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    Arun Viswanathan • RBC Capital Markets

    Arun Viswanathan's questions to Amcor PLC (AMCR) leadership

    Arun Viswanathan's questions to Amcor PLC (AMCR) leadership • Q4 2025

    Question

    Arun Viswanathan asked for more context on the $260 million synergy target for fiscal 2026, including its phasing throughout the year and the expected cadence for achieving the total synergy goal over time.

    Answer

    CFO Michael Casamento confirmed the $260 million pre-tax synergy target for FY26, equating to about 9 cents of EPS accretion. He detailed the phasing, with approximately 35-40 million expected in Q1 and more weighting toward the second half of the year. He also reaffirmed the overall cadence of achieving 40% of total synergies in FY26, another 40% in FY27, and the final 20% in FY28.

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    Arun Viswanathan's questions to Chemours Co (CC) leadership

    Arun Viswanathan's questions to Chemours Co (CC) leadership • Q2 2025

    Question

    Arun Viswanathan of RBC Capital Markets asked about the company's long-term target of over 5% sales growth, inquiring about its start date, segment contributions, and any updates on the portfolio review. He also followed up on whether this sales growth, driven by TSS, would translate to even higher EBITDA growth through margin expansion.

    Answer

    President & CEO Denise Dignam confirmed the >5% sales growth is expected to impact starting in 2026, driven by TSS and commercial excellence efforts in other segments like APM. She noted the portfolio review of European assets and the exit of the SPS portfolio are underway. SVP & CFO Shane Hostetter added that while not providing long-term guidance, the company strives for bottom-line growth to exceed top-line growth, supported by strong TSS margins.

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    Arun Viswanathan's questions to Chemours Co (CC) leadership • Q1 2025

    Question

    Arun Viswanathan of RBC Capital Markets asked for details on the supply tightness for TSS refrigerants and cylinders, including the timeline for resolution and mitigation efforts. He also requested insight into the capital allocation strategy, specifically the CapEx opportunities that justify the dividend cut, and asked for potential return metrics.

    Answer

    President and CEO Denise Dignam clarified the cylinder shortage is a broader industry issue, not specific to Chemours, and expects it to normalize in a couple of months as the company adds shifts and third-party operations. She and SVP/CFO Shane Hostetter explained the capital freed by the dividend cut will fund high-priority growth in next-gen refrigerants and immersion cooling, emphasizing balance sheet flexibility and projects with returns well above the cost of capital.

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    Arun Viswanathan's questions to Chemours Co (CC) leadership • Q4 2024

    Question

    Arun Viswanathan asked for a breakdown of the 2024 to 2025 EBITDA guidance bridge, questioning the sources of growth beyond the reversal of one-time costs from 2024. He also inquired if the company could exit 2025 at an EBITDA run rate that would annualize to over $1 billion for 2026.

    Answer

    CFO Shane Hostetter acknowledged that 2024 one-time costs would not recur but highlighted new Q1 2025 operational headwinds of $15-$20 million. He stated that for the full year, growth would be driven by Opteon adoption, cost reductions from the Pathway to Thrive strategy, and expected seasonality. He noted it was too early to provide 2026 guidance but pointed to new capacity and a potential second-half market recovery as positive factors for the 2025 outlook.

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    Arun Viswanathan's questions to Chemours Co (CC) leadership • Q3 2024

    Question

    Arun Viswanathan asked about the timeline for working through high HFC inventory levels in the Thermal & Specialized Solutions (TSS) segment and the potential pricing impact heading into 2025. He also inquired about the demand outlook and utilization rates for the Titanium Technologies (TT) segment.

    Answer

    CFO Shane Hostetter stated that pricing for HFCs (Freon) is expected to remain at current low levels into 2025 due to inventory dynamics. CEO Denise Dignam added that the company's strategy is focused on leading the transition to HFOs (Opteon), making the Freon portfolio less relevant over time. Regarding the TT segment, Dignam noted that while a market recovery is not yet evident, the company is optimistic about recent interest rate cuts and is well-positioned to capitalize on any demand improvement thanks to strong execution of its transformation plan.

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    Arun Viswanathan's questions to Ball Corp (BALL) leadership

    Arun Viswanathan's questions to Ball Corp (BALL) leadership • Q2 2025

    Question

    Arun Viswanathan asked about the company's EBIT leverage algorithm and the evolution of its customer and category mix in North America.

    Answer

    Chairman & CEO Daniel Fisher clarified that the company is on track with its enterprise-wide EBIT algorithm, despite some non-repeating items. He confirmed a strategic pivot in North America to reduce its over-indexed exposure to beer, stating that a move from roughly 40% alcohol exposure towards 30% over time would be 'optimal.'

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    Arun Viswanathan's questions to Ball Corp (BALL) leadership • Q1 2025

    Question

    Arun Viswanathan asked about the primary drivers of the segment EBIT outperformance, the contracting status and volume visibility in North America, and for a confirmation of the full-year volume outlook.

    Answer

    CEO Daniel Fisher attributed the EBIT outperformance primarily to favorable product mix and operational efficiencies rather than just volume. He explained that near-term visibility comes from a combination of contracts, scanner data, and inventory analysis. He confirmed confidence in the full-year North American volume outlook based on current trends, noting the Florida facility will run at full capacity during peak season.

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    Arun Viswanathan's questions to Ball Corp (BALL) leadership • Q4 2024

    Question

    Arun Viswanathan requested the financial rationale, such as ROIC or payback period, for the new plant investments and asked what it will take for major brewers to re-accelerate beer category growth.

    Answer

    CEO Daniel Fisher estimated the Florida acquisition would achieve a $25-35 million EBITDA run rate by early 2027, implying a four-year positive EVA. Regarding beer, he emphasized that growth will come from a combination of substrate shift to cans, portfolio optimization, and innovation, as large brewers increasingly operate as broad beverage companies.

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    Arun Viswanathan's questions to Ball Corp (BALL) leadership • Q3 2024

    Question

    Arun Viswanathan sought details on a reported $85 million closure charge, questioned the volume progression outlook needed to achieve 10%+ EPS growth as comps get tougher, and asked if the company's manufacturing footprint is now optimized or if more closures are needed.

    Answer

    CFO Howard Yu confirmed the charge related to previously discussed plant closures and restructuring. CEO Daniel Fisher reiterated confidence in the 10%+ EPS growth target for 2025, driven by 2-3% volume growth, consistent share buybacks, and the compounding effect of a lower share count. Fisher also stated that the company feels good about its current manufacturing footprint and does not anticipate further closures at this point.

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    Arun Viswanathan's questions to Dupont De Nemours Inc (DD) leadership

    Arun Viswanathan's questions to Dupont De Nemours Inc (DD) leadership • Q2 2025

    Question

    Speaking for Arun Viswanathan of RBC Capital Markets, an analyst asked if the water business is now considered core to the new DuPont and requested more detail on the company's tariff mitigation actions.

