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    Lucas Beaumont

    Research Analyst at UBS Group AG

    Lucas Beaumont is an Analyst at UBS Securities LLC, specializing in equity research and coverage of major global companies such as Nutrien in the materials and agriculture sectors. He maintains a Neutral rating on stocks like Nutrien with regularly updated price targets, and his performance record reflects industry-standard research coverage, though public rankings or detailed return metrics are not available. Beaumont began his analyst career at Credit Suisse Securities (USA) LLC before joining UBS Securities LLC in 2024, building credentials through his progression at prominent financial institutions. He holds professional securities licenses per FINRA records, evidencing formal registration and regulatory compliance.

    Lucas Beaumont's questions to CF Industries Holdings (CF) leadership

    Lucas Beaumont's questions to CF Industries Holdings (CF) leadership • Q2 2025

    Question

    Lucas Beaumont from UBS Group asked about the drivers of cost pressure in the first half of 2025, specifically the year-over-year increase in SG&A and controllable non-gas production costs, and the outlook for the second half.

    Answer

    EVP & CFO Greg Cameron attributed the SG&A increase to two discrete items: legal fees for the BluePoint JV closing and adjustments to variable compensation accruals based on strong performance. EVP & COO Christopher Bohn explained that higher controllable costs were driven by unplanned outages at two facilities and the resulting increased logistics costs to meet customer commitments amid tight inventory.

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    Lucas Beaumont's questions to CF Industries Holdings (CF) leadership • Q1 2025

    Question

    Lucas Beaumont of UBS asked about the near and long-term impact of tariffs on U.S. nitrogen markets and sought clarification on the revenue and tax credit structure for the Blue Point JV.

    Answer

    CEO Tony Will highlighted that Russian fertilizer enters the U.S. tariff-free, while EVP Bert Frost noted that tariffs on other countries will shift trade flows and likely move U.S. prices closer to Brazil parity. COO Christopher Bohn confirmed that for Blue Point, CF will receive a fee for managing common facilities and the 45Q tax credits will be split among partners based on equity percentage.

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    Lucas Beaumont's questions to CF Industries Holdings (CF) leadership • Q4 2024

    Question

    Lucas Beaumont inquired about the funding strategy for the Blue Point project, given its wide potential capital commitment range, and whether it would necessitate taking on additional debt.

    Answer

    EVP & CFO Gregory Cameron stated that funding would start with cash on hand and cash from operations, noting the annual commitment is manageable given the company's strong free cash flow. CEO W. Will emphasized that robust cash generation in 2024 and a strong 2025 pricing outlook provide significant financial flexibility for the project.

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    Lucas Beaumont's questions to Nutrien (NTR) leadership

    Lucas Beaumont's questions to Nutrien (NTR) leadership • Q2 2025

    Question

    Lucas Beaumont from UBS Group revisited the 2026 potash outlook, asking where new supply would come from to meet expected demand growth and when Nutrien would need to make staffing decisions to potentially increase its production.

    Answer

    President & CEO Ken Seitz reiterated that the market is expected to remain in balance, with project delays offsetting some new supply. He noted that Nutrien and a few other producers have marginal expansion capability. He restated that Nutrien's plan is to maintain market share by growing with the market and bringing on personnel as needed, leveraging the flexibility of its network rather than needing to 'push a button' far in advance.

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    Lucas Beaumont's questions to Nutrien (NTR) leadership • Q1 2025

    Question

    Lucas Beaumont asked for a quantification of the tariff exposure within the retail crop chemical business, assuming tariffs remain, and inquired if Nutrien imports finished formulations and how significant this is.

    Answer

    President and CEO Kenneth Seitz noted that while the company is covered for the current year, it is watching the U.S.-China trade dispute closely, as many products have exemptions but others do not. Executive Jeff Tarsi elaborated that 98% of proprietary crop protection products are post-patent and are multi-sourced, including from China and India, as both finished goods and active ingredients. He stated that price increases are expected but the impact is not material for 2025, with plans to pass through costs to customers.

