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    Kathryn Thompson • Thompson Research Group

    Kathryn Thompson's questions to Acuren Corp (TIC) leadership

    Kathryn Thompson's questions to Acuren Corp (TIC) leadership • Q2 2025

    Question

    Kathryn Thompson of Thompson Research Group inquired about the definition of a 'normalized business mix' and its impact on margins, the distinction between one-time transaction costs and the future benefits of business transformation initiatives, and how Acurin is positioned to benefit from the build-out of AI and data center infrastructure.

    Answer

    CEO Tal Pizi explained that the business mix is generally stable, with Q2 and Q3 being similar and typical, unlike a suppressed Q1. CFO Kristen Schultes noted one-time costs relate to the public company build-up and the NV5 transaction. President & COO Ben Hurad highlighted cross-selling opportunities and NV5's strong position in the data center market, particularly in Asia Pacific and the US, as key growth drivers.

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    Kathryn Thompson's questions to Martin Marietta Materials Inc (MLM) leadership

    Kathryn Thompson's questions to Martin Marietta Materials Inc (MLM) leadership • Q2 2025

    Question

    Kathryn Thompson asked for an update on July demand trends following a weather-impacted Q2, seeking assurance of fundamental market strength for the remainder of 2025 and into 2026.

    Answer

    CEO C. Howard Nye reported that July saw "nice double-digit volume up across the enterprise." He noted that with pricing trending toward the high end of the guide and volumes through July above the previous midpoint, the company has taken a measured approach to its updated guidance, hoping volume strength continues as pricing has.

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    Kathryn Thompson's questions to Martin Marietta Materials Inc (MLM) leadership • Q1 2025

    Question

    Kathryn Thompson of Thompson Research Group inquired about Martin Marietta's confidence in its volume guidance amidst the ongoing tariff debate. She also asked about emerging green shoots in previously weak end markets like warehouses and whether any projects were being canceled or delayed.

    Answer

    Chair and CEO Ward Nye expressed confidence, stating that heavy-side materials are a 'safe haven' in the current environment. He highlighted strength in infrastructure, driven by IIJA funding with only about a third of funds reimbursed, and strong state DOT budgets. Nye noted that data centers and a bottoming warehouse market, evidenced by large projects in Texas, Florida, and North Carolina, provide further support. He confirmed that customer backlogs are up year-over-year and the company is not seeing project cancellations, which underpins the positive volume outlook.

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    Kathryn Thompson's questions to Martin Marietta Materials Inc (MLM) leadership • Q4 2024

    Question

    Kathryn Thompson inquired about the potential impacts of tariffs on the business and what steps Martin Marietta has taken to diversify its supply chain since 2016.

    Answer

    CEO Ward Nye stated that the company is well-prepared for potential tariffs due to its predominantly domestic supply chain, a strategy refined since the COVID era. He noted that steel tariffs could positively impact the Magnesia Specialties business by boosting domestic steel production. Tariffs on cement could benefit their North Texas operations, and tariffs on stone could add value to their domestic rail network. A minor headwind could be their Canadian operation shipping into the U.S. Overall, Nye sees potential for tariffs to drive more reshoring and domestic manufacturing demand.

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    Kathryn Thompson's questions to Martin Marietta Materials Inc (MLM) leadership • Q3 2024

    Question

    Kathryn Thompson asked about the quantitative impact of severe weather on Q3 2024 volumes and pricing, and inquired about shipment trends in October following the storms.

    Answer

    CEO C. Nye explained that Q3 was significantly impacted by hurricanes hitting high-margin Southeastern markets, which disproportionately hurt shipments, profitability, and the ability to secure mid-year price increases. He noted that October's more normal weather has driven a strong rebound, underpinning the Q4 forecast for a 5% increase in aggregate shipments. Nye cited growing customer backlogs and contractor hiring as further positive signs.

