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    Peter Galbo

    Managing Director and Senior Equity Research Analyst at Bank of America

    Peter Galbo is a Managing Director and Senior Equity Research Analyst at Bank of America, specializing in the coverage of the food and beverage sectors with a focus on major companies such as The Hershey Company, Kraft Heinz, General Mills, Mondelez International, and Campbell Soup Company. Renowned for his thorough industry analysis and investment recommendations, Galbo has achieved a strong track record of accurate calls, consistently ranking among the top analysts on platforms like TipRanks with a success rate near 65% and average annualized returns above 9%. He began his career at Goldman Sachs in 2012 before joining Bank of America Merrill Lynch in 2017, progressing to a leadership position within the equity research team. Peter Galbo holds FINRA Series 7, 63, 86, and 87 licenses and is recognized for his insightful market research and thought leadership in the consumer staples space.

    Peter Galbo's questions to HORMEL FOODS CORP /DE/ (HRL) leadership

    Peter Galbo's questions to HORMEL FOODS CORP /DE/ (HRL) leadership • Q3 2025

    Question

    Peter Galbo of Bank of America asked when the company expects to recover from the price/cost lag. He also questioned the decision to increase inventory at the peak of the commodity cycle and asked if there is a systemic visibility problem on costs.

    Answer

    President John Ghingo noted that recovery timing varies, with pass-through pricing catching up over time while retail pricing requires a more balanced approach. CFO Jacinth Smiley asserted, "we do not have an inventory problem," explaining the build was intentional to meet demand and improve service levels, and that the balance is also inflated by higher input costs.

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    Peter Galbo's questions to HORMEL FOODS CORP /DE/ (HRL) leadership • Q2 2025

    Question

    Peter Galbo asked for a bridge to the significant second-half operating income ramp implied by guidance and inquired about the cadence of the Turkey portfolio's recovery, considering market dynamics.

    Answer

    CEO Jim Snee expressed confidence in the second-half ramp, citing the on-track Planters recovery, momentum in value-added Turkey, and strong performance in Foodservice and Retail. EVP of Retail John Ghingo added that increased advertising spend would support retail growth. CFO Jacinth Smiley provided Q3 segment growth expectations, and Jim Snee noted that while the Turkey market supply is tightening, Hormel is well-positioned with its value-added offerings.

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    Peter Galbo's questions to HORMEL FOODS CORP /DE/ (HRL) leadership • Q1 2025

    Question

    Peter Galbo questioned the earnings per share (EPS) cadence for fiscal 2025, noting that Q1 results and Q2 guidance imply a very steep ramp in the second half of the year. He asked for the key building blocks that give management confidence in achieving this significant back-half acceleration. He also inquired about the ongoing CEO search process and whether the Board is considering external candidates more aggressively than in the past.

    Answer

    CEO James Snee confirmed the back-half ramp, attributing it to consistent performance from the value-added business, the on-track recovery of Planters, and broad-based growth in Foodservice. He noted that while near-term turkey supply chain pressures are a headwind, strategic pricing actions will benefit Q3 and Q4. CFO Jacinth Smiley added that the largest second-half contributors will be Planters and the Transform & Modernize (T&M) initiative. Regarding the CEO search, Snee stated the Board is rigorously evaluating both internal and external candidates to find the right leader, emphasizing his own commitment to delivering 2025 goals during the transition.

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    Peter Galbo's questions to HORMEL FOODS CORP /DE/ (HRL) leadership • Q4 2024

    Question

    Peter Galbo sought to clarify the math behind the long-term EBIT target by confirming the starting point for the calculation. He also asked if the full-year impact from the turkey business in 2025 is expected to be neutral, with Q1 weakness offset by lower grain benefits.

    Answer

    CEO Jim Snee confirmed the analyst's math regarding the EBIT growth from the 2023 starting point to the 2025 guidance midpoint. CFO Jacinth Smiley clarified the turkey outlook, stating the company assumes depressed pricing comparable to Q4 will persist through 2025 and that it expects only 'moderate benefits' from strategically hedged grain costs. Snee added that the value-added turkey business is expected to grow, while the commodity side is planned appropriately for a flat to slightly down environment.

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    Peter Galbo's questions to HORMEL FOODS CORP /DE/ (HRL) leadership • Q3 2024

    Question

    Peter Galbo of Bank of America sought confirmation on the $0.15 EPS headwind from Turkey for fiscal 2024 and asked about the potential for recovery in 2025. He also questioned the level of historical underinvestment in the Planters facility, given the recent production disruption.

    Answer

    CEO James Snee confirmed the $0.15 EPS headwind from Turkey remains accurate but stated it is too early to forecast 2025 recovery due to market volatility. Regarding Planters, Snee asserted that the acquisition thesis holds and that Hormel's enhanced food safety protocols enabled early detection of the issue. He described the disruption as a sign that their system worked, and while the production ramp-up is slow, they are confident in getting the brand back on track to deliver on its strategic value.

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    Peter Galbo's questions to J M SMUCKER (SJM) leadership

    Peter Galbo's questions to J M SMUCKER (SJM) leadership • Q1 2026

    Question

    Peter Galbo of Bank of America sought clarification on the updated coffee elasticity assumptions and asked whether the projected return to growth for Milk-Bone in the second half is driven by favorable comparisons or an expected increase in actual consumption.

    Answer

    CFO Tucker Marshall detailed the coffee elasticity, noting that May's pricing performed better than the 0.5 assumption, while August's is held at 0.5 and future pricing will have a greater elasticity factor. CEO Mark Smucker addressed the Milk-Bone question, stating the return to growth is due to a combination of strong comps, continued brand support through advertising and innovation, and tactical pricing, despite a slight decrease in consumer treating frequency.

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    Peter Galbo's questions to J M SMUCKER (SJM) leadership • Q4 2025

    Question

    Peter Galbo sought to clarify the magnitude of pricing actions outside the coffee segment, specifically for Uncrustables and the away-from-home business. He also questioned the confidence in the revised 3% long-term growth rate for Hostess, given the gap to current performance.

    Answer

    CFO Tucker Marshall clarified that pricing for Uncrustables is in the low-single digits, while the away-from-home business will see high-single-digit pricing. He explained the reduction in the Hostess long-term growth algorithm from 4% to 3% reflects a more conservative outlook for the category's growth.

