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    Mike Dahl • RBC Capital Markets

    Mike Dahl's questions to Toll Brothers Inc (TOL) leadership

    Mike Dahl's questions to Toll Brothers Inc (TOL) leadership • Q3 2025

    Question

    Mike Dahl of RBC Capital Markets requested details on sales pace trends through the third quarter and into August. He also asked if the exit rate for incentives was higher than the 8% quarterly average, suggesting a sequential increase.

    Answer

    Douglas Yearley, Chairman & CEO, clarified that May was the weakest month of the quarter, with improvement in June and July. He noted that August foot traffic was up about 15%. Mr. Yearley explained the incentive increase to 8% from 7% was driven by discounts on finished spec homes, not a sequential monthly rise, and that these specific incentives had actually moderated in recent weeks.

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    Mike Dahl's questions to Installed Building Products Inc (IBP) leadership

    Mike Dahl's questions to Installed Building Products Inc (IBP) leadership • Q2 2025

    Question

    Mike Dahl requested more quantification of the drivers behind the quarter's significant outperformance, beyond regional execution, such as weather catch-up or complementary product growth. He also asked for more detail on the forward-looking view for the remainder of the year, given expected market pressures.

    Answer

    EVP, CFO & Director Michael Miller emphasized that better-than-expected growth with regional and local builders, which were up mid-single digits, was a primary driver. For the outlook, Miller acknowledged increasing headwinds in single-family and multifamily markets. Citing analysis of public builder data, he suggested IBP's sales with them could decline by at least 5% in the second half. However, he expressed a constructive view for multifamily in 2026, supported by growing backlogs and bidding activity.

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    Mike Dahl's questions to Owens Corning (OC) leadership

    Mike Dahl's questions to Owens Corning (OC) leadership • Q2 2025

    Question

    Mike Dahl asked about residential shingle pricing, noting the uptake on the April increase and inquiring about sequential price trends and the expectations embedded in the Q3 guidance.

    Answer

    CEO Brian Chambers confirmed good price realization from the April increase during Q2. He stated that the Q3 guidance assumes this pricing holds, supported by strong and steady demand from the company's contractor network. He acknowledged that the company is lapping a prior year price increase from August 2024, but expects the current pricing to remain firm through the third quarter.

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    Mike Dahl's questions to Champion Homes Inc (SKY) leadership

    Mike Dahl's questions to Champion Homes Inc (SKY) leadership • Q1 2026

    Question

    Mike Dahl requested more detail on like-for-like pricing increases in captive retail and asked about internal forecasting processes, given the significant variance between Q1 guidance and actual results.

    Answer

    EVP, CFO & Treasurer Lori Hough stated that retail price increases were taken in certain geographies to balance volume and price but declined to quantify the impact. Regarding forecasting, she explained that variability often stems from the timing of end-consumer transaction closings, which can be difficult to predict precisely at quarter-end due to external factors like financing and weather.

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    Mike Dahl's questions to Fortune Brands Innovations Inc (FBIN) leadership

    Mike Dahl's questions to Fortune Brands Innovations Inc (FBIN) leadership • Q2 2025

    Question

    Mike Dahl requested more detail on the ex-China tariff exposure, including the largest countries and any impact from copper tariffs. He also asked for directional guidance on the quarterly cadence for sales and margins by business segment for the second half.

    Answer

    CEO Nicholas Fink stated that based on current information, the contemplated copper tariffs are not expected to have a material impact. CFO Jon Baksht explained the ex-China tariff exposure has a 'long tail,' with Mexico (non-USMCA) being the second largest but not nearly as significant as China. For segment guidance, Baksht directed Dahl to the earnings release table, which provides full-year targets, allowing for an inference of second-half performance based on first-half results.

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    Mike Dahl's questions to Builders FirstSource Inc (BLDR) leadership

    Mike Dahl's questions to Builders FirstSource Inc (BLDR) leadership • Q2 2025

    Question

    Mike Dahl of RBC Capital Markets pressed for more detail on the Q3 and second-half gross margin guidance, the balance between market share and margin, and the current state of the truss capacity environment, including truss margin performance.

    Answer

    CEO Peter Jackson stated that the company's view of a market slowdown is driving the guidance, with the high end of the range representing a flatter environment. He noted the competitive landscape has stabilized but required margin concessions. Regarding trusses, he acknowledged underutilization but emphasized a focus on efficiency metrics like board foot per labor hour and network consolidation to manage overhead, confirming that some excess margin has been competed away.

