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    Robert Moskow

    Research Analyst at TD Cowen

    Robert Moskow is Managing Director and Senior Food & Beverages Research Analyst at TD Cowen, specializing in consumer staples with coverage of major companies such as Hershey, Mondelez International, Diamond Foods, WhiteWave Foods, AdvancePierre Foods, Annie's Inc., and Smithfield Foods. He has earned recognition as an II-ranked analyst with a career success rate of over 55% and an average return of 6.9%, highlighted by a top-performing buy rating that achieved a 170.8% return. Moskow began his Wall Street career at Credit Suisse, where he spent 21 years before joining TD Cowen, and served four years on the board of the Consumer Analyst Group of New York (CAGNY). He holds a BA in English from Tufts University and an MBA in Marketing from Northwestern University's Kellogg School, with additional credentials likely including FINRA registration typical for research analysts at his level.

    Robert Moskow's questions to J M SMUCKER (SJM) leadership

    Robert Moskow's questions to J M SMUCKER (SJM) leadership • Q1 2026

    Question

    Robert Moskow from TD Cowen questioned if SKU rationalization impacted the volume decline in Sweet Baked Snacks during the quarter and requested more detail on the newly established dedicated sales organization for the segment.

    Answer

    CEO Mark Smucker clarified that the SKU rationalization did not impact Q1 volume, with the process expected to conclude in Q2. He explained that the new dedicated sales force is designed to enhance focus and execution at the store level. Smucker also highlighted positive signs in the segment, such as improving convenience channel traffic and strong growth in the donut brand.

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    Robert Moskow's questions to J M SMUCKER (SJM) leadership • Q4 2025

    Question

    Robert Moskow pointed to strong May retail data for coffee volume and asked if the company expects a reversal, given its elasticity assumptions. He also requested more detail on why the elevated trade recognition for Sweet Baked Snacks in Q4 was unexpected.

    Answer

    CEO & Chair of the Board Mark Smucker attributed coffee's strength to the affordability of at-home coffee and the performance of brands like Café Bustelo. CFO Tucker Marshall explained the trade accrual issue in Sweet Baked Snacks was related to the year-end true-up process and the integration onto a new combined system post-acquisition.

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    Robert Moskow's questions to J M SMUCKER (SJM) leadership • Q3 2025

    Question

    Robert Moskow asked for a divisional profit outlook for fiscal '26 across Coffee, Pet Food, and Sweet Baked Snacks, and inquired about the drivers of the implied profit decline in the Q4 guidance.

    Answer

    CFO Tucker Marshall declined to provide a divisional profit outlook for FY'26 but provided color on synergy timing, noting about $70 million of the $100 million run-rate objective would be achieved by year-end. He attributed the implied Q4 profit decline to the highest coffee cost basket of the year, continued investments in frozen handhelds and spreads, and the sales call-down in Sweet Baked Snacks.

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    Robert Moskow's questions to J M SMUCKER (SJM) leadership • Q3 2025

    Question

    Robert Moskow requested a divisional profit outlook for fiscal 2026 and asked for the drivers behind the substantial year-over-year profit decline implied in the Q4 2025 guidance.

    Answer

    CFO Tucker Marshall declined to provide a divisional FY26 forecast but clarified that stranded overheads impact the total company and not all Hostess synergies flow to the segment. For the Q4 profit decline, Marshall attributed it to three main factors: the coffee segment facing its highest cost basket of the year, continued investments in frozen handhelds and spreads, and the ongoing sales pressure in Sweet Baked Snacks.

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    Robert Moskow's questions to J M SMUCKER (SJM) leadership • Q2 2025

    Question

    Robert Moskow asked for more detail on the specific execution weaknesses for the Hostess brand and whether there were concerns that marketing for indulgent snacks could be less effective amid potential public health initiatives.

    Answer

    CEO Mark Smucker identified a lack of sufficient in-store display as a key execution weakness, which the company will address by ramping up efforts across channels. He expressed confidence that snacking trends, including indulgent snacking, remain strong and that the Hostess brand can meet consumer needs through various innovations like portion control, regardless of the external messaging environment.

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    Robert Moskow's questions to J M SMUCKER (SJM) leadership • Q2 2025

    Question

    Robert Moskow asked for more detail on the specific execution weaknesses for the Hostess brand and questioned if there were concerns about marketing indulgent snacks in a potentially more health-focused political environment.

    Answer

    CEO Mark Smucker identified a need for better in-store display execution as a key area for improvement, noting that the entire convenience channel has seen some softness. Regarding the marketing environment, Smucker expressed confidence that snacking trends, including indulgent snacking, remain strong as consumers continue to seek rewards. He stated the company's focus is on connecting the brand with consumer needs, including different portion sizes and value offerings.

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    Robert Moskow's questions to Vital Farms (VITL) leadership

    Robert Moskow's questions to Vital Farms (VITL) leadership • Q2 2025

    Question

    Robert Moskow questioned the company's price gaps relative to other pasture-raised competitors following the recent price increase. He also asked for clarification on how potential tariffs might influence promotional plans in the second half.

    Answer

    CEO Russell Diez-Canseco expressed comfort with current pricing, stating the brand's strength allows it to resonate beyond being a commodity. CFO Thilo Wrede clarified that pricing was taken to protect gross margin from anticipated costs, including tariffs. If tariffs are less impactful than expected, it could create flexibility to increase promotional spending beyond current plans.

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    Robert Moskow's questions to Vital Farms (VITL) leadership • Q1 2025

    Question

    Robert Moskow asked about the rationale behind Vital Farms' low double-digit price increase, questioning if a larger increase was considered given that retailers have already raised prices significantly, and inquired about the current on-shelf availability compared to the rest of the egg category.

    Answer

    President and CEO Russell Diez-Canseco explained that the price increase was primarily to protect gross margins and ensure the company meets its guidance, not to match retailer pricing, which Vital Farms doesn't control. He added that the egg category is still not fully servicing demand and that Vital Farms' volumes are increasing as planned, with hopes for a more normalized market in the second half of the year.

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    Robert Moskow's questions to Vital Farms (VITL) leadership • Q1 2025

    Question

    Robert Moskow inquired about Vital Farms' recent low double-digit price increase, questioning why it wasn't higher to match retailer actions and the potential for further retail price hikes. He also asked for an update on egg supply levels on shelves compared to the peak of the avian influenza disruption.

    Answer

    President and CEO Russell Diez-Canseco explained that the price increase is primarily to protect gross margins and support long-term growth, not to mirror retailer pricing strategies, which Vital Farms does not control. He added that the egg category is still facing supply constraints and has not fully returned to normal, though Vital Farms' own volumes are increasing as planned.

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    Robert Moskow's questions to Vital Farms (VITL) leadership • Q4 2024

    Question

    Robert Moskow asked about the drivers of price/mix, the company's pricing strategy amid high shelf prices, and the impact of out-of-stocks on the brand.

    Answer

    CFO Thilo Wrede clarified that reported price/mix was about 7%, attributing the discrepancy with scanner data to retailer-led price increases. President and CEO Russell Diez-Canseco stated that list price increases are not planned to be a meaningful growth driver in 2025. CMO and GM, Butter Kathryn McKeon noted that brand loyalty remains strong, with consumers often choosing other breakfast items over competing egg brands when Vital Farms is unavailable.

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    Robert Moskow's questions to Vital Farms (VITL) leadership • Q3 2024

    Question

    Robert Moskow of TD Cowen questioned the degree of flexibility in Vital Farms' production capacity, given that volume growth is set to significantly outperform initial annual guidance. He also asked if retail stockouts had a quantifiable impact on sales and could be used as leverage for increased shelf space.