    Answer

    CEO Lori Koch affirmed that the water business is core to the new DuPont's growth strategy and the company intends to invest in it. CFO Antonella Franzen added that over 90% of tariff mitigation comes from supply chain movements, with a small portion from surcharges.

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    Arun Viswanathan's questions to Dupont De Nemours Inc (DD) leadership • Q1 2025

    Question

    Arun Viswanathan asked about the possibility of any M&A activity before the November spin-off and inquired if there have been any changes in order patterns for the Water business due to tariffs or macro concerns.

    Answer

    CEO Lori Koch and Qnity CEO-elect Jon Kemp both indicated that while M&A is always under review, no material transactions are expected before the November 1 separation. Lori Koch also confirmed that order patterns for the new DuPont businesses remain normal and consistent with expectations, with no unusual behavior observed.

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    Arun Viswanathan's questions to Dupont De Nemours Inc (DD) leadership • Q4 2024

    Question

    Speaking for Arun Viswanathan, an analyst asked about the expected cadence of cash outlays for transaction costs and for more detail on potential M&A targets in healthcare and water.

    Answer

    CFO Antonella Franzen explained that the bulk of the separation costs (estimated slightly below $700 million) will be cash expenses in 2025. CEO Lori Koch added that M&A in Water could expand beyond filtration, while healthcare targets would likely be in the medical device space, similar to the Spectrum and Donatelle acquisitions.

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    Arun Viswanathan's questions to Dupont De Nemours Inc (DD) leadership • Q3 2024

    Question

    Arun Viswanathan of RBC Capital Markets asked for initial thoughts on 2025 EBITDA growth, considering the E&I pre-buy and W&P recovery. He also inquired about the free cash flow outlook and capital deployment priorities for next year.

    Answer

    CEO Lori Koch declined to give specific 2025 EBITDA guidance but noted volume and restructuring benefits would be key drivers. CFO Antonella Franzen stated that strong free cash flow conversion is expected to continue. For 2025, the priority for cash deployment will be separation costs, with no additional share repurchases or significant outsized CapEx planned.

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    Arun Viswanathan's questions to Huntsman Corp (HUN) leadership

    Arun Viswanathan's questions to Huntsman Corp (HUN) leadership • Q2 2025

    Question

    Arun Viswanathan of RBC Capital Markets asked what might cause competitors to decide against building new MDI capacity and whether recent epoxy (BLR) market exits by others would affect Huntsman's sourcing.

    Answer

    Chairman, President & CEO Peter Huntsman reiterated that he sees no justification for new MDI capacity but could not speak for competitors. On the BLR side, he stated that there are plenty of suppliers and the exits by others will not impact the Advanced Materials business.

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    Arun Viswanathan's questions to Huntsman Corp (HUN) leadership • Q1 2025

    Question

    Arun Viswanathan noted that the first-half EBITDA run-rate appears to be tracking significantly below initial annual expectations and asked about management's level of confidence for the full year, given the high uncertainty.

    Answer

    CEO Peter Huntsman acknowledged the uncertainty, stating the outlook is 'far hazier today' than it was three months ago, and thus avoided giving full-year guidance. While he personally hopes for a better second half driven by a rebound from low inventories and pent-up demand in key markets like housing and aerospace, he conceded that he cannot point to a current surge in orders to provide confidence for a specific full-year number.

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    Arun Viswanathan's questions to Huntsman Corp (HUN) leadership • Q4 2024

    Question

    Arun Viswanathan asked about further portfolio cleanup actions and sought confirmation of Huntsman's commitment to its dividend and leverage targets.

    Answer

    CEO Peter Huntsman affirmed a strong commitment to the dividend, aiming to cover it with free cash flow. CFO Phil Lister reiterated the focus on ongoing restructuring actions and stated that leverage, currently at 3.6x, is expected to decline as earnings normalize toward mid-cycle levels.

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    Arun Viswanathan's questions to Huntsman Corp (HUN) leadership • Q3 2024

    Question

    Arun Viswanathan asked about the 2025 outlook, questioning if inventories are lean enough for substantial growth in a recovery. He also sought to clarify if the Q4 EBITDA decline is primarily due to seasonality or other factors like demand weakness or inventory charges.

    Answer

    Chairman, CEO and President Peter Huntsman confirmed inventories will be lean entering 2025 and expressed optimism for the year, driven by potential recovery in NA housing and Chinese consumer confidence. He attributed the Q4 EBITDA guidance drop mostly to typical seasonality, though he acknowledged it includes some inventory charges that reverse a Q3 benefit.

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    Arun Viswanathan's questions to Quaker Chemical Corp (KWR) leadership

    Arun Viswanathan's questions to Quaker Chemical Corp (KWR) leadership • Q2 2025

    Question

    Arun Viswanathan from RBC Capital Markets questioned the path to achieving the 18% EBITDA margin target, customer sentiment regarding tariffs, and CEO Joe Berquist's commercial strategy and any significant changes implemented since he took the role.

    Answer

    CEO Joseph Berquist outlined that reaching the 18% EBITDA margin target relies on SG&A cost reductions, manufacturing efficiencies, and pricing actions, not just gross margin expansion. He noted that tariffs are creating uncertainty and customer caution. Regarding strategy, Berquist emphasized reducing customer churn, making operational changes to sales and product management, and disciplined capital deployment, which have collectively enabled growth without major transformational changes.

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    Arun Viswanathan's questions to Quaker Chemical Corp (KWR) leadership • Q1 2025

    Question

    Arun Viswanathan questioned how volumes have remained relatively consistent despite ongoing end-market weakness and asked about the outlook for Q2. He also inquired about the company's line of sight to its 18% or higher EBITDA margin target and the key levers to achieve it, such as demand, price, or cost actions.

    Answer

    President and CEO Joseph Berquist explained that volumes are being supported by seasonal improvements and strong net new business wins, which are trending at the high end of the company's 2% to 4% annual target. He affirmed the long-term goal of reaching high-teen EBITDA margins, outlining a multi-pronged strategy to get there. This includes selective price increases, the full-year benefit of cost-saving programs, manufacturing footprint optimization, and leveraging a new global procurement approach to source raw materials more cost-effectively.

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    Arun Viswanathan's questions to Quaker Chemical Corp (KWR) leadership • Q4 2024

    Question

    Arun Viswanathan asked if the price give-back dynamic from 2022-23 has concluded, how the customer-refocus strategy will impact CapEx and capacity, and what factors beyond general industrial production could drive volume improvement.

    Answer

    President and CEO Joseph Berquist explained that pricing is now stable, with adjustments mainly tied to index-based contracts rather than active price changes. He noted the customer refocus involves targeted CapEx, like the new China plant, but is primarily about reallocating resources to growth regions. He reiterated that diversified industrial production remains the core driver of the business. CFO Tom Coler specified that 2025 CapEx will be elevated at 2.5-3.5% of sales due to the China facility and a Philadelphia consolidation project.

