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Daniel Harriman

Research Analyst at Sidoti & Company, LLC

Daniel Harriman is an Equity Research Analyst at Sidoti & Company, LLC, specializing in the materials sector with an emphasis on paper and paper products. He has covered companies such as Sylvamo and Balchem Corporation, with his performance metrics indicating a success rate of 0% and an average return of -30.16% on rated stocks according to independent performance tracking. Harriman began his analyst career at Sidoti & Company in early 2023, having previously earned an undergraduate degree from Vanderbilt University and an MBA from Duke University's Fuqua School of Business in 2019. His analytical work is reflected in sector-focused research reports, and he is recognized in industry platforms for his equity research contributions.

Daniel Harriman's questions to BALCHEM (BCPC) leadership

Daniel Harriman's questions to BALCHEM (BCPC) leadership • Q3 2025

Question

Daniel Harriman asked for a breakdown of the 7.5% year-over-year growth within Balchem's Specialty Products segment, specifically differentiating between performance gases and plant nutrition. He also sought more information on the success of the plant nutrition business's geographic expansion efforts.

Answer

Ted Harris, Chairman, President, and CEO, provided the breakdown, stating that performance gases grew approximately 7% and plant nutrition grew about 13%, contributing to the overall 7.5% segment growth. He noted that performance gases have stabilized and are seeing nice geographic growth, particularly in Europe. For plant nutrition, Harris highlighted successful international expansion, especially in Latin America and Asia Pacific (e.g., Brazil, India), which is helping to balance the business's seasonality and drive growth, as the U.S. business has been relatively flat.

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Daniel Harriman's questions to BALCHEM (BCPC) leadership • Q2 2025

Question

Daniel Harriman from Sidoti & Company asked for a breakdown of the Human Nutrition & Health (HNH) segment's year-over-year growth between its nutrients and ingredients businesses. He also sought confirmation that the recent increase in stock repurchases was opportunistic and not a shift in capital return strategy.

Answer

EVP & CFO Martin Bengtsson confirmed the stock repurchases were for anti-dilutive purposes and not a change in strategy. Chairman, President & CEO Ted Harris provided the HNH breakdown, noting that the segment's ~9% growth was balanced, with the nutrients business growing 8.8% and the food ingredients business growing 8.6%. He highlighted strong performance in K2, MSM, and minerals within nutrients, and encapsulated acidulants and 'good for you' formulations within the food business.

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Daniel Harriman's questions to BALCHEM (BCPC) leadership • Q1 2025

Question

Daniel Harriman from Sidoti & Company asked for a contribution breakdown between the Nutrition and Food Ingredients businesses within the Human Nutrition & Health (H&H) segment, and inquired about the expected performance of this breakdown for the rest of the year.

Answer

Chairman, President and CEO Ted Harris explained that both sub-segments performed well, but the Food Ingredients business grew faster in the quarter, at approximately 5.5%. He noted this outpaced the general market. Harris also highlighted that the Nutrients business grew on top of a very strong prior-year quarter. He expressed confidence that both parts of the H&H segment will continue to contribute to growth moving forward.

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Daniel Harriman's questions to BALCHEM (BCPC) leadership • Q4 2024

Question

Daniel Harriman from Sidoti & Company, LLC inquired about margin expectations for 2025, considering potential mix shifts between business segments. He also asked for an update on the M&A environment and the deal flow Balchem is observing.

Answer

Carl Bengtsson, CFO, responded that he expects margins to remain healthy, supported by a favorable portfolio mix where the higher-margin ruminant and nutrients businesses are expected to grow faster. He identified potential tariffs as the biggest risk to margins. Regarding M&A, Bengtsson described the market as improving with increased deal flow, but not yet 'hot,' noting a pent-up demand for assets to come to market as performance stabilizes.

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Daniel Harriman's questions to HF Foods Group (HFFG) leadership

Daniel Harriman's questions to HF Foods Group (HFFG) leadership • Q2 2025

Question

The analyst asked for the company's growth expectations for the remainder of 2025 and its long-term organic growth rate outlook for the next three to five years, in comparison to its M&A strategy.

Answer

The CEO projects low single-digit revenue growth for the full year 2025, around 2-2.5%. For the long term (3-5 years), the company sees a significant organic growth opportunity of $200-300 million from cross-selling, which will be supplemented by its M&A strategy.

