Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Analyst
Josh Spector
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q2 (8 quarters).
- Questions
- 89on tracked calls
- Challenge rate
- 19%17 of 89 questions
- Companies
- 15questioned at least once
- Reporting periods
- 8with 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 89 of 89 questions from 15 companies
DDDuPont12 questions · 7 reporting periods · 4 of 12 challenging
Calendar 2026 Q2
does that mean volumes are coming in a little bit better overall? And just curious where you'd attribute that to?
Show response
Franzen credited Healthcare and Diversified Industrials for the organic raise, offsetting Water softness.
Calendar 2026 Q1
I wanted to follow up on just the Middle East impacts around water
Show response
Franzen sized total Middle East exposure at ~$300M (~4% of sales), split evenly between sales-into and sourced-from. $10M Q1 impact shows significant mitigation vs $25M/month worst case. Teams found alternative routes quickly.
is there something to the tune of $30 million to $40 million in sales and maybe 1/3 of that in terms of EBITDA impact in 2Q
Show response
Franzen dismissed the $30-40M Q2 impact estimate, saying teams have effectively found alternative routes for both exports and raw material sourcing. Minimal disruption expected going forward.
Calendar 2025 Q4
when your forecast or talking about mid-single-digit growth in water for '26 China is lower than that
Show response
Koch attributed slower China water start to reduced industrial production. Starting low single digits, ramping to mid-single in H2. About half of water sales tied to industrial wastewater/utility water. No material margin impact from regional mix.
Calendar 2025 Q3
I think some of our math was that your upcoming cash might be closer to $1.5 billion to $2 billion before buybacks
Show response
Franzen clarified Q3 cash included both entities. Pro forma new DuPont cash ~$1B (before ASR), with Aramids proceeds arriving Q1 and potential CP borrowings at year-end for separation cost timing.
assuming that the macro demand is a bit softer next year, do you see a bigger opportunity to pull forward some productivity and get more margin expansion
Show response
Franzen outlined three margin expansion levers: revenue growth (Healthcare & Water mid-single-digit), 40bps stranded cost removal (100% in control, out by year 2), and up to 50bps from productivity > inflation.
Calendar 2025 Q2
if you can comment at all on if there is a process on Aramids divestments
Show response
Koch declined to comment on Aramids but clearly reiterated portfolio simplification focus toward Healthcare & Water.
the greater share of China exposure within Qnity, it's about 34% almost double where some of the peers are
Show response
Kemp explained >50% of China sales from ICS/PCB manufacturing concentration, Semi ~$650M split between MNCs and new fabs. Expects normalization to ~30%.
Calendar 2025 Q1
are you messaging that there is potentially more offsets that could then get you into your original guidance range, or is it just uncertainty and you didn't want to adjust yet?
Show response
Franzen explained the separation was deliberate for transparency, with incremental mitigation still possible by year-end.
can you comment on that beyond what you guys had in the press release a month or so ago? And then two, if you can say anything about the potential or lack of potential for further China reviews
Show response
Franzen confirmed investigation limited to Tyvek (<1% of sales), no risk of spreading, and no disruption to ongoing business operations.
Calendar 2024 Q4
You guys haven't bought back stock in about 3 quarters now. Your leverage is low, understanding you're going through everything with the splits
Show response
Franzen was transparent that buybacks are paused until separation completes, with cash earmarked for separation costs.
what am I missing about why that growth shouldn't be higher in the first quarter as it relates to the year?
Show response
Koch explained the comp issue in automotive adhesives and noted auto builds expected to decline more YoY in Q1 2025 than in Q4 2024.
APDAir Products11 questions · 8 reporting periods · 2 of 11 challenging
Calendar 2026 Q2
on the Yara offtake from NEOM, is the commission structure fixed or is it variable?