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    Arun Viswanathan's questions to Quaker Chemical Corp (KWR) leadership • Q3 2024

    Question

    Arun Viswanathan sought to clarify if the revenue decline was primarily price-driven and if that cycle had concluded. He also asked if growth in 2025 is still achievable given market headwinds, and inquired about the potential for larger M&A given the company's strong balance sheet and manageable leverage.

    Answer

    CFO Tom Coler confirmed that year-over-year price impacts are diminishing as raw material deflation works through index-based contracts, leading to expected margin stabilization. CEO Andrew Tometich stated that while the macro environment is uncertain, the company will focus on executing its strategy to drive growth. On M&A, Mr. Tometich noted that the pipeline includes both bolt-on and larger deals, activity is 'heating up,' and the company is financially prepared to act on value-adding opportunities.

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    Arun Viswanathan's questions to FMC Corp (FMC) leadership

    Arun Viswanathan's questions to FMC Corp (FMC) leadership • Q2 2025

    Question

    Arun Viswanathan from RBC Capital Markets asked for the key building blocks supporting the implied Q4 EBITDA guidance, particularly the contributions from new products and the Brazil route-to-market strategy.

    Answer

    Chairman and CEO Pierre Brondeau explained that Q4 growth drivers are consistent with Q3. The growth portfolio, led by strong demand for Fluentapir and Isoflex, will be the primary contributor. The new route-to-market and co-op strategies in Brazil will also drive growth in the core portfolio, though this will be partially offset by Rynaxypyr partner pricing adjustments. He also highlighted the importance of North America wholesaler loading in Q4.

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    Arun Viswanathan's questions to FMC Corp (FMC) leadership • Q4 2024

    Question

    Arun Viswanathan of RBC Capital Markets asked about the key learnings from the channel inventory situation, what further actions are being taken to improve visibility, and whether the Q1 actions would be sufficient to resolve the issue.

    Answer

    CEO Pierre Brondeau acknowledged underestimating two factors: specific countries like India and Brazil had exceptionally high FMC inventory levels, and customers' own targets for holding inventory have shifted lower, creating a 'moving target.' He stated that corrective actions are country-specific and will be aggressive throughout the first half of the year, implying it will take more than one quarter to fully address.

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    Arun Viswanathan's questions to Albemarle Corp (ALB) leadership

    Arun Viswanathan's questions to Albemarle Corp (ALB) leadership • Q2 2025

    Question

    Arun Viswanathan of RBC Capital Markets asked for a walkthrough of the dynamics leading to the implied low EBITDA for the second half of 2025 and for an outlook on potential supply curtailments and inventory levels.

    Answer

    CFO Neal Sheorey and CEO Kent Masters attributed the second-half outlook to the sales mix effect and the impact of lower spot prices on roughly half their business, which cost actions are working to offset. Masters declined to speculate on specific company curtailments but noted that single-asset, cash-negative producers are under the most pressure.

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    Arun Viswanathan's questions to Albemarle Corp (ALB) leadership • Q1 2025

    Question

    Arun Viswanathan of RBC Capital Markets inquired about the role of grid storage in driving lithium demand and asked about the potential for supply curtailments over the summer.

    Answer

    CEO Jerry Masters noted that grid storage is a growing and important segment, now approaching 20% of lithium demand, driven by renewables and grid stability needs for AI. Regarding curtailments, he stated that while cost pressures exist for competitors, he could not predict their specific actions or timing.

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    Arun Viswanathan's questions to Silgan Holdings Inc (SLGN) leadership

    Arun Viswanathan's questions to Silgan Holdings Inc (SLGN) leadership • Q2 2025

    Question

    Arun Viswanathan asked if the recurring customer disruptions in Metal Containers signal broader structural issues in the food can market. He also inquired about strategies to offset lost volumes and whether the company would pivot to more aggressive share buybacks given the stock's decline.

    Answer

    President & CEO Adam Greenlee clarified that both last year's disruption and the current one are related to the same customer, not a broader market issue, highlighting that the rest of the business, especially pet food, is strong. He noted the company is prepared for various outcomes post-bankruptcy. EVP Robert Lewis reiterated that the capital allocation strategy remains unchanged: M&A is the priority, followed by deleveraging, with share repurchases considered when the market is dislocated.

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    Arun Viswanathan's questions to Silgan Holdings Inc (SLGN) leadership • Q1 2025

    Question

    Arun Viswanathan asked for a reconfirmation of the full-year volume expectations and sought details on the free cash flow outlook, including the path to a normalized $500 million level. He also inquired about the priority for capital deployment between M&A and share buybacks.

    Answer

    CEO Adam Greenlee reconfirmed the guidance for mid-single-digit volume growth in each segment. CFO Kimberly Ulmer affirmed the $450 million free cash flow forecast for the year. Both Mr. Greenlee and EVP Robert Lewis emphasized that M&A remains the clear priority for capital allocation, highlighting the company's disciplined approach to acquisitions.

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    Arun Viswanathan's questions to Silgan Holdings Inc (SLGN) leadership • Q4 2024

    Question

    Arun Viswanathan asked about customer sentiment regarding promotional activity and demand trends heading into 2025. He also sought clarification on the drivers of elevated corporate costs and the outlook for free cash flow growth relative to EBITDA.

    Answer

    CEO Adam Greenlee noted that learnings from successful targeted promotions in pet food and soup are being applied to 2025 plans. CFO Kimberly Ulmer explained that the higher 2025 corporate cost forecast of approximately $40 million is primarily due to corporate development activity. She also expressed confidence in strong free cash flow growth, targeting $500 million in the coming years.

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    Arun Viswanathan's questions to Silgan Holdings Inc (SLGN) leadership • Q3 2024

    Question

    Arun Viswanathan asked for clarification on the strength in the beauty segment, sought confirmation that destocking has concluded, and inquired about customer sentiment regarding a return to at-home consumption.

    Answer

    President and CEO Adam Greenlee attributed the beauty segment's strength to Silgan's focus on the high-end prestige market, not the mass market. He confirmed that destocking has ended, with the company seeing two consecutive quarters of positive volume inflection. He added that underlying consumer demand, particularly for pet food, remained strong throughout the destocking period, and customers are noticing this sustained demand.

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    Arun Viswanathan's questions to PPG Industries Inc (PPG) leadership

    Arun Viswanathan's questions to PPG Industries Inc (PPG) leadership • Q2 2025

    Question

    Arun Viswanathan of RBC Capital Markets asked for the outlook on the Automotive OEM business beyond share gains, focusing on other potential drivers like production levels, EV growth in China, and customer mix.

