

    Executive Steve Spittle explained that the typical Q4 distributor inventory build is not expected due to higher interest rates and improved lead times, and clarified that destocking is largely complete. He also noted that while a Jan 1 price increase isn't planned, strategic pricing actions will continue. CFO Bryan Mittelman and Executive Timothy FitzGerald detailed approximately $50 million in ongoing restructuring and cost-saving initiatives contributing to margin strength and lower SG&A. On capital deployment, Bryan Mittelman stated cash is being held for flexibility for M&A and they are evaluating all options for capital return.

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    Mircea Dobre's questions to Helios Technologies Inc (HLIO) leadership

    Mircea Dobre's questions to Helios Technologies Inc (HLIO) leadership • Q1 2025

    Question

    Mircea Dobre asked how the Q2 guidance compares to the original plan, sought clarity on modeling the $15 million tariff impact, and inquired about recent demand trends. He also questioned the potential for restructuring in the Hydraulics segment given its persistent margin pressure.

    Answer

    CEO Sean Bagan confirmed that first-half performance is ahead of their internal plan and that they expect to mitigate most of the $15 million tariff headwind, so it should not be modeled as a direct cost hit. He noted positive demand trends, with order intake exceeding sales for five consecutive months. Regarding Hydraulics, Bagan acknowledged the margin pressure but pointed to green shoots and a focus on growth, while stating that restructuring remains an option if growth does not materialize.

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    Mircea Dobre's questions to Helios Technologies Inc (HLIO) leadership • Q4 2024

    Question

    Mircea Dobre questioned the potential impact of tariffs on Mexico operations, the reason for sequential margin compression in Q1 2025, the expected timing for organic growth to turn positive, and the path back to historical mid-20s EBITDA margins.

    Answer

    CEO Sean Bagan explained that Helios has the flexibility to move production from Mexico back to its Tulsa facility if necessary, though this would likely have a cost impact. He noted competitors face similar tariff pressures. The sequential margin compression in Q1 is primarily due to the reset of full incentive compensation accruals for the new year. He anticipates organic growth will turn positive in Q3 2025. To return to mid-20s EBITDA margins, Bagan stated the company would likely need to reach a revenue run rate of around $1 billion, given changes in business mix like the smaller post-COVID scale of the high-margin Balboa business.

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    Mircea Dobre's questions to Helios Technologies Inc (HLIO) leadership • Q3 2024

    Question

    In a follow-up, Mircea Dobre of Baird asked about the company's strategy for its Tijuana, Mexico facility given potential tariff changes and the renegotiation of NAFTA.

    Answer

    Sean Bagan, Interim President, CEO, and CFO, stated that while the company is monitoring the situation, it is not currently backing off its Mexico strategy. He emphasized the flexibility of Helios's footprint, noting that production in Tijuana can be replicated in U.S. facilities if necessary. Bagan explained that any decision to shift manufacturing would be part of a broader footprint optimization evaluation should new tariffs or trade agreements negatively impact the current cost benefits.

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    Mircea Dobre's questions to Astec Industries Inc (ASTE) leadership

    Mircea Dobre's questions to Astec Industries Inc (ASTE) leadership • Q1 2025

    Question

    Mircea Dobre sought clarification that the company's guidance excludes tariff impacts and asked for a quantifiable estimate of that impact. He also questioned the full-year margin progression given the strong Q1 start and requested the trailing 2024 EBITDA for the TerraSource acquisition, separate from synergies.

    Answer

    CEO Jaco van der Merwe confirmed that the current guidance for 2025 excludes tariff impacts. He estimated the potential COGS impact could be 4% to 10% if no mitigating actions were taken, but stated the company's goal is to neutralize this through pricing, forward-buying, and supplier negotiations. He acknowledged Q1 was strong but felt it was too early to raise guidance. CFO Brian Harris declined to provide a specific historical EBITDA for TerraSource but noted it could be approximated from the transaction details provided.

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    Mircea Dobre's questions to REV Group Inc (REVG) leadership

    Mircea Dobre's questions to REV Group Inc (REVG) leadership • Q1 2025

    Question

    Mircea Dobre questioned the size of the inflation buffer in the Specialty Vehicles backlog, asked why guidance was not raised after a strong Q1 beat, and inquired about the sustainability of strong order intake for fire and ambulance vehicles.

    Answer

    CFO Amy Campbell stated that while Q1 exceeded internal expectations, the company is maintaining its full-year guidance to account for known and unknown risks, including potential inflation, though a path to the top half of the range exists. CEO Mark Skonieczny noted that ambulance chassis costs are a pass-through, mitigating some risk. Campbell also confirmed that Specialty Vehicle orders remain meaningfully above long-term trends but it's too early to know if this is a new normal.

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    Mircea Dobre's questions to REV Group Inc (REVG) leadership • Q4 2024

    Question

    Mircea Dobre of Baird inquired about REV Group's operational progress, asking if the 'heavy lifting' is complete, the potential for more aggressive M&A, the criteria for acquisitions, the possibility of further divestitures, the sustainability of the Specialty Vehicles margin bridge, and the deployment strategy for the new share repurchase authorization.

    Answer

    President and CEO Mark Skonieczny stated that while significant progress has been made, operational improvement is a continuous process, with the Fire segment expected to reach the Ambulance segment's level by the end of Q2 2025. He confirmed the company has the flexibility for M&A and is actively looking for opportunities tangential to the specialty vehicle space. CFO Amy Campbell added that the 14-16% margin target for Specialty Vehicles is considered structurally sustainable, and the share buyback provides management with flexibility to act based on market conditions and other capital allocation priorities.

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    Mircea Dobre's questions to REV Group Inc (REVG) leadership • Q3 2024

    Question

    Mircea Dobre asked for an update on the wind-down of the ENC business, including its revenue and EBITDA impact in the quarter. He also inquired about the magnitude of the performance drag from the terminal trucks business, the nature of recent restructuring charges, and the sustainability of RV revenue given its declining backlog.

    Answer

    CEO Mark Skonieczny stated the ENC wind-down is ahead of schedule, recognizing about $40 million in revenue in Q3, with completion expected in early Q4. CFO Amy Campbell added that ENC was accretive to margins. Regarding terminal trucks, Mark Skonieczny confirmed the business is at a cyclical trough and is a mid-single-digit EBITDA margin business long-term. He also clarified that recent restructuring charges were entirely related to the ENC closure. On RV demand, he noted it's a 'wait and see' situation, but the company is actively flexing costs to align with demand.

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    Mircea Dobre's questions to Mayville Engineering Company Inc (MEC) leadership

    Mircea Dobre's questions to Mayville Engineering Company Inc (MEC) leadership • Q3 2024

    Question

    Mircea Dobre inquired about the fourth-quarter outlook, seeking a breakdown of manufacturing margin and SG&A expectations. He also questioned if the Q4 revenue forecast is based on firm orders and challenged the view that Q4 represents a cyclical trough, citing ongoing production cuts across MEC's key end markets extending into 2025.

    Answer

    Executive Todd Butz projected a slight sequential decrease in Q4 manufacturing margin due to fixed cost under-absorption from lower volumes, but noted SG&A would see a favorable impact from cost reductions. He confirmed the Q4 revenue outlook is based on firm orders. Executive Jagadeesh Reddy addressed the 2025 recovery, expecting powersports to rebound first in H1, followed by construction, with the commercial vehicle market picking up in H2. He noted that while the agriculture market downturn may persist, it only represents 8% of total revenue.

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