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    Spencer Kaufman • UBS Group AG

    Spencer Kaufman's questions to JELD-WEN Holding Inc (JELD) leadership

    Spencer Kaufman's questions to JELD-WEN Holding Inc (JELD) leadership • Q4 2024

    Question

    Spencer Kaufman, on for John Lovallo, asked about management's confidence in achieving the $150 million in combined savings ($100M transformation, $50M mitigation) given the market outlook. He also questioned how the continued mix shift to entry-level products is factored into the 2025 revenue guidance.

    Answer

    CEO Bill Christensen expressed high conviction in delivering the $100 million transformation savings, noting 80-85% of projects are already underway. He characterized the additional $50 million as a necessary reaction to the challenging demand environment. Christensen also stated that the negative product mix impact is now considered baked into the run-rate and is not expected to be an incremental headwind.

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    Spencer Kaufman's questions to Owens Corning (OC) leadership

    Spencer Kaufman's questions to Owens Corning (OC) leadership • Q3 2024

    Question

    Spencer Kaufman of UBS inquired about the incremental capacity of the new Kansas City insulation line scheduled for 2027 and whether Owens Corning is concerned about competitor capacity additions in a tight North American residential market.

    Answer

    Chief Financial Officer Todd Fister explained that the new line represents a 2-3% increase in industry capacity and is a highly capital-efficient investment that leverages existing infrastructure. He highlighted that the line's flexibility will allow it to serve both technical and residential insulation markets, supporting the company's long-term growth strategy and improving the overall network cost structure.

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    Spencer Kaufman's questions to Masco Corp (MAS) leadership

    Spencer Kaufman's questions to Masco Corp (MAS) leadership • Q3 2024

    Question

    Spencer Kaufman from UBS inquired about the current level of DIY paint volumes compared to pre-pandemic (2019) levels. He also asked if Masco considered acquiring PPG's architectural coatings business and why it did not pursue the assets.

    Answer

    CEO Keith Allman stated he did not have the specific DIY volume comparison to 2019 readily available. Regarding the PPG assets, he confirmed Masco conducted an in-depth analysis but concluded the acquisition was not a strategic fit and would not be in the long-term interest of shareholder value.

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