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    Emmanuel Rosner • Wolfe Research, LLC

    Emmanuel Rosner's questions to Goodyear Tire & Rubber Co (GT) leadership

    Emmanuel Rosner's questions to Goodyear Tire & Rubber Co (GT) leadership • Q2 2025

    Question

    Emmanuel Rosner of Wolfe Research LLC asked for clarity on the full-year outlook for Segment Operating Income (SOI) and free cash flow, given the near-term challenges. He also questioned the drivers behind management's long-term confidence that performance will recover once market turbulence subsides, especially as import issues seem to shift between regions.

    Answer

    EVP & CFO Christina Zamarro detailed the known factors for Q4 SOI but stated that volume remains the key uncertainty, preventing a precise full-year forecast. She updated the free cash flow outlook, noting it would be lower due to earnings but would include a new $265 million add-back from supply agreements. Both Zamarro and CEO Mark Stewart reiterated their confidence, citing Goodyear's strong U.S. manufacturing footprint, the potential for punitive tariffs on imports into Europe, and the strategic push into premium products, which positions them to capitalize once the market stabilizes.

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    Emmanuel Rosner's questions to Goodyear Tire & Rubber Co (GT) leadership • Q1 2025

    Question

    Emmanuel Rosner of Wolfe Research requested a sequential bridge from Q2 to the targeted double-digit SOI margin in Q4, an updated free cash flow bridge, and more detail on the strategy to leverage Goodyear's tariff-related competitive advantage.

    Answer

    CFO Christina Zamarro provided the bridge, highlighting that significant earnings growth in H2 will come from higher volume and a substantial improvement in price/mix relative to raw materials. She also updated the free cash flow walk, noting a reduction in the working capital inflow assumption due to tariffs. CEO Mark Stewart added that the company is taking a multi-angled approach to its tariff advantage, optimizing pricing and product positioning while monitoring inventory levels.

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    Emmanuel Rosner's questions to Goodyear Tire & Rubber Co (GT) leadership • Q4 2024

    Question

    Emmanuel Rosner asked for details on the drivers of the expected improvement in volume and price/mix in the second half of 2025. He also requested a free cash flow walk for the year, including restructuring costs, and asked if the total restructuring spend was now lower than initially planned.

    Answer

    CFO Christina Zamarro provided a detailed 2025 Segment Operating Income (SOI) bridge, projecting a full-year result comparable to 2024's $1.3B level, implying ~10% underlying growth. She confirmed that free cash flow is expected to be positive even after accounting for $400M in restructuring costs, driven by ~$2.1B in EBITDA and lower CapEx. She also confirmed the total restructuring spend is now projected to be around $800M, below the initial $1B budget, due to efficient execution.

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    Emmanuel Rosner's questions to Goodyear Tire & Rubber Co (GT) leadership • Q3 2024

    Question

    Emmanuel Rosner of Wolfe Research asked about the drivers of the Q3 free cash flow use, the outlook for 2025 free cash flow, the remaining restructuring spend, and when unit volume would stop being a major headwind that offsets cost savings.

    Answer

    Executive Vice President and CFO Christina Zamarro explained that Q3 cash use was driven by higher rationalization payments and working capital timing, but she expects a strong Q4 and positive free cash flow in 2025, aided by working capital recovery and lower CapEx. CEO and President Mark Stewart addressed the volume issue by detailing a phased rollout of new, higher-coverage product lines, estimating it's a roughly 1.5-year process to fully address market gaps and stabilize volume performance.

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    Emmanuel Rosner's questions to Adient PLC (ADNT) leadership

    Emmanuel Rosner's questions to Adient PLC (ADNT) leadership • Q3 2025

    Question

    Emmanuel Rosner of Wolfe Research, LLC sought to quantify the competitive advantage of Adient's U.S. footprint amid onshoring trends and asked for an update on the company's margin performance relative to its long-term improvement goals.

    Answer

    Jerome Dorlak, President, CEO & Director, explained the competitive advantage extends beyond the $20-30 million cost of a new JIT plant to include deep customer intimacy, a proven delivery track record, and high switching costs for OEMs. Mark Oswald, EVP & CFO, reiterated the long-term goal of an 8% company-wide EBITDA margin, which would require continued growth in the Americas, sustained double-digit margins in APAC, and Europe improving from its current trough to the 5-6% range.

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    Emmanuel Rosner's questions to Adient PLC (ADNT) leadership • Q2 2025

    Question

    Emmanuel Rosner from Wolfe Research, LLC asked for clarification on Adient's direct tariff exposure, specifically regarding its USMCA compliance and non-Annex-1 parts, and inquired about the long-term margin outlook and self-help opportunities.

