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CFO Gail Peck explained that while the guidance midpoint remains, the composition has shifted. Outperformance in Utility Structures and Barge compensated for weather-related softness in Construction during the first half. She reaffirmed confidence in a strong second half for Construction, expecting high single-digit organic growth. Regarding aggregates ASP, Peck noted that stronger-than-expected pricing in H1, successful mid-year increases, and the accretive impact of the Stavola acquisition prompted the raise in the full-year outlook from mid-single to high-single-digit growth.

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CEO Antonio Carrillo stated that underlying demand is solid when weather permits, pointing to strong backlogs in leading indicators like the shoring and Amaron lighting businesses as evidence. He clarified that the full-year guidance assumes only a modest stabilization and recovery in housing in the second half. CFO Gail Peck added that the company is seeing some year-over-year relief on input costs.

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Executive Antonio Carrillo expressed optimism for 2025, citing strong non-residential demand and pricing momentum, despite near-term project delays from election uncertainty. Executive Gail Peck noted strong year-to-date free cash flow but cautioned that Q4 would be impacted by higher interest expenses from the Stavola acquisition. Carrillo and Peck attributed margin strength to a price-over-volume strategy, accretive acquisitions like Stavola (a 35% EBITDA margin business), and the pruning of underperforming assets.

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CEO C. Howard Nye highlighted the strategic fit, noting Premier's natural magnesia complements Martin Marietta's synthetic magnesia business. CFO Michael Petro added that the limited 2025 contribution implies an annualized pre-synergy EBITDA of approximately $60 million, with expectations for significant commercial and operational synergies.

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Chair and CEO Ward Nye clarified that the core cement business performed well, with pricing up 6% and margin growth despite lower production volume. He attributed the ready-mix weakness to seasonality, residential softness, and the absorption of higher internal aggregate and cement costs. Regarding tariffs, Nye sees potential upside for the Texas cement business, as they would further insulate it from waterborne imports. He stated that tariffs are generally helpful from a revenue perspective for aggregates and could drive reshoring and manufacturing demand, with minimal cost impact due to a largely domestic supply chain.

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CEO Ward Nye explained the 2025 guidance is a measured approach, with aggregate volume growth of 4% at the midpoint driven by infrastructure and data centers, offsetting a private construction slowdown. He noted pricing guidance of 6.5% growth is solid, but the cadence will differ from recent years, with many price increases effective April 1 instead of January 1, particularly for ready-mix concrete customers. This shift, influenced by cement price timing, means the typical Q1 pricing pop will be less pronounced, with growth building in Q2 and Q3.

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CEO C. Nye detailed the significant rebuilding required, citing an NCDOT estimate of $5-6 billion in recovery expenses. He highlighted Martin Marietta's strategic position to serve the area from both Western North Carolina and Eastern Tennessee. Nye also emphasized North Carolina's strong fiscal health, with a $6 billion surplus, ensuring the state can fund the multi-year recovery without disrupting other projects.

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COO Randy Lake confirmed expectations for mid-to-high single-digit pricing growth for aggregates for the full year. For U.S. Cement, he reiterated guidance for low single-digit growth in both volume and pricing. Lake emphasized that strong backlogs provide good visibility and that the company anticipates further margin expansion for the remainder of the year.

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Executive Jim Mintern expressed confidence in reaffirming the full-year guidance, citing a strong start to the year, positive underlying demand, and an experienced management team adept at navigating uncertainty. Executive Alan Connolly detailed the assumptions, noting an expected net M&A contribution of approximately $320 million, ongoing FX volatility, and a return to a more normalized level of land sales around $75 million for 2025.

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CEO Jim Mintern confirmed a continuation of the company's successful 'differentiated customer connected solutions strategy,' with an added emphasis on innovation and technology. He stressed that the company will maintain its relentless focus on performance, disciplined capital allocation, and proactive portfolio management, referencing the $35 billion of financial capacity available over the next five years.