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    Lucas Beaumont's questions to Nutrien (NTR) leadership • Q4 2024

    Question

    Lucas Beaumont asked for Nutrien's view on the range of outcomes for the nitrogen cost curve if the situation in Europe normalizes, given that pre-war costs were significantly lower.

    Answer

    Chief Economist Jason Newton responded, noting that while European gas prices are volatile, the cost curve is expected to remain above pre-war levels due to Europe's reliance on imported LNG. He pointed out that European gas storage levels are low after a normal winter and will need to be rebuilt, supporting prices. Furthermore, over 20% of European ammonia capacity remains shut down, with some closures likely permanent. With limited new global supply additions, Newton expects the supply-demand balance to tighten over the medium term.

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    Lucas Beaumont's questions to Nutrien (NTR) leadership • Q2 2024

    Question

    Lucas Beaumont, on for Joshua Spector, questioned the path to the 2026 retail EBITDA target, noting the required ~12% annual growth rate is above historical levels, and asked for the specific drivers of this growth.

    Answer

    Jeff Tarsi, EVP & President of Retail, outlined three key growth buckets to reach the $1.9-$2.1 billion target: 1) Continued >10% annual growth in proprietary products, 2) Steady growth in core North American and Australian operations via optimization and tuck-ins, and 3) The stabilization and recovery of the Brazil business.

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    Lucas Beaumont's questions to Intrepid Potash (IPI) leadership

    Lucas Beaumont's questions to Intrepid Potash (IPI) leadership • Q2 2025

    Question

    Lucas Beaumont inquired about the specifics of the revised production guidance, seeking to understand the interplay between the weather-related shift of 15,000 tons into 2026 and the overall 45,000-ton reduction for that year. He also asked about the medium-term production outlook following the unsuccessful Amax well and the expected impact on cost per ton.

    Answer

    CFO Matthew Preston clarified that the 15,000-ton shift from 2025 partially offsets the total reduction, resulting in a net 30,000-ton decrease for 2026 versus prior forecasts. He explained that while the Amax issue presents a medium-term challenge, the company is evaluating options for a new injection well. Preston projected a potential 8-10% increase in cost per ton in 2026 due to lower production absorption. CEO Kevin Crutchfield added that stronger market pricing could help mitigate this cost impact.

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    Lucas Beaumont's questions to Intrepid Potash (IPI) leadership • Q2 2025

    Question

    Lucas Beaumont of UBS Group AG inquired about the specifics of the revised potash production guidance, seeking to understand the net impact of weather-related shifts versus the Amax well disappointment on the 2026 forecast. He also questioned the medium-term production outlook and the effect on unit costs.

    Answer

    CFO Matt Preston clarified that the net production decrease for 2026 is 30,000 tons after accounting for shifts from 2025, and projected a potential 8-10% increase in cost per ton. CEO Kevin Crutchfield added that the Amax cavern remains a long-term priority and that stronger market pricing should help offset the near-term production and cost impacts.

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    Lucas Beaumont's questions to Intrepid Potash (IPI) leadership • Q2 2025

    Question

    Lucas Beaumont inquired about the specifics of the revised production guidance, seeking to understand the net impact of the weather-related production shift versus the Amax well setback on the 2026 forecast. He also asked about the medium-term production outlook and the potential impact on unit costs.

    Answer

    CFO Matt Preston clarified that the net production decrease for 2026, after accounting for a 15,000-ton shift from 2025, is 30,000 tons. He explained that while the weather impact is temporary, the Amax issue presents a medium-term challenge until a new injection strategy is implemented. Preston estimated a potential 8-10% increase in cost per ton in 2026 due to lower fixed cost absorption. CEO Kevin Crutchfield added that stronger market pricing could help mitigate this financial impact.

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    Lucas Beaumont's questions to Intrepid Potash (IPI) leadership • Q1 2025

    Question

    Lucas Beaumont inquired about the discrepancy between Intrepid's Q2 potash price guidance and the larger increase in benchmark prices. He also asked for context on the implied year-over-year production decline for potash and Trio in the latter half of 2025, the cost outlook for Trio beyond the current year, and CEO Kevin Crutchfield's strategic focus after six months with the company.