Show response
Eduardo said the Yara commission is a variable structure that incentivizes placing more volume as higher-priced green product; on Americas pricing, Melissa said underlying non-merchant price rose but was offset by helium price headwinds from a slow space-sector quarter.
Calendar 2026 Q1
excluding NEOM, Darrow and all the projects that you guys have highlighted is nonprofit contributing. What does that trim that $9 billion
Show response
Melissa quantified traditional industrial gas backlog at over $2.5 billion, with significant electronics portion representing the profit-contributing subset.
if you could give us a size of what your backlog is now for profit contributing projects, considering you've signed a few more
Show response
Melissa confirmed total backlog at $9 billion. Expects mid-to-high single-digit EPS growth from base market growth and new asset contributions over next 5 years.
Calendar 2025 Q4
if they say that we don't know what the regulation is going to be, and we need another year to think about it. We want to see if anything is going to change. Is that time value something that you'r...
Show response
Eduardo framed Louisiana as a free option: base case is no-go (status quo from 11 months ago), only alternative is go-forward with a good project. Yara partnership was the most difficult piece; capital cost certainty remains the gating factor.
Calendar 2025 Q3
your comments are minimal volume growth to something to that extent. Just wonder if you could quantify minimal
Show response
Melissa clarified volume growth comes from new assets ramping in second half, but no significant market volume growth forecast due to macroeconomic headwinds.
is that a go or no-go, meaning cancel decision? Or do you see a scenario where kind of some decision gets pushed out beyond the year-end time frame?
Show response
Eduardo confirmed very advanced negotiations but emphasized capital cost estimate as the main concern given hot U.S. construction market. Air permit application filed, with peak construction expected mid-2027.
Calendar 2025 Q2
should we expect kind of a 2%, 3% volume headwind over the next 2 to 3 quarters as a result of that?
Show response
Melissa quantified World Energy at $24M prior year contribution, confirming it was a one-time item that won't recur.
Calendar 2025 Q1
what's your assumptions baked in on a macro perspective and then more medium term, when you say high single-digit EPS growth, how much of that
Show response
Eduardo confirmed guidance assumes no economic tailwind, current currency levels, and excluded tariff impact. High single-digit EPS growth driven more by internal actions than macro.
Calendar 2024 Q4
is your comment about second half improvement that you recover some of that or do you have visibility to pricing actions beyond response to near-term energy
Show response
Melissa explained 1-month to 1-quarter pricing lag in passing through European power cost increases, with actions expected to flow through in second half.
Calendar 2024 Q3
when you employ project financing, are you targeting a higher equity return or is that still in the framework that you would target that greater than 10%, 12% return?
Show response
Seifi clearly explained projects are evaluated on unlevered IRR, with project financing providing upside to equity returns above the base hurdle.
if there's any qualifying events, be it regulatory or credits, that need to be put in place before that contract goes into effect
Show response
Sean Major (General Counsel) confirmed comfort with the contract's terms without detailing specific qualifying events, noting consistency with similar offtake structures.
GLWCorning Inc.7 questions · 5 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
has anything changed now versus 2 months ago? And specifically thinking about photonics and Scale-Up
Show response
Weeks reaffirmed the May view unchanged and clarified no specific photonics number has been guided for next year, only the $10 billion 2030 target.
Calendar 2026 Q1
sequentially, your incremental margins were north of 50%, in Optical year-over-year, they're close to 40%
Show response
Ed declined to disaggregate margin drivers but highlighted new innovations as the main margin catalyst, comparing it to price capture through higher-value solutions.
Do you expect to have a new margin target that you're going to put out there next week
Show response
Ed explicitly deferred all Springboard upgrade details including new margin targets to the May 6 investor event.
