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CEO Alan Yu stated that growth in the distributor channel is being driven by California's styrofoam ban, forecasting a 400% increase in plastic container sales. He also cited vendor consolidation and a shift from plastic to paper bags by national chains as key growth drivers. He confirmed supermarket growth is included in the guidance. For capital allocation, Alan Yu noted a planned $5 million expenditure, primarily for 15-20 new trucks to expand the company's fleet and reduce operational costs. CFO Jian Guo added that the 2025 free cash flow conversion ratio is expected to be consistent with 2024.

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Executive Alan Yu stated that based on the current trajectory, he expects to see double-digit growth in Q1 2025, returning the company to its historical growth path. He described increased online advertising costs as a necessary investment to grow online sales significantly next year. He noted that capital expenditures would be minimal, with the main exception being a potential new distribution center in the Southeast. Regarding the data breach, he reported that an initial investigation found no material breach or monetary damages, and the costs incurred were 'very nominal.'

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Executive Luke Pelosi outlined a pricing cadence starting in the high-5% range in Q1, moving to mid-5% in Q2/Q3, and ending in the low-5% range, blending to the 5.25%-5.5% full-year guide. CEO Patrick Dovigi stated he sees no material challenges, noting the business is very predictable. He mentioned potential tariff noise as the only unknown, but believes the impact would be de minimis, possibly affecting capital costs which would be addressed with more pricing.

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CEO Patrick Dovigi stated the goal is to complete the ES sale process quickly, hopefully within calendar 2024, noting the main gating item is preparing carve-out financials. For 2025 M&A, he projected a potential spend of $850 million to $1 billion, with an ES sale providing 'ultimate flexibility' for more. He also confirmed that in the commercial business, service upgrades are still outpacing downgrades.

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Chairman and CEO F. Grasberger responded that the 2025 guidance assumes overall steel volume growth of 1-2%, driven by India and the Middle East, with other regions flat. He estimated a normalized environment could add $100-$200 million in revenue to Harsco Environmental. Regarding PFAS, he confirmed Enviri is active but has not built substantial revenue into its three-year plan. For the Rail segment's 2025 cadence, he advised modeling the last three quarters evenly after accounting for Q1 guidance.

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CEO Nick Grasberger outlined that smaller Rail ETO contracts will turn cash-positive by $20-$25 million next year, with two larger contracts generating approximately $75 million in free cash flow in late 2026-2028. He estimated the hurricane's EBITDA impact was a few million dollars. He also affirmed that Clean Earth's positive momentum is expected to carry into 2025, aided by anticipated volume growth.

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President and CEO Justin Jude confirmed the portfolio review is ongoing, noting the divestiture of five businesses in 2024, and stated he would report on further actions once completed. CFO Rick Galloway expressed a bullish outlook on European margins, expecting them to continue growing for the next several years by 30-40 basis points annually, driven by category and portfolio management, and declined to put a cap on the potential improvement.

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CEO Justin Jude linked the 2025 recovery confidence to the expectation that used car pricing will moderate and begin to improve in the latter half of 2025, making vehicle repairs more economical. CFO Rick Galloway explained that the free cash flow target was maintained primarily through disciplined trade working capital management. He clarified that capital spending cuts were not delays of necessary projects but rather the elimination of projects that no longer meet new, stricter internal hurdle rates, and are therefore unlikely to return.

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Co-CEO Mike Battles stated the company is not overcollecting; in fact, they are losing some gallons due to their aggressive 'charge-for-oil' pricing stance, which is a deliberate strategy. Co-CEO Eric Gerstenberg added that this opportunity is not in their Vision 2027 plan. He sized the market at 41 active captive incinerators, with about 20 having a probability of making a strategic change. He sees active opportunities with a few of them over the next 3 to 5 years, driven by regulations and cost pressures.

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Co-CEO Michael Battles confirmed that the market price for base oil is 'completely disconnected' from and significantly lower than published prices. He stated that the benefits from Group III production are already being realized as an internal cost saving, and the BP Castrol partnership is expected to gain 'real momentum in 2025.' Co-CEO Eric Gerstenberg provided the PFAS revenue figure, stating it's on an '$80 million to $90 million run rate' for the year.

