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    Megan Clapp

    Research Analyst at Morgan Stanley

    Megan Alexander Clapp is an analyst at Morgan Stanley specializing in equity research, notably covering companies such as The J.M. Smucker Co. She provides fundamental analysis and investment insights for consumer goods companies and has established herself as a reputable source for corporate earnings outlooks and investor guidance. While details on individual performance metrics and rankings are not publicly listed, her analyst role is supported by registration with FINRA, demonstrating compliance with industry regulatory standards. Megan Clapp's professional background includes equity research responsibilities at Morgan Stanley, and her credentials can be confirmed with active securities licenses held through the firm.

    Megan Clapp's questions to J M SMUCKER (SJM) leadership

    Megan Clapp's questions to J M SMUCKER (SJM) leadership • Q1 2026

    Question

    Megan Clapp of Morgan Stanley inquired about the increased free cash flow outlook, asking if it was a one-time benefit and how the company plans to use the additional cash. She also asked for help unpacking the Q2 mid-single-digit sales outlook, particularly which segments are expected to drive sequential improvement.

    Answer

    CFO Tucker Marshall clarified that the $100 million increase in free cash flow guidance is an ongoing annual benefit from the 'One Big Beautiful Bill Act,' not a one-time event. He stated the incremental cash will be used for debt paydown to achieve a three-times leverage target by the end of fiscal 2027. For Q2 sales, he pointed to continued momentum in coffee, Uncrustables, cat food, the Away From Home business, and stabilization in Sweet Baked Snacks.

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    Megan Clapp's questions to J M SMUCKER (SJM) leadership • Q4 2025

    Question

    Megan Clapp followed up on the fiscal 2026 outlook, asking why the base business seems to have minimal contribution, a change from prior commentary. She also questioned the flat comparable sales guidance for Q1, noting it seems conservative compared to recent syndicated data.

    Answer

    CFO Tucker Marshall reiterated that external factors like coffee elasticity ($0.80), tariffs ($0.25), and softness in Sweet Baked Snacks, plus an internal decision to increase marketing, impacted the outlook. For Q1, he noted that while coffee and Uncrustables will show top-line momentum, the overall flat result reflects softness in pet treats and lapping a divestiture in Sweet Baked Snacks.

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    Megan Clapp's questions to SMITHFIELD FOODS (SFD) leadership

    Megan Clapp's questions to SMITHFIELD FOODS (SFD) leadership • Q2 2025

    Question

    Megan Clapp of Morgan Stanley followed up on the hog production guidance, asking if the higher end of the range is more likely, and inquired about the drivers for the expected acceleration in packaged meats volume in the second half of the year.

    Answer

    CFO Mark Hall confirmed that leaning towards the higher end of the hog production guidance is a fair assessment based on the current futures curve. Steven France, President of Packaged Meats, attributed the expected H2 volume growth to new product innovations, strong momentum in the foodservice business which was up 9.5% in Q2, and leveraging their diverse brand portfolio.

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    Megan Clapp's questions to SMITHFIELD FOODS (SFD) leadership • Q2 2025

    Question

    Megan Clapp of Morgan Stanley asked if the Hog Production guidance leans toward the high end of the range and inquired about the drivers behind the expected acceleration in Packaged Meats volume in the second half of the year.

    Answer

    CFO Mark Hall confirmed that the Hog Production outlook "leans towards the higher end" of the updated range. Steven France, President of Packaged Meats, attributed the expected volume acceleration to new product innovations and strong momentum in the foodservice channel, which saw sales grow 9.5% in the quarter.

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    Megan Clapp's questions to Vital Farms (VITL) leadership

    Megan Clapp's questions to Vital Farms (VITL) leadership • Q2 2025

    Question

    Megan Clapp inquired about the drivers of the strong Q2 volume performance, the components of the raised full-year guidance, and the planned increase in promotional activity for the second half of the year.

    Answer

    CFO Thilo Wrede explained that volume accelerated as forecasted throughout the quarter and the recent price increase performed better than anticipated. He clarified that the guidance increase reflects continued volume acceleration and the pricing benefit. Promotions were always planned for the second half as supply improved, and there may be flexibility to increase them further depending on the impact of tariffs.

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    Megan Clapp's questions to BELLRING BRANDS (BRBR) leadership

    Megan Clapp's questions to BELLRING BRANDS (BRBR) leadership • Q3 2025

    Question

    Megan Clapp of Morgan Stanley inquired about the single-serve opportunity and the strategy of moving into the mainstream beverage aisle to reach new customers amidst rising competition in the club channel.