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Executive Randy Lake confirmed that underlying demand for Building Solutions remains strong, driven by energy, water, and infrastructure projects with healthy backlogs. Executive Jim Mintern addressed the election question by noting the historically bipartisan support for construction and emphasizing CRH's long track record of delivering consistent performance through various political and economic cycles.

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EVP & CFO Brian Harris found it difficult to project a timeline for a consumer comeback but suggested tariff stability could help. Chairman & CEO Ronald Kramer added that the company's strong brands and asset-light model position it for recovery. Kramer confirmed the global sourcing actions are complete and reiterated the long-term 15% margin target for the CPP business.

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Executive Brian Harris confirmed the annualized $325 million figure. Chairman and CEO Ronald Kramer affirmed the 15% margin target for the Consumer and Professional Products (CPP) segment is still "on the table," contingent on the broader economy. Kramer emphasized that 85% of Griffon's EBITDA is from the largely unaffected Home and Building Products (HBP) segment and expressed confidence in CPP's asset-light model to navigate challenges.

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Executive Brian Harris confirmed that Griffon's guidance for 2025 does account for potential tariffs, as the company believes its mitigation strategies will keep results within the guided range. Regarding HBP, CEO Ronald Kramer highlighted the strength of the Clopay brand in the repair and remodel market. Brian Harris added that they expect both price and cost to be in line with 2024, and any increases in input costs would likely be offset by price adjustments.

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Executive Brian Harris projected that CPP margins will improve as fiscal 2025 progresses, driven by a transition from manufactured to sourced inventory, though the first half will remain muted due to soft North American demand. For HBP, he expects pricing and costs to be stable, similar to 2024. CEO Ronald Kramer added that HBP is a sustainable, leading business with significant growth potential.

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CEO Brian Gray explained that the Strata and Albina acquisitions have increased seasonality, shifting more performance into Q3. He highlighted strong DOT funding and project activity in California, Hawaii, Alaska, Idaho, and Texas as key positives. Gray described the recent bolt-on deals as consistent with their strategy of acquiring aggregates-led businesses in high-growth markets, confirming the M&A pipeline remains active.

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President and CEO Brian Gray explained that recent northern-state acquisitions like Strata and Albina have increased Q1's seasonal loss to about 8% of annual EBITDA. Despite a small Q1 aggregate volume dip, he noted that 70% of their states saw volume increases and reaffirmed confidence in full-year guidance. Gray clarified that while public works remain dominant in their contracting business (87%), the company's overall private market exposure is concentrated in the aggregates and ready-mix product lines.

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President and CEO Brian Gray described the Strata acquisition as a perfect strategic fit, being an aggregates-led, vertically integrated business in high-growth markets that Knife River knows well. For ready-mix, Gray asserted that guided mid-single-digit price increases will outpace input cost inflation, allowing for continued margin expansion. CFO Nathan Ring attributed the inventory increase primarily to the balance sheets of recent acquisitions, along with cost inflation and slightly higher volumes.

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President and CEO Brian Gray explained that most volume declines were intentional, stemming from a strategic shift to quality over quantity and resetting the customer base. He noted some project timing shifts and private work softening also contributed. Regarding acquisitions, Gray emphasized they are materials-based, fit within existing high-growth markets, and will complement the company's dynamic pricing and vertical integration strategies.

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President & CEO Bryan Fairbanks noted that the home center channel is becoming more aggressive in pursuing pro business, but the traditional pro channel is adapting competitively. He highlighted continued additions to the Trex Lineage and the recently launched Select decking lines as key new product drivers.

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President & CEO Bryan Fairbanks noted that the home center channel is becoming more aggressive in pursuing the pro customer. He highlighted the new additions within the Trex Lineage and Select decking lines as key new products contributing to recent sales performance.

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CFO Brenda Lovcik confirmed his interpretation was correct, stating the impact was like '4, 4, 4' ($4 million each) and that the adjusted gross profit only excludes the $4 million for the railing conversion. She added that while Q1 SG&A included Arkansas training costs, there will be related production inefficiencies impacting COGS in the remaining quarters of the year. CEO Bryan Fairbanks reiterated the full-year guidance for ~$15M in onetime costs for Arkansas and railing.