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Daniel Harriman's questions to HF Foods Group (HFFG) leadership • Q2 2025

Question

Daniel Harriman from Sidoti & Company asked for clarity on growth expectations for the remainder of 2025, given the commentary on slowing foot traffic. He also sought to understand the company's long-term organic growth rate potential over the next three to five years in comparison to its M&A strategy.

Answer

CEO Felix Lin projected that full-year 2025 revenue growth would likely trend in the low single digits, around 2-2.5%, consistent with the broader industry. For the long term, Lin reiterated a significant organic growth opportunity of $200-$300 million over the next three to five years, driven by capacity investments and cross-selling to existing customers. He emphasized that this organic plan, when combined with M&A opportunities, creates a very positive future outlook for HF Foods.

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Daniel Harriman's questions to Sylvamo (SLVM) leadership

Daniel Harriman's questions to Sylvamo (SLVM) leadership • Q2 2025

Question

Daniel Harriman from Sidoti & Company asked for an update on the European market, questioning what commercial or operational actions are needed to stabilize performance heading into 2026 amid soft demand and falling pulp prices.

Answer

John Sims (SVP & COO) described Europe's market conditions as difficult, influenced by tariff impacts and a significant decrease in market pulp prices. He stated that while market improvement is needed, Sylvamo is focusing on controllable factors like improving its competitive cost position, enhancing product mix, reducing fixed costs, and lowering wood costs to stabilize performance.

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Daniel Harriman's questions to Sylvamo (SLVM) leadership • Q1 2025

Question

Daniel Harriman of Sidoti & Company, LLC questioned the capital spending cadence for the remainder of the year, noting that the Q1 run rate was below the full-year guidance.

Answer

John Sims, Senior Vice President and Chief Operating Officer, reaffirmed the full-year capital guidance of $220 million to $240 million, explaining that spending is weighted to the second half due to large projects at the Eastover mill. Chairman and CEO Jean-Michel Ribiéras added that free cash flow follows a similar pattern, with approximately 90% generated in the second half of the year historically.

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Daniel Harriman's questions to Sylvamo (SLVM) leadership • Q1 2025

Question

Daniel Harriman asked about the capital spending cadence for the remainder of the year, given that the Q1 run-rate was below the full-year guidance.

Answer

SVP & COO John Sims reaffirmed the full-year capital spending guidance of $220 million to $240 million, explaining that spending is weighted to the second half due to large projects at the Eastover mill. Chairman & CEO Jean-Michel Ribiéras added that free cash flow is also heavily back-end loaded, noting that in the last two years, almost 90% of free cash flow was generated in the second half, with a similar pattern expected this year.

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Daniel Harriman's questions to Sylvamo (SLVM) leadership • Q4 2024

Question

Daniel Harriman of Sidoti & Company asked for clarity on the quarterly cadence of the projected $220 million to $240 million in capital spending for 2025.

Answer

CFO John Sims explained that capital spending will be weighted more heavily to the first half of 2025, aligning with the schedule of planned maintenance outages. However, he noted that spending on the major Eastover project will be spread throughout the year and that the overall monthly spending pattern is projected to be similar to 2024. CEO Jean-Michel Ribiéras reiterated that the H1 concentration of outages is a significant factor for the year's earnings cadence.

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Daniel Harriman's questions to Sylvamo (SLVM) leadership • Q3 2024

Question

Daniel Harriman of Sidoti & Company, LLC inquired about the impact of recent industry capacity changes on the Riverdale supply agreement, the transition status of retained Georgetown volume, and the outlook for economic downtime in Europe.

Answer

CEO Jean-Michel Ribiéras stated that Sylvamo is prepared for a potential Riverdale closure, anticipating a breakeven financial impact due to mix improvements. He confirmed the 100,000 tons of retained Georgetown business have been fully transitioned. Both Ribiéras and CFO John Sims noted that European capacity reductions are expected to decrease economic downtime, with improvements already factored into the Q4 outlook.

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Daniel Harriman's questions to UNIVERSAL CORP /VA/ (UVV) leadership

Daniel Harriman's questions to UNIVERSAL CORP /VA/ (UVV) leadership • Q1 2026

Question

Daniel Harriman of Sidoti & Company asked for a high-level overview of how seasonality and crop carryover typically affect results as the year progresses and how Universal is managing the risk of an expected tobacco oversupply while maintaining pricing and inventory discipline.

