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    Daniel Rizzo

    Senior Vice President and equity research analyst at Jefferies

    Daniel Rizzo is a Senior Vice President and equity research analyst at Jefferies, focusing on coverage of companies such as AptarGroup and other industrial and consumer stocks. He maintains a performance track record with an average return of approximately 2.7% and a success rate around 50%, placing him in the 42nd percentile among analysts over recent periods. Rizzo began his career at Sidoti as a Senior Equity Analyst before joining Jefferies in New York City, where he has continued to build expertise in the industrials and packaging sectors. He holds relevant professional credentials and securities licenses required for his analyst role though specific FINRA registration numbers are not publicly listed.

    Daniel Rizzo's questions to Trinseo (TSE) leadership

    Daniel Rizzo's questions to Trinseo (TSE) leadership • Q2 2025

    Question

    Daniel Rizzo from Jefferies, on behalf of Laurence Alexander, questioned the shift from quarterly to annual guidance for 2025 and asked if the current corporate cost run-rate is sustainable.

    Answer

    EVP & CFO David Stasse explained the move to annual guidance was due to the timing within the year, not improved visibility. President & CEO Frank Bozich confirmed the current corporate cost run-rate is a reasonable assumption for forecasting, as it reflects recent cost-saving actions. Stasse also noted that Q1 corporate costs are seasonally higher due to stock compensation, cautioning against simple annualization.

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    Daniel Rizzo's questions to Trinseo (TSE) leadership • Q1 2025

    Question

    Daniel Rizzo, on behalf of Laurence Alexander from Jefferies, questioned the feasibility of achieving full-year breakeven free cash flow and asked about the potential for future technology licensing deals.

    Answer

    CFO David Stasse explained that achieving full-year cash flow breakeven would require approximately $370 million in EBITDA to cover all cash outflows, but refrained from giving annual guidance. CEO Frank Bozich confirmed that future licensing deals are possible, citing significant industry interest in Trinseo's recycling technologies and the potential for further polycarbonate technology agreements.

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    Daniel Rizzo's questions to Chemours (CC) leadership

    Daniel Rizzo's questions to Chemours (CC) leadership • Q2 2025

    Question

    Daniel Rizzo, on behalf of Laurence Alexander from Jefferies, asked about the next steps and timeline for PFAS litigation following the New Jersey settlement, specifically regarding North Carolina. He also questioned if the 3-7% liability allocation seen in recent settlements should be considered a blueprint for future cases.

    Answer

    President & CEO Denise Dignam emphasized the New Jersey settlement as a major milestone that aligns with the 3-7% liability allocation from the water district settlement. While not providing a specific timeline for North Carolina, she stated the company's intent is to resolve all outstanding litigation in the same spirit. She confirmed that the recent allocation is the blueprint the company thinks about, as it has been holding through settlements.

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    Daniel Rizzo's questions to Ingevity (NGVT) leadership

    Daniel Rizzo's questions to Ingevity (NGVT) leadership • Q2 2025

    Question

    Daniel Rizzo from Jefferies asked about the timing and process of the broader strategic portfolio review in relation to the ongoing sale of the Industrial Specialties business. He also requested a comparison of current CTO prices to the previous high-cost inventory.

    Answer

    CEO David Li stated that the sale of the Industrial Specialties business is in an advanced stage, and a comprehensive review of the entire portfolio is happening in parallel. He expects to share the results of this full review by late 2025 or early 2026. CFO Mary Hall explained that current CTO prices are around $550-$600 per ton and that the company's reduced manufacturing footprint has lowered its overall CTO purchase requirements, making it less dependent on market volatility.

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    Daniel Rizzo's questions to Ingevity (NGVT) leadership • Q1 2025

    Question

    Daniel Rizzo inquired about the scale of the filtration market and its ability to fully absorb volumes shifted from a weaker auto market. He also asked for clarification on the company's long-term leverage target.

    Answer

    CFO Mary Hall and CEO David Li confirmed that filtration is a very sizable market capable of absorbing significant capacity, as demonstrated during the COVID-19 pandemic, though they noted it is a lower-margin business than automotive and declined to quantify the difference. Mary Hall reiterated that the company's long-term leverage target remains in the 2.0x to 2.5x range, which they believe provides strategic optionality.

