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Analyst
Richard Garchitorena
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters; questions recorded in 4).
- Questions
- 14on tracked calls
- Challenge rate
- 0%none of 14 questions
- Companies
- 6questioned 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 14 of 14 questions from 6 companies
CFCF Industries3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2025 Q2
Obviously, we had the Big Beautiful Bill come out. I think there's some treatment of depreciation, which may be changing. Can you talk about how that impacts potentially the return calculations
Show response
Greg said original model already assumed accelerated depreciation so day-1 expensing would not materially change returns. Noted need to coordinate with JV partners on timing of earnings, asset basis maintenance, and 45Q monetization.
Calendar 2025 Q1
JERA has an option to reduce your stakes before the end of the year. If you can just give us some clarity on some of the conditions there
Show response
Tony said JERA reducing stake is unlikely but CF comfortable with 55% ownership if it occurs. Incremental 200,000 tons easily marketed. Chris added more interest since FID announcement in low carbon production offtake.
Calendar 2024 Q4
the outlook from a demand and market perspective, you've found to be, I guess, positive for the project
Show response
Tony expressed strong confidence 45Q will remain, noted 45Z and 45V may have more risk. Said delay is about finalizing EPC contracts, not partnership structure.
MOSMosaic Company (The)3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2025 Q2
you took the full year production guidance up. Just curious, maybe on the third quarter, you had basically in the second quarter, idle cost of $26 million
Show response
Bodine confirmed Esterhazy turnaround normally $25-30M was pulled into Q2 for hydrofloat tie-in, so Q3 potash turnaround costs will decline significantly. Colonsay running through year-end to meet demand. Canpotex had record H1 shipments. 2026 Colonsay decision deferred until closer to Q1-Q2 2026 depending on demand and value creation assessment.
Calendar 2025 Q1
If we can dig into the EBITDA upside you were talking about for the second quarter, maybe what's driving that potential $150 million
Show response
Luciano broke down Q1 EBITDA: $100M from production, $18M from distribution (after FX). Q2 distribution volumes expected to increase from 1.5M to 2.1M tons at $30-$40 margins. Floor of $150M for Q2 described as conservative since production sales also increase. Wang cited acreage growth and new Palmeirante region penetration.
Calendar 2024 Q4
for 2025, the remaining cost savings from the $150 million, how much of that is going to be coming from Fertilizantes
Show response
Ciani said $150M is achievable through cost dilution in North American operations alone, with Brazil upside on top. Wang described customer mix shift toward end users, mega farmers, traders, and co-ops to reduce credit risk.
CTVACorteva2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q2
Any chance we could see a pull forward in terms of those targets?
Show response
Chuck said royalty neutrality already pulled forward from 2030 to 2028. CP cost productivity has surprised to the upside. Comfortable within 2027 framework range.
Calendar 2024 Q4
how you think North America is shaping up for crop protection?
Show response
Robert said channel inventories are in balance, products moving in preparation for the season. New products and biological partnerships generating excitement for North America.
NEMNewmont2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q2
walk us through any final milestones we should be expecting as you move towards completing the feasibility study
Show response
CEO detailed the technical and financial review steps, acknowledged higher capital versus the Newcrest-era estimate, and explained the delay.
Can you remind us sort of what type of levels we should expect from Ahafa North heading into the fourth quarter
Show response
CEO gave the long-run operating level but no fourth-quarter specific grade or ounce figure.
SCCOSouthern Copper Corporation2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q2
You talked about $10.3 billion in CapEx required for your Peruvian projects.
Show response
Confirmed the $1.25 billion bond mainly funds Tia Maria's $1.8 billion cost and said debt use at some point in project development is standard practice.
Can you just talk about how the grades have progressed at Toquepala and Cuajone? And what do you see that doing in the second half of this year?
Show response
Quantified the Cuajone grade impact at about 35,000 tons and raised the full-year target to 917,000 tons from an initial 910,000.
STLDSteel Dynamics2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q2
historically, we've seen much more correlation in terms of scrap prices with the move in steel sheet prices
Show response
Management pointed to the Section 301 exclusion of Brazilian pig iron, ample domestic scrap, low exports, and new DRI capacity balancing iron units.
How should we think about that cadence of when you'll realize those, given the lags in contracts?
Show response
CFO clarified the constructive pricing was on steel fabrication quoting/backlog, not contracts, with realization expected in Q4 and into 2027.
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 |
|---|---|---|
| CF CF Industries | 3 | 0%none of 3 questions |
| MOS Mosaic Company (The) | 3 | 0%none of 3 questions |
| CTVA Corteva | 2 | —Rate withheld: fewer than 3 questions |
| NEM Newmont | 2 | —Rate withheld: fewer than 3 questions |
| SCCO Southern Copper Corporation | 2 | —Rate withheld: fewer than 3 questions |
| STLD Steel Dynamics | 2 | —Rate withheld: fewer than 3 questions |
- CFCF Industries · 3 questions0%none of 3 questions
- MOSMosaic Company (The) · 3 questions0%none of 3 questions
- CTVACorteva · 2 questions—rate withheld: under 3 questions
- NEMNewmont · 2 questions—rate withheld: under 3 questions
- SCCOSouthern Copper Corporation · 2 questions—rate withheld: under 3 questions
- STLDSteel Dynamics · 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 Q4 | 3 | 0%none of 3 questions | 3 |
| 2025 Q1 | 2 | 0%none of 2 questions | 2 |
| 2025 Q2 | 3 | 0%none of 3 questions | 3 |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | No questions recorded | — | — |
| 2026 Q2 | 6 | 0%none of 6 questions | 3 |
- 2024 Q43 questions · challenge rate 0% (none of 3 questions) · 3 companies
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q23 questions · challenge rate 0% (none of 3 questions) · 3 companies
- 2025 Q3No questions recorded
- 2025 Q4No questions recorded
- 2026 Q1No questions recorded
- 2026 Q26 questions · challenge rate 0% (none of 6 questions) · 3 companies
Topics
Topics tagged on this analyst’s questions.
- Capex Investment5
- Cost Pressure4
- Supply Chain4
- Regulation Policy3
- Margin3
- Revenue Growth2
- Capital Allocation2
- Guidance Reliability2
- Demand2
- Pricing1