Tom Palmer

I think in the past, you've given dollar amounts for corporate and then percentages for kind of expected tax rate. Apologies if I missed it. I don't think we got it today. And then on AS and O, we'...

I wanted to ask on the Nutrition business. You cited seasonality is, I think, the main quarter-over-quarter headwind to think about

I wanted to ask on your expectation for the RPO and how this guides your outlook for 2025? So when we think about biodiesel margins in the back half

Just on the nutrition segment, I wanted to make sure I understood the expected profit recovery. It implies a pretty big inflection as the year progresses

what about what you're seeing on the refining side and maybe oilseed merchandising side?

Why is visibility so limited in the second half?

any thoughts on both kind of the earnings cadence as we think about this year

to what extent you think the RVO might be reflected in the curve today?

it's been a few years since you updated your view of mid-cycle earnings. I think the last update was $11 with $1 or more of upside if you opted for larger M&A.

Are there kind of segments where we might see just given the lower earnings outlook in 4Q that's implied more of a step down?

any updated thoughts on thinking about the cadence of earnings as we move through this year just given the 1Q dynamics

what you're embedding for other items such as U.S. biofuels policy and potential clarity on the RVO for next year

framing the earnings guidance for 2025 relative to the $8.50 mid-cycle outlook. I know it's a few years. It was laid out in 2022

what's kind of the plan once it closes in terms of communication? Is the idea to update guidance just on the next earnings cycle?

If we think about a potential rebound next year in Ardent's earnings, to what extent should we think about that flowing through to free cash flow generation

should we be thinking about like in some past programs you've had very clear cost savings targets and then any sort of like stepped-up spending be it CapEx related or other types of investments

You reiterated sales and operating margin. You did take down Arden. I think the $30 million is around 5¢ to EPS if I'm doing the math right.

Are there other major items we should be thinking about that you traditionally import

also reiterated your annual outlook. So are there incremental maybe, tailwinds to be thinking about when we look towards

Relative to pre-pandemic levels, do you think that's kind of back to full levels? Or do you think maybe we'll see some changes there still to come

on capital allocation priorities, you noted the plans to focus more on debt reduction versus share repo

The remarks to Andrew and in the prepared remarks indicate that they emerged before the winter storms. It seems like they are related to execution challenges. I am just trying to understand where y...

I wanted to follow-up on the La Romano announcement. Perhaps we could get some added detail on the reason for the acquisition and the timing and also perhaps some added details on the on the remain...

the outlook discusses the expected stabilization in the second half of the year. I wondered if you might talk a bit about what you're seeing today across categories and how you think about the path...

Just when thinking between the two segments, just any help on kind of where we might see that impact greater

I just wanted to confirm, were there incremental tailwinds?

Previously, 4% to 5% of COGS was the outlook. The bakery index pricing would suggest what costs are favorable and then maybe there was a small amount of tariff relief to consider

just any added details on kind of the rationale? It was helpful to get some of the commentary about longer-term margin benefit

Could we maybe unpack this outlook segment level expectations, for instance, or maybe when discussing the logistics headwinds, any details on kind of where this is coming from and when it might sta...

What are you assuming in the outlook for whole bird pricing? Spot prices are obviously up quite a bit

I wonder if you might share a bit of the expected savings from your restructuring work

To what extent is this seasonal decline embedded in your outlook if it were to occur? Would that be as expected, or could that be an incremental tailwind?

I just want to make sure I understood to what extent this applies to 2026. Because given some of the cost headwinds this year and also what seems to be emerging tailwinds

any color on what products this is related to? And look, it has been a few years, but I think there was a time where excess inventory was a little bit of a challenge to work through for you guys

Any quantification that you could give for savings in the first half of the year? And then when we're thinking about the $100 million to $150 million range, could you maybe give some examples of ke...

How much work is left to kind of regain distribution? Is there a point where we might see retail sales trends start to more clearly inflect

to what extent is it running consistent with what you expected? You did note the higher pricing in turkey

what's really contributing to that slower ramp and why the confidence now that kind of 1Q will be the end of the issues

At the midpoint, your guidance implies around $85 million operating profit growth. You expect $125 million from cost savings

could we just kind of quantify the specific items that are driving the slowdown

Is this more impactful, more changes than we've seen recently?

there was a comment about expected low single-digit sales growth for international. I wondered if maybe you could provide some color on expectations in the other two segments

How do you consider the possibility of stepped-up promotions later this year? Maybe balancing the optionality of promotions versus allocating towards marketing dollars

