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    Richard Safran

    Research Analyst at Seaport Research Partners

    Richard Safran is Managing Director and Senior Analyst at Seaport Research Partners, specializing in aerospace and defense equity research with a focus on companies such as Boeing and Northrop Grumman. Renowned for his bullish calls, particularly on Boeing, Safran has been a visible figure in media commentary, providing performance evaluations and stock outlooks for major defense firms. He began his career as an engineer and program manager at Northrop Grumman before transitioning to strategic planning and then serving as an aerospace and defense analyst at Goldman Sachs, later joining Seaport Research Partners. Safran holds an MBA from Columbia University and maintains professional credentials through Seaport’s registered investment advisor and broker dealer division.

    Richard Safran's questions to ATI (ATI) leadership

    Richard Safran's questions to ATI (ATI) leadership • Q2 2025

    Question

    Richard Safran inquired about aftermarket trends and whether they are moderating, and also asked for more detail on the terms of the new Boeing and Airbus contract extensions, including share gains and pricing.

    Answer

    President & CEO Kimberly Fields confirmed that MRO and spares demand remains very strong, driven by next-generation engines like the LEAP, and is expected to continue through the decade. Regarding contracts, Fields stated the new agreements include significant share gains, broader product scope, and beneficial pricing terms with inflation protection. EVP & CFO Don Newman added that the expanded Airbus agreement represents upside not fully captured in the 2027 targets, potentially adding $75-100 million in incremental revenue.

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    Richard Safran's questions to ATI (ATI) leadership • Q1 2025

    Question

    Richard Safran asked about the drivers behind improving pricing in the HPMC segment and requested more specific details on the offsets mitigating the $50 million tariff impact.

    Answer

    Donald Newman, EVP and CFO, explained that HPMC pricing improved 6-7% year-over-year for titanium and nickel, driven by purposeful increases in long-term agreement (LTA) renewals. Kim Fields, President and CEO, detailed the tariff offsets, including a flexible supply chain, productivity gains, duty drawback programs, and contractual pass-through mechanisms that were built into contracts starting in 2017-2018.

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    Richard Safran's questions to ATI (ATI) leadership • Q4 2024

    Question

    Richard Safran asked about recent market share gains, new long-term agreements, and their impact on capacity, as well as whether the strong Q4 defense sales represent a new sustainable run rate.

    Answer

    President and CEO Kimberly Fields confirmed progress on new customer commitments, including the previously announced $4 billion, and noted a growing relationship with RTX. She attributed the strong Q4 defense performance to geopolitical volatility and stated that ATI expects about 7% growth in defense for 2025, with potential upside from increased government spending.

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    Richard Safran's questions to ATI (ATI) leadership • Q3 2024

    Question

    Richard Safran of Seaport Research Partners inquired about the recovery from unplanned operational outages, the potential for revenue recovery in 2025, and the differing demand signals from engine manufacturers versus airframers.

    Answer

    EVP and CFO Don Newman stated that the AA&S outage is not expected to be a headwind in 2025 and that the company is not increasing 2025 targets on the assumption of recovering revenue lost in Q3 and Q4. President and CEO Kim Fields added that engine demand remains steady, supported by strong MRO activity and ATI's growing position on key programs like the Pratt & Whitney GTF, for which shipments doubled in September.

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    Richard Safran's questions to HEXCEL CORP /DE/ (HXL) leadership

    Richard Safran's questions to HEXCEL CORP /DE/ (HXL) leadership • Q2 2025

    Question

    Richard Safran from Seaport Research Partners asked for more detail on how rising U.S. and European defense spending affects Hexcel's long-term outlook and for commentary on the defense business's long-term growth and margin potential.

    Answer

    CEO Tom Gentile emphasized that increased defense spending is a significant driver for both current and future performance, highlighting key programs like the F-35, CH-53K, and the Dassault Rafale. He identified defense as a top organic growth opportunity for Hexcel in the U.S. and Europe.

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    Richard Safran's questions to HEXCEL CORP /DE/ (HXL) leadership • Q4 2024

    Question

    Richard Safran inquired about 2025 growth trends for business and regional jets, specifically the contribution from Dassault, and asked for a general assessment of the industry's progress in resolving supply chain issues.

    Answer

    Chairman, CEO & President Tom Gentile confirmed the Dassault Falcon 10X program will be a positive contributor as it ramps up. Regarding the supply chain, he described the recovery as 'evolutionary' and slower than hoped, but expects conditions to improve in 2025 as labor shortages ease, with more stability arriving in 2026.

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    Richard Safran's questions to L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) leadership

    Richard Safran's questions to L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) leadership • Q2 2025

    Question

    Richard Safran of Seaport Research Partners inquired about the LHX NEXT program, asking for clarification on the monetization of legacy assets and the remaining runway for cost reductions and facility consolidation.

    Answer

    SVP and CFO Kenneth Bedingfield explained that asset monetization involves divesting non-strategic product lines to focus on growth, with footprint repurposing being a secondary benefit. Chairman and CEO Christopher Kubasik added that the LHX NEXT cost savings program will achieve its target by year-end and then transition into the company's standard operational cadence, with a future focus on digital transformation.

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    Richard Safran's questions to L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) leadership • Q2 2025

    Question

    Richard Safran of Seaport Research Partners asked for clarification on the LHX NEXT program, specifically regarding the monetization of legacy end-of-life assets and the remaining runway for cost reductions.

    Answer

    SVP & CFO Kenneth Bedingfield explained that asset monetization involves exiting non-strategic product lines to focus on high-growth areas, which also frees up facility footprint. Chairman & CEO Christopher Kubasik added that the goal is to focus management on high-impact initiatives and that the LHX NEXT cost savings program will conclude by year-end, transitioning into a normal business cadence focused on digital transformation.

