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    Robert Sales

    Research Analyst at LMK Capital Management

    Robert Sales is the Founder and Managing Director of LMK Capital Management, specializing in long/short equity strategies with a focus on US public equities. At LMK Capital Management, he has covered a diverse range of companies across technology, healthcare, and consumer sectors, leveraging data-driven analysis to deliver consistent outperformance since the firm's inception in 2004. Sales launched his investment career in the early 2000s, founding LMK Capital after prior roles in quantitative research and portfolio management, and has driven the firm's strategy since its founding. He is FINRA-registered and holds multiple securities licenses, ensuring rigorous compliance and best practices in asset management.

    Robert Sales's questions to USAP leadership

    Robert Sales's questions to USAP leadership • Q2 2024

    Question

    Inquired about the allocation of premium alloy products between defense and commercial aerospace, the strategy for managing the order backlog and lead times, the expected normalized lead times, and the future trend of the backlog.

    Answer

    The majority of premium alloys, roughly two-thirds, are directed towards defense applications, with the remaining one-third going into commercial aerospace engines. The company has been actively managing order entry to reduce lead times from a high of 70-80 weeks down to a more manageable 45-50 weeks, which helps customers and enhances competitiveness. A new normalized lead time for the industry is expected to be in the 10-14 month range as demand outpaces supply. The backlog is anticipated to move sideways or slightly down, with potential upside from a recovery in non-aerospace markets.

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    Robert Sales's questions to USAP leadership • Q3 2023

    Question

    Asked for quantitative guidance on premium alloy revenue for Q4, the expected magnitude of commodity price misalignment improvement, the potential for further inventory reduction, and the breakdown of new product approvals between commercial and defense sectors.

    Answer

    Premium alloy revenue is expected to be 25-30% of total revenue in Q4. The negative commodity misalignment in Q4 is anticipated to be about half of the Q3 impact. The company aims to keep inventory dollar value flat despite a richer product mix. New product approvals are a healthy mix, but are skewed towards commercial applications, which account for about three-quarters of the volume.

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