Answer

Preston Wigner, Chairman, President & CEO, explained that Q1 is a seasonally low quarter where carryover sales are significant, and small changes in mix can have a large impact. He stated that the company is moving from a period of undersupply to a more balanced or oversupplied market, which they view favorably. Wigner emphasized that Universal does not buy tobacco on a speculative basis, which mitigates inventory risk in an oversupply situation. He noted that their diversified global footprint, strong customer relationships, and experience in managing market shifts position them well to handle changing dynamics, reduce working capital, and lower per-kilo processing costs with larger volumes.

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Daniel Harriman's questions to UNIVERSAL CORP /VA/ (UVV) leadership • Q1 2026

Question

Daniel Harriman of Sidoti & Company asked for a high-level overview of how seasonality and crop carryover typically affect financial results as the year progresses. He also inquired about the company's strategy for managing the risk of an expected oversupply in the tobacco market while maintaining pricing and inventory discipline.

Answer

Preston Wigner, Chairman, President & CEO, detailed that Q1 is a seasonally low quarter and that recent short crops have meant less carryover inventory. He explained that Universal manages the shift to an oversupply market through its non-speculative buying strategy, which is based on customer needs and mitigates inventory risk. Wigner emphasized that the company's diversified footprint and strong customer relationships allow it to navigate market shifts, reduce working capital, and lower per-kilo costs, making a balanced-to-oversupply market generally preferable.

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Daniel Harriman's questions to Mativ Holdings (MATV) leadership

Daniel Harriman's questions to Mativ Holdings (MATV) leadership • Q2 2025

Question

Daniel Harriman of Sidoti & Company inquired about the turnaround progress in paint protective films, seeking details on market share recapture and an update on the strong-performing optical films. He also asked for clarification on the 2025 free cash flow guidance, specifically if it implies a minimum of $80 million, and requested a breakdown of the path to achieve this target.

Answer

President, CEO & Director Shruti Singhal confirmed that operational issues in paint protection films are resolved, leading to customer confidence, traction in Asia's mid-tier market, and share gains in North America's premium segment. CFO Greg Weitzel affirmed the path to approximately $80 million in 2025 free cash flow, citing strong Q2 performance, reduced one-time costs, and significant contributions expected in H2 from inventory reduction and CapEx management.

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Daniel Harriman's questions to Mativ Holdings (MATV) leadership • Q2 2025

Question

Daniel Harriman from Sidoti & Company inquired about the progress of the turnaround in the paint protective films business, including market share recovery, and the performance of optical films. He also sought clarification on the path to achieving the projected 2025 free cash flow target, which is double the 2024 level, and its expected cadence in the second half of the year.

Answer

President, CEO & Director Shruti Singhal explained that the paint protection films turnaround is progressing well, with quality and capacity issues resolved, a successful mid-tier strategy in Asia, and share gains in North America's premium segment. CFO Greg Weitzel confirmed the path to approximately $80 million in free cash flow for 2025, citing a strong Q2, lower one-time costs, and significant contributions expected from inventory and CapEx management in H2.

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Daniel Harriman's questions to Mativ Holdings (MATV) leadership • Q1 2025

Question

Daniel Harriman asked for more detail on the strategic portfolio review and for additional color on the timing and drivers of the expected improvement in cash flow generation.

Answer

CEO Shruti Singhal explained that the portfolio review is in its early stages but will evaluate each business line's contribution to the bottom line, competitive position, and margin profile to unlock value and strengthen the balance sheet. CFO Greg Weitzel added that cash flow is expected to see a significant sequential increase starting in Q2, driven by inventory reductions, lower capital spending, and improved sequential EBITDA, overcoming the typical seasonality seen in Q1.

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Daniel Harriman's questions to Mativ Holdings (MATV) leadership • Q4 2024

Question

Daniel Harriman of Sidoti & Company asked about leveraging the SAS segment's success to improve the FAM segment, the long-term sustainability of the healthcare business turnaround, and the progress of recent capital investments.

