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    Quinn Fredrickson • Robert W. Baird & Co.

    Quinn Fredrickson's questions to Pool Corp (POOL) leadership

    Quinn Fredrickson's questions to Pool Corp (POOL) leadership • Q1 2025

    Question

    Quinn Fredrickson asked about expectations for new pool average selling prices (ASPs), whether there are signs of consumer trade-downs in features, and how gross margins might be impacted if the decline in building materials sales persists.

    Answer

    CEO Peter Arvan stated that the ASP for new pools is solid to slightly up, driven by a mix shift towards higher-end projects, and he is not seeing significant trade-downs on the new construction side. However, he noted that some larger remodel projects are being broken into phases. CFO Melanie M. Hart confirmed that if lower sales of higher-margin products like building materials continue, the company might see some pressure on gross margins.

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    Quinn Fredrickson's questions to Ferguson Enterprises Inc (FERG) leadership

    Quinn Fredrickson's questions to Ferguson Enterprises Inc (FERG) leadership • Q2 2025

    Question

    Quinn Fredrickson asked for specific details on price trends for individual commodities like PVC, copper, and steel, and whether the guided second-half operating margin improvement is due to normal seasonality or other factors like easing deflation and cost actions.

    Answer

    CFO Bill Brundage detailed that copper remains inflationary, while steel has been a major deflationary pressure point, though recent tariff announcements may lessen this. PVC remains the largest source of commodity deflation. Regarding the second-half margin outlook, Brundage stated the improvement is driven primarily by seasonality, but also by management actions on gross margin, which showed progress in January and February, and efforts to slow the rate of cost growth relative to sales.

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    Quinn Fredrickson's questions to GMS Inc (GMS) leadership

    Quinn Fredrickson's questions to GMS Inc (GMS) leadership • Q2 2025

    Question

    Quinn Fredrickson inquired whether the realization of future Wallboard price increases would follow a similar pattern to this year's, with a lag but eventual success. He also asked how GMS is positioned to serve large national homebuilders versus smaller builders given current market challenges.

    Answer

    CEO John Turner affirmed he expects a similar experience with the next price increase, anticipating more partnership with manufacturers to ensure success. He stated GMS is in a "wonderful position" to serve large national builders due to its scale, equipment flexibility, and broad geographic footprint, which smaller competitors cannot easily match. However, he emphasized that GMS also values its relationships with small and medium-sized builders.

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