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    Kathryn Thompson's questions to CRH PLC (CRH) leadership

    Kathryn Thompson's questions to CRH PLC (CRH) leadership • H1 2025

    Question

    Kathryn Thompson questioned the outlook for the next highway bill reauthorization and asked for more specific details on the 'green shoots' observed in residential repair and remodel.

    Answer

    COO Randy Lake noted bipartisan support for a new highway bill, expecting a focus on surface transportation and a new sustainable funding mechanism. CEO Jim Mintern clarified that residential 'green shoots' are most prominent in Central and Eastern Europe due to rate cuts, while U.S. residential recovery is hampered by affordability issues and not expected to significantly impact results until late 2026.

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    Kathryn Thompson's questions to CRH PLC (CRH) leadership • Q1 2025

    Question

    Kathryn Thompson asked a two-part question regarding the M&A pipeline and capital allocation priorities amid macro uncertainty, and whether CRH is seeing increased state infrastructure lettings show up in its business.

    Answer

    Executive Jim Mintern confirmed no change in capital allocation priorities, highlighting a strong M&A start with 8 deals for $600M, a full pipeline, a dividend increase, and a continued share buyback program. Executive Randy Lake affirmed that increased infrastructure activity is reflected in their backlogs and bidding, noting that the company's geographic footprint is well-positioned to benefit from IIJA funding as it continues to be deployed.

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    Kathryn Thompson's questions to CRH PLC (CRH) leadership • Q4 2024

    Question

    Kathryn Thompson asked for CRH's perspective on balancing the very strong infrastructure funding at the state level, like in Texas and Florida, against potential concerns about federal funding continuity.

    Answer

    COO Randy Lake expressed confidence, noting infrastructure investment has historically been bipartisan. He emphasized the powerful combination of state funding and federal IIJA funds, of which only one-third has been deployed. He added that CRH's top five states are set to receive about 20% of total IIJA funding, and that the company's strong backlogs reflect this positive, long-term momentum.

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    Kathryn Thompson's questions to CRH PLC (CRH) leadership • Q3 2024

    Question

    Kathryn Thompson of Thompson Research Group requested a more detailed 2025 outlook for residential, non-residential, and public construction end markets. She also asked about CRH's ability to manage the availability of key inputs like cement and fly ash amid increasing project complexity.

    Answer

    Executive Randy Lake detailed strong U.S. demand driven by multi-year IIJA and onshoring projects, with a gradual residential recovery expected in H2 2025. Executive Jim Mintern added that European infrastructure is also robust and noted that CRH's global supply lines position it well to manage input availability, with no current bottlenecks being experienced.

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    Kathryn Thompson's questions to Knife River Corp (KNF) leadership

    Kathryn Thompson's questions to Knife River Corp (KNF) leadership • Q2 2025

    Question

    Kathryn Thompson of Thompson Research Group inquired about the organic performance of the Strata and Albina acquisitions, their expected contribution in Q3, and their impact on the raised aggregates pricing guidance.

    Answer

    CEO Brian Gray stated that the Strata and Albina integrations are proceeding well, accounting for about 8% of Q2 revenue and adding to the company's seasonality. He noted that without them, organic revenue would have declined 5%. Gray confirmed the Strata acquisition is accretive to margins and contributed to the higher aggregates pricing outlook, but emphasized that the broader dynamic pricing initiative was the primary driver.

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    Kathryn Thompson's questions to Knife River Corp (KNF) leadership • Q1 2025

    Question

    Kathryn Thompson requested a detailed breakdown of the Q1 SG&A increase and guidance for the full year, and also asked for justification of the full-year aggregate volume guidance given the Q1 decline.

    Answer

    CFO Nathan Ring broke down the $13 million Q1 SG&A increase into three parts: $8 million for strategic investments (M&A and EDGE initiatives), nearly $4 million from acquired companies' SG&A, and the remainder from inflation. For the full year, he advised adding Strata's SG&A to the previously guided figures. CEO Brian Gray addressed volumes, stating Q1 is a seasonally small quarter and the decline represents only about 1% of annual sales, expressing confidence in the high single-digit full-year guidance due to secured contracts and positive trends in most states.

