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    Charles Perron-Piché

    Vice President in Equity Research at Goldman Sachs

    Charles Perron-Piché is a Vice President in Equity Research at Goldman Sachs, specializing in industrials with a primary focus on building products and equipment. He covers companies such as Builders FirstSource and SiteOne Landscape Supply, but performance metrics indicate challenges, with a 0% success rate and an average return of approximately -14% over recent ratings. Perron-Piché began his career as an Associate at Desjardins before joining Goldman Sachs, taking on his current analyst role in New York. He holds an MBA, is a CFA charterholder, and is licensed with FINRA for securities research.

    Charles Perron-Piché's questions to Latham Group (SWIM) leadership

    Charles Perron-Piché's questions to Latham Group (SWIM) leadership • Q2 2025

    Question

    Charles Perron-Piché, on for Susan Maklari, asked for quantification of market share gains from the 'Measure by Latham' tool and how auto cover regulation changes factor into the growth model. He also inquired about capital allocation priorities.

    Answer

    CFO Oliver Gloe noted the liners business grew 6% YoY, with the measurement tool being a key contributor, but declined to quantify its specific impact. CEO Scott Rajeski added that auto covers are a core part of the growth algorithm, with high take rates where they can replace fences. Gloe reiterated that capital allocation priorities remain: 1) organic investment, 2) M&A, and 3) debt repayment.

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    Charles Perron-Piché's questions to LEGGETT & PLATT (LEG) leadership

    Charles Perron-Piché's questions to LEGGETT & PLATT (LEG) leadership • Q2 2025

    Question

    Charles Perron-Piché from Goldman Sachs asked about the health of the consumer, how it informs the second-half outlook, the company's pricing strategy amid tariff impacts, and for a segment-level breakdown of the full-year guidance.

    Answer

    President, CEO & Chairman Karl Glassman and EVP & CFO Benjamin Burns addressed the questions. Glassman noted consumer health appears more positive than three months prior, driven by strong holiday promotions, though tariff-related inflation remains a risk. He affirmed the company has pricing power to pass through tariff costs. Burns then provided a detailed full-year outlook for sales, volume, and operating margins for the Bedding, Specialized Products, and Furniture, Flooring & Textile Products segments.

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    Charles Perron-Piché's questions to Builders FirstSource (BLDR) leadership

    Charles Perron-Piché's questions to Builders FirstSource (BLDR) leadership • Q2 2025

    Question

    Charles Perron-Piché of Goldman Sachs asked about the reasons for the reduced productivity savings forecast and the biggest challenges limiting the adoption of the company's digital tools beyond the tough market conditions.

    Answer

    CEO Peter Jackson explained that while productivity work continues, the P&L benefit is being offset by deleverage from lower sales volumes. CFO Pete Beckmann added that facility closures are part of ongoing operational management. On digital, Jackson stated that while adoption continues, it's slower than anticipated as smaller builder customers are focused on survival, but he remains convicted in the long-term strategy of using technology to improve efficiency.

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    Charles Perron-Piché's questions to Builders FirstSource (BLDR) leadership • Q1 2025

    Question

    Charles Perron-Piché from Goldman Sachs asked about the commodity price outlook, specifically how higher lumber prices might flow through to results and impact the value-add product mix. He also inquired about the confidence in achieving the $200 million digital sales target for 2025.

    Answer

    CFO Pete Beckmann noted that while lumber prices are up, depressed OSB prices are pulling the overall commodity composite down. CEO Peter Jackson clarified that Canadian lumber is exempt from recent tariffs but subject to existing duties. Regarding digital tools, Jackson expressed confidence in hitting the target, citing strong customer reception, a focused internal rollout, and the stable performance of their target audience of smaller builders.

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    Charles Perron-Piché's questions to Builders FirstSource (BLDR) leadership • Q4 2024

    Question

    Charles Perron-Piché asked about the risk of value-added content degradation in the multifamily business and how the company is positioning itself against potential tariffs and changes to labor and immigration policies.

    Answer

    CEO Peter Jackson confirmed that multifamily sales declines disproportionately impact value-add products, which is factored into the guide. Regarding policy, he stated that while higher tariffs and tighter labor would be net negatives for housing starts, the company's value-added offerings would be advantaged in a labor-constrained environment.

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    Charles Perron-Piché's questions to SiteOne Landscape Supply (SITE) leadership

    Charles Perron-Piché's questions to SiteOne Landscape Supply (SITE) leadership • Q2 2025

    Question

    Charles Perron-Piché of Goldman Sachs asked about mitigation actions for tariff-related cost inflation beyond pricing and whether competitors were taking different pricing approaches. He also inquired about the opportunity for freight savings and its potential contribution over time.

    Answer

    CFO John Guthrie stated that there are not significant mitigation actions for tariffs other than passing through costs, which is standard in the market. CEO Doug Black added that the market remains rational but competitive, with no major changes in competitor behavior. Regarding freight, Black highlighted significant savings opportunities in customer delivery, noting a 40 basis point improvement on delivered sales in H1 driven by efficiency gains from their DispatchTrack system, with more progress expected over the next few years.

