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    Jacob Bout • CIBC

    Jacob Bout's questions to Stantec Inc (STN) leadership

    Jacob Bout's questions to Stantec Inc (STN) leadership • Q2 2024

    Question

    Jacob Bout from CIBC asked about the muted margin impact from recent acquisitions, the expected duration of the integration period, the margin profile of the acquired firms, and the current pricing environment for Stantec's services.

    Answer

    CFO Theresa B. Jang explained that integrating three separate firms concurrently is complex and will mute margin enhancements until the work normalizes through H2 2024 and into H1 2025. She noted the acquired firms have margin profiles similar to Stantec's. CEO Gordon Johnston added that the pricing environment remains favorable, with clients prioritizing project delivery timelines over cost, providing pricing tailwinds.

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    Jacob Bout's questions to Nutrien Ltd (NTR) leadership

    Jacob Bout's questions to Nutrien Ltd (NTR) leadership • Q2 2024

    Question

    Jacob Bout requested details on the unauthorized derivative contract in Brazil, asking about the circumstances, whether the issue was isolated, and Nutrien's general approach to using derivatives.

    Answer

    CEO Kenneth Seitz confirmed the action was outside normal policy, stemming from organizational changes in Brazil that weakened controls, but was quickly identified and remediated. He assured it was a Brazil-only issue. CFO Pedro Farah added that Nutrien typically uses standard forwards and options for hedging, and the issue was due to actions outside of policy, with new controls now in place.

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