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    Steven Hansen • Raymond James

    Steven Hansen's questions to Nutrien Ltd (NTR) leadership

    Steven Hansen's questions to Nutrien Ltd (NTR) leadership • Q1 2025

    Question

    Steven Hansen asked if Nutrien would establish a new cost synergy target given the early achievement of the current one, and inquired about other assets being reviewed as non-core for potential divestiture.

    Answer

    President and CEO Kenneth Seitz expressed confidence in exceeding the $200 million cost savings target but stated it was too early to announce a new specific number. Regarding non-core assets, he confirmed the review is ongoing, mentioning the process for Profertil, the completed divestiture of Sinofert shares for $223 million, and a continued evaluation of Latin American retail assets, indicating more updates will follow on additional divestiture opportunities.

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    Steven Hansen's questions to Nutrien Ltd (NTR) leadership • Q4 2024

    Question

    Steven Hansen asked for more detail on the encouraging improvements in Nutrien's Brazilian retail business, seeking specifics on actions taken and macro variables influencing the recovery.

    Answer

    CEO Kenneth Seitz confirmed that the company is seeing 'green shoots' in Brazil due to its strategic actions. He detailed several initiatives, including headcount reduction, idling five blenders, closing unproductive retail and experience centers, and increasing focus on proprietary products. Seitz acknowledged that high interest rates remain a challenge for the broader Brazilian agricultural market, but Nutrien's internal improvements are beginning to yield positive results.

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    Steven Hansen's questions to Canadian National Railway Co (CNI) leadership

    Steven Hansen's questions to Canadian National Railway Co (CNI) leadership • Q1 2025

    Question

    Steven Hansen asked for more specific details on the expected magnitude of blank sailings in the second quarter and any potential visibility into the third quarter.

    Answer

    Remi Lalonde, Chief Commercial Officer, responded that while there is uncertainty and he lacks perfect data, the impact of blank sailings on the ports CN serves, like Prince Rupert, is expected to be less significant than at other western terminals. He anticipates the resulting "air pocket" in volume will be brief, lasting one to two months at most.

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    Steven Hansen's questions to Canadian National Railway Co (CNI) leadership • Q4 2024

    Question

    Steven Hansen requested an update on the labor situation, specifically regarding the previously mentioned East-West workforce imbalance, current hiring status, and how much rebalancing remains.

    Answer

    Chief Field Operations Officer Derek Taylor reported 800 employees are currently furloughed, mostly in the East. Chief Network Operations Officer Pat Whitehead added that targeted hiring continues in the West to meet growth, where they have a smaller pool of furloughed employees to recall from, ensuring they are positioned for volume increases.

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    Steven Hansen's questions to Canadian National Railway Co (CNI) leadership • Q3 2024

    Question

    Steven Hansen of Raymond James asked for more details on the early seasonal slowdown in frac sand volumes and whether this weakness is expected to continue into the new year.

    Answer

    Chief Network Operations Officer Patrick Whitehead explained that the slowdown follows four exceptionally strong quarters, suggesting a pull-forward of activity. He expressed optimism for next year, citing customer investments in new terminals which create opportunities for CN to haul both sand and NGLs.

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    Steven Hansen's questions to Methanex Corp (MEOH) leadership

    Steven Hansen's questions to Methanex Corp (MEOH) leadership • Q1 2025

    Question

    Steven Hansen asked about risk mitigation strategies for the OCI transaction, particularly concerning unhedged gas supply and marketing agreements. He also sought clarity on the G3 plant's recovery, asking if there would be planned fluctuations to test its new run rate, and inquired about tariff risks for methanol imported from Trinidad.

    Answer

    Executive Rich Sumner explained that a large integration team is managing the OCI transition to ensure a seamless day-one operation. For G3, he clarified the issue was with start-up conditions, not steady-state operation, and the plant is now expected to run at high rates without further testing. Regarding Trinidad, he confirmed a minor 10% tariff exists on limited flows into the U.S. East Coast.

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    Steven Hansen's questions to Methanex Corp (MEOH) leadership • Q4 2024

    Question

    Steven Hansen asked about the company's integration preparations for the OCI transaction, sought clarification on the large Q4 inventory build, and inquired about the implications of a recent court decision concerning the Natgasoline plant.