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    Richard Safran's questions to L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) leadership • Q4 2024

    Question

    Richard Safran asked if major changes are coming to the Pentagon's contracting environment, particularly regarding fixed-price development contracts and inflation escalators.

    Answer

    CEO Christopher Kubasik stated his belief that the new administration has a strong desire to accelerate procurement and that policy changes could be implemented that would affect 2026. He believes agile, non-vertically integrated companies will benefit. He acknowledged potential near-term 'lumpiness' as new policies are implemented but noted the company's record backlog provides stability.

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    Richard Safran's questions to L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) leadership • Q3 2024

    Question

    Richard Safran asked about the strategic partnership with Palantir, questioning the investment and profit-sharing arrangement and the strategic rationale behind the collaboration.

    Answer

    CEO Christopher Kubasik stated there is no upfront capital investment, describing the partnership as a natural evolution of a five-year relationship built on aligned cultures. Strategically, he explained that it allows L3Harris to leverage Palantir's advanced AI capabilities, which would take billions of dollars and years to develop internally, positioning them well for the White House's push for increased AI use in defense. CFO Kenneth Bedingfield added that L3Harris is already using Palantir's tools internally to drive LHX NeXt efficiencies in areas like supply chain and labor.

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    Richard Safran's questions to NORTHROP GRUMMAN CORP /DE/ (NOC) leadership

    Richard Safran's questions to NORTHROP GRUMMAN CORP /DE/ (NOC) leadership • Q2 2025

    Question

    Richard Safran from Seaport Research Partners asked about the general contracting environment with the new administration, including terms and incentives, and whether the mix of international sales was shifting between Direct Commercial Sales (DCS) and Foreign Military Sales (FMS).

    Answer

    Chair, CEO & President Kathy Warden noted a positive shift in the operating environment, with the administration focused on speed and breaking down barriers, which is beneficial even without formal acquisition reform. On international sales, she stated that the company continues to see a mix of DCS and FMS and does not expect a significant change, with the contract type depending on the complexity of the effort and customer needs.

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    Richard Safran's questions to NORTHROP GRUMMAN CORP /DE/ (NOC) leadership • Q4 2024

    Question

    Richard Safran of Seaport Research Partners asked about the major booking opportunities for 2025 and whether the company expects its book-to-bill ratio to remain above 1x.

    Answer

    CFO Ken Crews projected the 2025 book-to-bill ratio to be around 1x, as the company works through its strong existing backlog. He identified key award opportunities across all segments, including restricted activities in Space, advanced procurement for B-21 in Aeronautics, a host of sensor and communication systems in Mission Systems, and continued IBCS and weapons systems awards in Defense Systems.

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    Richard Safran's questions to BOEING (BA) leadership

    Richard Safran's questions to BOEING (BA) leadership • Q1 2025

    Question

    Richard Safran asked for an update on Boeing's portfolio shaping strategy following the Jeppesen sale, inquiring if other divestitures are being considered and how the company ensured it retained necessary digital capabilities.

    Answer

    President and CEO Robert Ortberg explained that the deal boundary was carefully defined to ensure Boeing retained access to all critical digital technologies for its future aircraft. He also confirmed that the portfolio review is complete and that a 'couple more' smaller divestitures are being considered for the future.

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    Richard Safran's questions to BOEING (BA) leadership • Q3 2024

    Question

    Richard Safran from Seaport Research Partners asked for the near- and long-term outlook for the Global Services segment, including sales and margins, and how the new CEO's strategic priorities apply to it.

    Answer

    President and CEO Kelly Ortberg stated that his immediate focus is not on the Global Services (BGS) segment because it is performing very well under its current leadership. He wants the team to continue executing without distraction. However, he affirmed that the new company-wide cultural changes and values apply to BGS just as they do to all other parts of Boeing.

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    Richard Safran's questions to LOCKHEED MARTIN (LMT) leadership

    Richard Safran's questions to LOCKHEED MARTIN (LMT) leadership • Q1 2025

    Question

    Richard Safran asked for more details on the 'Golden Dome' for America initiative, specifically regarding funding opportunities, timing, and its potential impact on the production ramp at the Missiles and Fire Control (MFC) segment.

    Answer

    James Taiclet, CEO, outlined a three-part view: a ground segment with existing systems like THAAD and PAC-3 for rapid deployment, a space-based sensor layer, and an overarching command and control system. Evan Scott, CFO, added that the customer's recent Request for Information (RFI) had a rapid 30-day turnaround, to which Lockheed Martin submitted over 100 capabilities, indicating the company is well-prepared to support the initiative.

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    Richard Safran's questions to LOCKHEED MARTIN (LMT) leadership • Q4 2024

    Question

    Richard Safran of Seaport Research Partners asked for a long-term outlook on the Missiles and Fire Control (MFC) segment, specifically regarding its growth potential and margin profile.

    Answer

    CFO Jesus Malave identified programs like GMLRS, HIMARS, PAC-3, JASSM, and LRASM as key long-term growth drivers for the MFC segment, fueled by strong demand. He stated that the segment's underlying margin profile is expected to be around 14%, in line with long-term expectations, though 2025 may see lower net profit adjustments compared to the 2024 adjusted base.

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    Richard Safran's questions to LOCKHEED MARTIN (LMT) leadership • Q3 2024

    Question

    Richard Safran requested an update on previous comments about potentially reducing out-year pension headwinds, asking if the company still plans to use debt or cash and about the potential timing.

    Answer

    CFO Jesus Malave confirmed that using inorganic means, primarily debt issuance, to manage future pension headwinds remains an option. He stated the company is first focused on exhausting organic solutions like working capital improvements but remains confident it can fully offset the headwinds through a combination of both organic and inorganic actions.

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