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    Ryan Cooke • William Blair & Company

    Ryan Cooke's questions to Ferguson Enterprises Inc (FERG) leadership

    Ryan Cooke's questions to Ferguson Enterprises Inc (FERG) leadership • Q3 2025

    Question

    Ryan Cooke asked about the drivers of the 10% HVAC sales growth, specifically the organic component and the progress of branch conversions. He also inquired about the timeline for realizing savings from the recent restructuring and the outlook for Q4 OpEx.

    Answer

    CFO Bill Brundage stated that the vast majority of the 10% HVAC growth was organic and that he expects to generate SG&A leverage in Q4. CEO Kevin Murphy clarified that the growth strategy involves counter conversions for dual-trade contractors, organic expansion, and acquisitions to continue its growth trajectory.

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    Ryan Cooke's questions to WW Grainger Inc (GWW) leadership

    Ryan Cooke's questions to WW Grainger Inc (GWW) leadership • Q1 2025

    Question

    Ryan Cooke asked about any shifts in the guidance contribution between the High-Touch Solutions (HTS) and Endless Assortment (EA) segments and sought to clarify the price versus volume expectations for the year. He also inquired about the health of specific customer groups, particularly government.

    Answer

    SVP and CFO Dee Merriwether explained that while EA is growing faster, the company modeled various scenarios and held the overall guide, assuming any incremental price benefits would be offset by potential demand impacts. Chairman and CEO D.G. Macpherson noted that while there are movements at the subsegment level, such as initial weakness in government, no single trend is dramatic enough to highlight, with other areas like aerospace remaining very strong.

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    Ryan Cooke's questions to Fastenal Co (FAST) leadership

    Ryan Cooke's questions to Fastenal Co (FAST) leadership • Q1 2025

    Question

    Ryan Cooke from Wolfe Research, LLC inquired about SG&A expenses, asking for quantification of elevated vehicle fleet costs and the outlook for leveraging SG&A for the remainder of the year. He also asked for details on the new customer site disclosures, specifically regarding the differences between manufacturing and non-manufacturing locations.

    Answer

    CFO Holden Lewis explained that higher SG&A was partly due to cycling the vehicle fleet after pandemic-related delays, but he expects comparisons to ease. He affirmed that with mid-single-digit growth, the company should leverage SG&A. CEO Daniel Florness added that incentive compensation acts as a 'shock absorber' and will reload as performance improves. Regarding customer sites, Lewis noted the key distinction is the customer's scale and use of Fastenal's solutions, not whether they are in manufacturing. Florness provided examples of non-manufacturing growth in sectors like K-12 schools and data centers.

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    Ryan Cooke's questions to MSC Industrial Direct Co Inc (MSM) leadership

    Ryan Cooke's questions to MSC Industrial Direct Co Inc (MSM) leadership • Q2 2025

    Question

    Ryan Cooke inquired about the assumptions behind the second-half top-line guidance, particularly for Q3, and whether Q4 could see a return to positive year-over-year growth. He also asked for details on the margin drivers for the back half, including OpEx incrementals.

    Answer

    Chief Financial Officer Kristen Actis-Grande explained that the Q3 guidance is cautious about end markets but not assuming significant further erosion, with a focus on delivering on share gain initiatives. For margins, she confirmed that variable expenses are the primary driver of OpEx changes sequentially and that the previously discussed 8-10% variable expense framework for sales changes excludes any potential impacts from new tariffs.

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    Ryan Cooke's questions to MSC Industrial Direct Co Inc (MSM) leadership • Q3 2025

    Question

    Ryan Cooke of Wolfe Research inquired about MSC's price outlook for Q4 and beyond, specifically the impact of recent tariff-related actions, and questioned the drivers behind the better-than-seasonal Q4 margin guidance.

    Answer

    CEO Erik Gershwind explained that a recent broad-based, low-single-digit price increase was implemented due to building inflationary pressures, but the long-term outlook remains fluid. CFO Kristen Actis-Grande added that the full price realization won't occur in Q4 due to contract lags. She attributed the strong Q4 margin outlook to productivity gains and a narrow but positive price-cost spread offsetting a negative customer mix headwind.

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