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    Tommy Moll • Stephens Inc.

    Tommy Moll's questions to ESCO Technologies Inc (ESE) leadership

    Tommy Moll's questions to ESCO Technologies Inc (ESE) leadership • Q3 2025

    Question

    Tommy Moll of Stephens Inc. asked about the details of recent large Aerospace & Defense orders for submarine programs, the drivers of the segment's strong organic margin expansion, clarification on the improved Q4 operational outlook, margin performance at the Doble business, and the potential impact of the AUKUS treaty on the Maritime business.

    Answer

    President and CEO Bryan Sayler confirmed significant submarine orders and viewed the AUKUS treaty as a long-term positive reinforcing UK naval investment, but noted specifics on new Maritime content would be shared later. SVP & CFO Chris Tucker attributed strong A&D margins to price realization, favorable material costs, positive mix, and operating leverage. Tucker also confirmed the Q4 operational outlook has improved and explained that a Q3 margin dip in the Doble business was due to shipment timing, not a fundamental issue, with strong orders indicating future strength.

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    Tommy Moll's questions to Digi International Inc (DGII) leadership

    Tommy Moll's questions to Digi International Inc (DGII) leadership • Q3 2025

    Question

    Tommy Moll asked about the drivers for the strong growth in Annual Recurring Revenue (ARR), including service attach rates and successful product categories. He also inquired about the Q4 guidance, which implies flat sequential sales and lower EBITDA, and later asked about the long-term interplay between faster-growing recurring revenue and total reported revenue for fiscal 2026.

    Answer

    President, CEO & Director Ron Konezny explained that ARR growth is driven by higher attach rates, with nearly all new IT business now including attached services. For Q4 guidance, he noted that caution around product mix impacting gross margin is the primary factor for the profit outlook. Regarding the long-term model, Konezny confirmed that ARR and profitability are expected to continue outpacing top-line growth, as the company prioritizes higher-margin, multi-year solution sales which are more valuable despite dampening one-time revenue.

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    Tommy Moll's questions to Zebra Technologies Corp (ZBRA) leadership

    Tommy Moll's questions to Zebra Technologies Corp (ZBRA) leadership • Q2 2025

    Question

    Tommy Moll sought clarification on the 'balanced' second-half outlook, asking about the underlying assumptions for large deal conversions and what was observed in Q2. He also questioned the strategic thinking behind acquiring Elo and moving more into consumer-facing markets.

    Answer

    CEO Bill Burns reiterated that the outlook is balanced, factoring in some year-end spending at similar levels to last year, while acknowledging softness in Europe. He explained the Elo acquisition extends Zebra's strategy into the consumer-facing side of retail and other verticals, driven by customer demand for a unified Android platform across mobile and fixed devices for use cases like self-service checkout, kiosks, and in-store media networks.

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    Tommy Moll's questions to WW Grainger Inc (GWW) leadership

    Tommy Moll's questions to WW Grainger Inc (GWW) leadership • Q2 2025

    Question

    Tommy Moll asked about the rationale for delaying tariff-related price increases until the normal September cycle and the decision-making behind Zoro's SKU count reduction.

    Answer

    CEO D.G. Macpherson explained that maintaining a normal price increase schedule was best for customer stability and that the LIFO impact was a more significant factor than the price-cost timing. Regarding Zoro, he stated that the SKU reduction was a healthy process to remove low-volume 'noise' products and improve the customer experience, with plans to continue expanding the assortment thoughtfully.

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    Tommy Moll's questions to WW Grainger Inc (GWW) leadership • Q2 2025

    Question

    Tommy Moll of Stephens Inc. inquired about the rationale for delaying tariff-related price increases to the standard September cycle and the strategy behind Zoro's significant SKU count reduction.

    Answer

    CEO D.G. Macpherson explained that the decision to maintain the normal price increase schedule was to ensure customer stability, noting positive feedback. He emphasized that the primary driver of gross profit pressure is the LIFO accounting impact. Regarding Zoro, he described the SKU reduction as a healthy process to eliminate non-performing products that created 'noise' and to improve the overall customer experience, with plans to continue expanding the assortment thoughtfully.

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    Tommy Moll's questions to Wesco International Inc (WCC) leadership

    Tommy Moll's questions to Wesco International Inc (WCC) leadership • Q2 2025

    Question

    Tommy Moll asked for more insight into the utility business, specifically the performance of the public power segment versus investor-owned utilities (IOUs), and questioned the visibility and metrics supporting the significant increase in the full-year data center growth outlook from 20% to 40%.

    Answer

    Chairman, President & CEO John Engel detailed that while IOUs returned to growth, public power customers are lagging due to a slower destocking cycle but are expected to recover in the second half. Regarding data centers, Engel emphasized WESCO's outstanding visibility, which stems from direct end-user relationships, shared customer build schedules, a record backlog up 36% year-over-year, and an expanding scope of supply driven by AI applications.

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    Tommy Moll's questions to Cognex Corp (CGNX) leadership

    Tommy Moll's questions to Cognex Corp (CGNX) leadership • Q2 2025

    Question

    Tommy Moll of Stephens Inc. sought clarification on the Q4 outlook, asking if the guided high single-digit sequential revenue decline should be based on the Q3 guidance that includes or excludes the one-time benefit. He also asked about the planning cycle and visibility for the logistics business into next year.

