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    Bonnie Herzog • Goldman Sachs

    Bonnie Herzog's questions to Monster Beverage Corp (MNST) leadership

    Bonnie Herzog's questions to Monster Beverage Corp (MNST) leadership • Q2 2025

    Question

    Bonnie Herzog asked for an update on the company's supply chain optimization efforts and for commentary on the drivers behind the strong U.S. energy drink category growth and its potential sustainability.

    Answer

    Hilton Schlosberg, Vice Chairman & CEO, explained that supply chain optimization has achieved an effective balance between in-house production and a co-packing model to ensure the lowest landed cost. Regarding category strength, he attributed the double-digit growth to innovation, favorable pricing against other beverages, strong consumer demand for functionality, and a cultural shift away from alcohol, which he believes supports sustained growth.

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    Bonnie Herzog's questions to Monster Beverage Corp (MNST) leadership • Q1 2025

    Question

    Bonnie Herzog of Goldman Sachs asked how Q1 reported sales compared to internal expectations and questioned the timing of innovation shipments, particularly comparing the first half of the year to the second half.

    Answer

    Executive Hilton Schlosberg stated that more innovation was rolled out in Q1 than is planned for Q2, which included some initial inventory loading by distributors. CEO Rodney Sacks added that additional innovation is also planned for the second half of the year, ensuring a continued pipeline of new products.

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    Bonnie Herzog's questions to Monster Beverage Corp (MNST) leadership • Q4 2024

    Question

    Bonnie Herzog asked for more detail on the drivers of Q4 gross margin expansion, questioning the specific impact of the November price increase, in-house production, and the potential risk from aluminum tariffs.

    Answer

    Executive Hilton Schlosberg explained that the primary drivers were reduced input costs, partially offset by geographical sales mix. He confirmed the price increase was a positive factor, though somewhat counteracted by promotional allowances. Schlosberg noted it was premature to comment on tariffs but stated the company is significantly hedged on aluminum for 2025.

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    Bonnie Herzog's questions to Kenvue Inc (KVUE) leadership

    Bonnie Herzog's questions to Kenvue Inc (KVUE) leadership • Q2 2025

    Question

    Bonnie Herzog asked about Q3 trends, specifically whether the seasonal businesses have seen a pickup after a late start in Q2, and what other factors like retailer destocking are underpinning the full-year organic sales guidance.

    Answer

    CFO Amit Banati stated that July trends were similar to Q2, with consumption continuing to outpace organic sales and seasonal businesses remaining weak. He confirmed these trends have been incorporated into the full-year guidance. Banati also reiterated that the company faces softer comparisons in Q4 related to trade accruals and China weakness from the prior year, which are factored into the outlook.

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    Bonnie Herzog's questions to Kenvue Inc (KVUE) leadership • Q2 2025

    Question

    Bonnie Herzog asked about Q3 trends, specifically whether seasonal businesses like sun care saw a pickup after a weak Q2, and inquired about other H2 factors like retailer inventory destocking and China disruptions.

    Answer

    CFO Amit Banati reported that July trends were similar to Q2, with consumption outpacing organic sales and seasonal businesses remaining weak, all of which is factored into the revised guidance. He highlighted that the second half outlook benefits from softer comps in Q4 related to prior-year trade accruals and weakness in China.

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    Bonnie Herzog's questions to Kenvue Inc (KVUE) leadership • Q1 2025

    Question

    Bonnie Herzog asked about Kenvue's innovation plans and spending strategy for 2025, questioning if they have evolved given the current macroeconomic environment and consumer pressures.

    Answer

    CEO Thibaut Mongon stated that Kenvue's core innovation plans remain unchanged, as consumers seek efficacy and trust in challenging times. However, he noted the company is augmenting its strategy by adjusting its value equation through targeted price and trade investments, offering varied pack sizes for different cash outlays, and ensuring presence across all shopping channels to meet evolving consumer needs.

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    Bonnie Herzog's questions to Kenvue Inc (KVUE) leadership • Q4 2024

    Question

    Bonnie Herzog asked about the significant margin contraction in the Self Care segment during Q4 and the full year, seeking more color on the segment's margin trajectory given subdued pricing and reinvestment plans.

    Answer

    CEO Thibaut Mongon advised against overemphasizing quarterly segment margins due to fluidity and mix impacts, such as the decline in the lower-margin pediatrics business. He pointed out that the consolidated operating margin of 21.5% was within guidance. For 2025, he anticipates some acceleration in Self Care gross margin, with continued investment in Skin Health and margin enhancement from Essential Health, all supported by company-wide efficiency programs.

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    Bonnie Herzog's questions to Kenvue Inc (KVUE) leadership • Q3 2024

    Question

    Bonnie Herzog questioned the drivers behind the implied Q4 organic sales growth acceleration, given the lowered full-year guidance, and asked for visibility amid consumer pressures and October shipment trends.

    Answer

    Thibaut Mongon, an executive, acknowledged external headwinds like a slow allergy season and soft Skin Health category but confirmed expectations for Q4 to be the strongest growth quarter. This is attributed to the cumulative impact of the new 'Kenvue playbook' and easier year-over-year comparisons. Paul Ruh, an executive, added that despite a softer top line, the company is confident in its full-year adjusted EPS guidance, fueled by strong productivity and efficiency gains.

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    Bonnie Herzog's questions to Coca-Cola Europacific Partners PLC (CCEP) leadership

    Bonnie Herzog's questions to Coca-Cola Europacific Partners PLC (CCEP) leadership • H1 2025

    Question

    Bonnie Herzog from Goldman Sachs questioned the full-year guidance, noting the implied top-line acceleration in H2 against stable bottom-line growth, which suggests higher OpEx, and asked for drivers of this dynamic.