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    Kathryn Thompson's questions to Knife River Corp (KNF) leadership • Q4 2024

    Question

    Kathryn Thompson of Thompson Research Group sought clarification on the $20 million step-up in 2025 SG&A, asking what it covers, whether Strata-related costs are included, and how this investment differs from past practices. She also requested more detail on the contracting services outlook and the specific impact of the EDGE strategy on the segment.

    Answer

    President and CEO Brian Gray explained the $20 million investment is to accelerate EDGE initiatives and support a robust M&A pipeline. CFO Nathan Ring clarified that this cost is included in the 2025 guidance, in addition to normal mid-single-digit inflationary increases. Gray then highlighted the EDGE strategy's success, noting it improved adjusted EBITDA by 48% over two years, driven by disciplined bidding in contracting services. He stated the segment's outlook is strong, aligning with the low single-digit volume growth guided for materials.

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    Kathryn Thompson's questions to Knife River Corp (KNF) leadership • Q3 2024

    Question

    Kathryn Thompson from Thompson Research Group inquired about the EBITDA margin performance of Knife River's geographic segments in Q3 and year-to-date, and sought clarification on the breakdown of increased SG&A costs between M&A activities and healthcare expenses.

    Answer

    President and CEO Brian Gray confirmed that geographic segment EBITDA margins improved by 90 basis points for the quarter and 170 basis points year-to-date. CFO Nathan Ring clarified that the SG&A increase was split roughly 50/50 between acquisition-related costs and higher health and welfare claims, noting a similar increase is expected in Q4, primarily from due diligence.

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    Kathryn Thompson's questions to Vulcan Materials Co (VMC) leadership

    Kathryn Thompson's questions to Vulcan Materials Co (VMC) leadership • Q2 2025

    Question

    Kathryn Thompson of Thompson Research Group asked whether the acceleration in infrastructure spending is primarily driven by large state-level initiatives, like those in Florida and Tennessee, or by broader IIJA funding.

    Answer

    Chair & CEO J. Thomas Hill responded that it is a combination of all factors, including strong state capital spending, IIJA funding, and increased local funding. He highlighted that highway contract awards in Vulcan-served states are up 22%. CFO Mary Carlisle added that this award growth is significantly stronger in Vulcan's states compared to others.

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    Kathryn Thompson's questions to Vulcan Materials Co (VMC) leadership • Q1 2025

    Question

    Kathryn Thompson of Thompson Research Group inquired about any significant project cancellations or delays and how the 'Vulcan Way of Operating and Selling' provides a competitive advantage in an uncertain market.

    Answer

    CEO James Hill confirmed that projects already underway are not being canceled or delayed. However, he noted a 'pause' on new projects, with customers bidding on work but delaying the start due to macroeconomic volatility, which he sees as creating pent-up demand. He credited the 'Vulcan Way' disciplines for providing the clarity and forward-looking data necessary to consistently improve unit margins, noting the selling discipline is more mature while the operating discipline is in earlier stages but showing positive results.

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    Kathryn Thompson's questions to Vulcan Materials Co (VMC) leadership • Q4 2024

    Question

    Kathryn Thompson of Thompson Research Group asked about the drivers behind the record Q4 gross margin performance and how the 'Vulcan Way of operating' will contribute to margins in 2025.

    Answer

    CEO Tom Hill attributed the strong Q4 cost control to favorable weather, less negative volumes, and improved efficiencies from the 'Vulcan Way of operating' initiatives. He guided to low-to-mid-single-digit cost increases in 2025. CFO Mary Andrews Carlisle added that she expects year-over-year gross margin improvement in each quarter of 2025, following the pattern seen in 2024.