Calendar 2025 Q4
are they going to disproportionately buy more from you after this agreement? And are you adding capacity to match that added sales, or is it less than that, meaning your capacity might tighten a bit
Show response
Weeks framed it as total pie growth rather than share shift. Enterprise was $3B+ for the year, roughly two-thirds hyperscaler. Hyperscale portion grew almost double the total enterprise rate in 2025. Multiple similar-scale agreements ensure broad-based capacity expansion.
it sounds like this kind of codifies that growth and maybe secures them some of that capacity as you grow into the future versus, you know, Corning capturing more share of that pie
Show response
Weeks confirmed new products are increasing demand for Corning relative to competitors due to unique innovation advantages. How market share shakes out is uncertain, but Corning's competitive position is very strong.
Calendar 2025 Q3
I'm just curious if you could talk about any timing effects between 3Q, 4Q that may have impacted some sales
Show response
Schlesinger contextualized Enterprise growth: from $1.3B in 2023 to $3.3B annualized run rate. Growth limited by supply availability, not demand. Sequential incremental supply drives the quarter-to-quarter pace.
Calendar 2025 Q2
it looks like it's around a 50% pretax EBIT margin incremental. You've been running closer to 25% to 30%.
Show response
Schlesinger explained capacity and cost structure already in place from Springboard investments. As sales grow into existing capacity, incrementals improve significantly, this is the designed leverage of the Springboard model.
SHWThe Sherwin-Williams Company7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
maybe you are realizing 1% to 2% in fourth quarter and then maybe more of that falls into 2027.
Show response
Meisenzahl neither confirmed nor denied the 1-2% Q4 figure and declined to discuss January 2027 pricing plans.
Calendar 2026 Q1
it is surprising to hear that at the exit rate you are talking about the high end to low to mid single digits on raws
Show response
Ben cited strategic supplier relationships, 50% contractual buying advantage, North America sourcing mix, and tighter procurement as differentiators from competitors seeing higher inflation.
Calendar 2025 Q4
you're thinking the market and your Paint Stores Group is down something like 1%, maybe 2% next year.
Show response
Heidi pushed back saying market is down more than 1-2%; cited continued share gains via store additions every four days and new zero-VOC plant-based product launch.
Calendar 2025 Q3
should we be thinking about a flattish volume environment for '26 as the base case?
Show response
Al framed 2026 volume initially as up or down low single digits pending operating plan completion and share gain acceleration decisions.
Calendar 2025 Q2
on an SG&A, you know, when you are talking about low single-digit inflation, is that the adjusted basis that you talk about?
Show response
Al confirmed H2 SG&A low single-digit includes building; 80% of gross profit reduction is sales volume, 20% is supply chain inefficiency.
Calendar 2025 Q1
I wanted to ask about the timeline for share gains on commercial and the property maintenance side.
Show response
Heidi said commercial and property maintenance share gains are 18-24 month stories due to multi-year project timelines; Al added exclusive agreements create 12-18 month lag before gallons ship.
Calendar 2024 Q4
I wanted to ask on the CapEx guidance. So, I mean, a few things there.
Show response
Al confirmed 2025 is the last year of new-building CapEx (~$200M), with core CapEx including Statesville architectural capacity expansion and warehouse automation. About 60% of CapEx has a return attached.
AVYAvery Dennison6 questions · 6 reporting periods · 4 of 6 challenging
Calendar 2026 Q2
I wanted to just dig into the organic growth guidance. So the 3% to 4% range, if we try to unpack that a bit
Show response
Lovins gave the half-by-half bridge: volume/mix low to mid-single-digits in both halves, with destocking offset by positive year-over-year price.
Calendar 2026 Q1
On the price/cost side, Greg, I think you talked about it being a slight negative in Q2. Is all the cost flowing through in Q2, or do you have something else to deal with in Q3
Show response
CFO confirmed some carryover sequential inflation into Q3 with corresponding sequential price benefit. Some regions entering second round of pricing. Expects continued sequential improvement through productivity, HVC growth, and capital allocation.
Calendar 2025 Q4
I think the declines that you saw in the fourth quarter were more than we expected. And as you show in your appendix, the sell-out from apparel has been semi-resilient.