    Answer

    Zachry Adams, VP of Sales and Marketing, explained that Q2 pricing reflects the realization of Q1's increases and that prior quarter pricing was elevated by older contracts. John Galassini, VP of Operations, attributed production forecasts to the ramp-up of recent capital projects. CFO Matt Preston stated that Trio's current low costs fully reflect recent efficiencies and expects a 5-10% cost increase in H2 2025. CEO Kevin Crutchfield highlighted his focus on maintaining consistency, predictability, and positive trends in core assets.

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    Lucas Beaumont's questions to Intrepid Potash (IPI) leadership • Q4 2024

    Question

    Lucas Beaumont of BofA Securities inquired about the drivers behind recent potash price increases, the potential impact of Canadian tariffs, and the outlook for production costs in 2025 following a strong 2024.

    Answer

    VP of Sales and Marketing, Zachry Adams, explained that global potash price strength is due to supportive market dynamics, with benefits for Intrepid expected to be realized more in Q2 due to Q1 volumes being pre-contracted. On tariffs, he noted it was too early to determine the impact. CFO Matt Preston added that while production will be flat in 2025, another significant improvement in unit costs is anticipated in the second half of the year as the Wendover facility's upgrades come online.

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    Lucas Beaumont's questions to Intrepid Potash (IPI) leadership • Q3 2024

    Question

    Lucas Beaumont of UBS inquired about the potential for potash demand destruction due to lower farmer income, the outlook for further improvements in potash cost of goods sold, and the sustainable sales run rate for the Oilfield Solutions segment following a strong quarter.

    Answer

    Zachry Adams, VP of Sales and Marketing, addressed demand, stating that current potash prices offer good value to growers, who are maintaining normal application rates to maximize yield. CFO Matt Preston handled the cost and oilfield questions, explaining that potash costs are on a positive trajectory to improve 20% from 2023 levels as production increases, though some quarterly variability will remain. For Oilfield Solutions, Preston clarified that the strong Q3 was due to a specific large project and that margins are expected to revert to the more moderate rates seen in the first half of 2024.

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    Lucas Beaumont's questions to LSB INDUSTRIES (LXU) leadership

    Lucas Beaumont's questions to LSB INDUSTRIES (LXU) leadership • Q2 2025

    Question

    Lucas Beaumont of UBS Group AG inquired about the UAN volume outlook for the second half of 2025 and the potential for third-quarter EBITDA to be stronger than seasonally typical, given robust UAN pricing.

    Answer

    Chairman and CEO Mark Behrman acknowledged they are still working to achieve consistent production from the expanded UAN facility at Pryor but expect higher production and sales in the second half. He also confirmed Beaumont's assessment that the combination of strong UAN pricing and volume uplift could lead to a much smaller sequential EBITDA decline in Q3 than is normally seen.

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    Lucas Beaumont's questions to LSB INDUSTRIES (LXU) leadership • Q2 2025

    Question

    Lucas Beaumont of UBS Group AG inquired about the second-half outlook for UAN volume growth, given initial targets, and how LSB is capitalizing on strong pricing. He also asked if Q3 EBITDA might see a smaller-than-usual seasonal decline due to favorable market conditions.

    Answer

    Chairman and CEO Mark Behrman confirmed that while the Pryor facility's UAN expansion is achieving its targeted rates, they are still working on improving consistency and expect higher production and sales in the second half. Behrman agreed with the assessment for Q3, stating Beaumont was "spot on" that the combination of strong pricing and volumes could lead to a much flatter sequential EBITDA result than is typical.

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    Lucas Beaumont's questions to LSB INDUSTRIES (LXU) leadership • Q1 2025

    Question

    Lucas Beaumont of UBS asked for clarity on LSB Industries' realized pricing outlook for Q2, given the diverging trends of strong UAN prices and weakening ammonia prices. He also inquired about the company's updated capital allocation priorities after pausing the Houston Ship Channel project and followed up on the margin impact of shifting to more cost-plus contracts and the potential cost increases from tariffs on equipment.

