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    Adam Samuelson • The Goldman Sachs Group, Inc.

    Adam Samuelson's questions to Lamb Weston Holdings Inc (LW) leadership

    Adam Samuelson's questions to Lamb Weston Holdings Inc (LW) leadership • Q1 2025

    Question

    Adam Samuelson asked for more context on the updated gross margin outlook, the magnitude of cost pressures from production curtailments, and the phasing of earnings. He also sought clarification on the fiscal 2026 cost savings target and the components of the 2026 capital expenditure forecast.

    Answer

    CFO Bernadette Madarieta attributed margin pressure to fixed cost deleveraging from temporarily idled lines and unfavorable product mix. For fiscal 2026, she clarified the $85 million savings is a total annualized figure, representing an incremental $30 million over fiscal 2025. She projected fiscal 2026 CapEx to include D&A of around $400 million, plus $150 million for environmental projects, with potential additional spend to restart the ERP project.

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    Adam Samuelson's questions to McCormick & Company Inc (MKC) leadership

    Adam Samuelson's questions to McCormick & Company Inc (MKC) leadership • Q3 2024

    Question

    Adam Samuelson asked about the competitive environment in U.S. Spices & Seasonings, noting that while McCormick is outpacing private label, smaller brands are growing rapidly. He also inquired about full-year cash flow, asking if working capital would be a source or use of cash.

    Answer

    President and CEO Brendan Foley responded that the company competes well against all forms of competitors, including smaller brands and private label, which is not a new dynamic. He highlighted that McCormick is capturing healthy category growth, growing unit and volume share, and gaining total distribution points. On cash flow, EVP and CFO Mike Smith stated that while working capital was a use year-to-date, partly due to contingency planning for the port strike, they still expect a strong cash flow year, with Q4 being the strongest quarter.

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    Adam Samuelson's questions to Hormel Foods Corp (HRL) leadership

    Adam Samuelson's questions to Hormel Foods Corp (HRL) leadership • Q3 2024

    Question

    Adam Samuelson of Goldman Sachs asked for the financial dimension of savings from the 'transform and modernize' initiatives realized year-to-date and expected in Q4. He also requested a breakdown of the Q4 sales guidance between volume and price/mix by segment.

    Answer

    CEO James Snee and CFO Jacinth Smiley deferred providing specific financial figures for the 'transform and modernize' savings until the Q4 call but confirmed that benefits are contributing to margin expansion. For the Q4 outlook, Snee provided a segment breakdown: Retail is expected to be down mid-single digits, Foodservice up mid-single digits, and International up low-single digits, leading to an overall low-single-digit decline for the company while emphasizing the health of the core business.

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    Adam Samuelson's questions to Nutrien Ltd (NTR) leadership

    Adam Samuelson's questions to Nutrien Ltd (NTR) leadership • Q2 2024

    Question

    Adam Samuelson asked why Nutrien's potash guidance increase wasn't larger given the 1 million tonne increase in the global shipment forecast. He also inquired about the North American summer fill program and demand outlook amid lower crop prices.

    Answer

    Mark Thompson, incoming CFO, explained the conservative guidance is primarily due to the priced-in risk of a Canadian rail strike. He confirmed that absent a strike, guidance would align with their typical market share of the higher global forecast. He added that the North American summer fill program was very strong due to depleted channel inventories, and the company is effectively sold out through Q3.

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