    Answer

    CEO Darcy Horn Davenport explained that the current club channel competition is a unique, temporary situation. She emphasized that their guidance to retailers is to secure high-traffic locations with clear signage. She confirmed that expanding single-serve displays, both ambient and in coolers, is a key focus for the upcoming year, viewing a direct-store-delivery (DSD) model as a longer-term opportunity.

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    Megan Clapp's questions to BELLRING BRANDS (BRBR) leadership • Q2 2025

    Question

    Megan Clapp (identified as Megan Christine Alexander in the transcript) asked for details on the potential impact of tariffs, including the percentage of input costs related to dairy protein and potential mitigation strategies.

    Answer

    CFO Paul Rode stated that dairy inputs represent about one-third to 40% of COGS, but only a portion sourced from New Zealand and the EU would be subject to tariffs. He estimated the unmitigated impact would be a low single-digit increase to total COGS. Mitigation strategies being explored include sourcing from different suppliers. No impact is expected in fiscal 2025.

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    Megan Clapp's questions to Kraft Heinz (KHC) leadership

    Megan Clapp's questions to Kraft Heinz (KHC) leadership • Q2 2025

    Question

    Megan Clapp asked for an update on the timing for stabilizing North America Retail sales and for details on the gross margin outlook, specifically the split between input cost inflation and tariffs.

    Answer

    CEO & Director Carlos Abrams-Rivera pointed to the 'brand growth system' as the driver for gradual improvement in North America. EVP & Global CFO Andre Maciel noted that while commodity inflation peaked, some P&L impact shifted to Q3. He quantified the tariff impact at ~100 bps for the year, with a potential annualized impact of ~180 bps carrying into 2026.

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    Megan Clapp's questions to Kraft Heinz (KHC) leadership • Q1 2025

    Question

    An analyst from Morgan Stanley asked for clarification on the wider operating income guidance, questioning whether the 'changing policy landscape' mentioned in prepared remarks relates more to top-line or cost impacts.

    Answer

    Executive Andre Maciel confirmed the wide guidance range is designed to accommodate various potential scenarios from the changing policy landscape, which could have positive or negative business implications. CEO Carlos Abrams-Rivera added that this provides flexibility to manage volatility while continuing to invest in the business to drive trial and fuel growth opportunities.

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    Megan Clapp's questions to Kraft Heinz (KHC) leadership • Q1 2025

    Question

    An analyst for Megan Clapp asked for clarification on the wider operating income guidance, questioning if the 'changing policy landscape' reference relates more to top-line or cost impacts.

    Answer

    CFO Andre Maciel explained that the wider guidance range is designed to accommodate a variety of potential scenarios from the evolving policy landscape, which could have either positive or negative business implications. CEO Carlos Abrams-Rivera added that this provides the necessary flexibility to continue investing in the business to drive trial and capitalize on opportunities identified by the brand growth system.

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    Megan Clapp's questions to Kraft Heinz (KHC) leadership • Q1 2025

    Question

    An analyst from Morgan Stanley, on behalf of Megan Clapp, sought clarity on why the "changing policy landscape" led to a wider operating income guide.

    Answer

    EVP & Global CFO Andre Maciel explained the wider range accounts for various potential scenarios with positive or negative business implications. CEO Carlos Abrams-Rivera added that it provides flexibility to navigate volatility while continuing to invest in brand growth and consumer trial.

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    Megan Clapp's questions to HERSHEY (HSY) leadership

    Megan Clapp's questions to HERSHEY (HSY) leadership • Q2 2025

    Question

    Megan Clapp asked about the drivers behind the mid-single-digit growth in non-seasonal confectionery during the quarter and the growth outlook for the second half. She also sought confirmation that Hershey could deliver on-algorithm growth in 2026.

    Answer

    Chairman, President & CEO Michele Buck attributed the non-seasonal growth to strong innovation, the product's role in providing emotional comfort, and lapping softer comps. She also highlighted strong results from instant consumable initiatives. SVP & CFO Steve Voskuil confirmed that based on current information, Hershey sees a path to on-algorithm top-line and earnings growth for 2026.

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    Megan Clapp's questions to HERSHEY (HSY) leadership • Q2 2025

    Question

    Megan Clapp asked about the drivers behind the mid-single-digit growth in non-seasonal confectionery during the quarter, the outlook for the second half, and whether the company expects to deliver on-algorithm growth in 2026.

    Answer

    Chairman, President & CEO Michele Buck attributed the non-seasonal growth to strong innovation, the product's role in providing emotional comfort, and lapping softer comps, while cautioning that the growth rate may not sustain due to tougher comparisons ahead. SVP & CFO Steve Voskuil confirmed that based on current visibility, Hershey expects to deliver on-algorithm top-line and earnings growth for 2026.

