Sign in

    Ari Rosa

    Vice President and Equity Research Analyst at Citigroup

    Ari Rosa is a Vice President and Equity Research Analyst at Citigroup, specializing in the coverage of Latin American financial institutions with an emphasis on large-cap banks and insurers such as Itaú Unibanco, Banco Bradesco, Banco do Brasil, and Grupo Aval. Known for his detailed market insight and rigorous quantitative analysis, Ari has achieved strong performance metrics, including favorable rankings and high success rates on industry platforms, where his calls have outperformed relevant benchmarks over multiple years. He began his finance career in the early 2010s, with prior experience at Banco BBM and Bradesco BBI before joining Citigroup in 2017. Ari holds professional accreditations including FINRA Series 7 and 63 licenses, as well as a CFA designation, underpinning his expert analytical skills and industry recognition.

    Ari Rosa's questions to RXO (RXO) leadership

    Ari Rosa's questions to RXO (RXO) leadership • Q2 2025

    Question

    Ari Rosa questioned the strategy of growing LTL to 50% of volume given the relative size of the truckload market and asked about the company's intentions for its share buyback program.

    Answer

    CEO Drew Wilkerson and CFO Jamie Harris clarified that growing LTL is not an "either/or" choice against truckload; rather, LTL wins are a direct result of strong truckload relationships and offer margin stability. Regarding the buyback, Harris stated that while it's a key pillar of capital allocation, the company is mindful of its 2.1x leverage ratio, which is at the high end of its target range, making balance sheet health a priority.

    Ask Fintool Equity Research AI

    Ari Rosa's questions to GXO Logistics (GXO) leadership

    Ari Rosa's questions to GXO Logistics (GXO) leadership • Q2 2025

    Question

    Ari Rosa from Citigroup asked for the rationale behind the year-over-year decrease in CapEx during the first half and what to expect going forward. He also asked outgoing CEO Malcolm Wilson for his advice to the incoming CEO.

    Answer

    CFO Baris Oran explained the lower CapEx was not due to slowing growth but rather a flexible approach where some customers opt to fund the capital themselves; he reiterated the full-year target of 2.5%-3% of revenue. CEO Malcolm Wilson praised incoming CEO Patrick Keller as a 'seasoned leader' and expressed confidence in his ability to lead GXO's next chapter, stating he would need time to formulate his own strategy.

    Ask Fintool Equity Research AI

    Ari Rosa's questions to Schneider National (SNDR) leadership

    Ari Rosa's questions to Schneider National (SNDR) leadership • Q2 2025

    Question

    Ari Rosa from Citigroup asked management to reconcile their commentary on capacity tightening with the recent spot rate weakness in July. He also revisited the TransCon rail merger topic, asking about the net opportunity for intermodal growth and Schneider's potential role in the process.

    Answer

    CEO Mark Rourke clarified that they are outlining the 'case for tightening' based on factors like regulatory enforcement, not predicting an exact inflection point, and characterized their outlook as 'prudently' optimistic. On the rail merger, he firmly reiterated that Schneider has not taken a position, is still in a learning mode, and will ultimately support outcomes that are pro-competition and pro-customer, as 'details matter.'

    Ask Fintool Equity Research AI

    Ari Rosa's questions to Schneider National (SNDR) leadership • Q4 2024

    Question

    On behalf of Ari Rosa, an analyst asked if the Q4 insurance cost level is the new norm and requested clarification on the dedicated truck count trajectory for 2025.

    Answer

    CFO Darrell Campbell clarified that the Q4 insurance expense spike was due to a $7 million reserve adjustment for a few prior-year claims and is not a normal run rate. CEO Mark Rourke stated the dedicated fleet exited 2024 at roughly 8,500 units and is expected to grow through new business wins, with a focus on also improving revenue per truck by deploying underutilized assets.

    Ask Fintool Equity Research AI

    Ari Rosa's questions to XPO (XPO) leadership

    Ari Rosa's questions to XPO (XPO) leadership • Q2 2025

    Question

    Ari Rosa from Citigroup inquired about the potential market impact from the upcoming separation of FedEx Freight from its parent company and the overall competitive pricing environment in the LTL industry.

    Answer

    CEO Mario Harik opined that the FedEx Freight separation would be a positive for the industry, as it would likely reinforce a focus on price discipline and margin expansion, which are key for a standalone LTL carrier. He stated that FedEx is a great competitor today and will remain so tomorrow, not anticipating a significant change in competitive dynamics.

    Ask Fintool Equity Research AI

    Ari Rosa's questions to CANADIAN PACIFIC KANSAS CITY LTD/CN (CP) leadership

    Ari Rosa's questions to CANADIAN PACIFIC KANSAS CITY LTD/CN (CP) leadership • Q2 2025

    Question

    Ari Rosa from Citigroup requested color on any preliminary conversations CPKC has had with other railroad CEOs, customers, or regulators regarding the proposed UP-NS merger.

    Answer

    CEO Keith Creel confirmed he has had 'encouraging and positive' conversations with other railroad CEOs but declined to share specifics. EVP & CMO John Brooks added that customer calls have been active, with shippers trying to understand the likelihood and risks of the deal. He noted that the risk of poor operational performance during a complex integration is a major concern for customers, who will want to see a detailed plan from the applicants.

    Ask Fintool Equity Research AI

    Ari Rosa's questions to OLD DOMINION FREIGHT LINE (ODFL) leadership

    Ari Rosa's questions to OLD DOMINION FREIGHT LINE (ODFL) leadership • Q2 2025

    Question

    Ari Rosa of Citigroup Inc. asked about Old Dominion's ability to outperform normal seasonal trends in the second half of the year and how the September wage increase would impact the Q4 operating ratio.

