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    Saree Boroditsky

    Senior Vice President and Equity Analyst at Jefferies

    Saree Boroditsky is a Senior Vice President and Equity Analyst at Jefferies, specializing in multi-industrials with a coverage list that includes companies such as Regal Rexnord Corp, Middleby Corp, and Lincoln Electric. She has delivered research performance with a 43.48% success rate and an average return of 8.37% on stock recommendations. Boroditsky began her career at Wexford Capital LP as an Associate before joining Jefferies in 2018, where she has accumulated over six years of sell-side experience. She holds relevant professional credentials and maintains active coverage of key multi-industrial stocks for institutional clients.

    Saree Boroditsky's questions to MIDDLEBY (MIDD) leadership

    Saree Boroditsky's questions to MIDDLEBY (MIDD) leadership • Q2 2025

    Question

    Saree Boroditsky from Jefferies & Company Inc. asked for more detail on the EBITDA guidance by segment and requested an update on the residential grills business, including its revenue run-rate, margin performance, and strategies to mitigate tariff impacts.

    Answer

    CFO Bryan Mittelman explained that segment margins would likely follow revenue trends, with a slight dip in Q3 before a stronger Q4. CEO Timothy FitzGerald and CFO Bryan Mittelman noted the grills business run-rate is between $100 to $150 million, but growth was halted by tariffs, leading to channel inventory reduction. FitzGerald added that the outdoor platform has been consolidated and is better leveraged to expand margins once market volumes return.

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    Saree Boroditsky's questions to MIDDLEBY (MIDD) leadership • Q2 2025

    Question

    Saree Boroditsky from Jefferies & Company Inc. inquired about the EBITDA guidance breakdown by segment and the performance and outlook for the residential grills business, including revenue run-rate, margins, and strategies to mitigate tariff impacts.

    Answer

    CFO Bryan Mittelman indicated that segment margins would generally follow revenue trends, with a dip in Q3 and a strong Q4. He confirmed the grills business run-rate remains between $100-$150 million. CEO Timothy FitzGerald added that while tariffs have hurt the grills business, prior operational consolidations position it for margin expansion when the market recovers.

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    Saree Boroditsky's questions to MIDDLEBY (MIDD) leadership • Q4 2024

    Question

    Saree Boroditsky inquired about the strategic rationale for separating the Food Processing business, the stand-alone cash generation capabilities of the new entity, and the outlook for the Residential segment's recovery and incremental margins.

    Answer

    Executive Timothy FitzGerald explained that the Food Processing business has achieved the scale necessary to operate independently, which is expected to accelerate its growth and M&A activities. Executive Bryan Mittelman added that both businesses are expected to maintain strong cash flow conversion and projected that the Residential segment could achieve incremental margins exceeding 40% during its recovery, thanks to prior operational investments.

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    Saree Boroditsky's questions to MIDDLEBY (MIDD) leadership • Q3 2024

    Question

    Saree Boroditsky inquired about the necessary conditions for a pickup in the Commercial Foodservice segment, its overall visibility, and recent order trends. She also asked about the path to margin improvement in the Residential segment for 2025.

    Answer

    Executive Timothy FitzGerald explained that Commercial Foodservice order trends weakened through Q3 as restaurant operators delayed projects, but noted customer growth plans remain for 2025. Executive Steve Spittle added that while new store openings were pushed out, the total number of planned stores has not been reduced. For the Residential segment, Timothy FitzGerald stated that a return to pre-COVID volume levels is the primary driver for a significant margin step-up towards the 20% range.

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    Saree Boroditsky's questions to REGAL REXNORD (RRX) leadership

    Saree Boroditsky's questions to REGAL REXNORD (RRX) leadership • Q2 2025

    Question

    Saree Boroditsky of Jefferies & Company Inc. asked about Regal Rexnord's competitive position in the data center market, whether demand is broad-based or concentrated, and what underlying demand trends looked like in July excluding the one large data center order.

    Answer

    CEO Louis Pinkham stated that data center demand is not levered to a single customer, noting multiple wins in July. He emphasized that the company's competitive advantage lies in providing customized solutions and controls, which is valued by data center designers. CFO Robert Rehard added that even excluding the large $35 million order, overall company orders in July would have still been up slightly.

