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Andrew Maser

Andrew Maser

Research Analyst at Stifel Financial Corp.

Richmond, VA, US

Andrew Maser is an Associate Vice President and Equity Research Associate at Stifel Financial Corp., specializing in coverage of the building materials sector with a focus on companies such as Martin Marietta Materials and Vulcan Materials. Since joining Stifel in 2018, Maser has participated in key earnings calls and developed expertise in industry analysis, contributing research that supports investment decisions. Previously, he served as an Audit Senior Associate at KPMG LLP, building a strong foundation in financial auditing before transitioning to equity research. Maser holds professional credentials in line with his analyst role, including FINRA registration and relevant securities licenses.

Andrew Maser's questions to Vulcan Materials (VMC) leadership

Question · Q3 2025

Andrew Maser inquired about the drivers behind the 2% unit cost reduction in the quarter, specifically asking about the contribution of 'Vulcan Way of Operating' versus lower inflation and volume benefits, and preliminary thoughts on 2026 inflation.

Answer

Tom Hill, Chairman and CEO, stated there's no relief on inflation, crediting 'Vulcan Way of Operating' for improved operating efficiencies despite earlier weather/volume issues. Ronnie Pruitt, COO, emphasized that technology investments and disciplines are working, with further improvements expected in 2026 from continued focus on processes and labor savings.

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Question · Q2 2025

Speaking on behalf of Brian Brophy, Andrew Maser from Stifel asked about the reasons for the lower capital expenditures in the quarter and if there were any changes to the full-year CapEx guidance.

Answer

Senior VP & CFO Mary Carlisle explained that the lighter CapEx in the first half was a result of project timeline delays caused by the slow, weather-impacted start to the year. She revised the full-year CapEx guidance down to approximately $700 million from the original range of $750 million to $800 million.

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Question · Q1 2025

Andrew Maser, on for Brian Brophy at Stifel, asked for an update on the plant automation journey, including the timeline for implementation and any way to frame the expected benefits.

Answer

CEO James Hill clarified that while instrumentation for the 'Vulcan Way of Operating' is in place at 120-125 key plants, it is only fully implemented and yielding efficiencies at about 20-30% of them. He expects the full rollout and benefit realization to take through 2025 and into 2026. While it's too early to quantify the exact benefit in dollars or tons, he anticipates 'degrees of good,' with efficiency gains varying by plant from 4% to 12%.

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Andrew Maser's questions to MARTIN MARIETTA MATERIALS (MLM) leadership

Question · Q1 2025

Andrew Maser, on behalf of Brian Brophy at Stifel, asked about pricing opportunities from prior M&A. He inquired about the progress in closing the gap between the ASPs of acquired assets and the corporate average, and the potential for mid-year price increases in legacy markets.

Answer

Chair and CEO Ward Nye pointed to the delta between the 7.4% organic price growth and the 6.8% reported price growth as a 'pretty good snapshot' of the opportunity. He noted that while the pricing gap has been closed in some markets like California, he believes those markets should command above-average pricing due to higher barriers to entry, indicating the journey isn't finished. Nye also stated he expects to see a number of mid-year price increases, likely similar in quantum to last year, and will provide more detail at the half-year mark.

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