Investment Rating - The report does not explicitly provide an investment rating for the industry or companies discussed Core Insights - The report highlights three main themes from the 1Q 2025 earnings calls: tariffs, consumer sentiment, and AI impact on businesses [1] Theme 1: Tariffs - 89% of S&P 500 companies mentioned "tariffs" during their earnings calls, indicating significant concern over trade policy uncertainty [3][8] - Companies are employing various strategies to mitigate tariff impacts, including supply chain adjustments and passing costs to consumers [3][4] - 28% of S&P 500 companies quantified the impact of tariffs, with some estimating cost increases of 6% to 8% [21][31] Theme 2: The Consumer - There is a noted decline in consumer sentiment, with both top and bottom income terciles reporting lower confidence levels than during COVID [9][10] - Despite negative sentiment, some companies report that consumer spending remains strong, while others see signs of weakness in discretionary spending [47][49] - Revisions to 2025 earnings estimates for consumer sectors show negative adjustments of -8% for Consumer Discretionary and -4% for Consumer Staples [10][12] Theme 3: AI - Companies express enthusiasm for AI, citing cost reductions and productivity improvements, although mentions of AI in earnings calls slightly decreased from 48% to 44% [14][20] - Major tech firms are investing heavily in AI, with significant capital expenditures planned to support growth in AI services [15][67] - AI is seen as a long-term growth driver, with companies reporting increased demand for AI-enabled products and services [15][78]

USA | Food Jefferies Food Research Roundup — U.S. Consumer Concern? Several of our companies posted quarterly results this past week, including KHC, MDLZ, LANC, SFM, UTZ, HSY, and K. Worsening consumer sentiment, softer traffic, and pricing strategies to drive volumes were some of the key themes. UTZ, SFM, and MDLZ fared better, while KHC, LANC, and K faced more pressure. We'll be hearing from SMID-caps THS, JJSF, KLG, BGS, NOMD, and VITL this coming week. KHC posted its 4th straight org sales miss, with NA ...

Core Points - dsm-firmenich shareholders approved all proposals of the Board of Directors at the Annual General Meeting, including the Management Report, consolidated financial statements, and Sustainability Report 2024 [1][4] - The shareholders present represented 72.72% of the shares [2] Financial Highlights - A dividend of €2.50 per share was approved, to be paid on May 16, 2025, with the last trading day for entitlement on May 7, 2025 [4] - A maximum total remuneration of €3,682,582 for the Board of Directors for the year through the 2026 AGM was approved [4] - A maximum total remuneration of €43,982,072 for the Executive Committee for the financial year 2026 was approved [4] Board and Committee Updates - Thomas Leysen was re-elected as Chairman of the Board, and several other board members were re-elected [4] - Carla Mahieu, Thomas Leysen, Frits van Paasschen, and André Pometta were re-elected to the Compensation Committee, with plans to appoint Carla Mahieu as Chair [4] Auditor and Proxy - PricewaterhouseCoopers AG was elected as the auditor [4] - Christian Hochstrasser was re-elected as the independent proxy [4] Capital Management - An amendment to the capital band provision was approved, allowing the Board to decrease share capital by up to 90% of the current share capital, to be used for a share buyback program announced on February 13, 2025 [4]

Investment Rating - The report maintains a positive outlook on the market with a base case index target for MXCN at 67 by the end of 2025, with a preference for sectors such as Energy, IT, and Utilities [36][38]. Core Insights - The report indicates a recovery in the MXCN index, driven by sectors like IT and Healthcare, with expectations of a market reversal by late January 2025 [9][11]. - The report highlights a cautious approach towards Consumer Discretionary and Staples, recommending a rotation into quality laggards and large caps over small and mid-caps [36][38]. - The anticipated GDP growth for China in 2025 is projected at 4.1%, slightly below the consensus of 4.2% [10]. Market & Sector Performance - MXCN sectors performance shows Consumer Discretionary up by 3.2% week-on-week, while Information Technology leads with an 8.3% increase [6]. - The MSCI China index has shown a year-to-date increase of 9.0%, with a notable recovery in sectors impacted by US tariffs [7][12]. Catalyst Calendar - The report outlines key upcoming macroeconomic indicators and sector-specific data releases, including PMIs and housing transactions, which could influence market movements [14]. Consensus Macro Forecasts - The consensus forecasts for China's GDP growth in 2025 are 5.1% for Q1, declining to 3.9% by Q4, indicating a gradual slowdown [16]. Index Targets - The MSCI-China index target for 2025 is set at 71, with a bull case of 80 and a bear case of 70, reflecting a potential upside of 13% from current levels [18]. - The CSI-300 index target for 2025 is projected at 3,787, with a bull case of 4,150, indicating a 10% upside potential [19]. Investment Recommendations - The report recommends overweight positions in Energy, IT, and Utilities, while advising underweight positions in Consumer Discretionary, Materials, and Staples [39]. - A barbell strategy is suggested, focusing on high-yielders and selected thematic plays in Internet and AI sectors [36][38]. Trading Statistics - Recent trading statistics indicate a net outflow of US$796 million from China equities, primarily driven by passive fund outflows, although there has been a positive development with resumed offshore ETF inflows [79][80].

