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    Richard Garchitorena • Wells Fargo

    Richard Garchitorena's questions to Mosaic Co (MOS) leadership

    Richard Garchitorena's questions to Mosaic Co (MOS) leadership •

    Question

    Richard Garchitorena of Wells Fargo Securities, LLC inquired about the potash segment, asking if Q2 idle costs would be recovered in Q3 and what the 2026 production outlook is given the Esterhazy hydrofloat ramp-up.

    Answer

    Bruce Bodine, CEO, President & Director, confirmed that Q3 turnaround costs for potash will be significantly lower as the Esterhazy turnaround was moved to Q2. He stated the Colonsay mine will continue to run through year-end to meet strong demand, particularly from Southeast Asia. For 2026, a decision on Colonsay's run rate is pending market conditions, while Esterhazy and Belle Plaine are expected to run at full capacity.

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    Richard Garchitorena's questions to Mosaic Co (MOS) leadership • Q1 2025

    Question

    Richard Garchitorena requested more detail on the drivers of the expected Q2 EBITDA upside in the Mosaic Fertilizantes (Brazil) segment and how market sentiment has evolved.

    Answer

    EVP and CFO Luciano Pires provided a calculation showing that a seasonal ramp-up in the higher-margin distribution business provides a floor of $150 million for Q2 EBITDA. EVP, Commercial Jenny Wang noted that favorable farmer economics and Mosaic's expansion into new regions with the Palmeirante plant are driving volume growth.

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    Richard Garchitorena's questions to Mosaic Co (MOS) leadership • Q4 2024

    Question

    Richard Garchitorena inquired about the source of the remaining savings from the $150 million cost reduction program in 2025 and asked what measures Mosaic is taking to mitigate the credit risks in Brazil that were seen in 2024.

    Answer

    President and CEO Bruce Bodine said remaining savings will come from SG&A and fixed cost absorption via higher production. EVP and CFO Luciano Pires added that cost dilution alone will achieve the target, with further savings already being pursued. On credit risk, EVP of Commercial Jenny Wang explained the company has shifted its customer focus in Brazil to lower-risk end-users, traders, and co-ops.

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    Richard Garchitorena's questions to Mosaic Co (MOS) leadership • Q3 2024

    Question

    Richard Garchitorena asked about the phosphate business's strong margins despite weather events and inquired about the potential cost impact if temporary shutdowns had not occurred.

    Answer

    President and CEO Bruce Bodine stated that the strong margins reflect the success of the cost reduction program and improved fixed cost absorption from higher production. He confirmed that without the hurricane-related shutdowns, costs would have been lower and margins would have expanded further, aligning with the company's target of a $20-$30 per ton cost improvement at full run rates. Retiring CFO Clint Freeland concurred, noting that adjusting for the shutdowns would have shown clear improvement.

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    Richard Garchitorena's questions to CF Industries Holdings Inc (CF) leadership

    Richard Garchitorena's questions to CF Industries Holdings Inc (CF) leadership • Q2 2025

    Question

    Richard Garchitorena of Wells Fargo Securities inquired about the financial outlook for the BluePoint joint venture, specifically how potential changes to depreciation treatment might affect return calculations and the tax outlook for both the JV and CF Industries.

    Answer

    EVP & CFO Greg Cameron responded that the original financial model for BluePoint already assumed accelerated depreciation. He stated that even with full, immediate amortization, the overall project return is not expected to change materially. Cameron added that CF is actively modeling various tax variables, including 45Q credits and earnings timing, in coordination with its JV partners.

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    Richard Garchitorena's questions to CF Industries Holdings Inc (CF) leadership • Q1 2025

    Question

    Richard Garchitorena from Wells Fargo & Company asked for clarity on the conditions of JERA's option to reduce its stake in the Blue Point joint venture and the potential impact on marketing the ammonia tons.

    Answer

    CEO Tony Will explained that while they expect JERA to maintain its full stake, CF Industries is comfortable acquiring the additional 15% equity and offtake if JERA opts to reduce its position. COO Christopher Bohn added that strong market interest in low-carbon ammonia has increased since the project's announcement, making it easy to find a home for the incremental tons.

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    Richard Garchitorena's questions to CF Industries Holdings Inc (CF) leadership • Q4 2024

    Question

    Richard Garchitorena asked about the Blue Point project's final investment decision, specifically how much it depends on the 45Q tax credit and whether the main remaining step is finalizing partner agreements.

    Answer

    CEO W. Will explained that while the 45Q tax credit is a benefit, the company does not see it as being in jeopardy and is confident in its stability. He clarified that the current process is focused on finalizing subsidiary contracts, such as EPC agreements, rather than being delayed by the partnership structure itself.

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    Richard Garchitorena's questions to CF Industries Holdings Inc (CF) leadership • Q3 2024

    Question

    Richard Garchitorena from Wells Fargo questioned the drivers behind China's reduced urea exports and asked for an assessment of how much announced global clean ammonia capacity is likely to materialize.

    Answer

    EVP Bert Frost suggested China is prioritizing its massive domestic demand, making future export levels uncertain. EVP & COO Christopher Bohn expressed skepticism about announced projects, estimating that very few of the more than 100 proposed low-carbon projects will actually be built, which supports CF's view of a tightening supply-demand balance.

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    Richard Garchitorena's questions to Nutrien Ltd (NTR) leadership

    Richard Garchitorena's questions to Nutrien Ltd (NTR) leadership • Q2 2025

    Question

    Richard Garchitorena from Wells Fargo Securities asked about the company's cost-saving initiatives, noting the $200 million target will be achieved early and inquiring about the potential for further savings in 2026.