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CEO Jon Adinolfi explained the MinuteKey 3.5 rollout would be more heavily indexed to 2026 but would see a steady flow in 2025. He detailed that the 2.5% new business growth is broad-based, heavily weighted to the HPS segment, with wins in fasteners, work gear, and rope/chain, plus opportunities for the Intex business. On M&A, Adinolfi noted the environment hasn't changed dramatically, but Hillman has 'more irons in the fire' and is excited about several potential deals.

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CEO Doug Cahill explained that the price/cost dynamic was a slight headwind in Q3 and will likely remain so in the first half of 2025 due to earlier price givebacks. He noted that while some commodity costs may ease, other costs like labor and rent are rising, necessitating a strategic review of future pricing actions. Regarding Redbox, Cahill confirmed they have secured and initiated two new service contracts with other kiosk operators, which are profitable and will contribute positively in 2025.

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CFO Brian DelGhiaccio clarified that 2025 spending includes ~$75 million in CapEx for wholly-owned Polymer Centers and ~$100 million in investing cash flow for JV partnerships. CEO Jon Vander Ark identified the broader macro environment as the main external risk, while internally, the top priority remains safety.

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CEO Jon Vander Ark reported that internal cost inflation is trending down, with labor at about 4.5%, and expects continued modest deceleration into 2025. CFO Brian DelGhiaccio explained that 2025 capital spending for initiatives like polymer centers and EVs would be relatively consistent with 2024, with no major change expected to CapEx as a percentage of revenue.

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CFO Bradford Helgeson indicated they expect internal inflation around 4% and are targeting pricing of approximately 5% to achieve a positive spread of 100 basis points. He clarified that the volume decline is entirely due to intentional customer churn in newly acquired businesses, particularly in the Mid-Atlantic, to improve revenue quality and margins. CEO John Casella described a proactive PFAS strategy, highlighting two operational treatment facilities using reverse osmosis and foam fractionation to find the most cost-effective solution for their landfill network.

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President Ned Coletta explained that while a portion of the lost C&D volume went to another competitor, they expect the vast majority to return in 2025. CFO Bradford Helgeson confirmed this volume recovery is factored into the 12-15% EBITDA growth outlook. Coletta and CEO John Casella described the M&A pipeline as a healthy mix of smaller tuck-ins and larger deals in adjacent markets, noting that most deals are sourced through long-standing relationships rather than competitive auctions.

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EVP and CFO Devina Rankin detailed that the RNG contribution would be more back-end weighted as new plants come online, while the recycling portion would be more evenly distributed. On RINs, she explained that the team opportunistically locked in about 50% of 2025 sales and is proactively working toward a multi-year hedging strategy, balancing sales to the compliance and voluntary markets.

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SVP & Chief Sustainability Officer Tara Hemmer explained that with 60% of automation benefits being independent of commodity prices (e.g., labor savings), the sensitivity is reduced but still exists. EVP & COO John Morris stated that approximately 1,100 more routes are eligible for automation, a process expected to take two to three years, with timing dependent on contract cycles.

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CFO Larry Hilsheimer provided specific organic growth assumptions for the low-end guidance: approximately 8% in URB/CRB, 4% in tubes and cores, 2-5% in containerboard, roughly 3% in plastics, and a low-single-digit decline in Metal Solutions. Management also confirmed that the fiscal 2025 guidance includes zero contribution from the new $100 million cost savings initiative.

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CFO Larry Hilsheimer stated that a significant macroeconomic step-up is required, as current volumes remain well below 2022 levels despite recent gains. CEO Ole Rosgaard added that lower interest rates would be a major catalyst, stimulating housing and other key end markets. Larry Hilsheimer confirmed the new operating model will be effective November 1, with about $6-7 million in associated implementation costs. Ole Rosgaard highlighted that the shift to polymers is driven by higher margins and lower cyclicality, and is being supported by organic growth, such as new plant openings in Malaysia and Turkey.

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CEO Dustin Olson estimated that by mid-2025, production would need to be at or above 50% of Ironton's capacity. He reiterated prior guidance that 40-50% utilization is needed for plant-level breakeven. CFO Jaime Vasquez projected Q4 operating cash burn to be similar to or slightly better than Q3's level of around $8 million per month, as non-recurring maintenance costs decrease.

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