    Answer

    CEO Timothy Knavish pointed to strong long-term fundamentals, such as an aging vehicle fleet and a global production deficit. CFO Vince Morales added that certain customer-specific headwinds from last year will become tailwinds in H2 2025. He also highlighted PPG's strong positioning in China, where the market is showing double-digit retail sales growth.

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    Arun Viswanathan's questions to PPG Industries Inc (PPG) leadership • Q2 2025

    Question

    Arun Viswanathan of RBC Capital Markets asked for the outlook on the Automotive OEM business, seeking to understand growth drivers beyond production rates, such as EV trends or customer mix.

    Answer

    Chairman & CEO Timothy Knavish highlighted several drivers: current share gain momentum, strong long-term fundamentals like fleet age, and an eventual stabilization in auto builds. CFO Vince Morales added that PPG expects to outperform the industry in the second half, benefiting from favorable customer-specific comparisons and a strong position in China's auto market, where retail sales have been robust.

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    Arun Viswanathan's questions to PPG Industries Inc (PPG) leadership • Q1 2025

    Question

    Arun Viswanathan of RBC Capital Markets asked if customer mix, such as exposure to EVs in Auto OEM or MSOs in Refinish, was a mitigating factor for current demand trends in those businesses.

    Answer

    CEO Timothy Knavish explained that customer mix has been a challenge in Auto OEM, but share gains launching in H2 will help rebalance it. He noted strong performance with the #1 EV player in China. For Refinish, he said the Q1 strength was driven by recent share wins and favorable customer order patterns in the U.S., rather than a specific customer mix issue.

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    Arun Viswanathan's questions to PPG Industries Inc (PPG) leadership • Q4 2024

    Question

    Arun Viswanathan asked about the primary risks to achieving the 2025 organic growth target and any impediments to reaching the 8-12% EPS growth goal in 2026.

    Answer

    CEO Tim Knavish expressed confidence in factors within PPG's control, such as the $100 million in secured business wins and internal organic growth initiatives. He identified the main risks as external and geopolitical, including potential policy shifts after elections and international tensions. He affirmed that based on current information, the company is committed to its full-year guide and feels good about its commercial pipeline for 2025 and beyond.

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    Arun Viswanathan's questions to PPG Industries Inc (PPG) leadership • Q3 2024

    Question

    Arun Viswanathan sought to clarify the EBITDA margin of the divested architectural business, believing it was higher than the implied 2%. He also asked about future volume growth drivers, suggesting a high reliance on industrial and auto production.

    Answer

    SVP and CFO Vince Morales confirmed the divested business has a ~2% EBITDA margin on a clean-sale basis. Chairman and CEO Timothy Knavish acknowledged the importance of an auto and industrial recovery but emphasized that PPG's growth is broader, with 7 out of 10 businesses already showing positive growth, and he expects that momentum to continue.

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    Arun Viswanathan's questions to O-I Glass Inc (OI) leadership

    Arun Viswanathan's questions to O-I Glass Inc (OI) leadership • Q2 2025

    Question

    Arun Viswanathan of RBC Capital Markets asked about the upside potential for the Fit to Win program, whether savings were concentrated in SG&A, and if the lower Q2 corporate cost represents a new sustainable level. He also questioned the expected sequential growth of these benefits in the second half of the year.

    Answer

    CEO Gordon Hardie stated that Fit to Win is a comprehensive, end-to-end value chain initiative delivering savings across procurement, operations, and logistics, not just SG&A. CFO John Haudrich specified that a sustainable annual corporate cost run-rate is between $100 million and $120 million. He added that while Fit to Win benefits will grow sequentially, the fourth quarter will begin to lap the initial benefits from the prior year, moderating the year-over-year comparison.

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    Arun Viswanathan's questions to O-I Glass Inc (OI) leadership • Q1 2025

    Question

    Arun Viswanathan asked for an update on customer sentiment in the North American spirits market and about the company's strategy for energy hedging and raw material sourcing.

    Answer

    CEO Gordon Hardie indicated that spirits customers are in a 'wait and see' period regarding tariffs, with no major bottling location shifts yet. CFO John Haudrich added that the destocking phase in spirits appears to be over. On costs, Haudrich confirmed O-I is well-hedged on energy for 2025, with long-term resets already factored into guidance. Hardie noted O-I is working closely with suppliers on productivity to manage raw material costs.

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    Arun Viswanathan's questions to O-I Glass Inc (OI) leadership • Q4 2024

    Question

    Arun Viswanathan questioned if 'Fit to Win' benefits are achievable if volumes turn negative and asked how the company plans to combat potential price deterioration in oversupplied European markets.

    Answer

    CEO Gordon Hardie reiterated that the program is not volume-dependent and is focused on making existing volume more profitable. He stated O-I is prepared to exit unprofitable business, which could slightly lower total volume but would improve economic profit. To combat price pressure, Hardie said the company would adjust its cost base to protect margins. CFO John Haudrich added that the negative net price outlook is partly a timing issue related to inflation pass-through on long-term contracts.

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    Arun Viswanathan's questions to O-I Glass Inc (OI) leadership • Q3 2024

    Question

    Arun Viswanathan of RBC Capital Markets sought to clarify the 2025 EBITDA bridge, asking about potential headwinds to simply adding the $175M in "Fit to Win" savings to the 2024 base. He also questioned the 2025 free cash flow outlook and future CapEx for the MAGMA program.

    Answer

    CFO John Haudrich confirmed the logic was sound, with the $175M in savings and production normalization being additive, but pointed to potential headwinds from commercial elements like sales volume and net price. He affirmed expectations for positive free cash flow in 2025, driven by higher earnings, lower CapEx, and working capital normalization. Haudrich also stated he does not anticipate significant MAGMA CapEx in 2025, pending evaluation of the new Bowling Green facility.

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    Arun Viswanathan's questions to Graphic Packaging Holding Co (GPK) leadership

    Arun Viswanathan's questions to Graphic Packaging Holding Co (GPK) leadership • Q2 2025

    Question

    Arun Viswanathan sought clarification on the financial impact of downtime in Q2 and asked about the expected EBITDA cadence between Q3 and Q4, considering seasonality and the Waco startup.

    Answer

    EVP & CFO Stephen Scherger confirmed that Q3 is typically the company's strongest seasonal quarter, and they expect EBITDA to be higher in Q3 before a modest seasonal step-down in Q4. He also explicitly stated that they do not expect any positive financial benefits from the Waco facility to be reflected in the Q4 2025 results, as it will be in its initial startup phase.

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    Arun Viswanathan's questions to Graphic Packaging Holding Co (GPK) leadership • Q1 2025

    Question

    Arun Viswanathan asked about the ongoing volume decline, the potential for further downtime, and the supply-demand balance across the company's paperboard grades. He also sought clarification on the volume assumptions tied to the updated EBITDA guidance range.

