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    Samuel Snyder • Northcoast Research

    Samuel Snyder's questions to EMCOR Group Inc (EME) leadership

    Samuel Snyder's questions to EMCOR Group Inc (EME) leadership • Q2 2025

    Question

    Samuel Snyder from Northcoast Research asked if the differing growth rates between the mechanical and electrical segments are expected to converge and how the project mix typically evolves over a project's lifecycle.

    Answer

    CEO Tony Guzzi explained that the growth rates for the mechanical and electrical segments are unlikely to converge in any given quarter due to different project mixes, with the electrical segment currently more heavily weighted to data centers. CFO Jason Nalbandian added that mechanical is growing at a faster rate in data centers, albeit from a smaller base. Guzzi also described the project lifecycle, noting that peak revenue burn typically occurs between 25% and 65% completion.

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    Samuel Snyder's questions to EMCOR Group Inc (EME) leadership • Q2 2025

    Question

    Samuel Snyder of Northcoast Research asked if the different growth rates between the mechanical and electrical construction segments are expected to converge and how the project mix typically evolves from start to finish.

    Answer

    Chairman, President & CEO Tony Guzzi explained that growth rates between the electrical and mechanical segments will likely not converge due to different project mixes and heritage, with electrical being more heavily weighted to data centers currently. He noted that manpower on a project typically peaks between 25% and 65% completion, which is when most revenue is earned. CFO Jason Nalbandian added that while electrical is growing faster in dollar terms in data centers, mechanical is growing at a faster rate from a smaller base in that sector.

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    Samuel Snyder's questions to Watsco Inc (WSO) leadership

    Samuel Snyder's questions to Watsco Inc (WSO) leadership • Q2 2025

    Question

    Samuel Snyder from Northcoast Research asked if the margin-accretive mix shift to parts was influenced by the canister shortage driving more repairs. He also inquired about any significant shift towards R-32 based systems.

    Answer

    EVP Paul Johnston stated he does not see a 'bubble' in repair-versus-replace activity caused by the canister shortage, which is now abating. He clarified that R-32 is used by Daikin (Goodman/Amana), which Watsco represents, while the rest of the industry uses R-454B, a refrigerant blend that itself contains about 70% R-32.

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    Samuel Snyder's questions to Comfort Systems USA Inc (FIX) leadership

    Samuel Snyder's questions to Comfort Systems USA Inc (FIX) leadership • Q2 2025

    Question

    Samuel Snyder of Northcoast Research asked what has driven modular's growth as a percentage of the business and what might change that. He also inquired about price-cost dynamics and the handling of supplier cost increases.

    Answer

    EVP & CFO William George explained that modular is a delivery modality for complex projects, not a separate product line, and its adoption will grow over time. He described current price-cost dynamics as normal business negotiations, stating the strong margins are due to the value and skill of their teams, not a "clever trick," with customers willing to pay for high-quality execution.

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    Samuel Snyder's questions to Comfort Systems USA Inc (FIX) leadership • Q2 2025

    Question

    Samuel Snyder of Northcoast Research asked about the strategic factors that have made modular a significant part of the business and what might change that in the future. He also questioned the price-cost dynamic, asking if the company is seeing cost pressures from suppliers and passing them on to customers.

    Answer

    EVP & CFO William George explained that modular is a 'way of doing something' rather than a separate product, offering speed and flexibility for complex projects that are also built traditionally. He sees it as an increasingly important modality over time. Regarding price-cost, Mr. George described it as a complex negotiation, stating the strong margins are not from a 'clever trick' but from providing a valuable, hard-to-get service that great customers are willing to pay for.

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    Samuel Snyder's questions to A O Smith Corp (AOS) leadership

    Samuel Snyder's questions to A O Smith Corp (AOS) leadership • Q2 2025

    Question

    Samuel Snyder of Northcoast Research asked what has changed regarding the China business since the last quarter to prompt the strategic review and what a potential partnership might look like. He also asked for examples of the company's long-term innovation focus.

    Answer

    CEO Stephen Shafer explained the review is an evolution of thinking to explore a full range of options, including strategic partners, to ensure the business is best positioned for future success. On innovation, he emphasized its importance for organic growth and profitability, highlighting the need for a culture of curiosity and investment in future-relevant technologies, supported by the new CTO.

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