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Analyst
Ken Goldman
Period: Reporting periods mapped to calendar 2024 Q3 – 2025 Q2 (4 quarters).
- Questions
- 35on tracked calls
- Challenge rate
- 17%6 of 35 questions
- Companies
- 11questioned at least once
- Reporting periods
- 4with 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 35 of 35 questions from 11 companies
CPBCampbell Soup Company6 questions · 3 reporting periods · 2 of 6 challenging
Calendar 2025 Q2
is it also reasonable at this point to anticipate an uptick in your promotional activities as well
Show response
CEO emphasized promotional efficiency over incremental spend, noting industry promotional activity is stabilizing. Focus on ROI allocation and price-pack architecture over raw promotional increases.
to what extent you have optimism in this positive trend to continue. You know, how much of it do you think is driven by sort of just lower consumer confidence
Show response
CEO credited portfolio breadth (premium + mainstream) and highlighted condensed mac & cheese activation and V8 energy double-digit growth. Cautioned Q3 won't repeat as soup season ends.
Calendar 2025 Q1
how confident are you that you can still achieve your target of 17% in fiscal '27
Show response
CEO maintained confidence in building blocks (network optimization, DSD, mix improvement) but acknowledged timing likely pushed back. Will learn more about environment in next six months.
The data has been decelerating in both one and two year basis or on those basis. How comfortable are you with the rate of change in consumption
Show response
CEO attributed Q2 deceleration to club channel promotional timing shift between quarters. Maintained slightly above 10% pro forma growth target for full year.
Calendar 2024 Q4
I wanted to ask about the gross margin and marketing. They came in both a little bit below consensus expectations
Show response
Management explained mix impact from stronger Sovos/Rao's (lower margin) and softer organic business drove the slight disconnect, but core building blocks were on track.
Is there anything unusual in terms of timing benefits, tailwinds we should be considering as we model the back half of the year?
Show response
CFO walked through specific drivers: neutral net price/marketing YoY, higher cost savings, lower interest headwind, and $0.07 benefit from 53rd week in Q4.
HRLHormel Foods4 questions · 2 reporting periods · 1 of 4 challenging
Calendar 2025 Q1
could you maybe elaborate a little bit on what those pressures are, what exactly you're feeling
Show response
Jim distinguished from last year's commodity whole bird issue. Current issue is value-added turkey complex with bird illness and all-time high commodity categories. John highlighted GLP-1 tailwind for ground turkey demand.
was there any consideration to waiting on the announcement until a successor was found
Show response
Jim explained that announcing first enables proper external candidate recruitment, gives successor time to plan vs inheriting post-T&M void, and that T&M is team-driven not CEO-dependent.
Calendar 2024 Q4
your underlying EBIT growth when we just exclude T&M this coming year is expected to decline
Show response
Jim pushed back on separating T&M from base business, framing it as interconnected flywheel. Acknowledged prudence on turkey volatility and Planters rebound.
Are you still planning on -- I think you are, $250 million of net operating income improvement from '23 to '26
Show response
Jim confirmed $250M target is on track, citing T&M trajectory, brand strength, Foodservice growth, and International momentum.
HSYHershey Company (The)4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q1
You said to expect 2Q EPS to decline by less than 1Q, just on the Easter season timing and some ERP reversals
Show response
Steve provided H1 EPS down ~30%, implying H2 down ~40%. Q2 gross margin down ~700bp with high teens SG&A growth from marketing lap.
Is there a rough way for investors to think about the risk ahead if an exemption doesn't immediately come through
Show response
Steve quantified $100M/quarter unmitigated with two-thirds from cocoa and Canadian tariffs. Mitigation actions well underway but details to come at mid-year.
Calendar 2024 Q4
is that dependent on how you view underlying supply and demand, or is it really more dependent on, hey, just looking at the futures market
Show response
Michele explained they consider both supply-demand fundamentals and exchange prices. Steve added they're building 2026 plans while watching cocoa in first-half.
what is baked into your guidance? And if you said this, I missed it, but how are you thinking about elasticity as more pricing unfolds
Show response
Michele confirmed minus one elasticity in guidance with potential upside. Conservative approach given volatile consumer marketplace.