Show response
CEO explained retailers shifted to less forward-placing and less chase volume amid tariff uncertainty. Retail growth price-driven not unit-driven; inventory-to-sales at lowest since pandemic. Expects growth after Q1 tough comp but cautioned on continued uncertainty.
Calendar 2025 Q3
from a sales perspective, you're guiding sales up about $100 million maybe a bit more sequentially But from an EPS perspective, you're close to flat
Show response
CFO detailed Q3-Q4 puts and takes: less favorable seasonality from Q3 apparel catch-up, inventory absorption headwind, offset by buyback benefit and restructuring.
Calendar 2025 Q2
I'd be curious to know if you think you're offsetting that cost within the quarter, or within 2Q and 3Q, if there's a lag
Show response
CFO confirmed tariff costs largely offset in Q2 via surcharges and sourcing. Q3 will have full quarter impact but expect similar offsets. Open items on EU/Malaysia tariffs for Aug 1.
Calendar 2024 Q4
I just wanted to ask on Solutions margins. I know sequentially kind of messy, but sales were up a pretty decent amount
Show response
CFO attributed margin softness to mix and Mexico plant dual costs; CEO added 2025 should see above-average flow-through from better high-value growth.
ECLEcolab6 questions · 6 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
what gave you the confidence then at the start of July to raise your 2030, like, expectations there so much
Show response
Beck said trajectories at CoolIT, Ovivo and the legacy business justified raising the floor of the range, and deferred fuller 2027 detail to the November Supercomputing investor day.
Calendar 2026 Q1
it's a little bit odd to me that you're talking about high single-digit raws inflation in 2Q
Show response
Beck explained 10,000+ product portfolio provides stability. Expects flat to up commodity costs, not down. Can escalate surcharge if needed. Energy impacts 1/3 of commodities.
Calendar 2025 Q4
with specialty growing 7% the last couple quarters, is that now in the run rate? Or is there more of that to come?
Show response
Kirkland expects CapEx at ~7% of sales for 2026 and next couple of years, above historical 5-6%. Driven by DishIQ, pest intelligence, global high-tech, and customer equipment investments. Focus on ROIC which is in line with long-term targets.
Calendar 2025 Q3
do you feel the same way that you can kind of get there with 0% to 1% volumes and, if you start to see an acceleration, that's upside?
Show response
Beck confirmed 2026 outlook of 3-4% top line, positive volume, 2-3% price, 12-15% EPS growth, 100bps+ OI margin expansion to 19%+. FX expected to be helpful, inflation may be headwind. Any end market improvement would be upside.
Calendar 2025 Q2
I was wondering if you could size how much you think you're reinvesting in the business today versus what you thought you would do in 2025, 6 months ago?
Show response
Beck sized incremental investment at ~1pp in CapEx plus ~0.5pp in SG&A versus plan. Focused on firepower (customer service), digital technologies, and One Ecolab. May continue elevated CapEx if returns remain strong.
Calendar 2025 Q1
what do you expect SG&A dollars to grow or decline for this year?
Show response
Kirkland credited OneEcolab for 30bps SG&A leverage in Q1. Expects 20-30bps for full year at lower end. Long-term leverage expected to exceed historical range.
Show 9 more companies
IFFInternational Flavors & Fragrances6 questions · 6 reporting periods · 3 of 6 challenging
Calendar 2026 Q2
just the organic growth was stronger, but it didn't really flow through to the EBITDA. There wasn't much volume leverage. Why didn't we see more of that in 2Q?
Show response
DeVeau said Q2 sales and EBITDA both grew 6%, but EBITDA would have been a couple points higher absent a larger incentive-compensation accrual tied to strong first-half performance; underlying leverage is intact.