    Answer

    President and CEO Jerome Dorlack detailed that high USMCA compliance shields most Mexico/Canada parts, while the main exposure is a 145% 'stacking' tariff on non-Annex-1 parts from China. EVP and CFO Mark Oswald reiterated a long-term margin target of 7.5-8%, driven by operational improvements, European restructuring, and a better business mix.

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    Emmanuel Rosner's questions to Adient PLC (ADNT) leadership • Q4 2024

    Question

    Emmanuel Rosner of Wolfe Research inquired whether fiscal 2025 customer mix headwinds are temporary or secular and requested a breakdown of the drivers behind the $100 million business performance target for the upcoming year.

    Answer

    Mark Oswald, EVP and CFO, described the headwinds as a mix of temporary destocking and specific program sunsets, like the Ram Classic, offset by new program growth. Jerome Dorlack, President and CEO, added that Adient is purposefully winding down $300-$400 million of lower-margin third-party metals business in the Americas by 2028. Regarding the $100 million target, Mark Oswald listed drivers like freight, continuous improvement, and ops waste, but declined to provide a specific breakdown, noting it's a continuation of 2024's successful efforts.

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    Emmanuel Rosner's questions to Rivian Automotive Inc (RIVN) leadership

    Emmanuel Rosner's questions to Rivian Automotive Inc (RIVN) leadership • Q2 2025

    Question

    Emmanuel Rosner inquired about the sharp growth in non-JV Software and Services revenue, its future trajectory and profitability, and its role in the 2027 EBITDA target. He also asked for the gross breakeven volume for the R2 vehicle.

    Answer

    CFO Claire McDonough attributed the services growth to remarketing, service infrastructure, and charging, confirming it's a meaningful contributor to the 2027 EBITDA goal. Regarding R2, McDonough and CEO RJ Scaringe explained it has a much faster path to positive gross profit due to its lower material cost and the shared fixed-cost absorption at the Normal plant. They expect R2 can reach that level as it exits 2026.

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    Emmanuel Rosner's questions to Rivian Automotive Inc (RIVN) leadership • Q3 2024

    Question

    Emmanuel Rosner inquired about the drivers behind the Q4 gross profit improvement, the sustainability of this progress into 2025, and the outlook for regulatory credits next year.

    Answer

    CFO Claire McDonough explained that Q4 gross profit is driven by increased revenue per unit from approximately $300 million in 2024 regulatory credits and higher R1 average selling prices (ASPs) due to a better sales mix. For 2025, she stated the goal is to achieve full-year positive gross profit, supported by the launch of the Quad-Motor variant, continued material cost reductions, and lower depreciation. She anticipates 2025 regulatory credits will be in line with 2024 levels.

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    Emmanuel Rosner's questions to Dana Inc (DAN) leadership

    Emmanuel Rosner's questions to Dana Inc (DAN) leadership • Q2 2025

    Question

    Emmanuel Rosner of Wolfe Research asked for the assumptions behind the new business margin contribution for 2026, the drivers of the three-year sales backlog, and whether the year-end tariff headwind was a timing issue.

    Answer

    Senior VP & CFO Timothy Kraus confirmed the previously disclosed $300 million backlog for next year is still a reasonable figure, driven by ICE and EV programs, including the next-generation Wrangler. He affirmed that the tariff headwind is largely a timing issue due to recovery lags, and the majority of the impact is expected to be recovered next year.

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    Emmanuel Rosner's questions to Dana Inc (DAN) leadership • Q1 2025

    Question

    Emmanuel Rosner of Wolfe Research asked for insight into the expected cadence of revenue and earnings for the remainder of the year, particularly the assumptions driving the anticipated recovery in the second half.

    Answer

    SVP and CFO Timothy Kraus confirmed the outlook for a weaker first half, with Q1 being the lowest point, followed by a back-half recovery, consistent with prior guidance. Chairman and CEO R. McDonald added that the year-over-year revenue headwind is expected to decrease sequentially as the company laps easier comparisons from the prior year, which had strong post-strike recovery volumes in early 2024.

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    Emmanuel Rosner's questions to Magna International Inc (MGA) leadership

    Emmanuel Rosner's questions to Magna International Inc (MGA) leadership • Q2 2025

    Question

    Emmanuel Rosner of Wolfe Research sought quantification of the H1 to H2 margin improvement drivers beyond tariffs, such as commercial recoveries and lower engineering spend. He also asked for clarification on the math behind the operational excellence opportunity mentioned for 2025 and 2026.