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CEO Bryan Fairbanks explained the Q4 outlook improved because the market stabilized in Q3 rather than deteriorating further, with the difference being serviced by lower channel inventory. He highlighted the Snavely deal as a key milestone in a multi-year strategy to gain railing exclusivity with distributors by offering a complete product portfolio.

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Chair & CEO J. Thomas Hill explained that despite weather challenges, the company achieved strong first-half results with a 6% price increase and a 13% rise in unit margins, demonstrating high-quality earnings. He cited strong double-digit shipment growth in July, accelerating bookings, growing backlogs, and improving underlying demand as key factors supporting the second-half forecast.

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CEO James Hill explained that volume is expected to be back-half loaded, pricing should remain consistent with the 5-7% guide, and costs will be lumpy. CFO Mary Andrews Carlisle added that the downstream businesses are performing well and are still expected to contribute approximately $360 million in cash gross profit for the year, with about two-thirds from asphalt and one-third from ready-mix, driven by both organic profitability and acquisition contributions.

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CEO Tom Hill confirmed the expectation for flat organic volumes, with growth in public projects offsetting weaker private construction. He agreed that performance would likely be back-half loaded, citing easier comps in Q3 and a slow start to the year due to weather. Hill also noted a potential recovery in single-family and non-residential construction could provide a tailwind in the second half of the year.

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Chairman and CEO James Hill estimated that underlying demand, excluding weather, was down mid-single digits. He attributed the remainder of the 10% decline to significant weather disruptions, including four hurricanes and above-average rainfall in 17 of their 20 largest markets. He noted that while Q4 also started with a hurricane, daily shipping rates have since recovered with better weather.

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CFO Pete Beckmann confirmed the full-year cash expense for the technology implementation remains $140 million and is excluded from adjusted SG&A. CEO Peter Jackson reported that the pilot went live on July 1 in 22 locations and the team is working through typical implementation issues. For multifamily, Beckmann noted the business is stabilizing sequentially and that the 9-to-18-month lag means recent positive starts data will likely benefit 2026.

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CEO Peter Jackson noted that the M&A market has cooled significantly due to uncertainty, and while the company is always looking, a large deal seems unlikely soon. He also explained that footprint optimization is an ongoing, disciplined process, mentioning that BLDR has already closed 17-20 locations over the last year as part of its standard operating hygiene.

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CEO Peter Jackson explained past share loss was in commodities with aggressive production builders, which has since stabilized. He expects 2025 gains to come from install, value-add, and digital. On tariffs, he reiterated a rule of thumb for commodity price impacts but cautioned that the velocity of change makes the outcome uncertain.

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EVP & CFO Craig Kesler attributed the strong performance to Eagle's favorable geographic positioning and advised looking at volumes on a trailing twelve-month basis. He noted that key input costs like natural gas and recycled fiber have stabilized, and he does not foresee significant immediate cost pressures, which supports the segment's margin profile.

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CFO D. Kesler explained that higher freight costs accounted for at least half of the sequential price decline in wallboard. He noted the company is moving forward with a price increase in the spring. Regarding volume, Kesler stated that Eagle is well-positioned in better-than-average geographic markets and expects homebuilding to remain range-bound until interest rate and affordability issues are resolved, as the U.S. remains underbuilt.

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Michael Haack, an executive, explained that the Bullskin acquisition is a rare pure-play asset that strengthens their network in a market they already serve with cement. He affirmed Eagle's interest in growing its heavy materials business, including aggregates. CFO D. Kesler added that wallboard demand has been stable at low levels for four years and should increase as housing affordability improves, driven by strong underlying demand and low inventory.

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Craig Kesler, Chief Financial Officer, explained that while hurricanes did not damage equipment, associated rainfall did impact volumes in the Southeast. He noted that October volumes have been strong with drier weather. Regarding Wallboard, Mr. Kesler stated that a March price increase is driving year-over-year improvements and that slight sequential declines are due to mix. He expressed confidence in pricing resilience and sees a favorable setup for future increases as monetary policy becomes more accommodative.