Calendar 2025 Q4
I think previously, you thought for 2025, you would do a little bit less than $500,000,000. That came in a couple $100,000,000 short
Show response
DeVeau cited three drivers: elevated Reg G costs from Food Ingredients sale prep, higher working capital from strategic inventory build and payables timing, and the original shortfall. Expects meaningful 2026 improvement from profitability growth, working capital discipline, lower interest expense, and lower incentive comp payouts. Erik admitted inventory management in H1 was below standard.
Calendar 2025 Q3
if we stay in this kind of, call it, 1% growth environment, maybe from a consumer perspective, do you have actions and levers that you think would deliver earnings growth higher than that
Show response
DeVeau confirmed contingency planning for a low-growth scenario, including streamlining corporate functions, automation, and process redesign to drive profitability even without top-line acceleration. Emphasized reinvestment remains important to accelerate growth longer-term.
Calendar 2025 Q2
I was wondering if you could specifically talk about the outlook for Scent in 3Q and 4Q. You've clearly seen divergent trends between growth in end markets between Fine Fragrance and Consumer versu...
Show response
DeVeau confirmed Fine Fragrance strong through year-end, Consumer Fragrance in low single digits, but Fragrance Ingredients to be down meaningfully in H2, with commodity elements under the most pressure and specialty pivot underway for 2026.
Calendar 2025 Q1
Curious if you'd be able to disclose what you think the gross impact today is on your costs and how much of that you think you can mitigate
Show response
DeVeau quantified gross tariff exposure at over $100M for 2025, mostly China-related. Team mitigating through supply chain optimization and targeted pricing surcharges.
Calendar 2024 Q4
on the EBITDA bridge for 2025. I mean, understanding the pharma divestment and FX are negative, I guess, we thought that volume and the incentive comp resets could get you to about neutral
Show response
DeVeau walked through the bridge clearly: volume growth at 35% incremental margin, 2% net productivity benefit, flat net pricing, and $100M incentive reset offset by reinvestment.
PPGPPG Industries6 questions · 6 reporting periods · 2 of 6 challenging
Calendar 2026 Q2
So it seems like there's something else in there, either investments or something on mix that may have impacted you.
Show response
Named two drivers, the Refinish comp and negative Q2 price/cost, and said they explain the vast majority of the gap.
Calendar 2026 Q1
How much are you using surcharges this cycle versus prior years?
Show response
Knavish noted more surcharge usage this cycle specifically for logistics (diesel fuel) and European energy costs, two cost categories not typically covered by standard raw material price increases. Beyond those, using typical price increases which are stickier. Auto OEM index contracts mostly limited to raw materials, not freight/energy, those discussions have started with customers.
Calendar 2025 Q4
I don't know if there's a way you can maybe index your volumes for where you are today in the fourth quarter versus a year ago?
Show response
Knavish gave full sequential trajectory. Morales confirmed Q4 vs Q4 volumes up mid-single digits, driven by retail recovery and project spending improvement. Both components growing with favorable Q1 2026 comps.
Calendar 2025 Q3
why aren't you buying back more stock now? What's holding you back?
Show response
Knavish reiterated 11-quarter consistency: 3 quarters debt repayment, 8 quarters buybacks. Stock absolutely undervalued. Q1 elevated buyback driven by divestiture proceeds. Will continue same decision-making framework. Morales clarified Q3 elevated cash balance reflects Q4 debt maturity payment.
Calendar 2025 Q2
if I think about a normal 40% incremental margin, correct me if I'm wrong, there's about $30 million of maybe higher costs that hit you
Show response
Morales ranked margin impacts: Mexico B2B mix most meaningful, FX normalizing in H2, Australia transitory issue (50bps volume impact, primarily Q2). Expects return to normal incremental margins in H2 as FX and one-time events subside.
Calendar 2025 Q1
if I look at what you guys are guiding to roughly for 2Q, maybe $2.20, $2.30 in EPS roughly, normal seasonality in second half kind of plus what you did in first half, probably gets to you around t...
