4Q16 results: Stronger than expected revenue growth but weak profitability Solid Q416 results 2016 net ahead of consensus Record production inline with guidance Margin Light as Expected, Growth Continues to be Driven by Smaller Accounts Active Rep Declines Weigh on Growth Quick Thoughts on 4Q'16 Results No surprises in the results Roadshow feedback: Investors bearish on grid companies' power equipment subsidiaries Q4 Trends Generally Track Expectations; 2017 Outlook Brackets Consensus