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CFO Melanie Hart detailed that Q2 supply chain benefits stemmed from logistics efficiencies and higher margins on private label products. For the second half, she expects margin benefits from price increases and moderating headwinds from building materials mix. She clarified the 'improving trend' in discretionary was sequential, with building material sales declines moderating from Q1 to Q2, not turning positive year-over-year.

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SVP and CFO Melanie M. Hart detailed that operating expenses for new sales centers would be weighted to Q1/Q2 and Q4, while incentive compensation would follow the normal seasonality of operating income. President and CEO Peter Arvan explained that significant hurricane rebuild work in Florida remains, tied to homes that are still uninhabitable, representing a future source of demand.

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VP and CFO Melanie M. Hart explained that Q4 results could be influenced by weather extending the season, the rate of new pool construction decline in Florida, and the pace of storm-related repair work. She and CEO Peter Arvan noted the minor change in the inflation forecast was due to a combination of factors, primarily the mix of products sold, including higher chemical volumes.

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An executive guided for SG&A to be around 14% of revenue, noting the figure includes the impact of the Orenco acquisition and that initiatives are in place to manage outside spend. Executive Michael Higgins added that a group of 15-16 priority states, primarily in the lower half of the U.S., continued to grow faster than the company average, helping to offset softness in more mature geographies like the Northeast and parts of the Midwest.

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CEO D. Barbour reaffirmed the potential to increase Orenco's margins from the mid-teens to over 20% but emphasized this would be a gradual build over time, not an immediate change. He noted the acquisition is performing well, slightly ahead of its initial forecast, and that the strategy will be a key topic at the upcoming Investor Day.

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CEO Scott Barbour acknowledged that the slowdown in high-margin Allied Products and a higher mix of agriculture sales created a headwind, though the company is managing through it. CFO Scott Cottrill detailed immediate Orenco cross-sell opportunities, including selling Infiltrator septic tanks with Orenco systems, leveraging Orenco's controls business, and expanding the reach of Orenco's liquid-only sewer products through Infiltrator's sales and distribution network.

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CFO Michael Miller stated that in a volume-challenged environment, the balance sheet naturally shrinks, and he expects the company to continue generating good free cash flow. CEO Jeffrey Edwards added that the M&A pipeline remains active with plenty of candidates, describing deal timing as 'lumpy' but not impacted by market conditions. Mr. Miller reaffirmed that M&A is the company's top priority.

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CEO Jeffrey Edwards stated that fiberglass supply remains tight and he expects a rising price environment to continue, anticipating manufacturers will announce price increases for early 2025. CFO Michael Miller clarified that his comment was forward-looking to 2025, where trends like higher production builder sales and lower multifamily sales will likely cause volume growth to be greater than price/mix growth.

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CFO Rob Kuhns clarified that the guidance does not assume a significant improvement in the demand environment. He explained that the Q2 year-over-year sales decline is expected to be similar to Q1's. The comparisons become slightly less challenging in late Q3 and Q4 because demand began to soften in the back half of the prior year.

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CEO John Turner clarified that the primary margin pressure is from lower vendor incentive income due to weak volumes, not transactional price-cost dynamics. He affirmed that the long-term target of 10%+ EBITDA margin is still reasonable, noting the company's leaner cost structure. He also stated the Q4 volume forecast reflects a stabilization at the weak levels seen in February.

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CEO John Turner explained that while they've made some headway on Wallboard pricing, the market remains difficult, and significant improvement will require a return to volume growth. He noted that about 60 basis points of gross margin pressure remains from this dynamic. For other products, Turner expects Ceilings to remain inflationary and sees potential tariffs on steel as a net positive for GMS as a distributor, though he anticipates steel prices will remain flat in the near term. CFO Scott Deakin clarified that GMS does not source steel framing internationally but is indirectly affected by global commodity prices.

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