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    Thomas Hayes • CL King & Associates

    Thomas Hayes's questions to Enerpac Tool Group Corp (EPAC) leadership

    Thomas Hayes's questions to Enerpac Tool Group Corp (EPAC) leadership • Q2 2025

    Question

    Thomas Hayes from CL King & Associates asked about the drivers behind the strong growth rebound in the Americas, the potential impact of new tariffs, and the expected pace of new product introductions in fiscal 2025.

    Answer

    President and CEO Paul Sternlieb attributed the Americas' high single-digit growth to the Enerpac Commercial Excellence (ECX) program, which is systematizing the sales process, and strong performance in the HLT business. On tariffs, he stated the direct impact is manageable, with less than $20 million in imports from China and negligible amounts from Canada/Mexico, but noted the company is monitoring indirect impacts from suppliers. Regarding new products, he explained that after focusing on commercializing FY24 launches in the first half, the company expects more new product introductions in the second half of FY25 and into FY26.

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    Thomas Hayes's questions to Enerpac Tool Group Corp (EPAC) leadership • Q1 2025

    Question

    Thomas Hayes asked if Q1 2025 results met expectations amid a weak industrial environment, inquired about the potential impact of new tariffs on China and Mexico, questioned the drivers of strong EMEA performance, and sought details on the services business's growth and margin profile.

    Answer

    President and CEO Paul Sternlieb confirmed that Q1 played out as expected given the tough comparisons and macro environment, but noted customer optimism for calendar 2025. He stated that the potential impact from new tariffs would be manageable, as imports from Mexico are negligible and direct imports from China are under $20 million. Sternlieb attributed the outperformance in the EMEA region to market share gains driven by strong commercial execution. He explained that the services business can outpace product sales in the short term due to maintenance cycles but is margin dilutive, though opportunities for margin improvement exist through operational efficiency and focusing on higher-value projects.

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    Thomas Hayes's questions to Enerpac Tool Group Corp (EPAC) leadership • Q4 2024

    Question

    Thomas Hayes inquired about the strategic opportunities with the recent DTA acquisition, including customer overlap with Enerpac's HLT business and DTA's recurring revenue streams. He also asked for an outlook on key vertical markets for fiscal 2025, particularly the drivers behind the perceived slowness in infrastructure project rollouts.

    Answer

    President and CEO Paul Sternlieb highlighted that the DTA acquisition is highly complementary, combining Enerpac's vertical lift technology with DTA's horizontal movement solutions, creating significant cross-selling and geographic expansion opportunities. He confirmed DTA has a service component with potential for growth. Regarding vertical markets, Sternlieb expressed optimism for wind and rail, while acknowledging that infrastructure projects are progressing slower than hoped, likely due to permitting and labor availability, not financing issues. He noted Enerpac's involvement typically occurs in the later stages of these projects.

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    Thomas Hayes's questions to Tennant Co (TNC) leadership

    Thomas Hayes's questions to Tennant Co (TNC) leadership • Q4 2024

    Question

    Thomas Hayes asked about growth opportunities in the APAC region for 2025, the target markets for the new X6 ROVR AMR product, and the expected timing and accounting treatment of the $50 million in 2025 ERP project costs.

    Answer

    CEO David Huml explained that the APAC strategy involves pivoting to advantaged market segments rather than expecting a broad market recovery. He detailed that the X6 ROVR targets larger facilities across retail, healthcare, and logistics. CFO Fay West clarified the $50M in ERP costs would be spread evenly through 2025, with a likely 60/40 split between expenses and capitalized costs.

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    Thomas Hayes's questions to Tennant Co (TNC) leadership • Q3 2024

    Question

    Thomas Hayes inquired about Tennant's strategic actions in the challenging China market, the performance of the recent EMEA acquisition, AMR production capacity, and the target market for the new T291 scrubber.

    Answer

    CEO David Huml stated that in China, the company is countering price pressure by focusing on higher-end industrial products. He confirmed the EMEA acquisition (TCS) is performing ahead of expectations. Regarding AMR, Huml noted they doubled production capacity for the X4 ROVR to meet strong demand. He described the new T291 scrubber as a product line extension aimed at smaller-format spaces in retail, healthcare, and education.

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    Thomas Hayes's questions to Valmont Industries Inc (VMI) leadership

    Thomas Hayes's questions to Valmont Industries Inc (VMI) leadership • Q3 2024

    Question

    Thomas Hayes from CL King & Associates asked for more color on the telecommunications market, noting mixed results from others in the space, and inquired about project activity and carrier spending trends.

    Answer

    President and CEO Avner Applbaum expressed pleasure with the 8% growth in the telecom business, attributing it to a return to more normalized spending levels by North American carriers. He conveyed a bullish long-term outlook, citing the continued need to build out the 5G network to reach an estimated 85% population coverage by the end of the decade. Applbaum noted Valmont is well-positioned with a broad offering of macro towers, small cells, and components to support this buildout. He also mentioned that international markets are lagging the U.S. but present future opportunities.

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