    Answer

    VP of Investor Relations Louis Tonelli stated that while the company would not quantify each driver, the items mentioned are all impactful and the implied H2 margin range is consistent with what was achieved in 2023 and 2024. CEO Seetarama Swamy Kotagiri elaborated that the operational excellence gains (40 bps in 2025) come from a mix of initiatives including material savings, purchasing, and automation, and confirmed a similar magnitude of improvement is on the roadmap for 2026.

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    Emmanuel Rosner's questions to Borgwarner Inc (BWA) leadership

    Emmanuel Rosner's questions to Borgwarner Inc (BWA) leadership • Q2 2025

    Question

    Emmanuel Rosner from Wolfe Research LLC asked about BorgWarner's long-term target for growth over market, the expected duration of headwinds from the battery business, and whether the high number of hybrid-related new business wins reflects a market shift or a specific company strength.

    Answer

    CEO Joseph Fadool acknowledged the 100 basis point headwind from the battery business but expressed long-term bullishness on its value. He noted that while the company doesn't provide a long-term target, the goal is to outgrow the market across the portfolio. He confirmed a significant increase in RFQ activity for advanced hybrids, which plays to BorgWarner's strength across both combustion and e-product portfolios.

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    Emmanuel Rosner's questions to Borgwarner Inc (BWA) leadership • Q1 2025

    Question

    Emmanuel Rosner requested a more detailed breakdown of the $200 million-plus tariff costs and asked about the progress of customer recovery negotiations. He also sought an update on the eProduct growth assumptions embedded in the revised guidance.

    Answer

    Executive Craig Aaron clarified that the tariff exposure is about 1.6% of sales, with roughly half related to IEEPA/232 tariffs and the other half to China retaliatory tariffs. CEO Joseph Fadool added that negotiations are well underway, with line of sight on recovering about 50% of the non-compliant USMCA-related costs from Mexico already. While not providing detailed eProduct guidance, Fadool confirmed over 20 launches are ongoing, and Craig Aaron noted Q1 eProduct sales were approximately $640 million, up from $500 million year-over-year.

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    Emmanuel Rosner's questions to Borgwarner Inc (BWA) leadership • Q4 2024

    Question

    Emmanuel Rosner asked for context on the lower CapEx budget, the potential use of free cash flow for buybacks, and the growth outlook for EV products in China amid a competitive market.

    Answer

    CFO Craig Aaron explained that CapEx is guided to be around 5% of sales, down from previous levels. He stated that while no share repurchases are included in the 2025 guidance, it remains a potential lever for capital allocation. He also reiterated the company's strong position in China, where 75% of its business is with local OEMs.

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    Emmanuel Rosner's questions to Borgwarner Inc (BWA) leadership • Q3 2024

    Question

    Emmanuel Rosner requested quantification of the structural cost reductions, their annualization into next year, and the remaining savings to be achieved. He also asked about the competitive advantages and operating leverage of the commercial vehicle battery business, questioning the expected drop from a high Q3 incremental margin to a mid-teens level going forward.

    Answer

    Executive Craig Aaron detailed the PDS restructuring savings: $20-30M this year, annualizing to $40-60M, with a $100M target by 2026. He noted that while Q3 battery business incrementals were high, 'one quarter doesn't make a trend,' and the sustainable target remains in the mid-teens. Executive Frederic Lissalde outlined competitive advantages including a CV focus, cell chemistry agnosticism, and unique software and testing capabilities.

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    Emmanuel Rosner's questions to Aptiv PLC (APTV) leadership

    Emmanuel Rosner's questions to Aptiv PLC (APTV) leadership • Q2 2025

    Question

    Emmanuel Rosner of Wolfe Research asked about the forward revenue trajectory for the Advanced Safety & User Experience (ASUX) segment and the reasons for margin contraction in the Engineered Components Group (ECG).

    Answer

    CEO Kevin P. Clark explained ASUX growth is temporarily held back by a legacy program roll-off, which acts as a 200-300 basis point headwind that will conclude in Q4, allowing for a return to mid-single-digit growth in 2026. Both Clark and CFO Varun Laroyia identified unfavorable foreign exchange, mainly the Mexican peso, as the primary driver of ECG margin pressure, and they expect a recovery in the second half.

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    Emmanuel Rosner's questions to Aptiv PLC (APTV) leadership • Q4 2024

    Question

    Emmanuel Rosner questioned the flat revenue outlook for the Electrical Distribution Systems (EDS) business in 2025 and what will drive its future acceleration, and also asked about the appetite for more structural cost reductions.

