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    Stephen Robert Powers

    Managing Director and Senior Equity Research Analyst at Deutsche Bank

    Stephen Powers is a Managing Director and Senior Equity Research Analyst at Deutsche Bank, specializing in the Consumer Goods sector with a broad coverage that includes companies such as Kraft Heinz and Church & Dwight. He covers 46 stocks and holds a strong track record, with a 66% success rate on recommendations and an average return per transaction of 5.70%, as recognized by performance tracking platforms. Powers started his equity research career over a decade ago and has developed significant expertise through roles at major institutions, joining Deutsche Bank as a senior analyst where he is noted for issuing influential ratings and price targets. He holds professional securities credentials and is listed as a lead research analyst for prominent consumer names, reflecting his recognized status in industry research circles.

    Stephen Robert Powers's questions to FLOWERS FOODS (FLO) leadership

    Stephen Robert Powers's questions to FLOWERS FOODS (FLO) leadership • Q1 2025

    Question

    Stephen Robert Powers of Deutsche Bank inquired whether new growth initiatives like DKB snacking and Simple Mills are performing as expected amid consumer weakness and if this risk is factored into guidance. He also requested more detail on the sources of incremental tariff costs.

    Answer

    CEO Ryals McMullian confirmed that both Simple Mills and the new snacking business are performing very well, but noted that caution around the consumer is reflected in the guidance. CFO Steve Kinsey detailed that the incremental tariff impact stems from ingredients like sugar, wheat gluten, and cocoa from various countries, including China. He added that the guidance conservatively assumes a worst-case scenario for tariff rates.

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    Stephen Robert Powers's questions to COTY (COTY) leadership

    Stephen Robert Powers's questions to COTY (COTY) leadership • Q3 2025

    Question

    Stephen Robert Powers from Deutsche Bank AG asked to parse the cost savings initiatives between structural changes and reactive belt-tightening that might reverse when conditions improve.

    Answer

    CFO Laurent Mercier and CEO Sue Nabi characterized the changes as primarily structural, designed to constantly adapt to a fast-moving environment with omnichannel retailers and new platforms like TikTok Shop. Mercier emphasized that the goal is to gain agility, optimize the cost structure, and refuel the brands. Nabi described it as "structural changes with a dose of conjectural changes," reflecting the need to adapt to challengers like Amazon and TikTok Shop on an almost monthly basis.

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    Stephen Robert Powers's questions to BELLRING BRANDS (BRBR) leadership

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

    Question

    Stephen Powers asked for the specific rationale behind leaning into fourth-quarter promotions and whether this should be viewed as an opportunistic move or a fixed part of the annual calendar.

    Answer

    President and CEO Darcy Davenport described it as a return to a fixed part of their historical calendar. Before supply constraints, the company consistently ran two large club promotions annually. Seeing the positive Q2 results on household penetration and now having the inventory to support it, they decided to reinstate the second major promotion in Q4 as a strategic move.

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

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

    Question

    Stephen Robert Powers asked why traditional trade-down to private label hasn't been observed despite value-seeking behaviors, and whether there's an increased risk of this occurring as purchase patterns normalize.

    Answer

    CEO Linda Rendle attributed the lack of trade-down to consumer trust in brands that deliver on their promise, especially in essential categories where they want the product to work. She stated that consumers are savvy and are choosing to shift channels or pack sizes to keep using trusted brands. While there are no current signs of traditional trade-down, she acknowledged it's a risk the company is watching closely, as continued economic pressure could force consumers to make more significant trade-offs.

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

    Question

    Stephen Powers asked for an update on household penetration trends and how they are progressing. He also inquired if the 3-5% back-half growth outlook is in line with consumption or if it assumes shipping ahead of consumption, such as for an inventory build related to the SAP implementation.

