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    Brian Biros • Stephens Inc.

    Brian Biros's questions to Construction Partners Inc (ROAD) leadership

    Brian Biros's questions to Construction Partners Inc (ROAD) leadership • Q3 2025

    Question

    Brian Biros from Thompson Research Group asked about volume trends in July, sought to quantify the potential margin upside in Q2 absent the poor weather, and requested details on the company's strategy and opportunities in the new Houston market.

    Answer

    CEO Jule Smith confirmed that July saw 'really good volumes,' supporting the company's Q4 guidance. While he acknowledged the quarter's results would have been better with normal weather, he did not provide a specific quantification of the impact. Regarding Houston, he described the new Durwood Green acquisition as a typical paving and asphalt production company, stating that the plan is to pursue organic growth opportunities in the market, consistent with the strategy that 'today's acquisitions drive tomorrow's organic growth.'

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    Brian Biros's questions to Granite Construction Inc (GVA) leadership

    Brian Biros's questions to Granite Construction Inc (GVA) leadership • Q2 2025

    Question

    Brian Biros, on behalf of Steven Ramsey from Thompson Research Group, asked for details on the strengths of the newly acquired Pappage Construction and sought a comparison of Committed and Awarded Projects (CAP) trends between Granite's Western and Southeastern regions.

    Answer

    President and CEO Kyle Larkin described Pappage Construction as a highly complementary, public works-focused contractor that strengthens Granite's footprint in California's Central Coast and Central Valley. He highlighted the strategic value of its materials business for vertical integration. Larkin clarified that the record $6.1 billion CAP is a result of broad-based success across the entire company footprint, including regions like Utah, Nevada, Alaska, and federal work, rather than being concentrated in one area. He attributed this to strong, universal market funding from the IIJA, which he believes has not yet peaked.

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    Brian Biros's questions to Owens Corning (OC) leadership

    Brian Biros's questions to Owens Corning (OC) leadership • Q2 2025

    Question

    Brian Biros asked for more detail on non-residential insulation, specifically how Owens Corning's products are specified into growth opportunities like data centers and manufacturing, and if any market share metrics were available.

    Answer

    CFO Todd Fister declined to share market share metrics but detailed two key application areas: the building envelope, where products like XPS foam and cellular glass control temperature and moisture, and process equipment, such as insulating pipes and HVAC systems. He emphasized that products are often engineered for specific applications, creating stickier customer relationships and more stable pricing.

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    Brian Biros's questions to Owens Corning (OC) leadership • Q1 2025

    Question

    Brian Biros asked how the company is balancing the need to take market share versus defending margins amid rising prices and a challenging market.

    Answer

    CEO Brian Chambers stated that the company's playbook remains consistent: focus on creating value for customers through innovation, brand, and service to justify pricing. While they will remain competitive to maintain share, they will also aggressively manage internal costs to protect margins, leveraging their winning cost position.

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    Brian Biros's questions to Owens Corning (OC) leadership • Q4 2024

    Question

    Brian Biros asked about Owens Corning's strategy for balancing price, volume, and market share in the Doors segment when repair and remodel (R&R) demand recovers.

    Answer

    CEO Brian Chambers explained that the company is applying its standard operating model focused on customer-centricity, innovation, and manufacturing excellence. The strategy is to win with customers through superior service and quality, which is expected to drive volume growth and margin improvement as markets rebound. He emphasized that the company will continue to price its products based on value.

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    Brian Biros's questions to Interface Inc (TILE) leadership

    Brian Biros's questions to Interface Inc (TILE) leadership • Q2 2025

    Question

    Brian Biros from Thompson Research Group asked if the 'One Interface' strategy is at its full run rate, questioned the key drivers behind the significant gross margin expansion, and sought reasons for the Q2 sales performance exceeding guidance.

    Answer

    CEO Laurel Hurd responded that she feels they are 'just getting started' with the One Interface strategy, highlighting the 40% growth in Nora Rubber in the Americas as a key success. She attributed the sales beat to stronger-than-anticipated broad-based momentum. CFO Bruce Hausmann detailed that margin expansion was driven approximately 80% by manufacturing productivity and 20% by price/mix, noting that the full-year margin guidance was also raised.