    Answer

    CEO Damian Gammell confirmed an expected H2 acceleration driven by continued volume growth and established pricing. CFO Ed Walker clarified that H2 growth would be more volume-driven with less benefit from geographic mix, and noted that OpEx phasing between the halves explains the stable profit delivery forecast.

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    Bonnie Herzog's questions to Coca-Cola Europacific Partners PLC (CCEP) leadership • H1 2025

    Question

    Bonnie Herzog from Goldman Sachs inquired about the updated full-year guidance, questioning the drivers behind the implied second-half top-line acceleration versus stable bottom-line growth.

    Answer

    CEO Damian Gammell confirmed the expected acceleration, citing a return to volume growth and established pricing. CFO Ed Walker clarified that second-half profit growth would be similar to the first half due to OpEx phasing and a greater contribution from volume versus revenue per case.

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    Bonnie Herzog's questions to Molson Coors Beverage Co (TAP) leadership

    Bonnie Herzog's questions to Molson Coors Beverage Co (TAP) leadership • Q2 2025

    Question

    Bonnie Herzog of Goldman Sachs Group Inc. inquired about the company's outlook on pricing and the promotional environment for the rest of the year, considering the pressures on the beer category and consumers.

    Answer

    President and CEO Gavin Hattersley explained that while the summer promotional environment is competitive, this is typical and expected to ease in the shoulder months. He reaffirmed that the company anticipates net pricing to fall within the historical 1% to 2% range for the year, noting that consumers are seeking value through channel and pack size shifts rather than trading down on brands.

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    Bonnie Herzog's questions to Molson Coors Beverage Co (TAP) leadership • Q1 2025

    Question

    Bonnie Herzog requested an update on market share retention for core brands and asked for color on month-to-month performance trends during Q1 and into April to gauge the business's current run rate.

    Answer

    CEO Gavin Hattersley stated that the company has retained nearly all of the significant share its core brands gained in 2023, with combined share moving from 13.5% to 15.4%. He noted that total share loss trends have sequentially improved since Q3 2024. He attributed a brief acceleration in share loss in mid-March to a packaging change for Blue Moon and timing of innovation for the Simply brand, adding that the overall industry showed some improvement in April.

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    Bonnie Herzog's questions to Molson Coors Beverage Co (TAP) leadership • Q4 2024

    Question

    Bonnie Herzog of Goldman Sachs requested a more detailed breakdown of the operating leverage implied in the 2025 guidance, asking for more color on the expected cost savings and efficiency drivers.

    Answer

    CFO Tracey Joubert outlined several key drivers for operating leverage. These include efficiency gains from recent brewery investments, cost benefits from exiting lower-margin contract brewing, optimizing marketing ROI by reallocating funds from divested craft brands, and significant savings from onshoring Peroni production, which will in turn be used to fund that brand's marketing.

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    Bonnie Herzog's questions to Molson Coors Beverage Co (TAP) leadership • Q3 2024

    Question

    Bonnie Herzog asked for a breakdown of the Americas financial volume decline, separating the impact of shipment timing, macroeconomic pressures, and the Pabst contract unwind, and questioned the drivers behind the implied Q4 sales acceleration.

    Answer

    CEO Gavin Hattersley explained that the revised guidance was primarily due to a soft U.S. beer industry in July and August, though trends improved in September and into Q4. He noted the inventory unwind was largely complete. CFO Tracey Joubert provided specifics, stating U.S. shipments were down 17.9%, with brand volume down 6.2% and the Pabst contract contributing a 2.6% negative impact.

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    Bonnie Herzog's questions to Church & Dwight Co Inc (CHD) leadership

    Bonnie Herzog's questions to Church & Dwight Co Inc (CHD) leadership • Q2 2025

    Question

    Bonnie Herzog from Goldman Sachs inquired about the promotional environment in Church & Dwight's categories and its impact on net price realization. She also asked for a breakdown of the puts and takes on the gross margin guidance, particularly for the expected decline in Q3.

    Answer

    President and CEO Rick Dierker described a divergent promotional landscape: litter promotions have spiked due to competitive activity, while laundry promotions remain rational and consistent with historical levels. CFO Lee McChesney explained the Q3 gross margin pressure is due to a timing shift of tariff costs into the back half and sticky inflation. CEO Rick Dierker added that he was pleased they maintained the full-year outlook despite absorbing costs from a product recall and business exits.

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    Bonnie Herzog's questions to Church & Dwight Co Inc (CHD) leadership • Q3 2024

    Question

    Bonnie Herzog requested more color on the increased marketing investments for Q4 and the full year, asking about the types of spend, strategic changes, international allocation, and if this higher level would be the new norm to support long-term growth.

    Answer

    CFO Rick Dierker explained the significant investment increase (to over 11% of sales) is funding innovation like Deep Clean and POWER SHEETS, as well as international expansion for brands like THERABREATH and HERO. CEO Matthew Farrell noted that 85% of ad spend is digital, providing flexibility. Dierker stated that the ~11% level is appropriate for the future as long as the company continues to gain market share.

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    Bonnie Herzog's questions to Church & Dwight Co Inc (CHD) leadership • Q2 2024

    Question

    Bonnie Herzog questioned the organic growth guidance, asking if it assumes a further slowdown and how the balance of price/mix and volume is expected to play out. She also asked about the nature of the Q3 marketing investment step-up.

    Answer

    Matthew Farrell (executive) stated the guidance reflects a step-change down in category growth seen in June/July, which is expected to persist. Richard Dierker (CFO and Head of Business Operations) affirmed that growth will remain volume-driven and explained that the Q3 marketing increase is a planned phasing shift from Q4 to better support new product launches throughout the year.

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    Bonnie Herzog's questions to Colgate-Palmolive Co (CL) leadership

    Bonnie Herzog's questions to Colgate-Palmolive Co (CL) leadership • Q2 2025

    Question

    Bonnie Herzog of Goldman Sachs questioned the company's confidence in its low single-digit EPS growth guidance for fiscal 2025, given slowing markets, promotional intensity, and tariff pressures, and asked for the key underlying growth drivers.

