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    Patrick Buckley • Jefferies

    Patrick Buckley's questions to Standard Motor Products Inc (SMP) leadership

    Patrick Buckley's questions to Standard Motor Products Inc (SMP) leadership • Q2 2025

    Question

    Patrick Buckley of Jefferies inquired about pricing trends and same-SKU inflation for the second half of 2025, particularly in relation to tariffs. He also asked for a comparison of point-of-sale (POS) versus sell-in within the U.S. Aftermarket and whether there were signs of inventory builds ahead of price increases.

    Answer

    Eric Sills, Chair, CEO & President, clarified that second-half pricing is designed to cover tariffs at cost, resulting in a nominal impact across the entire product offering. He explained that for the Vehicle Control segment, sell-in is slightly outpacing sell-through as customers expand their footprint, not as a reaction to price changes. For Temperature Control, he noted that POS was slightly up against a tough prior-year comparison, with year-to-date trends tracking in the low single digits.

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    Patrick Buckley's questions to LCI Industries (LCII) leadership

    Patrick Buckley's questions to LCI Industries (LCII) leadership • Q2 2025

    Question

    Patrick Buckley of Jefferies asked for a breakdown of the 5% July sales growth between acquisitions and price, inquired about product categories with domestic resourcing opportunities, and asked for the wholesale shipment assumption behind the 2027 revenue target.

    Answer

    EVP & CFO Lillian Etzkorn attributed a significant portion of the July growth, approximately 3-4 percentage points, to acquisitions. President and CEO Jason Lippert explained that while they always evaluate moving production to the U.S., cost incentives often lead to resourcing in other countries outside of China. He stated the $5 billion revenue target for 2027 assumes a return to a normalized RV wholesale environment of 400,000 to 415,000 units annually.

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    Patrick Buckley's questions to LCI Industries (LCII) leadership • Q4 2024

    Question

    Patrick Buckley from Jefferies questioned the drivers behind the 17% increase in January RV OEM sales, asking if it was due to underlying retail demand or OEM pre-buying ahead of tariffs. He also inquired about the marine market, including dealer sentiment and confidence in a second-half rebound.

    Answer

    CEO Jason Lippert stated he did not believe there was any pre-buying related to tariffs, attributing the sales increase to retail demand, citing strong results from dealers like Blue Compass. Regarding the marine market, he described it as being about 1.5 years behind the RV cycle, with dealers still working through inventory. He expressed confidence that marine retail will pick up in the second half of the year, which will then impact wholesale demand.

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    Patrick Buckley's questions to Sonic Automotive Inc (SAH) leadership

    Patrick Buckley's questions to Sonic Automotive Inc (SAH) leadership • Q2 2025

    Question

    Patrick Buckley of Jefferies, on behalf of Bret Jordan, asked if the strong first-half franchise used vehicle GPU is sustainable or if moderation is expected in the second half. He also inquired about the company's outlook for the new vehicle SAAR for the remainder of the year.

    Answer

    President Jeff Dyke indicated that the franchise used vehicle GPU should remain near current levels, though he acknowledged potential headwinds from tariff uncertainty and manufacturer inventory actions. Regarding the new vehicle SAAR, both CFO Heath Byrd and President Jeff Dyke stated that while it's volatile, a range of 15 to 16 million feels appropriate for the current environment, barring significant changes like interest rate cuts.

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    Patrick Buckley's questions to Sonic Automotive Inc (SAH) leadership • Q1 2025

    Question

    Patrick Buckley, on behalf of Jefferies, asked about the future trajectory for used vehicle GPUs following a strong Q1 and the outlook for Battery Electric Vehicles (BEVs) regarding inventory versus demand.

    Answer

    President Jeff Dyke indicated that franchise used vehicle margins should hold steady if tariff impacts are minimal, while EchoPark's margins are growing due to an increased mix of vehicles purchased directly from consumers. Regarding BEVs, Dyke and CEO David Smith noted that inventory levels are now better aligned with consumer demand, which CFO Heath Byrd confirmed is reducing the GPU headwind from EVs seen in 2024.

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    Patrick Buckley's questions to Sonic Automotive Inc (SAH) leadership • Q3 2024

    Question

    Patrick Buckley, on for Bret Jordan, asked about the market conditions and timeline for resuming EchoPark's expansion and inquired about F&I trends for 2025, including potential headwinds and upsides.

    Answer

    EchoPark COO Tim Keen projected normalized market conditions for expansion in 12-18 months, targeting early 2026. President Jeff Dyke added that the trigger would be improved vehicle affordability, specifically an average payment below $400. Regarding F&I, Jeff Dyke advised modeling around current levels, acknowledging potential upside from rate cuts but remaining conservative.

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    Patrick Buckley's questions to Snap-On Inc (SNA) leadership

    Patrick Buckley's questions to Snap-On Inc (SNA) leadership • Q1 2025

    Question

    Patrick Buckley from Jefferies inquired about recent auto dealer sentiment in light of potential tariffs and asked for the drivers behind the stronger performance of the international segment of the Tools Group compared to the U.S.

    Answer

    CEO Nicholas Pinchuk explained that auto dealer business is not significantly impacted by new car availability, as their profits are driven by repair, which can increase when new car sales are slow. He noted the outperformance of the international Tools Group was due to those markets being insulated from the U.S.-centric political and economic uncertainty that has created the 'cash-rich, confidence-poor' phenomenon domestically.

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    Patrick Buckley's questions to Winnebago Industries Inc (WGO) leadership

    Patrick Buckley's questions to Winnebago Industries Inc (WGO) leadership • Q2 2025

    Question

    Patrick Buckley, on behalf of Bret Jordan, asked for a comparison of the marine and RV cycles, the current state of marine dealer health, and their appetite for restocking inventory.

    Answer

    President and CEO Michael Happe stated that the marine industry appears to be slightly behind the RV industry in its destocking cycle. He noted that marine dealer financial health is comparable to that of RV dealers, with no extraordinary pressures. Field inventory for Winnebago's marine brands is down double-digits year-over-year, and he expects several more quarters of destocking behavior from marine dealers.

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    Patrick Buckley's questions to Winnebago Industries Inc (WGO) leadership • Q4 2024

    Question

    Patrick Buckley, on for Bret Jordan, asked about recent trends in the competitive RV environment, specifically whether Winnebago is seeing more aggressive pricing strategies from competitors looking to take share.

    Answer

    President and CEO Michael Happe described the retail marketplace as aggressive but not irrational. He noted that competitors focused on high-volume, lower-cost products have an advantage in the current affordability-focused environment and confirmed that discounts and allowances remain elevated across all segments as a result.

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