Alexander Rygiel • B. Riley Securities

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CEO Bill Waltz reported strong double-digit growth and a rising backlog for mega projects, noting their long-cycle nature means significant revenue impact is expected in late FY25 and into FY26. CFO John Deitzer added that the metal framing and construction services business is now Atkore's second-largest product area. Regarding pricing, Waltz clarified that while both steel and PVC are declining, the forecast for PVC has worsened more significantly than previously expected.

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Chairman and CEO Allan Merrill highlighted strong Q4 performance in Virginia, Myrtle Beach, Atlanta, Las Vegas, and Northern California, while noting they had addressed earlier struggles in Texas. He explained that while the to-be-built sales trend improved from its summer lows, specs still constituted a majority of sales in September and October. The full-year 60% spec forecast reflects this reality, which is a higher mix than normal for Beazer but an improvement from the peak.

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Executive Robert Bates stated the goal is to get product gross margins back toward 30% in Q4, noting the Q3 dip was due to labor under-absorption. He estimated occupancy at the two new parks could be raised to a sellable level (50-70%) within one quarter. Bates confirmed the fall show was a 'big success,' driven by significant product updates that modernized the homes, which led to strong orders for the new models.

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Executive Robert Bates believes the market is improving overall, citing strong reports from competitors, but emphasized that Legacy is also benefiting from resolving company-specific challenges that had been a distraction. He described the current moment as an inflection point for Legacy. On the topic of margins, Bates acknowledged that while competitors have used price as a lever, Legacy has maintained discipline. He stated that the company is currently discussing its pricing strategy ahead of its fall show but is mindful that labor costs are not decreasing.

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Executive Santiago Giraldo estimated that approximately $10 million to $15 million of Q3 revenue was due to the pull-forward effect, with more to be invoiced in Q4. He was hopeful but uncertain about the waiver's reauthorization, noting it is a legislative decision. Executive Jose Daes added that hurricane-related repair work has been slow due to insurance claim processing but is expected to increase next year.

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CEO Ronald Tutor estimated the value of remaining disputes to be resolved over the next 12-18 months is between $450 million and $500 million. He clarified that new contracts include upfront owner payments, minimizing working capital needs, and that CapEx will remain stable at $25-$30 million annually. Tutor stated his optimal capital structure involves paying off all debt, with future decisions on excess cash to be made by the Board.

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An executive clarified that the 11% growth in installed sales was a year-to-date figure and that its margin profile is complementary to the overall business mix. CEO Designate Peter Jackson then addressed digital tools, acknowledging that adoption is challenging in a tech-resistant industry, especially as their target builder segment is under pressure. However, he remains confident in the platform's long-term potential to drive efficiency and competitiveness for customers.

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President and CEO Earl "Duke" Austin positioned Quanta's role in SMRs as being focused on substations and interconnections, viewing large-scale SMR deployment as a decade away. Regarding risk, he explained that Quanta's high degree of self-perform capabilities (85%) and vertical integration on critical path items significantly de-risks its EPC projects, turning potential risks into margin opportunities.

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CEO Jim Brickman and CFO Rick Costello addressed the questions. Costello explained that community count growth is directly tied to the starts pace, which has been averaging over 1,100 homes in recent quarters. Brickman added that the addition of larger Trophy communities will likely increase sales pace, making historical correlations less direct. Regarding SG&A, Brickman stated it is expected to remain 'pretty much constant' with some potential leverage from top-line growth. On the Austin expansion, Brickman confirmed it fits their strategy, highlighting a significant land purchase in the desirable Georgetown area as an 'A+ location'.

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CFO John Dixon attributed the margin change primarily to incentives, noting stable land and direct costs provided an offset. He stated future margin variability will be mainly driven by incentives. He confirmed no significant changes in community or product mix and that cancellation rates have remained consistently low due to the company's spec building model and captive mortgage operations.

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President and CEO Amir Vexler positioned Centrus as uniquely competitive, being the only U.S.-owned company with a proven, operational U.S. enrichment technology licensed for HALEU, which can serve both commercial and national security needs. CFO Kevin Harrill confirmed that the strong Q2 revenue was in line with annual expectations and not a pull-forward, thus no fall-off in revenue is anticipated in subsequent quarters.

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