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    Duffy Fischer • Goldman Sachs

    Duffy Fischer's questions to Chemours Co (CC) leadership

    Duffy Fischer's questions to Chemours Co (CC) leadership • Q2 2025

    Question

    Duffy Fischer of Goldman Sachs questioned the strategy in the Titanium Technologies (TT) segment, noting a shift towards higher volume at the expense of price compared to a competitor, and asked if this was a structural change. He also asked why the Q2-to-Q3 sequential decremental margin in TSS appears much higher this year despite a smaller sales decline.

    Answer

    President & CEO Denise Dignam reiterated the TT strategy is to be the lowest-cost manufacturer and gain share in fair-trade markets, expressing confidence in this approach without commenting on competitor responses. SVP & CFO Shane Hostetter explained that the higher decremental margin in TSS for Q3 is primarily due to product mix shift, contrasting with the prior year where a sharp decline in Freon pricing had a more direct impact on the bottom line.

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    Duffy Fischer's questions to Westlake Corp (WLK) leadership

    Duffy Fischer's questions to Westlake Corp (WLK) leadership • Q2 2025

    Question

    Duffy Fischer from Goldman Sachs asked about the Housing and Infrastructure Products (HIP) segment, seeking to understand what portion of the portfolio is facing pricing pressure and why margins are stable despite lower revenue. He also inquired about the financial impact of downtime in the PEM segment in Q3 versus Q2 and the expected improvement in chlorovinyls operating rates.

    Answer

    EVP & CFO Steven Bender addressed the HIP question by highlighting the strength of the broad portfolio, particularly the large-diameter pipe business for water infrastructure supported by the Infrastructure Act. Regarding the PEM segment, he noted that while there will be improvement in Q3, the company's core vinyl businesses are still ramping up, so they will not be fully clear of the production disruption impacts.

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    Duffy Fischer's questions to Westlake Corp (WLK) leadership • Q3 2024

    Question

    Duffy Fischer from Goldman Sachs asked for clarification on the $120 million outage impact, questioning if it was entirely unplanned, requesting a cost breakdown, and seeking to quantify the volume of Q3 sales deferred into Q4.

    Answer

    EVP and CFO Steve Bender confirmed both major outages were unplanned. He declined to provide a detailed cost breakdown of the $120 million impact. Regarding deferred sales, he stated it was difficult to quantify the exact amount but expects the sales to be realized in Q4 or Q1 2025, contingent on weather.

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    Duffy Fischer's questions to Linde PLC (LIN) leadership

    Duffy Fischer's questions to Linde PLC (LIN) leadership • Q2 2025

    Question

    Duffy Fischer of Goldman Sachs asked for a detailed overview of Linde's business performance and outlook by geography and end market for the second half of the year.

    Answer

    CEO Sanjiv Lamba provided a global tour, noting he remains positive on the U.S. market, particularly in space launches. He expressed a bearish view on Europe due to softening industrial demand but highlighted the team's strong execution on pricing and productivity. For APAC, he described China as a 'mixed bag' and expects flat volumes for the region overall, with India being a bright spot.

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    Duffy Fischer's questions to FMC Corp (FMC) leadership

    Duffy Fischer's questions to FMC Corp (FMC) leadership • Q2 2025

    Question

    Duffy Fischer of Goldman Sachs asked when the new direct sales program in Brazil would begin contributing and when the pricing headwinds from diamide partner contracts would anniversary.

    Answer

    Chairman and CEO Pierre Brondeau confirmed that the impact from the new direct sales force in Brazil is expected to be visible starting in Q3 2025. Regarding diamide partner contracts, he explained they are adjusted annually based on manufacturing costs. The most significant price reduction occurred from 2024 to 2025, and any future adjustments are expected to be far more incremental.

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    Duffy Fischer's questions to Air Products and Chemicals Inc (APD) leadership

    Duffy Fischer's questions to Air Products and Chemicals Inc (APD) leadership • Q3 2025

    Question

    Duffy Fischer of Goldman Sachs Group Inc. asked for management's view on the helium market cycle, including when current headwinds might anniversary and whether the downturn is cyclical or structural.

    Answer

    CEO Eduardo Menezes described a market undergoing significant change, with new supply sources and new market players. While acknowledging the current down cycle, he expressed a belief that the market's fundamental volatility remains and that a future supply event will eventually cause the pendulum to swing back. He noted that margin impacts should lessen as lower raw material costs are realized.

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    Duffy Fischer's questions to Air Products and Chemicals Inc (APD) leadership • Q2 2025

    Question

    Duffy Fischer from Goldman Sachs asked for the current earnings contribution from the volatile helium business and its expected progression. He also sought to confirm if the Neom project would generate significant positive cash flow in its early years by selling ammonia on the spot market.

    Answer

    CEO Eduardo Menezes noted that while helium is facing headwinds, its current operating income remains significantly higher than pre-COVID levels, though he could not disclose specific figures. Regarding Neom, he confirmed the forecast is for the project to be cash flow positive starting in 2027, with profitability increasing over time as they sell the ammonia before downstream facilities are built.

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    Duffy Fischer's questions to Air Products and Chemicals Inc (APD) leadership • Q4 2024

    Question

    Duffy Fischer asked whether the price decline in the Asia segment was driven more by supply/demand dynamics or the impact of falling helium prices. He also requested a breakdown of the recent headcount increase between capitalized project costs and expenses running through the P&L.

    Answer

    Chairman, President and CEO Seifi Ghasemi confirmed the pricing pressure in Asia is a combination of both supply-demand imbalance and the impact of Russian helium. CFO Melissa Schaeffer explained that while a large portion of the headcount growth is capitalized due to its project delivery focus, a portion for development and support is expensed. She also highlighted that productivity actions have reduced headcount by nearly 1,000.