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    Daniel Rizzo's questions to Ingevity (NGVT) leadership • Q4 2024

    Question

    Daniel Rizzo inquired about the near-term impact of potential tariffs on customer order patterns and asked for a breakdown of the 2025 CapEx forecast, specifically the allocation between maintenance and growth spending.

    Answer

    Interim CEO Luis Fernandez-Moreno stated that while tariffs create uncertainty, they have had a minimal direct impact on Ingevity or its customers so far. CFO Mary Hall clarified that the majority of the 2025 CapEx budget is allocated to maintenance and safety, health, and environmental (SHE) projects, with a smaller portion dedicated to growth.

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    Daniel Rizzo's questions to Ingevity (NGVT) leadership • Q3 2024

    Question

    Daniel Rizzo asked if the announced portfolio review could result in the divestiture of the Performance Chemicals or Advanced Polymer Technologies segments and questioned the current status of the Industrial Specialties business transition.

    Answer

    Interim CEO Luis Fernandez-Moreno confirmed he is taking a 'fresh look' at the portfolio but would not speculate on specific divestitures, emphasizing that the current three segments provide valuable scale and diversity. He clarified the Industrial Specialties strategy is focused on diversifying raw material sourcing for flexibility, not on hitting specific percentage targets for any single material.

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    Daniel Rizzo's questions to APTARGROUP (ATR) leadership

    Daniel Rizzo's questions to APTARGROUP (ATR) leadership • Q2 2025

    Question

    Daniel Rizzo of Jefferies asked about the regional dynamics of the nasal decongestant softness and whether Aptar was experiencing the same overstocking issues in 'on-the-go' beverages that a competitor had mentioned.

    Answer

    President, CEO & Executive Director Stephan Tanda clarified that the European nasal spray market is larger for Aptar and that the U.S. market recovered more quickly from a smaller inventory buildup. He stated that Aptar's beverage business is performing well and is not experiencing the overstocking issues mentioned, citing diversification and innovation as strengths.

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    Daniel Rizzo's questions to APTARGROUP (ATR) leadership • Q1 2025

    Question

    Daniel Rizzo from Jefferies inquired if tariffs could create a benefit for the Beauty segment by shifting demand to China. He also asked if the tough comparisons in Injectables were an ongoing issue and requested clarification on the foreign exchange rates used in guidance.

    Answer

    President and CEO Stephan Tanda considered the demand-shift hypothesis plausible but premature. He clarified the tough Injectables comparison was a one-off event related to a prior-year ERP catch-up and that current demand is strong. Executive Vice President and CFO Vanessa Kanu detailed the FX rate changes, noting the Q2 guidance uses a spot rate of ~$1.14 versus ~$1.04 for Q1 guidance, resulting in a year-over-year headwind.

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    Daniel Rizzo's questions to APTARGROUP (ATR) leadership • Q4 2024

    Question

    Daniel Rizzo asked about the potential impact of tariffs on Chinese products, based on past experience, and inquired about the company's long-term goal for Return on Invested Capital (ROIC) following recent improvements.

    Answer

    President and CFO Stephan Tanda stated that tariffs are not a major concern due to their 'in-region, for-region' production strategy, where costs have been passed on in special cases. Regarding ROIC, he noted that while performance is improving, any revision to long-term targets would be considered for the Investor Day in September, not on a quarterly call.

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    Daniel Rizzo's questions to APTARGROUP (ATR) leadership • Q3 2024

    Question

    Daniel Rizzo from Jefferies asked about the ramp-up timeline for OTC Narcan and whether it follows the typical multi-year pattern. He also sought clarification on the cough and cold season outlook and inquired about the typical sales cycle for new Beauty products.

    Answer

    CEO Stephan Tanda stated that while every product ramp is different, he does not believe Narcan has finished its growth trajectory, citing encouraging CDC data and increased municipal distribution. He clarified the cough and cold softness is due to inventory overhang from a weaker-than-expected '23-'24 season, not a fundamental demand issue. For Beauty products, Tanda explained the sales cycle varies widely, from as fast as 4 months in China to 18-36 months for Western clients, with North American indie brands falling in between at 6-8 months.