    Answer

    Chairman and CEO Mark Behrman stated the company is well-positioned to capitalize on strong Q2 UAN pricing as they are not fully sold out. He explained that capital allocation will prioritize facility reliability ($60-65M annually), followed by evaluations of other projects, stock buybacks, and debt reduction. Behrman also noted that while cost-plus contracts (targeting 40-60% of volume) trade peak margin upside for downside protection, overall margins should be similar over time. CFO Cheryl Maguire quantified potential annual tariff impacts as approximately $1 million on expenses and $2 million on capital.

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    Lucas Beaumont's questions to LSB INDUSTRIES (LXU) leadership • Q4 2024

    Question

    Lucas Beaumont from UBS Group AG asked about the economic assessment of the Houston Ship Channel project amid European market uncertainty, the strategy to increase ammonia production volumes, and the reason for a higher gas consumption assumption.

    Answer

    Chairman and CEO Mark Behrman stated the Houston project will not proceed without long-term offtake agreements at a viable price point (under $600/ton), and they are exploring ways to lower capital costs. He also outlined a goal to reach ~95% operating rates by the end of 2026. CFO Cheryl Maguire clarified the updated gas consumption figure now includes both process and fuel gas.

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    Lucas Beaumont's questions to MOSAIC (MOS) leadership

    Lucas Beaumont's questions to MOSAIC (MOS) leadership • Q1 2025

    Question

    Lucas Beaumont sought clarification on the phosphate production outlook, asking if the company was now pointing to the low end of its annual range given the production required in the second half.

    Answer

    President and CEO Bruce Bodine reaffirmed the full-year guidance of 7.2 to 7.6 million tonnes. He expressed confidence in achieving full capacity output in the second half, noted there is upside to a 2 million tonne quarterly rate, and explicitly stated they are not guiding toward the low end of the range.

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    Lucas Beaumont's questions to MOSAIC (MOS) leadership • Q4 2024

    Question

    Speaking on behalf of Lucas Beaumont, an analyst asked for commentary on the potential impact of Canadian potash tariffs on pricing, demand, and trade flows, and inquired when the recent price increases would be realized in earnings.

    Answer

    Bruce Bodine, President and CEO, stated that any tariffs would likely be borne by downstream customers but does not expect significant demand destruction due to strong potash affordability. Jenny Wang, EVP of Commercial, clarified that the recent price momentum will be partially reflected in Q1 earnings, with a more significant impact expected in Q2.

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    Lucas Beaumont's questions to RPM INTERNATIONAL INC/DE/ (RPM) leadership

    Lucas Beaumont's questions to RPM INTERNATIONAL INC/DE/ (RPM) leadership • Q1 2025

    Question

    Lucas Beaumont, on for Joshua Spector, questioned the confidence in the volume outlook for the second half of the year, which implies an acceleration from a soft first half. He also asked for thoughts on the medium-term growth algorithm for the DIY market post-pandemic.

    Answer

    Frank Sullivan, Chair and CEO, explained that continued modest growth in CPG and PCG, a bottoming out in SPG, and easier comps in the Consumer segment support the second-half outlook, with Consumer's performance being the key variable. For the DIY market, he stated that nothing has structurally changed but the market is in a unique circumstance due to a 30-year low in housing turnover. He believes that as interest rates improve and turnover picks up, the positive dynamics for DIY products will return.

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    Lucas Beaumont's questions to Perimeter Solutions (PRM) leadership

    Lucas Beaumont's questions to Perimeter Solutions (PRM) leadership • Q2 2024

    Question

    Lucas Beaumont of UBS, on behalf of Joshua Spector, questioned the drivers behind Fire Safety's strong Q2 sales despite lower acres burned, asked how to model Q3 given a strong start in July, probed the sustainability of high incremental EBITDA margins, and inquired about historical instances of aerial capacity constraints.

    Answer

    CEO Haitham Khouri attributed the strong Q2 volume to three factors: a more proactive aerial attack posture from customers, Perimeter's own significant investments in air base capacity, and a fire distribution weighted toward the end of the quarter when more assets were available. He noted that high incremental margins were driven by profitable new business in suppressants, productivity gains reducing costs, and value-based pricing. While acknowledging a strong start to Q3, he cautioned against extrapolation, stating that in a like-for-like volume scenario, earnings power is higher but the quarter is far from over.

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