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    Robert Spingarn

    Managing Director and Senior Equity Research Analyst at Melius Research LLC

    Robert Spingarn is a Managing Director and Senior Equity Research Analyst at Melius Research, specializing in the aerospace, defense, urban air mobility, and space innovation sectors. With nearly 27 years of experience, he covers major companies such as Boeing, Lockheed Martin, and other leaders in aerospace and defense, earning consistent recognition as a top analyst by Institutional Investor magazine for his performance and industry influence. Spingarn began his career at Citigroup, spent a decade at Wachovia Securities, and most recently served as Global Head of Aerospace and Defense Equity Research at Credit Suisse before joining Melius Research in 2021. He holds a B.A. from Columbia College, an M.S. in Transportation from Northwestern University, and an M.B.A. from Columbia University, underscoring his extensive professional and academic credentials.

    Robert Spingarn's questions to GENERAL ELECTRIC (GE) leadership

    Robert Spingarn's questions to GENERAL ELECTRIC (GE) leadership • Q4 2024

    Question

    Robert Spingarn posed a strategic question about whether GE Aerospace would consider expanding beyond propulsion through M&A to compete with bundled offerings from peers like RTX.

    Answer

    CEO H. Culp reaffirmed the company's capital allocation framework, which prioritizes shareholder returns. While not ruling out M&A, he indicated that any deals would likely be small, bolt-on acquisitions, similar to the recently announced North Star deal. He maintained his policy of not commenting on specific M&A situations.

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    Robert Spingarn's questions to HEICO (HEI) leadership

    Robert Spingarn's questions to HEICO (HEI) leadership • Q3 2024

    Question

    Robert Spingarn asked about the drivers of the Flight Support Group's (FSG) accelerated organic growth, signs of airline overcapacity, the impact of OEM production delays, and the current M&A pipeline.

    Answer

    Eric Mendelson, Co-President, attributed FSG's 15% organic growth to strong market execution and the broadened product line from the Wencor and Honeywell display acquisitions, noting no signs of an airline-driven slowdown. He confirmed OE build rate softness was offset by defense strength. Laurans Mendelson, Chairman and CEO, described the M&A pipeline as "very full," particularly with non-private equity deals, creating a "buyer's market" for HEICO. CFO Carlos Macau stated the consolidated organic growth was just over 7%.

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    Robert Spingarn's questions to LLAP leadership

    Robert Spingarn's questions to LLAP leadership • Q1 2024

    Question

    Inquired about the free cash flow cadence excluding Rivada, how the company plans to handle its year-end EBITDA debt covenant if missed, and whether the fixed-price program delay was solely due to the propulsion supplier.

    Answer

    Free cash flow is dependent on large programs coming online and expense management. The company has several options to explore for its debt covenant, such as waivers or extensions. The program delay was primarily due to the propulsion subcontractor, which required a redesign, but there were no other testing issues.

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