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    Noah Merkousko

    Director and Senior Equity Research Analyst at Robert W. Baird & Co.

    Noah Merkousko is a Director and Senior Equity Research Analyst at Robert W. Baird & Co., specializing in the coverage of the oilfield services and equipment sector. He covers publicly traded companies such as Halliburton, Baker Hughes, Schlumberger, NOV, and Cactus Inc., providing in-depth analysis and investment recommendations. Merkousko has built a track record for strong analytical rigor and actionable research, with his stock picks frequently highlighted within the energy investing community and recognized for above-average returns compared to sector benchmarks. He began his career in equity research after earning his degree from Carnegie Mellon and joined Baird in 2012, where he has steadily advanced his responsibilities, holding FINRA Series 7, 63, 86, and 87 licenses.

    Noah Merkousko's questions to GMS (GMS) leadership

    Noah Merkousko's questions to GMS (GMS) leadership • Q1 2025

    Question

    Noah Merkousko of Robert W. Baird & Co. inquired about the gross margin outlook for the remainder of the fiscal year, given the Q2 guide is below the previous 32% target. He also asked about SG&A dynamics, specifically the impact of steel price deflation and whether a mix shift to residential was providing any cost relief.

    Answer

    CEO John Turner explained that the lower gross margin outlook is primarily due to a slower-than-expected realization of wallboard price increases, a process hampered by volume headwinds. He affirmed that GMS is a '32-plus percent gross margin company' in the long run. Regarding SG&A, Turner confirmed that steel price deflation is masking the cost benefits from any mix shift. He also noted that the company is implementing a $25 million cost reduction program to address the challenging volume environment.

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    Noah Merkousko's questions to SUM leadership

    Noah Merkousko's questions to SUM leadership • Q4 2023

    Question

    Inquired about the strong asphalt volume growth in Q4, asking if it was due to a one-time project or if such strong growth could continue into 2024, and followed up on the volume outlook for asphalt.

    Answer

    The exceptional Q4 asphalt volume was primarily due to unusually favorable weather, which allowed the company to work through its significant backlog, rather than a single large project. For 2024, the outlook is for mid-to-high single-digit volume growth, though this faces a tough comparison in the first half. Backlogs for asphalt and aggregates remain healthy.

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