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    Steve Tusa • JPMorgan Chase & Co.

    Steve Tusa's questions to Rockwell Automation Inc (ROK) leadership

    Steve Tusa's questions to Rockwell Automation Inc (ROK) leadership • Q3 2025

    Question

    Steve Tusa from JPMorgan Chase & Co. asked for an updated outlook on pricing for the remainder of the year and into next year. He also inquired about the potential timing for large U.S. investment projects to materialize into orders.

    Answer

    CFO Christian Rothe stated that full-year price realization will be 2%+, up from the initial 1% forecast, partly due to tariff-related actions. For next year, he expects to continue realizing price. CEO Blake Moret noted that while the funnel for large capacity projects is significant for next year, the timing depends on customers gaining cost and demand certainty, with recent wins shifting toward Rockwell's core industries like life sciences.

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    Steve Tusa's questions to Rockwell Automation Inc (ROK) leadership • Q3 2025

    Question

    Steve Tusa of JP Morgan asked about the pricing outlook for Q4 and the next fiscal year, and inquired about the timing and potential triggers for the release of large U.S. capacity investment projects.

    Answer

    CFO Christian Roethe projected full-year price realization at 2%+, partly due to tariff-based actions, and expressed confidence in continued price realization next year. CEO Blake Moret noted that large project releases are pending greater cost certainty for customers, particularly around tariffs and demand. He believes a calmer trade environment and the new tax bill's benefits for smaller manufacturers will help accelerate these investment decisions.

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    Steve Tusa's questions to Emerson Electric Co (EMR) leadership

    Steve Tusa's questions to Emerson Electric Co (EMR) leadership • Q3 2025

    Question

    Steve Tusa of JPMorgan Chase & Co. asked about the intra-quarter trend for orders in Q3 and sought clarity on the growth outlook for the software business into fiscal 2026, particularly concerning any challenging comparisons for AspenTech.

    Answer

    President & CEO Lal Karsanbhai stated that MRO bookings were consistent throughout the quarter, with some timing variations on large capital projects, but no underlying weakness. COO Ram Krishnan confirmed that AspenTech's ACV growth is expected to remain strong, in the high single to double-digit range, with no concerning comps anticipated for next year.

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    Steve Tusa's questions to Eaton Corporation PLC (ETN) leadership

    Steve Tusa's questions to Eaton Corporation PLC (ETN) leadership • Q2 2025

    Question

    Steve Tusa from JPMorgan Chase & Co. asked for clarification on the Electrical Americas organic backlog growth and whether total electrical orders on a TTM basis were expected to turn positive. He also asked if the new production capacity impact is reflected in the second-half guide.

    Answer

    CEO Paulo Ruiz confirmed the 17% backlog growth in Electrical Americas. CFO Olivier Leonetti clarified that TTM orders for the total electrical sector had already turned positive. Ruiz affirmed that the impact of new capacity is factored into the second-half guidance, with six projects ramping up in H2 2025 and more to follow in 2026.

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    Steve Tusa's questions to Dupont De Nemours Inc (DD) leadership

    Steve Tusa's questions to Dupont De Nemours Inc (DD) leadership • Q2 2025

    Question

    Steve Tusa of JPMorgan Chase & Co. asked for a broad assessment of the current electronics cycle and inquired about the potential impact of new 'direct to the Board' chip manufacturing processes on DuPont's content.

    Answer

    Jon Kemp, President of the Electronics division, described a mixed cycle with growth currently driven by AI applications while consumer markets remain weak. He noted that DuPont is well-positioned for new chip assembly technologies due to its broad portfolio spanning chip fabrication and advanced packaging.

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    Steve Tusa's questions to Dupont De Nemours Inc (DD) leadership • Q2 2025

    Question

    Steve Tusa of JPMorgan Chase & Co. requested an overview of the current electronics cycle, including the status of consumer market recovery, and asked about the potential impact of new chip assembly methods on DuPont's content.

    Answer

    Jon Kemp, President of the Electronics division, described a mixed environment where AI is the primary growth driver, while other markets show early signs of stabilization. He views new assembly technologies as an opportunity, given Qunity's end-to-end portfolio which facilitates deeper customer collaboration on system integration.