    Answer

    CEO Kevin P. Clark attributed the flat 2025 EDS outlook to a recovery from a significant 2024 decline in high-voltage revenue, with growth drivers being EV platforms and commercial vehicles. He stated that long-term growth to mid-single digits will come from EV adoption and strong prior-year bookings. Regarding costs, he confirmed an ongoing focus on payroll reduction and footprint rotation but noted that recent engineering productivity gains were from operational efficiency, not cuts to advanced R&D.

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    Emmanuel Rosner's questions to Aptiv PLC (APTV) leadership • Q3 2024

    Question

    Emmanuel Rosner questioned the confidence in the Q4 outlook given the severe production volatility in Q3 and asked about Aptiv's preparedness for potential U.S. tariff changes on goods imported from Mexico.

    Answer

    CFO Joe Massaro noted that while the full-year outlook is reduced, Q4 benefits from ongoing program launches and strong secular growth in areas like active safety. CEO Kevin P. Clark added that Aptiv is well-prepared for tariff risks, having regionalized its supply chain since 2016, with 90% of products manufactured in-region for the region.

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    Emmanuel Rosner's questions to Ford Motor Co (F) leadership

    Emmanuel Rosner's questions to Ford Motor Co (F) leadership • Q2 2025

    Question

    Emmanuel Rosner asked for details on the drivers of Ford's updated guidance, questioning how the company is absorbing a $2 billion tariff headwind and what specific underlying performance improvements are offsetting it. He also inquired about Ford's appetite to reduce EV spending given the more relaxed U.S. regulatory environment.

    Answer

    CFO Sherry House attributed the strong underlying performance to cost improvements, with a $1 billion net target. CEO James Farley specified that accelerated savings in manufacturing efficiency and negotiated parts costs were key drivers. Farley also confirmed a significant shift in EV capital allocation towards Ford Pro, delaying some EV launches and focusing more on hybrids and ICE vehicles, which he sees as a multi-billion dollar opportunity.

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    Emmanuel Rosner's questions to Ford Motor Co (F) leadership • Q1 2025

    Question

    Emmanuel Rosner asked for a detailed breakdown of the $2.5 billion gross tariff headwind, the components of the $1 billion net offset, and why a strong Q1 didn't raise the full-year ex-tariff guidance.

    Answer

    CFO Sherry House detailed that the $2.5B gross impact is roughly half parts and half imported vehicles, with the $1B offset coming from market optimization and cost actions. CEO James Farley noted that while Q1 was a solid start, the company is not updating its full-year guidance range at this time, focusing instead on continued execution.

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    Emmanuel Rosner's questions to Ford Motor Co (F) leadership • Q4 2024

    Question

    Emmanuel Rosner requested more detail on the drivers of the $1 billion net cost savings target for 2025 and asked about the risk of a significant pricing downturn in the pickup truck market given high industry-wide inventories.

    Answer

    CFO Sherry House explained the confidence in cost savings comes from a granular focus on material costs and warranty, with 90% of design cost ideas already in the pipeline, causing the savings to be back-half loaded. CEO Jim Farley addressed pricing by emphasizing that inventory discipline is critical, and Ford plans to reduce its dealer supply to below 60 days to protect brand pricing, though he acknowledged the risk from competitor actions.

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    Emmanuel Rosner's questions to Ford Motor Co (F) leadership • Q3 2024

    Question

    Emmanuel Rosner inquired about the timing of the $2 billion in cost reductions for the year and pressed for the scale of the cost-saving opportunity heading into 2025.

    Answer

    CFO John Lawler explained that most of the $2 billion in efficiencies were realized in the first three quarters. While acknowledging a tremendous opportunity remains, Lawler declined to provide a specific 2025 target until Q4 earnings. CEO Jim Farley added that future efforts will focus on material costs, software warranty, manufacturing, and supplier negotiations.

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    Emmanuel Rosner's questions to Lear Corp (LEA) leadership

    Emmanuel Rosner's questions to Lear Corp (LEA) leadership • Q2 2025

    Question

    Emmanuel Rosner of Wolfe Research focused on the first-half to second-half margin walk, noting that the decline appeared to be driven entirely by volume and mix. He questioned the magnitude of the implied decremental margin and asked if it was impacted by a mix shift away from higher-margin EU imports. He also asked for details on factors contributing to the lower free cash flow guidance beyond EBIT and tariff timing.