Core Insights - The Hershey Company reported first-quarter 2025 results with net sales declining 13.8% year over year, missing the Zacks Consensus Estimate, while adjusted earnings per share (EPS) of $2.09 exceeded expectations despite a 31.9% decline from the previous year [1][12] Financial Performance - Adjusted gross margin contracted to 41.2%, down 370 basis points due to higher commodity and manufacturing costs, unfavorable product mix, and lower volumes [3] - Selling, marketing, and administrative (SM&A) expenses decreased by 9.6% year over year, driven by reductions in advertising and consumer marketing spend, lower compensation, and transformation program savings [4] - Adjusted operating profit fell 29.4% to $608.1 million, with the operating margin contracting 480 basis points to 21.7% [5] Segment Analysis - North America Confectionery segment net sales were $2,300.1 million, a 15% decrease, primarily due to volume headwinds [6] - North America Salty Snacks segment reported net sales of $277.8 million, a 1% increase, with volume growth partially offset by a decline in net pricing [8] - International segment net sales declined 15.9% to $227.5 million, with a profit margin contraction of 320 basis points to 12.6% [10] Future Outlook - Management expects net sales to increase by at least 2% in 2025, with adjusted EPS projected between $6.00 and $6.18, reflecting a mid-30% decline from 2024 [12] - Anticipated effective tax rate is approximately 16%, with tariff expenses expected to be between $15 million and $20 million in the second quarter [13]

Core Insights - dsm-firmenich reported a strong performance in Q1 2025, with significant growth across its businesses and effective execution of its strategic plan, including cost and revenue synergy programs [2][4][10] Financial Performance - Sales for Q1 2025 reached €3,274 million, a 7% increase from €3,071 million in Q1 2024 [2][9] - Organic sales growth was recorded at 8% [10] - Adjusted EBITDA rose to €650 million, a 40% increase from €463 million in Q1 2024, with an Adjusted EBITDA margin of 19.9% compared to 15.1% in the previous year [2][11] Business Unit Performance - **Perfumery & Beauty (P&B)**: Sales increased to €1,015 million, with a 3% organic sales growth. Adjusted EBITDA was €230 million, down 2% from the previous year, with a margin of 22.7% [14][15][16] - **Taste, Texture & Health (TTH)**: Sales reached €851 million, reflecting a 7% organic sales growth. Adjusted EBITDA increased by 12% to €168 million, with a margin of 19.7% [18][19][20] - **Health, Nutrition & Care (HNC)**: Sales were €528 million, with 7% organic sales growth. Adjusted EBITDA rose 16% to €92 million, achieving a margin of 17.4% [23][24][25] - **Animal Nutrition & Health (ANH)**: Sales surged to €874 million, a 17% increase, with organic sales growth of 19%. Adjusted EBITDA skyrocketed to €186 million, up 675%, with a margin of 21.3% [27][28][30] Strategic Initiatives - The company announced a €1 billion share buyback program, initiated in April 2025, aimed at reducing issued capital [6][8] - dsm-firmenich expects a full-year Adjusted EBITDA of at least €2.4 billion for 2025, which includes a €150 million contribution from temporary vitamin price effects due to supply disruptions [5][6]

