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    Tim Thein • Raymond James Financial

    Tim Thein's questions to Regal Rexnord Corp (RRX) leadership

    Tim Thein's questions to Regal Rexnord Corp (RRX) leadership • Q2 2025

    Question

    Tim Thein of Raymond James Financial asked about the long-term potential for a domestic manufacturing recovery to benefit the AMC business and how the expected pickup in IPS activity aligns with feedback from distribution channel partners.

    Answer

    CEO Louis Pinkham responded that any rebound in industrial production, with the ISM index below 50 for two years, would benefit both IPS and AMC. However, he noted that the company is not yet seeing or hearing significant customer activity related to reshoring. Regarding the distribution channel, Pinkham acknowledged that feedback indicates slower activity, which aligns with the prolonged industrial downturn. He clarified that Regal Rexnord's second-half growth expectation is primarily driven by longer-cycle projects, not an anticipated step-up in distribution sales.

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    Tim Thein's questions to Middleby Corp (MIDD) leadership

    Tim Thein's questions to Middleby Corp (MIDD) leadership • Q2 2025

    Question

    Tim Thein of Raymond James Financial asked if restaurant customer margin pressures are causing a shift to lower-spec equipment and inquired about the underlying growth assumptions for the commercial business that support the long-term EPS target.

    Answer

    CCO Steve Spittle stated customers are not trading down but are instead investing in technology and new categories like beverage to drive traffic, which benefits Middleby. CEO Timothy FitzGerald added that the commercial business is seen as a "GDP-plus" grower. CFO Bryan Mittelman explained that EPS growth is amplified beyond revenue growth by operating leverage and capital allocation, specifically share repurchases.

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    Tim Thein's questions to Cummins Inc (CMI) leadership

    Tim Thein's questions to Cummins Inc (CMI) leadership • Q2 2025

    Question

    Tim Thein from Raymond James inquired if Cummins is seeing increased demand for reciprocating engines for primary power generation, given the 'speed to power' theme and long lead times for turbines. He also asked for drivers of the high margins in the Distribution segment.

    Answer

    CEO Jennifer Rumsey stated that while Cummins is strategically evaluating the primary power market, its business today remains focused on backup power and is not yet meaningfully impacted by this trend. CFO Mark Smith explained that the strong Distribution margins are the result of broad-based operational improvements, including in international operations, in addition to strong parts and power generation sales.

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    Tim Thein's questions to Cummins Inc (CMI) leadership • Q2 2025

    Question

    Tim Thein from Raymond James asked if Cummins is seeing increased demand for reciprocating engines for primary power generation and questioned the drivers of the high margins in the Distribution segment.

    Answer

    Chair and CEO Jennifer Rumsey stated that while the 'speed to power' theme is a strategic area of interest, Cummins' business today remains primarily focused on backup power. CFO Mark Smith explained that the strong Distribution margins were the result of broad-based operational improvements across its international operations, not just benefits from the power generation market.

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    Tim Thein's questions to Allison Transmission Holdings Inc (ALSN) leadership

    Tim Thein's questions to Allison Transmission Holdings Inc (ALSN) leadership • Q2 2025

    Question

    Tim Thein from Raymond James Financial, Inc. asked how Allison can maintain a mid-30s decremental margin when the high-margin North American vocational market is weakening, probing for offsetting positive factors.

    Answer

    CFO Scott Mell explained that strength in the Defense business and stability in the Outside North America On-Highway segment are helping to mitigate the impact. COO G. Frederick Bohley clarified that while Class 8 straight trucks are soft, the municipal business remains strong, and the most significant weakness is in medium-duty, which affects the mix.

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    Tim Thein's questions to CNH Industrial NV (CNH) leadership

    Tim Thein's questions to CNH Industrial NV (CNH) leadership • Q2 2025

    Question

    Tim Thein from Raymond James questioned why the presentation chart on tractor production versus retail sales didn't show a larger gap, given the company's stated focus on under-producing to clear channel inventory.

    Answer

    CEO Gerrit Marx clarified that the chart is based on units, not value, which masks the true dynamics. He explained that high-value, high-horsepower tractors are being significantly under-produced, but each machine counts as a single unit. He stated that a value-based chart would show a much more pronounced divergence between production and retail, reflecting the company's destocking progress in key product lines.