    Answer

    CEO Russell Diez-Canseco explained that while the company builds in some operational flexibility, there are limits to short-term upside as they do not source from the wholesale market due to high standards. CFO Thilo Wrede added that while they can push capacity for short periods, it's not sustainable long-term. Regarding stockouts, Russell Diez-Canseco noted that the company is running at full capacity to meet strong demand, which itself contributes to tight supply, viewing it as a 'good problem to have' that demonstrates brand strength.

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    Robert Moskow's questions to BEYOND MEAT (BYND) leadership

    Robert Moskow's questions to BEYOND MEAT (BYND) leadership • Q2 2025

    Question

    Robert Moskow from TD Cowen asked for clarification on the company's employee count, which appeared to have increased since a 2023 restructuring. He also requested more detail on the specific goals and focus areas for the newly appointed interim Chief Transformation Officer, John Boken.

    Answer

    Founder, President, and CEO Ethan Brown clarified that the change in employee count was not due to administrative 'creep' but rather a shift in workforce composition, primarily from insourcing manufacturing activities after reducing the number of co-packers from thirteen to one. CFO and Treasurer Lubi Kutua added that prior international investments also contributed. Regarding John Boken, Brown stated his key objectives are to right-size the operational footprint to match current revenue, accelerate gross margin expansion by addressing issues like fixed cost absorption, and improve overall operational efficiency.

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    Robert Moskow's questions to BEYOND MEAT (BYND) leadership • Q1 2025

    Question

    Robert Moskow sought more clarity on the decision to pull full-year 2025 guidance, questioning if it was due to specific factors like tariffs or general demand uncertainty. He also asked for a run-rate SG&A figure excluding Q1's one-time expenses.

    Answer

    CEO Ethan Brown clarified the guidance withdrawal is due to broad uncertainty in consumer spending, stating the priority is to focus the team on achieving profitability rather than an arbitrary revenue target. CFO Lubi Kutua added that while direct tariff impact seems minimal, the resulting consumer skittishness negatively affects the category. Regarding SG&A, Kutua confirmed about $7 million in Q1 extraordinary items and noted that while legal fees should normalize, costs from the China operations suspension will continue.

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    Robert Moskow's questions to BEYOND MEAT (BYND) leadership • Q4 2024

    Question

    Robert Moskow from TD Cowen questioned the flat Q1 sales forecast given recent momentum, asked about visibility into new distribution, and inquired about the timeline for a more profound balance sheet recapitalization.

    Answer

    CEO Ethan Brown attributed the flat Q1 forecast to temporary tightness from network consolidation and a distribution loss at a major customer that will be regained in Q2. CFO Lubi Kutua clarified that distribution gains refer to expanding presence in existing stores. Regarding the balance sheet, Kutua acknowledged the need to address the convertible debt maturing in two years and stated they are evaluating alternatives, pointing to the recent use of their ATM program as part of their ongoing plan.

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    Robert Moskow's questions to NEW JERSEY RESOURCES (NJR) leadership

    Robert Moskow's questions to NEW JERSEY RESOURCES (NJR) leadership • Q3 2025

    Question

    Robert Moskow of Mizuho Securities inquired about the drivers behind the increased CapEx and strong demand for the SaveGreen program and whether the permitting environment for gas infrastructure in the Northeast is improving, prompting interest in new projects.

    Answer

    SVP & COO Patrick Migliaccio attributed the SaveGreen success to strong residential and commercial demand for efficiency programs and excellent execution, highlighting its benefits for customers, decarbonization, and shareholders via timely cost recovery. CEO Stephen Westhoven responded that NJR has consistently invested in system reliability and expansion to meet growth and expects to continue doing so.

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    Robert Moskow's questions to MOLSON COORS BEVERAGE (TAP) leadership

    Robert Moskow's questions to MOLSON COORS BEVERAGE (TAP) leadership • Q2 2025

    Question

    Robert Moskow of TD Cowen asked at what point the accelerating volume deleverage would necessitate a re-evaluation of the company's asset footprint, including manufacturing and distribution.

    Answer

    President and CEO Gavin Hattersley reiterated that the company is pleased with its current brewery footprint. He emphasized that strategic moves, such as exiting contract brewing for Pabst, have been beneficial by reducing complexity and freeing up capacity for growth priorities like Peroni and the Yuengling partnership, suggesting a major review is not imminent.

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    Robert Moskow's questions to MOLSON COORS BEVERAGE (TAP) leadership • Q1 2025

    Question

    Robert Moskow asked for a more detailed outlook on how the company's sales expectations for North America have changed for the second, third, and fourth quarters.

    Answer

    CFO Tracey Joubert declined to provide specific quarterly guidance but outlined the key drivers for the year. She reiterated the top-line forecast assumes 1-2% net price increases in North America. She also noted that the headwind from exiting contract brewing would be similar in Q2 as in Q1, and that the alignment of shipments (STWs) with depletions (STRs) is expected to occur primarily in Q3, not Q2.

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    Robert Moskow's questions to MOLSON COORS BEVERAGE (TAP) leadership • Q4 2024

    Question

    Robert Moskow of TD Cowen questioned the Q4 slowdown in the EMEA & APAC segment, which was attributed to competition and consumer softness, and asked about the division's growth outlook for 2025.

    Answer

    CEO Gavin Hattersley acknowledged softer U.K. consumer demand and confirmed a 'value-over-volume' strategy for the Carling brand. However, he expressed long-term optimism for the segment, pointing to the successful expansion of Madrí into new markets and stating that he sees no reason why the EMEA & APAC business won't eventually grow faster than the North American business.

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    Robert Moskow's questions to B&G Foods (BGS) leadership

    Robert Moskow's questions to B&G Foods (BGS) leadership • Q2 2025

    Question

    Robert Moskow of TD Cowen asked about the performance of the Spices and Flavor Solutions business and whether sourcing changes could mitigate tariff impacts.

    Answer

    CEO Casey Keller acknowledged that the spices business was slightly below expectations but should turn positive in the second half. He explained that while they are exploring alternative sourcing, options are limited for key items like garlic, where China supplies 80% of the world's market. Therefore, the company will need to implement pricing to recover tariff costs.

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    Robert Moskow's questions to B&G Foods (BGS) leadership • Q1 2025

    Question

    Robert Moskow inquired about the company's internal reaction to the significant stock drop, whether it would accelerate portfolio changes or cost-cutting, the composition of the negative 2% consumption trend in April, and the timing of the $15 million retailer inventory deload.

    Answer

    CEO Kenneth Keller explained that the company was already accelerating its portfolio shaping and cost reduction efforts prior to the stock's reaction, and the market's response only strengthened that conviction. He noted that while the April consumption trend included some benefit from the Easter shift, the underlying trend is improving. He clarified the $15 million inventory reduction occurred mostly in late January and into February.

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    Robert Moskow's questions to B&G Foods (BGS) leadership • Q4 2024

    Question

    Robert Moskow from TD Cowen asked about the company's free cash flow performance in 2024 and the outlook for 2025, particularly concerning working capital. He also questioned why year-end debt levels were relatively flat compared to the prior year despite cash generation.

    Answer

    CFO Bruce Wacha directed him to the cash from operations figure in the press release, explaining that 2025 cash flow should be comparable to or slightly better than 2024, but would not replicate the large inventory-driven benefit of 2023. He acknowledged that while net debt did decline slightly in 2024, leverage did not decrease as much as planned due to lower-than-expected EBITDA for the year.

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    Robert Moskow's questions to B&G Foods (BGS) leadership • Q3 2024

    Question

    Robert Moskow of TD Cowen asked about rising competitive intensity from Wesson and Taco Bell, its potential impact in 2025, and whether increased aggression from Quaker poses a risk to the hot cereal business.