    Answer

    CFO Jason Cardew clarified that the volume-driven sales decline converts at a normal rate of about 19.8%. He attributed the lower second-half volume assumption to normal seasonality and specific caution around tariff-impacted EU imports like the Mercedes GLC. Regarding cash flow, he confirmed the main drivers were lower earnings and a $30 million tariff recovery timing lag, with a $40 million increase in restructuring cash spend being mostly offset by a $35 million reduction in CapEx.

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    Emmanuel Rosner's questions to Lear Corp (LEA) leadership • Q1 2025

    Question

    Emmanuel Rosner of Wolfe Research asked about the impressive cost performance and whether the accelerated restructuring could further boost benefits this year to offset potential volume weakness from tariffs. He also followed up on risks to the sales backlog and the status of the share buyback program.

    Answer

    CFO Jason Cardew confirmed they are increasing restructuring investment by $30-$40 million, which should yield immediate benefits and positive outperformance this year, while slightly reducing CapEx. CEO Raymond Scott emphasized a focus on operational excellence and balance sheet discipline. Cardew also stated that the share repurchase program is being paused temporarily until production visibility improves, and that it's too early to update the 2-year backlog, though recent E-Systems wins are positive for long-term growth.

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    Emmanuel Rosner's questions to Tesla Inc (TSLA) leadership

    Emmanuel Rosner's questions to Tesla Inc (TSLA) leadership • Q2 2025

    Question

    Emmanuel Rosner asked for key performance indicators (KPIs) for the robotaxi business, such as the number of vehicles in operation and miles driven, and inquired about the key milestones required to achieve the long-term cost-per-mile targets.

    Answer

    Ashok Elluswamy, VP of AI Software, shared that the service has operated for over 7,000 miles in Austin with a handful of vehicles and no notable safety incidents. CEO Elon Musk added that the purpose-built CyberCab could achieve a sub-30-cent per mile cost and predicted the robotaxi business would have a material financial impact by the end of the following year.

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    Emmanuel Rosner's questions to Tesla Inc (TSLA) leadership • Q1 2025

    Question

    Emmanuel Rosner inquired about the remaining software and system requirements needed to achieve unsupervised Full Self-Driving (FSD) ahead of the planned June launch in Austin, and asked about the potential use of remote operators.

    Answer

    Executive Ashok Elluswamy explained the team is focused on resolving a list of known intervention causes in Austin, improving system redundancies, and adding functionalities like audio input for emergency vehicles. He clarified that remote support would be for availability, not safety. CEO Elon Musk added that the process involves solving a long tail of rare edge cases and the launch is imminent.

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    Emmanuel Rosner's questions to Autoliv Inc (ALV) leadership

    Emmanuel Rosner's questions to Autoliv Inc (ALV) leadership • Q2 2025

    Question

    Emmanuel Rosner of Wolfe Research sought clarification on tariff recovery dynamics, asking if Q3 would 'over-recover' or if a lag would persist quarterly. He also inquired about the balance between internal controls and market stability needed to achieve the long-term 12% margin target.

    Answer

    CEO Mikael Bratt clarified that a 'calendar effect' or lag in tariff recovery is expected at the end of each quarter, so an over-recovery is not anticipated. Regarding the margin target, he reiterated that while a stable market is an important assumption, the company is focused on and delivering well on the operational levers within its own control.

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    Emmanuel Rosner's questions to Autoliv Inc (ALV) leadership • Q1 2025

    Question

    Emmanuel Rosner questioned the decision to reiterate full-year guidance amidst market uncertainty, asking if it reflected confidence or caution. He also asked about the capital allocation strategy, particularly regarding shareholder returns.

    Answer

    CEO Mikael Bratt expressed comfort with the guidance, citing a strong Q1, healthy Q2 call-offs, and progress on internal cost controls, noting the guidance range can absorb some volatility. He stated that S&P's revised LVP forecast is now closer to Autoliv's initial, more conservative assumption. Bratt also reaffirmed the company's commitment to being shareholder-friendly and continuing its buyback program.

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    Emmanuel Rosner's questions to Autoliv Inc (ALV) leadership • Q1 2025

    Question

    Emmanuel Rosner questioned the decision to reiterate full-year guidance amidst market uncertainty and asked if the current environment would cause a change in the company's capital allocation strategy, particularly regarding shareholder returns.

    Answer

    CEO Mikael Bratt affirmed the company's comfort with its guidance, citing a strong Q1 performance, healthy Q2 call-offs, and a guidance range that can absorb some volatility. He also stated that Autoliv's commitment to shareholder returns remains firm, highlighting the continuation of share buybacks in the first quarter and the intention to maintain its shareholder-friendly strategy.

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