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    Mike Dahl's questions to Masco Corp (MAS) leadership

    Mike Dahl's questions to Masco Corp (MAS) leadership • Q2 2025

    Question

    Mike Dahl from RBC Capital Markets sought clarification on whether tariff mitigation aims to offset costs on a dollar-for-dollar basis or to protect margin percentages. He also asked what is driving Masco's e-commerce outperformance against a choppy backdrop for peers.

    Answer

    CFO Rick Westenberg clarified that the goal for 2025 is to offset the nominal, dollar-for-dollar impact of enacted tariffs. CEO John Nudi attributed the e-commerce strength, particularly at Delta Faucet, to sustained investment in talent and capabilities, allowing them to lead in areas like search and adapt to new technologies like AI.

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    Mike Dahl's questions to Whirlpool Corp (WHR) leadership

    Mike Dahl's questions to Whirlpool Corp (WHR) leadership • Q2 2025

    Question

    Mike Dahl from RBC Capital Markets questioned the extended timeline for working through pre-loaded import inventory, which shifted from weeks to months, and asked for a breakdown of the revised margin guidance for the North American MDA segment.

    Answer

    Marc Bitzer, Chairman & CEO, explained that repeated delays in tariff implementation acted as an "invitation" for competitors to continue shipping products, extending the inventory issue through Q3. He and James Peters, EVP and CFO, clarified that the lower North American margin guidance is a direct result of these delays impacting factory leverage and promotional pressure, emphasizing it's a timing issue and not a change in the company's fundamental competitive position.

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    Mike Dahl's questions to Mohawk Industries Inc (MHK) leadership

    Mike Dahl's questions to Mohawk Industries Inc (MHK) leadership • Q2 2025

    Question

    Mike Dahl asked about the competitive pricing environment in Flooring North America, specifically the inflection to a negative price/mix in Q2, and inquired about the potential cost pressure from new tariffs if they remain at currently articulated rates.

    Answer

    President & COO Paul De Cock explained that ongoing productivity initiatives and product mix improvements were offset by cost inflation and pricing pressure. CFO James Brunk added that he expects year-over-year improvement in price/mix through the second half of the year. Chairman & CEO Jeffrey Lorberbaum noted that the impact of new tariffs would be minimal in Q3 due to timing and that the company will adjust its strategies once the final rates are known.

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    Mike Dahl's questions to Tri Pointe Homes Inc (Delaware) (TPH) leadership

    Mike Dahl's questions to Tri Pointe Homes Inc (Delaware) (TPH) leadership • Q2 2025

    Question

    Mike Dahl followed up on the pace versus price discussion, asking about the threshold for action given the 2.5 per month absorption rate is at the low end of the desired range. He also sought clarification on whether the midpoint of the Q4 gross margin guidance is a reasonable expectation.

    Answer

    CEO Douglas Bauer maintained the focus on price over pace, stating that demand is inelastic and throwing money at it won't help, suggesting 2.5 is a good number for the back half. CFO Glenn Keeler confirmed that the midpoint of the gross margin guidance range is a reasonable expectation and is what the company is driving towards, despite the number of homes still needing to be sold.

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    Mike Dahl's questions to Taylor Morrison Home Corp (TMHC) leadership

    Mike Dahl's questions to Taylor Morrison Home Corp (TMHC) leadership • Q2 2025

    Question

    Mike Dahl asked about sales pace trends observed in July and whether the significant year-over-year decline in the order's average selling price (ASP) was expected to stabilize.

    Answer

    CEO Sheryl Palmer noted a slow start to July due to the holiday but a subsequent pickup in activity. She attributed the lower ASP primarily to mix shifts, including higher spec penetration targeting first-time buyers, strong townhome sales in Sarasota, and a full quarter of contribution from the lower-priced Indianapolis market.

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    Mike Dahl's questions to DR Horton Inc (DHI) leadership

    Mike Dahl's questions to DR Horton Inc (DHI) leadership • Q3 2025

    Question

    Mike Dahl of RBC Capital Markets asked for the company's outlook on construction costs for the next year, considering potential tariffs and labor dynamics. He also inquired about the performance of the rental segment and its outlook for the next few quarters.