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    Saree Boroditsky's questions to LINCOLN ELECTRIC HOLDINGS (LECO) leadership

    Saree Boroditsky's questions to LINCOLN ELECTRIC HOLDINGS (LECO) leadership • Q2 2025

    Question

    Saree Boroditsky from Jefferies & Company Inc. asked if increased tariff certainty or recent legislation has started to change customer behavior regarding deferred capital spending. She also requested more detail on the specific actions driving the $10-15 million in permanent cost savings expected in the second half of the year.

    Answer

    President, CEO & Chair Steven Hedlund stated that as tariff rules become clearer, the 'wait and see' attitude from customers should diminish, particularly benefiting automation investments in the general industry segment. EVP, CFO & Treasurer Gabriel Bruno added that the permanent savings actions are part of an ongoing evolution of the operating model, focusing on organizational structure and facility efficiencies.

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    Saree Boroditsky's questions to LINCOLN ELECTRIC HOLDINGS (LECO) leadership • Q1 2025

    Question

    Saree Boroditsky inquired about the volume-based performance of Lincoln Electric's end markets, excluding price impacts, and the outlook for the remainder of the year. She also asked for management's perspective on why customers are deferring capital spending and what catalysts are needed to resume investments.

    Answer

    CFO Gabriel Bruno detailed that while 4 of 5 end markets grew, the outlook remains uncertain. He noted strength in construction and general industries, but challenges in heavy industries. CEO Steven Hedlund added that they do not see significant pre-buying from customers, who are avoiding excess inventory. Regarding capital spending, Hedlund explained that high quotation activity related to potential reshoring is being offset by customer hesitation to commit to projects amid macroeconomic and trade policy uncertainty, which puts the second half of the year at risk.

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    Saree Boroditsky's questions to LINCOLN ELECTRIC HOLDINGS (LECO) leadership • Q3 2024

    Question

    Saree Boroditsky sought clarification on the Americas segment margin guidance, which implied a large step-down in Q4. She also asked about the drivers for the performance gap between the distribution and OEM channels, and the potential impact of the upcoming election.

    Answer

    CFO Gabriel Bruno clarified that the 18% to 19% Americas margin guidance is for the full year, likely at the high end of that range, and that Q4's margin should be similar to Q3's. CEO Steven Hedlund explained that the distribution channel is resilient as it serves a broad range of general industries, while direct sales are concentrated in large OEM customers in hard-hit sectors like automotive and heavy industries. Regarding the election, Hedlund declined to speculate on policy outcomes.

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    Saree Boroditsky's questions to FLOWSERVE (FLS) leadership

    Saree Boroditsky's questions to FLOWSERVE (FLS) leadership • Q2 2025

    Question

    James, on behalf of Saree Boroditsky at Jefferies, asked for an update on the 80/20 program's progress, its contribution to margin expansion, and the implementation timing between segments. He also requested a year-over-year comparison of the project funnel.

    Answer

    President & CEO R. Scott Rowe confirmed all business units are now on the 80/20 program, with a goal of achieving ~100 basis points of margin improvement annually. SVP & CFO Amy Schwetz specified that 50-100 bps of this year's targeted 200 bps operating margin expansion is from 80/20. Rowe described the project funnel as healthy and supportive of the company's booking targets, highlighting strength in the power market, but did not provide a direct year-over-year comparison.

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    Saree Boroditsky's questions to FLOWSERVE (FLS) leadership • Q2 2025

    Question

    James, on for Saree Boroditsky at Jefferies, asked for an update on the 80/20 program's progress, its contribution to margin expansion, and any timing differences between the FPD and FCD segments. He also asked for a year-over-year comparison of the project funnel.

    Answer

    President & CEO R. Scott Rowe confirmed all business units are now in the 80/20 program, with FPD having started first. He stated the goal is to achieve around 100 basis points of margin improvement annually from the program. SVP & CFO Amy Schwetz estimated that 50-100 basis points of this year's targeted 200 basis points of operating margin expansion would come from 80/20. Regarding the funnel, R. Scott Rowe did not provide a direct year-over-year comparison but described the overall funnel as 'very healthy' and noted particular strength on the power side.

