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    Margaret Grady • Jefferies

    Margaret Grady's questions to Trex Company Inc (TREX) leadership

    Margaret Grady's questions to Trex Company Inc (TREX) leadership • Q4 2024

    Question

    Margaret Grady, on for Phil Ng at Jefferies, asked about the margin profile of railing compared to decking, historical attachment rates, and the potential impact of tariffs.

    Answer

    CEO Bryan Fairbanks stated that railing margins vary but the company focuses on driving appropriate overall gross margins, and the impact is included in guidance. He estimated the current overall attachment rate is around 20% and expects it to increase significantly. Regarding tariffs, he noted a very low exposure from overseas sourcing, and CFO Brenda Lovcik added that mitigation strategies include dual-sourcing with local suppliers and negotiations.

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    Margaret Grady's questions to Installed Building Products Inc (IBP) leadership

    Margaret Grady's questions to Installed Building Products Inc (IBP) leadership • Q3 2024

    Question

    Margaret Grady, on for Phil Ng, asked about the demand outlook from different customer types, particularly production versus regional builders, given rising interest rates. She also inquired if multifamily expansion opportunities are organic or M&A-driven.

    Answer

    CEO Jeffrey Edwards noted that demand is more encouraging than expected and that production builders have greater flexibility with rate buydowns, giving them an advantage. On multifamily, both CEO Jeffrey Edwards and CFO Michael Miller confirmed that expansion efforts are organic, focusing on both geographic reach and deeper penetration of other products rather than acquisitions.

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    Margaret Grady's questions to TopBuild Corp (BLD) leadership

    Margaret Grady's questions to TopBuild Corp (BLD) leadership • Q3 2024

    Question

    Margaret Grady of Jefferies inquired about the framework for TopBuild's 2025 outlook and its ability to drive organic growth amidst market choppiness. She also asked about the price realization for fiberglass and whether spray foam prices are stabilizing.

    Answer

    CFO Rob Kuhns expressed optimism for a tenth consecutive year of growth in 2025, noting that while multifamily is a headwind, the rest of the business only needs to grow slightly over 3% to achieve overall growth. CEO Robert Buck added that while fiberglass pricing conversations with builders are ongoing, the team has performed well. He noted that competitive supply has pressured spray foam prices but expects the situation to stabilize heading into 2025.

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