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    Peter Galbo's questions to J M SMUCKER (SJM) leadership • Q3 2025

    Question

    Peter Galbo inquired about the timing and potential magnitude of future coffee price increases and sought more detail on the drivers behind the Hostess impairment charge, particularly regarding long-term growth and profitability assumptions.

    Answer

    CEO Mark Smucker indicated that further coffee pricing is expected in the first half of the next fiscal year, timed with when higher-cost green coffee hits inventory. CFO Tucker Marshall linked the Hostess impairment to the significant reduction in the current year's sales outlook from $1.4 billion to $1.2 billion, but reiterated that the company has not walked away from its 4% long-term growth target for the segment.

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    Peter Galbo's questions to J M SMUCKER (SJM) leadership • Q3 2025

    Question

    Peter Galbo inquired about the potential timing and magnitude of future coffee price increases and asked what drove the Hostess impairment charge, questioning if it reflected a change in long-term sales growth or profitability assumptions.

    Answer

    CEO Mark Smucker indicated that additional coffee pricing is expected in the first half of the next fiscal year as higher-cost inventory is recognized. CFO Tucker Marshall explained the impairment charge was necessitated by recent underperformance, with the full-year Hostess sales outlook dropping from $1.4 billion to $1.2 billion. He stated the company is not abandoning its long-term 4% growth target for the segment but is currently focused on stabilization.

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    Peter Galbo's questions to J M SMUCKER (SJM) leadership • Q2 2025

    Question

    Peter Galbo questioned the reasons behind the volatility in the full-year EPS guidance midpoint and asked about the company's strategy for potential further coffee price increases given rising commodity costs.

    Answer

    CFO Tucker Marshall attributed the EPS guidance adjustments to an initial reduction in top-line outlook and coffee inflation, followed by an increase due to a strong Q2 gross margin beat. CEO Mark Smucker stated that coffee is a pass-through category and the company will responsibly manage costs and pricing, using all available levers to mitigate consumer impact while navigating the speculative commodity market.

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    Peter Galbo's questions to J M SMUCKER (SJM) leadership • Q2 2025

    Question

    Peter Galbo questioned the volatility in the EPS guidance, which was cut and then raised this fiscal year, and asked about the potential need for additional coffee pricing given rising commodity costs.

    Answer

    CFO Tucker Marshall explained the initial EPS guidance reduction was due to a lower top-line outlook and coffee inflation, while the recent increase to a $9.90 midpoint was driven by locking in the gross margin beat from Q2. CEO Mark Smucker noted the coffee market is speculative, with Arabica prices at a 10-year high. He affirmed the company will responsibly manage the pass-through category, using all available levers to avoid excessive price increases while passing on cost changes.

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    Peter Galbo's questions to SMITHFIELD FOODS (SFD) leadership

    Peter Galbo's questions to SMITHFIELD FOODS (SFD) leadership • Q2 2025

    Question

    Peter Galbo from Bank of America questioned the confidence in maintaining the Packaged Meats profit outlook amid rising raw material costs and sought clarity on the mark-to-market hedging impact in the Hog Production segment.

    Answer

    Shane Smith, President and CEO, and Steven France, President of Packaged Meats, cited operational efficiencies and formula-based pricing in their private label business as key mitigants to input cost inflation. CFO Mark Hall explained the $15 million mark-to-market loss was a timing issue related to accounting rules for hedges, and the underlying business performance justified the raised full-year outlook.

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    Peter Galbo's questions to SMITHFIELD FOODS (SFD) leadership • Q2 2025

    Question

    Peter Galbo from Bank of America questioned the confidence in maintaining the packaged meats profitability outlook amid rising raw material costs and asked for details on the mark-to-market hedging impact on the hog production segment's guidance.

    Answer

    Shane Smith, President and CEO, and Steven France, President of Packaged Meats, explained that cost efficiencies, SKU rationalization, automation, and formula-based pricing in their private label business help mitigate inflation. CFO Mark Hall clarified that a $15 million Q2 mark-to-market adjustment on hedges relates to future periods and that strong underlying business performance justifies the raised full-year outlook for hog production.

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    Peter Galbo's questions to SMITHFIELD FOODS (SFD) leadership • Q4 2024

    Question

    Peter Galbo inquired about the drivers behind the low to mid-single-digit sales guidance, seeking a breakdown of volume versus price by segment. He also asked for context on the Hog Production segment's breakeven guidance for the year, given that recent industry data suggests stronger profitability.

    Answer

    CFO Mark Hall attributed the sales growth outlook to continued market price appreciation and modest volume growth across the business, excluding Hog Production. President and CEO Shane Smith explained that while the futures market indicates a return to industry profitability, Smithfield's guidance of -$50M to +$50M for Hog Production is a prudent range that reflects the macro environment and the company's ongoing cost structure improvements, such as closing high-cost farms and genetic changeovers.

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    Peter Galbo's questions to Dole (DOLE) leadership

    Peter Galbo's questions to Dole (DOLE) leadership • Q2 2025

    Question

    Peter Galbo of Bank of America followed up on the topic of tight industry supply, asking for management's line of sight on when supply might normalize beyond Q3. He also inquired about any new progress in discussions with government bodies regarding potential tariff exemptions for products like bananas and pineapples that are not grown domestically in the U.S.

    Answer

    CEO Rory Byrne responded that while supply disruptions are real and expected to persist into Q4, the industry has a history of self-correcting quickly. He expressed confidence that the company can adjust variables for the coming year to maintain financial performance. On the tariff front, Byrne stated that Dole continues to believe its sector is not the intended target and has heard public statements from the U.S. administration suggesting tropical products will ultimately be exempted, likely as part of future trade deals with source countries.

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    Peter Galbo's questions to Primo Brands (PRMB) leadership

    Peter Galbo's questions to Primo Brands (PRMB) leadership • Q2 2025

    Question

    Peter Galbo from Bank of America sought clarification on the Q2 revenue decline in the direct delivery channel, noting that discrete items seemed to account for most of it, and asked for insights into the outlook for the third quarter.

    Answer

    CFO David Hass confirmed that of the direct delivery channel's weakness, approximately $10 million was from dispensers and $6 million from the office coffee service wind-down, leaving a residual $13 million decline from integration-related service disruptions. For Q3, Hass anticipates the direct delivery business will see a slight year-over-year decline but improve sequentially, with the retail business showing strength. He expressed confidence in a return to growth in Q4.