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    Saree Boroditsky's questions to FLOWSERVE (FLS) leadership • Q1 2025

    Question

    Speaking for Saree Boroditsky, James [indiscernible] asked for more detail on the dynamic between Q1 and Q2, specifically what drove the strong backlog conversion in the first quarter. He also inquired about the expected margin expansion trajectory for the FPD and FCD segments, given FPD's outperformance in Q1.

    Answer

    CFO Amy Schwetz explained that strong Q1 backlog conversion was a result of improved operational excellence, particularly in hitting milestones on engineered projects. Regarding segment margins, she noted FPD's record performance and sees further upside from 80/20 initiatives and mix. While FCD is also improving structurally, it faces greater headwinds from tariff exposure, which may temper its relative margin expansion compared to FPD in 2025. However, she reiterated confidence in achieving over 100 basis points of margin expansion for the total company.

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    Saree Boroditsky's questions to FLOWSERVE (FLS) leadership • Q3 2024

    Question

    Saree Boroditsky of Jefferies asked for an update on the expected financial contribution from the MOGAS acquisition in Q4 and 2025, and questioned the potential impact of the U.S. election and regulations on energy projects.

    Answer

    CFO Amy Schwetz clarified that while MOGAS is a ~$200M annual revenue business, a specific Q4 guide was not provided as the company finalizes revenue recognition details. CEO Scott Rowe acknowledged that less regulation is preferred by customers for energy projects but stated that Flowserve will continue to execute its strategy regardless of the election outcome.

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    Saree Boroditsky's questions to LITTELFUSE INC /DE (LFUS) leadership

    Saree Boroditsky's questions to LITTELFUSE INC /DE (LFUS) leadership • Q2 2025

    Question

    Saree Boroditsky of Jefferies & Company Inc. asked about the potential top-line contribution from new growth initiatives and whether these opportunities would be accretive to margins or require significant investment. She also inquired about the competitive landscape and market share potential in higher-voltage solutions for data centers.

    Answer

    President & CEO Greg Henderson stated that while detailed long-term models are forthcoming, the company sees significant opportunity for both top-line and bottom-line growth, citing a double-digit increase in the new business opportunity funnel as an early positive indicator. EVP & CFO Abhi Khandelwal confirmed plans to provide three-year targets in February. Regarding competition, Henderson expressed confidence that Littelfuse's technology becomes more differentiated and valued as customers move to higher-power applications.

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    Saree Boroditsky's questions to LITTELFUSE INC /DE (LFUS) leadership • Q4 2024

    Question

    Saree Boroditsky of Jefferies asked for a breakdown of the puts and takes on the Q1 margin guidance and the expected margin progression throughout 2025, particularly with a potential volume recovery. She also questioned if a pre-build in the HVAC market could create a demand air pocket in Q1.

    Answer

    CFO Meenal Sethna explained that margin recovery is typically driven by volume, but the company is proactively working on pricing and cost reductions, expecting continued margin expansion through 2025. CEO Dave Heinzmann addressed the HVAC market, stating he doesn't believe an 'air pocket' is likely because the company is diversifying from residential into industrial HVAC applications, which should backfill any potential slowdown in the residential space.

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    Saree Boroditsky's questions to GRACO (GGG) leadership

    Saree Boroditsky's questions to GRACO (GGG) leadership • Q2 2025

    Question

    Saree Boroditsky of Jefferies & Company Inc. questioned whether the mid-year price increase would impact future pricing actions and requested a detailed breakdown of end-market performance within the Industrial segment.

    Answer

    President and CEO Mark Sheahan confirmed a normal price increase is still planned for next year and that the current increase was applied across all segments. CFO & Treasurer David Lowe provided a detailed industrial end-market overview, highlighting strength in automotive and powder systems, contrasted by softness in solar, truck OEMs, and aerospace, attributing the mixed performance to customer caution amid trade uncertainty.