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    Charles Perron-Piché's questions to SiteOne Landscape Supply (SITE) leadership • Q1 2025

    Question

    Charles Perron-Piché inquired about the company's inventory management strategy, particularly the balance between pre-buying ahead of price hikes and managing macro uncertainty. He also asked about capital allocation between M&A and share repurchases.

    Answer

    Executive Vice President John Guthrie stated that the company has been selective in its pre-buying of inventory, focusing on specific at-risk products to secure supply and mitigate disruption. On capital allocation, Guthrie affirmed that while strategic acquisitions remain the primary focus, share repurchases have become more attractive at current stock price levels. He stressed the importance of maintaining a strong balance sheet to support both growth and shareholder returns.

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    Charles Perron-Piché's questions to SiteOne Landscape Supply (SITE) leadership • Q4 2024

    Question

    Charles Perron-Piché from Goldman Sachs asked for a breakdown of the commercial initiatives driving market share gains and questioned the company's confidence and path to returning to double-digit adjusted EBITDA margins over the next three years.

    Answer

    CEO Doug Black detailed several growth drivers, including programs for small and Hispanic customers, private label product expansion, and a 180% increase in digital sales. He expressed strong confidence in returning to double-digit EBITDA margins, driven by these initiatives, organic growth, and significant performance improvements expected from underperforming branches.

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    Charles Perron-Piché's questions to Meritage Homes (MTH) leadership

    Charles Perron-Piché's questions to Meritage Homes (MTH) leadership • Q2 2025

    Question

    Charles Perron-Piché of Goldman Sachs asked about changes to broker commission strategies in response to rising resale inventory and the outlook for stick-and-brick costs, considering lumber prices and tariffs.

    Answer

    CEO Phillippe Lord stated that the company's strategy remains consistent: competing with resale by offering reliable, market-rate commissions. CFO Hilla Sferruzza added that resale inventory is not always a direct competitor. Regarding costs, she confirmed Q3 margin guidance already reflects current stick-and-brick costs and that tariffs have not been a material factor, with potential for future savings not yet modeled.

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    Charles Perron-Piché's questions to Meritage Homes (MTH) leadership • Q2 2025

    Question

    Charles Perron-Piché of Goldman Sachs, on behalf of Susan Maklari, asked about potential changes to broker commission strategies in response to rising resale inventory and the outlook for stick-and-brick costs considering lumber price movements and tariffs.

    Answer

    CEO Phillippe Lord stated that their strategy remains focused on competing with resale by offering consistent, market-rate commissions, noting that current incentive pressure comes more from other new home builders. EVP & CFO Hilla Sferruzza added that Q3 guidance already incorporates current construction costs, that tariffs have not been a material factor, and that while they see potential for future savings, none are currently modeled.

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    Charles Perron-Piché's questions to Meritage Homes (MTH) leadership • Q1 2025

    Question

    Charles Perron-Piché asked about the strategy for balancing price and pace if market conditions soften, and how the company is preparing for potential supply chain disruptions from tariffs.

    Answer

    CEO Phillippe Lord affirmed they would not pull back on new community openings, which are additive to sales. The strategy remains to target 4 net sales per month and then optimize returns, using incentives as needed. To mitigate tariff risks, he said the plan is to overcommunicate with vendors and leverage their spec-building model, which allows for substitute products, providing operational flexibility.

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    Charles Perron-Piché's questions to AZEK leadership

    Charles Perron-Piché's questions to AZEK leadership • Q2 2025

    Question

    Asked how the back-half sell-out assumption compares to the broader R&R market, about confidence in long-term growth, and for details on channel wins and new product adoption.

    Answer

    The guidance implies outperforming the R&R market by approximately 7 percentage points. The company is confident in future growth due to its track record, new products, and potential merger synergies. The early buy period was successful with shelf space gains, and new products are performing ahead of expectations.

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    Charles Perron-Piché's questions to WORTHINGTON ENTERPRISES (WOR) leadership

    Charles Perron-Piché's questions to WORTHINGTON ENTERPRISES (WOR) leadership • Q3 2025

    Question

    Charles Perron-Piché, on behalf of Susan Maklari, asked about the contribution of new product initiatives to recent growth and their potential to drive outperformance in calendar 2025. He also sought to distinguish between volume leverage and operational initiatives as drivers of margin performance and inquired about the M&A pipeline.

    Answer

    CEO Joseph Hayek clarified that the specific new products mentioned (like the Balloon Time mini tank) had minimal contribution in Q3 as they are just launching, but they are expected to add to revenue and margin going forward. He explained that growth in newer businesses like Tools and Grills is focused on taking market share, while legacy businesses focus on product innovation. Hayek reiterated the long-term goal of pushing gross margins toward 30% and SG&A toward 20% of sales. Regarding M&A, he noted the pipeline is healthy and the company maintains a long-term view, assessing opportunities despite current market uncertainty.

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