    Answer

    President and CEO Paul Romanowski stated that labor is plentiful and he expects continued reductions in stick and brick costs due to operational efficiencies. On the rental segment, EVP & CFO Bill Wheat noted the market is in transition and that he expects lower margins on rental sales in Q4, even if revenues remain stable.

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    Mike Dahl's questions to DR Horton Inc (DHI) leadership • Q3 2025

    Question

    Mike Dahl from RBC Capital Markets asked for an outlook on construction costs and labor availability for the next year, considering potential tariff and labor market dynamics. He also requested insight into the rental segment's Q3 results and the outlook for the next couple of quarters.

    Answer

    President and CEO Paul Romanowski stated that labor is plentiful, which is aiding cycle times, and he expects continued reductions in stick and brick costs through efficiency gains. EVP and CFO Bill Wheat noted that while rental revenues may remain stable, margins on rental property sales are expected to be lower in Q4 due to the higher interest rate environment.

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    Mike Dahl's questions to DR Horton Inc (DHI) leadership • Q1 2025

    Question

    Mike Dahl of RBC Capital Markets asked for an explanation of the drivers behind the year-over-year decline in pretax margin guidance, which appeared steeper than the gross margin decline. He also questioned if the company's return focus is shifting its bias between price and pace.

    Answer

    CFO Bill Wheat identified lower margins in the rental segment as the primary driver of the pretax margin decline beyond the homebuilding gross margin change, citing capital market uncertainty. COO Michael Murray reiterated that the balance between price and pace is a community-by-community decision made by local operators to maximize returns, describing it as more of an art than a science without a corporate-level mandate on pace or margin.

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    Mike Dahl's questions to Core & Main Inc (CNM) leadership

    Mike Dahl's questions to Core & Main Inc (CNM) leadership • Q1 2025

    Question

    Mike Dahl sought more detail on pricing, asking about the breadth and magnitude of non-commodity price increases from vendors and the expected sequential cadence for gross margins. He also asked about the company's strategy for greenfield expansion.

    Answer

    CEO Mark Witkowski stated that the company is working to pass through potential tariff-related price increases, which should support gross margins. Regarding expansion, he emphasized that greenfields are a key lever alongside M&A and that he expects to open between five and ten new greenfield locations in fiscal 2025, signaling an increased focus on this organic growth strategy.

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    Mike Dahl's questions to Core & Main Inc (CNM) leadership • Q4 2024

    Question

    An analyst on behalf of Mike Dahl asked for specifics on the non-commodity price inflation assumptions in the guidance and any potential quantification of tariff impacts. He also inquired about any recent changes in the competitive landscape.

    Answer

    CFO Mark Witkowski reiterated an overall neutral pricing outlook for 2025, covering both commodity and non-commodity products. On tariffs, he stated that imported products are a small portion of the market (less than 15%) and the impact is expected to be neutral to slightly positive, though the situation is evolving. CEO Steve LeClair added that there have been no significant changes to the competitive environment.

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    Mike Dahl's questions to Ferguson Enterprises Inc (FERG) leadership

    Mike Dahl's questions to Ferguson Enterprises Inc (FERG) leadership • Q3 2025

    Question

    Mike Dahl questioned the competitive dynamics, asking how Ferguson successfully gained market share while also expanding gross margins, a reversal of the trade-off discussed last quarter. He also asked if this was achieved via centralized bidding controls.

    Answer

    CEO Kevin Murphy responded that while the market remains competitive, the success was driven by sales management executing a product strategy, supported by centrally-driven data and tools, not centralized control. He confirmed that while there was some benefit from pricing on older inventory, the majority of the margin improvement came from these strategic actions.

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    Mike Dahl's questions to Ferguson Enterprises Inc (FERG) leadership • Q1 2025

    Question

    Steven, on behalf of Mike Dahl, asked for a reminder of Ferguson's international cost exposures and how the company's strategy for managing potential tariffs has evolved, particularly in light of recent political changes.

    Answer

    CEO Kevin Murphy explained that Ferguson sources from over 37,000 suppliers across more than 30 countries for its own-brand products, having already mitigated much of its China exposure. For the 90% of its business in branded products, the company works with a wide variety of manufacturers and will adjust its strategy based on price and value. Murphy expressed confidence in the company's ability to pass through price changes, suggesting that tariffs could even be helpful by creating a degree of price inflation.

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