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    Saree Boroditsky's questions to GRACO (GGG) leadership • Q2 2025

    Question

    Saree Boroditsky of Jefferies asked if the mid-year price increase would affect the 2026 pricing strategy and inquired about customer spending trends by end market within the Industrial segment.

    Answer

    CEO Mark Sheahan stated that Graco still anticipates a normal price increase at the beginning of the next year and confirmed the current targeted increases were applied across all business segments. CFO & Treasurer David Lowe provided color on the Industrial segment, noting positive momentum in automotive (EV), vehicle service, and powder equipment, contrasted with softness in solar, truck OEMs, mining, and aerospace.

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    Saree Boroditsky's questions to GRACO (GGG) leadership • Q1 2025

    Question

    Saree Boroditsky from Jefferies asked about the drivers behind the Industrial segment's exceptionally strong margins and sought an update on customer sentiment regarding large-scale project investments, particularly in the powder coating sector.

    Answer

    Executive Mark Sheahan attributed the Industrial segment's near 100% incremental margins to revenue growth on a lower expense base following the 'One Graco' initiative. Executive David Lowe added that a favorable product mix, including strong sales in high-margin Liquid Finishing and large pumps, also contributed. Regarding projects, Sheahan noted that while the powder coating business had a great start to the year driven by manual systems and parts, the project backlog remains solid with no cancellations.

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    Saree Boroditsky's questions to GRACO (GGG) leadership • Q4 2024

    Question

    Saree Boroditsky from Jefferies followed up on order trends, noting that management had previously mentioned improvement but now described rates as 'consistent.' She asked if orders had slowed post-October and requested a breakout of the 2025 outlook based on the new segment structure.

    Answer

    Executive Vice President Mark Sheahan acknowledged a surprising slowdown in orders during November and December compared to the early part of the quarter. He reiterated that the most recent trends still support the full-year low single-digit growth guidance. He also confirmed that Graco is forecasting growth in both the new Industrial and Expansion Markets segments for 2025.

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    Saree Boroditsky's questions to GRACO (GGG) leadership • Q3 2024

    Question

    Saree Boroditsky of Jefferies asked about the drivers behind the strong gross margin performance despite lower volumes and inquired about the specific markets or regions contributing to the recent 11% increase in incoming orders.

    Answer

    Executive David Lowe credited the strong gross margin to highly effective realized pricing, which he called the 'hero,' noting it has consistently offset a higher cost structure. Executive Mark Sheahan added that factory performance has been strong and is positioned for significant leverage when volumes return. Regarding the order uptick, Sheahan described it as broad-based across Industrial and Process segments, excluding Asia, but cautioned it's a short-term data point. He also noted North American Industrial results were boosted by the timing of large powder system project recognitions.

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    Saree Boroditsky's questions to SMITH A O (AOS) leadership

    Saree Boroditsky's questions to SMITH A O (AOS) leadership • Q2 2025

    Question

    Saree Boroditsky of Jefferies & Company Inc. asked about residential and commercial water heater shipment trends in June and July, the expected market share dynamics for the second half, and the realized impact of pricing in the second quarter.

    Answer

    CFO Charles Lauber stated that June and July order rates were typical following a price increase pull-forward. He reiterated expectations to gain market share in the second half as the company's production smoothing initiative muted its first-half volumes relative to the industry. Lauber also noted that very little of the May price increase was realized in Q2 due to backlog and lead times.

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    Saree Boroditsky's questions to SMITH A O (AOS) leadership • Q1 2025

    Question

    Saree Boroditsky from Jefferies LLC asked about the expected level of customer pre-buying ahead of announced price increases and sought clarity on why these pricing actions were excluded from the company's sales guidance.

    Answer

    CFO Chuck Lauber explained that the company is actively managing production to avoid a significant pull-forward of orders, aiming for a smooth transition with pricing benefits realized late in Q2. President and COO Stephen Shafer added that they are working with customers on allocations and adjusting lead times to manage the process effectively. Regarding guidance, Lauber and Chairman/CEO Kevin Wheeler stated that due to the volatility and uncertainty of the tariff environment, it was prudent to exclude the top-line impact of pricing from sales guidance while maintaining confidence in the EPS outlook.