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    Daniel Rizzo's questions to SILGAN HOLDINGS (SLGN) leadership

    Daniel Rizzo's questions to SILGAN HOLDINGS (SLGN) leadership • Q2 2025

    Question

    Daniel Rizzo asked if the customer's bankruptcy proceeding provides Silgan with more flexibility in its supply contract. He also questioned whether extreme weather patterns, like the wet spring, could become a more frequent issue impacting demand for products like sports drinks or soup.

    Answer

    President & CEO Adam Greenlee explained that the requirements contract continues to be honored by both parties during the bankruptcy, offering no new flexibility. Regarding weather, he noted this was the first time in his 20 years at the company that cold, wet weather had such a specific impact on the sports drink market and that the company is planning for normalization in 2026, viewing the food can's value proposition as resilient to such factors.

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    Daniel Rizzo's questions to SILGAN HOLDINGS (SLGN) leadership • Q4 2024

    Question

    Daniel Rizzo sought clarification on the commercial opportunities with Weener, asking if they related to revenue synergies or cross-selling. He also asked for an update on the expected recovery in the fruit and vegetable market and the outlook for the soup business.

    Answer

    CEO Adam Greenlee clarified that Silgan did not model any revenue synergies for the Weener acquisition, although cross-selling opportunities are emerging. He reiterated that the company expects to recover about half of the 2024 financial decline from the fruit and vegetable market in 2025 and that underlying demand for soup remains strong, with normalized volumes expected.

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    Daniel Rizzo's questions to WD 40 (WDFC) leadership

    Daniel Rizzo's questions to WD 40 (WDFC) leadership • Q3 2025

    Question

    Daniel Rizzo of Jefferies inquired about the wide Q4 guidance range despite a strong start to the quarter, the future of gross margins now that they exceed the long-term target, the outlook for SG&A cost growth, the expected impact of foreign exchange in Q4, and whether tariffs are causing lumpiness in customer orders.

    Answer

    CEO Steve Brass and CFO Sara Hyzer addressed the guidance range by citing the variable timing of promotions and large distributor orders. On gross margins, Hyzer stated the company has supply chain initiatives that could drive margins higher than the 55% target, assuming stable costs. She also indicated that SG&A growth is expected to moderate from the double-digit rates seen recently. Hyzer projected a net positive impact from foreign exchange in Q4, despite headwinds from the Mexican and Brazilian currencies. Finally, Brass confirmed that tariff impacts are being managed and offset by supply chain initiatives without causing significant ordering disruptions.

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    Daniel Rizzo's questions to WD 40 (WDFC) leadership • Q2 2025

    Question

    Daniel Rizzo inquired about the potential impact of U.S. and Chinese retaliatory tariffs on the business, the specifics of supply chain optimization efforts, and the timeline for qualifying new suppliers. He also asked why operating income guidance was not raised despite a higher gross margin outlook, questioning the role of SG&A and foreign currency headwinds.

    Answer

    President and CEO Steve Brass explained that WD-40's decentralized supply chain, which includes manufacturing in-region (e.g., 'in China for China'), significantly mitigates tariff risks. He noted that ongoing supply chain optimization savings are expected to offset tariff impacts for the fiscal year. VP and CFO Sara Hyzer clarified that the unchanged operating income guidance is due to foreign currency headwinds, not higher SG&A, which are masking the benefit of the improved gross margin. She added that there is no simple rule of thumb for FX sensitivity.

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    Daniel Rizzo's questions to WD 40 (WDFC) leadership • Q1 2025

    Question

    Daniel Rizzo asked for clarification on the year-over-year decline in operating income for the Americas segment and questioned the timeline for achieving the 55% gross margin target, given that the company is already at 54.8%.

    Answer

    Sara Hyzer, VP and CFO, explained that the Americas' operating income was impacted by the timing of A&P spending, a one-time $800,000 credit loss from a customer bankruptcy, and higher accruals for a growth reward program. Regarding gross margin, she noted that while the company is close to its target, margins can fluctuate quarterly. She expressed cautious optimism about reaching the 55% goal by the end of fiscal 2025, potentially ahead of the original fiscal 2026 target, but acknowledged headwinds from higher freight and logistics costs in the U.S.