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    Megan Clapp's questions to HERSHEY (HSY) leadership • Q2 2025

    Question

    Megan Clapp from Morgan Stanley asked for details on the drivers behind the non-seasonal chocolate growth in Q2 and the outlook for the second half. She also sought confirmation on delivering on-algorithm growth in 2026.

    Answer

    Chairman, President & CEO Michele Buck attributed the non-seasonal growth to strong innovation, the product's role in providing emotional comfort, and lapping softer comps. She noted Q2's growth rate may not sustain due to tougher comps ahead. SVP & CFO Steve Voskuil confirmed that based on current information, Hershey expects to deliver on-algorithm top-line and earnings growth in 2026.

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    Megan Clapp's questions to Mondelez International (MDLZ) leadership

    Megan Clapp's questions to Mondelez International (MDLZ) leadership • Q2 2025

    Question

    Megan Clapp from Morgan Stanley requested more detail on the second-half outlook, particularly the comment about 'reduced flexibility' and the regional growth drivers. She also asked about the potential for more pricing actions given the cocoa market dynamics.

    Answer

    CFO Luca Zaramella clarified that 'less flexibility' refers to unpredictable events like Europe's heatwave and U.S. destocking, which reduced their guidance buffer. For the second half, he anticipates a prudent approach in Europe and continued weakness in North America. Regarding cocoa, he outlined two scenarios for 2026: if prices stay high, current pricing actions may suffice; if they fall, the company could reinvest to stimulate demand and volume.

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    Megan Clapp's questions to Mondelez International (MDLZ) leadership • Q2 2025

    Question

    Megan Clapp from Morgan Stanley sought clarification on a comment about 'reduced flexibility' in the second-half outlook and asked about the potential need for more pricing actions depending on future cocoa price scenarios.

    Answer

    CFO Luca Zaramella clarified that 'less flexibility' refers to unpredictable headwinds like the European heatwave's impact on chocolate and U.S. retailer destocking. He stated that if cocoa prices remain elevated, current pricing actions should be sufficient for 2026, but if prices fall, the company would focus on reinvesting to protect demand and stimulate volume, which would ultimately benefit the P&L.

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    Megan Clapp's questions to MATTEL INC /DE/ (MAT) leadership

    Megan Clapp's questions to MATTEL INC /DE/ (MAT) leadership • Q2 2025

    Question

    Megan Clapp of Morgan Stanley requested quantification of the impacts from shipping shifts versus retailer ordering patterns on U.S. sales and asked for the dollar value of tariffs embedded in the guidance.

    Answer

    CFO Paul Ruh explained that the two U.S. sales factors are linked and difficult to separate, but most of the impact is a timing issue. CEO Ynon Kreiz added that clearing uncertainty is helping retailers adapt. Ruh clarified the total tariff exposure for the year is now estimated at less than $100 million before mitigation, with the impact concentrated in the second half.

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    Megan Clapp's questions to MATTEL INC /DE/ (MAT) leadership • Q4 2024

    Question

    Megan Clapp pressed for more clarity on the magnitude of the expected Q1 sales decline and asked about the expected first-half versus second-half sales split. She also inquired if the increased investment in digital was OpEx or CapEx.

    Answer

    CFO Anthony DiSilvestro did not quantify the Q1 decline but attributed it to a later Easter and inventory correction, confirming the historical 35% first-half, 65% second-half sales split should hold for 2025. He clarified that the investment in self-publishing digital games is an SG&A expense (OpEx), not CapEx, and that 2025 CapEx would be comparable to 2024 levels.

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    Megan Clapp's questions to HASBRO (HAS) leadership

    Megan Clapp's questions to HASBRO (HAS) leadership • Q2 2025

    Question

    Megan Clapp of Morgan Stanley questioned if the reaffirmed midterm outlook was conservative given 2025's strong performance, and asked about the drivers behind Monopoly Go's Q2 acceleration and its updated revenue decay assumptions.

    Answer

    CFO & COO Gina Goetter stated that while 2025 is over-delivering, the company is not changing its midterm targets yet, citing potential lumpiness and future tariff impacts. CEO Chris Cocks attributed Monopoly Go's strength to savvy partnerships and lower-than-expected user acquisition costs. Goetter guided to a monthly revenue contribution of $12-14 million for the back half of the year.