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    Peter Galbo's questions to MOLSON COORS BEVERAGE (TAP) leadership

    Peter Galbo's questions to MOLSON COORS BEVERAGE (TAP) leadership • Q2 2025

    Question

    Peter Galbo of Bank of America requested more specific details on the impact of volume deleverage on margins for the second half of the year.

    Answer

    CFO Tracey Joubert reiterated that shipments outpaced retail sales by 800,000 hectoliters in the first half, compared to 1.1 million in the prior year. She explained that the resulting 300,000 hectoliter timing difference is expected to reverse in the second half, primarily in Q3, as the company aligns shipments with consumption, which is a key component of the volume deleverage dynamic.

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    Peter Galbo's questions to TYSON FOODS (TSN) leadership

    Peter Galbo's questions to TYSON FOODS (TSN) leadership • Q3 2025

    Question

    Peter Galbo of Bank of America asked for a comparison between the start of heifer retention and the large impairment taken in the Beef segment, questioning if it implied a delayed recovery. He also inquired about consumer elasticity and the competitive landscape in the Prepared Foods category.

    Answer

    Group President Brady Stewart explained the beef cycle has been prolonged by drought, leading to forecasting challenges. CFO Curt Calaway added that the impairment was triggered by a narrow fair value cushion and rising cattle costs increasing the unit's carrying value. On Prepared Foods, Stewart expressed confidence in managing costs through strong brands and innovation, noting that protein has lower elasticity and consumer behavior has not materially changed in 2025.

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    Peter Galbo's questions to TYSON FOODS (TSN) leadership • Q2 2025

    Question

    Peter Galbo from Bank of America inquired about the new cold storage strategy, seeking details on the $200 million savings breakout and the timing. He also asked about the drivers of Prepared Foods' margin performance amid rising raw material costs.

    Answer

    CEO Donnie King and Group President Brady Stewart detailed that the logistics overhaul will simplify a complex network, generating $200 million in annual savings over 3-5 years, primarily benefiting the Poultry and Prepared Foods segments. Regarding Prepared Foods, Stewart highlighted that performance is driven by a strong management system, brand leadership, and a robust innovation pipeline, with CEO Donnie King adding that the segment has a clear path to delivering margins above 10%.

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    Peter Galbo's questions to TYSON FOODS (TSN) leadership • Q1 2025

    Question

    Peter Galbo from Bank of America asked for an assessment of the Prepared Foods portfolio and potential reshaping, given its margins trail peers, and requested more detail on the moving pieces related to potential trade tariffs.

    Answer

    Kyle Narron, Group President of Prepared Foods, affirmed his confidence in the current portfolio, citing iconic brands and a strong innovation pipeline. CEO Donnie King addressed tariffs, noting the primary concern for Mexico is pork, and the company's strategy involves finding alternative markets. Brady Stewart and Wes Morris added that the volumes impacted are manageable within their global supply chain.

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    Peter Galbo's questions to Freshpet (FRPT) leadership

    Peter Galbo's questions to Freshpet (FRPT) leadership • Q2 2025

    Question

    Peter Galbo requested clarification on a one-point shipment timing shift from Q2 to Q3 and asked for a breakdown of the $100 million CapEx reduction between lower demand versus efficiency gains.

    Answer

    CFO Todd Cunfer confirmed the shipment shift occurred and was reflected in strong July sales. Regarding the CapEx reduction, he explained it's a combination of both factors. While slower demand allows for the delay of Ennis Phase 3, he stressed that significant operational efficiency gains and new technology are what make it possible, giving them confidence in their existing ~$1.5 billion of installed capacity. CEO Billy Cyr added that yield and throughput improvements are roughly a year ahead of schedule.

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    Peter Galbo's questions to Freshpet (FRPT) leadership • Q2 2025

    Question

    Peter Galbo of Bank of America asked for clarification on a one-point shipment timing shift from Q2 to Q3 and requested a breakdown of the $100 million CapEx reduction between lower demand versus efficiency gains.

    Answer

    CFO Todd Comfort confirmed a shipment shift of $3-4 million from June into July. On CapEx, he explained the reduction is a combination of slower demand and significant efficiency gains. The delay of Ennis Phase 3 is the largest component, made possible by substantial improvements in Overall Equipment Effectiveness (OEE) and new technologies. CEO Billy Cyr added that yield and throughput improvements are roughly a year ahead of schedule.

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    Peter Galbo's questions to COLGATE PALMOLIVE (CL) leadership

    Peter Galbo's questions to COLGATE PALMOLIVE (CL) leadership • Q2 2025

    Question

    Peter Galbo from Bank of America asked for clarification on the P&L impact from exiting the private label business at Hill's. He also sought a deeper explanation for why Hill's is outperforming the broader pet food category so significantly.

    Answer

    Chairman, CEO & President Noel Wallace attributed Hill's outperformance to its consistent strategy focusing on high-end therapeutic products, strong veterinarian advocacy, and targeted R&D in growth areas like wet food, cat food, and small dog formulas. CFO Stanley Sutula clarified that the year-over-year negative impact from the private label exit will be around 80-90 basis points in Q3 and Q4, slightly higher than the 60 basis points seen in Q2.

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    Peter Galbo's questions to Utz Brands (UTZ) leadership

    Peter Galbo's questions to Utz Brands (UTZ) leadership • Q2 2025

    Question

    Peter Galbo of Bank of America sought clarification on the EPS guidance revision, asking for specifics on below-the-line items like interest expense and depreciation. He also inquired about the underperformance of tortilla chips and pretzels.

    Answer

    CEO Howard Friedman reiterated that EBITDA is the primary health metric. CFO Bill Kelly detailed that the EPS revision was due to a 3-cent impact, split between higher cash interest from accelerated CapEx borrowing and increased depreciation and amortization from that same capital being deployed faster than historically. Howard Friedman added that the pretzel subcategory was pulled down by softer performance outside the core UTZ brand, while tortilla chips were lapping prior-year merchandising promotions.

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    Peter Galbo's questions to Utz Brands (UTZ) leadership • Q4 2024

    Question

    Peter Galbo requested clarification on whether historical data would be provided for the new reporting segments. He also asked when the company would fully lap the weakness in its dips and spreads business and sought more detail on the performance drivers for tortilla chips.

    Answer

    Executive Kevin Powers confirmed that historical net sales data for the new segments would be provided. CEO Howard Friedman added that the headwind from dips and spreads should begin to be lapped in May, with progressive improvement in the back half of the year. He attributed recent tortilla chip weakness to lapping difficult prior-year comparisons and specific assortment choices, not increased competitive pressure.

