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    Peter Lukas • CJS Securities

    Peter Lukas's questions to Matthews International Corp (MATW) leadership

    Peter Lukas's questions to Matthews International Corp (MATW) leadership • Q3 2025

    Question

    Peter Lukas of CJS Securities inquired about the financial contribution of the recently acquired Dodge Company, asking for its Q3 sales and EBITDA and the outlook for Q4. He also requested details on the Industrial Technologies segment's performance, seeking to understand which areas drove the revenue decline versus which areas showed growth.

    Answer

    CFO Steven Nicola reported that the Dodge Company contributed approximately $6 million in sales and $1 million in EBITDA for the quarter, with a similar run rate expected for Q4. Nicola explained that within the Industrial Technologies segment, sales in the energy and total engineering businesses were down, but these declines were partially mitigated by improved performance in the warehouse automation business.

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    Peter Lukas's questions to Primoris Services Corp (PRIM) leadership

    Peter Lukas's questions to Primoris Services Corp (PRIM) leadership • Q2 2025

    Question

    Peter Lukas of CJS Securities inquired about the timing of the Energy segment's order book for the remainder of 2025, the expected mix between renewables and natural gas, and the primary demand drivers within the Utility segment.

    Answer

    Chairman & Interim CEO David King confirmed that new awards in the Energy segment are expected to be back-half loaded, with significant bookings anticipated in Q3 and Q4. EVP & CFO Ken Dodgen added that renewables would constitute the majority of these new orders. For the Utility segment, David King explained that demand is largely driven by MSA work for both gas and electric utilities, with performance benefiting from improved crew productivity and some favorable project closeouts.

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    Peter Lukas's questions to Primoris Services Corp (PRIM) leadership • Q1 2025

    Question

    Peter Lukas of CJS Securities inquired about customer conversations regarding project timing amid economic uncertainty and asked for clarification on the implied increase in interest expense guidance.

    Answer

    CFO Ken Dodgen clarified that no projects are 'frozen' and the Q1 booking slowdown was anticipated. He noted Q1 interest expense was lower than expected and will be monitored before any guidance change. Chairman and Interim CEO David King added that Q1 bookings actually surpassed internal plans by approximately $300 million.

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    Peter Lukas's questions to Primoris Services Corp (PRIM) leadership • Q3 2024

    Question

    Peter Lukas inquired about the booking expectations for Q4, given that the full-year book-to-bill target of over 1x has already been met, and asked for a broader outlook on revenue growth by segment for the next 12 to 18 months.

    Answer

    CFO Ken Dodgen stated that Q4 bookings should result in a book-to-bill ratio of around 1x, a sequential decrease from the very strong Q3. CEO Tom McCormick provided a segment outlook, noting the Renewables business is already booking into 2026 and 2027, Industrial is seeing strong power generation opportunities, and Communications is benefiting from data center and fiber build-outs. He added that Gas utilities could see modest upside while the Pipeline business is expected to be relatively flat.

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    Peter Lukas's questions to Fox Factory Holding Corp (FOXF) leadership

    Peter Lukas's questions to Fox Factory Holding Corp (FOXF) leadership • Q1 2025

    Question

    Peter Lukas, on behalf of Larry Solow, inquired about progress on international opportunities, particularly in auto OEM and upfitting, and asked for a general update on the Gainesville manufacturing plant.

    Answer

    CEO Mike Dennison highlighted that international expansion in areas like wheels (Australia, Middle East), baseball bats (Japan), and bikes (China) provides valuable geographic diversification. He also noted the Gainesville plant has significantly improved its in-sourcing of machined parts, which helps mitigate tariff impacts. CFO Dennis Schemm added that these cost improvements are positively affecting sequential gross profit.

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    Peter Lukas's questions to Spectrum Brands Holdings Inc (SPB) leadership

    Peter Lukas's questions to Spectrum Brands Holdings Inc (SPB) leadership • Q2 2025

    Question

    Peter Lukas of CJS Securities inquired about Spectrum Brands' competitive advantages in sourcing given the new tariff landscape.