    Answer

    CEO Linda Rendle noted that the negative trend in household penetration seen after prior price increases has now reversed, and the company is focused on growing it through innovation and marketing. CFO Kevin Jacobsen confirmed the 3-5% back-half growth is expected to be in line with consumption and explicitly stated that the forecast does not assume any inventory builds or impacts from the upcoming SAP implementation.

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    Stephen Robert Powers's questions to Freshpet (FRPT) leadership

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

    Question

    Stephen Powers asked about the performance of the subscription service channel, how direct-to-consumer (DTC) interacts with traditional retail, and whether the DTC initiative is a test or a full rollout.

    Answer

    President & Co-Founder Scott Morris clarified that while the national DTC business is small, it is growing very fast with encouraging customer acquisition costs and retention. He emphasized that the larger opportunity lies in broader e-commerce (like click-and-collect), which leverages their 37,000-fridge retail network as 'micro fulfillment centers' to efficiently deliver to consumers, making it a key part of their build-out strategy.

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

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

    Question

    Stephen Robert Powers asked for a bridge to the implied back-half improvement in organic growth, given management's expectation that consumer spending will not improve. He also asked what would constitute success for the vitamin business initiatives being implemented between now and July.

    Answer

    Executive Richard Dierker explained that the back-half improvement is based on the expectation that categories will return to growth from their current negative levels, supplemented by distribution gains, innovation, and sustained marketing. For the vitamin business, he defined success by metrics such as an inflection in weekly POS data, improved consumer reviews, and halting the decline in distribution points.

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    Stephen Robert Powers's questions to CHURCH & DWIGHT CO INC /DE/ (CHD) leadership • Q3 2024

    Question

    Stephen Robert Powers asked about the timing of marketing spend shifting from Q3 to Q4 and addressed the investor perception that growth is overly reliant on THERABREATH and HERO, seeking reasons for confidence in the legacy business.

    Answer

    CFO Rick Dierker described the Q3 marketing spend timing as an anomaly versus external models, not a strategic shift. CEO Matthew Farrell countered the portfolio perception by stating that different businesses lead growth at different times. He affirmed long-term confidence in THERABREATH and HERO and pointed to new innovations like POWER SHEETS and Hardball as key future growth drivers for the core laundry and litter businesses, which are maintaining high shares.

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

    Question

    Stephen Robert Powers asked about visibility into shipment versus consumption timing differences for the second half and posed a philosophical question on whether higher industry-wide gross margins could elevate competitive risk as categories slow.

    Answer

    Richard Dierker (CFO and Head of Business Operations) noted some noise in shipment timing but said it's baked into the outlook. On competition, he suggested hyper-promotional environments typically occur when categories and volumes are negative, which is not the current situation. Matthew Farrell (executive) emphasized that innovation will be key to navigating a slowing environment.

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    Stephen Robert Powers's questions to ESTEE LAUDER COMPANIES (EL) leadership

    Stephen Robert Powers's questions to ESTEE LAUDER COMPANIES (EL) leadership • Q3 2025

    Question

    Stephen Robert Powers asked about the company's goal to align trade inventories with consumer takeaway by the end of fiscal '25, questioning the confidence level and risks involved.

    Answer

    EVP & CFO Akhil Shrivastava stated that significant progress has been made, especially in de-risking Travel Retail inventory. He noted that the Q4 guidance range reflects volatility from factors like retailer inventory tightening. President & CEO Stephane de la Faverie added that sequential improvement in retail sales (ex-travel retail) is helping deplete inventory, reinforcing their confidence in realigning retail and net sales to resume growth.

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    Stephen Robert Powers's questions to ESTEE LAUDER COMPANIES (EL) leadership • Q1 2025

    Question

    Stephen Robert Powers requested perspective on the company's market share across key regions, its expected trend for Q2, and the regional contributions to the forecasted -6% to -8% organic growth.

