Western Digital Corporation (NASDAQ:WDC) Citigroup 2024 Global TMT Conference Call September 4, 2024 7:30 AM ET Company Participants Wissam Jabre - Executive Vice President & Chief Financial Officer David Goeckeler - Chief Executive Officer Conference Call Participants Asiya Merchant - Citigroup Asiya Merchant Welcome to Citi’s 2024 Global TMT Conference. My name is Asiya Merchant. I cover the tech hardware, tech supply chain here at Citi Research. We’re very pleased to have David Goeckeler and Wissam Jabre ...

Baker Hughes Company (NASDAQ:BKR) Barclays 38th Annual CEO Energy-Power Conference Call September 4, 2024 8:35 AM ET Company Participants Lorenzo Simonelli - Chief Executive Officer Conference Call Participants Dave Anderson - Barclays Dave Anderson Since the merger of the GE Oil & Gas and Baker Hughes, we've been fortunate with our front-row seat to the company's transformation as they've used our conference to roll out its annual presentation and evolving strategy each year. So, it's been an impressive jo ...

Palo Alto Networks, Inc. (NASDAQ:PANW) Citi 2024 Global TMT Results Conference September 4, 2024 9:10 AM ET Company Participants Nikesh Arora - Chairman & Chief Executive Officer Conference Call Participants Fatima Boolani - Citi Fatima Boolani Good morning, everybody. I'd like to welcome you all to day one of Citi's Global TMT conference. I'm Fatima Boolani. I jointly Head of the Software Research team here, and I am absolutely delighted to be able to host, the CEO of Palo Alto Networks, Nikesh Arora. Than ...

Company and Industry Overview * **Company**: Amgen Inc. (NASDAQ: AMGN) * **Industry**: Biopharmaceuticals * **Focus**: Developing innovative medicines for unmet medical needs in general medicine, oncology, inflammation, and rare diseases. Key Points Business Performance * **General Medicine**: Repatha and EVENITY continue to grow strongly, with Repatha up 25% in Q2 2024 and EVENITY up 40%. * **Oncology**: Oncology portfolio up 12% on the quarter, driven by strong performance across multiple medicines. * **Inflammation**: TEZSPIRE grew 75% in Q2 2024, with potential to be a game-changing medicine. * **Rare Diseases**: TEPEZZA, KRYSTEXXA, and UPLIZNA are performing well, with UPLIZNA showing spectacular data in IgG4-related disease. * **Pipeline**: Strong pipeline with visible molecules in each area, including bispecifics, novel biologics, and next-generation assets. Strategy and Growth * **Innovation**: Focus on innovation and addressing unmet medical needs. * **International Growth**: Well-established globally, with strong growth in Asia and other international markets. * **Pipeline**: Exciting pipeline with multiple late-stage programs and next-generation assets. * **Biosimilars**: Developing biosimilars to augment existing products and expand market access. Policy and Regulatory * **Inflation Reduction Act (IRA)**: Concerns about the impact of IRA on innovation and investment in the industry. * **Policy Engagement**: Active engagement in Washington D.C. to ensure understanding of the biopharmaceutical industry and the impact of policies like IRA. Pipeline Details * **MariTide**: Next-generation obesity asset with a different mechanism of action and dosing advantage compared to existing treatments. * **Rocatinlimab**: Novel OX40 antibody for atopic dermatitis, prurigo nodularis, and respiratory diseases. * **Olpasiran**: Novel Lp(a) lowering therapy for patients at high risk of cardiovascular disease. * **AI**: Investing in AI to accelerate drug discovery and development. Other Important Points * **Horizon Integration**: Integration of Horizon Therapeutics is progressing well, with a strong fit between teams and exciting potential for future growth. * **Puerto Rico Tax Litigation**: High confidence in a favorable outcome in the tax court later in the year.

Kimberly-Clark Corporation (NYSE:KMB) Barclays 17th Annual Global Consumer Staples Conference September 4, 2024 7:30 AM ET Company Participants Mike Hsu - Chairman & Chief Executive Officer Nelson Urdaneta - Chief Financial Officer Chris Jakubik - Head-Investor Relations Conference Call Participants Lauren Lieberman - Barclays Lauren Lieberman Okay. All right. Nice Kleenex pack. Okay. Good morning. We're going to get started, and busy day. We're kicking off this morning with Kimberly-Clark. We're joined by ...

Company and Industry Overview * **Company**: Mondelez International, Inc. (NASDAQ: MDLZ) * **Industry**: Consumer Staples, specifically chocolates, biscuits, and baked snacks Core Views and Arguments * **Long-term Strategy**: Mondelez remains committed to its long-term strategy of becoming the global leader in chocolates, biscuits, and baked snacks. This strategy focuses on growing iconic brands, leveraging geographical opportunities, and targeting premium segments within these categories. * **Consumer Behavior Shifts**: The company acknowledges shifts in consumer behavior due to COVID-19 and inflation, necessitating tactical adjustments to promotional techniques and cost management. * **Growth Outlook**: Mondelez expects strong growth over the next 5-10 years, driven by emerging markets and premium segments. The company aims to maintain or increase market share and deliver a reasonable financial performance in 2025, positioning itself for significant growth in 2026. Key Financials and Metrics * **Organic Net Sales Growth**: Mondelez reaffirmed its guidance for 3-5% year-over-year organic net sales growth, with acceleration expected in the second half of the year. * **Profitability**: The company reported material profit increases year-over-year, driven by favorable cocoa procurement and increased flexibility to activate promotions. * **Cocoa Inflation**: Mondelez expects cocoa prices to normalize in 2025, allowing for improved profitability in 2026. Strategic Initiatives * **Promotional Techniques**: Mondelez plans to adjust promotional techniques and RGM strategies to address consumer softness and ensure targeted investments. * **Cost Management**: The company aims to reduce costs through non-working media optimization, procurement initiatives, and negative overhead growth. * **Productivity**: Mondelez is focused on increasing productivity across various areas, including marketing, procurement, and supply chain. * **Emerging Markets**: The company is prioritizing emerging markets, particularly India, China, Brazil, and Mexico, for growth and expansion. * **Acquisitions**: Mondelez continues to pursue bolt-on acquisitions in core categories and adjacent markets, with a focus on adding scale and revenue synergies. Other Important Points * **Europe**: Mondelez successfully completed pricing discussions in Europe and is optimistic about the region's performance in the second half of the year. * **U.S. Biscuit Market**: The company is seeing signs of improvement in the U.S. biscuit market, with stabilization in volume growth and improving market share. * **Partnerships**: Mondelez's partnership with Coca-Cola for Oreo is expected to drive significant volume growth and enhance brand loyalty. * **Cakes and Pastries**: The company is excited about the cakes and pastries category, which offers significant growth opportunities and a natural extension of its biscuit business.

