Ray Singh

Ray Singh of Bank of America inquired about potential cost levers if the weak starts environment persists and asked for a breakdown of the drivers behind the 300-basis-point EBITDA margin improvement compared to 2019, despite similar starts levels.

Answer

CEO Peter Jackson noted that many variable cost levers have already been pulled in response to lower volumes. He emphasized a balance between protecting market position and achieving fair margins, stating the company walks away from unprofitable business. He attributed the structural margin improvement since 2019 to a significant mix shift toward value-added products and a relentless focus on continuous improvement and operational scale.