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    Samuel Struhsaker • Truist Securities

    Samuel Struhsaker's questions to Mercury Systems Inc (MRCY) leadership

    Samuel Struhsaker's questions to Mercury Systems Inc (MRCY) leadership • Q4 2025

    Question

    Samuel Struhsaker asked about remaining operational improvement levers and how to weigh them against the burn-off of low-margin backlog for margin expansion. He also requested more detail on demand by product or end market.

    Answer

    CEO William Ballhaus reiterated the three margin drivers: improving backlog margin, continuous operational efficiency, and operating leverage. He noted that Q4 demonstrated the positive impact of a better margin mix. Regarding demand, he stated that while conversations about increased production are active across domestic and European primes, it is too early to factor them into the outlook.

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    Samuel Struhsaker's questions to Ducommun Inc (DCO) leadership

    Samuel Struhsaker's questions to Ducommun Inc (DCO) leadership • Q2 2025

    Question

    Samuel Struhsaker sought more detail on commercial aerospace destocking trends, noting a potential sequential increase in revenue. He also asked if the record-high Electronic Systems margin is sustainable and requested clarification on the timing of the Apache rotorcraft program's contribution to revenue.

    Answer

    SVP & CFO Suman Mookerji explained that the destocking impact from Boeing and Spirit persists and that some sequential revenue improvement was due to Ducommun's own 'build ahead' activities. He cautioned that the high Electronic Systems margin was boosted by a favorable product mix and is not a new baseline. Chairman, President & CEO Stephen Oswald clarified that the Apache program was a headwind in Q2 but is expected to get final approval in August and begin shipping in September, contributing to H2 results.

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    Samuel Struhsaker's questions to AAR Corp (AIR) leadership

    Samuel Struhsaker's questions to AAR Corp (AIR) leadership • Q4 2025

    Question

    Samuel Struhsaker of Truist Securities asked for more detail on the joint venture with Kira and its potential scale. He also inquired if recent airline announcements about capacity reductions have changed AAR's view on MRO demand.

    Answer

    CEO John Holmes described the Kira JV as a modest but strategic vector for growth, allowing AAR to bid on certain DoD contracts it couldn't access alone. On MRO demand, Holmes expressed high confidence, stating that AAR's core customers have reaffirmed their demand and would likely cut maintenance work from other providers before reducing their volume with AAR, securing its position despite broader market shifts.

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    Samuel Struhsaker's questions to Astronics Corp (ATRO) leadership

    Samuel Struhsaker's questions to Astronics Corp (ATRO) leadership • Q1 2025

    Question

    Samuel Struhsaker of Truist Securities inquired about the source of Aerospace demand growth, the containment of the $1.9 million charge in the Test segment, and the finality of the U.K. litigation settlement, including the worst-case risk for legal fees.

    Answer

    Executive Peter Gundermann responded that Aerospace demand has been consistently strong from both line-fit and aftermarket channels for Boeing and Airbus. He acknowledged there is potential for further risk in the Test segment, which is why a deep-dive review is underway. Regarding the U.K. litigation, Gundermann confirmed the potential $7.2 million in legal fees is the worst-case scenario, though an appeal is likely, which could extend the timeline into mid-2026. He also noted the related Germany case may resume in 2026.

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    Samuel Struhsaker's questions to Barrick Gold Corp (B) leadership

    Samuel Struhsaker's questions to Barrick Gold Corp (B) leadership • Q2 2024

    Question

    Samuel Struhsaker asked for the source of management's confidence in maintaining the Industrial segment's guidance amid sector weakness and requested specifics on current production rates for Boeing and Airbus platforms.

    Answer

    CEO Thomas Hook attributed confidence in the Industrial segment to internal transformation initiatives, reconfigured management teams, and new product momentum that offset tough market conditions. On production rates, he stated there is significant uncertainty across the industry and that Barnes is consciously maintaining capacity and labor ahead of demand, making the input supply chain—not Barnes' own capacity—the pacing factor.

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    Samuel Struhsaker's questions to Barrick Gold Corp (B) leadership • Q2 2024

    Question

    Samuel Struhsaker from Truist Securities questioned the confidence in maintaining the Industrial segment's guidance amid sector weakness and asked for specifics on current production rates for key aerospace platforms.

    Answer

    President and CEO Thomas Hook expressed confidence in the Industrial segment, citing momentum from the Barnes Transformation Office (BTO), new leadership teams, and new product traction in Molding Solutions that are helping to offset market headwinds. On OEM production rates, Hook noted significant industry uncertainty for 2024-2025 and stated Barnes is intentionally maintaining capacity and labor ahead of demand, accepting short-term inefficiency to avoid being a future bottleneck for its customers.

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    Samuel Struhsaker's questions to Barrick Gold Corp (B) leadership • Q1 2024

    Question

    Samuel Struhsaker asked for details on the drivers of lower productivity in certain Aerospace OEM facilities and inquired about the forward-looking sales trajectory for the acquired MB Aerospace business and the level of demand visibility in the aftermarket.

    Answer

    CEO Thomas Hook explained that the lower productivity in some OEM facilities was due to a combination of supply chain input challenges and labor inefficiencies from lower-tenured employees. He noted that leadership changes and additional resources have been deployed to address these issues. While not breaking out MB Aerospace individually, Hook confirmed the combined aerospace business is on track with its deal model, with a favorable shift towards the aftermarket due to slower new aircraft deliveries. He affirmed that Barnes is seeing a robust aftermarket environment and extended visibility, though growth is tempered by supply chain availability.

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