    Answer

    Chairman, CEO & President Noel Wallace expressed confidence in the guidance based on current raw material and FX outlooks, supported by strong investment and innovation plans for the second half. CFO Stanley Sutula added that while slowing categories and higher raw material costs are headwinds, they are balanced by lower tariffs and favorable FX, with the team's ability to manage productivity underpinning the forecast.

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    Bonnie Herzog's questions to Colgate-Palmolive Co (CL) leadership • Q1 2025

    Question

    Bonnie Herzog from The Goldman Sachs Group, Inc. asked about the updated guidance for flexible advertising spending, questioning if it reflects changes in innovation timing due to market softness, and if innovation plans are shifting more towards value products.

    Answer

    Noel Wallace, Chairman, President and CEO, clarified there is no change to innovation plans; in fact, they are considering accelerating innovation to stimulate consumption. The revised ad spend guidance is a function of focusing on ROI and prudently managing P&L flexibility amid category softness. He stressed that local currency advertising will still be strong and likely up for the year, and the focus remains on premiumization, not just value.

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    Bonnie Herzog's questions to Colgate-Palmolive Co (CL) leadership • Q4 2024

    Question

    Bonnie Herzog questioned the outlook for the North America business, asking for the expected contribution from price versus volume in 2025, whether pricing would remain negative, and the state of the promotional environment.

    Answer

    CEO Noel Wallace explained that while prior price adjustments will continue to have an effect, he expects pricing to improve through the back half of 2025. He noted that the underlying Oral, Personal, and Home Care businesses in North America performed well, with sequential improvement in Q4. He also highlighted that the segment's results now include the Skin Health business, which experienced softness, but he remains optimistic due to new leadership and strategic initiatives.

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    Bonnie Herzog's questions to Colgate-Palmolive Co (CL) leadership • Q3 2024

    Question

    Bonnie Herzog asked about the emerging markets business, noting that strong organic growth was largely driven by pricing to offset FX pressures and questioned how this translates to net growth and what the future contribution from volume and mix might be.

    Answer

    Noel Wallace, Chairman, President and CEO, described the emerging market performance as 'terrific,' with positive volume and pricing even excluding Argentina. He emphasized that key markets like Brazil, India, and Mexico are performing strongly and that the strategy of driving household penetration and premiumization is working, though the company is not immune to FX volatility.

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    Bonnie Herzog's questions to Kimberly-Clark Corp (KMB) leadership

    Bonnie Herzog's questions to Kimberly-Clark Corp (KMB) leadership • Q2 2025

    Question

    Bonnie Herzog asked how the joint venture with Suzano, which divests the International Family Care and Professional (IFP) business, will affect Kimberly-Clark's long-term algorithm for growth, margins, and EPS. She also sought to verify that strong Q2 volume was not a pull-forward.

    Answer

    Chairman and CEO Mike Hsu confirmed their commitment to the long-term algorithm, stating the transaction will enhance their ability to deliver consistent growth by focusing on higher-margin Personal Care. He noted the deal will accelerate progress toward their margin milestones. Regarding volume, he emphasized that performance is based on strong global consumption, not short-term inventory shifts. CFO Nelson Urdaneta added that the remaining business has a higher underlying category growth rate.

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    Bonnie Herzog's questions to Kimberly-Clark Corp (KMB) leadership • Q1 2025

    Question

    Bonnie Herzog requested a detailed bridge from the prior EPS guidance to the new guidance, seeking to quantify the puts and takes beyond the tariff impact, and asked about the risk of needing further investments to maintain competitiveness.

    Answer

    CFO Nelson Urdaneta and CEO Michael Hsu clarified that the guidance change to roughly flat EPS growth is almost entirely due to the ~$200 million net headwind from tariffs. They confirmed they are preserving their investment plans for innovation and marketing. Urdaneta highlighted that SG&A savings are already coming through, providing flexibility and fuel for reinvestment to navigate headwinds without compromising the strategic plan.

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    Bonnie Herzog's questions to Kimberly-Clark Corp (KMB) leadership • Q4 2024

    Question

    Bonnie Herzog requested color on the expected phasing of financial results in 2025, considering various factors like retailer destocking, foreign exchange, and the exit from a private label business.

    Answer

    CFO Nelson Urdaneta explained that lapping the 2024 retailer destocking should provide a modest tailwind in 2025. He guided that for 2025, both revenue and profits are expected to be more evenly distributed between the first and second halves compared to the prior year, with growth being consistently driven by volume and mix.

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    Bonnie Herzog's questions to Kimberly-Clark Corp (KMB) leadership • Q3 2024

    Question

    Bonnie Herzog asked about the sustainability of the company's significant gross margin expansion, especially given soft organic sales and the potential need for increased promotions. She also sought clarity on the expected impact from input costs and productivity savings.

    Answer

    CFO Nelson Urdaneta expressed strong confidence in reaching the long-term goal of at least 40% gross margin, citing accretive innovation, proactive cost management, and a strong pipeline of supply chain productivity savings. CEO Michael Hsu added that the company is focused on volume and mix-driven growth and uses promotions strategically as a trial driver for innovation rather than to chase volume.

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    Bonnie Herzog's questions to Clorox Co (CLX) leadership

    Bonnie Herzog's questions to Clorox Co (CLX) leadership • Q4 2025

    Question

    Bonnie Herzog from Goldman Sachs asked if the ERP-related inventory build was concentrated in specific business segments and requested an update on the performance and strategic positioning of the Kingsford charcoal business.

