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Research Analyst at Cowen Inc.
Jacob Henry, CFA, is an Equities Analyst at TD Cowen, where he focuses on the consumer goods sector, particularly the beverage, food, household, and personal care industries. His coverage includes major U.S. brewers such as Anheuser-Busch InBev, Molson Coors, and Constellation Brands, with recent research emphasizing the rapid growth and disruption of the 'beyond beer' category (flavored alcoholic beverages), where he has projected that the category will reach 32% of beer sales by 2030, based on a 7% CAGR, and has estimated current sales at $22 billion, or 20% of the beer sector. Henry joined TD Cowen in 2021 following a tenure as a Research Associate at Deutsche Bank Securities, Inc. from 2018 to 2021; he is a Chartered Financial Analyst (CFA) credential holder, highlighting his rigorous professional training in investment analysis.
Jacob Henry asked for insight into when and why Premier Protein's fifth pallet at the large club customer is transitioning out.
Darcy Davenport, President and CEO, BellRing Brands, clarified that the fifth pallet was always intended to be a temporary SKU and is transitioning out in Q2.
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BRBR's earnings beat/miss a week before the call
Jacob Henry inquired about the transition out of the fifth pallet at the large club customer, seeking insight into when and why this is occurring.
President and CEO Darcy Davenport clarified that the fifth pallet SKU was always intended to be a temporary item and is scheduled to phase out in Q2.
Fintool can write a report on BRBR's next earnings in your company's style and formatting
Jacob Henry inquired about the pricing of contracts signed this quarter, asking how they aligned with expectations and if Lamb Weston is offering more discounts than anticipated to secure new business.
CEO Mike Smith stated that North America pricing was in line with expectations, reflecting customers' focus on service, quality, consistency, and innovation, not solely price, despite supporting customers in a challenging environment. He noted that international markets continue to experience more competitive dynamics due to new capital, raw pricing, and normal competition, but this was also as expected. CFO Bernadette Madarieta added that there's a mix shift in the retail channel towards private label volume.
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LW's earnings beat/miss a week before the call
Jacob Henry, on behalf of Rob Moskow, asked for additional details on the pricing of contracts signed this quarter, specifically how they aligned with expectations and if the company is resorting to more discounting than anticipated to win new business.
CEO Mike Smith stated that North American customers are focusing on service quality, consistency, and innovation, not solely on price, and pricing in North America has been in line with expectations. He acknowledged supporting customers in a challenging environment and noted that 75% of contracts are finalized, with the remaining 25% expected by calendar year-end. He added that international markets continue to exhibit more competitive dynamics due to new capital, raw pricing, and normal competitive pressures. CFO Bernadette Madarieta highlighted a mix change in North America, particularly in the retail channel, with a shift towards private label volume over branded volume.
Fintool can write a report on LW's next earnings in your company's style and formatting