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    Saree Boroditsky's questions to SMITH A O (AOS) leadership • Q3 2024

    Question

    Saree Boroditsky inquired about the financial impact of transitioning tankless water heater manufacturing to North America in 2025 and asked for details on A. O. Smith's Q3 residential water heater volume performance versus the broader market.

    Answer

    CFO Charles Lauber confirmed there would be a continued headwind in 2025 from the manufacturing transition to Juarez but deferred detailed guidance. CEO Kevin Wheeler addressed market performance by stating that recent industry data is lagging and they believe the market softened significantly, reiterating their forecast for a flat to slightly down industry for the full year.

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    Saree Boroditsky's questions to AMPHENOL CORP /DE/ (APH) leadership

    Saree Boroditsky's questions to AMPHENOL CORP /DE/ (APH) leadership • Q2 2025

    Question

    Saree Boroditsky of Jefferies noted that many end markets exceeded expectations and asked what specifically surprised the management team, whether guidance was conservative, and how this perspective influences the Q3 outlook.

    Answer

    President & CEO R. Adam Norwitt stated that guidance is always a bottoms-up effort and not intentionally conservative. The common theme driving the outperformance was the organization's ability to execute across all markets. He added that it was encouraging to see demand strengthening broadly, with markets like industrial, auto, and communications networks showing robust organic growth.

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    Saree Boroditsky's questions to AMPHENOL CORP /DE/ (APH) leadership • Q1 2025

    Question

    Saree Boroditsky of Jefferies asked for a more detailed view of the factory automation segment within the Industrial market, given concerns about a pause in investment and reshoring trends.

    Answer

    CEO Adam Norwitt described factory automation as a "tricky market" that remains down year-over-year, though perhaps by a slightly smaller amount than in prior quarters. He noted that this sub-segment is more dominated by European OEMs, and while Europe is showing some "green shoots" overall, it's still too early to call a definitive recovery in factory automation.

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    Saree Boroditsky's questions to AMPHENOL CORP /DE/ (APH) leadership • Q4 2024

    Question

    Saree Boroditsky asked about the dilutive impact of acquisitions on margins, the integration progress of recent deals like CIT, and how organic margins performed in the quarter.

    Answer

    CEO R. Norwitt acknowledged that recent acquisitions were dilutive to margins but highlighted that the company's underlying conversion margins were even stronger as a result. He expressed satisfaction with the progress of the CIT integration, noting the management team is outstanding. While CIT's margins are still below the company average, he is optimistic they will reach that level over time.

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    Saree Boroditsky's questions to PENTAIR (PNR) leadership

    Saree Boroditsky's questions to PENTAIR (PNR) leadership • Q2 2025

    Question

    Saree Boroditsky of Jefferies & Company, Inc. asked about the expected timing for a wave of replacement demand from pool equipment installed during the COVID-19 pandemic. She also inquired about the long-term pricing strategy and whether Pentair would consider introducing more affordable, entry-level products.

    Answer

    President and CEO John L. Stauch clarified that while a significant volume recovery hasn't materialized yet, the opportunity to grow through automation and dealer training remains substantial. He reiterated that Pentair's strategy is to focus on the higher end of the market with technologically advanced products and that the long-term goal is to return to normal, inflation-based annual price increases of 1-2%, rather than moving down-market.

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    Saree Boroditsky's questions to PENTAIR (PNR) leadership • Q4 2024

    Question

    Saree Boroditsky asked how Pentair is driving growth with its top clients and products under the 80/20 framework and how teams are incentivized. She also inquired about the company's sourcing strategy in light of potential tariffs, particularly concerning production in Mexico.

    Answer

    President and CEO John Stauch explained that the 80/20 growth strategy involves focusing on core product strengths and aligning incentives for salespeople and the distribution channel to push top products to top customers. Regarding sourcing, he stated that the company would react to tariffs in the short run and then strategically evaluate the best long-term manufacturing alternatives, acknowledging the importance of their Mexico operations.

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    Saree Boroditsky's questions to PENTAIR (PNR) leadership • Q3 2024

    Question

    Speaking for Saree Boroditsky of Jefferies, an analyst asked for the timing of benefits from the 80/20 strategy, the potential revenue impact from discontinuing products, and details on the Pool business pre-buy program.