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    Peter Galbo's questions to Utz Brands (UTZ) leadership • Q3 2024

    Question

    Peter Galbo inquired if the Q4 exit rate, implied to be around 4%, sets the company up for its long-term algorithm in 2025. He also asked for a reminder of any specific nuances for 2025, such as the Kettle production startup at Kings Mountain and laps on Golden Flake.

    Answer

    CEO Howard Friedman declined to give 2025 guidance but affirmed the company is delivering on its Investor Day volume share goals. He identified the translation of volume to value as a near-term wildcard due to competitive pricing. For 2025, he confirmed the Kings Mountain facility will add Kettle capacity, and highlighted two other factors: an easier comparison for the C-store business and lapping challenges related to the Zapps brand.

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    Peter Galbo's questions to Utz Brands (UTZ) leadership • Q1 2025

    Question

    Peter Galbo followed up on the bonus pack's impact, seeking to confirm if the 300 basis point price impact was offset by a similar volume/mix contribution. He also asked about the early reception and distribution progress for Boulder Canyon's new category expansions.

    Answer

    CFO Ajay Kataria confirmed the bonus pack's impact on price was largely offset in volume/mix. CEO Howard Friedman detailed the success of Boulder Canyon, attributing it to strong consumer reception for its non-seed oil products, distribution gains in traditional channels, and growing velocity. He noted that while new items like Tortilla Chips are still early, other innovations like Canyon Poppers are performing well.

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    Peter Galbo's questions to PILGRIMS PRIDE (PPC) leadership

    Peter Galbo's questions to PILGRIMS PRIDE (PPC) leadership • Q2 2025

    Question

    Peter Galbo inquired about the profitability drivers in the Mexico segment, the impact of FX, and the outlook for the second half. He also questioned the capital allocation philosophy that led to a second special dividend in one year.

    Answer

    President & Global CEO Fabio Sandri explained that Mexico's Q2 strength was driven by a strong live market due to supply reductions from smaller, biosecurity-challenged players. He noted that while FX was a headwind on revenue, it benefited imported grain costs. On capital allocation, Sandri stated the philosophy hasn't changed; with M&A multiples high, the company is pursuing organic growth but returned cash to shareholders as the balance sheet became inefficiently under-levered. CFO Matthew Galvanoni added that the FX headwind is expected to neutralize in Q3.

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    Peter Galbo's questions to PILGRIMS PRIDE (PPC) leadership • Q4 2024

    Question

    Peter Galbo noted that U.S. results were below Street expectations and asked for a deeper explanation, questioning if grain-based contract pricing had a negative pass-through effect in Q4. He also requested modeling clarifications for 2025 net interest expense, D&A, and SG&A.

    Answer

    CEO Fabio Sandri explained that Pilgrim's diversified portfolio, with two-thirds in more stable case-ready and small bird segments, mutes some commodity upside. This strategy provides stability and protects the downside, even if it means not fully capturing peak commodity prices. CFO Matthew Galvanoni provided 2025 guidance of $65M-$75M for net interest expense, ~$440M for D&A, and $130M-$135M per quarter for SG&A.

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    Peter Galbo's questions to PILGRIMS PRIDE (PPC) leadership • Q3 2024

    Question

    Peter Galbo requested more detail on U.S. price realization, focusing specifically on pricing trends within the Small Bird segment, which is a difficult part of the business to track externally.

    Answer

    President and CEO Fabio Sandri explained that strong Small Bird pricing is directly linked to significant growth in the retail deli segment. He noted that as consumers seek value, they are substituting away from foodservice to convenient and affordable options like rotisserie chickens, which drives demand for Small Birds in a market with tightening supply.

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    Peter Galbo's questions to Kraft Heinz (KHC) leadership

    Peter Galbo's questions to Kraft Heinz (KHC) leadership • Q2 2025

    Question

    Peter Galbo inquired about the sizable non-cash impairment charge taken in the quarter, asking for details on whether it was tied to specific brands or related to the contemplation of strategic transactions.

    Answer

    EVP & Global CFO Andre Maciel explained the $9.3 billion non-cash impairment charge was triggered solely by a sustained decline in the company's stock price, which impacted the carrying value of intangible assets. He confirmed this risk was previously disclosed and does not alter the company's strategic direction.

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    Peter Galbo's questions to HERSHEY (HSY) leadership

    Peter Galbo's questions to HERSHEY (HSY) leadership • Q2 2025

    Question

    Peter Galbo requested an update on discussions regarding a potential tariff exemption for cocoa and asked about the dynamics of the Halloween shipment pull-forward from Q3 to Q2 and the overall outlook for the season.

    Answer

    Chairman, President & CEO Michele Buck expressed increased optimism for a tariff exemption, citing the administration's understanding that cocoa is sourced externally. Regarding Halloween, she stated the shipment timing shift is not uncommon and that retailers are planning for another strong season, partly driven by social media trends like 'summerween'.

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    Peter Galbo's questions to HERSHEY (HSY) leadership • Q2 2025

    Question

    Peter Galbo requested an update on discussions regarding a potential cocoa tariff exemption and asked about the dynamics of Halloween shipments being pulled forward into Q2, as well as the overall outlook for the season.

    Answer

    Chairman, President & CEO Michele Buck expressed increased optimism about a cocoa tariff exemption, noting that the administration seems to understand the sourcing constraints and has made public comments to that effect. Regarding Halloween, she stated the shipment shift is not uncommon and that retailers are excited to set the category early, partly driven by the 'Summerween' social media trend, leading to a strong outlook for the season.

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    Peter Galbo's questions to HERSHEY (HSY) leadership • Q2 2025

    Question

    Peter Galbo of Bank of America requested an update on discussions for a potential tariff exemption on cocoa. He also asked about the Halloween shipment pull-forward from Q3 to Q2 and the drivers of the optimistic outlook for the season.

    Answer

    Chairman, President & CEO Michele Buck expressed increased optimism for a tariff exemption, citing public comments from government officials who understand the sourcing constraints of cocoa. Regarding Halloween, she stated the shipment shift is not uncommon and that retailers are excited to set the category early, partly driven by social media trends like 'Summerween'.

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    Peter Galbo's questions to HERSHEY (HSY) leadership • Q1 2025

    Question

    Peter Galbo inquired about the internal rationale for excluding the full-year tariff impact from guidance and asked for clarity on revenue phasing for the second half of the year.