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    Daniel Rizzo's questions to WD 40 (WDFC) leadership • Q4 2024

    Question

    Daniel Rizzo from Jefferies inquired about a potential pricing headwind in the second half, the outlook for SG&A expenses given the ongoing ERP rollout and divestiture, and future opportunities for converting more markets to a direct business model.

    Answer

    CFO Sara Hyzer clarified that the perceived pricing headwind was attributable to product mix, not price reductions. She confirmed SG&A expenses will remain elevated due to ongoing ERP investments and the integration of Brazil operations, though the growth rate will moderate. President and CEO Steve Brass highlighted the significant success of the direct models in Mexico and Brazil but stated there are no imminent plans for further conversions, emphasizing the value of their marketing distributor partnerships.

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    Daniel Rizzo's questions to AZZ (AZZ) leadership

    Daniel Rizzo's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Daniel Rizzo of Jefferies questioned why the company did not raise its EBITDA guidance along with its EPS guidance after a strong quarter. He also asked about future margin improvement drivers and the potential scale of M&A, from smaller tuck-ins to larger deals.

    Answer

    President & CEO Thomas Ferguson explained that caution on sales guidance stems from tariff uncertainty. For EBITDA, he noted the loss of equity income from the Avail divestiture creates a headwind that is offset by interest savings, which benefits EPS more directly. Future margin drivers include the Precoat facility ramp-up and operational excellence. On M&A, he indicated the current focus is on smaller bolt-ons, though larger multi-site opportunities exist for the long term.

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    Daniel Rizzo's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Daniel Rizzo of Jefferies questioned why the company raised its EPS guidance but not its EBITDA guidance after a strong quarter. He also asked about future margin improvement drivers and the potential scale of M&A, distinguishing between tuck-ins and larger deals.

    Answer

    President & CEO Thomas Ferguson explained that caution on sales guidance stems from tariff uncertainty. For EBITDA, the loss of equity income from the Avail divestiture creates a headwind, which is offset by interest savings that positively impact EPS. He identified the Precoat facility ramp-up and operational excellence as margin drivers. On M&A, he noted a current pipeline of single-site bolt-ons, with potential larger, multi-site opportunities further out.

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    Daniel Rizzo's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Daniel Rizzo of Jefferies questioned why EBITDA guidance was not raised alongside the increased EPS guidance. He also asked about future margin improvement levers and the scale of potential M&A targets.

    Answer

    President & CEO Thomas Ferguson explained that the EBITDA guidance accounts for the loss of equity income from the Avail divestiture, which is offset by interest savings that directly benefit EPS. He identified margin levers including the new Precoat facility ramp-up and operational excellence. For M&A, he described a pipeline of single-site bolt-ons for Metal Coatings and potentially larger, multi-site opportunities for Precoat further down the line.

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    Daniel Rizzo's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Daniel Rizzo from Jefferies questioned why AZZ raised its EPS guidance but not its EBITDA guidance after a strong quarter. He also asked about future margin improvement drivers and the potential scale of M&A, contrasting smaller tuck-ins with larger, more transformative deals.

    Answer

    President & CEO Thomas Ferguson explained the differing guidance adjustments by noting that while the Avail divestiture reduces incoming EBITDA from equity earnings, the corresponding interest expense savings provide a tailwind for EPS. He cited the Precoat facility ramp-up and operational excellence as key margin levers. On M&A, Ferguson stated the current pipeline is mostly one-off bolt-ons, but a few larger, multi-site opportunities exist that could be pursued toward the end of the fiscal year or into the next.

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    Daniel Rizzo's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Daniel Rizzo of Jefferies questioned why AZZ raised its EPS guidance but not its EBITDA guidance after a strong quarter. He also asked about future margin improvement levers and the nature of the M&A pipeline, specifically regarding the potential for larger deals versus smaller tuck-ins.

    Answer

    President & CEO Tom Ferguson clarified that the EBITDA guidance accounts for the loss of equity income from the Avail divestiture, a headwind to EBITDA, which is offset by interest savings that positively impact EPS. He cited operational excellence and the Precoat facility ramp-up as margin levers. For M&A, he indicated the pipeline is mostly single-site bolt-ons, though a few larger multi-site opportunities exist for potential future consideration.