    Answer

    CEO Casey Keller confirmed B&G is increasing resources for Crisco and Ortega to counter competitive pressures, with plans for innovation and marketing to improve trends in 2025. He dismissed the risk from Quaker, stating there is very little consumer substitution between Cream of Wheat and Quaker's oatmeal products.

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    Robert Moskow's questions to Freshpet (FRPT) leadership

    Robert Moskow's questions to Freshpet (FRPT) leadership • Q2 2025

    Question

    Robert Moskow of TD Cowen requested more detail on the new advertising campaign, specifically its messaging that distinguishes fresh food from kibble and whether this could create confusion for consumers who use Freshpet as a mixer.

    Answer

    COO Nikki Beatty clarified that the company recognizes mixing is a common consumer behavior. The new advertising aims to educate on the health benefits of feeding fresh, whether as a main meal or a topper. She assured that the creative will be nuanced to appeal to different consumer subsets and will build on the brand's established story without alienating mixers.

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    Robert Moskow's questions to Freshpet (FRPT) leadership • Q2 2025

    Question

    Robert Moskow inquired about the new advertising strategy, specifically its focus on differentiating fresh food from kibble, and whether this could create confusion for consumers who use Freshpet as a mixer.

    Answer

    COO Nikki Beatty acknowledged that mixing is a common consumer behavior. She explained the new messaging aims to educate on the health benefits of fresh food, regardless of whether it's used as a main meal or a topper. The strategy is designed to grow both usage occasions by showcasing the value of adding fresh food to a pet's diet, with creative tailored to different consumer segments.

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    Robert Moskow's questions to Freshpet (FRPT) leadership • Q1 2025

    Question

    Robert Moskow asked for details on the company's contingency plan if growth slows further, specifically regarding flexibility in capital expenditures and the impact on free cash flow and margins, and also asked if media spending dollars were increasing.

    Answer

    CFO Todd Cunfer explained they have flexibility to manage costs, having already reduced the 2025 CapEx forecast from $250M to $225M, and can adjust line staffing to protect margins. He reiterated the commitment to being free cash flow positive in 2026 by pushing out capital projects if needed. CEO William Cyr confirmed that media spending dollars are planned to go up slightly versus the original plan.

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    Robert Moskow's questions to Freshpet (FRPT) leadership • Q3 2024

    Question

    Robert Moskow asked if the company's evaluation of its long-term guidance includes setting targets beyond 2027 and whether achieving those would necessitate expanding its manufacturing footprint.

    Answer

    CEO William Cyr responded that while all options are being considered for a potential guidance update, the company's existing three manufacturing sites provide enough capacity to reach well over $2 billion in net sales. Therefore, any decision on a new footprint would impact the business in the 2029-2030 timeframe, well beyond the current 2027 targets.

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    Robert Moskow's questions to Freshpet (FRPT) leadership • Q3 2024

    Question

    Robert Moskow asked if the company is considering a new long-term guidance timeline beyond 2027 and whether that would require capital spending to expand its manufacturing footprint beyond the three existing sites.

    Answer

    Executive William Cyr clarified that while all options are being considered for a potential guidance update, the existing three manufacturing sites provide enough capacity to reach over $2 billion in net sales. Therefore, any decision to expand the physical footprint would impact a period well beyond 2027, likely not being needed until 2029 or 2030.

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    Robert Moskow's questions to CHURCH & DWIGHT CO INC /DE/ (CHD) leadership

    Robert Moskow's questions to CHURCH & DWIGHT CO INC /DE/ (CHD) leadership • Q2 2025

    Question

    Robert Moskow from TD Cowen requested an update on the international business, specifically on the progress of expanding U.S. brands like Hero and TheraBreath into global markets.

    Answer

    President and CEO Rick Dierker expressed high satisfaction with the international segment's mid-to-high single-digit growth. He attributed this largely to the rapid and successful rollout of recent acquisitions, highlighting that the Hero brand was launched in 50 countries within 12 months. He noted strong global demand for these brands is allowing them to gain share even in slowing economies, and that they are in the 'early innings' of this expansion.

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    Robert Moskow's questions to CHURCH & DWIGHT CO INC /DE/ (CHD) leadership • Q1 2025

    Question

    Robert Moskow asked if the company has had to shift its tactics in any categories, aside from vitamins, in response to the changing economic environment, specifically regarding promotional levels.

    Answer

    Executive Richard Dierker responded that there has not been a significant shift in promotional tactics. Instead, the primary pivot has been in advertising, where the company is adjusting its messaging to emphasize the value proposition of its brands more explicitly to appeal to the currently pressed consumer.

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    Robert Moskow's questions to CHURCH & DWIGHT CO INC /DE/ (CHD) leadership • Q2 2024

    Question

    Robert Moskow asked if the new product pipeline for next year is expected to be as strong as this year's and whether the company needs to tweak its mix of premium versus value products in light of a value-seeking consumer.

    Answer

    Matthew Farrell (executive) expressed confidence in the 2025 pipeline, noting that this year's successful launches will have a full year of contribution next year, supplemented by new ideas. He stated that the company's long-standing 60/40 premium-to-value portfolio split is well-suited for changing consumer habits and is unlikely to change significantly.

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    Robert Moskow's questions to COLGATE PALMOLIVE (CL) leadership

    Robert Moskow's questions to COLGATE PALMOLIVE (CL) leadership • Q2 2025

    Question

    Robert Moskow from TD Cowen asked about Colgate's pricing strategy in Brazil, noting that another CPG company cited pressure from rising food costs. He questioned the magnitude of the price increases and the company's confidence in their acceptance by consumers and competitors.

    Answer

    Chairman, CEO & President Noel Wallace explained that Brazil's market is historically accommodating to price increases. He expressed confidence that Colgate's strong brand health and premium innovation, like the new Colgate Total, would support pricing actions. He confirmed pricing was taken in late Q2 to offset foreign exchange headwinds and will flow through in the second half, despite short-term consumer cautiousness.

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    Robert Moskow's questions to COLGATE PALMOLIVE (CL) leadership • Q1 2025

    Question

    Robert Moskow of TD Cowen asked for a deeper dive into the Hill's business, specifically about any signs of consumer trade-down and how consumers view the more expensive wet food format amidst economic pressures.

    Answer

    Noel Wallace, Chairman, President and CEO, clarified that the trade-down he mentioned earlier was in North American toothpaste, not Hill's. He stated there is no trade-down in Hill's, which saw 5% organic growth ex-private label on a flat category. He highlighted broad-based strength across all formats (wet, dry, treats) and product lines (Prescription Diet, Science Diet), driven by strong innovation, investment, and growth in under-indexed areas like wet food and cat food. He also noted a 450 basis point margin improvement for Hill's.

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    Robert Moskow's questions to COLGATE PALMOLIVE (CL) leadership • Q3 2024

    Question

    Robert Moskow questioned the drivers behind Europe's strong quarterly performance, asking about market share trends and whether the current level of growth is sustainable, noting that a peer had cautioned against such expectations.

    Answer

    Noel Wallace, Chairman, President and CEO, attributed Europe's success to significant investment, strong volume growth, and improved brand health, leading to record-high Oral Care market shares. While acknowledging the region's inherent challenges, he confirmed the business is in good shape with high gross margins and strong advertising support.

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    Robert Moskow's questions to CLOROX CO /DE/ (CLX) leadership

    Robert Moskow's questions to CLOROX CO /DE/ (CLX) leadership • Q4 2025

    Question

    Robert Moskow from TD Cowen questioned the practice of excluding digital capability spending from adjusted earnings, asking why it's considered a one-time event with an endpoint when investments in areas like AI are typically ongoing.