    Answer

    SVP and CFO Steve Voskuil explained the decision was based on transparency amid high uncertainty and unfinalized mitigation plans, with an update planned for mid-year. Executive Anoori Naughton clarified that H2 revenue growth is expected to be in line with the long-term 2% to 4% target.

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    Peter Galbo's questions to Mondelez International (MDLZ) leadership

    Peter Galbo's questions to Mondelez International (MDLZ) leadership • Q2 2025

    Question

    Peter Galbo of Bank of America requested more detail on the factors influencing the second-half outlook, given the strong first half, and asked about the impact of favorable cocoa price movements on 2026 hedging.

    Answer

    CEO Dirk Van de Put explained that the unchanged guidance reflects caution around potential chocolate elasticity in Europe following a heatwave and persistent consumer weakness in the U.S. CFO Luca Zaramella added that cocoa market fundamentals are improving, with easing demand and a promising crop outlook. He noted that cocoa butter ratios have declined dramatically, providing a material cost benefit that the company has taken advantage of.

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    Peter Galbo's questions to Mondelez International (MDLZ) leadership • Q2 2025

    Question

    Peter Galbo of Bank of America questioned why full-year guidance remained unchanged despite a strong first half, seeking clarity on second-half risks. He also asked about the favorable trend in cocoa prices and its impact on 2026 hedging strategy.

    Answer

    Chairman & CEO Dirk Van de Put explained the cautious guidance stems from monitoring chocolate price elasticity in Europe following a heatwave and uncertainty around the U.S. consumer. CFO Luca Zaramella added that cocoa market fundamentals are improving, with lower demand and a promising crop outlook for 2026. He noted the company took advantage of a recent price dip and that lower cocoa butter costs provide a material benefit.

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    Peter Galbo's questions to Mondelez International (MDLZ) leadership • Q1 2025

    Question

    Peter Galbo asked for clarification on the impact of the Easter timing shift on chocolate elasticity, suggesting it might be better than planned, and sought more color on the drivers of North American inventory destocking within a DSD system.

    Answer

    CFO Luca Zaramella noted that while Q1 elasticity was favorable, more significant pricing took effect in Q2, which will be a more accurate measure. CEO Dirk Van de Put explained that the destocking occurred mainly in food and mass channels, where retailers' centralized ordering systems manage back-room stock levels, a factor that the DSD execution model does not fully control.

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    Peter Galbo's questions to Mondelez International (MDLZ) leadership • Q4 2024

    Question

    Peter Galbo asked about the 2025 adjusted EPS guidance of approximately $2.90, questioning if the 2023 EPS is a more appropriate high-water mark than 2024's. He also inquired about the potential path for earnings to return to that higher level.

    Answer

    CFO Luca Zaramella clarified that 2024's EPS base benefited from a favorable cocoa pipeline relative to the market, which will not repeat in 2025. He explained the path back to higher EPS levels depends on future cocoa prices and the company's corresponding pricing actions. He reiterated a firm commitment to delivering EPS growth in 2026, either by taking more price if cocoa stays high or by realizing higher earnings if cocoa prices fall.

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    Peter Galbo's questions to Mondelez International (MDLZ) leadership • Q3 2024

    Question

    Peter Galbo sought to clarify if the difficult path to 2025 EPS growth included the dilution from the JDE Peet's share sale. He also asked for more detail on the extent of the pipeline fill in Europe during Q3 following earlier customer disruptions.

    Answer

    CFO Luca Zaramella confirmed his comment on the 2025 EPS outlook was on a like-for-like basis and did not include the modest dilution from the JDE Peet's transaction. Regarding Europe, he stated that while there was some pipeline building for back-to-school, the overall impact was not material to the quarter's results.

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    Peter Galbo's questions to PROCTER & GAMBLE (PG) leadership

    Peter Galbo's questions to PROCTER & GAMBLE (PG) leadership • Q4 2025

    Question

    Peter Galbo of Bank of America sought clarification on the tariff headwind calculation and asked about the flexibility within the 'Rest of World' tariff bucket amid ongoing trade announcements.

    Answer

    CFO Andre Schulten clarified that while recent trade news reduced the headline tariff number, the details remain uncertain. He cautioned that any reduction in tariffs would likely be offset by lower pricing, resulting in a neutral impact. President, CEO & Chairman Jon Moeller added that complexities like USMCA exemptions and potential retaliatory tariffs create further uncertainty.

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    Peter Galbo's questions to Lamb Weston Holdings (LW) leadership

    Peter Galbo's questions to Lamb Weston Holdings (LW) leadership • Q4 2025

    Question

    Peter Galbo of Bank of America inquired about the fiscal 2026 adjusted EBITDA margin target, asking if the guided 17% represents a floor and what factors could influence it. He also requested details on the working capital improvement plan, particularly concerning inventory reduction strategies.

    Answer

    President & CEO Mike Smith explained that while the FY26 margin is below the normalized range due to customer support and strategic investments, the company's new $250 million cost savings program and the category's strength provide a path back to historical levels. He added that working capital improvements are a key part of the 'Focus to Win' strategy, driven by stronger Q4 volumes, reduced crop acres, and investments in integrated planning capabilities to optimize inventory.

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    Peter Galbo's questions to Lamb Weston Holdings (LW) leadership • Q2 2025

    Question

    Peter Galbo requested a breakdown of pressures in the International business, specifically in Europe and Asia, and asked if the gross margin deleverage from idling capacity was greater than anticipated.

    Answer

    President and CEO Thomas Werner explained that in Europe, a better-than-expected potato crop made it difficult to pass through inflation, while in Asia, the market remains competitive as the company works to regain business lost during its ERP transition. He also acknowledged disappointing production inefficiencies that impacted gross margins, which are being addressed. CFO Bernadette Madarieta added that increased capacity in Asia is making it more of an export market.

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    Peter Galbo's questions to Lamb Weston Holdings (LW) leadership • Q1 2025

    Question

    Peter Galbo questioned the longer-term impact of idling production lines, asking if gross margins could remain structurally lower if demand does not improve. He also sought to understand the components of the SG&A reduction beyond the announced restructuring savings.

    Answer

    President and CEO Tom Werner positioned the production cuts as a short-term measure, expressing confidence that restaurant traffic will rebound and the company's modernized asset base will drive future strength. CFO Bernadette Madarieta clarified that the additional SG&A reduction beyond the restructuring plan savings is primarily attributable to people-related costs.