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    Daniel Rizzo's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Daniel Rizzo from Jefferies inquired why EBITDA guidance was not raised alongside the EPS guidance increase after a strong quarter. He also asked about the primary drivers for future margin improvement and the potential scale of M&A activity.

    Answer

    President & CEO Thomas Ferguson attributed the cautious EBITDA guidance to tariff uncertainty and the loss of EBITDA from the Avail JV divestiture, which is offset by interest savings that positively impact EPS. He identified future margin drivers as the new Precoat facility ramp-up, acquisition synergies, and operational excellence. For M&A, Ferguson stated the near-term focus is on single-site bolt-ons, though larger multi-site opportunities exist on a longer-term horizon.

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    Daniel Rizzo's questions to AZZ (AZZ) leadership • Q3 2025

    Question

    Daniel Rizzo asked about the potential impact of a cyclical recovery in private spending, such as commercial construction, and questioned the company's historical approach to share buybacks as part of its capital allocation strategy.

    Answer

    CEO Thomas Ferguson and Executive David Nark confirmed that a rebound in private sectors like commercial and warehouse construction would provide a significant tailwind, potentially boosting utilization from 65% to 80% and showing up in results within one to two quarters. Regarding capital allocation, Ferguson stated that share buybacks have primarily been used to offset dilution, but the company would consider more significant repurchases, balancing them against debt reduction, M&A opportunities, and potential dividend increases.

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    Daniel Rizzo's questions to DONALDSON Co (DCI) leadership

    Daniel Rizzo's questions to DONALDSON Co (DCI) leadership • Q3 2025

    Question

    Daniel Rizzo, representing Laurence Alexander from Jefferies, asked if the record Aerospace & Defense quarter was due to a pull-forward of sales, given the implied Q4 slowdown. He also asked for a rule of thumb regarding the impact of foreign exchange fluctuations on results.

    Answer

    CEO Tod Carpenter clarified that the strong A&D result was due to a push-out of sales from Q2, not a pull-forward. CFO Brad Pogalz added that the Q4 comparison is difficult as sales grew over 20% in the prior-year period. Regarding FX, Brad Pogalz explained that a simple rule of thumb is not practical due to the diverse basket of currencies, though the Euro is the most significant at around 20% of exposure.

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    Daniel Rizzo's questions to DONALDSON Co (DCI) leadership • Q1 2025

    Question

    Daniel Rizzo asked about the status of the restructuring in Life Sciences, its timeline, and whether the business can grow from its new footprint without macro improvement. He also questioned if the recent acceleration in Off-Road sales marked a sustainable inflection point.

    Answer

    CEO Tod Carpenter explained that the Life Sciences restructuring was a response to market headwinds and elongated project timelines, and the planned adjustments are now complete. He confirmed the business is now focused on projects that can be monetized more quickly and can grow from its current base. Regarding Off-Road, Carpenter stated it is too soon to call an inflection point, citing ongoing uncertainty in agriculture and construction, and described the positive results in China as 'a moment' rather than a new trend.

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    Daniel Rizzo's questions to Orion (OEC) leadership

    Daniel Rizzo's questions to Orion (OEC) leadership • Q1 2025

    Question

    Daniel Rizzo of Jefferies, on for Laurence Alexander, asked for the expected timeframe to see benefits from tariffs on imported tires. He also questioned if a structural shift in U.S. tire manufacturing capacity is likely and inquired about inventory trends in the Specialty Black business.

    Answer

    CEO Corning Painter stated that Orion expects to see tariff benefits materialize in the second half of 2025 as tire companies work through existing import inventories. He noted that the trend of building tire capacity in the U.S. is already underway and will likely be incentivized further by the new trade paradigm. Regarding the Specialty business, Painter described demand as "choppy" rather than showing clear destocking, with some areas like ink remaining strong, though distributor orders have slowed.

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    Daniel Rizzo's questions to CABOT (CBT) leadership

    Daniel Rizzo's questions to CABOT (CBT) leadership • Q2 2025

    Question

    Daniel Rizzo, on behalf of Laurence Alexander at Jefferies, asked about current industry capacity utilization rates given market volatility and tariffs. He also sought a breakdown of the revised CapEx forecast between growth and maintenance spending.