    Answer

    CFO Dennis Fehr clarified that the Q4 seasonal decline guidance should be applied to the Q3 revenue guidance that *excludes* the one-time benefit. CEO Matt Moschner explained that while Cognex has multi-year discussions with logistics customers, firm orders typically fall within a 3-to-6-month visibility window once CapEx is approved, a trend he sees as stable.

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    Tommy Moll's questions to Distribution Solutions Group Inc (DSGR) leadership

    Tommy Moll's questions to Distribution Solutions Group Inc (DSGR) leadership • Q2 2025

    Question

    Tommy Moll of Stephens Inc. asked for guidance on third-quarter performance, including July's daily sales pacing and the consolidated EBITDA margin outlook. He also requested an operational update on the Canadian branch consolidation.

    Answer

    EVP & CFO Ron Knutson responded that July's sales trends were consistent with Q2, noting that while Jexpro faces tougher comps in the second half, Lawson has easier ones. He stated there were no unusual items affecting Q2 margins that would impact the rest of the year, but pointed out Q4 has fewer selling days. Regarding Canada, Knutson confirmed that four of six planned facility consolidations are in process for 2025 and that the company is realizing its underwritten gross margin expansion goals.

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    Tommy Moll's questions to Generac Holdings Inc (GNRC) leadership

    Tommy Moll's questions to Generac Holdings Inc (GNRC) leadership • Q2 2025

    Question

    Tommy Moll of Stephens Inc. inquired about Generac's recent entry into the data center market, asking when revenues might become meaningful, if incumbent lead times remain extended, and what key learnings the company has gathered so far.

    Answer

    Chairman, President & CEO Aaron Jagdfeld described the data center opportunity as one of the largest in the company's history, with a global backlog already exceeding $150 million. He stated that revenue impact will be minimal in 2025 but a significant story for 2026. Jagdfeld highlighted a structural market deficit of roughly 5,000 generators for 2026, creating a rapid entry opportunity. He noted the company may need to make bold moves to add capacity for 2027 and beyond, potentially making the C&I segment larger than the rest of the company in the future.

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    Tommy Moll's questions to Watsco Inc (WSO) leadership

    Tommy Moll's questions to Watsco Inc (WSO) leadership • Q2 2025

    Question

    Tommy Moll of Stephens Inc. questioned the inventory investment for the A2L transition, asking if it was higher than planned and how it might trend. He also inquired about the current M&A environment and pipeline.

    Answer

    CEO Albert Nahmad confirmed inventory levels were higher than hoped due to soft demand but have already been reduced from a peak of $2 billion to $1.8 billion. On M&A, Nahmad expressed eagerness to acquire, noting the soft market may create opportunities and that a deal of size is 'under study.' President A.J. Nahmad affirmed they have the balance sheet to support ambitious acquisition plans.

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    Tommy Moll's questions to Lennox International Inc (LII) leadership

    Tommy Moll's questions to Lennox International Inc (LII) leadership • Q2 2025

    Question

    Tommy Moll from Stephens Inc. requested details on the withdrawal of the tariff-related surcharge and asked about future tariff risks. He also questioned the philosophy behind the EPS guidance raise, suggesting it might be conservative given strong Q2 results.

    Answer

    CEO Alok Maskara explained that the total tariff impact is now expected to be less than half of the initial $250M estimate due to mitigation efforts and lower-than-expected China tariffs, which allowed them to withdraw the majority of the related surcharge. On guidance, Maskara cited remaining market uncertainties (tariffs, RNC weakness) for maintaining a $1 EPS range, aiming for a balanced outlook. CFO Michael Quenzer added there is some conservatism in cost assumptions.

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    Tommy Moll's questions to Fastenal Co (FAST) leadership

    Tommy Moll's questions to Fastenal Co (FAST) leadership • Q2 2025

    Question

    Tommy Moll of Stephens Inc. asked for more insight into the upcoming enhancements for fastenal.com aimed at capturing spot-buy purchases and how competitors are responding to Fastenal's market share gains.

    Answer

    CEO Daniel Florness detailed the significant opportunity in capturing spot-buy business from existing large accounts and smaller customers through an improved e-commerce platform, aiming to stabilize and grow the under-$5k customer segment. President & CSO Jeffery Watts noted that competitors find it difficult to match Fastenal's global footprint and integrated supply chain solutions, which provides a competitive advantage, especially during times of uncertainty like the current tariff environment.

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    Tommy Moll's questions to MSC Industrial Direct Co Inc (MSM) leadership

    Tommy Moll's questions to MSC Industrial Direct Co Inc (MSM) leadership • Q3 2025

    Question

    Tommy Moll from Stephens Inc. asked for more detail on the nature of supplier price increases and sought a preliminary outlook for fiscal 2026 margins, focusing on gross margin and key OpEx drivers.

    Answer

    CEO Erik Gershwind described supplier discussions as fluid, noting that price pressures have broadened from surgical tariff-related issues to more general inflation. For fiscal 2026, Gershwind was cautious but outlined a path to more typical incremental margins, citing revenue stabilization, stable gross margins, and moderating OpEx growth driven by productivity initiatives and the leveling off of prior investments.

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