    Answer

    EVP and CFO Tracey Travis stated that while specific regional guidance is not provided, continued pressure from China and Travel Retail is expected. President and CEO Fabrizio Freda highlighted market share gains in China (skincare) and Japan (fragrance), and a reduction in share loss in the U.S., driven by Clinique's resurgence. He affirmed the strategy is to accelerate gains where momentum exists and stabilize the U.S. market.

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    Stephen Robert Powers's questions to NEWELL BRANDS (NWL) leadership

    Stephen Robert Powers's questions to NEWELL BRANDS (NWL) leadership • Q1 2025

    Question

    Stephen Robert Powers asked about the financial impact of the China tariffs, inquiring about the timing in 2025, the annualized run-rate, and the effect on operating cash flow and leverage, as well as the timeline for securing new distribution wins.

    Answer

    CFO Mark Erceg projected the tariff impact would fall 40% in Q3 and 60% in Q4, with a potential $30 million reduction in 2025 operating cash flow if unmitigated. CEO Christopher Peterson added that revenue gains from advantaged categories would likely be a larger tailwind in 2026. He also confirmed Newell has already secured wins in FoodSaver and Rubbermaid, with active discussions underway for 17 other categories.

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    Stephen Robert Powers's questions to COCA COLA (KO) leadership

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

    Question

    Stephen Robert Powers asked how the company is adjusting its strategy in the current environment, specifically whether it is leaning more into local brands or positioning its global brands to have more local relevance.

    Answer

    Chairman and CEO James Quincey emphasized that the business is fundamentally local, with products made locally by local employees. He stated the strategy is not to shift away from global brands but to make them more locally relevant. During times of geopolitical tension, the key is to reinforce the 'made in' nature of the products and focus on affordability to connect with communities.

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

    Question

    Stephen Robert Powers inquired about the key drivers behind the strong underlying margin and profitability progress implied in the 2025 outlook, net of FX and tax pressures.

    Answer

    CEO James Quincey attributed the implied margin expansion to the culmination of multi-year programs driving both effectiveness and efficiency, particularly in marketing. He cited the use of generative AI for a Christmas ad as an example of producing content faster and cheaper. CFO John Murphy added that while modest underlying gross margin expansion is expected, it may be offset by currency headwinds, and that commodity costs will be in the low-single-digits range.

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

    Question

    Stephen Robert Powers of Deutsche Bank asked about the company's confidence in returning to positive unit case volume growth in Q4 and the degree to which this improvement is within its control versus dependent on the macroeconomic backdrop.

    Answer

    Chairman and CEO James Quincey expressed confidence that returning to volume growth is largely within the company's control. He noted that after a slow July, business trends improved monthly through Q3. Quincey believes the macro environment shows resilience and that executing the company's 'flywheel' strategy of marketing, innovation, and price-pack architecture will drive a return to growth.

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    Stephen Robert Powers's questions to COLGATE PALMOLIVE (CL) leadership

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

    Question

    Stephen Robert Powers from Deutsche Bank AG asked about the extent of idle capacity at Hill's following the private label exit and its potential as a margin tailwind, and whether the P&L has enough flex to protect the bottom line if the expected macro improvement doesn't occur.

    Answer

    Noel Wallace, CEO, explained that the private label exit and associated absorption were built into guidance. He is confident that as the branded business grows market share, the productivity will be picked up by the network, and it won't cause significant P&L variance. Regarding P&L flexibility, he asserted that holding gross margins flat despite $200 million in new tariffs is a testament to this flex. While a material worsening would require adjustments, he believes the company's geographic and category diversity provides stability.

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    Stephen Robert Powers's questions to COLGATE PALMOLIVE (CL) leadership • Q4 2024

    Question

    Stephen Powers asked about the expected shape of the 2025 P&L, specifically the balance between gross margin improvement and SG&A efficiencies in driving operating income, and whether there is enough flexibility to continue investing in capabilities like data and AI.