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    Brian Biros's questions to Interface Inc (TILE) leadership • Q1 2025

    Question

    Brian Biros inquired about the drivers for the better-than-expected Q1 gross margin and SG&A, and the rationale behind raising the low end of the full-year revenue guidance.

    Answer

    CEO Laurel Hurd attributed the strong performance to the 'One Interface' strategy, noting that all product categories grew globally and the healthcare and education segments saw double-digit growth. CFO Bruce Hausmann added that strong orders and backlog momentum are continuing into Q2. Laurel Hurd also highlighted that April orders were up double-digits globally, which, combined with the strong Q1 results and Q2 outlook, gave the company confidence to raise the lower end of its full-year guidance.

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    Brian Biros's questions to Interface Inc (TILE) leadership • Q4 2024

    Question

    Brian Biros of Stephens Inc. asked about the expected impact of the 'One Interface' selling strategy in 2025, momentum in the corporate office segment, and the company's capital allocation priorities given its improved balance sheet.

    Answer

    CEO Laurel Hurd stated that the combined selling strategy is still in its 'early days' and is expected to continue paying off. She expressed optimism for the office segment due to rising return-to-office mandates and demand for Class A space. CFO Bruce Hausman added that the strategy's success is factored into 2025 guidance and that the company will continue to invest in manufacturing efficiencies to drive growth, leveraging its strong balance sheet.

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    Brian Biros's questions to Builders FirstSource Inc (BLDR) leadership

    Brian Biros's questions to Builders FirstSource Inc (BLDR) leadership • Q2 2025

    Question

    Brian Biros of Thompson Research Group asked if the full-year 'flat' outlook for the R&R market implies a decline in the second half, given that the company's R&R sales have grown year-to-date.

    Answer

    CFO Pete Beckmann clarified that the 'flat' outlook is for the overall R&R market, not the company's specific sales. He indicated that the company's growth in the segment so far represents outperformance against that flat market backdrop, rather than implying a future decline.

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    Brian Biros's questions to Builders FirstSource Inc (BLDR) leadership • Q1 2025

    Question

    Brian Biros from Thompson Research Group asked about the drivers behind the Q1 strength in the Repair & Remodel (R&R) segment and the outlook for the rest of the year. He also questioned if customers were pre-buying materials in response to rising prices amid weaker demand.

    Answer

    CFO Pete Beckmann attributed the Q1 R&R strength to certain lumber and sheet categories but reiterated the full-year outlook is for flat performance. CEO Peter Jackson added that R&R is a more stable business where regional mix can cause some quarterly movement. He also stated that they are not seeing significant pre-buying activity from customers, who remain focused on managing costs through design and product substitution.

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    Brian Biros's questions to Builders FirstSource Inc (BLDR) leadership • Q4 2024

    Question

    Brian Biros asked for specific growth expectations for the install business in 2025 and whether the flat single-family starts guidance assumes any significant variance by geographic region.

    Answer

    CEO Peter Jackson did not provide a specific growth guide for the install business but noted they are 'believers in it,' implying a positive outlook. He declined to provide a regional breakdown for the single-family starts forecast, citing the difficulty of such predictions.

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    Brian Biros's questions to Armstrong World Industries Inc (AWI) leadership

    Brian Biros's questions to Armstrong World Industries Inc (AWI) leadership • Q2 2025

    Question

    Brian Biros sought to confirm that the raised full-year guidance was primarily driven by strong Q2 performance and company-specific initiatives rather than an improved market outlook. He also asked for a more detailed breakdown of the drivers behind the strong Mineral Fiber margins and their sustainability.

    Answer

    CEO Vic Grizzle confirmed the guidance rationale was correct. CFO Chris Calzaretta detailed that Mineral Fiber margin strength came from strong execution, disciplined cost control, favorable volume, and strong equity earnings from the WAVE joint venture. He noted that for the full year, AUV is expected to grow over 6%, offsetting a flat to low-single-digit decline in volume.

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    Brian Biros's questions to Armstrong World Industries Inc (AWI) leadership • Q1 2025

    Question

    Brian Biros from Thomson Research Group questioned the rationale for raising the Architectural Specialties sales guidance amid market uncertainty. He also asked if the anticipated pullback in Mineral Fiber volume would be broad-based or concentrated in specific verticals.