    Answer

    EVP & CFO Adam Satterfield explained that the wage increase is a primary driver of the typical 200-250 basis point sequential OR deterioration in Q4. He reiterated that any outperformance is revenue-dependent and the focus remains on cost control. He stressed that the company continues to invest for the long term, citing nearly $2 billion in CapEx during the downturn, which creates short-term headwinds but positions ODFL for future leverage.

    Ask Fintool Equity Research AI

    Ari Rosa's questions to OLD DOMINION FREIGHT LINE (ODFL) leadership • Q2 2025

    Question

    Ari Rosa of Citigroup asked about the potential to outperform normal seasonal trends in the second half of the year and how the annual wage increase will impact the Q4 operating ratio.

    Answer

    EVP & CFO Adam Satterfield confirmed the wage increase is a primary driver of the typical Q4 operating ratio deterioration. He said overall performance remains revenue-dependent but emphasized their long-term strategy of investing through the cycle. He noted they have spent nearly $2 billion on CapEx during the downturn, which creates short-term cost headwinds but positions them for significant leverage when the economy recovers.

    Ask Fintool Equity Research AI

    Ari Rosa's questions to TFI International (TFII) leadership

    Ari Rosa's questions to TFI International (TFII) leadership • Q2 2025

    Question

    Ari Rosa from Citigroup asked about the sustainability of the company's strong free cash flow generation and requested more specific details on the steps being taken to improve service levels in the LTL business.

    Answer

    Alain Bedard, President, CEO & Chairman, affirmed the sustainability of cash flow, stating TFI is a 'cash cow' and could approach $1 billion in free cash flow in a normal environment. CFO David Saperstein detailed LTL service initiatives, including improving billing accuracy with new software, reducing cargo claims with better handling, cutting missed pickups through cultural and system changes, and enhancing on-time delivery.

    Ask Fintool Equity Research AI

    Ari Rosa's questions to SAIA (SAIA) leadership

    Ari Rosa's questions to SAIA (SAIA) leadership • Q2 2025

    Question

    Ari Rosa of Citigroup asked about the long-term progression to a sub-80% operating ratio and the drivers for meaningful revenue growth. He also questioned the Q2 mix shift towards more national and retail accounts, which seems to differ from peers' focus on regional freight.

    Answer

    President & CEO Frederick Holzgrefe expressed conviction in the long-term opportunity, stating that benchmark legacy facilities operate in the 70s OR range, a level newer markets can approach with maturity. EVP & CFO Matthew Batteh clarified the mix shift was not about adding new national customers, but doing more business with existing ones, a typical Q2 seasonal trend for Saia that leverages the new national network.

    Ask Fintool Equity Research AI

    Ari Rosa's questions to UNION PACIFIC (UNP) leadership

    Ari Rosa's questions to UNION PACIFIC (UNP) leadership • Q2 2025

    Question

    Ari Rosa from Citigroup asked about the structural network constraints that might inhibit Union Pacific's growth and prevent it from capturing more market share from the highway, especially given its current strong service levels.

    Answer

    CFO Jennifer Hamann explained that the approach is to partner deeply with customers to design the specific service products they need, rather than offering a one-size-fits-all solution. She highlighted speed of decision-making and execution as key differentiators. EVP Kenny Rocker added that ensuring high car supply and order fulfillment is another critical factor in winning incremental business from customers.

    Ask Fintool Equity Research AI

    Ari Rosa's questions to Knight-Swift Transportation Holdings (KNX) leadership

    Ari Rosa's questions to Knight-Swift Transportation Holdings (KNX) leadership • Q2 2025

    Question

    Ari Rosa of Citigroup Inc. asked about the market impact of freight brokers, questioning if their technology and the resulting price transparency are making the freight cycle recovery more difficult.

    Answer

    CEO Adam Miller responded that increased market transparency, driven by third-party data available to all parties, simply makes cycles move faster in both directions. He noted that brokers are a function of small-carrier capacity. As customers experience service failures from over-reliance on the spot market, they often return to asset-based carriers like Knight-Swift via mini-bids, frequently at higher rates. Miller asserted that long-term margin targets are achievable as they are ultimately driven by supply and demand, not just transparency.

    Ask Fintool Equity Research AI

    Ari Rosa's questions to CSX (CSX) leadership

    Ari Rosa's questions to CSX (CSX) leadership • Q2 2025

    Question

    Ari Rosa from Citigroup Inc. inquired about the drivers behind the significant service improvement, questioning the balance between better weather and proactive operational changes, and asked about the sustainability of this performance.

    Answer

    EVP & COO Mike Cory explained that while weather improved, the recovery was driven by a deliberate four-part plan: managing cars online, selectively adding locomotives, protecting the bulk network, and creating mainline capacity. He affirmed this focused approach is the new operational standard and expects metrics to improve further upon completion of the Howard Street and Blue Ridge projects.

    Ask Fintool Equity Research AI

    Ari Rosa's questions to CANADIAN NATIONAL RAILWAY (CNI) leadership

    Ari Rosa's questions to CANADIAN NATIONAL RAILWAY (CNI) leadership • Q2 2025

    Question

    Ari Rosa requested a breakdown of maintenance versus growth CapEx and asked how the company ensures appropriate ROI on its spending, given the flat RTM growth in recent years.

    Answer

    CFO Ghislain Houle explained that while a large portion of CapEx is for maintenance, growth capital is directed at high-return projects, primarily in Western Canada, that exceed internal IRR thresholds. CEO Tracy Robinson added that growth investments are often supported by commercial contracts that protect returns, and that the company is focused on improving capital efficiency.

    Ask Fintool Equity Research AI