    Answer

    CEO Noel Wallace affirmed that they can continue investing, noting that significant investments were front-loaded in 2023 and 2024. He reiterated the core strategy of building flexibility across all P&L and balance sheet lines to fund growth. CFO Stan Sutula added that productivity efforts are focused on strategic resource reallocation, not just cost-cutting, and that balance sheet efficiency provides further flexibility. Noel Wallace pointed to the high ROIC as proof of their disciplined investment approach.

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

    Question

    Stephen Robert Powers asked about the Skin Care business, requesting quantification of its drag on North American growth, an overview of trends across key markets, and whether recent reporting structure changes imply a new long-term strategy.

    Answer

    Noel Wallace, Chairman, President and CEO, stated that excluding skin health and order timing, North America was closer to flat. He acknowledged sluggishness in the skin care sector in Asia, Europe, and the U.S. He confirmed a strategic shift, with new leadership and a centralized structure to make deliberate investment choices, clean up unsustainable market expansions, and get the business back to expected growth.

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

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

    Question

    Stephen Robert Powers of Deutsche Bank questioned whether the level or nature of investment supporting innovation, such as the mix between advertising and trade promotion, has changed within the updated guidance.

    Answer

    Executive Andre Schulten stated that year-to-date investment in media and advertising is flat as a percentage of sales. He affirmed a commitment to fully fund the strong innovation pipeline in Q4, with a primary focus on media advertising to consumers. He does not anticipate a significant shift in the mix between advertising and trade promotion, with trade spend focused on driving trial without deep discounting.

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

    Question

    Stephen Robert Powers of Deutsche Bank questioned the currency outlook, asking why the top-line impact remained at -1% while the profit headwind increased, and inquired about the productivity and pricing levers available to offset these pressures.

    Answer

    Andre Schulten, an executive, explained that the FX impact will hit mostly in the second half and that the company can offset it with productivity and pricing, particularly in Enterprise Markets. Jon Moeller, Chairman, President and CEO, added that P&G's strong innovation pipeline is the primary enabler of modest pricing, a consistent contributor to top-line growth for 54 of the last 57 quarters.

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

    Question

    Stephen Robert Powers questioned the durability of growth in strong markets like the U.S. and Europe, expressing concern that deceleration there could offset the benefits of lapping challenges in China and the Middle East.

    Answer

    Executive Andre Schulten responded that while headwinds in China and the Middle East were anticipated, the core 85% of the business remains robust, growing 4% in Q1 on a strong 10% base. Schulten expressed confidence that strong innovation in the second half will sustain momentum in these core markets, with the guidance range reflecting the volatility and recovery scenarios for the challenged regions.

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    Stephen Robert Powers's questions to PEPSICO (PEP) leadership

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

    Question

    Stephen Robert Powers requested a detailed breakdown of the drivers behind the reduced full-year earnings outlook, questioning if new tariffs were the primary cause and asking about other factors like incremental investments.

    Answer

    EVP and CFO Jamie Caulfield attributed the guidance adjustment to three main factors: the impact of new tariffs and related mitigation plans, heightened macroeconomic and consumer uncertainty, and the subdued performance of the Frito-Lay business. He clarified that the top-line guidance remains unchanged, as normalized Q1 results were solidly within the guided range.

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

    Question

    Stephen Robert Powers sought clarification on the drivers for the lowered full-year organic sales guidance, asking about the relative impact of international markets versus the domestic business. He also asked if Frito-Lay's pricing was expected to turn negative due to increased investment.

    Answer

    EVP and CFO Jamie Caulfield attributed the guidance revision to a slower-than-expected U.S. consumer recovery, combined with a roughly 0.5 point drag from geopolitical impacts on international business. On pricing, he stated it was 'too soon to call' an outlook, as the company is using a complex set of levers to stimulate demand.

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    Stephen Robert Powers's questions to CONSTELLATION BRANDS (STZ) leadership

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

    Question

    Stephen Robert Powers asked about the factors informing the flat-to-3% outlook for the retained Wine & Spirits portfolio and how the revised beer outlook is impacting the build-out of the Veracruz brewery.