    Answer

    CFO Christopher Calzaretta cited better visibility from project backlogs and longer lead times as the reason for the AS guidance raise. CEO Victor Grizzle added that AS growth is also driven by market penetration, which can continue even if the overall market softens. Regarding Mineral Fiber, Grizzle stated the expected softness is in discretionary renovation work, which he described as 'vertical agnostic' and not tied to any specific end market.

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    Brian Biros's questions to Armstrong World Industries Inc (AWI) leadership • Q4 2024

    Question

    Brian Biros asked about the future M&A strategy for the exterior building products space following the Zahner acquisition. He also inquired about the key variables that would drive results to the high or low end of the 2025 guidance range.

    Answer

    CEO Vic Grizzle stated that with less than 10% share in the new $1 billion exterior TAM, there is significant room for organic growth, but the company will remain 'open for business' for further bolt-on acquisitions. CFO Chris Calzaretta identified overall macroeconomic conditions and the degree of market 'chop' as the primary variables influencing performance within the guidance range.

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    Brian Biros's questions to GMS Inc (GMS) leadership

    Brian Biros's questions to GMS Inc (GMS) leadership • Q4 2025

    Question

    Brian Biros of Thompson Research Group inquired about the impact of large homebuilder consolidation on GMS's business and asked for an update on the 'return to office' trend and its effect on commercial demand.

    Answer

    President & CEO John Turner described the growing share of large builders as a tailwind, as GMS's national scale and service model are well-suited to their needs. Regarding office space, he noted that while tenant improvement work remains slow, office-to-residential conversions are a positive trend, but a broader recovery is likely a longer-term event (calendar 2027).

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    Brian Biros's questions to GMS Inc (GMS) leadership • Q3 2025

    Question

    Brian Biros inquired about the strong price/mix in the Ceilings category, asking if it was due to a one-time project or a sustainable trend, and questioned what level of volume growth is needed to support wallboard pricing.

    Answer

    CEO John Turner explained the Ceilings strength is a combination of large projects and a successful multi-year strategy to increase sales of higher-value architectural specialties, a trend he expects to continue. Regarding wallboard, Turner and CFO Scott Deakin stated that while broad industry growth is helpful, a recovery in single-family housing has the most significant positive leverage on pricing due to its high consumption volume.

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    Brian Biros's questions to Core & Main Inc (CNM) leadership

    Brian Biros's questions to Core & Main Inc (CNM) leadership • Q1 2025

    Question

    Brian Biros asked about the specific drivers behind the outperformance of the storm drainage product category and questioned the company's path to achieving its long-term 15% EBITDA margin target set at its Investor Day.

    Answer

    CFO Robyn Bradbury attributed strong storm drainage growth to M&A, organic growth in road and bridge projects fueled by infrastructure funding, and a product shift toward materials sold through distribution. CEO Mark Witkowski expressed confidence in reaching the 15% EBITDA margin target, noting that the initial forecast accounted for some margin normalization and that M&A has provided more opportunities for synergies.

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    Brian Biros's questions to Core & Main Inc (CNM) leadership • Q4 2024

    Question

    Brian Biros asked if the company's market outperformance expectations differ by end market, particularly between the slower residential and stronger municipal sectors. He also questioned if the new administration was having any effect on the ease or speed of project permitting.

    Answer

    CFO Mark Witkowski stated that while outperformance was generally similar across end markets, it was likely weighted slightly more toward the municipal side in 2024 due to strength in smart meters and treatment plant projects. CEO Steve LeClair commented that while there is encouraging talk about easing regulatory requirements for permits, he has not yet seen specific examples of this accelerating projects.

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    Brian Biros's questions to Mohawk Industries Inc (MHK) leadership

    Brian Biros's questions to Mohawk Industries Inc (MHK) leadership • Q1 2025

    Question

    Brian Biros asked about the company's strategy for balancing market share gains against margin protection. He also inquired about inventory levels both at Mohawk and within the sales channel.

    Answer

    President and COO Paul De Cock stated that Mohawk focuses on gaining share through its differentiated product portfolio, innovation, and service, not by leading with price. CEO Jeff Lorberbaum added that prices are already compressed due to industry overcapacity. Executive James Brunk noted Mohawk's inventory increased by $80 million due to pre-buying ahead of tariffs and will likely be held at that level for now.

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