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    Jeff Zekauskas • JPMorgan Chase & Co.

    Jeff Zekauskas's questions to H.B. Fuller Company (FUL) leadership

    Jeff Zekauskas's questions to H.B. Fuller Company (FUL) leadership • Q2 2025

    Question

    Jeff Zekauskas asked several housekeeping questions regarding the source of acquisition project costs in the quarter and the amount of pension income. He also sought clarification on whether raw material costs were declining sequentially and if overall business demand was steady outside of the noted weakness in residential construction.

    Answer

    EVP & CFO John Corcoran clarified that the acquisition costs were lingering from the flooring divestiture and provided the quarterly pension income figure. President & CEO Celeste Mastin confirmed that raw materials are declining sequentially, though still up year-over-year, and that demand outside of U.S. residential construction was generally stable and consistent, with particular strength in roofing.

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    Jeff Zekauskas's questions to Sealed Air Corp (SEE) leadership

    Jeff Zekauskas's questions to Sealed Air Corp (SEE) leadership • Q4 2024

    Question

    Jeff Zekauskas asked for a breakdown of the Protective segment's 2024 performance, specifically the growth rates for its industrial and e-commerce sides and the current revenue split. He also asked for an explanation of the year-over-year decrease in cost of goods sold.

    Answer

    CEO Dustin Semach stated the Protective segment is roughly 60% industrial and 40% fulfillment. In 2024, the industrial portfolio volume was down low-to-mid single digits, while fulfillment was down mid-to-high single digits. Interim CFO Veronika Johnson explained the reduction in COGS correlated with the overall sales decline but was also aided by favorability in raw material pricing. Semach added that cost takeout actions and productivity also contributed significantly to the COGS reduction.

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    Jeff Zekauskas's questions to Sealed Air Corp (SEE) leadership • Q4 2024

    Question

    An analyst on behalf of Jeff Zekauskas asked for a breakdown of the Protective segment's 2024 performance, including the growth rates for its industrial and e-commerce sides and the current revenue split. A second question asked for the drivers behind the year-over-year decrease in cost of goods sold, questioning if it was due to raw materials or cost reductions.

    Answer

    CEO Dustin Semach stated the Protective segment is roughly 60% industrial and 40% fulfillment. In 2024, the industrial portfolio's volume was down low-to-mid single digits, while fulfillment was down mid-to-high single digits. Interim CFO Veronika Johnson addressed the COGS question, explaining the decrease correlated with lower sales but was also aided by favorable raw material pricing. Semach added that a significant portion of the company's cost takeout actions also benefited COGS.

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    Jeff Zekauskas's questions to International Flavors & Fragrances Inc (IFF) leadership

    Jeff Zekauskas's questions to International Flavors & Fragrances Inc (IFF) leadership • Q3 2024

    Question

    Jeff Zekauskas of JPMorgan Chase & Co. asked for clarification on October volume trends, questioning if they were up mid-single digits. He also inquired about the profitability of the Functional Ingredients business, asking if its EBITDA was growing this year.

    Answer

    CFO Glenn Richter confirmed that October volumes were up mid-single digits, consistent with the pattern of recent quarters. For Functional Ingredients, he stated that while currency-neutral sales are flattish due to price givebacks, gross margins are up nicely and EBITDA is up 'very strongly.' He noted the segment's EBITDA margin will likely finish the year north of 12%, up from circa 8-9% last year, on its way to a mid-teens target.

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    Jeff Zekauskas's questions to FMC Corp (FMC) leadership

    Jeff Zekauskas's questions to FMC Corp (FMC) leadership • Q3 2024

    Question

    Jeff Zekauskas of JPMorgan Chase & Co. asked about the sharp price decline of a generic diamide active ingredient (CTPR) in China, its analytical significance, and the performance of FMC's diamide business in Asia.

    Answer

    Ronaldo Pereira, President, suggested that referenced prices in China are below production costs, indicating inventory dumping. Pierre Brondeau, Chairman and CEO, added that FMC's China diamide business is small and he is not overly concerned, promising a full strategy update next quarter. He clarified that overall diamide sales are up ~10%, with strong growth in Exirel offsetting a mid-single-digit decline in Rynaxypyr driven by Asia.

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