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    Kathryn Thompson's questions to Vulcan Materials Co (VMC) leadership • Q3 2024

    Question

    Kathryn Thompson asked for a comparison of the factors driving double-digit cash gross profit per ton in Q3 versus the outlook for 2025, with a focus on cost dynamics.

    Answer

    Chairman and CEO James Hill credited the consistent execution of the 'Vulcan Way of Selling' and 'Vulcan Way of Operating' disciplines. For 2025, he anticipates continued strong pricing momentum will be complemented by moderating cost inflation and improved operating efficiencies. He expects cost pressures, which were exacerbated by weather in 2024, to ease, thereby supporting continued double-digit unit margin expansion.

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    Kathryn Thompson's questions to APi Group Corp (APG) leadership

    Kathryn Thompson's questions to APi Group Corp (APG) leadership • Q2 2025

    Question

    Kathryn Thompson of Thompson Research Group asked for specific examples of how APi Group wins business related to the AI infrastructure buildout, both for new projects and ongoing services.

    Answer

    President and CEO Russ Becker explained that their existing inspection and service relationships at facilities give them a significant advantage in winning expansion projects. For new greenfield sites, their ability to handle large, complex projects safely and on schedule is key. He emphasized that for these opportunities, project complexity and execution capabilities are more critical than price, which aligns with APi's model of avoiding price-driven competition.

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    Kathryn Thompson's questions to APi Group Corp (APG) leadership • Q1 2025

    Question

    Kathryn Thompson of Thompson Research Group asked about APi's capital allocation priorities between M&A and share buybacks, given its strong cash flow and new repurchase program. She also asked for examples of how APi's services support the reindustrialization trend in North America.

    Answer

    President and CEO Russell Becker outlined the capital allocation hierarchy: first, deleveraging (now complete), second, accretive M&A, and third, opportunistic share repurchases. He noted a strong M&A pipeline and a 2025 target of $250 million in bolt-ons. Regarding reindustrialization, Becker explained that APi is well-positioned to handle large-scale life safety and security projects for new facilities like data centers, but stressed that the strategy is to use these projects to build long-term inspection, service, and monitoring relationships rather than overcommitting to any single end market.

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    Kathryn Thompson's questions to APi Group Corp (APG) leadership • Q4 2024

    Question

    Kathryn Thompson from Thompson Research Group asked about the resilience of APi's business model against economic slowdowns and sought clarification on the nature of recent project delays.

    Answer

    President and CEO Russ Becker explained that the business model's resilience is increasing due to the growing mix of recurring inspection and service revenue, which is less cyclical and allows for real-time price adjustments. He added that the cost structure is 70-75% variable, providing flexibility. Regarding project delays, he noted they are mostly resolved, with lingering issues from one government client now factored into the 2025 plan, and that Q1 faced more typical winter weather compared to the prior year.

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    Kathryn Thompson's questions to APi Group Corp (APG) leadership • Q3 2024

    Question

    Kathryn Thompson asked about APi's ability to maintain pricing power as inflation moderates and how the company fits into the reported pickup in non-residential repair and remodel (R&R) activity.

    Answer

    President and CEO Russ Becker affirmed their ability to continue taking price, particularly in the labor-driven service business, noting good stickiness. EVP and CFO Kevin Krumm added that the small ticket size on service work supports this. Regarding R&R, Becker stated their business has already normalized post-COVID, while Krumm pointed to strong backlog, proposal activity, and service portfolio growth as signs of positive momentum.

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    Kathryn Thompson's questions to Mohawk Industries Inc (MHK) leadership

    Kathryn Thompson's questions to Mohawk Industries Inc (MHK) leadership • Q2 2025

    Question

    Kathryn Thompson asked about the current percentage of North American production for North American sales compared to 6-8 years ago, how the company might benefit from a recent tax bill, and how channel shifts are impacting market share.