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    Peter Galbo's questions to COCA COLA (KO) leadership

    Peter Galbo's questions to COCA COLA (KO) leadership • Q2 2025

    Question

    Peter Galbo from Bank of America asked about the EMEA region, highlighting its likely importance in the second half and seeking perspective on the European consumer and the regional outlook.

    Answer

    Chairman and CEO James Quincey provided a breakdown of the region's strong performance. He noted that Europe saw positive volume growth from a resilient consumer, Africa grew volumes despite tough comparisons, and Eurasia also grew by emphasizing the local nature of the business. He summarized it as a good performance across all three components of the EMEA group.

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    Peter Galbo's questions to PEPSICO (PEP) leadership

    Peter Galbo's questions to PEPSICO (PEP) leadership • Q2 2025

    Question

    Peter Galbo from Bank of America sought context on the expected sequential improvement in the Food business, particularly for Q3, given the more difficult volume comparison from last year's promotional activities.

    Answer

    Chairman and CEO Ramon Laguarta declined to provide specific quarterly details. He reiterated his broader outlook that total PepsiCo is on a path to return to the low end of its long-term top-line algorithm in the 'next few quarters,' driven by the combined performance of a strong international business and sequential improvement in North America.

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    Peter Galbo's questions to CONAGRA BRANDS (CAG) leadership

    Peter Galbo's questions to CONAGRA BRANDS (CAG) leadership • Q4 2025

    Question

    Peter Galbo of Bank of America inquired about the key drivers behind the 4% core inflation forecast for fiscal 2026 and questioned the decision to maintain the dividend given rising leverage and significant capital needs.

    Answer

    EVP & CFO David Marberger detailed the inflation drivers, highlighting double-digit inflation in animal proteins as the primary factor, along with rising costs in manufacturing labor and warehousing. Regarding the dividend, Marberger affirmed the company's commitment, stating that the fiscal 2026 cash flow forecast sufficiently covers increased capital expenditures, a planned $700 million debt reduction, and the current dividend. He characterized the year as a transitory investment period, expressing confidence in their cash management and future profit recovery.

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    Peter Galbo's questions to CONSTELLATION BRANDS (STZ) leadership

    Peter Galbo's questions to CONSTELLATION BRANDS (STZ) leadership • Q1 2026

    Question

    Peter Galbo of Bank of America requested more detail on the drivers behind the favorable Q1 beer gross margin, specifically the contributions from operational improvements and peso hedging, and the outlook for these factors.

    Answer

    EVP & CFO Garth Hankinson credited the company's multi-year hedging policy for smoothing currency impacts. He noted they increased their peso hedge position to over 80% for the year to lock in favorable rates, and while some opportunity remains, the impact will be less material going forward due to these actions.

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    Peter Galbo's questions to CONSTELLATION BRANDS (STZ) leadership • Q1 2026

    Question

    Peter Galbo followed up on beer gross margins, asking for details on a $40 million operational tailwind and the extent to which favorable peso hedges contributed, as well as the outlook for FX impacts.

    Answer

    CFO Garth Hankinson explained their robust hedging policy, noting they are now over 80% hedged on the peso for the current fiscal year after layering in additional hedges. He stated that while there is still some opportunity, the potential FX impact is less material now than it was earlier in the year.

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    Peter Galbo's questions to MCCORMICK & CO (MKC) leadership

    Peter Galbo's questions to MCCORMICK & CO (MKC) leadership • Q2 2025

    Question

    Peter Galbo requested more detail on the calculation of the $90 million gross tariff exposure and asked for an unpacking of the various headwinds and tailwinds impacting the Flavor Solutions business in the Americas.

    Answer

    EVP & CFO Marcos Gabriel clarified the $90 million tariff exposure represents about 2% of global COGS, derived from a blended tariff rate on imported raw materials. Chairman, President & CEO Brendan Foley detailed the Flavor Solutions dynamics, citing headwinds from volume softness among large CPG customers, which are being partially offset by tailwinds from wins with high-growth innovators in health and wellness categories. He also noted QSR strength in the Americas and APAC, contrasted with softness in EMEA due to geopolitical boycotts.

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    Peter Galbo's questions to MCCORMICK & CO (MKC) leadership • Q1 2025

    Question

    Peter Galbo inquired about the drivers of pricing in the Americas Consumer business and the dynamics behind the gap between shipment and consumption data in the quarter.

    Answer

    Chairman, President and CEO Brendan Foley clarified that an incremental, targeted promotion on seasonal recipe mixes (chili, gravy) drove some of the Q1 pricing impact in the Americas. He expects Americas pricing to be stable going forward, with the total Consumer segment price outlook remaining flat for the year. Regarding the shipment versus consumption gap, Foley described it as a typical Q1 dynamic following a strong holiday season, further influenced by the lack of early Easter shipments this year and slightly higher slotting spend for new innovations.

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    Peter Galbo's questions to MCCORMICK & CO (MKC) leadership • Q4 2024

    Question

    Peter Galbo questioned why the fiscal 2025 organic sales guidance of 1-3% implies a deceleration from Q4's momentum and is slightly below initial Investor Day expectations. He also asked for the outlook on U.S. Foodservice and the EMEA consumer business.

    Answer

    CEO Brendan Foley explained the guidance is a prudent, volume-driven plan with minimal pricing. The low end of the range accounts for weakness in China's consumer market and QSR softness in EMEA, while the high end reflects strength in Americas and EMEA consumer volumes. He noted the outlook is consistent with their Investor Day thinking and expects continued strength in the EMEA consumer business, with a gradual recovery in the EMEA Flavor Solutions segment.

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    Peter Galbo's questions to MCCORMICK & CO (MKC) leadership • Q3 2024

    Question

    Peter Galbo questioned why the full-year gross margin guidance was not raised despite strong year-to-date performance, suggesting potential conservatism. He also asked for McCormick's perspective on its China business, particularly how potential government stimulus might affect consumer demand.

    Answer

    EVP and CFO Mike Smith explained that while Q4 gross margin is expected to be sequentially higher than Q3, the year-over-year comparison is affected by a normalizing Flavor Solutions mix and planned supply chain investments. Incoming CFO Marcos Gabriel added that negative pricing in the Consumer segment in Q4 is another factor. On China, President and CEO Brendan Foley stated they expect the environment to remain challenged and are not in a position to predict the impact of stimulus, noting past actions did not materially impact their business.