    Answer

    CEO Linda Rendle acknowledged that technology investment is continuous but characterized the current project as a 'once in a generation reset' of a 25-year-old ERP system and its surrounding infrastructure. She explained this is why the significant, concentrated cost is treated as a one-time item, distinct from the normal course of business technology spending that will be included in future operating expenses and capital budgets.

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    Robert Moskow's questions to CLOROX CO /DE/ (CLX) leadership • Q3 2025

    Question

    Robert Moskow asked for clarification on what is included in the tariff impact estimate and sought evidence that consumer spending pull-forwards on items like electronics and autos impact grocery staple purchases.

    Answer

    CFO Luc Bellet stated the tariff exposure is mostly on packaging and raw materials, with limited impact from finished goods. CEO Linda Rendle explained that while a direct causal link is difficult to prove, evidence suggests consumers are adjusting their single wallet, shifting spending broadly and conserving in other areas. She noted that at-home behaviors in their categories haven't changed, indicating a shift in spending priorities rather than category deprioritization.

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    Robert Moskow's questions to CLOROX CO /DE/ (CLX) leadership • Q2 2025

    Question

    Robert Moskow of TD Cowen asked for more detail on the drivers behind the strong growth in the Professional and International businesses. He also requested quantification of raw material sourcing from Mexico and Canada.

    Answer

    CEO Linda Rendle attributed International growth to a stabilized portfolio, strong Cleaning business performance, and expansion in categories like Cat Litter. Professional growth was driven by penetrating new verticals such as government and healthcare. CFO Kevin Jacobsen quantified the company's raw material sourcing exposure from Mexico and Canada as being in the 'single digits.'

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    Robert Moskow's questions to CLOROX CO /DE/ (CLX) leadership • Q1 2025

    Question

    Robert Moskow sought clarification on the logic for the projected Q2 gross margin dip to 43% and asked if the significant Q1 EPS beat was far above internal estimates, given the relatively modest increase in full-year guidance.

    Answer

    CFO Kevin Jacobsen explained that the Q2 margin dip is driven by normal seasonality (e.g., the end of the high-margin charcoal season) combined with the impact of volume deleveraging. He acknowledged the Q1 EPS beat was stronger than internal forecasts but stated the modest guidance raise reflects prudence early in the year, ongoing monitoring of the consumer environment, and a desire to maintain financial flexibility.

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    Robert Moskow's questions to Utz Brands (UTZ) leadership

    Robert Moskow's questions to Utz Brands (UTZ) leadership • Q2 2025

    Question

    Robert Moskow of TD Cowen questioned if the SG&A investment spending for distribution would continue in the second half of the year and asked if the Boulder Canyon brand carries a higher margin that could aid overall margin expansion.

    Answer

    CEO Howard Friedman confirmed that SG&A spending as a percentage of sales will be modestly higher in the back half to support westward expansion and peak summer marketing, funded by gross margin expansion. He also affirmed that Boulder Canyon is a premium, higher-margin brand, and its growth contributes a positive mix benefit that supports the back-half EBITDA outlook.

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    Robert Moskow's questions to Utz Brands (UTZ) leadership • Q4 2024

    Question

    Robert Moskow asked about the primary building blocks for expanding EBITDA margin in 2025, seeking specific drivers for the strong productivity gains. He also requested an outlook for the non-branded side of the business following its significant decline in Q4.

    Answer

    CFO Ajay Kataria stated that 2025 EBITDA margin expansion will be driven by a strong productivity program, targeting approximately 80 basis points of improvement. Both Kataria and CEO Howard Friedman highlighted that productivity gains stem from capital investments in automation, increased capacity, procurement efficiencies, and network optimization, including the new RDC. Friedman also clarified that the double-digit decline seen in the non-branded business should not be expected to repeat in 2025.

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    Robert Moskow's questions to Utz Brands (UTZ) leadership • Q3 2024

    Question

    Robert Moskow asked if promotional tactics in salty snacks are shifting from price discounting toward bonus bags, and whether the potato chip category remains aggressively competitive. He followed up by asking if Utz feels the need to change its own tactics in response.

    Answer

    CEO Howard Friedman observed that the potato chip promotional environment is normalizing away from deep discounting and toward different value constructs, including bonus bags. In response to the follow-up, he stated that while Utz feels good about its current plans, the company will always evaluate its tactics and is building the capability to make changes at speed if necessary.

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    Robert Moskow's questions to Utz Brands (UTZ) leadership • Q1 2025

    Question

    Robert Moskow asked if the bonus pack program was a limited-time offer and how its duration would be evaluated. He also questioned how to think about the balance of price/mix versus volume for the remainder of the year.

    Answer

    CEO Howard Friedman confirmed the bonus pack program was intended as a limited-time test to deliver value and drive trial, and that it is now winding down as the company transitions to summer merchandising plans. CFO Ajay Kataria added that going forward, investors should expect a more normal course with about one point of price investment.

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    Robert Moskow's questions to TreeHouse Foods (THS) leadership

    Robert Moskow's questions to TreeHouse Foods (THS) leadership • Q2 2025

    Question

    Robert Moskow of TD Cowen asked for a detailed update on the coffee and broth categories. He questioned if TreeHouse is seeing strong demand in ground coffee and the potential impact of tariffs, and also asked about the progress in regaining market share in broth following previous plant issues.

    Answer

    CEO Steven Oakland confirmed strong demand and opportunity in ground coffee, noting the Northlake facility expansion is nearly complete, enabling new business bids. On broth, he reported that service levels have been 'fantastic' and that the business is on the verge of returning to pre-pandemic growth levels as they prepare for the peak season.

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    Robert Moskow's questions to HERSHEY (HSY) leadership

    Robert Moskow's questions to HERSHEY (HSY) leadership • Q2 2025

    Question

    Robert Moskow of TD Cowen asked about Hershey's competitiveness in the instant consumable segment, where its growth lagged the category, and requested specifics on the tough year-over-year comparisons expected in the second half.

    Answer

    Chairman, President & CEO Michele Buck clarified that Hershey is now gaining share and growing ahead of the category in instant consumables due to successful planogram partnerships with retailers. She noted that the pressure has been in the take-home segment, which the Oreo launch aims to address. The tough Q4 comparison is due to the ramp-up of major 2025 innovation at the end of 2024.

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    Robert Moskow's questions to HERSHEY (HSY) leadership • Q2 2025

    Question

    Robert Moskow questioned Hershey's competitiveness in everyday chocolate, noting its growth was below the category average, and asked for specifics on the tough second-half comparisons mentioned earlier.

    Answer

    Chairman, President & CEO Michele Buck clarified that while the 'take-home' segment faces pressure from private label, Hershey is gaining share in the 'instant consumable' segment. She noted the upcoming Oreo launch is targeted at strengthening the take-home business. The tough Q4 comparison is due to the ramp-up of major 2025 innovations that occurred late in 2024.

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    Robert Moskow's questions to HERSHEY (HSY) leadership • Q2 2025

    Question

    Robert Moskow asked for an assessment of Hershey's competitiveness in the instant consumable chocolate segment, where its growth was below the category, and requested specifics on the tough back-half comparisons.

    Answer

    Chairman, President & CEO Michele Buck clarified that Hershey is gaining share and growing ahead of the category in instant consumables, thanks to successful planogram partnerships with retailers. She noted the pressure is in the take-home segment, which the new Oreo launch is designed to address. She explained that the tough Q4 comparison is due to the ramp-up of major 2025 innovation that began at the end of 2024.

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    Robert Moskow's questions to HERSHEY (HSY) leadership • Q1 2025

    Question

    Robert Moskow asked how Hershey justifies its recent capacity expansion financially, given that high cocoa prices and a weaker consumer environment likely imply a lower volume outlook than originally anticipated.

