Clorox Co (NYSE:CLX) Consumer Analyst Group of New York Virtual Conference Call February 22, 2024 2:00 PM ET Company Participants Kevin Jacobsen - EVP & CFO Linda Rendle - CEO & Chairman Conference Call Participants Olivia Cheang - Raymond James & Associates Dara Mohsenian - Morgan Stanley Peter Grom - UBS Christopher Carey - Wells Fargo Securities Andrea Teixeira - JPMorgan Chase & Co. Unidentified Analyst Next up, I'm happy to welcome Clorox back to the CAGNY stage. It's certainly been an eventful few yea ...

Air Products and Chemicals, Inc. (NYSE:APD) Citi Global Industrial Tech and Mobility Conference Call February 22, 2024 8:50 AM ET Company Participants Samir Serhan - EVP & COO Siddharth Manjeshwar - VP, Treasury & IR Conference Call Participants Patrick Cunningham - Citigroup Patrick Cunningham Good morning, everyone. My name is Patrick Cunningham. I'm the North America chemicals analyst here at Citi. Today, I'm joined -- excited to be joined by Air Products, one of the world's leading industrial gas compan ...

Carrier Global Corporation (NYSE:CARR) Barclays 41st Annual Industrial Select Conference February 22, 2024 10:20 AM ET Company Participants David Gitlin - Chairman and Chief Executive Officer Patrick Goris - Senior Vice President and Chief Financial Officer Conference Call Participants Julian Mitchell - Barclays Julian Mitchell Well, thanks, everyone, for being here. It's my pleasure to have up next Carrier Global, David Gitlin, Chairman and CEO; and Patrick Goris, CFO. So thanks very much to both of you fo ...

3M Company (NYSE:MMM) Barclays 41st Annual Industrial Select Conference February 22, 2024 8:00 AM ET Company Participants Mike Roman - Chairman & Chief Executive Officer Monish Patolawala - President & Chief Financial Officer Conference Call Participants Julian Mitchell - Barclays Julian Mitchell Welcome, everyone, to this morning's Industrial Select Conference. It's my pleasure to start today with 3M. We have Mike Roman, Chairman and CEO; and also Monish Patolawala, Chief Financial Officer. So welcome, Mik ...

Procter & Gamble Company (NYSE: PG) CAGNY Conference Summary Company Overview - **Company**: Procter & Gamble Company (P&G) - **Date**: February 22, 2024 - **Participants**: Jon Moeller (Chairman, President & CEO), Andre Schulten (CFO), Jon Chevalier (SVP of Investor Relations) Key Points Industry Performance - P&G has consistently grown or maintained market share in a majority of its top 50 category/country combinations since 2018, continuing this momentum into the recent quarter [2][4] - Fiscal 2023 marked the fifth consecutive year of 5% or better organic sales growth, with a strong start to fiscal 2024, achieving over 5% organic sales growth in the first half [4][5] - The company expects to deliver towards the top end of its 4% to 5% guidance range for the year as market growth rates normalize [4] Financial Highlights - Quarter two marked the 22nd consecutive quarter of 4% or better organic sales growth [4] - Core earnings per share increased by 16% year-to-date, with a 19% increase on a currency-neutral basis [6] - P&G returned over $7 billion to shareholders, including $4.5 billion in dividends and $2.5 billion in share repurchases [12] Market Dynamics - Global aggregate market share increased by 30 basis points, with 29 of the top 50 category/country combinations holding or growing share [6] - The company anticipates a reduction in pricing contribution to top-line growth by 1 to 2 percentage points in the latter half of the year [5] - P&G is experiencing strong volume growth in North America and Europe, with organic sales in focus markets up 5% and enterprise markets up 10% [5] Strategic Focus - P&G is committed to an integrated growth strategy that emphasizes cost discipline, productivity, and prudent capital allocation [3] - The company continues to invest in innovation, with a focus on superior product development and effective marketing strategies [10][15] - P&G's productivity initiatives have allowed for increased investment in demand creation, with advertising spend expected to rise by approximately 70 basis points compared to fiscal 2019 [8] Innovation and Product Development - P&G has launched several successful innovations, such as Charmin Ultra Soft and GilletteLabs razors, contributing to significant market growth [16][17] - The company is leveraging digital tools and AI to enhance product development and marketing efficiency, reducing design timelines significantly [41][42] - P&G's commitment to sustainability is evident in innovations like Ariel Platinum PODS, which improve wash results while reducing environmental impact [28][29] Challenges and Outlook - The company anticipates continued volatility in input costs, currency fluctuations, and geopolitical dynamics, particularly in Greater China and parts of Europe [13] - Despite these challenges, P&G remains confident in its strategy and ability to deliver balanced growth and value creation for shareholders [32] Market Opportunities - P&G sees significant growth potential in international and emerging markets, with Enterprise Markets growing at rates one-third to twice as high as Focus Markets [51] - The company is focused on maximizing value growth in established brands while exploring opportunities in smaller brands [51] Conclusion - P&G's strategic focus on innovation, productivity, and market growth positions it well for continued success in a challenging environment, with a commitment to delivering superior value to consumers and shareholders alike [32]

U.S. Bancorp (NYSE:USB) Bank of America 2024 Financial Service Conference February 22, 2024 8:50 AM ET Company Participants Tim Welsh – Vice Chair, Consumer and Business Banking John Stern – Chief Financial Officer Conference Call Participants Ebrahim Poonawala – Bank of America Securities Ebrahim Poonawala Let me go ahead and get started. So for our first presentation on the 3rd Day of our Financials – 3rd and last day of our Financials Conference, we have next up U.S. Bancorp. From USB, we have Tim Welsh, ...

