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    Sam Darkatsh • Raymond James & Associates, Inc.

    Sam Darkatsh's questions to Toro Co (TTC) leadership

    Sam Darkatsh's questions to Toro Co (TTC) leadership • Q2 2025

    Question

    Sam Darkatsh of Raymond James Financial inquired about the specifics of the estimated 3% of COGS tariff impact, the dollar-for-dollar mitigation strategy, and the nature of the inventory valuation adjustment in the residential segment.

    Answer

    Chairman, President & CEO Richard Olson identified the primary tariff exposures as China, steel/aluminum, and reciprocal tariffs, estimating a fiscal 2025 impact of approximately $90 million. He and VP & CFO Angela Drake affirmed the plan to mitigate this fully through productivity initiatives like AMP, sourcing strategies, and targeted price increases. Drake explained the residential inventory valuation adjustment was a significant factor in the margin decline, driven by slower-than-expected battery product adoption, and characterized it as a one-off action.

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    Sam Darkatsh's questions to Toro Co (TTC) leadership • Q3 2024

    Question

    Sam Darkatsh asked for an update on the company's progress toward normalizing field inventories and red iron DSOs by year-end. He also sought revised thoughts on the fiscal 2025 sales growth outlook and questioned if the lower full-year tax rate guidance implied weaker-than-expected international business performance.

    Answer

    CEO Richard Olson stated they are on track with inventory normalization, having made 'tremendous progress' and being 80% of the way there. Regarding fiscal 2025, he expressed 'cautious optimism,' citing strength in golf and underground, the full-year benefit of Lowe's, and a potential snow market rebound, offset by macro uncertainty. CFO Angela Drake clarified the lower tax rate was due to a favorable geographic mix and a transfer pricing study, not weaker international results, and expects a rate around 20-20.5% next year.

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    Sam Darkatsh's questions to Wesco International Inc (WCC) leadership

    Sam Darkatsh's questions to Wesco International Inc (WCC) leadership • Q1 2025

    Question

    Sam Darkatsh of Raymond James inquired whether prospective price increases were weighted more heavily in certain business units and asked how WESCO's contracts handle price hikes on existing backlog.

    Answer

    John Engel, Chairman, President and CEO, clarified that prospective price increases are more heavily weighted toward the EES and UBS businesses due to greater offshore manufacturing exposure in their supply chains. David Schulz, EVP and CFO, explained that long-lead-time project contracts often have cost escalator clauses to pass through tariff impacts, while for shorter-term projects, pricing is typically locked in with suppliers. He noted that suppliers have not attempted to reprice existing backlog.

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    Sam Darkatsh's questions to Wesco International Inc (WCC) leadership • Q4 2024

    Question

    Sam Darkatsh asked about the company's confidence in the second-half recovery of the utility vertical and whether gross margins are expected to increase for the full year.

    Answer

    Chairman, President and CEO John Engel stated that confidence in the utility recovery stems from new customer wins ramping up in H2 2025 and direct discussions with customers who are expected to resume purchasing. EVP and CFO David Schulz added that full-year gross margins are expected to rise, partly due to an anticipated increase in supplier volume rebates from historically low levels in 2024.

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    Sam Darkatsh's questions to Wesco International Inc (WCC) leadership • Q3 2024

    Question

    Sam Darkatsh inquired about the pricing outlook for 2025, the specific basis point benefit from the one-time supplier rebate in September, and the company's goal for inventory days reduction in the upcoming year.

    Answer

    CEO John Engel stated that while the number of products with price increases is stable, the magnitude of those increases is lower than a year ago but consistent with the prior quarter. CFO David Schulz quantified the one-time supplier volume rebate benefit as being between 10 and 20 basis points and noted that billing margins have remained stable. He deferred providing a specific 2025 inventory days goal until the Q4 earnings call.

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    Sam Darkatsh's questions to Whirlpool Corp (WHR) leadership

    Sam Darkatsh's questions to Whirlpool Corp (WHR) leadership • Q1 2025

    Question

    Sam Darkatsh from Raymond James inquired about the magnitude of the April price increase and the extent to which consumers were pulling forward purchases ahead of anticipated tariffs.

    Answer

    Marc Bitzer (executive) stated the price increase aims to cover higher component costs and that total pricing actions could yield a full-year margin benefit approaching two percentage points. He noted that while the discretionary demand side is weak due to low consumer confidence, there has been only limited evidence of consumers pre-loading purchases ahead of tariffs.

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    Sam Darkatsh's questions to Whirlpool Corp (WHR) leadership • Q4 2024

    Question

    Sam Darkatsh asked for the expected North American margin progression throughout 2025 and for quantification of sell-through trends in Q4 and early January.

    Answer

    CEO Marc Bitzer and CFO Jim Peters guided to a full-year North American margin of 7.5% and expect a more balanced seasonality rather than a 'hockey stick' progression, citing carryover cost benefits and early-year pricing actions. Bitzer noted that Q4 sell-through was soft pre-election but became very strong post-election, with Whirlpool's sell-out significantly outpacing its sell-in for the quarter. He mentioned January had slowed slightly from the strong December pace.

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    Sam Darkatsh's questions to Griffon Corp (GFF) leadership

    Sam Darkatsh's questions to Griffon Corp (GFF) leadership • Q1 2025

    Question

    Sam Darkatsh asked about the amount of share repurchases conducted in January and the expected pace for the remainder of the year. He also inquired whether the CPP segment's spring product inventory had already landed, considering potential tariff implications.

    Answer

    CEO Ronald Kramer stated that the company repurchased $42 million in stock during the first quarter ending in December and that second-quarter repurchase details would be provided in May. He affirmed the company's intention to continue buying back shares at current price levels. Executive Brian Harris confirmed that a significant portion of the spring product for CPP has already landed.

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    Sam Darkatsh's questions to Griffon Corp (GFF) leadership • Q4 2024

    Question

    Sam Darkatsh asked for clarification on the impact of steel costs on the Home & Building Products (HBP) segment in Q4 and fiscal 2025, and questioned the potential dollar impact of a 60% tariff on Chinese products for the CPP segment.

    Answer

    Executive Brian Harris explained that the steel cost headwind from Q3 reversed in Q4 and that he anticipates steel costs will be roughly flat year-over-year in fiscal 2025. Regarding tariffs, Harris stated it was premature to speculate on specifics but expressed confidence in the company's ability to manage any new policies and meet its long-term 15% EBITDA margin target for CPP.

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    Sam Darkatsh's questions to Tecnoglass Inc (TGLS) leadership

    Sam Darkatsh's questions to Tecnoglass Inc (TGLS) leadership • Q3 2024

    Question

    Sam Darkatsh of Raymond James inquired about the conclusion of the company's strategic review, including its valuation implications, the potential use of the newly expanded share repurchase program, the initial outlook for 2025, and contingency plans for potential port strikes.

    Answer

    Executive Santiago Giraldo stated that the board determined organic growth is the best path for shareholder value and that share repurchases would be opportunistic, dependent on cash flow. While too early for specific 2025 guidance, he expects margins to trend upwards. Executive Christian Daes added that the company utilizes private ports unaffected by potential strikes and maintains a two-week inventory buffer to ensure supply continuity.

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