Show response
Morales reminded about recast seasonality change post-divestiture (Q4 now weakest quarter). Cited H2 drivers: additional self-help, European improvement, industrial share gains plus easier comps from weaker H2 2024 industrial activity.
ALBAlbemarle Corporation5 questions · 3 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
China tax breaks specifically on batteries, how you see that impacting China demand, if at all
Show response
Eric said China consumption-tax and VAT changes on batteries have been overwhelmed by strong grid-storage demand, with no significant impact on lithium demand.
Calendar 2025 Q4
you talked about the $100,000,000 shutdown cost. Can you just go through other pieces? I guess, how quickly is the payback on that cost?
Show response
Masters confirmed ongoing costs to maintain idle state are significant but manageable for a period. Declined to specify exact savings but said payback is reasonable. Looking for sustainable Western price bifurcation vs. China before restarting.
how long do prices need to stay at the $20 per kilogram plus level before you think about starting spending?
Show response
Masters said focus is on incremental growth opportunities with smaller capital and quick returns (CGP3, Wodgina third train, Salar yield project). Bigger investments like Kings Mountain and DLE are further out, giving time to assess market conditions.
Calendar 2024 Q4
specifically with the CATL restart, I've heard some mixed things around supply maybe being temporarily tighter
Show response
Masters framed CATL's restart as expected given China's growing lithium needs and said they had modeled more lepidolite coming in.
Is there any requirement there to make further investments or some preemptive expectation around CapEx spending?
Show response
Sheorey confirmed no additional investment required and described it as a routine customer prepayment structure.
CTVACorteva5 questions · 5 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
could you just expand for us on the drivers there of the timing shift
Show response
Johnson said second-half EBITDA is roughly flat versus a strong 2025 half, with Q3 likely a ~$100 million loss and the rest weighted to Q4.
Calendar 2025 Q4
Obviously, really strong performance last year. I mean how are you thinking about the conversion into 2026?
Show response
David said FY2025 benefited from favorable cash credit mix and 300-400bp lower net working capital as % of sales. FY2026 conversion expected at 45-50% (Investor Day target) absent one-time items. Bayer payment and separation costs will reduce reported FCF.
Calendar 2025 Q3
you relative to your peers, it doesn't seem like you're changing your expectation on crop chem pricing in the second half
Show response
Robert said Brazil H2 pricing down mid-single digits vs high single-digit decline prior year, improving trend. Chuck's 2026 confidence based on stable China generics, healthy channels, and Brazil pricing trajectory.
Calendar 2025 Q1
can you clarify, I guess, that assumption, what you're baking in there?
Show response
Chuck explained $50M tariff impact kept separate to show core business unobstructed. David said BRL hedged over 80% for Q3, under 20% for Q4, currently slightly favorable to 6.0 rate.
Calendar 2024 Q4
you lowered the top end by $200 million. You didn't touch the bottom end
Show response
David explained narrowing from preliminary wider range, midpoint down $100M entirely from FX. Chuck added the top end needs CP market to return to growth.
LINLinde plc5 questions · 4 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
did you indicate that a lot of that increase was linked to commercial space?
Show response
Matthew confirmed backlog wins plus more commercial space base CapEx drove the increase, and described a blend of sale-of-gas and sale-of-plant for space.
Calendar 2026 Q1
your prior comments were more that maybe you get to that 5% in 2030 time frame, maybe -- and then maybe your comments today about some of the disclosures
Show response
White confirmed space launch numbers fully exclude aviation/jet engine business. Opportunities extend beyond propellant to electric propulsion gases (xenon, krypton, argon). Growth trajectory depends on launch cadence.
I was wondering if you could talk about the overall volume landscape across kind of the major areas here between Asia and then Europe and the Americas
Show response
White broke down: Americas seeing improvements from production shifts, EMEA contracting including Middle East and Continental Europe, APAC neutral to slightly positive. Coal-to-chemicals in China performing better; Japan (seaborne-dependent) weaker.
