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    Robert Schultz • Baird

    Robert Schultz's questions to Griffon Corp (GFF) leadership

    Robert Schultz's questions to Griffon Corp (GFF) leadership • Q3 2025

    Question

    Robert Schultz from Baird asked about price realization in the Home and Building Products (HBP) segment compared to initial expectations and sought details on demand trends across HBP's residential, commercial, and new construction end markets.

    Answer

    EVP & CFO Brian Harris stated that price realization in HBP is tracking in line with expectations, as the market generally accepts their price increases. He noted that while the commercial market remains soft, the high-end residential repair and remodel sector is active, and the lower-end new construction market is weaker.

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    Robert Schultz's questions to Griffon Corp (GFF) leadership • Q1 2025

    Question

    Robert Schultz asked about the geographical sourcing mix for the Consumer and Professional Products (CPP) segment in light of potential tariffs, and also inquired about Griffon's capital allocation priorities between debt paydown and share buybacks.

    Answer

    Chairman and CEO Ronald Kramer addressed the tariff question, stating that Griffon is comfortable with its 2025 guidance and plans to mitigate any impacts through pricing, supplier negotiations, and further supply chain diversification. He confirmed significant sourcing from China for the Lawn & Garden and Hunter Fan businesses. On capital allocation, Kramer noted that the company views its stock as opportunistically attractive and prefers buying back shares over paying down debt at current levels, though it has the capacity to do both.

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    Robert Schultz's questions to Douglas Dynamics Inc (PLOW) leadership

    Robert Schultz's questions to Douglas Dynamics Inc (PLOW) leadership • Q1 2025

    Question

    Robert Schultz of Baird requested quantification of the project timing benefit that contributed to Q1 results and asked about the competitive landscape regarding manufacturing footprints and pricing actions in response to tariffs.

    Answer

    CFO Sarah Lauber noted that while some project volume was pulled into Q1 from Q2, the impact was not considered 'overly material.' CEO Mark Van Genderen added that in the Attachments segment, competitor pricing is in line with their own, and for the Solutions segment, Henderson's U.S. manufacturing base provides a competitive advantage, with pricing adjusted to cover tariffs.

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    Robert Schultz's questions to Allegion PLC (ALLE) leadership

    Robert Schultz's questions to Allegion PLC (ALLE) leadership • Q3 2024

    Question

    Robert Schultz asked for a comparison of Allegion's spec activity commentary versus its largest competitor, specifically questioning if Allegion was seeing similar weakness in healthcare and if there were any market share gains. He also inquired about the strategic fit of the SOSS acquisition and the outlook for the M&A pipeline and cadence into 2025.

    Answer

    CEO John Stone stated that spec activity is in line with their overall stable market commentary and that institutional verticals as a whole remain strong. He suggested any recent share shifts have likely been at the expense of smaller suppliers. Regarding M&A, he noted the SOSS acquisition is a complementary fit for the Americas nonresidential business. He described the M&A pipeline as exciting and affirmed Allegion's commitment to disciplined capital deployment through accretive acquisitions or share repurchases.

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