    Answer

    President & CEO Ken Seitz confirmed they are ahead of schedule and will achieve the $200 million SG&A reduction target in 2025, adding that 'there is more to be done.' EVP & CFO Mark Thompson supported this, pointing to over $100 million in expense reduction in H1 2025 vs H1 2024 as tangible evidence. He stated they are bullish on finding more opportunities and will provide updates in the future.

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    Richard Garchitorena's questions to Nutrien Ltd (NTR) leadership • Q1 2025

    Question

    Richard Garchitorena inquired about the higher costs in the Nitrogen segment, asking if they were specific to Trinidad or more widespread, and also asked about the company's strategy for handling potential tariffs on nitrogen imports.

    Answer

    CFO Mark Thompson explained that the higher Q1 nitrogen costs were primarily driven by more volatile and higher-than-anticipated Henry Hub natural gas prices in North America, not a specific facility issue. He noted the company still benefits from lower gas costs in Western Canada. Executive Christopher Reynolds addressed tariffs, stating that while they may contribute to price increases, the primary driver for higher urea and UAN prices is strong demand from increased corn acreage and catch-up applications.

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    Richard Garchitorena's questions to Nutrien Ltd (NTR) leadership • Q4 2024

    Question

    Richard Garchitorena asked for an update on the nitrogen segment's progress towards its 2026 target of 11.5 to 12 million tonnes, which is dependent on improved reliability.

    Answer

    CEO Kenneth Seitz expressed confidence in reaching the 2026 target, citing investments in reliability, brownfield expansions, and improved gas utilization in Trinidad. Executive Trevor Williams provided specifics, highlighting a step-change in performance at the Borger facility, completion of debottlenecking projects at Carseland, Redwater, and Geismar, and a 10% increase in Trinidad gas utilization in 2024, with a goal to improve it further. He added that they remain optimistic about increased gas volumes from the Trinidad government towards the end of 2026.

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    Richard Garchitorena's questions to Nutrien Ltd (NTR) leadership • Q2 2024

    Question

    Richard Garchitorena asked about capital allocation priorities, questioning what would be needed for the company to increase share buybacks given its strong balance sheet, lower CapEx, and weak stock price.

    Answer

    CEO Kenneth Seitz outlined total capital uses of approximately $3.7 billion for CapEx, leases, and dividends. He stated that as the year unfolds, incremental cash flow generated above this level would be considered for share repurchases, balanced against other opportunities like tuck-in retail acquisitions in core markets.

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    Richard Garchitorena's questions to Corteva Inc (CTVA) leadership

    Richard Garchitorena's questions to Corteva Inc (CTVA) leadership • Q2 2025

    Question

    Richard Garchitorena from Wells Fargo Securities asked where the market has surprised Corteva since its last Investor Day and if strong progress could lead to an acceleration of its net royalty and cost savings targets.

    Answer

    CEO Chuck Magro noted the company's ability to offset prolonged Crop Protection market weakness with strong cost control was a key achievement. He expressed confidence in the existing 2028 net royalty neutrality timeline, which was already pulled forward, but did not commit to a further acceleration of long-term targets.

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    Richard Garchitorena's questions to Corteva Inc (CTVA) leadership • Q4 2024

    Question

    Richard Garchitorena asked for an outlook on the North American Crop Protection market for 2025, noting flat Q4 results and reports of cautious buyer behavior.

    Answer

    CEO Charles Magro provided a positive backdrop, citing the "year of corn" and improving farmer margins. EVP Robert King (Crop Protection) added that channel inventories in North America are in balance and product is moving in preparation for the season. He stated Corteva is in a good position year-over-year and expects growth from new products and biologicals.

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    Richard Garchitorena's questions to FMC Corp (FMC) leadership

    Richard Garchitorena's questions to FMC Corp (FMC) leadership • Q2 2025

    Question

    Richard Garchitorena of Wells Fargo Securities inquired about the expected trajectory for volume and pricing into 2026 and sought a reminder of the company's 2027 financial targets.

    Answer

    Chairman and CEO Pierre Brondeau reaffirmed the 2027 EBITDA target of $1.2 billion. He detailed that growth in 2026 and 2027 will be primarily driven by the growth portfolio, including new actives like Fluentapir, Isoflex, and the newly introduced Dodilix. Brondeau also highlighted a strategic turnaround for Rynaxypyr, based on lower manufacturing costs and a less competitive generic landscape, which is expected to contribute to year-over-year growth.

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    Richard Garchitorena's questions to FMC Corp (FMC) leadership • Q4 2024

    Question

    Richard Garchitorena from Wells Fargo sought clarity on the pricing outlook, asking about the drivers of the Q4 price decline, the specifics of cost-plus contract adjustments with diamide partners, and the future outlook for these contracts beyond 2025.

    Answer

    CEO Pierre Brondeau explained that the most significant manufacturing cost reductions are occurring in 2025, making it the year with the largest price adjustment impact on partner sales. He guided for a full-year 2025 price decline of approximately 3%, with two-thirds stemming from these contracts. He added that the Q4 price decline was better than feared because FMC strategically walked away from low-margin sales to protect its EBITDA.

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    Richard Garchitorena's questions to Dow Inc (DOW) leadership

    Richard Garchitorena's questions to Dow Inc (DOW) leadership • Q3 2024

    Question

    Richard Garchitorena, on behalf of Michael Sison, asked about the 2025 outlook for the Packaging & Specialty Plastics (P&SP) segment, specifically regarding margins, EBITDA, key drivers, and the strategy for Dow's global footprint and export growth.

    Answer

    James Fitterling, Chair and CEO, provided a detailed EBITDA bridge for 2025, projecting a potential $1 billion increase from a 2024 consensus base. Key drivers include approximately $400 million from higher operating rates, $300 million from the add-back of two unplanned outages, and a combined $300 million from various growth projects in polyethylene, functional polymers, and consumer solutions.

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