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    Peter Galbo's questions to MCCORMICK & CO (MKC) leadership • Q2 2025

    Question

    Peter Galbo requested more detail on the $90 million gross tariff exposure calculation and the separate COGS impact from the 'global trade environment,' as well as the outlook for the Americas Flavor Solutions business.

    Answer

    CFO Marcos Gabriel explained the $90M tariff exposure represents a blended rate on imported raw materials, equating to about 2% of global COGS. CEO Brendan Foley detailed Flavor Solutions dynamics, citing headwinds from soft volumes at large CPG customers offset by wins with high-growth innovators in health and wellness. He also noted QSR strength in the Americas and APAC, contrasted with softness in EMEA due to geopolitical boycotts.

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    Peter Galbo's questions to GENERAL MILLS (GIS) leadership

    Peter Galbo's questions to GENERAL MILLS (GIS) leadership • Q4 2025

    Question

    Peter Galbo asked for clarification on the Q4 Pet segment retail inventory build and its potential reversal in Q1. He also requested a broader update on the underlying state of the Pet business, given its quarterly volatility.

    Answer

    CEO Jeffrey Harmening explained that Pet segment inventory levels are healthy but that quarter-to-quarter lumpiness is normal due to the high proportion of volatile e-commerce sales. He confirmed a three-point inventory build in Q4 but did not predict its reversal timing. He added that the core Pet business has returned to stability and slight growth, with strong performance in cat food and advertising, while work continues on the Wilderness and treats brands.

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    Peter Galbo's questions to GENERAL MILLS (GIS) leadership • Q4 2025

    Question

    Peter Galbo of Bank of America requested clarification on the expected reversal of the Q4 Pet segment inventory build and asked for a broader update on the underlying state of the Pet business, given recent volatility.

    Answer

    Chairman & CEO Jeffrey Harmening answered both questions, stating that while Pet inventory levels are healthy, the timing of any reversal is hard to predict due to the inherent volatility of its large e-commerce business. Regarding the underlying business, he expressed encouragement that the Pet segment has stabilized, returned to slight growth, and held market share, citing strong performance in its cat business and Tiki Cat integration, while noting areas like Wilderness and treats still require work.

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    Peter Galbo's questions to GENERAL MILLS (GIS) leadership • Q3 2025

    Question

    Peter Galbo requested a deeper dive into the snacks business, asking for clarification on remediation plans for fruit snacks, snack bars, and the salty snacks portfolio.

    Answer

    CEO Jeffrey Harmening detailed a multi-pronged approach for fruit snacks, involving value, innovation, and marketing, similar to the successful turnaround of Blue Buffalo. For bars, he expressed confidence in a rebound driven by innovation. For the smaller salty snacks business, he noted the need for both a value adjustment and innovation around 'bold flavors'.

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    Peter Galbo's questions to GENERAL MILLS (GIS) leadership • Q3 2025

    Question

    Peter Galbo asked for more detail on the snacks business, specifically seeking clarification on the value strategy for fruit snacks and requesting more information on remediation plans for the snack bars and salty snacks categories.

    Answer

    CEO Jeffrey Harmening explained the fruit snacks plan mirrors the Blue Buffalo playbook: get value in range to compete with private label, then drive growth with innovation and marketing. For bars, he expressed confidence in a rebound despite a tough quarterly comparison. For salty snacks, he noted the plan involves both a value play and introducing bolder flavors to meet consumer demand.

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    Peter Galbo's questions to CAMPBELL'S (CPB) leadership

    Peter Galbo's questions to CAMPBELL'S (CPB) leadership • Q3 2025

    Question

    Peter Galbo asked for a higher-level view on what needs to happen for the snacking category's demand profile to improve and sought clarification on whether the new $0.03 to $0.05 tariff headwind should be considered a run-rate impact.

    Answer

    President, CEO & Director Mick Beekhuizen attributed the category drag to deteriorating consumer confidence and the discretionary nature of snacks, suggesting that improved consumer sentiment would be a key catalyst. Executive VP & CFO Carrie Anderson clarified that the tariff impact is not a simple run-rate, as it is being phased in from multiple sources (Canada, Section 232, reciprocal actions). She explicitly advised against annualizing the Q4 estimate, noting that mitigation efforts are ongoing and the trade landscape is dynamic.

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    Peter Galbo's questions to CAMPBELL'S (CPB) leadership • Q2 2025

    Question

    Peter Galbo challenged the guidance for a relatively even EPS split between Q3 and Q4, noting it deviates from historical seasonality. He also asked if the company's tone on the broth category had become more positive and if expectations for private label headwinds had lessened.

    Answer

    CFO Carrie Anderson explained the atypical EPS cadence is due to continued Snacks pressure in Q3, followed by improvement in Q4 when the company will also lap a period of higher prior-year promotional spending. CEO Mick Beekhuizen confirmed a more positive outlook on broth, as the category remains strong and private label recovery has been slower than anticipated, resulting in a smaller-than-expected headwind for the second half.

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    Peter Galbo's questions to CAMPBELL'S (CPB) leadership • Q1 2025

    Question

    Peter Galbo from Bank of America requested a quantification of the inventory shift impact from the later Thanksgiving holiday and asked for the data supporting the claim that Rao's is sourcing volume from the restaurant channel.

    Answer

    CEO Mark Clouse explained that the majority of the approximate 200-basis-point gap between in-market consumption and net sales in the Meals & Beverages division was due to the Thanksgiving timing shift. Regarding Rao's, he cited the broader consumer trend of shifting from away-from-home to at-home eating, strong growth from middle and lower-income households, and consumer research indicating that Rao's provides significant value compared to Italian takeout, a theme now central to its advertising.

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    Peter Galbo's questions to CAMPBELL'S (CPB) leadership • Q4 2024

    Question

    Peter Galbo requested more detail on the competitive pressures within the Snacks division, specifically concerning potato and tortilla chips, and asked about performance differences across retail channels like club stores. He also asked for clarification on the expected quarterly phasing of organic sales growth in fiscal 2025, given the flat Q1 outlook.

    Answer

    CEO Mark Clouse noted a bifurcation in snacks, with Campbell's power brands competing in the faster-recovering 'elevated' segments where innovation is key. Regarding guidance, CFO Carrie Anderson and CEO Mark Clouse clarified the fiscal 2025 cadence: Q1 flat, followed by gradual improvement. They expect healthy categories in the second half, though the company will be cycling strong broth performance, with the recovering Snacks business expected to help offset this headwind.