Answer

CEO Julie Schertell outlined plans to apply SAS's commercial discipline in demand generation, customer management, and cross-selling to the FAM segment. She affirmed the healthcare turnaround is sustainable and now a key growth platform. She also noted the films turnaround is underway, with progress expected in the latter half of 2025, and provided updates on capital projects, stating key growth investments are proceeding despite overall CapEx reductions.

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Daniel Harriman's questions to Mativ Holdings (MATV) leadership • Q3 2024

Question

In a follow-up, Daniel Harriman of Sidoti & Company requested more details on the rationale behind two recent facility closures and the potential for further footprint optimization. He also asked about the impact of the reduced 2024 CapEx guidance on the company's cash flow expectations for the year.

Answer

CEO Julie Schertell clarified that the divestitures of sites in the Netherlands and Massachusetts were part of a strategy to exit non-strategic, low-margin categories and reduce complexity, resulting in a net positive EBITDA impact. CFO Greg Weitzel explained the CapEx reduction from $60M to $50M was due to suppressed market conditions and would result in Q4 cash flow being positive, though lower than Q3.

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Daniel Harriman's questions to RAYONIER ADVANCED MATERIALS (RYAM) leadership

Daniel Harriman's questions to RAYONIER ADVANCED MATERIALS (RYAM) leadership • Q2 2025

Question

Daniel Harriman from Sidoti & Company asked about the potential to outperform the $30 million incremental EBITDA forecast in cellulose specialties by 2027 and questioned the capital deployment strategy for 2027, particularly the balance between debt reduction, high-return investments, and shareholder returns.

Answer

President and CEO De Lyle Bloomquist clarified that the $30 million EBITDA growth is driven by replacing lower-margin commodity volumes with higher-margin specialty products, assuming a 15,000-ton annual increase. Regarding capital allocation, he stated the primary focus is on high-return projects, followed by debt reduction of about 5% of principal annually. Shareholder returns are a lower priority given the rich pipeline of investment opportunities. CFO Marcus Moeltner added context on the AGE project investment.

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Daniel Harriman's questions to RAYONIER ADVANCED MATERIALS (RYAM) leadership • Q1 2025

Question

Daniel Harriman sought confirmation on whether RYAM's Cellulose Specialties (CS) products are currently being sold into China without tariff impacts. He also asked for an assessment of the company's current liquidity position.

Answer

President and CEO De Lyle Bloomquist confirmed that while not officially announced, RYAM's guidance assumes CS products will not face tariffs, a belief supported by the resumption of customer orders that were paused in April. CFO Marcus Moeltner stated he feels good about the company's liquidity profile, which ended the quarter at $272 million, well above their target of keeping around $200 million available between cash and their ABL facility.

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Daniel Harriman's questions to RAYONIER ADVANCED MATERIALS (RYAM) leadership • Q4 2024

Question

Daniel Harriman inquired about the expected quarterly cadence of 2025 capital spending and the current market conditions for the potential sale of the paperboard and high-yield pulp assets.

Answer

President and CEO De Lyle Bloomquist explained that maintenance CapEx will be weighted towards the first half of 2025 due to planned outages, while strategic CapEx will be heavier in the second half. Regarding the asset sale, he noted that market uncertainty, particularly around new tariffs and existing oversupply, has caused potential buyers to remain on the sidelines, stalling the process.

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Daniel Harriman's questions to Vera Bradley (VRA) leadership

Daniel Harriman's questions to Vera Bradley (VRA) leadership • Q4 2025

Question

Asked about the company's ability to pivot in the future and whether the fiscal 2026 revenue guidance reflects conservatism and macroeconomic pressures.

Answer

The company views its recent pivots as necessary and expected adjustments to its significant transformation strategy. The fiscal 2026 guidance is indeed reflective of a tough consumer environment, particularly for their outlet store customer base (under $75k household income) who is financially stretched. The company is making adjustments based on customer feedback and sales results.

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Daniel Harriman's questions to Vera Bradley (VRA) leadership • Q3 2025

Question

Daniel Harriman of Sidoti & Company, LLC asked about management's satisfaction with the timing of Project Restoration's 'green shoots' and for details on future partnerships.

Answer

CEO Jacqueline Ardrey acknowledged the challenging quarter but expressed encouragement from positive early signs like increased brand awareness and new customer acquisition. She highlighted the team's ability to pivot quickly based on feedback and noted significant 'inbound interest' from other brands for future collaborations, which she described as a key positive indicator that will be detailed more in the future.