    Answer

    CEO William Newlands explained the retained wine portfolio is focused on the higher end, aligning with premiumization trends, and noted it grew 4% in depletions in Q4. CFO Garth Hankinson stated that all capacity expansion, including Veracruz, is being managed in line with the revised volume expectations, with overall capacity targets through FY28 having been reduced.

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

    Question

    Stephen Robert Powers sought more detail on the company's CapEx flexibility, questioning if the commitments for the new Veracruz brewery are more fixed than other projects and asking how much of the beer CapEx through fiscal '28 is truly discretionary.

    Answer

    CEO William Newlands clarified that the initial phase of the Veracruz brewery is on schedule, and the 'modular' nature of their strategy applies to future capacity additions at Veracruz or other sites, which can be accelerated or slowed as needed. CFO Garth Hankinson added that the initial Veracruz module is a relatively small 3 million hectoliters, providing context to the scale of the initial commitment.

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

    Stephen Robert Powers's questions to Simply Good Foods (SMPL) leadership • Q2 2025

    Question

    Stephen Robert Powers inquired about the flexibility of the company's supply chain, asking if they could alternatively source ingredients or shift production to mitigate tariff impacts. He also sought clarification on whether the successful Quest club test would impact the remainder of the FY25 outlook or if expansion was a longer-term consideration.

    Answer

    CFO Shaun Mara confirmed that the company is actively exploring mitigation strategies for tariffs for fiscal 2026 and beyond, including alternative sourcing, though some contracts present limitations. CEO Geoff Tanner clarified that the current fiscal 2025 outlook does not include a further rotation at the club customer where Quest tested successfully; a broader rollout and its volume impact are anticipated for fiscal 2026.

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

    Question

    Stephen Powers of Deutsche Bank AG questioned the outlook for the Atkins brand, asking if the 'down high single digits' guidance was conservative given recent performance and how the brand could gain momentum in FY26 amid headwinds.

    Answer

    CEO Geoff Tanner expressed long-term confidence but affirmed that near-term consumption will be negatively impacted by the deliberate removal of unprofitable promotions and reduced club distribution. He clarified that the goal for FY26 is to have a more stable business after these unsustainable investments are removed in FY25, not necessarily to return to growth immediately.

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    Stephen Robert Powers's questions to Nomad Foods (NOMD) leadership

    Stephen Robert Powers's questions to Nomad Foods (NOMD) leadership • Q4 2024

    Question

    Stephen Robert Powers asked about the allocation of increased innovation and renovation efforts between 'must-win battles' and emerging 'growth platforms' in 2025. He also questioned the progress of the company's organizational rewiring and its priorities for the coming year.

    Answer

    CEO Stéfan Descheemaeker stated that while 'must-win battles' will receive the bulk of innovation due to their scale (~50% of business), 'growth platforms' will receive a proportionally significant investment. He emphasized that organizational improvement is a continuous process, highlighting the major simplification to 6 clusters last year and the ongoing focus on reinvesting savings into A&P and innovation.

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    Stephen Robert Powers's questions to Keurig Dr Pepper (KDP) leadership

    Stephen Robert Powers's questions to Keurig Dr Pepper (KDP) leadership • Q4 2024

    Question

    Stephen Robert Powers requested more detail on Keurig Dr Pepper's ambitions in the energy drink category for 2025, asking how the company views the competitive landscape and how its portfolio, including GHOST and C4, is positioned to capture growth.

    Answer

    Chief Executive Officer Tim Cofer expressed a bullish outlook on the energy category, highlighting KDP's share growth from nearly zero to over 6% in three years with a goal of reaching double-digits. He described the portfolio (C4, Black Rifle, Bloom, GHOST) as a complementary suite of brands targeting distinct consumer groups. He emphasized the GHOST acquisition as a key growth driver, with the distribution transition to KDP's network set to begin in March.