    Answer

    CFO James Brunk stated that approximately 85% of U.S. business is produced in North America today but found a historical comparison difficult due to product mix changes like the rise of LVT. He confirmed Mohawk will leverage tax benefits like accelerated depreciation. Chairman & CEO Jeffrey Lorberbaum reviewed channel performance, noting commercial continues to outperform while residential remodeling remains at a low point.

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    Kathryn Thompson's questions to Worthington Enterprises Inc (WOR) leadership

    Kathryn Thompson's questions to Worthington Enterprises Inc (WOR) leadership • Q4 2025

    Question

    Kathryn Thompson from Thompson Research Group inquired about the key drivers behind the significant gross margin expansion, seeking to distinguish between one-time effects and sustainable company initiatives. She also asked about the performance drivers for the WAVE and ClarkDietrich joint ventures and the sustainability of their recent results.

    Answer

    CFO Colin Souza explained that roughly half of the 450 basis point gross margin improvement was due to the deconsolidation of the SES business, with the remainder driven by strong volume growth and favorable product mix in their building products segment. CEO Joseph Hayek added that SG&A reduction is a key focus, with long-term goals of achieving over 30% gross margin and SG&A under 20% of sales. Regarding the JVs, Hayek noted WAVE's strength is broad-based and likely steady, while he characterized ClarkDietrich's strong quarter as a potential near-term "aberration" and guided for Q1 results to be closer to the prior year.

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    Kathryn Thompson's questions to Worthington Enterprises Inc (WOR) leadership • Q3 2025

    Question

    Kathryn Thompson inquired about how Worthington is navigating current and potential tariffs, whether they present a pricing opportunity, and if there are any supply disruptions. She also asked for details on the contributing factors to Building Products' EBITDA margin and the outlook for the JVs, ClarkDietrich and WAVE.

    Answer

    CEO Joseph Hayek stated that as a primarily domestic manufacturer, Worthington is well-positioned to handle tariffs and would be a net beneficiary, having already announced some pending price increases. He noted an increase in inquiries but no material uptick in demand yet. CFO Colin Souza highlighted that the wholly-owned Building Products business saw its EBITDA margin rise from 6% to 11% year-over-year, driven by positive mix and a return to normal seasonal demand, which helped offset an $8 million year-over-year decline in equity earnings from ClarkDietrich. Hayek added that WAVE is performing steadily in a flat market with growth opportunities in data centers, while ClarkDietrich benefits from steel price volatility.

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    Kathryn Thompson's questions to Worthington Enterprises Inc (WOR) leadership • Q2 2025

    Question

    Kathryn Thompson of Thompson Research Group inquired about the primary drivers behind the significant gross margin improvement, the expected trajectory for SG&A expenses following the Ragasco acquisition, the factors contributing to the strong performance of the WAVE joint venture, and recent trends in business activity across the construction and industrial value chains.

    Answer

    CFO Colin Souza attributed the 580 basis point gross margin increase to the absence of a prior-year product recall, the deconsolidation of the lower-margin SES business, the inclusion of the Ragasco acquisition, and a positive product mix shift, stating the current 27% margin is in line with expectations. CEO Joseph Hayek added that SG&A is being evaluated as part of a broader optimization strategy. He credited the WAVE JV's success to its strong value proposition in labor-saving solutions for end markets like education, healthcare, and data centers, and confirmed a recent pickup in activity driven by infrastructure-related spending.

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    Kathryn Thompson's questions to Worthington Enterprises Inc (WOR) leadership • Q1 2025

    Question

    Kathryn Thompson of Thompson Research Group inquired about the drivers of ClarkDietrich's recent weakness, seeking clarity on project timing versus cancellations, specific end-market performance, and inventory levels in the field. She also asked about ClarkDietrich's competitive advantages in securing large-scale 'mega-projects.'

    Answer

    President and CEO Andy Rose and CFO and COO Joe Hayek explained that the weakness was primarily due to margin compression from declining steel prices, where smaller competitors buying on the spot market had a temporary advantage. They noted that demand is relatively steady, not driven by project cancellations. Rose highlighted that ClarkDietrich's national scale, broad product line, and rapid delivery capabilities position it to win mega-projects. Hayek added that customer inventory is typically low as products are job-specific, mitigating inventory risk.