    Answer

    CEO and President Sean Keohane provided regional capacity utilization estimates for Reinforcement Materials: low 80s in North America, upper 80s in Europe, and around 90% in China. He characterized the current situation as a temporary inventory pullback, not a structural decline. EVP and CFO Erica McLaughlin clarified that of the revised $250-$275 million CapEx forecast, approximately $100 million is allocated to growth projects, with the largest being the new capacity in Indonesia.

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    Daniel Rizzo's questions to CABOT (CBT) leadership • Q4 2024

    Question

    Daniel Rizzo, on for Laurence Alexander at Jefferies, asked for the outlook on maintenance costs for fiscal 2025 versus 2024 and inquired how Western tire producers defending their market share could potentially affect Cabot's contracts and outlook.

    Answer

    EVP and CFO Erica McLaughlin addressed maintenance, stating that while costs were higher in Q4, no material change is expected year-over-year for fiscal 2025. CEO and President Sean Keohane added that there is evidence of Western tire makers becoming more aggressive to defend their position, likely in their Tier 2 brands. He noted this is counterbalanced by trade actions like tariffs and antidumping duties against imports, creating a dynamic situation.

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    Daniel Rizzo's questions to Ecovyst (ECVT) leadership

    Daniel Rizzo's questions to Ecovyst (ECVT) leadership • Q1 2025

    Question

    Daniel Rizzo, on for Laurence Alexander at Jefferies, questioned if the Cornerstone acquisition offered revenue or cross-selling synergies. He also asked whether this was a one-off transaction or if similar opportunities for network expansion exist.

    Answer

    CEO Kurt Bitting clarified that they view the opportunities as 'marketing and networking synergies' rather than traditional revenue synergies. He explained that Ecovyst's large commercial team can leverage the combined network capacity to better service customers and capture market opportunities. Bitting confirmed that the company is always evaluating ways to increase capacity, including both organic debottlenecking projects and further inorganic opportunities.

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    Daniel Rizzo's questions to LSB INDUSTRIES (LXU) leadership

    Daniel Rizzo's questions to LSB INDUSTRIES (LXU) leadership • Q4 2024

    Question

    Daniel Rizzo of Jefferies Financial Group Inc. inquired about the company's plant turnaround schedule beyond 2025 and whether new downstream UAN or urea capacity is coming online in North America.

    Answer

    Mark Behrman, Chairman and CEO, explained that the company operates on a three-to-four-year full turnaround schedule for its ammonia plants, with Cherokee scheduled for 2027 and Pryor for 2026. He also noted that most new capacity development in the U.S. is focused on low-carbon ammonia, not significant new builds of traditional urea or UAN.

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    Daniel Rizzo's questions to LINDE (LIN) leadership

    Daniel Rizzo's questions to LINDE (LIN) leadership • Q4 2024

    Question

    Speaking for Laurence Alexander, Daniel Rizzo from Jefferies inquired about the depth of the project pipeline for hydrogen, with a specific focus on the European Union and Japan.

    Answer

    CEO Sanjiv Lamba stated that while Linde has a strong global pipeline, development in specific regions varies. He characterized Japan primarily as an import market for clean hydrogen derivatives with minimal local project development. In the EU, he noted that a difficult regulatory framework is slowing investment decisions, making it challenging for the region to meet its ambitious hydrogen goals through local production.

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    Daniel Rizzo's questions to LINDE (LIN) leadership • Q3 2024

    Question

    Speaking for Laurence Alexander, Daniel Rizzo asked if the potential second phase of the Dow project would be larger in magnitude and if there were other portfolio pruning opportunities outside of healthcare.

    Answer

    CEO Sanjiv Lamba indicated that while Dow's Phase 2 would be another substantial investment, its size would likely be slightly lower than Phase 1. He also confirmed that Linde continuously evaluates its entire portfolio, actively pursuing both tuck-in acquisitions to add density and divestitures of non-core assets, a process that extends beyond the healthcare segment.