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    Stephen Robert Powers's questions to Primo Brands (PRMB) leadership

    Stephen Robert Powers's questions to Primo Brands (PRMB) leadership • Q4 2024

    Question

    Stephen Robert Powers asked for a comparison of service level and quality metrics between the legacy Primo and BlueTriton businesses and whether best practices could be leveraged for benefits beyond direct revenue or synergies.

    Answer

    CEO Robbert Rietbroek stated that both legacy companies had similarly high service levels and are now actively sharing best practices, such as implementing ReadyRefresh's customer retention strategies across the combined company. He emphasized that customer service is a core cultural pillar and that retail on-time, in-full delivery is best-in-class.

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    Stephen Robert Powers's questions to Kenvue (KVUE) leadership

    Stephen Robert Powers's questions to Kenvue (KVUE) leadership • Q4 2024

    Question

    Stephen Robert Powers noted that strong regional growth in Skin Health implied a weak Asia Pacific result and then asked about cash flow. He questioned the path back to the 100%+ cash conversion target after a low conversion rate in 2024.

    Answer

    CEO Thibaut Mongon confirmed the weak Q4 result in Asia Pacific. CFO Paul Ruh explained that 2024 free cash flow was impacted by separation-related items and operational investments. He stated that Kenvue will not reach its 100%+ cash conversion target in 2025 due to ongoing investments in its 'Vue Forward' program, TSA exits, and the new headquarters. However, he affirmed a clear line of sight to reaching a 90-100% conversion rate after this temporary investment period concludes.

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    Stephen Robert Powers's questions to KIMBERLY CLARK (KMB) leadership

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

    Question

    Stephen Robert Powers sought clarification on the PNOC outlook for 2025 and requested details on the sources and timing of SG&A savings, questioning if they could be achieved without cutting value-added investments.

    Answer

    CFO Nelson Urdaneta reiterated the goal for a neutral PNOC, supported by productivity, despite an expected $200 million in cost pressures. He confirmed that the planned $200 million in SG&A savings will begin to materialize in 2025. CEO Michael Hsu added that marketing spend would be maintained at a healthy level, similar to 2024's 6.5% of sales.

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

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

    Question

    Stephen Robert Powers asked how Lamb Weston's own capacity utilization compares to the industry benchmark and what the sales pitch is to win back customers beyond just offering a lower price.

    Answer

    President and CEO Thomas Werner stated that recent footprint adjustments brought Lamb Weston's utilization into the low 90% range, which he considers in line with the industry. He and CFO Bernadette Madarieta explained that the sales pitch to win back accounts includes not only price but also innovation, new products, LTOs, and a focus on consistency, quality, and customer service.

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

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

    Question

    Stephen Powers asked for an update on the discretionary pet treating category, noting that demand appeared stable despite management's cautious tone, and sought to confirm if the Q3 pet segment slowdown was primarily due to lapping tough comps.

    Answer

    CEO Mark Smucker explained that the Milk-Bone brand continues to perform well due to its broad value spectrum and successful innovation. Both he and CFO Tucker Marshall confirmed that the Q3 pet segment outlook is driven by lapping a difficult prior-year comparable and the reduction of co-manufacturing sales, not by an anticipated worsening of underlying category demand.

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

    Question

    Stephen Robert Powers asked for an update on the discretionary pet treating category, noting demand sensitivity has been stable, and sought to confirm if the expected Q3 slowdown in the pet business was due to tough comps rather than worsening category demand.

    Answer

    CEO Mark Smucker explained that the Milk-Bone brand continues to perform well due to its broad value spectrum and successful innovation, like the peanut buttery bites with Jif. CFO Tucker Marshall confirmed they are not calling for incremental softness in the brand. He clarified that the Q3 outlook reflects lapping a strong comparable, the general discretionary nature of the category, and the mechanical impact of reduced co-manufacturing sales, not a new step-down in demand.