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    Peter Galbo's questions to WK Kellogg (KLG) leadership

    Peter Galbo's questions to WK Kellogg (KLG) leadership • Q1 2025

    Question

    Peter Galbo questioned if the composition of the 500 basis points EBITDA margin expansion target for 2026 has changed, given near-term pressures, and asked about long-term category prospects amid competitive capacity reductions.

    Answer

    CEO Gary Pilnick reiterated that the 500 bps expansion is still expected to come primarily from gross margin, driven by their on-schedule supply chain modernization. CFO David McKinstray added they are finding new efficiencies in SG&A and distribution. Pilnick framed the consumer shift to value and health as a long-term tailwind for the category.

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    Peter Galbo's questions to WK Kellogg (KLG) leadership • Q1 2025

    Question

    Peter Galbo questioned if the composition of the reiterated 500 basis points of EBITDA margin expansion by 2026 has changed, specifically if it's still expected to come from gross margin. He also asked for perspective on the long-term prospects for the cereal category, given that competitors are also reducing capacity.

    Answer

    Chairman and CEO Gary Pilnick confirmed the 500 bps expansion is still expected to come through gross margin, driven by the on-schedule and on-budget supply chain modernization program. CFO Dave McKinstry added that they are now identifying further efficiencies in SG&A and distribution. Gary Pilnick also expressed confidence that the consumer shift toward value and health is a long-term tailwind for the category.

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    Peter Galbo's questions to WK Kellogg (KLG) leadership • Q4 2024

    Question

    Peter Galbo requested a bridge to explain the difference between reported organic sales growth and weaker scanner data, and also asked about sourcing from Mexico and Canada given potential tariffs.

    Answer

    CFO David McKinstray attributed the sales outperformance versus scanner data to lapping a 2023 investment, strong non-measured channel performance, and an inventory build for new innovation. CEO Gary Pilnick described the tariff situation as fluid but stated the supply chain modernization plan is a long-term strategy that includes significant U.S. investment.

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    Peter Galbo's questions to WK Kellogg (KLG) leadership • Q3 2024

    Question

    Asked for clarification on the Q3 volume benefit from retailer inventory and for an early read on 2025 inflation or below-the-line items.

    Answer

    The company clarified the Q3 benefit was not a current inventory build but rather lapping a significant inventory drawdown from the prior year due to supply issues. This one-time benefit is not expected to continue. They deferred detailed 2025 guidance on inflation and other items to the February call.

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    Peter Galbo's questions to WK Kellogg (KLG) leadership • Q3 2024

    Question

    Peter Galbo sought to quantify the impact of retailer inventory replenishment on the quarter's volume and asked if this benefit would persist into Q4. He also requested an early perspective on 2025 inflation or other below-the-line financial items.

    Answer

    David McKinstray, CFO, clarified that the Q3 benefit was not from an inventory build but from lapping a significant inventory drawdown in the prior year caused by supply issues. He confirmed this was a one-time effect that is not expected to repeat in Q4. He deferred detailed commentary on 2025 inflation and other items to the February earnings call.

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    Peter Galbo's questions to WK Kellogg (KLG) leadership • Q3 2024

    Question

    Peter Galbo sought to quantify the impact of retailer inventory replenishment on Q3 volume and asked if this benefit would persist into Q4. He also followed up with a request for an early read on 2025 inflation rates or other below-the-line financial items.

    Answer

    CFO Dave McKinstray clarified that the Q3 benefit was not an inventory build but rather the lapping of a significant inventory drawdown in Q3 2023 caused by prior supply chain issues. He confirmed this was a one-time lapping benefit that is not expected to continue. He deferred detailed 2025 guidance on inflation and other items to the February call.

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    Peter Galbo's questions to Keurig Dr Pepper (KDP) leadership

    Peter Galbo's questions to Keurig Dr Pepper (KDP) leadership • Q1 2025

    Question

    On behalf of Bryan Spillane, Peter Galbo asked for clarification on the Q1 EPS outperformance, why the full-year guidance was not raised, and the expected cadence of EPS growth for the remainder of the year.

    Answer

    Chief Financial Officer Sudhanshu Priyadarshi explained that a portion of the Q1 beat was driven by a gain from the sale of the company's Vita Coco stake. He stated that this gain provides additional flexibility to manage emerging headwinds like tariffs and consumer softness, which is why the company reaffirmed its full-year guidance rather than raising it. He reiterated the full-year outlook but declined to provide specific quarterly guidance.

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    Peter Galbo's questions to KELLANOVA (K) leadership

    Peter Galbo's questions to KELLANOVA (K) leadership • Q2 2024

    Question

    Peter Galbo of Bank of America asked about Latin America's standout performance in Mexico and Brazil relative to peer commentary and macro conditions. He also inquired about the expected sales contribution from the new Pringles Mingles launch.

    Answer

    Chairman, President and CEO Steven Cahillane confirmed a strong quarter in Latin America, with growth in both cereal and snacks. He highlighted record shares for cereal in Mexico and strong Pringles momentum in Brazil, despite the impact of recent floods. He noted that the Pringles Mingles launch is not expected to be a meaningful net sales driver in the current year, with a more significant activation planned for Q1 of next year.

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    Peter Galbo's questions to NAPA leadership

    Peter Galbo's questions to NAPA leadership • Q3 2024

    Question

    Asked for clarification on the Q4 revenue forecast for Sonoma-Cutrer regarding seasonality and also questioned if the company would reinvest its gross margin upside into promotions or marketing to boost volume.

    Answer

    The company advised against extrapolating the Q4 Sonoma-Cutrer revenue figure due to seasonality and distributor changes. Regarding reinvestment, they plan to reinvest into the business thoughtfully through their new distributor alignment. They also noted that Q3's margin benefit from a Kosta Browne timing shift will create some pressure in Q4.

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    Peter Galbo's questions to NAPA leadership • Q1 2024

    Question

    Requested more detail on the sales and gross margin cadence for the second half of the year, particularly how the timing of Kosta Browne shipments would affect quarterly results.

    Answer

    The company explained that the Kosta Browne offering is moving from Q4 last year to primarily Q3 this year, which will make Q3 stronger relative to Q4. For gross margin, they expect slight improvement in the first half of the year, followed by margin pressure in the second half due to increased trade spend compared to the prior year.

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