    Answer

    President and CEO John Stauch explained that 80/20 benefits will manifest as margin improvement from reduced complexity rather than a net revenue reduction. He described the Pool early buy program as a way to level-load factory production, with orders for about a quarter's worth of revenue typically shipping in Q4 and Q1.

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    Saree Boroditsky's questions to NORDSON (NDSN) leadership

    Saree Boroditsky's questions to NORDSON (NDSN) leadership • Q2 2025

    Question

    Saree Boroditsky of Jefferies & Company Inc. asked how Nordson plans to maintain more stable margin performance in the volatile Advanced Technology Solutions (ATS) segment. She also inquired about the Precision Agriculture business, seeking details on what is driving its return to growth and its current margin performance.

    Answer

    President and CEO Sundaram Nagarajan explained that while ATS margins will naturally differ from other segments due to higher R&D investment, the cost structure has been fundamentally improved to prevent the significant margin degradation seen in past downturns. Executive VP & CFO Daniel Hopgood added that these structural changes have 'raised the waterline' for the segment's profitability. Regarding Precision Agriculture, Mr. Nagarajan attributed its double-digit growth to strength in Europe and South America, noting that its EBITDA margins remained strong, at or above the company average, even during the recent downturn.

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    Saree Boroditsky's questions to NORDSON (NDSN) leadership • Q1 2025

    Question

    Saree Boroditsky asked about the path for the ATS segment to return to its historical 23%+ margin levels seen in 2022 and questioned how much of the weakness in the IPS segment was due to underlying demand versus challenging comparables.

    Answer

    CEO Sundaram Nagarajan expressed confidence that ATS margins would return to 2022 levels as sales recover, while noting that R&D investments would remain a priority. For the IPS segment, Nagarajan explained that the most significant comparable issues were in the systems businesses (polymer and industrial coatings) that were shipping against large backlogs last year, whereas consumer non-durable businesses are growing.

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    Saree Boroditsky's questions to NORDSON (NDSN) leadership • Q4 2024

    Question

    Saree Boroditsky asked for the backlog figure excluding the Atrion acquisition, clarification on the financial impact of the Chinese New Year, and what factors could drive results to the high end of the full-year guidance.

    Answer

    CFO Daniel Hopgood stated that Atrion added approximately $35 million to the backlog and confirmed the Chinese New Year impact is a timing shift of $10-20 million between Q1 and Q2. He explained that reaching the high end of guidance would require a stronger-than-anticipated recovery in key end markets like precision agriculture and electronics. CEO Sundaram Nagarajan added that over 55% of revenue is recurring and book-and-ship, providing context to the backlog level.

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    Saree Boroditsky's questions to Hayward Holdings (HAYW) leadership

    Saree Boroditsky's questions to Hayward Holdings (HAYW) leadership • Q1 2025

    Question

    Saree Boroditsky inquired about channel inventory levels, the impact of rising equipment costs on consumer demand, and whether the company has observed customers trading down or choosing to repair equipment instead of replacing it.

    Answer

    President and CEO Kevin Holleran stated that the company feels 'really good' about current channel inventory levels, noting that the destocking and recalibration were completed in prior periods. He characterized the current market dynamic as a 'deferral' of discretionary spending rather than demand 'destruction,' linked to slower existing home sales. While there is no strong evidence of trade-downs yet, Holleran confirmed that the company's full-year guidance pragmatically accounts for that possibility.

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    Saree Boroditsky's questions to Hayward Holdings (HAYW) leadership • Q4 2024

    Question

    Saree Boroditsky questioned why the 2025 guidance implies flat EBITDA margins despite strong 2024 performance and asked for quantification of expectations for the nondiscretionary aftermarket versus weaker new construction and remodel markets.

    Answer

    CFO Eifion Jones suggested viewing performance on a two-year stack basis, which shows strong margin conversion, explaining that 2024's results accelerated some expected gains. CEO Kevin Holleran detailed that over 60% of revenue is from the resilient, nondiscretionary aftermarket, while the more discretionary new construction and remodel segments remain under pressure from elevated interest rates.