If we do get 1/3 of your Halloween sales in the last week, would it be more on track with how you're thinking about it

at some point next year, your cocoa costs likely turn deflationary even if they're up for the full year

you noted that two-thirds of the exposure is Cocoa in Canada. And maybe just some color on the other areas where you would see impact

I don't think that private label commentary had been in previous. So is this a new headwind to think about in 2025

when you talk about minus one, it would be without pricing, I guess, what level of growth, roughly, do you assume as a starting point

there was reference to a timing benefit in the fourth quarter related to inventory valuation. Just any help quantifying this

Any framing on where that level of increase in the first quarter takes you relative to that annualized percent of sales

Are you already seeing signs of this incremental impact as we think about the second quarter

how big is Indonesia within Emerging Markets? And then when we think about the fourth quarter, the mid-single-digit growth guidance for Emerging Markets, what does that assume

Just any breakdown of how much of that is related to tariffs versus maybe other drivers of that increase

I noticed that there wasn't a change in kind of that pricing outlook

are we looking for kind of an underlying sales trends, this bigger inflection starting in the third quarter to overcome that

Could you maybe get a little bit of a breakdown of where these savings will be seen? I think some of it might be depreciation, some of it other operating costs.

any, I guess, traits that you're looking for in a CEO? And then second, there seem to be a lot of different initiatives already under review absent a permanent CEO. Are there areas that you're hold...

You did note FIFO gross margin, excluding fuel and specialty pharma, was down around nine basis points year over year in the quarter. How are you thinking about the trajectory

SG&A has been running down quite a bit this year. I guess any framing of how much of the reduction we've seen this year

I do just want to clarify on elasticity because I think there's kind of two pieces you discussed

you mentioned so far, that elasticity was 0.4. Just any color on what's embedded in guidance at this point

expected cadence of both earnings and COGS inflation. And specifically on COGS inflation, it looks like 4Q24

how much of that acceleration is more industry conditions versus maybe more self-help type initiatives

Just wanted to ask on the overlap and if there might be any limitations to consider in combining these

What drives the price elasticity in the first quarter?

to what extent this added inflationary pressure that maybe had some impact in 4Q might be even more of a consideration as we start out 2026

I'm trying to understand the timing of how it flowed through so quickly in 3Q

When we think about that initial number, does that still hold? You would expect to fully offset it

I wanted to just clarify on SG&A, given some of the timing items that were called out in 1Q. I think traditionally, SG&A dollars in the second quarter are quite a bit higher

We've seen headlines about weaker sales for U.S. brands. Are you seeing any of that at this point?

I just wanted to clarify the currency versus underlying trends. If we were to exclude the currency headwind, would this business and kind of how you're thinking about 2025 still be growing?

I wanted to, I guess, first ask on just the cadence of earnings relative to the annual growth ranges for organic sales growth and operating profit growth

any update on these items expected impact now as we think about fiscal '26? And especially when it comes to the tariff headwind, is that an item we should essentially think about reversing in full

what really were the incremental items to think about in 3Q that drove the weakness? I know you've mentioned the plant closure. Was that it? Or were there other items to really consider

I was wondering if you could maybe quantify how much that might have impacted your outlook to decision not to take pricing

there was the guidance reduction now flat year over year. Couple of pieces. One, is there a segment where that's going to be most evident

when does the actions you're taking start to the earnings line? Is that we should look for sequential improvement as we move through the '26

reiterated the annual addressed maybe some incremental weakness. For the second quarter. That would seem to suggest that maybe the back half of the year is a bit better

the number for next year is still sixty cents year over year

Where are we in kind of the selling cycle to customers? How have these changes been received? Do you have visibility at this point into improved distribution

What's your view of the pork supply situation as we move through the back half of this year?

an update on the beef plant closure and kind of your views on how that ultimately impacts profitability for this year

now that we're seeing the corporate amortization for the first time, I guess, it guidance would imply it's down at least 4% year over year, I think. What's driving that decrease

I was curious your updated views of the chicken industry. Your tone in recent quarters I think, has been very constructive about supply growth being limited

Maybe an update just on how you're thinking about 2026

to what extent this flowed through in 4Q and you still put up those results versus maybe there's some timing considerations

Why has it been so strong in the past couple of quarters and I guess how persistent do you think the drivers of that might be

any help as we think about third quarter expectations. I mean if I look at industry trends and general seasonality, it would seem like chicken typically is better in the third quarter than the seco...

Just any detail on the changes that might accompany this plan and which segments will be impacted

Could you maybe give some added detail on the value add piece? What products comprise value add

I was hoping to get a little more specific on the expected drivers for prepared foods