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    Duffy Fischer's questions to PPG Industries Inc (PPG) leadership

    Duffy Fischer's questions to PPG Industries Inc (PPG) leadership • Q2 2025

    Question

    Duffy Fischer of Goldman Sachs asked why PPG is experiencing raw material inflation while many peers are reporting flat-to-down costs, questioning if it was due to a different product or geographic footprint.

    Answer

    CEO Timothy Knavish identified two key reasons: PPG's significant raw material purchases in Mexico, where FX rates impact costs, and its higher consumption of epoxy resins, which have seen price increases. CFO Vince Morales added that the company can typically offset the inflation in Mexico with pricing actions, protecting the bottom line.

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    Duffy Fischer's questions to PPG Industries Inc (PPG) leadership • Q2 2025

    Question

    Duffy Fischer from Goldman Sachs asked why PPG is experiencing raw material inflation while some peers are reporting flat to down costs.

    Answer

    Chairman & CEO Timothy Knavish identified two key differentiators: PPG's significant presence in Mexico, where FX rates impact the cost of dollar-denominated raw materials, and the company's higher exposure to epoxy resins, which have seen price increases. CFO Vince Morales added that the business in Mexico is able to pass on this inflation through pricing, mitigating the bottom-line impact.

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    Duffy Fischer's questions to Axalta Coating Systems Ltd (AXTA) leadership

    Duffy Fischer's questions to Axalta Coating Systems Ltd (AXTA) leadership • Q2 2025

    Question

    Duffy Fischer from Goldman Sachs asked for details on the 1,600 year-to-date body shop wins and sought reassurance that Axalta's weaker Refinish top-line results, relative to peers, were due to temporary mix issues rather than structural problems.

    Answer

    President and CEO Chris Villavarayan stated the 1,600 wins are part of a consistent trend of adding ~2,500 shops annually, with a strategic focus on the mainstream and economy segments where Axalta is underpenetrated. CFO Carl Anderson added that the weaker top-line was expected and is temporary, driven by a large customer's inventory destocking. Both executives expressed bullishness, citing factors like the eventual repair of a growing number of off-lease vehicles as a future tailwind.

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    Duffy Fischer's questions to Olin Corp (OLN) leadership

    Duffy Fischer's questions to Olin Corp (OLN) leadership • Q2 2025

    Question

    Duffy Fischer of Goldman Sachs requested a breakdown of the Winchester commercial business decline, asking about the split between price and volume, and whether propellants remain a cost headwind.

    Answer

    President and CEO Ken Lane detailed that the year-over-year decline in the Winchester commercial business was approximately 50% driven by lower volume, with the remainder split evenly between lower pricing and higher costs. He confirmed that both propellants and metals continue to be significant cost headwinds, contributing to unacceptable margin levels that necessitate price increases.

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    Duffy Fischer's questions to Dow Inc (DOW) leadership

    Duffy Fischer's questions to Dow Inc (DOW) leadership • Q2 2025

    Question

    Duffy Fischer of Goldman Sachs asked which product chains are most affected by anti-competitive dumping and where legal action has been or might be taken. He also asked to clarify how much of the July polyethylene price increase is included in the Q3 guidance.

    Answer

    CEO Jim Fitterling identified polyurethanes as a primary area for dumping, with some activity also seen in chlorine, aromatics, and polyethylene. He noted actions have been taken in Brazil. COO Karen Carter confirmed that the full July price increase is factored into the Q3 guidance, as they fully expect to achieve it due to unsustainably low current margins.

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    Duffy Fischer's questions to Sherwin-Williams Co (SHW) leadership

    Duffy Fischer's questions to Sherwin-Williams Co (SHW) leadership • Q2 2025

    Question

    Duffy Fischer from Goldman Sachs asked about the impact of transfer accounting, questioning if the financial pain from lower production volumes would be disproportionately borne by the Consumer Brands Group.

    Answer

    SVP of Finance & CFO Al Mestyshin confirmed that in the short term, the negative impact from lower production gallons will reside within the Consumer Brands Group's results for the remainder of the year. A cost true-up will occur in January with new standard setting, at which point costs will be allocated more broadly across the other segments.

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    Duffy Fischer's questions to Sherwin-Williams Co (SHW) leadership • Q2 2025

    Question

    Duffy Fischer of Goldman Sachs asked about the impact of transfer accounting, questioning if the financial pain from lower factory operating rates would be disproportionately absorbed by the Consumer Brands Group (CBG).

    Answer

    CFO Allen Mistysyn confirmed that in the short term, the deficit from lower production gallons will indeed remain within the Consumer Brands Group. A true-up of these costs will occur in January, at which point some of the impact will be allocated to the Paint Stores and Performance Coatings groups. He also noted a focus on retaining factory headcount despite lower volumes.

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    Duffy Fischer's questions to Element Solutions Inc (ESI) leadership

    Duffy Fischer's questions to Element Solutions Inc (ESI) leadership • Q4 2024

    Question

    Duffy Fischer of Goldman Sachs asked about the seasonality of the divested graphics business and its financial impact in Q1. He also inquired about the company's approach to share buybacks, asking if they would be opportunistic or more systematic.

    Answer

    CEO Benjamin Gliklich advised to expect a $3-5 million EBITDA contribution from the graphics business in Q1 2025 before it is fully divested. Regarding buybacks, he stated the approach will remain opportunistic and not formulaic. While it's reasonable to expect repurchases in 2025, it's too early to be specific before the sale proceeds are received.

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