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    Andrew Maser

    Research Analyst at Stifel Financial Corp.

    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

    Andrew Maser's questions to Vulcan Materials (VMC) leadership • Q2 2025

    Question

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

    Andrew Maser's questions to MARTIN MARIETTA MATERIALS (MLM) leadership • Q1 2025

    Question

    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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