    Answer

    CEO Linda Rendle stated there were no material differences in the ERP inventory build across business segments. On Kingsford, she attributed a weak Q4 to execution misses around the Memorial Day holiday, not price gaps with competitors. She noted that plans were adjusted for July 4th, leading to improved trends, and further adjustments are being made for the upcoming Labor Day holiday.

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    Bonnie Herzog's questions to Clorox Co (CLX) leadership • Q3 2025

    Question

    Bonnie Herzog requested an update on the upcoming ERP transition, its impact on shipments and inventory builds, and the expected short- and long-term margin implications.

    Answer

    CEO Linda Rendle confirmed the ERP transition is on track and that the updated outlook reflects refined inventory plans from retailers. CFO Luc Bellet specified that retailers are expected to build 1.5 weeks of inventory, with the reversal occurring in the first half of the next fiscal year, mostly in Q1. Linda Rendle added that the ERP and related technology investments support the company's long-term EBIT margin expansion goal of 25-50 basis points annually.

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    Bonnie Herzog's questions to Clorox Co (CLX) leadership • Q2 2025

    Question

    Bonnie Herzog of Goldman Sachs asked for clarification on the ERP-related inventory build, questioning if it was to mitigate risk. She also inquired about the company's sourcing exposure to potential tariffs and whether this risk was included in the current guidance.

    Answer

    CEO Linda Rendle confirmed the inventory build is a standard risk-mitigation procedure for ERP transitions to ensure no disruption for consumers. CFO Kevin Jacobsen stated that potential tariffs are not specifically included in guidance but noted that Clorox's exposure is limited due to short supply chains and previous onshoring efforts, with exposure from Mexico and Canada in the single digits.

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    Bonnie Herzog's questions to Clorox Co (CLX) leadership • Q1 2025

    Question

    Bonnie Herzog asked if the heavy promotional spending in the Litter category is generating an adequate return and questioned the risk of a 'prisoner's dilemma' of sustained high promotions. She also inquired about channel shifts and performance differences between tracked and untracked channels.

    Answer

    CEO Linda Rendle defended the Litter promotions as a strategic and temporary measure to win back consumers, expressing confidence that long-term category growth will be driven by innovation, not discounting. She noted that observed channel shifts are a predictable result of consumer value-seeking (e.g., moving to club stores for larger sizes) and are not related to the company's cyber-attack recovery.

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    Bonnie Herzog's questions to Murphy USA Inc (MUSA) leadership

    Bonnie Herzog's questions to Murphy USA Inc (MUSA) leadership • Q2 2025

    Question

    Bonnie Herzog from Goldman Sachs asked for the drivers behind the confidence in the revised merchandise contribution guidance, which implies a back-half acceleration, and inquired about specific growth initiatives. She also followed up on the nicotine category, asking about the second-half outlook and any observed impact from the crackdown on illicit products.

    Answer

    President, CEO & Director, Andrew Clyde, stated that confidence is supported by strong underlying growth (up 8.9% ex-cigarettes/lottery) in categories like packaged beverages and candy. He also pointed to increased cigarette promotions in H2 and a 31% increase in new loyalty enrollments. On nicotine, he confirmed a more bullish outlook for the second half due to promotional timing and was encouraged by recent forceful comments from the FDA regarding a crackdown on illicit vapor products, viewing it as a positive sentiment.

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    Bonnie Herzog's questions to Murphy USA Inc (MUSA) leadership • Q3 2024

    Question

    Bonnie Herzog asked for details on the modest same-store fuel volume growth, the potential impact from recent hurricanes, and the strategy behind rebranding the tobacco business to 'nicotine,' including future margin potential.

    Answer

    CEO Andrew Clyde clarified that while quarterly growth was modest, the company is successfully retaining significant market share gains on a multi-year stack basis. He confirmed there was no material impact from the hurricanes. Regarding the nicotine category, Clyde noted the rebrand reflects growth in oral products and stated that upside exists from gaining share in traditional products, the mix shift to higher-margin oral nicotine, and potential regulatory action against illicit products.

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    Bonnie Herzog's questions to Murphy USA Inc (MUSA) leadership • Q1 2024

    Question

    Bonnie Herzog asked about potential EBITDA pressure if fuel margins don't increase, the levers available to offset this, and for more detail on traffic trends and consumer behavior during the quarter.

    Answer

    CEO Andrew Clyde explained that while the product supply margin is cyclical and was a headwind, the retail margin component is structurally growing. CFO Galagher Jeff added that new stores, in-store initiatives, and expense management are key levers to drive EBITDA. Clyde noted that traffic was impacted by episodic weather, but the company sharpened its value proposition with aggressive fuel pricing.

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    Bonnie Herzog's questions to Altria Group Inc (MO) leadership

    Bonnie Herzog's questions to Altria Group Inc (MO) leadership • Q2 2025

    Question

    Bonnie Herzog questioned Altria's confidence in achieving its long-term mid-single-digit EPS growth algorithm through 2028, noting that growth would need to accelerate. She also asked for details on the strategy for the 'Basic' cigarette brand, including its promotional changes and its role in capturing discount share versus retaining consumers.

    Answer

    CEO Billy Gifford reaffirmed the mid-single-digit CAGR as a management goal, expressing confidence in the company's disciplined market moves and noting that consumers can adapt to stable, albeit high, economic pressures. He explained that the 'Basic' brand repositioning is a targeted, data-driven strategy to keep value-conscious consumers within Altria's portfolio, which is more cost-effective than re-acquiring them later.

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    Bonnie Herzog's questions to Altria Group Inc (MO) leadership • Q1 2025

    Question

    Bonnie Herzog from Goldman Sachs questioned the drivers of lost shipment and retail share, why the price gap metric was removed, and how Altria is managing wide price gaps to prevent further consumer down-trading.

    Answer

    CEO William Gifford responded that the company's strategy is to maximize long-term profitability, not react to single-quarter trends, and that they use RGM tools to manage consumer pressures at a local level. He explained the national price gap metric was removed because it caused confusion and did not reflect how the business is managed at the store level, where price gaps for specific Marlboro brand segments can be significantly smaller.