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    Steve Tusa's questions to Fortive Corp (FTV) leadership

    Steve Tusa's questions to Fortive Corp (FTV) leadership • Q2 2025

    Question

    Steve Tusa of JPMorgan Chase & Co. questioned the company's new guidance philosophy of not providing a specific organic growth forecast. He also asked about the company's approach to bolt-on M&A, probing whether there was a reset in the process or a change from Fortive's historical strategy.

    Answer

    CFO Mark Okerstrom explained that providing only annual adjusted EPS guidance is intended to simplify investor communications and maintain focus on the company's multi-year value creation plan. CEO Olumide Soroye detailed a 'very different' capital allocation strategy, emphasizing a dynamic balance between share repurchases and accretive bolt-on M&A, all subject to elevated financial and strategic scrutiny. He noted they are 'open for business' but will maintain a very high bar for deals.

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    Steve Tusa's questions to Fortive Corp (FTV) leadership • Q2 2025

    Question

    Steve Tusa of JPMorgan Chase & Co. questioned the rationale for the new, simplified guidance policy and asked if the company's approach to bolt-on M&A has changed.

    Answer

    CFO Mark Okerstrom explained the simplified guidance aims to focus on the multi-year value creation plan. CEO Olumide Soroye detailed a more disciplined M&A approach, emphasizing a dynamic balance between buybacks and accretive bolt-ons, with elevated strategic scrutiny and a focus on proprietary deal cultivation.

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    Steve Tusa's questions to Vertiv Holdings Co (VRT) leadership

    Steve Tusa's questions to Vertiv Holdings Co (VRT) leadership • Q2 2025

    Question

    Steve Tusa of JPMorgan Chase & Co. asked about the 2026 margin outlook, questioning if it could be a more 'normal' year for margin expansion given the strong expected exit rate for 2025.

    Answer

    CEO Giordano Albertazzi responded that the direction coming out of 2025 is encouraging for the company's long-term margin trajectory. He affirmed that Vertiv's long-term margin objectives remain correct, suggesting alignment with the idea of continued improvement.

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    Steve Tusa's questions to Vertiv Holdings Co (VRT) leadership • Q2 2025

    Question

    Steve Tusa of JPMorgan Chase & Co. inquired about Vertiv's margin outlook for 2026, noting the strong implied exit rate for 2025 and asking if next year could represent a more normalized margin environment despite ongoing investments.

    Answer

    CEO Giordano Albertazzi responded that the company's trajectory exiting 2025 is encouraging for its long-term goals. He affirmed his confidence in Vertiv's previously stated long-term margin objectives, suggesting 2026 would align with that path.

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    Steve Tusa's questions to Trane Technologies PLC (TT) leadership

    Steve Tusa's questions to Trane Technologies PLC (TT) leadership • Q2 2025

    Question

    Steve Tusa from JPMorgan Chase & Co. asked for a breakdown of the price and mix expectations for the residential business in the second half. He also sought to reconcile the $150 million revenue headwind with previous estimates of pre-buy activity and questioned the slight deceleration in services growth.

    Answer

    EVP & CFO Chris Kuehn clarified that second-half residential price/mix is expected to be in the low-double-digit range, with volumes down. Chair & CEO Dave Regnery explained the $150 million headwind includes both elevated channel inventory of $100-125 million and the lingering impact from the cylinder shortage. Regarding services, Regnery stated he was very happy with low-teens growth and pointed to accelerating connected solutions as a key future driver.

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    Steve Tusa's questions to Johnson Controls International PLC (JCI) leadership

    Steve Tusa's questions to Johnson Controls International PLC (JCI) leadership • Q3 2025

    Question

    Steve Tusa of JPMorgan Chase & Co. questioned the low single-digit order growth, asking about its trend into the fourth quarter and the timeline for providing a longer-term financial outlook.

    Answer

    CEO Joakim Weideminis attributed the modest order growth to ongoing softness in China offsetting strong performance in the Americas. He stated that core vertical markets like data centers and healthcare remain healthy. In China, the company is being disciplined by prioritizing higher-margin systems and service growth as the market matures.

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    Steve Tusa's questions to Carrier Global Corp (CARR) leadership

    Steve Tusa's questions to Carrier Global Corp (CARR) leadership • Q2 2025

    Question

    Steve Tusa of JPMorgan Chase & Co. sought a detailed breakdown of the assumptions for the U.S. residential and light commercial businesses in the fourth quarter, particularly in the context of the company's full-year 20% adjusted EPS growth forecast.