    Answer

    CEO Michael Doss stated that the company will run its operations to meet demand, which includes taking market-related downtime as reflected in the new guidance. He noted that competitor mill closures are helping to balance the recycled paperboard (CRB) market, de-risking the Waco project. CFO Stephen Scherger clarified the guidance: the $1.4B low end assumes a 4% volume decline and significant inflation, while the $1.5B midpoint assumes a 2% volume decline.

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    Arun Viswanathan's questions to Graphic Packaging Holding Co (GPK) leadership • Q4 2024

    Question

    Arun Viswanathan asked for an update on inventory levels and inquired about market concerns regarding new capacity and the threat of paperboard imports from Europe.

    Answer

    President and CEO Michael Doss stated that finished goods inventories are largely balanced to service customers, with a temporary build in paperboard ahead of the Waco startup. Regarding imports and new capacity, Doss emphasized that their highly integrated system is not materially impacted by open market dynamics. He and EVP & CFO Stephen Scherger expressed confidence in their low-cost, high-quality production model as a significant competitive advantage.

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    Arun Viswanathan's questions to Graphic Packaging Holding Co (GPK) leadership • Q3 2024

    Question

    Arun Viswanathan of RBC Capital Markets sought clarification on the 2024 EBITDA base used for the 2025 growth forecast, specifically regarding the Augusta divestiture's impact. He also expressed concern about the pricing outlook, citing rising paperboard imports and new market entrants, and followed up on the confidence in the 2026 CapEx guidance.

    Answer

    CFO Steve Scherger clarified the 2025 EBITDA growth should be based on a leap-off point of roughly $1.7 billion for 2024, which normalizes for certain items. CEO Mike Doss provided a detailed rebuttal to import concerns, stating that total imports remain a small percentage of the U.S. market and have actually declined year-over-year. He highlighted high European fiber and shipping costs as a barrier to sustained import pressure. Scherger reaffirmed high confidence in the multiyear CapEx step-down, projecting spending to be sub-$500 million by 2026, which will drive a significant free cash flow inflection.

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    Arun Viswanathan's questions to Olin Corp (OLN) leadership

    Arun Viswanathan's questions to Olin Corp (OLN) leadership • Q2 2025

    Question

    Arun Viswanathan of RBC Capital Markets sought confirmation of the 'value over volume' strategy, asked about the outlook for Q4 seasonality, and inquired about bridging the 2025 earnings run rate to 2026.

    Answer

    President and CEO Ken Lane reaffirmed that the company's focus on value is unchanged and will be dynamically adjusted based on market conditions. He confirmed the typical seasonal pattern where Q4 is the weakest quarter, which will also be impacted by higher turnaround costs, particularly in the Epoxy segment. He noted the focus in the second half will be on generating cash by reducing working capital.

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    Arun Viswanathan's questions to Olin Corp (OLN) leadership • Q1 2025

    Question

    Arun Viswanathan of RBC Capital Markets asked about the outlook for caustic soda, questioning if softness could emerge in Q2 and summer due to seasonally higher operating rates and downstream weakness.

    Answer

    President and CEO Kenneth Lane expressed a continued positive outlook for caustic soda. He explained that the chlorine volume needed for the seasonal bleach market is too small to pressure the much larger caustic market. He noted continued strength in major end-markets like pulp & paper and alumina, and said that while customers express uncertainty, they are not negative about their outlooks, leading him to be cautiously optimistic.

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    Arun Viswanathan's questions to Olin Corp (OLN) leadership • Q4 2024

    Question

    Arun Viswanathan sought preliminary thoughts on full-year 2025 EBITDA, questioning if a range of $1.1 billion to $1.2 billion was achievable.

    Answer

    CEO Kenneth Lane declined to provide full-year guidance but contextualized the outlook. He highlighted that the Winchester business is the primary headwind in Q1 compared to the prior year, while the CAPV business remains stable. He reiterated that any significant recovery in Winchester is a second-half 2025 story.

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    Arun Viswanathan's questions to Olin Corp (OLN) leadership • Q3 2024

    Question

    Arun Viswanathan of RBC Capital Markets asked for an update on supply/demand dynamics and pricing opportunities in caustic soda, EDC, and epoxy. He also inquired about expectations for the upcoming U.S. ITC antidumping decision on epoxy imports.

    Answer

    President and CEO Kenneth Lane confirmed continued strength in caustic soda, driven by export market demand, new pulp and paper capacity, and a tight alumina market. For epoxy, he noted that while Olin has achieved some price increases, the market remains challenged by high import volumes from Asia. Lane expressed hope for a favorable ITC ruling in November to level the playing field but refrained from predicting the outcome.

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    Arun Viswanathan's questions to GrafTech International Ltd (EAF) leadership

    Arun Viswanathan's questions to GrafTech International Ltd (EAF) leadership • Q2 2025

    Question

    Arun Viswanathan from RBC Capital Markets asked about the graphite electrode pricing environment, the supply-demand dynamics for needle coke, and the company's outlook for sustained positive adjusted EBITDA.

    Answer

    CEO Timothy Flanagan stated that while the pricing environment remains competitive, it is showing signs of stability, and the company will continue pushing for higher prices into 2026. COO Jeremy Halford described the needle coke market as flat with no near-term catalysts. CFO Rory O'Donnell projected full-year EBITDA to be around breakeven, citing some second-half cost headwinds, while Flanagan emphasized building momentum for 2026.

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    Arun Viswanathan's questions to GrafTech International Ltd (EAF) leadership • Q1 2025

    Question

    Arun Viswanathan requested an update on market share recovery, sought the near-term outlook for steel utilization rates, and asked for guidance on the future evolution of pricing for both graphite electrodes and needle coke.

    Answer

    CEO Timothy Flanagan reiterated the low double-digit volume growth guidance for the year, noting the company will be more heavily weighted towards the Americas (north of 50%). He expressed cautious optimism about the market, highlighting that while uncertainty exists, GrafTech is well-positioned to capitalize on disruptions. On pricing, he stated that needle coke prices have found firm support and that electrode pricing is showing stability after declines in 2024, with the company's price increase aimed at restoring profitability.

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    Arun Viswanathan's questions to GrafTech International Ltd (EAF) leadership • Q4 2024

    Question

    Arun Viswanathan of RBC Capital Markets asked about the progress of market share recovery, the strategy for culling unprofitable customers, the logistics of the regional production network, and the long-term drivers for price recovery.

    Answer

    CEO Timothy Flanagan described market share recovery as an ongoing journey focused on customer engagement and technical service, particularly in the U.S. He confirmed GrafTech is strategically walking away from business in regions where customers are solely price-focused. He explained that needle coke from the U.S. feeds all global plants, which have overlapping capabilities, providing flexibility to shift production between Mexico and Europe to serve various markets. Long-term optimism is based on EAF steelmaking growth and future needle coke demand for EVs.