    Answer

    CEO Michele Buck explained the expansion provides agility, supply chain control, and vertical integration by producing chocolate paste. She noted that Hershey was capacity-constrained pre-COVID and the investment allows them to meet demand, particularly in seasons, enabling share gains and innovation.

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    Robert Moskow's questions to Mondelez International (MDLZ) leadership

    Robert Moskow's questions to Mondelez International (MDLZ) leadership • Q2 2025

    Question

    Robert Moskow of TD Cowen asked for clarification on the plan to increase working media spend in 2026, questioning if it was a catch-up. He also probed whether raising prices in the U.S. was a significant risk given consumer pressure.

    Answer

    Chairman & CEO Dirk Van de Put stated the 2026 media investment is not a catch-up but a strategic necessity to support the chocolate category after major price hikes and to bolster brands in the weak U.S. market. CFO Luca Zaramella added that the upcoming U.S. price increases are 'surgical,' designed to protect key price points and popular formats, thereby minimizing the risk of significant volume loss.

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    Robert Moskow's questions to Mondelez International (MDLZ) leadership • Q2 2025

    Question

    Robert Moskow of TD Cowen asked for clarification on the plan to increase media investment in 2026 and questioned the strategy of raising prices in the U.S. given the pressure on consumers.

    Answer

    CEO Dirk Van de Put explained that the 2026 media investment is a strategic necessity to support brands after significant price hikes, not a 'catch-up'. CFO Luca Zaramella added that the upcoming U.S. price increases are 'surgical,' designed to protect key price points and popular pack sizes while targeting less-sensitive, non-core brands to minimize volume impact.

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    Robert Moskow's questions to PROCTER & GAMBLE (PG) leadership

    Robert Moskow's questions to PROCTER & GAMBLE (PG) leadership • Q4 2025

    Question

    Robert Moskow of TD Cowen asked directly if P&G will raise prices more in the U.S. in fiscal 2026 due to tariffs and if the wide top-line guidance reflects a wide range of pricing scenarios.

    Answer

    CFO Andre Schulten stated that pricing on tariff-impacted SKUs would be mid-single digits, but the average price increase across the entire U.S. portfolio would be about 2.5%, in line with inflation. He confirmed that pricing variability is a factor in the guidance range, but the biggest uncertainty remains underlying consumer strength.

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    Robert Moskow's questions to PROCTER & GAMBLE (PG) leadership • Q3 2025

    Question

    Robert Moskow of TD Cowen asked for clarification on whether the commodity inflation guidance includes tariffs and if falling resin prices could create a cost benefit heading into fiscal '26.

    Answer

    Executive Andre Schulten clarified that the $200 million commodity inflation guidance is separate from and excludes the newly announced tariff impacts. He declined to comment on the potential for commodity benefits in fiscal '26, stating that guidance is based on spot prices at the time of planning and that the range of outcomes will be wide.

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    Robert Moskow's questions to PROCTER & GAMBLE (PG) leadership • Q2 2025

    Question

    Robert Moskow of TD Cowen asked if there was any scenario where pricing could turn negative and what was driving the positive mix contribution in the quarter.

    Answer

    Jon Moeller, Chairman, President and CEO, stated that negative pricing is not part of the company's thought process, as the focus is on value creation. Andre Schulten, an executive, explained that the positive mix is a healthy dynamic driven by consumers trading up within categories to higher-performing, premium products like unit-dose detergents, which is exactly what P&G wants to encourage.

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    Robert Moskow's questions to PROCTER & GAMBLE (PG) leadership • Q1 2025

    Question

    Robert Moskow asked how the company plans to use the benefit from an improved commodity cost outlook, questioning whether it would be held back or reinvested into competitive areas.

    Answer

    Executive Andre Schulten clarified that the outlook is still for a $200 million after-tax headwind for the year, not a net benefit. He explained that decisions on how to manage costs and reinvestments are decentralized and made by individual business units based on what is best for their categories and regions, rather than through a corporate mandate.

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    Robert Moskow's questions to Tilray Brands (TLRY) leadership

    Robert Moskow's questions to Tilray Brands (TLRY) leadership • Q4 2025

    Question

    Victor, on behalf of Robert Moskow from TD Cowen, asked for the outlook on international growth for the next fiscal year, clarification on the value of trapped shipments, and details on the remaining steps for the 'Project 420' cost-savings initiative.

    Answer

    CEO & Chairman Irwin Simon clarified that $8 million in shipments were delayed and are expected to be recognized in Q1/Q2. He expressed confidence in significant international growth from markets like Germany, Poland, and the UK. For Project 420, he outlined ongoing efforts including manufacturing and distributor consolidation, regaining lost retail space, and improving operational efficiencies in brew pubs.

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    Robert Moskow's questions to Tilray Brands (TLRY) leadership • Q1 2025

    Question

    Robert Moskow from TD Cowen asked how the beverage segment's quarterly sales performed against internal expectations and inquired if the timing of new marketing and consolidation efforts was a factor in recent lagging retail sales data for the brands.

    Answer

    CEO Irwin Simon acknowledged the beverage business was 'off a bit' compared to internal plans, attributing it to the timing of new product launches and distributor uptake. He noted that current activities include SKU rationalization and brand integration, which require upfront investment but are expected to yield benefits over the year. Simon expressed confidence in the growth plan, citing high hopes for new innovations and the recently acquired Molson Coors brands.

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    Robert Moskow's questions to Tilray Brands (TLRY) leadership • Q2 2024

    Question

    Robert Moskow of TD Cowen asked if the beverage shipment and innovation timing issues from the previous quarter had been resolved and requested more details on the upcoming innovation pipeline.

    Answer

    Chairman and CEO Irwin Simon confirmed that Q1 integration challenges with ABI brands were resolved, contributing to 36% beverage revenue growth. Ty Gilmore, President of Tilray Beverages North America, added that the innovation pipeline for the next 7-8 months is finalized and has been positively received by distributors.

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    Robert Moskow's questions to Lamb Weston Holdings (LW) leadership

    Robert Moskow's questions to Lamb Weston Holdings (LW) leadership • Q4 2025

    Question

    Robert Moskow from TD Cowen asked for more specifics on the competitive capacity situation in North America, questioning if competitor projects are still ramping up and if any of the previously mentioned delayed projects were in the region. He aimed to understand the timeline for potential pricing stabilization.

    Answer

    President & CEO Mike Smith clarified that the 1 to 1.5 billion pounds of delayed or canceled capacity were not in North America. He acknowledged some competitor projects are in their final stages in the region but emphasized that the majority of new capacity is international. CFO Bernadette Madarieta added that Lamb Weston's strategy is to focus on premium segments where not all new capacity can effectively compete.

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    Robert Moskow's questions to Lamb Weston Holdings (LW) leadership • Q3 2025

    Question

    Robert Moskow from TD Cowen asked about the future of the closed Connell plant, including the possibility of a sale, and the status of competitor capacity expansions in the U.S.

    Answer

    CEO Mike Smith confirmed that after exploring a potential sale of the Connell facility's building, the company decided against it for now and is reviewing other options. He also shared his belief that some competitor capacity additions have been delayed, but could not provide specific details on their plans.

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    Robert Moskow's questions to Lamb Weston Holdings (LW) leadership • Q2 2025

    Question

    Robert Moskow asked if the back-half guidance assumes the regaining of customers lost during the ERP disruption and questioned if there is a reputation risk following another chain customer loss in North America.

    Answer

    CFO Bernadette Madarieta confirmed the back-half guidance includes line of sight to existing customer wins and does not rely on a large amount of unknown new business. President and CEO Thomas Werner acknowledged that repairing some relationships has taken time but feels the company is through the most challenging discussions with its large customers.