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    Daniel Rizzo's questions to Air Products & Chemicals (APD) leadership

    Daniel Rizzo's questions to Air Products & Chemicals (APD) leadership • Q1 2025

    Question

    Speaking for Laurence Alexander, Daniel Rizzo of Jefferies Financial Group Inc. asked if the 2025 outlook assumes an improvement in industrial activity and what effect the 2017-2018 tariffs had on demand.

    Answer

    Chief Financial Officer Melissa Schaeffer stated that the company's outlook does not assume a significant improvement in global industrial production. She noted she would have to follow up with information regarding the impact of the 2017-2018 tariffs.

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    Daniel Rizzo's questions to INTERNATIONAL FLAVORS & FRAGRANCES (IFF) leadership

    Daniel Rizzo's questions to INTERNATIONAL FLAVORS & FRAGRANCES (IFF) leadership • Q3 2024

    Question

    Daniel Rizzo, on behalf of Laurence Alexander at Jefferies, asked about the appropriate long-term margin structure and ROIC for IFF's portfolio after the Pharma Solutions divestiture is complete.

    Answer

    CEO Jon Erik Fyrwald stated that the company is focused on continuous improvement in both margins and ROIC. He outlined the key levers as customer focus, innovation, and productivity. Fyrwald also emphasized that capital allocation is being prioritized for higher-margin and higher-return businesses like Scent, Taste (formerly Flavors), and Health & Biosciences, alongside the turnaround of Functional Ingredients.

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    Daniel Rizzo's questions to Huntsman (HUN) leadership

    Daniel Rizzo's questions to Huntsman (HUN) leadership • Q3 2024

    Question

    Speaking for Laurence Alexander, Daniel Rizzo asked if the recent end of the Boeing strike, which was a headwind, could provide an upside to Q4 results.

    Answer

    Chairman, CEO and President Peter Huntsman tempered expectations, explaining that the aerospace supply chain is complex and will take time to normalize. He believes that by the time the ramp-up in production translates to increased demand for Huntsman's products, it will likely be closer to the end of the year, limiting any immediate Q4 upside.

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    Daniel Rizzo's questions to QUAKER CHEMICAL (KWR) leadership

    Daniel Rizzo's questions to QUAKER CHEMICAL (KWR) leadership • Q3 2024

    Question

    Daniel Rizzo, on behalf of Jefferies, asked about the potential net price tailwind for the upcoming year, the pace of market share gains over the last few years, and the extent to which recent growth reflects cross-selling synergies from the Houghton combination.

    Answer

    CEO Andrew Tometich explained that the negative impact from index-based pricing is already diminishing sequentially and he expects price/cost to stabilize, allowing the company to operate within its 37% to 38% gross margin target. He noted that new business wins are trending at the higher end of their 2% to 4% market outperformance goal. While the pandemic initially stunted post-merger growth synergies, he affirmed that the company is making progress and significant opportunity remains.

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    Daniel Rizzo's questions to ECOLAB (ECL) leadership

    Daniel Rizzo's questions to ECOLAB (ECL) leadership • Q3 2024

    Question

    Daniel Rizzo, on for Laurence Alexander, asked about the level of cannibalization from new technologies and inquired about the company's vitality index and its target.

    Answer

    CEO Christophe Beck stated the vitality index (sales from new products in the last 5 years) is around 30% and growing. He emphasized that the quality of innovation is shifting from simple renovation to 'breakthrough' solutions, which are margin-accretive. While not providing a specific cannibalization figure, he indicated the focus is on ensuring new offerings drive overall margin improvement. He did not commit to a specific future target for the vitality index.

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    Daniel Rizzo's questions to PPG INDUSTRIES (PPG) leadership

    Daniel Rizzo's questions to PPG INDUSTRIES (PPG) leadership • Q3 2024

    Question

    Speaking on behalf of Laurence Alexander, Daniel Rizzo asked if the recent decline in auto insurance claims is a secular trend driven by collision avoidance technology or a more cyclical issue.

    Answer

    Chairman and CEO Timothy Knavish opined that the decline is driven by multiple factors, including a higher rate of vehicle totals (replace vs. repair) and transitory economic issues causing consumers to delay or not file claims. He believes it is not primarily driven by anti-collision technology, which he noted is often offset by an increase in distracted driving.

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