    Answer

    President and CEO Rich Sumner stated that extensive integration planning is underway for a safe and reliable Day 1 transition post-OCI closing. He clarified the Q4 inventory build was a structural shift to a more normal 80% produced/20% purchased mix. He also confirmed the court decision affirms that all joint venture partner rights at Natgasoline, including marketing, are transferable to a purchaser.

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    Steven Hansen's questions to Methanex Corp (MEOH) leadership • Q2 2024

    Question

    Steven Hansen from Raymond James inquired about the company's target cash balance, the factors enabling more secure gas procurement in Chile, and the feasibility of relocating a plant from New Zealand.

    Answer

    President and CEO Rich Sumner stated the comfortable cash balance remains $250-$300 million. He noted increased confidence in securing gas from Argentina for Chile, especially outside the winter period. He dismissed the idea of relocating a New Zealand plant, citing unfavorable economics and the need for a clearer long-term gas outlook.

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    Steven Hansen's questions to Canadian Pacific Kansas City Ltd (CP) leadership

    Steven Hansen's questions to Canadian Pacific Kansas City Ltd (CP) leadership • Q1 2025

    Question

    Steven Hansen of Raymond James asked for a timeframe on the deployment of new technologies and process changes discussed with the FRA, and what the ultimate efficiency and safety benefits could be.

    Answer

    President & CEO Keith Creel and EVP & COO Mark Redd explained that some changes, like waivers for bad order car repairs and redundant air brake tests, are imminent and expected within days or the coming months. These changes will optimize the supply chain and improve fluidity in key corridors like Laredo and Kansas City.

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    Steven Hansen's questions to Canadian Pacific Kansas City Ltd (CP) leadership • Q4 2024

    Question

    Steven Hansen asked about the potential for 2024's various network disruptions, such as port and labor strikes, to be repeated and the general outlook for labor stability in 2025.

    Answer

    President and CEO Keith Creel characterized the 2024 disruptions as episodic and expressed high confidence in a more stable 2025. He highlighted recently negotiated multi-year agreements with key unions (Unifor, BMWE) as evidence of a move toward reliability. He anticipates a positive resolution with the TCRC, leading to four years of labor stability, which he described as creating a 'clean platform' for growth and a more fluid, reliable network for customers.

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    Steven Hansen's questions to Canadian Pacific Kansas City Ltd (CP) leadership • Q3 2024

    Question

    Steven Hansen asked for an update on the progress made in establishing the new North-South grain corridor relative to initial expectations.

    Answer

    EVP and CMO John Brooks responded that the company is 'ahead of pace' on grain synergies from the legacy CP network to the legacy KCS network, but believes they are just 'scratching the surface' of the full potential. President and CEO Keith Creel added that the value of CPKC's reliable, single-line gateway is a powerful competitive advantage, especially when alternative routes are congested and more complex, making the CPKC value proposition even more compelling for customers.

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    Steven Hansen's questions to RB Global Inc (RBA) leadership

    Steven Hansen's questions to RB Global Inc (RBA) leadership • Q4 2024

    Question

    Steven Hansen of Raymond James followed up on the progress of the sales force expansion initiative and its impact on market share, and asked if recent strong catastrophe (CAT) event performance has overcome past criticisms, aiding in new business wins.

    Answer

    CEO Jim Kessler confirmed the sales force expansion has a strong ROI and the current focus is on accelerating the onboarding process for new hires. On CAT performance, Kessler stated he is very proud of the team's recent results, which are proactively shared with the industry for transparency, and believes there should be no doubt about the company's ability to perform during these events.

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    Steven Hansen's questions to RB Global Inc (RBA) leadership • Q2 2024

    Question

    Steven Hansen from Raymond James asked about RB Global's ability to leverage its service level performance to win back additional market share and questioned the specific drivers of the recent win, such as operational metrics versus price performance.

    Answer

    CEO Jim Kessler stated that while he cannot control competitors' decisions, RB Global will ensure the industry is aware of its outperformance, which he believes will lead to new business opportunities. He clarified the win was based on the total value proposition, including tow costs, cycle time, and ASP, which all contribute to the net return for partners.

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