Digital Realty Trust, Inc. (NYSE:DLR) Bank of America 2024 Media, Communications & Entertainment Conference September 4, 2024 8:50 AM ET Company Participants Matt Mercier - CFO Conference Call Participants David Barden - Bank of America David Barden Everybody, I'm Dave Barden. I head up Telecommunications and Comm-Infrastructure Research for Bank of America. And I'm here with the Chief Financial Officer of Digital Realty, Matt Mercier. Thank you for joining us, Matt. Matt Mercier Thanks for having me. Quest ...

Bank of Nova Scotia (NYSE:BNS) Scotiabank 25th Annual Global Banking and Markets Financials Summit September 4, 2024 9:00 AM ET Company Participants Scott Thomson - President and Chief Executive Officer Conference Call Participants Meny Grauman - Managing Director, Canadian Financial Services Research Analyst Unidentified Company Representative [Call Started Abruptly] And the odds that policy makers can engineer a soft landing. The resiliency of the Canadian economy continues to impress and there are reason ...

Company and Industry Overview * **Company**: Archer-Daniels-Midland Company (ADM) [1] * **Industry**: Consumer Staples, Agriculture, Oilseeds, Nutrition [1] Key Points and Arguments * **Commodity Markets and Global Environment**: ADM acknowledges the challenging conditions in commodity markets, particularly for grains and processing, due to ample supplies from South America and a contraction in commodity prices [4]. * **Productivity and Innovation**: ADM has initiated a program of productivity and innovation to offset the decline in commodity prices, resulting in increased volumes and lower costs in 2024 [5]. * **Nutrition Division Improvement**: The Nutrition division has shown sequential improvement in Q1 and Q2, with potential for significant sequential improvements in the next two quarters [6]. * **Capital Allocation**: ADM maintains strong cash flows and a healthy balance sheet, allowing for flexibility in capital allocation. The company has repurchased shares, increased dividends, and identified opportunities for automation, decarbonization, and Nutrition growth [7]. * **Market Landscape and Outlook**: ADM expects a strong fourth quarter and a good second half of 2024, driven by improved crush margins, ethanol margins, and demand for soybean meal [18]. * **Cost Reductions**: ADM has achieved cost savings of $125 million in the first half of 2024, with a target of $500 million in cost savings over two years [24]. * **Ag Services and Oilseeds**: ADM sees opportunities in the global Ag Services and Oilseeds market, driven by increasing protein consumption and mandates for renewable fuels [31]. * **Carb Solutions**: Carb Solutions has outperformed expectations, with a focus on reducing exposure to vehicle ethanol and increasing demand for corn for fermentation, sustainable packaging, mining, paper, and other applications [38]. * **Nutrition**: The Nutrition division is recovering from a challenging 2023, with growth in Human Nutrition and Animal Nutrition, particularly in probiotics and biotics [42]. * **Decatur Plant**: The Decatur plant is expected to come online in late 2024, with a significant impact on 2025 earnings [50]. * **Capital Allocation Priorities**: ADM continues to prioritize share buybacks, dividends, and capital allocation for innovation and portfolio management [52]. Additional Important Content * **Monish Patolawala's Background**: Monish Patolawala joined ADM as EVP and CFO in August 2024, bringing experience in operating rigor and smart capital allocation from his previous role at 3M [9]. * **Insurance Proceeds**: ADM is working on obtaining insurance proceeds from the fires in Decatur, with an expected impact on the fourth quarter and beyond [20]. * **Renewable Diesel**: ADM expects short-term volatility in renewable diesel markets due to changes in the Renewable Diesel Tax Credit [36]. * **Sustainable Aviation Fuels (SAF)**: ADM is exploring opportunities to convert ethanol into SAF, leveraging its low carbon intensity ethanol and carbon capture and sequestration capabilities [40]. * **Portfolio Management**: ADM is reviewing its portfolio for potential divestitures or joint ventures to create more value for shareholders [53].

EOG Resources, Inc. (NYSE:EOG) Barclays CEO Energy-Power Conference September 3, 2024 3:35 PM ET Company Participants Jeffrey Leitzell - Executive VP & COO Unidentified Company Representative All right. We'll move on to the next company, the EMP track. Really delighted to have Jeff Leitzell from EOG Resources to -- especially on the back end of great update on 2Q, where EOG continue to highlight a lot of capital efficiency improvement, and we're just talking about some of the advantages that you've been abl ...