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    Turner Hinrichs • Morgan Stanley

    Turner Hinrichs's questions to Avient Corp (AVNT) leadership

    Turner Hinrichs's questions to Avient Corp (AVNT) leadership • Q2 2025

    Question

    Turner Hinrichs of Morgan Stanley, on for Vincent Andrews, questioned the durability of growth in key vectors like healthcare and defense. He also asked for the drivers of the SEM segment's year-over-year margin decline beyond the disclosed maintenance costs.

    Answer

    SVP & CFO Jamie Beggs affirmed the long-term growth potential in healthcare, citing underlying sub-markets like respiratory care, glucose monitoring, and drug delivery. For the SEM segment's Q2 margin, Beggs explained the decline was primarily due to the $3 million in planned maintenance and the flow-through of some higher-cost inventory. She guided for SEM margin expansion of approximately 100 basis points year-over-year in the second half of 2025.

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    Turner Hinrichs's questions to Westlake Corp (WLK) leadership

    Turner Hinrichs's questions to Westlake Corp (WLK) leadership • Q1 2025

    Question

    Turner Hinrichs, on behalf of Vincent Andrews at Morgan Stanley, asked for clarification on the $100 million energy and feedstock headwind, questioning if it included one-time storm impacts. He also requested details on the $100 million CapEx reduction, including the level of maintenance spending and what was cut.

    Answer

    M. Bender, EVP and CFO, confirmed the headwind was entirely due to market dynamics in ethane, ethylene, and natural gas. He explained the CapEx reduction is partly linked to diminished spending at the epoxy operations in the Netherlands, for which a charge was taken in 2024. He noted ordinary maintenance runs $700-$800 million annually and that safety and reliability spending would not be reduced.

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    Turner Hinrichs's questions to Westlake Corp (WLK) leadership • Q4 2024

    Question

    Turner Hinrichs, on for Vincent Andrews, asked about the relative priority of reducing Westlake's short ethylene position versus pursuing M&A in the HIP segment. He also inquired about the expected cash costs of the new cost savings plan.

    Answer

    EVP and CFO Steve Bender explained that acquiring ethylene is evaluated like any other business acquisition, with a focus on value. He mentioned debottlenecking the JV cracker as a possibility but noted cost estimates would need to be refreshed. Regarding the cost savings plan, Bender stated the cash outlay is minimal as the savings are primarily driven by negotiations, procurement, and general belt-tightening.

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