TSNTyson Foods4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q1
just kind of want to get a sense for what's in your guidance for QSR chicken demand now as opposed to a few months ago in light of some of those puts and takes
Show response
Donnie noted consumers shift to QSR and chicken in challenging macro environments; Devin confirmed double-digit QSR growth in quarter and broad strength across retail value-added and deli offerings.
when do we start to see a real uptick, meaningful uptick right above 10% on a sustainable basis
Show response
Donnie acknowledged past unfulfilled promises on 10%+ margins; contrasted current end-to-end process improvements versus earlier periods when only one element performed well at a time. Brady added sustainable management operating system as the differentiator.
Calendar 2024 Q3
is it possible that there's a potential partial offset coming in the next year just from higher supply
Show response
Donnie confirmed supply assumptions are embedded in guidance range, pivoted to value-added mix shift as key differentiator.
you have a new administration coming in the White House. I think a lot of uncertainty, maybe both on the upside and downside
Show response
Donnie deflected with generic answer about 90 years of operating through all environments; no specifics on labor, tariffs, or regulation.
CAGConagra Brands3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2025 Q1
some of the data that we're getting on C stores is not ideal right now. I'm just curious if that had any kind of impact
Show response
Sean acknowledged C-store channel softness affecting portfolio but noted total scanner data shows offsetting strength in other channels.
Calendar 2024 Q3
what are your data showing about frozen food? It would seem to me that scratch cooking costs more than a frozen dinner
Show response
Sean detailed data showing consumers pivoting back to convenience from scratch cooking, with frozen benefiting from the shift.
What are you seeing? Obviously, you have a little more of a protein bent in your snacking business
Show response
Sean explained the protein/fiber focus and non-DSD model differentiate Conagra's snack portfolio from peers, with FATTY adding a premium tier.
KRKroger3 questions · 2 reporting periods · 1 of 3 challenging
Calendar 2025 Q1
it certainly seems to some observers that the industry, the food retail industry is holding back on maybe passing through some of the wholesale inflation
Show response
Todd noted limited supplier price increases so far outside fresh categories. Competitive pricing as important as ever. KR improved price gaps with competitors in Q4 and continues to invest in narrowing them.
Calendar 2024 Q4
Your largest competitor are in food retail. We’ll see if the judges agree that it’s a competitor or not, but your largest competitor in food retail had more kind of commentary last week or this wee...
Show response
Ken contrasted Kroger's agnostic tone on CPG pricing with Walmart's push for more vendor price investments. Rodney pivoted to Our Brands strength, noting if CPGs give up share they benefit from high repeat purchase rates.
Are there any other unusual tailwinds or headwinds that we should consider just directionally as we think about next year? Just trying to get a sense for what would kind of throw you off from havin...
Show response
Ken probed for anything that could disrupt another good year. Management said no unusual headwinds or tailwinds, expressing optimism about momentum in high-growth areas.
Show 5 more companies
MDLZMondelez International3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2025 Q1
Is there a possibility you can maybe be a little bit less aggressive on RGM or maybe some other actions than you were planning
Show response
Dirk said so far so good but still early days. Cadbury Biscoff is #1 SKU in UK. Protecting key price points in emerging markets. If cocoa stays high, may need more RGM in H2. Agility is key.
Calendar 2024 Q4
the general health of the biscuit category here in the U.S., and also your expectations roughly for both volume and price
Show response
Dirk acknowledged US biscuit category softer with 0.6% growth. But share improving (+30bps Q4), new price packs launched. Expects good volume growth in 2025 from lower price points and underdeveloped channels.
structurally changed in your view of supply and demand or is this just a situation where you have to sort of
Show response
Luca attributed elevated prices to thin market, short industry coverage, and speculator activity. Port arrivals up 25%, expects 10% supply increase. Plans assume elevated cocoa for 2025 and 2026.
MKCMcCormick & Company3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2025 Q1
what should investors be looking for in terms of key tariff risks ahead, as well as, I guess, related headwinds and actions that the company will take in response?
Show response
Brendan confirmed China tariffs are factored in but acknowledged difficulty projecting additional tariffs. Said company has dealt with tariffs before and is scenario-planning for various outcomes.
how would you like us to sort of think about directionally EBIT and EPS in 2Q either relative to 1Q or versus a year ago?