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    Kathryn Thompson's questions to Construction Partners Inc (ROAD) leadership

    Kathryn Thompson's questions to Construction Partners Inc (ROAD) leadership • Q2 2025

    Question

    Kathryn Thompson of Thompson Research Group inquired about the impact of macro uncertainty on projects, the strategic rationale and margin profile of recent acquisitions, and the company's 2025 capital allocation priorities.

    Answer

    Executive F. Smith reported no project delays, stating that platform acquisitions like PRI are chosen for strong management and bring valuable expertise. Executive Chairman Ned Fleming highlighted CPI's selective M&A strategy and integration capabilities. F. Smith confirmed the capital allocation plan involves debt reduction and strategic acquisitions, aiming to return to the target leverage ratio within four quarters.

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    Kathryn Thompson's questions to Construction Partners Inc (ROAD) leadership • Q1 2025

    Question

    Kathryn Thompson inquired about the expected gross margin and SG&A profile of the three recent acquisitions once fully integrated. She also asked about the outlook for cost inflation, the price-cost spread, and any updates on state DOT funding beyond Florida, including potential post-election impacts.

    Answer

    Executive F. Smith explained that the new acquisitions have margins typical for the industry and are factored into the updated guidance, with a long-term strategy to improve them. He anticipates 4-5% cost inflation, which is being passed through in bids. He also noted that all of the company's states have healthy, growing funding programs. Executive Chairman Ned Fleming added that infrastructure spending has strong bipartisan support at all levels of government.

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    Kathryn Thompson's questions to Construction Partners Inc (ROAD) leadership • Q4 2024

    Question

    Kathryn Thompson asked for a breakdown of the fiscal 2025 EBITDA margin guidance, seeking to understand the contribution from the Lone Star acquisition versus organic growth initiatives. She also requested commentary on the Texas Department of Transportation's (TxDOT) funding visibility and growth outlook.

    Answer

    President and CEO F. Smith stated that CPI was on track for 50-60 basis points of organic margin expansion in FY25, driven by its strong backlog, vertical integration, and scale, even before the Lone Star acquisition. Executive Chairman Ned Fleming added that Lone Star's high margins demonstrate the potential of a fully integrated model and that its people and culture were key acquisition criteria. Both executives highlighted that TxDOT benefits from robust, state-level funding mechanisms, including oil and gas revenues, making its infrastructure program less dependent on federal funds and creating significant growth opportunities.

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    Kathryn Thompson's questions to Ferguson Enterprises Inc (FERG) leadership

    Kathryn Thompson's questions to Ferguson Enterprises Inc (FERG) leadership • Q1 2025

    Question

    Brian Biros, on behalf of Kathryn Thompson, asked about the levers within Ferguson's control that help support gross margins, such as private label initiatives, and also requested an update on the HVAC expansion plan's progress and its potential performance in a stronger residential market.

    Answer

    CFO Bill Brundage identified own-brand products (just under 10% of revenue) as a key lever for improving gross margins, alongside pricing analytics and charging for value-added services. CEO Kevin Murphy emphasized that enhancing contractor productivity is the best long-term path to gross margin expansion. On HVAC, Murphy expressed pleasure with the 10% growth and detailed the plan to expand HVAC offerings to over 500 counters by year-end and over 650 in the next 24 months, expecting performance to improve further with a residential market recovery.

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    Kathryn Thompson's questions to Core & Main Inc (CNM) leadership

    Kathryn Thompson's questions to Core & Main Inc (CNM) leadership • Q3 2024

    Question

    Kathryn Thompson inquired about the momentum in the municipal and non-residential end markets heading into 2025, particularly concerning IIJA funding, and asked for a breakdown of the drivers for the raised full-year guidance.