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    Saree Boroditsky's questions to ESAB (ESAB) leadership

    Saree Boroditsky's questions to ESAB (ESAB) leadership • Q1 2025

    Question

    Saree Boroditsky inquired about the price versus volume mix within the organic growth guidance, whether price actions were surcharges, and if ESAB observed any customer pre-buying activity ahead of tariffs.

    Answer

    CEO Shyam Kambeyanda clarified that the company implemented general price increases, not surcharges. CFO Kevin Johnson noted that price in EMEA/APAC is expected to be flat, while North American price increases from Q1 will likely persist. Mr. Kambeyanda added that ESAB did not see significant customer pre-buying, suggesting the channel adopted a 'wait-and-see' approach due to tariff uncertainty.

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    Saree Boroditsky's questions to Xylem (XYL) leadership

    Saree Boroditsky's questions to Xylem (XYL) leadership • Q1 2025

    Question

    Saree Boroditsky of Jefferies asked for color on the choppy orders in the Measurement & Control Solutions (M&CS) segment and the margin profile of its backlog, particularly concerning the ongoing energy mix issue. She also inquired about the impact of 80/20 initiatives on orders and whether tariffs alter that strategy.

    Answer

    CFO Bill Grogan explained that M&CS book-to-bill is expected to turn positive in the second half as project rephasing normalizes. He confirmed that a specific energy project is pressuring margins, with Q2 expected to be the low point before a return to year-over-year expansion in the second half. Grogan also noted that the 80/20 headwind of about 1% was already factored into guidance and that the tariff situation does not materially change this strategic approach.

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    Saree Boroditsky's questions to TE Connectivity (TEL) leadership

    Saree Boroditsky's questions to TE Connectivity (TEL) leadership • Q2 2025

    Question

    Saree Boroditsky requested an update on the Medical business, focusing on the status of channel inventory destocking and the expected performance for the remainder of the year.

    Answer

    CEO Terrence Curtin indicated that the inventory destocking in the Medical segment is now over. This was evidenced by a strong 20% sequential increase in the business in Q2. He expects this sequential improvement to continue through the second half of the fiscal year as sales align more closely with underlying mid-single-digit market demand.

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    Saree Boroditsky's questions to TE Connectivity (TEL) leadership • Q1 2025

    Question

    Saree Boroditsky inquired about the expected margin benefits in fiscal 2025 or 2026 resulting from the company's ongoing restructuring and footprint consolidation efforts.

    Answer

    CFO Heath Mitts explained that the multi-year footprint optimization has already benefited the Transportation segment by enabling margin resilience in a low-growth environment. He projected that the Industrial segment would see the most significant margin expansion this year, driven by top-line growth in AI, energy, and aerospace, combined with cost-side actions.

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    Saree Boroditsky's questions to TE Connectivity (TEL) leadership • Q4 2024

    Question

    Saree Boroditsky from Jefferies asked if the company still expects 25-30% incremental margins on the strong growth anticipated in the Communications segment for 2025, considering the investments required.

    Answer

    CFO Heath Mitts confirmed that investments in capital and engineering are being made to support the growth, particularly in AI, but noted many are already embedded in the FY24 run rate. He stated that while a precise incremental margin for the new Industrial segment will be provided later, a 30% flow-through is a 'decent number' to assume for now, driven not just by AI growth but also by cost actions across the rest of the new segment.

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    Saree Boroditsky's questions to MSA Safety (MSA) leadership

    Saree Boroditsky's questions to MSA Safety (MSA) leadership • Q4 2024

    Question

    Saree Boroditsky asked about the margin potential for the Americas segment in 2025, the expected variability and trends for International margins, and the sales cadence for the fire service business given challenging comps.

    Answer

    Lee McChesney, SVP and CFO, explained that while the company targets 30-50 basis points of margin improvement annually, 2025 will be challenging due to factors like FX headwinds. He noted International margins have structural differences from North America but are still a focus for improvement. McChesney also guided for a normal seasonal sales pattern in 2025, with a lower Q1 and negative growth for the full-year fire service segment due to tough comps from the U.S. Air Force order in the first half of 2024.