Show response
Marcos declined quarterly guidance but said Q1 timing items become Q2 tailwinds, gross margin builds through year, and bulk of profitability in H2. Continued SG&A investment every quarter.
Calendar 2024 Q4
I was hoping for a little bit of color on your outlook for margin expansion growth between the two segments
Show response
Marcos expects Flavor Solutions to drive more gross margin expansion, consistent with strategy to reach 14.5% operating margin by 2028. CCI savings, portfolio mix shift to Flavors and Branded Foodservice cited.
GISGeneral Mills2 questions · 2 reporting periods · 1 of 2 challenging
Calendar 2025 Q2
I'm trying to get a better sense, if possible, if something has changed or you've learned a little bit more about the margin potential there
Show response
CEO expressed confidence in long-term profitability of Fresh Pet but acknowledged it will take a couple of years of investment to generate trial.
Calendar 2025 Q1
It seems that those headwinds are a little stronger than the tailwinds and that's kind of what we're hearing from the buy-side today
Show response
CFO confirmed Yoplait divestiture will be a 5-point profit headwind and outlined flexibility for additional investment in FY26.
SJMJ.M. Smucker Company (The)2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2024 Q4
How would you like us to think about the balance between price versus volume mix for the rest of the year
Show response
Tucker breaks down full-year framework: 9% midpoint, ~1.5% comparable, base business 2.5-3%, equally split between volume mix and price.
can you update us a little bit on what you're thinking in terms of synergies both this year and next, in light of maybe a longer path
Show response
Tucker confirms $100M synergy target on track, split evenly across FY25 and FY26. Mark adds excitement about Hostess execution plans.
KHCKraft Heinz1 question · 1 reporting period · 1 of 1 challenging
Calendar 2024 Q4
I don't think any of them have really talked about quite the increase in tax that you're about to experience
Show response
CFO explained $2.4B tax benefit from business transfer, resulting 500 bps P&L tax rate increase offset by $120M annual cash gains for 20 years, with cash tax rate only up 200-300 bps.
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 |
|---|---|---|
| CPB Campbell Soup Company | 6 | 33%2 of 6 questions |
| HRL Hormel Foods | 4 | 25%1 of 4 questions |
| HSY Hershey Company (The) | 4 | 0%none of 4 questions |
| TSN Tyson Foods | 4 | 0%none of 4 questions |
| CAG Conagra Brands | 3 | 0%none of 3 questions |
| KR Kroger | 3 | 33%1 of 3 questions |
| MDLZ Mondelez International | 3 | 0%none of 3 questions |
| MKC McCormick & Company | 3 | 0%none of 3 questions |
| GIS General Mills | 2 | —Rate withheld: fewer than 3 questions |
| SJM J.M. Smucker Company (The) | 2 | —Rate withheld: fewer than 3 questions |
- CPBCampbell Soup Company · 6 questions33%2 of 6 questions
- HRLHormel Foods · 4 questions25%1 of 4 questions
- HSYHershey Company (The) · 4 questions0%none of 4 questions
- TSNTyson Foods · 4 questions0%none of 4 questions
- CAGConagra Brands · 3 questions0%none of 3 questions
- KRKroger · 3 questions33%1 of 3 questions
- MDLZMondelez International · 3 questions0%none of 3 questions
- MKCMcCormick & Company · 3 questions0%none of 3 questions
- GISGeneral Mills · 2 questions—rate withheld: under 3 questions
- SJMJ.M. Smucker Company (The) · 2 questions—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 Q3 | 4 | 0%none of 4 questions | 2 |
| 2024 Q4 | 14 | 21%3 of 14 questions | 8 |
| 2025 Q1 | 14 | 21%3 of 14 questions | 9 |
| 2025 Q2 | 3 | 0%none of 3 questions | 2 |
- 2024 Q34 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2024 Q414 questions · challenge rate 21% (3 of 14 questions) · 8 companies
- 2025 Q114 questions · challenge rate 21% (3 of 14 questions) · 9 companies
- 2025 Q23 questions · challenge rate 0% (none of 3 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Margin12
- Pricing10
- Competitive Dynamics9
- Demand7
- Guidance Reliability7
- Cost Pressure6
- Revenue Growth5
- Macroeconomic3
- Supply Chain3
- Regulation Policy3
Show all 13 topics
- Trade Tariffs3
- Product Launch2
- M&A1