Calendar 2025 Q4
I had a couple questions I put together around the space opportunity for you guys
Show response
Space CapEx not in the $10B backlog figure. Texas and Florida are two major investment hubs. Linde directly involved in 65-75% of US launches (189 in 2025). New plant started in Brownsville in January. Expects billion-dollar business within next few years. Double-digit growth to continue.
Calendar 2025 Q1
you talked about Europe and a more pragmatic decarbonization approach and leading to some encouraging conversations
Show response
Sanjiv sees growing acceptance of carbon capture and low-carbon hydrogen. Equinor project development agreement would be direct beneficiary of regulatory change.
DOWDow Inc.4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
Is there something structural you would talk about that's helped III from the spread side here
Show response
Carter attributed the volume gap to Sadara being down and said Q3 assumes lower seasonal margins with European pricing pressure, with peer normalization a potential swing factor.
Calendar 2025 Q3
can you help us think about maybe a low end range if you decide that you're not going to do it
Show response
Fitterling said $2.5B 2026 CapEx without Alberta (~$1B maintenance), some downstream silicones projects. January update will cover Alberta triggers and timing.
Calendar 2025 Q2
I was wondering if you could talk about just operating rates for Dow within polyethylene
Show response
Carter explained April disruption drove rate cuts. Q3 sees improvement: industry rates above 90%, July price increases expected, Poly-7 fully sold out providing volume uplift.
Calendar 2024 Q4
I was wondering if you could talk about the risk and potential mitigation activities you could do around tariffs, specifically around Canada
Show response
Fitterling described engagement with administration and relatively balanced trade flows, but gave no specific quantification of potential impact.
LYBLyondellBasell4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
I just wanted to follow up on the Americas Olefins margin improvement specifically.
Show response
Vanacker pointed to lower SG&A from the cash improvement plan and a 30% management reduction; Foley added that volumes, ethylene/propylene prices and lower ethane/gas aligned favorably.
Calendar 2026 Q1
is that a lag of just some existing kind of maybe discussions coming to fruition
Show response
Peter confirmed Q2 licensing improvement is a lag from existing projects reaching milestones, not new demand. Demand is historically at lowest level. Projects already in progress are being placed in reserved status. Reduced licensing over past several years means very limited new capacity coming on stream in 2-4 years.
Calendar 2025 Q4
How much of a detriment was that in the fourth quarter? And how much of that do you expect to come back in the first quarter
Show response
Kim confirmed $35 million EBITDA impact from olefins disruptions in EAI during Q4. Brief and direct response.
Calendar 2025 Q2
Do you see any of that as meaningful for the industry? And just given the shift in your portfolio, is any of that meaningful for Lyondell at this point
Show response
Peter distinguished between circular regulation (PPWR and SUPD mass balancing implementation act nearing final agreement, enforceable in ~16 months) and general industry support (positive signs but details lacking). Circular regulation creating defined market with high recycled content percentages. General European support does not change LYB's strategy to proceed with sale of 4 European assets.
BALLBall Corporation3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2025 Q3
do you have any latest view around kind of what the sensitivity would be when consumers start to see the impact of higher prices next year
Show response
Fisher noted three years of weakened consumer is not new. Key positive shift: consumer spending now concentrating on food and beverages over discretionary like travel, which benefits can packaging. Pricing has reached a level where consumers prioritize essentials.
Did that have any impact on you guys in 3Q or 4Q volumes or cost expectations
Show response
Fisher confirmed zero impact from Novelis outage on Ball's Q3 or Q4 operations.
Calendar 2025 Q1
low single-digit volume growth and you had kind of similar, little bit lower EBIT growth
Show response
Fisher noted 2:1 volume-to-EBIT leverage is enterprise-wide, not region-specific. Mix impacts quarter-to-quarter. North America margins holding with slight uptick possible.