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    Arun Viswanathan's questions to GrafTech International Ltd (EAF) leadership • Q3 2024

    Question

    Arun Viswanathan from RBC Capital Markets questioned the Q3 production pullback relative to sales, inventory levels, and the outlook for production rates. He also asked about global steel utilization trends, volume growth expectations for 2025, the path to profitability, and the company's view on its current asset footprint.

    Answer

    COO Jeremy Halford explained that the Q3 production decrease was a planned action to perform maintenance, manage costs, and reduce inventory to target levels, with production and sales expected to align going forward. CEO Timothy Flanagan added that new liquidity provides flexibility to rebuild inventory in 2025. Flanagan projected low double-digit sales volume growth for 2025, driven by market recovery, new 800mm electrode sales, and regaining market share. He also confirmed the current asset footprint is considered appropriate for the company's long-term market view.

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    Arun Viswanathan's questions to Celanese Corp (CE) leadership

    Arun Viswanathan's questions to Celanese Corp (CE) leadership • Q2 2025

    Question

    Arun Viswanathan from RBC Capital Markets sought to clarify the earnings bridge to $2 and beyond, asking if a return to normalized volumes could push earnings significantly higher. He also requested more detail on specific value-based programs and drivers for the Acetyl chain.

    Answer

    CEO & President Scott A. Richardson reiterated the focus on achieving the $2 quarterly EPS milestone through controllable actions before setting new targets. He noted that a recovery in the very weak paints, coatings, and construction markets would be highly beneficial for the Acetyl chain. For Engineered Materials, he listed high-impact programs in non-auto spaces like drug delivery and clean energy, and in auto areas like EV propulsion and batteries, as key drivers for future growth.

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    Arun Viswanathan's questions to Celanese Corp (CE) leadership • Q1 2025

    Question

    Arun Viswanathan questioned if current actions could recover the $350 million in lost gross profit for the Engineered Materials segment or if that earnings power is structurally impaired. He also asked for a roadmap on leverage reduction.

    Answer

    CEO Scott Richardson asserted that the company's bold actions are adding to long-term earnings power, noting the $350 million gross profit decline was partially offset by $100-150 million in cost reductions. He stressed that pricing must improve. Regarding leverage, Richardson stated there are no liquidity challenges and the focus remains on debt paydown through free cash flow and divestitures, with the ultimate leverage ratio also being a function of EBITDA.

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    Arun Viswanathan's questions to Celanese Corp (CE) leadership • Q4 2024

    Question

    Arun Viswanathan asked if structural weakness in the auto market and overexposure to Europe were contributing to a persistent inventory overhang, and questioned the path to higher EBITDA through 2025.

    Answer

    CEO Scott Richardson acknowledged the value chain had too much inventory but stated that based on the current outlook, the rebalancing should conclude in the first quarter. Regarding the 2025 outlook, he emphasized focusing on controllable actions like cost efficiency and customer interactions, particularly driving smaller, faster-to-commercialize projects in Engineered Materials to improve the second-half outlook regardless of the macro environment.

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    Arun Viswanathan's questions to Celanese Corp (CE) leadership • Q3 2024

    Question

    Arun Viswanathan of RBC Capital Markets requested a detailed bridge for the significant drop in Q4 earnings guidance and asked if the associated inventory actions would allow for a rebound in Q1.

    Answer

    COO Scott Richardson attributed the Q4 decline primarily to actions in Engineered Materials, including a ~$45 million destocking impact and ~$30 million in seasonality effects. While these drags are expected to reverse, CFO Chuck Kyrish emphasized that future production decisions will be driven by the primary goal of generating free cash flow for deleveraging.

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    Arun Viswanathan's questions to RPM International Inc (RPM) leadership

    Arun Viswanathan's questions to RPM International Inc (RPM) leadership • Q4 2025

    Question

    Arun Viswanathan from RBC Capital Markets inquired about the potential for further margin improvement as volumes recover and asked about the company's future M&A strategy, particularly regarding bolt-ons versus larger, adjacent deals.

    Answer

    Chairman & CEO Frank Sullivan reiterated that the 16% EBIT margin target is still deeply embedded within RPM and that he expects to make progress toward it in fiscal 2026. On M&A, he used 'The Pink Stuff' acquisition as an example of pursuing sizable deals in adjacent categories, but confirmed that the pipeline for traditional bolt-on acquisitions that complement their system sales strategy also remains strong.

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    Arun Viswanathan's questions to RPM International Inc (RPM) leadership • Q2 2025

    Question

    Arun Viswanathan inquired about where consumer DIY takeaway is stabilizing and gaining share, and asked about the company's focus for M&A targets by geography and category.

    Answer

    CEO Frank Sullivan cited new product introductions, share gains in automotive channels, and strong direct-to-consumer growth in Europe as pockets of strength. For M&A, he said the focus is on North America, Europe, and Latin America, targeting small, strategic product lines that can be scaled, but also remaining open to larger opportunities at the right valuation.

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    Arun Viswanathan's questions to RPM International Inc (RPM) leadership • Q1 2025

    Question

    Arun Viswanathan asked if the success in CPG and PCG could continue despite a weak commercial construction market and if lower rates would benefit these segments. He also inquired about capital allocation, specifically the appetite for bolt-ons versus larger deals and any potential divestitures.

    Answer

    Frank Sullivan, Chair and CEO, stated that it would likely take several interest rate cuts to boost broader commercial construction, but in the interim, the company is finding growth in specific areas like panelization and focusing Nudura products on commercial applications. On capital allocation, he confirmed the company constantly reviews its portfolio and has pruned non-core businesses. RPM will continue its effective small- to medium-sized bolt-on strategy and, while open to looking at large transactions, will remain disciplined on value, focusing on getting 'better, not bigger.'

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    Arun Viswanathan's questions to Ardagh Metal Packaging SA (AMBP) leadership

    Arun Viswanathan's questions to Ardagh Metal Packaging SA (AMBP) leadership • Q2 2025

    Question

    Arun Viswanathan from RBC Capital Markets asked for more detail on the drivers of outperformance in the Americas, questioning the role of promotions and the risk of a future drop-off. He also inquired about the European outlook for H2 2025 and 2026, and whether Ardagh plans any capacity actions across its global footprint.

    Answer

    CEO Oliver Graham acknowledged strong promotions but emphasized that sustainable innovation in categories like cocktails and gut health was also a key driver, predicting a healthy, though less strong, second half in North America. For Europe, he cited temporary beer weakness but a strong long-term trend. Graham confirmed no capacity decreases are planned and that while Europe is tight, the company has room to grow in the Americas and is evaluating future needs.

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    Arun Viswanathan's questions to Ardagh Metal Packaging SA (AMBP) leadership • Q1 2025

    Question

    Arun Viswanathan asked about the sustainability of 2-3% long-term volume growth in North America, the outlook for the beer category, and the company's plans for free cash flow and deleveraging.