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    Bonnie Herzog's questions to Altria Group Inc (MO) leadership • Q4 2024

    Question

    Bonnie Herzog from Goldman Sachs inquired about the strategic options for NJOY following the ITC ruling, including a potential settlement with JUUL, and questioned whether the 2025 guidance accounts for pulling NJOY ACE from the market.

    Answer

    CEO William Gifford outlined several pathways for NJOY, including a review by the U.S. Trade Representative and ongoing work to engineer around the patents, while noting any settlement would require discipline. CFO Salvatore Mancuso confirmed the EPS guidance range incorporates numerous scenarios and potential market variabilities, including those related to NJOY.

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    Bonnie Herzog's questions to Altria Group Inc (MO) leadership • Q3 2024

    Question

    Bonnie Herzog questioned why Altria maintained its full-year guidance without narrowing the range despite a strong Q3 and being late in the year. She also asked about the widening price gap for Marlboro and if there's a change in pricing strategy given consumer pressures.

    Answer

    CEO William Gifford reaffirmed confidence in the guidance range, citing the dynamic market with illicit products and normal quarter-to-quarter fluctuations. Regarding pricing, he explained that the company uses revenue growth management (RGM) to manage price gaps at a local store level, not just nationally, and remains focused on maximizing long-term profitability for the combustible category while investing in growth areas.

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    Bonnie Herzog's questions to Vita Coco Company Inc (COCO) leadership

    Bonnie Herzog's questions to Vita Coco Company Inc (COCO) leadership • Q2 2025

    Question

    Bonnie Herzog from Goldman Sachs questioned the updated guidance, noting that while the top line was raised, EBITDA guidance was maintained, implying less operating leverage. She sought clarity on the drivers for the expected acceleration in EBITDA growth in the second half of the year and the reasons for the high SG&A in Q2.

    Answer

    CEO Martin Roper attributed the top-line confidence to strong brand momentum and favorable Q3 comparisons, while gross margin is facing headwinds from higher ocean freight and a lag in pricing actions to offset tariffs. CFO Corey Baker explained that SG&A was front-loaded in the first half due to marketing for the Treats launch, increased people costs, and unique items like bad debt reserves and temporary double rent, which are expected to normalize in the second half.

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    Bonnie Herzog's questions to Vita Coco Company Inc (COCO) leadership • Q3 2024

    Question

    Bonnie Herzog inquired about the key drivers for the accelerated Q4 top-line and EBITDA growth guidance, the outlook for container availability into next year, and the degree to which supply constraints impacted the private label versus branded businesses.

    Answer

    CFO Corey Baker and CEO Martin Roper explained that the strong Q4 outlook is driven by inventory replenishment at retail and distributor warehouses following earlier shortages. While higher ocean freight costs will pressure Q4 margins, significant volume growth is expected to provide leverage. They noted that supply constraints affected the entire business, but private label was impacted more severely due to having lower inventory levels entering the quarter.

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    Bonnie Herzog's questions to Procter & Gamble Co (PG) leadership

    Bonnie Herzog's questions to Procter & Gamble Co (PG) leadership • Q4 2025

    Question

    Bonnie Herzog of Goldman Sachs inquired about the reasons for the wider-than-usual fiscal 2026 guidance range, the implied operating deleverage at the midpoint, and the expected phasing of EPS growth throughout the year.

    Answer

    CFO Andre Schulten explained the wide guidance range reflects significant uncertainty in category growth, tariff impacts, and foreign exchange volatility. He confirmed that EPS growth is expected to be back-half weighted, as pricing actions to offset tariffs and savings from the restructuring program will materialize later in the fiscal year.

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    Bonnie Herzog's questions to Procter & Gamble Co (PG) leadership • Q3 2025

    Question

    Bonnie Herzog of Goldman Sachs questioned the implied acceleration in Q4 guidance versus Q3 results, given the context of softer consumption trends, and asked about the potential for further risk to the outlook.

    Answer

    Executive Andre Schulten explained that the wide Q4 organic growth guidance range of 0.5% to 4.5% reflects the high uncertainty in consumer behavior and market growth. He noted that a key headwind from Q3, retailer inventory reductions, is not expected to repeat in Q4 as shipments are now aligned with consumption. However, he does not assume the lost inventory will be rebuilt.

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    Bonnie Herzog's questions to Procter & Gamble Co (PG) leadership • Q2 2025

    Question

    Bonnie Herzog of Goldman Sachs asked about P&G's flexibility to deliver on its EPS guidance if organic sales come in at the low end, and whether the company might need to reduce reinvestment levels to protect the bottom line.

    Answer

    Jon Moeller, Chairman, President and CEO, firmly stated that P&G's mindset is to fully support its strong innovation pipeline with investment, even if it means landing at the lower end of the earnings range. He referenced past periods of significant headwinds where P&G increased spending on innovation and commercialization while still growing earnings, emphasizing this as the company's core strategy.

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    Bonnie Herzog's questions to Boston Beer Company Inc (SAM) leadership

    Bonnie Herzog's questions to Boston Beer Company Inc (SAM) leadership • Q2 2025

    Question

    Bonnie Herzog asked for the rationale behind widening the shipment and depletion guidance ranges, questioned why second-half shipment guidance is so negative, and sought clarity on the implied outlook for Twisted Tea.

    Answer

    CFO Diego Reynoso explained that the guidance range was widened due to the recent, drastic volatility in industry depletions, making it a prudent measure. The negative shipment forecast is a direct result of the need to rebalance inventory with these uncertain depletion trends. President & CEO Michael Spillane added that for Twisted Tea, the company expects to maintain market share, but the macro environment makes it difficult to predict a return to growth.