    Answer

    CEO Steve LeClair described the municipal market as stable with modest growth, noting that IIJA-funded projects are beginning to materialize for 2025. He added that non-residential activity remains strong in areas like roads and bridges. CFO Mark Witkowski explained that the guidance increase was primarily driven by recent acquisitions, supplemented by a stronger-than-expected third quarter and general optimism about end markets.

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    Kathryn Thompson's questions to Core & Main Inc (CNM) leadership • Q2 2024

    Question

    Kathryn Thompson inquired about the components of the SG&A increase in the quarter, future expectations for SG&A, and how the company is managing headwinds like lower pricing, soft demand, and weather, including any shifts in commodity product mix.

    Answer

    CFO Mark Witkowski clarified that the SG&A increase was almost entirely due to acquisitions, which have a higher initial cost structure, and that organic SG&A was flat. CEO Stephen LeClair added that while weather created a significant headwind of about $50 million, the company offset challenges through M&A performance, gross margin initiatives, and private label growth, viewing the market softness as temporary.

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    Kathryn Thompson's questions to Owens Corning (OC) leadership

    Kathryn Thompson's questions to Owens Corning (OC) leadership • Q3 2024

    Question

    Kathryn Thompson of Thompson Research Group asked for a high-level view of Owens Corning's 'value over volume' philosophy across its portfolio, especially in light of its strategic exits from Asia and focus on nearshoring.

    Answer

    CEO Brian Chambers explained that the company's strategy is not a trade-off, but rather an investment in innovation, quality, and service to create value that ultimately drives volume. He emphasized the philosophy of manufacturing close to customers ('local for local'), which underpins the strategic focus on North America and Europe and ensures a superior service platform that commands a value premium in the market.

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    Kathryn Thompson's questions to Interface Inc (TILE) leadership

    Kathryn Thompson's questions to Interface Inc (TILE) leadership • Q3 2024

    Question

    Kathryn Thompson inquired about the current state and momentum of non-residential repair and remodel activity heading into 2025 compared to the prior year. She also asked for a breakdown of the strong Americas order growth across different verticals or products.

    Answer

    CEO Laurel Hurd stated that Interface is outpacing the market, with 18% net sales growth in the Americas, and expressed growing optimism about the corporate office environment. CFO Bruce Hausmann added that year-to-date, all three product lines saw growth in both price and volume, underscoring the business momentum. In response to the follow-up, Laurel Hurd noted that while detailed breakouts are not provided, healthcare orders experienced strong double-digit growth in the quarter, which will convert to revenue in the future.

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    Kathryn Thompson's questions to Armstrong World Industries Inc (AWI) leadership

    Kathryn Thompson's questions to Armstrong World Industries Inc (AWI) leadership • Q3 2024

    Question

    Kathryn Thompson requested more color on the WAVE joint venture's acquisition in the data center space, the company's M&A focus on this vertical, and the go-to-market strategy for data centers.

    Answer

    CEO Vic Grizzle described data centers as a key emerging vertical. The small acquisition builds on their strength in grid systems, which are critical for data center design. He explained that the go-to-market model is similar to traditional markets, as it is specification-driven by architects, which plays to Armstrong's core strengths and is supported by their PROJECTWORKS design tool.

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    Kathryn Thompson's questions to American Woodmark Corp (AMWD) leadership

    Kathryn Thompson's questions to American Woodmark Corp (AMWD) leadership • Q1 2025

    Question

    Kathryn Thompson followed up on the 'pent-up demand' analogy, asking if the return metrics for kitchen remodels have changed relative to outdoor projects post-COVID. She also asked about the typical lag time to realize financial benefits from share gains and inquired about the M&A market.

    Answer

    Executive M. Culbreth stated he has not seen a shift in return metrics and believes indoor projects remain highly relevant. He explained the financial lag for share gains varies, taking longer in new construction and potentially a couple of quarters in home centers. On M&A, he confirmed there was no activity the company was currently pursuing.

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