    Answer

    CEO Oliver Graham expressed optimism that 2-3% growth in North America is achievable, driven by innovation and sustainability trends. CFO Stefan Schellinger added that the company feels good about its increased free cash flow guidance and expects year-end leverage to decline to just under 5x. He emphasized that deleveraging will be driven by EBITDA growth and disciplined capital allocation, with no plans for major asset sales.

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    Arun Viswanathan's questions to Ardagh Metal Packaging SA (AMBP) leadership • Q4 2024

    Question

    Arun Viswanathan of RBC Capital Markets requested a breakdown of North American demand trends by category (beer, energy, non-alcoholic) and asked for a detailed walk-through of the 2025 free cash flow forecast.

    Answer

    CEO Oliver Graham highlighted strong starts for carbonated soft drinks and sparkling water, a recovery in energy drinks, and ongoing challenges in mass beer. CFO Stefan Schellinger provided the 2025 cash flow outlook, noting a slight reduction from 2024. Key factors include a small working capital outflow, higher maintenance CapEx (around $135M), increased cash taxes (to ~$50M), and higher cash interest (over $200M), partially offset by lower growth CapEx (around $40M).

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    Arun Viswanathan's questions to Ardagh Metal Packaging SA (AMBP) leadership • Q3 2024

    Question

    Arun Viswanathan asked for an update on demand trends in categories beyond energy drinks, such as beer and CSDs, and inquired about the sustainable growth rate in Brazil, particularly regarding the substrate shift between cans and glass.

    Answer

    CEO Oliver Graham reported that recent scanner data shows improving can sales, with CSDs and sparkling waters being particularly strong. Regarding Brazil, he described a long-term trend of shifting from returnable glass to cans, noting the recent move back to glass was a temporary reaction to high aluminum prices. He views mid-single-digit growth as a sustainable and 'safe' forecast for Brazil.

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    Arun Viswanathan's questions to Sherwin-Williams Co (SHW) leadership

    Arun Viswanathan's questions to Sherwin-Williams Co (SHW) leadership • Q2 2025

    Question

    Arun Viswanathan from RBC Capital Markets asked for clarification on the company's future growth algorithm, questioning if current investments could increase its long-term volume growth potential beyond historical levels.

    Answer

    SVP of Finance & CFO Al Mestyshin confirmed this view, drawing a parallel to the company's strategy of investing through the 2008-2009 downturn. He stated that due to their strengthened competitive position, the expectation for market outperformance is now higher, suggesting a potential to grow at 2.5 to 3 times the market rate, up from the historical 1.5 to 2 times.

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    Arun Viswanathan's questions to Sherwin-Williams Co (SHW) leadership • Q2 2025

    Question

    Arun Viswanathan from RBC Capital Markets inquired about the company's long-term growth algorithm, asking if current investments could enable Sherwin-Williams to grow at a higher multiple of the market's growth rate in the future.

    Answer

    CFO Allen Mistysyn affirmed this view, drawing a parallel to the post-2009 recovery. He stated that current investments in a down market position the company to achieve growth of 2.5 to 3 times the market rate when demand and housing affordability eventually improve, setting a very high bar for the Paint Stores Group.

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    Arun Viswanathan's questions to Sherwin-Williams Co (SHW) leadership • Q1 2025

    Question

    Arun Viswanathan asked about near-term sales trends, specifically how March and April shaped up, and whether this performance provided the confidence to reaffirm full-year guidance.

    Answer

    Executive Allen Mistysyn stated that April started as expected and within the company's Q2 guidance. While March was better than January and February, he downplayed the impact of weather on Q1 results, noting that the two largest divisions in the Southeast and Southwest performed at or above the Paint Stores Group average.

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    Arun Viswanathan's questions to Sherwin-Williams Co (SHW) leadership • Q4 2024

    Question

    Arun Viswanathan asked if sales growth from Q2 to Q4 is expected to be higher than Q1 levels and whether this acceleration would apply across all business segments.

    Answer

    SVP & CFO Allen Mistysyn affirmed the expectation for sales to improve as the year progresses, though at varying rates across segments. He expressed high confidence in consistent growth for residential repaint and noted expected improvement in packaging, auto refinish, coil, and industrial wood. However, general industrial is anticipated to remain soft all year.

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    Arun Viswanathan's questions to Sherwin-Williams Co (SHW) leadership • Q3 2024

    Question

    Arun Viswanathan asked if the combination of market share gains and price increases gives the Paint Stores Group a line of sight to high single-digit growth in 2025.

    Answer

    Executive Allen Mistysyn advised caution and tempered that expectation. He noted that macroeconomic factors like interest rate changes take time to filter through the economy. He reiterated the company's view that the first half of 2025 will remain choppy and promised a more detailed outlook in January after completing the annual operating plan.

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    Arun Viswanathan's questions to Sealed Air Corp (SEE) leadership

    Arun Viswanathan's questions to Sealed Air Corp (SEE) leadership • Q1 2025

    Question

    Arun Viswanathan questioned the rationale for maintaining full-year guidance despite a strong Q1, asking if this reflected conservatism, a potential pull-forward of demand, or an anticipated slowdown in Food volumes.

    Answer

    President and CEO Dustin Semach clarified that there were minimal demand pull-forwards in Q1 and that the business has not seen a material slowdown. He explained that the decision to reaffirm guidance reflects caution regarding potential economic headwinds in the second half of the year. While current performance is strong and in line with expectations, the company is proactively planning for potential future market softness.

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    Arun Viswanathan's questions to Sealed Air Corp (SEE) leadership • Q4 2024

    Question

    Arun Viswanathan asked for clarity on the 2025 guidance range, wanting to understand the key factors that would drive results to the upper end, such as macro improvements, continued outperformance in Food, or a faster-than-expected turnaround in Protective.

    Answer

    CEO Dustin Semach identified three key drivers for reaching the high end of the guidance. First, if the North American beef cycle proves to be better than the currently forecasted 3-4% decline. Second, if the volume inflection in the Protective segment occurs earlier or at a faster pace than the guided second-half target. Third, if additional cost-saving initiatives, currently under review, yield further benefits in the back half of the year.

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    Arun Viswanathan's questions to Sealed Air Corp (SEE) leadership • Q4 2024

    Question

    Arun Viswanathan asked for more color on the 2025 guidance range, seeking to understand the key factors that would drive results toward the upper end. He questioned whether outperformance would be macro-dependent, driven by continued strength in Food, or contingent on a faster-than-expected turnaround in the Protective segment.

    Answer

    CEO Dustin Semach identified three potential drivers to reach the high end of the guidance range. First, in the Food segment, if the headwind from the North American beef cycle proves to be less severe than the 3-4% decline currently modeled. Second, in the Protective segment, a faster-than-anticipated volume inflection in the second half. Third, the potential for additional cost savings beyond the committed $90 million as the company continues to optimize the cost structures of both businesses.