    Answer

    SVP & CFO Patrick Goris specified that Q4 residential sales are forecasted to be down about 15%, with volume down approximately 23% against a very tough prior-year comparison. Chairman & CEO David Gitlin added that light commercial is expected to be flattish in Q4, benefiting from an easier comp and encouraging recent trends in orders and demand from small and medium businesses.

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    Steve Tusa's questions to Dover Corp (DOV) leadership

    Steve Tusa's questions to Dover Corp (DOV) leadership • Q2 2025

    Question

    Steve Tusa of JPMorgan questioned the second-half margin outlook, suggesting the implied incremental margins seemed conservative, and asked about the potential EPS growth algorithm for 2026 given current momentum and cost savings.

    Answer

    President and CEO Richard Tobin clarified that aggregate incremental margins are expected to moderate in the second half due to a business mix shift toward relatively lower-margin segments. For 2026, Tobin expressed strong optimism, stating that a full year of current margin levels combined with a larger roll-forward of cost savings will drive very attractive incremental margins on any revenue growth.

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    Steve Tusa's questions to Honeywell International Inc (HON) leadership

    Steve Tusa's questions to Honeywell International Inc (HON) leadership • Q2 2025

    Question

    Steve Tusa from JPMorgan Chase & Co. asked for clarification on the full-year margin guidance, specifically if the Building Automation segment margin was expected to approach 28%. He also inquired about the status of the tariff-related contingency hedge mentioned in the previous quarter.

    Answer

    VP of Investor Relations Sean Meakim stated that while a 28% full-year margin for Building Automation is aggressive, the business is capable of achieving it. Chairman & CEO Vimal Kapur confirmed it will be Honeywell's highest-margin business in 2025. Regarding the contingency, SVP & CFO Mike Stepniak said the company has better visibility and confidence in the current guide, as puts and takes (softer long-cycle projects, better short-cycle orders) have balanced out.

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    Steve Tusa's questions to Honeywell International Inc (HON) leadership • Q2 2025

    Question

    Steve Tusa of JPMorgan Chase & Co. sought to clarify the full-year margin guidance, asking if the Building Automation segment margin was approaching 28% for the year. He also asked about the status of the financial contingency that was put in place last quarter.

    Answer

    SVP & CFO Mike Stepniak noted that Building Automation incrementals are very high, especially on the product side. VP of Investor Relations Sean Meakim suggested 28% was likely aggressive for the full year but within the business's capability. Chairman & CEO Vimal Kapur confirmed BA would be the highest margin business in 2025. Regarding the contingency, Mike Stepniak stated that while they have better visibility, pluses and minuses (stronger BA, softer energy projects) leave them in a similar net position as last quarter.

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    Steve Tusa's questions to Lennox International Inc (LII) leadership

    Steve Tusa's questions to Lennox International Inc (LII) leadership • Q2 2025

    Question

    Steve Tusa from JPMorgan Chase & Co. sought to clarify the full-year cost inflation figures, asking how much of the total impact has been booked year-to-date. He also asked about the timing of when recent price increases were fully reflected in Q2 results.

    Answer

    CFO Michael Quenzer clarified that of the total expected cost increase for the year, about $80 million was incurred in the first half. CEO Alok Maskara added that the new pricing was not fully effective for the entire quarter, stating it was booked 'midway through the quarter' as the product mix shifted more to R-454B and the tariff-related pricing took effect.

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    Steve Tusa's questions to Otis Worldwide Corp (OTIS) leadership

    Steve Tusa's questions to Otis Worldwide Corp (OTIS) leadership • Q2 2025

    Question

    Steve Tusa from JPMorgan Chase & Co. asked for clarity on how Otis is positioned for the next year based on its backlog, particularly in China, and sought confirmation that China orders are expected to improve sequentially.

    Answer

    Chair, President & CEO Judith Marks confirmed that China orders are expected to improve sequentially. She contrasted the outlook, stating that while the new equipment backlog in China will be down entering 2026, the backlog in the Americas is strengthening (up 5%), Asia Pacific is up double-digits, and the rest of the world ex-China is growing strongly.

