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    Gerald Lubinski

    Managing Director and Equity Research Analyst at BMO Capital Markets

    Gerald Lubinski is a Managing Director and Equity Research Analyst at BMO Capital Markets, specializing in North American midstream energy and utilities. He covers key companies including TC Energy, Enbridge, Pembina Pipeline, and Keyera, with a solid track record of generating positive returns for investors and maintaining a TipRanks ranking among the top percentile of sector analysts, with a success rate routinely above 60%. Lubinski began his career at BMO in the early 2000s, advancing from associate roles to his current leadership position; he previously held roles in financial analysis and research at Canadian investment firms. He holds FINRA Series 7, 63, and 86/87 licenses, and is widely recognized for delivering actionable insights and timely recommendations in the energy and infrastructure space.

    Gerald Lubinski's questions to Wendy's (WEN) leadership

    Gerald Lubinski's questions to Wendy's (WEN) leadership • Q4 2024

    Question

    Gerald Lubinski of BMO Capital Markets asked about the expected level of commodity inflation in the U.S. for 2025, with a specific focus on the outlook for beef costs.

    Answer

    CEO Kirk Tanner stated that the 2025 guidance incorporates approximately 1% commodity inflation and 4% wage inflation. He confirmed that beef is expected to be the primary driver of the commodity cost increase, with some additional pressure from bacon. He also noted that the current outlook does not assume any significant impact from tariffs, but it is a situation the company is monitoring closely with its partners.

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