Research Analyst at TD Cowen
Spencer Breitzke is an Analyst at TD Cowen, specializing in aerospace and defense sector research, where he contributes to coverage and analysis of major industry players through both equity and policy perspectives. He has participated in coverage of companies such as Albany International Corp and actively engages in publishing sector reports that include forecasts and thematic research around launch systems, satellite technology, and government space spending. With several years at TD Cowen, Breitzke supports senior analysts in delivering actionable insights but has not yet gathered individual performance metrics or third-party analyst rankings, suggesting he is in the earlier phases of his career. As an active member of the TD Cowen team in New York, he is listed among institutional contacts, but there is currently no public record of high-level securities licenses or formal recognitions.
Spencer Breitzke of TD Cowen requested an update on the JDAM program, asking about the timing for realizing higher pricing from new contracts.
CFO William Lacey stated that due to strong demand and a healthy supply chain, the company expects to transition to the higher-priced JDAM contract lots during the fourth quarter of the fiscal year.
Spencer Breitzke asked for color on fastener and jet engine sales performance during the quarter and inquired about the potential upper limit for SAO segment margins.
CEO Tony Thene reported strong sequential sales growth, with jet engines up 16% and fasteners up 25%. Regarding SAO margins, which reached a record 29.1%, Thene reiterated his previous target of 30% and stated it is 'not the limit.' While acknowledging that margin progression may not be linear each quarter due to mix, he sees opportunities to push past the 30% level, highlighting it as a key achievement that moves the company into a higher valuation category.