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    Arun Viswanathan's questions to Westlake Corp (WLK) leadership

    Arun Viswanathan's questions to Westlake Corp (WLK) leadership • Q1 2025

    Question

    Arun Viswanathan from RBC Capital Markets asked about the outlook for caustic soda pricing and how Westlake's operating rates compare to the industry. He also inquired about the medium-term outlook for PVC, considering Chinese production and potential tariff-related export opportunities.

    Answer

    M. Bender, EVP and CFO, noted that Q1 price traction in caustic should carry into Q2 and that Westlake's Q1 operating rates were unusually low due to planned maintenance. Jean-Marc Gilson, President and CEO, added that while trade patterns are shifting, Westlake's export exposure is limited due to strong domestic demand and internal consumption for its building products.

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    Arun Viswanathan's questions to Westlake Corp (WLK) leadership • Q4 2024

    Question

    Arun Viswanathan asked for more detail on demand and pricing in the PEM segment, questioning if price recovery could make up for the 12% decline in 2024. He also inquired about any updates on pending PVC litigation.

    Answer

    EVP and CFO Steve Bender clarified his earlier comment on higher pricing was focused on caustic soda but noted that price nominations are also in place for PVC and polyethylene, supported by both rising input costs and a reasonably good demand picture. Regarding litigation, Bender stated that because it is an active matter, he could not provide any comment.

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    Arun Viswanathan's questions to Westlake Corp (WLK) leadership • Q3 2024

    Question

    Arun Viswanathan of RBC Capital Markets asked for help framing Q4 EBITDA expectations by considering the maintenance add-back and seasonality, and also inquired about the potential for EBITDA growth in 2025 driven by lower interest rates.

    Answer

    EVP and CFO Steve Bender confirmed no major turnarounds are planned for Q4, making results primarily a function of pricing and typical seasonality. For 2025, he expressed optimism that lower interest rates would be stimulative for both the HIP and PEM segments, though the timing and magnitude of the benefit are uncertain.

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    Arun Viswanathan's questions to Crown Holdings Inc (CCK) leadership

    Arun Viswanathan's questions to Crown Holdings Inc (CCK) leadership • Q1 2025

    Question

    Arun Viswanathan sought clarification on the math behind the updated guidance, noting an implied slowdown in the second half. He also asked about potential upside to the free cash flow forecast and whether any footprint actions are needed in the tight North American beverage can market.

    Answer

    CEO Timothy Donahue clarified that the $30 million tariff impact was specific to the Transit segment and the guidance reflects broader caution. He offered an alternative view: hitting the Q2 guidance midpoint and matching last year's H2 results would place them at the high end of the new range. He sees no downside to the $800 million free cash flow forecast. Regarding the North American footprint, he stressed the need for the industry to remain disciplined on capacity to ensure responsible capital deployment.

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    Arun Viswanathan's questions to Crown Holdings Inc (CCK) leadership • Q4 2024

    Question

    Arun Viswanathan of RBC Capital Markets asked for an outlook on pricing and returns in North America, considering potential overcapacity and changes in plant ownership. He also inquired about the stability and growth prospects for the Asia Pacific business.

    Answer

    President and CEO Timothy Donahue emphasized that the industry should not let small pockets of overcapacity dictate pricing for the entire market, expressing hope that the failure of some new entrants serves as a lesson. For Asia Pacific, he stated the business is now stabilized and focused on income growth and cash flow rather than just volume growth. He believes the region is well-positioned for when the consumer eventually recovers, which he estimates is about a year away.

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    Arun Viswanathan's questions to Crown Holdings Inc (CCK) leadership • Q3 2024

    Question

    Arun Viswanathan sought a preliminary framework for 2025, asking about potential EBITDA and EPS growth, the nature of the $450 million capex level, and the state of customer promotional activity.

    Answer

    President and CEO Timothy Donahue declined to provide a specific 2025 forecast, stating it was too early and noting the pending loss of equity earnings from the Eviosys sale. He characterized the $450 million capex level as sufficient, with increases only likely if a significant market shift required new capacity. Regarding promotions, Donahue described activity as 'lackluster' compared to historical levels but possibly the 'new norm,' stating the company must adapt to its customers' business models.

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    Arun Viswanathan's questions to Corteva Inc (CTVA) leadership

    Arun Viswanathan's questions to Corteva Inc (CTVA) leadership • Q4 2024

    Question

    Arun Viswanathan asked for clarification on the 2025 outlook for the exchange gains/losses line and whether FX impacts could alter the planned $1 billion share buyback.

    Answer

    An executive, likely CFO David Johnson, stated the exchange gains/losses line would likely be proportionate to EBITDA and thus slightly higher in 2025. He confirmed the plan remains to execute the $1 billion buyback somewhat evenly throughout the year, similar to 2024. He also noted the company has flexibility due to a higher-than-normal year-end cash balance.

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    Arun Viswanathan's questions to Corteva Inc (CTVA) leadership • Q3 2024

    Question

    Arun Viswanathan asked if Corteva would consider taking on debt to alter its capital structure.

    Answer

    CEO Chuck Magro and another executive reiterated that the company's capital allocation philosophy remains consistent. They highlighted the company's strong cash generation and investment-grade balance sheet, stating there are no plans for a meaningful change. The focus remains on internal investment for growth and returning capital to shareholders through dividends and buybacks.

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    Arun Viswanathan's questions to Eastman Chemical Co (EMN) leadership

    Arun Viswanathan's questions to Eastman Chemical Co (EMN) leadership • Q4 2024

    Question

    Arun Viswanathan from RBC Capital Markets asked for an update on customer feedback regarding circular efforts and why Eastman's Q1 outlook appears stronger than some peers, also inquiring about any Q4 volume pull-forward.

    Answer

    Board Chair and CEO Mark Costa reiterated that customer engagement on circular products remains high, though adoption pace is moderated by the weak economy. He attributed the stable outlook for Chemical Intermediates to improved operational reliability providing more volume to sell, which helps offset competitive pressures. He also re-confirmed that any Q4 pull-forward was modest and did not negatively impact the Q1 outlook.

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    Arun Viswanathan's questions to Dow Inc (DOW) leadership

    Arun Viswanathan's questions to Dow Inc (DOW) leadership • Q3 2024

    Question

    Arun Viswanathan asked about the potential impact of industry-wide European asset shutdowns on P&SP capacity in 2025. He also inquired about the global supply-demand outlook for the Performance Materials & Coatings (PMC) segment.

    Answer

    James Fitterling, Chair and CEO, clarified that Dow's European review is focused on polyurethanes and finding a better owner, not primarily shutdowns. He noted that about 1.5 million metric tons of shutdowns have already been announced by the industry in Europe. For coatings (PMC), he cited good volume growth and expects a significant pickup when the housing market recovers, while noting that the monomers business needs to tighten.

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