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    Bonnie Herzog's questions to Boston Beer Company Inc (SAM) leadership • Q1 2025

    Question

    Bonnie Herzog of Goldman Sachs followed up on tariffs, asking if the company hedges its aluminum exposure. She also asked management to reconcile the increased marketing spend with the 1% decline in depletions, questioning when the investment would yield better results and if depletions would have been worse without it.

    Answer

    CEO Michael Spillane confirmed the company does not hedge aluminum, instead using a pass-through pricing model with its can suppliers. Chairman Jim Cook stated his expectation that depletions will turn positive in the second half of the year and that performance would have been worse without the increased brand support, given the weaker-than-expected beer category. Mr. Spillane added that awareness spending for new brands like Sun Cruiser does not immediately translate to depletions in the same quarter.

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    Bonnie Herzog's questions to Boston Beer Company Inc (SAM) leadership • Q4 2024

    Question

    Bonnie Herzog requested more detail on the increased advertising spend, the rationale behind it, the expected timing of its impact, and asked about Truly's volume performance and 2025 outlook.

    Answer

    Founder and Chairman C. Koch explained the advertising increase is a cautious investment, with spending contingent on measurable returns tracked via mixed media modeling. On Truly, CFO Diego Reynoso stated they were unhappy with 2024 volume and are forecasting conservatively for 2025, not assuming growth but aiming to improve trends. CEO Michael Spillane added that Truly's trends are improving.

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    Bonnie Herzog's questions to Boston Beer Company Inc (SAM) leadership • Q3 2024

    Question

    Bonnie Herzog of Goldman Sachs requested more detail on initiatives to improve Truly's performance, including marketing changes, the mix of lighter flavors, and potential SKU pruning. She also asked if other brands could offset Truly's weakness if it fails to stabilize.

    Answer

    Founder and Chairman C. Koch stated that the focus for Truly is on lighter flavors, the higher-ABV Unruly line, and the convenience store channel, with a new marketing push planned. He affirmed the company's expectation is to successfully grow Truly and that they see growth opportunities across the entire portfolio, not just as offsets.

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    Bonnie Herzog's questions to Keurig Dr Pepper Inc (KDP) leadership

    Bonnie Herzog's questions to Keurig Dr Pepper Inc (KDP) leadership • Q2 2025

    Question

    Bonnie Herzog asked about Keurig Dr Pepper's ability to achieve its mid-single-digit growth algorithm post-Ghost acquisition without further M&A, and questioned the operating deleverage despite strong sales growth.

    Answer

    CFO Sudhanshu Priyadarshi reaffirmed the company's long-term growth algorithm, stating it is achievable through the established growth targets for each segment. Regarding margins, he acknowledged the Q2 contraction but noted gross profit dollars grew. He confirmed that some operating margin pressure is expected in the second half due to inflation and tariffs, but this will be countered by pricing and productivity to deliver profit dollar growth.

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    Bonnie Herzog's questions to Coca-Cola Co (KO) leadership

    Bonnie Herzog's questions to Coca-Cola Co (KO) leadership • Q2 2025

    Question

    Bonnie Herzog from Goldman Sachs requested more detail on why productivity initiatives came in ahead of schedule in the first half and what to expect for the remainder of the year.

    Answer

    Chairman and CEO James Quincey attributed the accelerated productivity to two main factors: 1) realizing efficiencies from the ongoing marketing transformation sooner than planned, and 2) disciplined and frugal management of operating expenses that yielded benefits ahead of schedule. He described it as getting things done quicker than anticipated.

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    Bonnie Herzog's questions to Coca-Cola Co (KO) leadership • Q1 2025

    Question

    Bonnie Herzog asked about the performance of the Away-from-Home channel in Q1, the outlook for the channel for the rest of the year, and the potential impact on revenue and margins if it were to slow down.

    Answer

    Chairman and CEO James Quincey stated that globally, both at-home and away-from-home channels grew, with away-from-home growing slightly faster. He specified that in developed markets like the U.S. and Europe, recent weakness was more concentrated in the take-home channel, while immediate consumption held up better, highlighting the importance of affordability in retail.

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    Bonnie Herzog's questions to Coca-Cola Co (KO) leadership • Q4 2024

    Question

    Bonnie Herzog inquired about the potential impact of regulatory changes on the domestic portfolio and how the company is thinking about the effects of GLP-1 drugs on consumer consumption.

    Answer

    CEO James Quincey stated that the company conducts scenario planning for various potential changes and will adapt as needed. Regarding GLP-1s, he noted that while there is anecdotal evidence of impact, it is not a significant aggregate factor for the nonalcoholic beverage industry, as evidenced by sustained momentum in North America. He emphasized that as a total beverage company, Coca-Cola is positioned to adapt its portfolio to meet evolving consumer needs, whatever the cause.

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    Bonnie Herzog's questions to Coca-Cola Co (KO) leadership • Q3 2024

    Question

    Bonnie Herzog from Goldman Sachs requested more detail on North America's strong 12% organic sales growth, asking for a breakdown of rate versus mix, its sustainability, and whether pricing had been pushed too far.

    Answer

    Chairman and CEO James Quincey clarified that the North American price/mix was roughly half price (rate) and half mix. He attributed the strong mix to a strategic focus on premium brands like fairlife and Topo Chico, balanced with deprioritizing some case pack water. He anticipates pricing will normalize toward CPI levels going forward.

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    Bonnie Herzog's questions to PepsiCo Inc (PEP) leadership

    Bonnie Herzog's questions to PepsiCo Inc (PEP) leadership • Q2 2025

    Question

    Bonnie Herzog from Goldman Sachs asked for details on PepsiCo's accelerated productivity initiatives, the strategy for rightsizing its asset footprint, and how these efforts are balanced with ensuring long-term growth.