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    Steve Tusa's questions to Otis Worldwide Corp (OTIS) leadership • Q2 2025

    Question

    Steve Tusa from JPMorgan Chase & Co. inquired about the outlook for 2026 based on the current new equipment backlog in China and sought confirmation that Chinese orders are expected to improve sequentially.

    Answer

    CEO Judith Marks confirmed that China orders are expected to improve sequentially. She provided a global backlog overview, stating the Americas backlog is up 5% and Asia Pacific is up double-digits, positioning them well for 2026. However, she noted that while China's modernization and service backlogs will be up, the new equipment backlog will be down entering next year. She also contextualized that China now represents about 10-12% of global revenue.

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    Steve Tusa's questions to Pentair PLC (PNR) leadership

    Steve Tusa's questions to Pentair PLC (PNR) leadership • Q2 2025

    Question

    Steve Tusa of JPMorgan Chase & Co. asked for clarification on the timing of price realization, specifically whether the full impact of recent increases was reflected in Q2 results. He also inquired about the outlook for Q4 and any specific caution embedded in the guidance for that period.

    Answer

    EVP and CFO Bob P. Fishman confirmed that the full run-rate of pricing actions was not seen in Q2 and would accelerate in Q3 and Q4, alongside higher tariff headwinds. He added that the Q3 guide contains more caution, with Q4 expected to be more about channel partners positioning for the 2026 season, pending potential interest rate reductions.

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    Steve Tusa's questions to Pentair PLC (PNR) leadership • Q1 2025

    Question

    Steve Tusa sought confirmation on the key components of the full-year profit bridge, including productivity savings and inflation, and asked for channel feedback regarding potential tariff-driven demand destruction in the Pool segment.

    Answer

    CFO Bob Fishman confirmed the analyst's assumptions for the profit bridge were correct, including $80 million in net productivity and a price increase of around 5% to offset tariffs. CEO John Stauch noted that there has been no significant channel feedback on demand destruction yet, adding that the 80/20 strategy has streamlined communication with key distributors, who have been notified of the phased price increases.

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    Steve Tusa's questions to 3M Co (MMM) leadership

    Steve Tusa's questions to 3M Co (MMM) leadership • Q2 2025

    Question

    Steve Tusa of JPMorgan Chase & Co. asked for the embedded assumption on foreign exchange impact and for more detail on the specific areas of weakness within the consumer electronics market.

    Answer

    CFO Anurag Maheshwari clarified that the full-year FX headwind is now expected to be about $0.05 per share, with the impact concentrated in the first half due to year-over-year hedge benefit comparisons. CEO William Brown added that consumer electronics demand is softening from a strong first half, with the slowdown seen across TVs, tablets, phones, and notebooks.

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    Steve Tusa's questions to Roper Technologies Inc (ROP) leadership

    Steve Tusa's questions to Roper Technologies Inc (ROP) leadership • Q1 2025

    Question

    Steve Tusa asked for color on Q2 organic growth expectations and inquired about any potential impact from government pressures on higher education organizations.

    Answer

    EVP and CFO Jason Conley projected Q2 organic growth would accelerate from Q1, with the Network segment improving to mid-singles and TEP to the high-single-digit range. President and CEO Neil Hunn stated that government education funding levels are not expected to be cut, merely administered differently via block grants, and they have seen no slowdown at the customer level.

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    Steve Tusa's questions to Albany International Corp (AIN) leadership

    Steve Tusa's questions to Albany International Corp (AIN) leadership • Q4 2024

    Question

    An analyst from JPMorgan Chase & Co. inquired about the expected progression of the CH-53K and Gulfstream programs within the 2025 outlook and the anticipated ramp-up of AEC segment margins from the 6% exit rate to the guided 13.5% range for 2025. A follow-up question addressed the free cash flow outlook for 2025 after a strong 2024.

    Answer

    CEO Gunnar Kleveland stated that the 2025 plan reflects current performance projections, with a long-term goal for AEC margins to reach the mid-to-high teens after adjusting for GIS cost allocations. CFO Robert Starr clarified that the Q4 EAC adjustments reflect the best estimate for go-forward margins embedded in the 13.5% outlook. Regarding cash flow, Starr projected a range of $90 million to $120 million for 2025, with an internal target to convert over 90% of net income to free cash flow.

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