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    Tim Thein's questions to Oshkosh Corp (OSK) leadership

    Tim Thein's questions to Oshkosh Corp (OSK) leadership • Q2 2025

    Question

    Tim Thein of Raymond James Financial, Inc. questioned if the 20% growth in the Fire & Emergency segment was expected to continue from a product mix standpoint in the second half. He also asked for clarification on whether the positive sales mix in the Access segment was driven by product or geography.

    Answer

    CEO John Pfeifer affirmed that the strength in the Pierce fire apparatus brand is expected to continue, supported by ongoing investments and capacity increases. CFO Matthew Field explained the favorable Access segment mix was due to multiple factors, including a stronger geographic mix in North America and a stronger-than-expected mix of independent customers year-over-year.

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    Tim Thein's questions to AGCO Corp (AGCO) leadership

    Tim Thein's questions to AGCO Corp (AGCO) leadership • Q2 2025

    Question

    Tim Thein of Raymond James Financial, Inc. asked about the expected cadence of the new $1 billion share repurchase program and whether early order patterns in North America are influencing Q4 production plans.

    Answer

    Chairman, President & CEO Eric Hansotia stated that share buybacks are now a preferred method for capital return after operational needs are met, but specific timing is contingent on cash flow availability. He noted that early order programs begin in August, and current sentiment among farmers and dealers is one of 'cautious optimism' pending greater clarity on trade policies.

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    Tim Thein's questions to Terex Corp (TEX) leadership

    Tim Thein's questions to Terex Corp (TEX) leadership • Q2 2025

    Question

    Tim Thein sought clarification on why MP margins were a key driver for higher expected EPS in Q4 versus Q3 and asked if the new, lower 17.5% tax rate is a sustainable run rate for 2026.

    Answer

    SVP & CFO Jennifer Kong-Picarello explained the Q4 EPS lift is due to the timing of tariff mitigation, lower tariff cost impact in Q4, and sequential margin improvement in MP. Regarding the tax rate, she stated the 17.5% rate in 2025 is driven by discrete items and expects the rate to normalize back to the ~19% range in the future.

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    Tim Thein's questions to Timken Co (TKR) leadership

    Tim Thein's questions to Timken Co (TKR) leadership • Q2 2025

    Question

    Tim Thein from Raymond James Financial asked if there was a pull-forward of demand in the China wind business in the first half. He also inquired about the historical role of the distribution segment as a leading indicator around cycle inflection points.

    Answer

    EVP and CFO Philip Fracassa confirmed they believe there was some demand pull-ahead in China wind due to a regulatory change, which will likely lead to more muted growth in the second half. President & CEO Rich Kyle commented that the distribution channel is less cyclical than new equipment due to its maintenance component and that he wouldn't read too much into the recent small change in its outlook.

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    Tim Thein's questions to Federal Signal Corp (FSS) leadership

    Tim Thein's questions to Federal Signal Corp (FSS) leadership • Q2 2025

    Question

    Tim Thein of Raymond James Financial inquired about the specific drivers for the Environmental Solutions Group's (ESG) strong margin performance and the potential effects of recent tax reform on customer demand and the M&A landscape.

    Answer

    SVP & CFO Ian Hudson attributed the ESG margin expansion primarily to increased production leverage, followed by aftermarket growth and favorable price-cost dynamics. President & CEO Jennifer Sherman added that bonus depreciation from the new tax bill could incentivize equipment purchases by industrial customers. She described the M&A environment as very active but did not expect the tax bill to have a significant impact this year.

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    Tim Thein's questions to Donaldson Company Inc (DCI) leadership

    Tim Thein's questions to Donaldson Company Inc (DCI) leadership • Q3 2025

    Question

    Tim Thein from Raymond James asked for preliminary thoughts on fiscal 2026, particularly regarding optimistic markets or geographies. He also inquired about the current inventory levels within the mobile aftermarket channels.

    Answer

    CEO Tod Carpenter deferred specific fiscal 2026 guidance but emphasized that the company is performing at a record level despite OE market headwinds, positioning it for significant leverage when the cycle turns. On inventory, he stated that levels in both the OE and independent aftermarket channels are at comfortable 'pull-through levels,' suggesting normal seasonal demand ahead.

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