    Answer

    Chairman and CEO Ramon Laguarta explained the multi-year productivity strategy, highlighting the integration of North American businesses and the use of global capability centers. EVP and CFO Jamie Caulfield added that second-half productivity would be 70% higher than the first half, driven by plant closures, shuttering manufacturing lines, and rightsizing the workforce, particularly within the Frito-Lay division.

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    Bonnie Herzog's questions to PepsiCo Inc (PEP) leadership • Q1 2025

    Question

    Bonnie Herzog asked for an update on Frito-Lay's strategic investments, particularly regarding price pack architecture and the away-from-home channel, and whether the current consumer pressure necessitates a change in strategy or increased investment to spur growth.

    Answer

    Chairman and CEO Ramon Laguarta explained that Frito-Lay is executing a three-pillar playbook: granular value investments, portfolio transformation, and operational excellence. He noted early positive returns from a dual-size single-serve strategy and expanded 10-count multipacks. Laguarta also mentioned that the business is improving operational excellence post-SAP implementation, which will enhance service levels and that PepsiCo will continue to invest for long-term growth.

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    Bonnie Herzog's questions to PepsiCo Inc (PEP) leadership • Q4 2024

    Question

    Bonnie Herzog of Goldman Sachs inquired about the 2025 EPS guidance, noting it implies less leverage than in prior years. She asked if this suggests a significant ramp-up in investments and if the guidance range format is intended to provide greater flexibility.

    Answer

    CEO Ramon Laguarta confirmed a cautious approach, citing global volatility. He said the plan involves reinvesting productivity savings into areas like new price partitions for Frito. CFO Jamie Caulfield added that below-the-line headwinds, including Forex, higher interest expenses from recent acquisitions and debt rollovers, and increased pension costs, will cause sector operating profit to grow faster than guided EPS.

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    Bonnie Herzog's questions to Constellation Brands Inc (STZ) leadership

    Bonnie Herzog's questions to Constellation Brands Inc (STZ) leadership • Q1 2026

    Question

    Bonnie Herzog of Goldman Sachs asked about the potential upside from the rebuild following last year's California wildfires and whether this impact was already included in the company's guidance.

    Answer

    President & CEO Bill Newlands confirmed that such events typically create a long-term tailwind from rebuilding jobs and that this potential is factored into guidance. EVP & CFO Garth Hankinson tempered this by noting that California still faces macro headwinds, including higher Hispanic unemployment and a year-over-year decline in construction jobs.

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    Bonnie Herzog's questions to Constellation Brands Inc (STZ) leadership • Q1 2026

    Question

    Bonnie Herzog inquired about the impact of last year's California wildfires, asking about the expected upside from the rebuilding efforts and whether this potential tailwind is included in the company's guidance.

    Answer

    CEO Bill Newlands confirmed that such events typically create a long-term tailwind from rebuilding activities and that this is factored into guidance. CFO Garth Hankinson added a note of caution, pointing out that California still faces short-term macro headwinds like unemployment, which could temper the benefit.

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    Bonnie Herzog's questions to Constellation Brands Inc (STZ) leadership • Q4 2025

    Question

    Bonnie Herzog asked about the underlying assumptions for beer category growth in the medium-term forecast and requested details on the drivers that will allow the company to maintain best-in-class beer margins of 39-40% despite slower growth and tariff risks.

    Answer

    CEO William Newlands projected the overall beer industry would be flat to down 2% in the medium term, with Constellation continuing to gain share. CFO Garth Hankinson explained that margins will be supported by a combination of modular capacity expansion to limit depreciation, incremental volume, a 1-2% pricing algorithm, and ongoing cost savings initiatives.

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    Bonnie Herzog's questions to Constellation Brands Inc (STZ) leadership • Q3 2025

    Question

    Bonnie Herzog questioned the wide guidance range for the beer business given that only two months remain in the fiscal year. She asked for the key drivers that would lead to results at the low versus high end of the range and whether the California fires were factored in.

    Answer

    CEO William Newlands attributed the wide range to significant market volatility and uncertainty. He explained that the low end reflects potential risks like worsening unemployment or tariffs, while the high end reflects the opportunity if macroeconomic headwinds subside. He confirmed that the guidance does account for the unfortunate situation with the California fires.

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    Bonnie Herzog's questions to Constellation Brands Inc (STZ) leadership • Q2 2025

    Question

    Bonnie Herzog asked if the lift from spring shelf space and distribution gains met expectations and inquired about any potential shelf space gains from the fall reset. She also asked how these gains factor into the beer top-line guidance, which implies an acceleration in the second half.

    Answer

    CEO William Newlands confirmed that the double-digit share gains from spring resets were beneficial, especially in markets with growing awareness. He explained that the impact will be amplified by significant incremental marketing investments in the second half, funded by better-than-expected cost savings. Newlands believes this combination of shelf gains and increased marketing will be highly beneficial for results through the rest of the year.

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    Bonnie Herzog's questions to Caseys General Stores Inc (CASY) leadership

    Bonnie Herzog's questions to Caseys General Stores Inc (CASY) leadership • Q4 2025

    Question

    Bonnie Herzog asked for color on why full-year fiscal 2025 inside sales fell slightly short of the lowered guidance and questioned the potential negative impact from illicit vape products on traffic and sales.

    Answer

    CEO Darren Rebelez attributed the full-year result to a softer-than-expected Q1 and a challenging February in Q4, which was impacted by adverse weather and a leap day effect. He highlighted strong momentum in March and April. He acknowledged that illicit vapes are negatively impacting the category but noted this is being countered by strong growth in nicotine alternatives like pouches, which were up 54% in the quarter due to merchandising efforts.

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    Bonnie Herzog's questions to Caseys General Stores Inc (CASY) leadership • Q4 2025

    Question

    Bonnie Herzog asked for an explanation of why full-year FY25 inside sales fell slightly short of the company's lowered guidance. She also questioned the degree to which illicit vape sales are negatively impacting traffic and sales.

