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Analyst
Chris Perrella
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q1 (6 quarters; questions recorded in 5).
- Questions
- 12on tracked calls
- Challenge rate
- 0%none of 12 questions
- Companies
- 5questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 12 of 12 questions from 5 companies
ALBAlbemarle Corporation7 questions · 4 reporting periods · 0 of 7 challenging
Calendar 2026 Q1
you did $75 million, $76 million in the first quarter EBITDA, higher in the second quarter. What's causing that to drop off in your outlook in the back half of the year?
Show response
Sheorey cited limited visibility beyond mid-year due to geopolitical uncertainty from the Middle East situation. Good Q2 visibility from price and volume initiatives but cautious on H2.
Given the $20 a kilogram spot price you guys experienced in the first quarter, I would have thought margins would be closer to 50%. So just kind of why were they so much better?
Show response
Sheorey explained Q1 margin uplift came from consuming lower-cost Q4 spodumene inventory. Full-year margins at flat pricing expected in mid-50% range. Q2 margins expected to normalize lower as spodumene costs catch up.
Calendar 2025 Q3
how much could your resource production be up in 2026 with just the scheduling of those ramps?
Show response
Masters said La Negra is near capacity with incremental improvement from Salar yield. CGP3 expected to ramp through 2026 to roughly full capacity by year-end. Norris cautioned that 2025 inventory reductions were one-time and won't recur.
Calendar 2025 Q2
the feedstock costs, you were expected to get slammed with that in the second quarter. Is that now going to hit in the third quarter
Show response
Masters confirmed most of the higher-cost spodumene inventory will flow through in Q3, pressuring margins.
Could you just walk through the puts and takes of the energy storage margins going into the third quarter and then going into the fourth quarter
Show response
Sheorey confirmed contracts aren't maxed out. Q3 will see softer contract demand and more spot mix; Q4 expected to normalize.
Calendar 2025 Q1
where do you guys see maintenance CapEx on a go-forward basis when everything settles out
Show response
Masters targets 6% of revenue at mid-cycle pricing ($15/kg). Sheorey noted sustaining capital is roughly $400-500M based on the CapEx breakdown chart.
how much lower, I guess, are contract sales in 2Q? And how do the volumes ramp over the course of the year
Show response
Sheorey explained higher volume quarters have more spot/index exposure vs. LTAs, which is why Q2 margins will be lower than Q1.
LYBLyondellBasell2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q1
can you kind of bucket the capital outlays for '25, '26 on the larger product projects and what the underlying spend is there
Show response
Agustin detailed CapEx reductions: $2.2B original to $1.9B to $1.8B. Maintenance CapEx ~$1.2B is firm. Growth projects prioritized to Flex-2, MoReTec-1, MoReTec-2 engineering. Would not expect meaningful CapEx increases if market doesn't recover.
Calendar 2024 Q4
With all the moving parts in the first quarter, is EBITDA growth positive in the first quarter with the turnarounds
Show response
Peter noted Q1 starts at low Q4 levels with higher ethane/energy costs, a large Channelview turnaround ($190M impact), and Winter Storm Enzo losses ($45M). Gave directional color but avoided specific EBITDA guidance.
AVYAvery Dennison1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q1
how much flexibility do you have in the capital outlays or how much more of a step up is required to shift production or serve customers in a new region?
Show response
CEO confirmed no significant capital step-up needed due to available capacity and shift flexibility. US demand stable outside of China-sourced apparel.
DOWDow Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q1
Could you go in a little more detail about the moving parts of II and I and its outlook for the second half of the year?
Show response
Carter noted polyurethanes remain challenging with soft durables/auto. Industrial Solutions seeing stability in energy/pharma; new alkoxylation unit ~50% contracted. European portfolio decision by end of quarter.
MOSMosaic Company (The)1 question · 1 reporting period · 0 of 1 challenging
Calendar 2024 Q4
Could you just expand a bit on what you think potential tariffs on Canadian potash would have on pricing and demand and trade flows
Show response
Bodine stated 80-85% of US potash demand comes from Canada making substitution difficult. Tariff cost will pass to downstream customers. Spring demand already locked in. Farmer cooperative contacts showed minimal concern given crop price affordability.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| ALB Albemarle Corporation | 7 | 0%none of 7 questions |
| LYB LyondellBasell | 2 | —Rate withheld: fewer than 3 questions |
| AVY Avery Dennison | 1 | —Rate withheld: fewer than 3 questions |
| DOW Dow Inc. | 1 | —Rate withheld: fewer than 3 questions |
| MOS Mosaic Company (The) | 1 | —Rate withheld: fewer than 3 questions |
- ALBAlbemarle Corporation · 7 questions0%none of 7 questions
- LYBLyondellBasell · 2 questions—rate withheld: under 3 questions
- AVYAvery Dennison · 1 question—rate withheld: under 3 questions
- DOWDow Inc. · 1 question—rate withheld: under 3 questions
- MOSMosaic Company (The) · 1 question—rate withheld: under 3 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 0%none of 2 questions | 2 |
| 2025 Q1 | 5 | 0%none of 5 questions | 4 |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | 1 | 0%none of 1 question | 1 |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q15 questions · challenge rate 0% (none of 5 questions) · 4 companies
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q4No questions recorded
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Margin5
- Demand4
- Pricing4
- Capex Investment4
- Cost Pressure1
- Inventory1
- Supply Chain1
- Competitive Dynamics1
- Capital Allocation1
- Trade Tariffs1