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

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

    Question

    Stephen Robert Powers asked if the planned Q4 marketing spend increase is for holiday-specific promotions or more durable, everyday programming. He also inquired about the potential impact of the East Coast dockworkers' strike and the timeline for it to become a material issue.

    Answer

    President and CEO Brendan Foley stated that the strong programs driving results will continue, but Q4 also includes a significant increase for the holiday season, which is their biggest quarter. EVP and CFO Mike Smith added that some of the spend is for everyday support, like for Frank's RedHot. Regarding the strike, Foley explained that they have been contingency planning since April, have coordinated with suppliers, and believe they have mitigated most risks and are broadly covered for now, while monitoring the situation daily.

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    Stephen Robert Powers's questions to KELLANOVA (K) leadership

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

    Question

    Stephen Powers requested clarification on the expected "good balance" of volume, price, and mix in North America for the second half, asking if all three components would be positive. He also questioned the expected ROI on investments as competitors increase their spending.

    Answer

    Steven Cahillane, Chairman, President and CEO, declined to forecast the specific breakdown but reiterated the focus is on returning to volume growth. Amit Banati, Vice Chairman and CFO, added that excluding Nigeria, they expect volume growth in all other regions. Regarding competition, Cahillane described the environment as rational and returning to pre-pandemic norms, expressing confidence that brand strength and innovation will drive growth.

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    Stephen Robert Powers's questions to KELLANOVA (K) leadership • Q1 2024

    Question

    Stephen Robert Powers of Deutsche Bank asked about the net margin impact of balancing volume leverage benefits against price investments in North America. He also requested a consolidated update on the international expansion strategy for Cheez-It.

    Answer

    Vice Chairman and CFO Amit Banati reiterated the full-year gross margin guidance of over 35%, supported by supply chain tailwinds and improving volume leverage, which will offset moderating price/mix. Chairman, President and CEO Steven Cahillane detailed the Cheez-It expansion, noting a pragmatic, market-by-market rollout with a launch in the U.K. planned for later in 2024, applying learnings from existing markets like Canada, Mexico, and Brazil.

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    Stephen Robert Powers's questions to KELLANOVA (K) leadership • Q3 2023

    Question

    Asked for an explanation of the pricing and currency dynamic in the AMEA region, where pricing is now running below currency headwinds, leading to U.S. dollar sales declines. He also sought clarification on the Q4 currency impact on EPS.

    Answer

    The company explained there's a lag between on-the-ground currency devaluation (which they priced against for many months) and the official rate change (e.g., in Nigeria), which recently occurred and created the current translation headwind. They have successfully protected margins through this cycle. For Q4, the currency headwind is about 3% on the top line, but the EPS impact is expected to be flattish.

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    Stephen Robert Powers's questions to PRMW leadership

    Stephen Robert Powers's questions to PRMW leadership • Q1 2024

    Question

    Asked about the potential ceiling for route optimization efficiency metrics and whether the current dispenser sell-through rate is sufficient for future growth aspirations.

    Answer

    David Hass explained that route optimization improvements come from technology (ARO 2.0) and expanding delivery schedules to 6 or 7 days a week. While there's a natural cap based on truck capacity, they are driving utilization on both a daily and weekly basis. Regarding dispensers, he stated that sell-through was up 3% in the quarter, and the forecast of ~1 million units for the year (adding ~650,000 new users) is a positive trend for their recurring revenue model.

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    Stephen Robert Powers's questions to PRMW leadership • Q3 2023

    Question

    Sought clarification on the terms of the transaction, specifically the meaning of 'up to $575 million' in proceeds, and requested a more detailed bridge for the pro forma financials, including the EBITDA base of the businesses remaining for sale and the assumed stranded corporate costs.

    Answer

    The company clarified that 'up to $575 million' only accounts for normal closing costs and is not tied to performance variables. They detailed that the businesses remaining for sale have an EBITDA base of about $40 million, and the stranded corporate costs they aim to optimize are around $35.5 million.

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