    Answer

    President and CEO Darren Rebelez attributed the full-year result to a softer-than-expected Q1 and a difficult February impacted by weather and the leap day effect, while highlighting strong momentum in March and April. He acknowledged that illicit vape sales are impacting the category but noted that this headwind is being countered by a 54% quarterly growth in nicotine alternatives, driven by merchandising resets.

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    Bonnie Herzog's questions to Caseys General Stores Inc (CASY) leadership • Q3 2025

    Question

    Bonnie Herzog asked about Casey's positioning in a potential recessionary environment and whether the company has increased promotional activity in response to QSR competitors.

    Answer

    CEO Darren Rebelez explained that Casey's historically performs well in recessions by providing low-cost daily necessities and serving as a value-oriented trade-down from QSRs. He clarified that while overall promotional spending has not increased, the company is using new data capabilities to deploy more targeted and efficient offers to specific customer segments.

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    Bonnie Herzog's questions to Caseys General Stores Inc (CASY) leadership • Q2 2025

    Question

    Bonnie Herzog questioned the drivers for the implied acceleration in second-half inside sales to meet the 3-5% annual guidance. She also asked about traffic trends during the quarter and into November/December, and the overall health of the consumer.

    Answer

    CFO Steve Bramlage noted that Q2 and November sales were right at the midpoint of the annual range, giving them confidence. He mentioned upcoming initiatives and favorable comps as reasons for maintaining the guidance. CEO Darren Rebelez added that consumer behavior is stable, with some softness in the lower-income demographic, but the majority of their customer base remains resilient.

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    Bonnie Herzog's questions to Caseys General Stores Inc (CASY) leadership • Q1 2025

    Question

    Bonnie Herzog asked about the softer-than-expected inside same-store sales, particularly in grocery, and requested an update on private label performance and strategy.

    Answer

    CEO Darren Rebelez attributed the softer sales to cycling a strong prior-year quarter and a lottery jackpot anomaly that negatively impacted traffic. He noted consumer behavior remains stable, evidenced by strong premium fuel sales. Regarding private label, he stated performance is steady and a tiered offering is still in development. CFO Stephen Bramlage added that private label contributes over 100 basis points to the grocery margin.

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    Bonnie Herzog's questions to elf Beauty Inc (ELF) leadership

    Bonnie Herzog's questions to elf Beauty Inc (ELF) leadership • Q4 2025

    Question

    Bonnie Herzog of Goldman Sachs asked if the company could still generate earnings growth in a worst-case tariff scenario and how management would prioritize between protecting margins and gaining market share.

    Answer

    SVP & CFO Mandy Fields stated that the wide range of potential tariff outcomes makes it impossible to comment on a worst-case scenario, but confirmed a mitigation playbook is in place. Chairman and CEO Tarang Amin emphasized the company's history of balancing market share gains with margin progress and will provide guidance when tariff impacts are clearer.

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    Bonnie Herzog's questions to Coty Inc (COTY) leadership

    Bonnie Herzog's questions to Coty Inc (COTY) leadership • Q3 2025

    Question

    Bonnie Herzog from Goldman Sachs Group, Inc. asked about the phasing of fiscal '26, specifically if H1 would see continued declines and about the timing and impact of a new blockbuster launch in H1.

    Answer

    CFO Laurent Mercier confirmed the company expects a sales decline in H1 fiscal '26, though better than Q4, with gradual improvement throughout the year, driven mainly by Consumer Beauty weakness. CEO Sue Nabi added that a major new blockbuster innovation, part of a return to the successful fiscal '23-'24 strategy, will launch and have an impact in Q1 of fiscal '26.

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    Bonnie Herzog's questions to Estee Lauder Companies Inc (EL) leadership

    Bonnie Herzog's questions to Estee Lauder Companies Inc (EL) leadership • Q3 2025

    Question

    Bonnie Herzog of Goldman Sachs inquired about the key assumptions and moving parts for the fiscal 2026 outlook, particularly concerning retailer inventory destocking, trends in China, and U.S. consumption, and whether end-market trends are expected to improve.

    Answer

    President and CEO Stephane de la Faverie expressed confidence in returning to positive growth in fiscal 2026. He cited significant market share gains in the U.S., China, and Japan, the de-risking of the Travel Retail business, and efficiencies from the Profit Recovery and Growth Plan (PRGP). He acknowledged external risks like subdued consumer confidence but emphasized the brand's strength and the rapid progress of the 'Beauty Reimagined' strategy.

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    Bonnie Herzog's questions to Estee Lauder Companies Inc (EL) leadership • Q3 2025

    Question

    Bonnie Herzog inquired about the key planning assumptions for fiscal '26, considering headwinds from inventory destocking, China trends, and U.S. consumption.

    Answer

    President & CEO Stephane de la Faverie expressed confidence in returning to positive growth in fiscal '26. He cited significant market share gains in the U.S., China, and Japan, the de-risking of the Travel Retail business, and efficiencies from the Profit Recovery and Growth Plan (PRGP) as key drivers. He acknowledged subdued consumer confidence as a risk but noted that the company's brands are performing well despite these external pressures.

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    Bonnie Herzog's questions to Estee Lauder Companies Inc (EL) leadership • Q1 2025

    Question

    Bonnie Herzog requested a deeper dive into Asia Travel Retail, asking about current retail inventory levels versus a year ago, the extent of further destocking expected, and the outlook for sell-in versus sell-out trends.

    Answer

    EVP and CFO Tracey Travis reported that inventory in the trade is lower than a year ago, though progress on destocking was slower than anticipated due to market deceleration. President and CEO Fabrizio Freda added that while inventory is at its lowest level in years, the market is also smaller, necessitating continued management, which is factored into the Q2 outlook.

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