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    Robert Moskow's questions to Lamb Weston Holdings (LW) leadership • Q1 2025

    Question

    Robert Moskow inquired if North American pricing would turn negative for the rest of the year due to incentives to regain foodservice customers post-ERP disruption. He also asked if the company's capacity cuts alone could rebalance the industry if demand remains flat over the next year.

    Answer

    CEO Tom Werner and CFO Bernadette Madarieta confirmed that while the pricing environment is competitive, it remains disciplined and in line with expectations. They anticipate greater, but planned, pricing investments in the coming quarters, which will lead to some negative price/mix. Werner declined to speculate on the broader industry rebalancing, stating Lamb Weston's actions are for its own benefit and the industry's path depends on traffic trends.

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    Robert Moskow's questions to COCA COLA (KO) leadership

    Robert Moskow's questions to COCA COLA (KO) leadership • Q2 2025

    Question

    Robert Moskow of TD Cowen asked about the company's level of conviction in a return to positive concentrate volume in the second half, and inquired about the phasing, noting a potentially tough Q4 comparison.

    Answer

    President and CFO John Murphy expressed confidence that positive volume growth would return in the second half, as reflected in the full-year guidance. He downplayed the Q4 comp, stating the company's ability to influence results is more important. He pointed to good underlying business momentum outside of the Q2 anomalies and a robust investment plan for the back half of the year.

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    Robert Moskow's questions to COCA COLA (KO) leadership • Q1 2025

    Question

    Robert Moskow asked for an update on the company's efforts to clear up recent misconceptions about its trademark Coke brand and for more detail on the current state of the Hispanic consumer.

    Answer

    Chairman and CEO James Quincey said the impact from a false video is now 'largely in the rearview mirror,' and recovery efforts are focused on localness and affordability. Regarding the Hispanic consumer, he noted a pullback in purchasing, likely due to caution from geopolitical tensions. He believes this will abate and that the company's strategy of local execution will see it through.

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    Robert Moskow's questions to COCA COLA (KO) leadership • Q4 2024

    Question

    Robert Moskow pressed for more detail on the strategy of changing packaging mix to react to higher aluminum costs, asking about the magnitude of a shift to plastic that would be necessary to influence the cost structure.

    Answer

    CEO James Quincey cautioned against exaggerating the impact, stating that while not insignificant, the aluminum price increase is a manageable problem within the multi-billion dollar U.S. business. He explained that a combination of mitigating factors, including sourcing, can weights, potential price increases, and shifts to other packages, would be used. He stressed that it is not a huge swing factor and the company will manage through it.

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    Robert Moskow's questions to COCA COLA (KO) leadership • Q3 2024

    Question

    Robert Moskow from TD Cowen asked if the expected deceleration in price/mix for 2025 would provide a corresponding benefit to volume, based on elasticity assumptions.

    Answer

    Chairman and CEO James Quincey expects 2025 to be the 'inverse of the third quarter,' with emerging markets resuming their faster growth trajectory compared to developed economies. This dynamic will contribute to overall volume growth but will have a less positive mechanical effect on price/mix, leading to a more normalized balance between volume and pricing.

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    Robert Moskow's questions to CONAGRA BRANDS (CAG) leadership

    Robert Moskow's questions to CONAGRA BRANDS (CAG) leadership • Q4 2025

    Question

    Robert Moskow of TD Cowen asked whether Conagra's extensive innovation in the frozen category is successfully translating into premiumization and higher pricing, noting it has been difficult to see evidence of this.

    Answer

    President & CEO Sean Connolly strongly refuted the premise, stating that premiumization has been central to their strategy for a decade. He cited the example of Banquet meals evolving from a sub-$1 item to a high-quality, ~$4 product with a superior value proposition. He also highlighted the recent success of the premium-priced Banquet Mega Chicken Filets, which exceeded all expectations before hitting capacity limits, reinforcing the consumer appetite for their premium innovations.

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    Robert Moskow's questions to Simply Good Foods (SMPL) leadership

    Robert Moskow's questions to Simply Good Foods (SMPL) leadership • Q3 2025

    Question

    Robert Moskow asked about the competitive environment in the ready-to-drink (RTD) protein shake category and its impact on the new Quest shake launch, including its potential for distribution in club stores.

    Answer

    CEO Geoff Tanner acknowledged increased competition in the RTD space but expressed satisfaction with the Quest beverage launch, which has achieved ~22-23% ACV. He noted the 45-gram protein shake is performing well. Regarding club stores, he stated it's early and the ideal strategy is to build the brand in other channels first before launching a large club-sized pack.

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    Robert Moskow's questions to Simply Good Foods (SMPL) leadership • Q1 2025

    Question

    Robert Moskow from TD Cowen asked about the performance of Quest bars, the differentiation of its upcoming innovation, and whether the broader Quest innovation pipeline includes new category extensions.

    Answer

    CEO Geoff Tanner explained that Quest only requires low single-digit growth from bars to meet its targets, with chips and other platforms driving most of the growth. He expressed excitement for the new 'Overload' bar platform to bring excitement to the category. He also confirmed the innovation pipeline includes both building out existing platforms and extending into new categories by 'flipping the macros'.

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    Robert Moskow's questions to MCCORMICK & CO (MKC) leadership

    Robert Moskow's questions to MCCORMICK & CO (MKC) leadership • Q2 2025

    Question

    Robert Moskow questioned how McCormick can find less expensive sourcing options to mitigate tariffs without compromising its high-quality standards and asked for specifics on the commodity cost pressures and the rationale for using SG&A to offset them.

    Answer

    Chairman, President & CEO Brendan Foley stated there is 'no trade-off' on quality, as the company's sourcing organization procures ingredients that meet its industry-leading standards. EVP & CFO Marcos Gabriel added that the commodity pressure stems from expected cost decreases not materializing. He explained that the company is using SG&A savings to mitigate this impact to protect its strong volume momentum by avoiding broader price increases.

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    Robert Moskow's questions to MCCORMICK & CO (MKC) leadership • Q1 2025

    Question

    Robert Moskow questioned if the Q1 organic growth mix, with Flavor Solutions stronger and Consumer weaker than anticipated, was in line with expectations, and asked about the profitability of an incremental chili promotion.

    Answer

    Chairman, President and CEO Brendan Foley responded that Flavor Solutions was slightly stronger than expected due to QSR performance, but he viewed the Consumer segment's volume as quite strong and a continuation of Q4 momentum. He characterized the overall results as 'roughly in line' with expectations. He also confirmed that the incremental recipe mix promotion was a 'financially smart' decision, implying it was profitable and strategically beneficial.

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    Robert Moskow's questions to MCCORMICK & CO (MKC) leadership • Q4 2024

    Question

    Robert Moskow sought more specific details on the 1-3% organic sales guidance, particularly regarding assumptions for China at the low end. He also asked why strong Q4 consumer volumes did not translate to stronger operating income.

    Answer

    CEO Brendan Foley clarified the low end of the guidance prudently factors in the risk from China's market, which has underperformed expectations in the past. CFO Marcos Gabriel added that the Q4 operating income was in line with their internal plans, as it included an expected shift of technology and R&D expenses from Q3 into Q4, which increased SG&A for the quarter.

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    Robert Moskow's questions to MCCORMICK & CO (MKC) leadership • Q3 2024

    Question

    Robert Moskow asked for quantification of the EPS benefit from favorable FX and the discrete tax item. He also inquired if Q3 brand investment grew at the high-single-digit rate guided for the full year, and asked about the role of pricing in the long-term algorithm given the end of hyperinflation.

    Answer

    President and CEO Brendan Foley indicated the guidance raise to the high end of the range reflects the tax and FX benefits. EVP and CFO Mike Smith noted they discuss brand spend in terms of halves, not quarters, but confirmed a ramp in the second half. Regarding long-term pricing, Foley and Smith emphasized that pricing remains a key lever in their revenue management toolbox to address costs, while incoming CFO Marcos Gabriel highlighted the holistic approach of using CCI savings to fund investments first.