VLTOVeralto2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q1
there's a pretty decent diversion between Europe and North America. I don't know if Europe was more impacted by some of the one-timer larger equipment sales?
Show response
CEO attributed Europe PQI weakness to 10.3% prior-year comp amplified by 3 extra shipping days in Q1 2025. Marking and coding grew core sales low single digits on tough comp. Packaging and color hardware shipment delays offset growth.
you have 6% and 9% comps in North America in 3Q and 4Q. Are those going to be characterized as tough comps to go against?
Show response
CFO confirmed H2 growth expected despite comps, with Q4 PQI comps getting easier. Demand dynamics on marking and coding from CPG side baked into guidance with no material deviation expected.
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 |
|---|---|---|
| DD DuPont | 12 | 33%4 of 12 questions |
| APD Air Products | 11 | 18%2 of 11 questions |
| GLW Corning Inc. | 7 | 0%none of 7 questions |
| SHW The Sherwin-Williams Company | 7 | 0%none of 7 questions |
| AVY Avery Dennison | 6 | 67%4 of 6 questions |
| ECL Ecolab | 6 | 17%1 of 6 questions |
| IFF International Flavors & Fragrances | 6 | 50%3 of 6 questions |
| PPG PPG Industries | 6 | 33%2 of 6 questions |
| ALB Albemarle Corporation | 5 | 0%none of 5 questions |
| CTVA Corteva | 5 | 20%1 of 5 questions |
- DDDuPont · 12 questions33%4 of 12 questions
- APDAir Products · 11 questions18%2 of 11 questions
- GLWCorning Inc. · 7 questions0%none of 7 questions
- SHWThe Sherwin-Williams Company · 7 questions0%none of 7 questions
- AVYAvery Dennison · 6 questions67%4 of 6 questions
- ECLEcolab · 6 questions17%1 of 6 questions
- IFFInternational Flavors & Fragrances · 6 questions50%3 of 6 questions
- PPGPPG Industries · 6 questions33%2 of 6 questions
- ALBAlbemarle Corporation · 5 questions0%none of 5 questions
- CTVACorteva · 5 questions20%1 of 5 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 Q3 | 2 | 0%none of 2 questions | 1 |
| 2024 Q4 | 10 | 50%5 of 10 questions | 8 |
| 2025 Q1 | 10 | 0%none of 10 questions | 9 |
| 2025 Q2 | 11 | 9%1 of 11 questions | 10 |
| 2025 Q3 | 14 | 14%2 of 14 questions | 11 |
| 2025 Q4 | 14 | 29%4 of 14 questions | 12 |
| 2026 Q1 | 15 | 13%2 of 15 questions | 10 |
| 2026 Q2 | 13 | 23%3 of 13 questions | 13 |
- 2024 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2024 Q410 questions · challenge rate 50% (5 of 10 questions) · 8 companies
- 2025 Q110 questions · challenge rate 0% (none of 10 questions) · 9 companies
- 2025 Q211 questions · challenge rate 9% (1 of 11 questions) · 10 companies
- 2025 Q314 questions · challenge rate 14% (2 of 14 questions) · 11 companies
- 2025 Q414 questions · challenge rate 29% (4 of 14 questions) · 12 companies
- 2026 Q115 questions · challenge rate 13% (2 of 15 questions) · 10 companies
- 2026 Q213 questions · challenge rate 23% (3 of 13 questions) · 13 companies
Topics
Topics tagged on this analyst’s questions.
- Demand24
- Margin20
- Revenue Growth17
- Guidance Reliability15
- Capex Investment14
- Pricing12
- Cost Pressure12
- Capital Allocation11
- Competitive Dynamics10
- Regulation Policy6
Show all 18 topics
- Macroeconomic6
- Trade Tariffs6
- Supply Chain5
- Geographic Expansion5
- Cloud & AI3
- M&A2
- Fx2
- Innovation & R&D1