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    Javier Escalante Manzo • Evercore ISI

    Javier Escalante Manzo's questions to Clorox Co (CLX) leadership

    Javier Escalante Manzo's questions to Clorox Co (CLX) leadership • Q3 2025

    Question

    Javier Escalante Manzo sought clarification on the Q4 organic sales guidance excluding the ERP transition and asked about competitive traction and potential structural pricing issues in the Glad and Cat Litter categories.

    Answer

    CFO Luc Bellet confirmed the Q4 organic sales growth, excluding the ERP impact, is expected to be around negative 3%, driven by the persistent consumption slowdown and retailer inventory reductions. CEO Linda Rendle addressed competition, noting increased promotional activity in Glad but confidence in their premium innovation. For Litter, she acknowledged it's a competitive category where they are making progress in regaining consumers post-cyberattack through innovation and investment.

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    Javier Escalante Manzo's questions to Clorox Co (CLX) leadership • Q2 2025

    Question

    Javier Escalante Manzo of Evercore ISI asked about the high cost of the company's digital transformation compared to peers and sought confidence in the underlying SG&A rate once the one-time project costs are complete.

    Answer

    CEO Linda Rendle justified the cost by describing the project as a comprehensive digital overhaul of the company's backbone, not just an ERP upgrade. CFO Kevin Jacobsen stated the goal is to lower the admin expense rate from 15-16% of sales during the investment phase to approximately 13% post-transformation by driving productivity and retiring legacy systems.

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    Javier Escalante Manzo's questions to Clorox Co (CLX) leadership • Q1 2025

    Question

    Javier Escalante Manzo asked for the company's underlying category growth assumption for the fiscal year and questioned if a hurricane might have artificially inflated Q1 results. He also asked for the top one or two factors that performed better than expected during the quarter.

    Answer

    CEO Linda Rendle reiterated the full-year category growth assumption of 0-1% and dismissed the idea that hurricanes had a meaningful impact on the quarter's results. She identified stronger-than-expected performance in the Health and Wellness portfolio as a key driver of the beat, specifically highlighting strong share growth in home care and laundry, as well as robust results from the Professional Products Division (PPD).

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    Javier Escalante Manzo's questions to Reynolds Consumer Products Inc (REYN) leadership

    Javier Escalante Manzo's questions to Reynolds Consumer Products Inc (REYN) leadership • Q1 2025

    Question

    Javier Escalante Manzo questioned the downbeat Q2 sales forecast given distribution gains and the Easter timing benefit, and also asked about the impact of channel shifts to online and club stores on future investment needs.

    Answer

    CFO Nathan Lowe explained that the Q2 Easter benefit is largely offset by an expected unwind of consumer pantry loading that occurred in Q1 ahead of tariffs. CEO Scott Huckins addressed channel shifts by acknowledging share gains in club and online, stating that Reynolds' online business is consistent with retailer trends and does not require a change in investment strategy beyond what has been outlined.

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    Javier Escalante Manzo's questions to Kimberly-Clark Corp (KMB) leadership

    Javier Escalante Manzo's questions to Kimberly-Clark Corp (KMB) leadership • Q1 2025

    Question

    Javier Escalante Manzo asked about the company's use of pricing to drive mix, contrasting emerging markets with North America, and specifically inquired about the promotional environment and strategy in North America.

    Answer

    CEO Michael Hsu explained the strategy is to drive volume and mix growth while maintaining pricing discipline (PNOC). He characterized promotion not as a sustainable growth driver but as a useful tool for encouraging trial of new innovations. He stated the focus is on improving product quality across all tiers and allowing consumers to determine the final mix, rather than using aggressive pricing levers.

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    Javier Escalante Manzo's questions to Kimberly-Clark Corp (KMB) leadership • Q3 2024

    Question

    Javier Escalante Manzo asked for clarification on the impact of external factors like inventory destocking versus internal factors. He specifically asked about the private label exit timeline, the S/4HANA implementation's impact on visibility, and reports of the company evaluating strategic options for international businesses.

    Answer

    CFO Nelson Urdaneta quantified that transitory factors (inventory, hurricane, private label) negatively impacted Q3 growth by approximately 1.3 percentage points. CEO Michael Hsu reiterated the private label exit plan, praised the smooth S/4HANA implementation, and declined to comment on rumors about strategic options, but affirmed the company continuously optimizes its portfolio where it doesn't have a 'right to win'.

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    Javier Escalante Manzo's questions to Oddity Tech Ltd (ODD) leadership

    Javier Escalante Manzo's questions to Oddity Tech Ltd (ODD) leadership • Q4 2024

    Question

    Javier Escalante Manzo from Evercore ISI requested details on repeat purchase behavior, including how it's defined and which areas are strongest for IL MAKIAGE. He also asked about the composition of Q1 growth, specifically the mix between new and existing users.

    Answer

    CEO Oran Holtzman clarified that repeat revenue grew to over 60% of the business in 2024, driven by same-product repurchases and wallet share expansion, with a 12-month net revenue repeat rate exceeding 100%. He confirmed that while Q1 is a significant quarter for new user acquisition, the very strong repeat business ensures the company can achieve its healthy EBITDA margin targets.

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    Javier Escalante Manzo's questions to Church & Dwight Co Inc (CHD) leadership

    Javier Escalante Manzo's questions to Church & Dwight Co Inc (CHD) leadership • Q3 2024

    Question

    Javier Escalante Manzo asked for details on the international business's Q4 reinvestment plans and the success of the Deep Clean launch compared to a previous, less successful mid-tier entry.

    Answer

    CEO Matthew Farrell described the Q4 international spend as opportunistic across various markets rather than concentrated in one area. CFO Rick Dierker noted it was too early to comment on the recent Japan acquisition. Regarding Deep Clean, Dierker explained its success is due to leveraging the ARM & HAMMER brand, which is well-known for laundry. This contrasts with a prior attempt using the OXICLEAN brand, which consumers primarily associate with being an additive, causing confusion.

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    Javier Escalante Manzo's questions to Church & Dwight Co Inc (CHD) leadership • Q2 2024

    Question

    Javier Escalante Manzo asked if the new ARM & HAMMER Deep Clean detergent is driving trade-up or attracting new users, and also inquired about the speed at which promotional 'dry powder' can be deployed and its dependency on the supply chain.

    Answer

    Matthew Farrell (executive) explained that Deep Clean is attracting both existing ARM & HAMMER users trading up and consumers from other brands. Richard Dierker (CFO and Head of Business Operations) noted that while implementing entirely new promotions has a longer lead time, intensifying existing ones or using coupons can be done relatively quickly, reiterating it remains 'dry powder'.

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