Financial Data and Key Metrics Changes - The company reported top line results in line with expectations despite market pressures, indicating strong cash flow performance and a healthy balance sheet [4] - The revised guidance reflects a larger cut than previous ones, suggesting a cautious approach to investments in a dynamic consumer environment [7][9] Business Line Data and Key Metrics Changes - The company is prioritizing investments in marketing, R&D, and technology, focusing on increasing returns from marketing dollars and optimizing brand and media types [10][12] - The brand growth system is being scaled up to cover 40% of the business by the end of the year, indicating a strategic shift in how investments are made [12] Market Data and Key Metrics Changes - The second quarter is expected to see a top line improvement due to the timing of Easter, with an estimated positive impact of approximately 90 to 100 basis points [22] - Emerging markets are anticipated to accelerate, contributing positively to overall performance [23] Company Strategy and Development Direction - The company is committed to making necessary investments to deliver quality and value offerings, while closely monitoring market tensions [5] - The strategy includes a disciplined approach to marketing and product renovation, aiming for sustainable and profitable growth in the long term [44][59] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic uncertainties but remains confident in the strategy, choosing to invest in growth rather than adopting a defensive posture [9] - The company expects gross margin pressure in the second quarter due to increased promotional activity and commodity inflation, but anticipates recovery in the third quarter [55][56] Other Important Information - The company is facing inflationary pressures, with COGS expected to rise by 5%, influenced by commodity price increases and potential tariff impacts [33][34] - The guidance reflects a wider range to accommodate various scenarios in the changing policy landscape [63][65] Q&A Session Summary Question: Clarification on revised outlook and investment strategy - Management emphasized continued investment in the business despite macroeconomic uncertainties, focusing on marketing, R&D, and technology to drive growth [9][10] Question: Impact of Easter timing and other factors on sales - The second quarter is expected to benefit from the Easter timing shift, with improvements in specific product categories anticipated [22][23] Question: Breakdown of COGS inflation drivers - COGS inflation is expected to rise due to commodity price increases, with tariffs potentially adding 50 to 200 basis points impact [33][34] Question: Pricing strategy in response to inflation - Management is exploring various strategies to minimize price increases while maintaining profitability, including alternative sourcing and product reformulation [46][47] Question: Gross margin expectations and market share performance - Gross margin pressure is anticipated due to promotional activities and commodity inflation, but management is optimistic about growth in certain product categories [55][58]

Showcases continued leadership and meaningful progress towards a more sustainable snacking business. Highlights include continued advancement in more sustainable sourcing, carbon emission reductions, recyclable packaging, and mindful portions. Demonstrates how Sustainability can help drive resilience, innovation, and long-term business growth. CHICAGO, April 15, 2025 (GLOBE NEWSWIRE) -- Mondelēz International, Inc. (NASDAQ:MDLZ) today released its 2024 Snacking Made Right Report, highlighting the Company's ...

Group 1: Pilgrim's Pride Corporation (PPC) - Pilgrim's Pride is capitalizing on growing consumer demand for chicken across retail and foodservice sectors, with notable volume increases in the quick-service restaurant channel [2][3] - The company is focusing on operational agility and efficient delivery of high-quality poultry products, strengthening its presence in higher-margin channels [3] - Strategic investments in product development, packaging innovation, and automation are designed to enhance efficiency and drive scalability, particularly in Europe with brands like Fridge Raiders and Rollover [4] - PPC plans to allocate $450-$500 million in capital expenditure for 2025, focusing on expanding Prepared Foods production and optimizing operational efficiency [5] - Shares of PPC have gained 13.2% in the past three months, reflecting strong fundamentals and smart investments [5] Group 2: Other Consumer Staples Companies - Beyond Meat, Inc. (BYND) is focused on revenue stabilization and margin improvement, with a Zacks Consensus Estimate suggesting growth of 0.7% in sales and 31.6% in earnings for fiscal 2025 [10][11] - Post Holdings, Inc. (POST) is strengthening its market position through a focused strategy, with a Zacks Consensus Estimate indicating growth of 0.3% in sales and 2.2% in earnings for fiscal 2025 [12][13] - United Natural Foods, Inc. (UNFI) is enhancing its market position through a multi-faceted strategy, with a Zacks Consensus Estimate suggesting growth of 1.9% in sales and 485.7% in earnings for fiscal 2025 [14][15]

CHICAGO, April 08, 2025 (GLOBE NEWSWIRE) -- Mondelēz International, Inc. (Nasdaq: MDLZ) will release its first quarter 2025 financial results on Tuesday, April 29, 2025 at 4:05 p.m. ET and will host a conference call at 5:00 p.m. ET that day. Investors and analysts may participate via phone by calling 800-579-2543 from the United States and 785-424-1789 from other locations. To ensure timely access, participants should dial in approximately 10 minutes before the call starts. A listen-only webcast will be pr ...