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    Christopher Kalata • RBC Capital Markets

    Christopher Kalata's questions to JELD-WEN Holding Inc (JELD) leadership

    Christopher Kalata's questions to JELD-WEN Holding Inc (JELD) leadership • Q2 2025

    Question

    Christopher Kalata, on for Mike Dahl at RBC Capital Markets, requested more color on the volume and mix dynamics expected in the second half of the year, particularly comparing non-residential versus new residential end markets. He also asked for a breakdown of the specific actions driving the step-up in transformation and cost mitigation benefits in the second half.

    Answer

    CFO Samantha Stoddard attributed the stronger second-half volume outlook to easier year-over-year comps (lapping a retailer loss) and targeted growth initiatives. CEO William Christensen reiterated the market outlook of low-to-mid single-digit declines for both new construction and residential repair/remodel. Stoddard detailed the cost benefits, noting that while transformation savings are evenly split, over two-thirds of the $50 million in short-term cost mitigation actions will be realized in the back half, driven primarily by already-announced plant closures and reductions in force.

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    Christopher Kalata's questions to GMS Inc (GMS) leadership

    Christopher Kalata's questions to GMS Inc (GMS) leadership • Q3 2025

    Question

    Christopher Kalata, on for Mike Dahl, requested more color on the new versus R&R mix within the weak commercial outlook and asked if wallboard price-cost dynamics would remain neutral.

    Answer

    CEO John Turner estimated the commercial mix is shifting more toward new construction, perhaps 60/40 new versus remodel, a reversal from historical norms, driven by data center projects and a dormant office R&R market. He confirmed the expectation is that they will be able to keep the wallboard price-cost dynamic neutral despite the challenging environment.

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    Christopher Kalata's questions to GMS Inc (GMS) leadership • Q1 2025

    Question

    Christopher Kalata, on behalf of RBC Capital Markets, asked about the expected timing for the peak year-over-year headwinds in the multifamily end market. He also sought clarification on whether GMS expects to continue seeing like-for-like pricing gains on wallboard in the second half of the fiscal year.

    Answer

    CEO John Turner projected that the multifamily end market would not see improvement until the back half of calendar 2025. He expressed confidence that interest rate reductions would trigger a pop in single-family activity to offset this decline. Regarding wallboard, Turner confirmed the company expects to continue realizing like-for-like price gains for at least two more quarters to recover previously absorbed cost increases, with the market likely turning inflationary again by spring 2025.

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    Christopher Kalata's questions to Installed Building Products Inc (IBP) leadership

    Christopher Kalata's questions to Installed Building Products Inc (IBP) leadership • Q4 2024

    Question

    Christopher Kalata, on for Mike Dahl, asked about competitive dynamics, pricing concessions in weaker markets, and the potential for margin headwinds as multifamily growth normalizes.

    Answer

    CEO Jeffrey Edwards stated that while a softer market is tougher for pricing, IBP focuses on service and relationships. CFO Michael Miller added that IBP prioritizes fair pricing over volume and does not expect significant margin headwinds from a multifamily slowdown, though any sales decline creates decremental margin pressure. He reiterated confidence that IBP will outperform the broader multifamily market.

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    Christopher Kalata's questions to Toll Brothers Inc (TOL) leadership

    Christopher Kalata's questions to Toll Brothers Inc (TOL) leadership • Q4 2024

    Question

    Christopher Kalata, on for Mike Dahl, asked for quantification of expected incentive levels and the company's confidence in maintaining its absorption pace while also raising prices.

    Answer

    Executive Chairman and CEO Douglas Yearley indicated that incentives are expected to settle back into the 5-6% range, a level they have already started to return to. CFO Martin Connor added that the market will ultimately dictate incentive levels, while Mr. Yearley noted that as incentives come down, they typically have the ability to raise base prices simultaneously.

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    Christopher Kalata's questions to Masco Corp (MAS) leadership

    Christopher Kalata's questions to Masco Corp (MAS) leadership • Q3 2024

    Question

    Christopher Kalata from RBC Capital Markets asked if the proceeds from the Kichler sale would most likely be used for share buybacks. He also requested more detail on paint margins, the price/cost relationship, and the timing of marketing spend.

    Answer

    CFO Rick Westenberg confirmed that absent an M&A announcement, the Kichler proceeds would be allocated to share buybacks, increasing the total deployment capacity to $750 million for the year. He explained that Decorative Architectural margins were strong at 18.1% despite a negative price/cost relationship, as cost savings initiatives offset pricing pressure.

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