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    Robert Moskow's questions to MCCORMICK & CO (MKC) leadership • Q2 2025

    Question

    Robert Moskow asked how McCormick finds less expensive sourcing options without sacrificing quality, and for specifics on commodity pressures being mitigated through SG&A.

    Answer

    CEO Brendan Foley asserted there is 'no trade-off' on quality, which remains a top priority. CFO Marcos Gabriel added that their sourcing organization achieves both cost and quality. He explained that expected cost relief from supply/demand dynamics did not materialize, and SG&A savings are being used as the primary mitigation lever to protect operating profit without broad pricing actions that could harm volume momentum.

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    Robert Moskow's questions to GENERAL MILLS (GIS) leadership

    Robert Moskow's questions to GENERAL MILLS (GIS) leadership • Q4 2025

    Question

    Robert Moskow asked if pricing could return to positive territory during the year and questioned the long-term size of the fresh pet food opportunity, given that category growth has slowed.

    Answer

    CEO Jeffrey Harmening stated that while a mix of price and volume is needed long-term, the current environment requires leaning into volume. Regarding fresh pet, he and Group President Dana McNabb noted the category is now twice the size it was during the initial test, and the long-term humanization trend supports a path for the segment to grow from $3 billion to a projected $10 billion in ten years.

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    Robert Moskow's questions to GENERAL MILLS (GIS) leadership • Q4 2025

    Question

    Robert Moskow from TD Cowen questioned if pricing could return to positive territory during the year and whether the slowing growth of the fresh pet food category impacts the company's long-term expectations for its new launch.

    Answer

    Chairman & CEO Jeffrey Harmening stated that while the long-term growth algorithm needs both volume and price, the current environment requires leaning into volume growth. On fresh pet, he noted the category is now twice the size it was a few years ago, making the addressable market larger, and that double-digit growth is still very strong. Group President Dana McNabb added that the segment is projected to grow from $3 billion to $10 billion in ten years.

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    Robert Moskow's questions to WK Kellogg (KLG) leadership

    Robert Moskow's questions to WK Kellogg (KLG) leadership • Q1 2025

    Question

    Robert Moskow asked for an update on the plan to stabilize the Special K brand, given its health credentials, and questioned the company's strategy for competing with small, emerging, protein-forward brands.

    Answer

    CEO Gary Pilnick acknowledged Special K's weak quarter but outlined a plan to lean into its health equity with a stronger food focus, on-pack claims, a new protein granola, and a relaunch of Special K Zero. He stated the company will both revitalize its existing health-oriented brands and use its IP to create new, competitive products to challenge emerging brands.

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    Robert Moskow's questions to WK Kellogg (KLG) leadership • Q1 2025

    Question

    Robert Moskow asked for an update on plans to stabilize the Special K brand, given its historical health credentials. He also inquired whether the company's strategy to compete with small, emerging protein-forward brands is through internal portfolio improvements or potential acquisitions.

    Answer

    Chairman and CEO Gary Pilnick acknowledged Special K's weak quarter but outlined plans to leverage its health equity with a stronger focus on food, nutrient density, and new products like a protein granola and a restaged Special K Zero. He described the strategy against emerging brands as an 'and' approach: improving their existing portfolio while also using their extensive IP to launch new, competitive products internally.

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    Robert Moskow's questions to WK Kellogg (KLG) leadership • Q4 2024

    Question

    Robert Moskow asked for an evaluation of the 2024 market share loss and whether the long timeline for plant closures helps mitigate execution risk.

    Answer

    CEO Gary Pilnick positioned the share performance within the context of meeting financial goals and executing strategic priorities. He specified the U.S. share loss was driven by Special K, while other core brands were stable. He affirmed the supply chain timeline is deliberate to ensure careful planning and execution without disrupting the commercial business.

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    Robert Moskow's questions to WK Kellogg (KLG) leadership • Q3 2024

    Question

    Asked about the inflation picture for 2024 and 2025, including specific drivers like grains and labor, and the implications for pricing.

    Answer

    The company described 2024 as a year of stabilization at elevated cost levels, with benefits from lower grain prices being offset by inflation in other areas like sugar, rice, and labor. They expect this dynamic of stabilization at high levels, with various puts and takes, to continue into 2025.

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    Robert Moskow's questions to WK Kellogg (KLG) leadership • Q3 2024

    Question

    Robert Moskow asked about the net impact of inflationary headwinds in 2024, the outlook for costs including labor in 2025, and the company's corresponding pricing strategy.

    Answer

    David McKinstray, CFO, characterized the 2024 cost environment as a 'stabilization at these higher levels.' He noted that benefits from lower grain costs were offset by inflation in other areas like sugar and rice. He included labor within this overall net stabilization and suggested this dynamic would likely continue into 2025, with costs remaining elevated but stable.

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    Robert Moskow's questions to WK Kellogg (KLG) leadership • Q3 2024

    Question

    Robert Moskow asked about the inflationary environment, inquiring about the net impact of headwinds in 2024, the outlook for 2025, and how the company is thinking about pricing in that context.

    Answer

    CFO Dave McKinstray characterized 2024 as a 'stabilization at these higher levels.' He explained that while the company benefited from deflation in grains like corn and wheat, this was offset by continued inflation in other areas such as sugar, rice, and labor. He indicated that this stabilization at elevated costs is the current expectation moving into 2025.

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    Robert Moskow's questions to BELLRING BRANDS (BRBR) leadership

    Robert Moskow's questions to BELLRING BRANDS (BRBR) leadership • Q2 2025

    Question

    Robert Moskow sought to clarify the rationale for maintaining the guidance range, asking if management could have narrowed it higher even after accounting for the surprise retailer destocking.

    Answer

    President and CEO Darcy Davenport confirmed that they could have tightened the guidance range even with the destocking impact factored in. She reiterated that the decision to maintain the current range was a deliberate choice to remain cautious in light of general uncertainty in the consumer environment.

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    Robert Moskow's questions to BELLRING BRANDS (BRBR) leadership • Q1 2025

    Question

    Robert Moskow of TD Cowen requested an update on plans for expanding into the convenience store channel and asked for new data on the impact of GLP-1 drugs on the business.

    Answer

    President and CEO Darcy Davenport described the convenience channel as a future, but not immediate, opportunity, noting the company is currently testing a hybrid 'ship via warehouse, merchandise like DSD' model. On GLP-1s, she stated they continue to be a tailwind, representing about a quarter of the company's growth. The newest data shows GLP-1 user penetration is stabilizing, with as many people starting the drugs as coming off them, but consumers continue to use RTDs both during and after treatment to maintain benefits.

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    Robert Moskow's questions to BELLRING BRANDS (BRBR) leadership • Q4 2024

    Question

    On behalf of Robert Moskow, Jacob Henry asked about the observed consumer elasticities following the recent price increase on Premier Protein shakes compared to initial expectations.

    Answer

    President and CEO Darcy Davenport responded that while it is still early, elasticities have been modest and largely in line with expectations. She highlighted a positive, slightly higher-than-expected consumer trade-up from 4-count to 12-count packs, which suggests pantry loading and increased consumption.

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    Robert Moskow's questions to PEPSICO (PEP) leadership

    Robert Moskow's questions to PEPSICO (PEP) leadership • Q1 2025

    Question

    Robert Moskow asked for an update on the strategy for more commoditized products like unflavored potato chips, which were previously targeted for more promotional activity, and whether management feels more value actions are needed on that part of the portfolio.

