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    Nick Cash • Goldman Sachs

    Nick Cash's questions to Watts Water Technologies Inc (WTS) leadership

    Nick Cash's questions to Watts Water Technologies Inc (WTS) leadership • Q2 2025

    Question

    Nick Cash, on for Brian Lee from Goldman Sachs, inquired about the impact of additional shipping days in Q4 and the reason for the implied sequential step-down in adjusted operating margins for Q4.

    Answer

    CFO Shashank Patel confirmed there will be a couple of extra shipping days in Q4, which will make up for fewer days in Q1. He explained that the anticipated Q4 margin decline is primarily due to volume deleverage, as Q4 volumes are expected to be lower than Q3.

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    Nick Cash's questions to Watts Water Technologies Inc (WTS) leadership • Q4 2024

    Question

    Nick Cash, on for Brian Lee of Goldman Sachs, asked about the go-to-market strategy for the recently acquired I-CON Systems, specifically its distribution channels and any potential cross-selling opportunities beyond the Nexa platform.

    Answer

    CEO Robert Pagano clarified that I-CON operates on a primarily direct-to-customer model. He mentioned they are evaluating opportunities to leverage the Bradley representative channel for some products but emphasized that the main synergies are expected from cost efficiencies, such as global sourcing, rather than sales.

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    Nick Cash's questions to Mueller Water Products Inc (MWA) leadership

    Nick Cash's questions to Mueller Water Products Inc (MWA) leadership • Q3 2025

    Question

    Nick Cash, on behalf of Goldman Sachs, asked for more detail on the margin headwinds in the Water Flow Solutions (WFS) segment, seeking to separate the impacts from tariffs versus lower service brass volumes. He also questioned if a meaningful foreign exchange (FX) tailwind could be expected in the next fiscal year as currency rates normalize.

    Answer

    SVP & CFO Melissa Rasmussen clarified that the company anticipated 80 to 100 basis points of margin improvement in the second half of the year from the legacy brass foundry closure. President & COO Paul McAndrew specified that the WFS segment, containing the specialty valve business, bore the largest portion of the tariff impact. Regarding FX, Rasmussen explained the Q3 impact was unusually large due to a 10% depreciation of the USD against the Israeli shekel and that future movements are unpredictable, noting the full-year FX impact was almost entirely concentrated in the third quarter.

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    Nick Cash's questions to Acuity Inc (AYI) leadership

    Nick Cash's questions to Acuity Inc (AYI) leadership • Q3 2025

    Question

    Nick Cash, on for Brian Lee, asked if accelerated orders were continuing ahead of potential July tariff changes. He also requested color on the size of the backlog built from these accelerated orders and the expected timeline to work through it.

    Answer

    Neil Ashe, Chairman, President & CEO, stated that there is nothing related to July that would cause further order acceleration unless new tariffs trigger another pricing action. He explained that the company is largely working through the existing backlog and that performance should be viewed on a combined six-month basis for Q3 and Q4 to see a more normalized picture.

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