    Answer

    Chairman and CEO David Maura stated that a key advantage is having 80% of the Home & Personal Care (HPC) business's profits generated internationally, insulating it from U.S.-centric tariffs. He also noted that the Global Pet Care and Home & Garden segments would have negligible China sourcing exposure within months. CFO Jeremy Smeltser added that while the playing field is level, Spectrum's scale with major brands gives it priority with suppliers moving production to new countries, creating a competitive advantage in securing new capacity.

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    Peter Lukas's questions to Spectrum Brands Holdings Inc (SPB) leadership • Q1 2025

    Question

    Peter Lukas, on for Bob Lapick, asked about the company's sales and marketing spending plans, questioning if current levels are desired or if further increases are expected, and how the spending will be phased throughout the year.

    Answer

    CEO David Maura explained that marketing spend will be more evenly spread throughout the year, unlike the lumpy pattern of last year. He noted Q1 spend was up $8 million year-over-year as the company invests in top-funnel brand awareness. CFO Jeremy Smeltser added that the full-year spend will likely be up slightly, but it is being managed dynamically for returns, and it wouldn't be surprising to see less spending year-over-year in a later quarter to even out the phasing.

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    Peter Lukas's questions to Central Garden & Pet Co (CENT) leadership

    Peter Lukas's questions to Central Garden & Pet Co (CENT) leadership • Q2 2025

    Question

    Peter Lukas from CJS Securities asked if the company is observing a consumer trade-down to private label products. He followed up by asking about Central's capacity to handle increased private label business and the associated margin profile.

    Answer

    CEO Niko Lahanas confirmed seeing some trade-down, particularly in the Wild Bird business. J.D. Walker, President of Garden Consumer Products, added that the company's new private label business is performing well, indicating consumers are seeking value. Walker affirmed they have ample capacity for these margin-accretive programs. Lahanas elaborated that private label operating margins can be comparable to branded products due to lower SG&A, a model Central has deep experience with.

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    Peter Lukas's questions to Mativ Holdings Inc (MATV) leadership

    Peter Lukas's questions to Mativ Holdings Inc (MATV) leadership • Q4 2024

    Question

    Peter Lukas of CJS Securities inquired about the expected Q1 2025 impact from higher inventory and input costs, the timeline for pricing actions to offset inflation, and Mativ's strategy for potential tariffs in Canada and Mexico.

    Answer

    CFO Greg Weitzel explained that while the company expects a $10-15 million input cost headwind for the full year, Q1 would be a net negative before announced pricing actions take full effect. CEO Julie Schertell added that the impact from existing tariffs is minimal and the company can mitigate future tariffs through supply chain adjustments and pricing.

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    Peter Lukas's questions to BWX Technologies Inc (BWXT) leadership

    Peter Lukas's questions to BWX Technologies Inc (BWXT) leadership • Q3 2024

    Question

    Peter Lukas, on behalf of Bob Labick, asked about BWXT's key competitive advantages beyond experience and the expected timeline for growth from isotopes, microreactors, and SMRs to become more meaningful to the P&L.

    Answer

    CEO Rex Geveden highlighted several differentiators, including being a market leader in advanced nuclear fuels (TRISO), the sole North American manufacturer of large nuclear components, and having decades of uninterrupted experience, including delivering over 400 reactors to the U.S. Navy. He outlined that nuclear medicine and SMRs are driving near-term growth, microreactors and AUKUS will contribute in the mid-term, and large-scale reactors and enrichment opportunities represent long-term growth.

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    Peter Lukas's questions to Dorman Products Inc (DORM) leadership

    Peter Lukas's questions to Dorman Products Inc (DORM) leadership • Q3 2024

    Question

    Peter Lukas of CJS Securities, asking for Justin Ages, inquired about the current state and short-term outlook for Dorman's electric vehicle (EV) parts business.

    Answer

    CEO Kevin Olsen clarified that Dorman's strategy covers both pure plug-in EVs and hybrids, noting that internal combustion engine (ICE) vehicles will dominate the repair-age car parc through 2035. He emphasized that Dorman possesses the capability to develop parts for any EV, particularly complex electronics, and will scale its offerings as the EV and hybrid parc grows, though a significant impact from pure EVs is still some time away.

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