Summary of RTX Corporation Conference Call Company Overview - **Company**: RTX Corporation (NYSE: RTX) - **Event**: Barclays 41st Annual Industrial Select Conference 2024 - **Date**: February 22, 2024 - **Key Participants**: Chris Calio (President & COO, incoming CEO), David Strauss (Barclays) Core Industry Insights Portfolio and Growth Strategy - RTX has focused on integrating the merger between UTC and Raytheon since April 2020, emphasizing the importance of the portfolio and its alignment with current geopolitical needs [4][5] - The company has a substantial backlog of approximately **$196 billion** as of the end of 2023, which is a key focus for execution and delivery [5] - Investment priorities include **$10 billion** in R&D and CapEx in 2023, with a focus on automation and capacity increase [7][8] Aerospace Market Dynamics - The commercial aerospace market is projected to grow at **3% to 5%** annually through the decade, with a backlog of **14,000 aircraft** from Airbus and Boeing [10][11] - The aftermarket segment saw a **23% year-over-year growth** in 2023, with expectations of **10% growth** in 2024 [12] - Original Equipment (OE) is expected to grow by **10% to 15%** year-over-year, driven by GTF engine deliveries [13] Supply Chain Challenges - Supply chain issues have been a significant concern, with **8% year-over-year growth** in material receipts for Raytheon and **30% growth** in structural castings at Pratt [16][17] - Inflation is projected to impact RTX with about **$1.7 billion** in costs in 2024, primarily from labor and product costs [18][19] - The company is focusing on long-term agreements with suppliers to stabilize the supply chain and mitigate inflationary pressures [18][20] GTF Engine Production and Aftermarket - The GTF engine program is experiencing a ramp-up, with expectations of **20% year-over-year growth** in deliveries [22][23] - The aftermarket for GTF engines is expected to face challenges due to powdered metal issues but is projected to achieve fee margins by **2025** [29][30] Defense Sector Insights - RTX has faced challenges with fixed-price development contracts, which have contributed to margin headwinds [34][35] - The company is learning to be more selective in contracting, focusing on core competencies and tightening supply chain processes [36][37] - Despite challenges, the defense sector has a backlog of **$52 billion**, indicating strong demand for products [37] Additional Key Points Core Operating System - RTX employs a CORE (Customer-Oriented Results and Excellence) operating system aimed at continuous improvement across all business phases [39][40] - The company has reduced its supplier base significantly and is focused on improving efficiency and productivity [40][41] Capital Allocation and Portfolio Management - RTX is not planning major portfolio changes but is continuously assessing its business units for potential divestitures and bolt-on technologies [44][45] - The company has committed to returning **$36 billion to $37 billion** to shareholders through 2025, maintaining a focus on dividend growth aligned with profit growth [45] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting RTX Corporation's focus on growth, supply chain management, and market positioning in both aerospace and defense sectors.

Northrop Grumman Corporation (NYSE:NOC) Barclays 41st Annual Industrial Select Conference 2024 February 22, 2024 9:10 AM ET Company Participants Dave Keffer - CFO Kathy Warden - Chair, CEO and President Conference Call Participants David Strauss - Barclays David Strauss So, we'll get started with our next session. We have Northrop Grumman here. We have Kathy Warden, Chair and CEO; and Dave Keffer, CFO. So, Dave is going to kick it off with obligatory comments, and then we'll get straight into Q&A. Dave Keff ...

Blackstone Inc. (NYSE:BX) Bank of America Securities Financial Services Conference Call February 21, 2024 2:30 PM ET Company Participants Michael Chae - Chief Financial Officer Conference Call Participants Craig Siegenthaler - Bank of America Craig Siegenthaler Good afternoon, everyone. We’re going to get started. This is Craig Siegenthaler from Bank of America, and it’s my pleasure to introduce Michael Chae. Michael is the Chief Financial Officer of Blackstone. He joined Blackstone in 1997 and he has serve ...

Aflac Incorporated (NYSE:AFL) Bank of America Securities Financial Services Conference February 21, 2024 3:20 PM ET Company Participants Dan Amos - Chairman & Chief Executive Officer David Young - Vice President of Investor & Rating Agency Relations Conference Call Participants Josh Shanker - Bank of America Josh Shanker This is the Bank of America 2024 Financial Services Conference. If you're in this session, it’s Aflac session and you're in the right place. So we're very pleased to have both Dan Amos and ...