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Daniel Harriman's questions to Vera Bradley (VRA) leadership • Q2 2025

Question

Daniel Harriman inquired if the consumer weakness previously seen in the lower-income demographic was persisting or spreading across all income levels, and also asked for more details on new wholesale partnerships.

Answer

CEO Jacqueline Ardrey confirmed that the softness remains concentrated in the lower-income customer base, which heavily impacts the outlet channel. Regarding new partnerships, she stated that while it's too early to name specific new partners, the company's rebranding efforts have generated significant interest, citing the successful and expanding collaboration with Urban Outfitters as a key example of their strategy's potential.

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Daniel Harriman's questions to Vera Bradley (VRA) leadership • Q4 2025

Question

Daniel Harriman inquired about the company's confidence in its ability to pivot again if necessary and asked if the fiscal 2026 revenue guidance should be viewed as conservative, reflecting ongoing macroeconomic headwinds.

Answer

CEO Jacqueline Ardrey stated that the strategic pivots are expected given the magnitude of the transformation and that the team is embracing the adjustments. She confirmed the fiscal 2026 guidance reflects a challenging consumer environment, particularly for their outlet store customers with household incomes under $75,000. Ardrey noted that while the company is implementing strategies to drive traffic and improve performance, they anticipate the year will remain tough.

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Daniel Harriman's questions to GREIF (GEF) leadership

Daniel Harriman's questions to GREIF (GEF) leadership • Q1 2025

Question

Daniel Harriman asked which end markets Greif is most excited about and most concerned about for 2025, given the strategic shift in focus. He also inquired about the company's comfort level with its current net leverage ratio.

Answer

CEO Ole Rosgaard identified agrochemical as the most exciting end market, followed by food & beverage, with pharma representing a significant long-term opportunity. CFO Lawrence Hilsheimer expressed comfort with the current leverage ratio, noting that the proceeds from the pending land sale will lower it significantly. He added that a return to normal industrial volumes would provide a substantial EBITDA lift of around $150 million, which would also rapidly decrease the leverage ratio.

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Daniel Harriman's questions to GREIF (GEF) leadership • Q4 2024

Question

Daniel Harriman asked about future investment priorities beyond Polymer Solutions and requested commentary on the company's current leverage level.

Answer

CEO Ole Rosgaard identified Polymer Solutions as the primary growth area due to its high margins and cash flow, but also noted planned investments in automation for the metals business and expansion in caps and closures. CFO Larry Hilsheimer added that the company remains opportunistic about downstream paper business acquisitions. Regarding leverage, Hilsheimer stated management is comfortable with the current level, expecting it to decrease rapidly with volume recovery, and affirmed that debt paydown is a top priority.

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Daniel Harriman's questions to LEE ENTERPRISES (LEE) leadership

Daniel Harriman's questions to LEE ENTERPRISES (LEE) leadership • Q1 2025

Question

Daniel Harriman of Sidoti & Company inquired about Lee's AI monetization strategy, the value proposition for advertisers, details on 2025 cost initiatives, confidence in achieving full-year guidance, and the quarter-end digital subscriber count.

Answer

Les Ottolenghi, Chief Transformation and Commercial Officer, explained that the 'AI Boost' program is the nearest-term revenue driver from AI, providing advertisers enhanced visibility on new search platforms. President and CEO Kevin Mowbray expressed confidence in the full-year outlook, citing 14% growth in core digital streams, acceleration from AI, and $40 million in identified cost savings. He also reported 774,000 digital subscribers, an 8% increase.

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Daniel Harriman's questions to LEE ENTERPRISES (LEE) leadership • Q4 2024

Question

Daniel Harriman inquired about the financial implications of Lee's new AI partnerships, specifically their effect on future investment, long-term digital revenue targets, and the final Q4 digital subscriber count.

Answer

Tim Millage, VP, CFO and Treasurer, stated the AI partnerships increase confidence in achieving long-term goals without altering planned investment levels, and confirmed the digital subscriber count was 771,000. Les Ottolenghi, Chief Transformation and Commercial Officer, added that the partnership models minimize upfront costs by leveraging pay-per-use and revenue-sharing agreements, tying spending to revenue growth.

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