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    Matthew Krueger • Baird

    Matthew Krueger's questions to Amcor PLC (AMCR) leadership

    Matthew Krueger's questions to Amcor PLC (AMCR) leadership • Q2 2025

    Question

    Matthew Krueger, on for Ghansham Panjabi, requested an update on raw material and input cost trends, the outlook for the year, and any potential impact from recent tariffs on the company's cost base.

    Answer

    CFO Michael Casamento described the raw material environment as 'benign' in the first half, with the overall basket being flat to slightly down. He expects a similar benign environment in Q3. Regarding tariffs, both Casamento and CEO Peter Konieczny emphasized that Amcor's regional business model limits exposure, as imported goods are minimal. Konieczny added that supply chains have been shortened and contractual pass-through mechanisms provide robustness against tariff impacts.

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    Matthew Krueger's questions to AZZ Inc (AZZ) leadership

    Matthew Krueger's questions to AZZ Inc (AZZ) leadership • Q3 2025

    Question

    Matthew Krueger inquired about the big-picture end-market demand versus AZZ's growth, any unique factors contributing to Q3's performance, and high-level expectations for fiscal year 2026, including volumes, interest expense, and the new Missouri plant's contribution.

    Answer

    CEO Thomas Ferguson and Executive David Nark described the market as 'choppy' but noted AZZ is outperforming through market share gains, particularly in construction, industrial, and utilities. They confirmed Q3 results were driven by strong execution rather than one-off events. For FY2026, Ferguson anticipates a ramp-up of the new Missouri facility in the second half of the year and a return to bolt-on acquisitions. CFO Jason Crawford added that interest expense benefits will annualize and capital expenditures will normalize after the new plant's completion.

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    Matthew Krueger's questions to AZZ Inc (AZZ) leadership • Q2 2025

    Question

    Matthew Krueger of Baird requested details on the specific price-cost impact on EBITDA during the quarter, including zinc fluctuations, and asked for a comparison of H1 versus H2 expectations. He also questioned the sustainability of the high EBITDA margins in both segments amid demand changes.

    Answer

    Executive Thomas Ferguson and CFO Jason Crawford explained that recent price changes were primarily driven by business mix rather than competitive pressure, with margins holding strong due to operational improvements and productivity gains. Ferguson expressed confidence in sustaining margins near 30% for Metal Coatings and 20% for Precoat, acknowledging potential seasonal dips in Q4 due to lower construction volume. He noted that rising zinc costs could become a headwind next year but also an opportunity to raise prices amid strong demand.

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    Matthew Krueger's questions to Axalta Coating Systems Ltd (AXTA) leadership

    Matthew Krueger's questions to Axalta Coating Systems Ltd (AXTA) leadership • Q3 2024

    Question

    Matthew Krueger, on for Ghansham Panjabi, asked for details on the drivers of market share gains in Refinish and Mobility and questioned the primary contributors to the record Q3 margin expansion.

    Answer

    CEO Chrishan Villavarayan attributed share gains to specific opportunities, including a competitor's exit in Latin America and sustained outperformance in China driven by superior service, quality, and technology. CFO Carl Anderson identified the main drivers of margin expansion as a combination of strong variable cost performance from the purchasing team and better-than-anticipated savings from the company's transformation initiatives.

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    Matthew Krueger's questions to Sensient Technologies Corp (SXT) leadership

    Matthew Krueger's questions to Sensient Technologies Corp (SXT) leadership • Q3 2024

    Question

    Matthew Krueger of Robert W. Baird & Co. inquired about the drivers of Sensient's strong Q3 volume growth, asking for a breakdown between end-market normalization and sustainable new wins. He also requested insights into high-level variances for the 2025 outlook, including contributions from productivity initiatives.

    Answer

    Paul Manning, Chairman, President and CEO, explained that while market stabilization and the end of destocking contributed, the majority of the 6-7% volume growth was driven by strong new sales wins across all groups. For 2025, Manning anticipates mid-single-digit revenue growth supported by continued new wins, low single-digit pricing, and savings from the portfolio optimization plan. He noted that significant headwinds from higher taxes and interest expense suppressed 2024 EPS growth, but expects these factors to ease in 2025, allowing for better profit flow-through.

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    Matthew Krueger's questions to RPM International Inc (RPM) leadership

    Matthew Krueger's questions to RPM International Inc (RPM) leadership • Q1 2025

    Question

    Matthew Krueger, on for Ghansham Panjabi, asked about pricing pressures from competitive or promotional activity. He also inquired about the price/cost benefit included in the MAP 2025 savings target for the year and the specific impact in the first quarter.

    Answer

    Frank Sullivan, Chair and CEO, stated that pricing has been relatively modest, with some reductions on industrial products tied to lower chemical input costs like silicone, while maintaining strong margins. He noted a consolidated price increase of about 0.5% in the quarter. Russell Gordon, VP and CFO, added that raw material costs saw low single-digit deflation in Q1 but are expected to be neutral in Q2 and slightly inflationary in the second half of the fiscal year, with pricing expected to remain positive.

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    Matthew Krueger's questions to H.B. Fuller Company (FUL) leadership

    Matthew Krueger's questions to H.B. Fuller Company (FUL) leadership • Q3 2024

    Question

    Matthew Krueger, on behalf of Ghansham Panjabi from Baird, asked if the HHC segment's Q3 margins met expectations given the volume levels and inquired about the competitive landscape and the price-cost outlook for the first half of 2025.

    Answer

    CEO Celeste Mastin confirmed HHC margins were as expected, with the previously forecasted shift in the price/raw material dynamic creating a ~$10 million headwind in the quarter. She noted this was the quarter of maximum 'squeeze' and expects pricing to become less negative going forward. Mastin described the competitive landscape as rational, with sophisticated competitors pricing responsibly. CFO John Corkrean added that while 2024 was 'lumpy,' the price/raw dynamic in 2025 is expected to be relatively neutral with less volatility.

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