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    Megan Clapp's questions to VAIL RESORTS (MTN) leadership

    Megan Clapp's questions to VAIL RESORTS (MTN) leadership • Q3 2025

    Question

    Megan Clapp from Morgan Stanley asked about Vail's competitive positioning against other multi-mountain passes and its plans to drive pass growth. She also questioned the European strategy, including the use of partnerships versus the owner-operator model and the approach to M&A.

    Answer

    CEO & Chair Rob Katz stated that competition has helped shift consumer mindset towards buying passes and that Vail will innovate its marketing to compete effectively. On Europe, he clarified that the preference remains the owner-operator model, but partnerships are an option. He stressed that any M&A will remain disciplined and targeted to add value to the network.

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    Megan Clapp's questions to CAMPBELL'S (CPB) leadership

    Megan Clapp's questions to CAMPBELL'S (CPB) leadership • Q3 2025

    Question

    Megan Clapp requested an update on the full-year growth expectation for the Rao's brand and asked about the margin profile expectations for the Snacks division in the fourth quarter and for the full year.

    Answer

    President, CEO & Director Mick Beekhuizen revised the full-year growth expectation for Rao's to 'high single digits' from the previous 'slightly above 10%,' citing a softer Q3 but noting recent consumption data shows a rebound. Executive VP & CFO Carrie Anderson stated that while Q3 Snacks margins improved sequentially, the slower-than-expected recovery led to a revised full-year margin expectation of 13% for the segment, which contributed to the full-company adjusted EPS guidance moving to the low end of the range.

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    Megan Clapp's questions to WK Kellogg (KLG) leadership

    Megan Clapp's questions to WK Kellogg (KLG) leadership • Q1 2025

    Question

    Megan Clapp of Morgan Stanley inquired about the company's confidence in getting its market share performance back in line with the category this year and asked how the top-line guidance change breaks down between volume and price.

    Answer

    CFO David McKinstray explained that improvement will be sequential, driven by staged initiatives like distribution gains, strategic investments, and the Kashi relaunch. He also noted that after lapping a price increase in Q2, price realization is expected to flatten, with volumes and net sales moving in line in the second half of the year.

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    Megan Clapp's questions to WK Kellogg (KLG) leadership • Q1 2025

    Question

    Megan Clapp followed up on market share, asking about the company's confidence in getting its performance back in line with the category this year. She also requested a breakdown of the revised top-line guidance between volume and price for the remainder of the year.

    Answer

    CFO Dave McKinstry stated that improvement will be sequential and not happen overnight, citing building blocks like distribution gains and the Kashi relaunch that will stage in throughout the year. He explained that after lapping a price increase in Q2, price realization is expected to flatten in the second half, with pounds and dollars moving more in line.

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    Megan Clapp's questions to WK Kellogg (KLG) leadership • Q1 2025

    Question

    Asked about the company's confidence in its ability to align its performance with the category's performance this year and requested a breakdown of the revised top-line guidance between price and volume.

    Answer

    Executives stated that improvement will be sequential throughout the year, driven by staged initiatives like distribution gains and the Kashi relaunch. They expect low single-digit price realization in Q2, after which pricing will flatten out in the second half, with volume and sales moving in line.

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    Megan Clapp's questions to Planet Fitness (PLNT) leadership

    Megan Clapp's questions to Planet Fitness (PLNT) leadership • Q4 2024

    Question

    Megan Clapp sought clarification on the messaging around returning to 200 annual unit openings, asking if the strategy is shifting to a more deliberate ramp. She also asked about the future trajectory of CapEx beyond 2025, given recent sizable increases.

    Answer

    CEO Colleen Keating clarified that the goal is a 'healthy, steady pace of growth' to avoid a single bumper crop year, while still aiming to reach 200 annual openings in the coming years. CFO Jay Stasz addressed CapEx, stating that while not guiding beyond 2025, the company will continue to use its balance sheet to recycle capital, such as by refranchising Spain, which could then fund expansion into another new market.

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    Megan Clapp's questions to Topgolf Callaway Brands (MODG) leadership

    Megan Clapp's questions to Topgolf Callaway Brands (MODG) leadership • Q3 2024

    Question

    Megan Clapp (identified as Megan Christine Alexander in the transcript) pressed for a deeper understanding of Topgolf's same-venue sales decline, noting the significant deterioration on a multi-year basis. She asked management to parse what is macro-driven versus execution-related and questioned if comps could remain negative into 2025.

    Answer

    President and CEO Chip Brewer attributed the significant decline and volatility primarily to the 3+ bay events business, which he believes is experiencing both a reversion from a post-COVID surge and a broader economic slowdown. He viewed the consumer side as more stable and declined to provide 2025 guidance, but reiterated the company is focused on returning to positive same-venue sales over the long term.

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