    Answer

    Chairman and CEO Ramon Laguarta confirmed the strategic principle remains the same: pricing must reflect the value provided. In areas with less consumer differentiation, revenue management must be more intentional about value, while more differentiated products can capture more value. He stated that the organization has become more nuanced and intelligent in understanding its value drivers and how pricing should reflect them for particular occasions and brands.

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    Robert Moskow's questions to PEPSICO (PEP) leadership • Q4 2024

    Question

    Robert Moskow of TD Cowen questioned why the impact of GLP-1 drugs wasn't mentioned as a factor in the salty snack slowdown. He also asked about PepsiCo's ambition to be more aggressive in the fast-growing protein drinks market.

    Answer

    CEO Ramon Laguarta confirmed a sense of urgency to expand in protein and functional beverages via brands like Muscle Milk, Gatorade, and Propel. Regarding GLP-1s, he stated that while they see 'very little direct impact' currently, they recognize a broader consumer trend toward health and wellness. This is being addressed through portion control, portfolio renovation (lower sodium/fat), and strategic M&A like the Sabra acquisition.

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    Robert Moskow's questions to PEPSICO (PEP) leadership • Q3 2024

    Question

    Robert Moskow asked two questions about Frito-Lay: first, about the status of planned promotions for Tostitos, and second, why 'Positive Choices' brands have been weak despite their perceived higher-income consumer base and what progress is being made on their turnaround.

    Answer

    Chairman and CEO Ramon Laguarta confirmed that incremental investments for Tostitos are planned for the fall season, including brand events and value offerings like bonus packs. Regarding 'permissible' brands, he explained that affordability is impacting all consumer segments and that the portfolio is democratizing beyond just premium. He stated the company is focused on adding distribution and targeted advertising to grow these platforms.

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    Robert Moskow's questions to CONSTELLATION BRANDS (STZ) leadership

    Robert Moskow's questions to CONSTELLATION BRANDS (STZ) leadership • Q4 2025

    Question

    Robert Moskow attempted to quantify the tariff impact on aluminum can costs, asking if his calculation method was accurate.

    Answer

    CFO Garth Hankinson declined to confirm the specific financial impact, stating that the effect of tariffs is fully baked into the comprehensive guidance provided for revenue growth and operating margins. He noted these figures also include assumptions for productivity, cost savings, and other inflationary pressures.

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    Robert Moskow's questions to CONSTELLATION BRANDS (STZ) leadership • Q3 2025

    Question

    Robert Moskow noted the increased price competitiveness in the light beer segment and asked if Constellation plans to respond with more aggressive promotions. He also questioned if the industry can sustain normal pricing power amid overall weak volumes.

    Answer

    CEO William Newlands confirmed they are assessing the competitive dynamics in the light beer segment. However, he maintained that the company's long-standing 1% to 2% pricing algorithm remains the correct strategy. He emphasized this pricing is applied selectively by market and SKU, which is more consumer-friendly and sustainable than broad, reactive price changes.

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    Robert Moskow's questions to CONSTELLATION BRANDS (STZ) leadership • Q2 2025

    Question

    Robert Moskow commented that the marketing plans for the Wine and Spirits business seem slow to materialize and asked if the turnaround strategy includes more acquisitions of up-and-coming brands like the recent Sea Smoke purchase.

    Answer

    CEO William Newlands reiterated that the initiatives would take 9-12 months to fully play out and that sequential improvement is expected in the second half of the year. He stated definitively that the company does not plan to acquire more wine properties at this time. The current focus is entirely on improving the operational performance of the existing business and engaging more with distributor partners.

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    Robert Moskow's questions to CAMPBELL'S (CPB) leadership

    Robert Moskow's questions to CAMPBELL'S (CPB) leadership • Q2 2025

    Question

    Robert Moskow asked if the heightened competitive intensity in crackers requires price investments for Goldfish similar to those in salty snacks, potentially resetting the brand's margin. He also inquired about the potential financial impact of new tariffs on steel can costs.

    Answer

    CEO Mick Beekhuizen differentiated the competitive dynamics, stating the plan for Goldfish is not a margin reset but a focus on reinforcing its value proposition through marketing, innovation, and price-pack architecture. On tariffs, he described the situation as fluid and multifaceted, noting the company is working on mitigation plans with suppliers but may need to take other actions, including pricing, depending on the final scope and duration of the tariffs.

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    Robert Moskow's questions to CAMPBELL'S (CPB) leadership • Q1 2025

    Question

    Robert Moskow of TD Cowen questioned the Snacks division's low quarterly margin, the feasibility of achieving the full-year margin target, and the viability of the long-term 17% margin goal amid concerns that the salty snacks category may require a price correction.

    Answer

    CEO Mark Clouse defended the long-term margin goal, citing an intact cost-savings roadmap and the company's focus on value-added segments that are less susceptible to major price recalibrations. CFO Carrie Anderson outlined the path to second-half margin improvement for Snacks, which includes better volume trends, favorable mix from leadership brands, a more neutral pricing impact, and accelerated productivity savings from plant restructuring and DSD optimization.

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    Robert Moskow's questions to KIMBERLY CLARK (KMB) leadership

    Robert Moskow's questions to KIMBERLY CLARK (KMB) leadership • Q4 2024

    Question

    Robert Moskow asked about the source of the outstanding productivity savings, whether they offset pulp costs in 2024, and if similar savings are factored into 2025 commodity estimates, along with the outlook for PNOC (Pricing Net of Cost).

    Answer

    CFO Nelson Urdaneta clarified that the historical productivity savings were driven by manufacturing optimization, not procurement, and that 2025 productivity is targeted in the 5% range. He affirmed the goal of maintaining a neutral PNOC. CEO Michael Hsu added that strong visibility into productivity is a key driver for fueling investment and bottom-line growth.

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    Robert Moskow's questions to MGP INGREDIENTS (MGPI) leadership

    Robert Moskow's questions to MGP INGREDIENTS (MGPI) leadership • Q3 2024

    Question

    Robert Moskow of TD Cowen inquired about the scope of customer conversations informing the 2025 outlook and the potential risk of smaller craft distillers failing. He also asked about the strategy for driving growth in the Branded Spirits segment in 2025, considering distributor destocking and the lapping of the Penelope brand launch, and questioned the commitment of major distributors to MGP.

    Answer

    CEO David Bratcher stated that the commercial team has engaged with all customers to build the 2025 forecast, which focuses on more stable, multinational contracts. He explained that 2025 branded growth will be driven by portfolio diversification into high-growth categories like premium tequila, leveraging the company's agility. Bratcher also suggested that rumored distributor cutbacks are focused on their wine portfolios, which could be a net positive for spirits as they reallocate resources to more profitable categories.

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    Robert Moskow's questions to KELLANOVA (K) leadership

    Robert Moskow's questions to KELLANOVA (K) leadership • Q2 2024

    Question

    Robert Moskow of TD Cowen asked about price sensitivity in North America, specifically regarding pack sizes and absolute price points, referencing a competitor's comment that prices above $4 were causing consumers to exit categories.

    Answer

    Chairman, President and CEO Steven Cahillane agreed with the premise, stating that while price-package architecture has always been important, the absolute dollar price is under more pressure now due to the strained consumer environment. He noted this sensitivity is particularly heightened for households with children and incomes under $100,000, and that it varies throughout the monthly pay cycle.

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    Robert Moskow's questions to KELLANOVA (K) leadership • Q4 2023

    Question

    Inquired about the timing and expected impact of the return to full innovation and merchandising in North America, asking when the currently weak retail tracking data would show improvement.

    Answer

    The improvement will be cumulative throughout the year, not a single inflection point. It will be driven by a return to full innovation, increased brand building, and better quality merchandising. The most notable improvement in retail tracking is expected in the third quarter, with momentum building throughout the year.

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