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    Saree Boroditsky's questions to WESTINGHOUSE AIR BRAKE TECHNOLOGIES (WAB) leadership

    Saree Boroditsky's questions to WESTINGHOUSE AIR BRAKE TECHNOLOGIES (WAB) leadership • Q4 2024

    Question

    Saree Boroditsky from Jefferies asked about the reasons for softer North American demand in the Digital segment and its long-term growth drivers. She also inquired about the expected cadence for Freight segment margins in 2025 following a weaker Q4.

    Answer

    CEO Rafael Santana explained that while the Digital business secured a record $1 billion in orders, driven by international demand, the North American market was softer due to discretionary spending and commuter signaling weakness. CFO John Mastalerz clarified that the Q4 Freight margin dip was expected due to a planned production shift into the first half of the year and that he anticipates margins will 'pop back' significantly in Q1 2025.

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    Saree Boroditsky's questions to WESTINGHOUSE AIR BRAKE TECHNOLOGIES (WAB) leadership • Q3 2024

    Question

    Saree Boroditsky asked for details on the drivers behind the strong Freight segment margins, its sustainability, and the profitability of new orders entering the Transit segment's backlog.

    Answer

    CFO John Olin attributed the Freight margin outperformance to favorable mix from services and mining aftermarket sales, which won't repeat in Q4, and durable cost benefits from productivity and Integration 2.0. CEO Rafael Santana added that the Transit segment's backlog profitability is increasing, supporting the goal of continued margin expansion toward the mid-teens.

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    Saree Boroditsky's questions to EMERSON ELECTRIC (EMR) leadership

    Saree Boroditsky's questions to EMERSON ELECTRIC (EMR) leadership • Q1 2025

    Question

    Saree Boroditsky from Jefferies Financial Group Inc. asked how the benefits from cost and synergy actions would progress throughout the year, given that some discretionary costs are expected to return. She also requested commentary on the outlook for the factory automation and auto markets.

    Answer

    CFO Mike Baughman and President and CEO Lal Karsanbhai confirmed that benefits from price/cost and cost reductions will continue. However, they noted the exceptionally favorable business mix and throttled discretionary spending from Q1 will moderate, changing the margin dynamics for the rest of the year. Lal Karsanbhai added that the auto and factory automation markets remain depressed, with planned second-half growth relying on easier comparisons rather than a significant market recovery.

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    Saree Boroditsky's questions to CARLISLE COMPANIES (CSL) leadership

    Saree Boroditsky's questions to CARLISLE COMPANIES (CSL) leadership • Q4 2024

    Question

    Saree Boroditsky asked about the underlying margin improvement drivers, excluding the dilutive impact from recent acquisitions. She also requested a breakdown of the 2025 top-line growth guidance to distinguish between the impact of acquisitions and underlying organic demand.

    Answer

    CFO Kevin Zdimal explained that margin improvement is expected from volume leverage, efficiencies from the Carlisle Operating System (COS), and a positive price-cost dynamic. He noted that while acquisitions like MTL are dilutive to the segment's margin rate, they are accretive overall and contribute to the goal of 50 basis points of improvement. Zdimal then provided a breakdown of the acquisition revenue contribution, stating it would impact CCM primarily in the first half and contribute over $100 million to CWT for the full year.

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    Saree Boroditsky's questions to CARLISLE COMPANIES (CSL) leadership • Q3 2024

    Question

    Saree Boroditsky from Jefferies asked about the drivers of the strong CCM segment margins, specifically the contribution from price versus cost. She also inquired about the net impact of recent hurricane activity on demand and the expected pace of increased R&D investments.

    Answer

    CFO Kevin Zdimal clarified that price-cost was neutral for the CCM segment in Q3, with the record margin expansion driven by strong volume leverage and operational improvements from the Carlisle Operating System. CEO Chris Koch assessed the net impact of recent hurricanes as likely neutral for Q4, with repair demand offsetting short-term disruptions. Kevin Zdimal added that R&D spending is expected to increase by approximately 50 basis points per year to reach the 3% of sales target by 2030.

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