Full-Year Adjusted EBITDA

FY 2025

$375M to $425M "

$390M to $410M (midpoint maintained at $400M) " "

no change

Full-Year Adjusted EPS

FY 2025

$5.75 to $6.85 "

$6.25 to $6.75 (midpoint raised from $6.30 to $6.50) " "

raised

Fourth Quarter Adjusted EBITDA

Q4 2025

no prior guidance

$75M to $95M "

no prior guidance

Fourth Quarter Adjusted EPS

Q4 2025

no prior guidance

$1.05 to $1.35 "

no prior guidance

Full-Year Tax Rate

FY 2025

no prior guidance

19% to 21% (with Q4 at 20% to 23%) "

no prior guidance

Full-Year Volume Growth

FY 2025

no prior guidance

flat to slightly positive "

no prior guidance

Steel Pricing

Q1 featured a 12% decline and issues from import competition ( " " ); Q2 noted sequential improvements and tariff‐driven market share benefits ( " " ); Q4 emphasized pricing pressure from imports and continued challenges ( " " ).

Q3 reported a 12% year-over-year decline with sequential pricing improvement for steel conduit, along with signs of relaxing import pressures helping margins ( " " " " ).

Consistent focus on pricing with evolving dynamics – from significant declines and competitive pressures toward signs of margin recovery as import pressures relax.

PVC Pricing

Q1 described a 12% decline amid disruptive competition from growing imports and new domestic entrants ( " " " ); Q2 reported a 17% decline and rising competitive pressures from imports ( " " ); Q4 noted continued softness due to new domestic capacity and challenging market conditions ( " " ).

Q3 reported a similar 12% year-over-year decline for PVC conduit and highlighted sequential improvements in steel but ongoing pressures from domestic competition and tariff effects ( " " " " " ).

Persistent negative sentiment with ongoing competitive pressures and pricing challenges sustained across periods.

Tariff Impacts

Q1 mentioned optimism about Mexico tariffs with limited near‐term benefits ( " ); Q2 highlighted a net benefit from a 25% tariff on imports along with uncertainty ( " " ); Q4 discussed potential future benefits amid significant uncertainty and delayed positive impacts ( " " ).

Q3 detailed an evolving tariff environment with recent increases (e.g., 50% on steel, aluminum, and a new 50% copper tariff) that have created cost headwinds and are shifting market dynamics, while uncertainty remains about duration and scale ( " " " " ).

A long‐standing theme now with increased emphasis on higher tariffs and detailed cost impacts, reflecting persistent uncertainty alongside potential upside for domestic market share.

Data Center Growth and Electrification

Q1 described data centers as a key growth driver and cited a strong electrification outlook ( " " ); Q2 noted rising momentum in data center projects and a robust positioning in the electrical infrastructure space ( " " ); Q4 highlighted significant capacity expansion driven by trends like generative AI and high load growth ( " " ).

Q3 described data centers as “exploding” with continuing bullish sentiment, while reaffirming their comprehensive strategy in electrification trends ( " " ).

Consistently positive outlook with a strengthening narrative as data center and electrification trends remain key growth drivers.

Construction Services and Metal Framing

Q1 reported mid‐single‐digit growth with new capacity for metal framing supporting major projects ( " " ); Q2 noted 5% volume growth and improved productivity from construction services and metal framing initiatives ( " ); Q4 emphasized steady growth driven by global mega projects and regional strength ( " " ).

Q3 indicated low single-digit year-to-date growth with notable productivity gains in the Safety & Infrastructure segment from construction services and metal framing ( " " ).

Long-term focus remains steady, with modest current growth but expectations of a rebound driven by large projects and operational improvements later in the year.

Commodity Cost Volatility

Q4 highlighted challenges from material conversion issues and rising input costs ( " " ); Q2 noted steel cost increases (up 25% initially) and copper volatility affecting pricing ( " ); Q1 alluded indirectly to pricing challenges affected by competitive pressures and raw material conditions ( " " ).

Q3 emphasized significant volatility in copper prices, noted aluminum tariff‐related cost pressures, and stressed that pricing has not fully caught up with raw material cost increases, underscoring ongoing cost challenges ( " " ).

Persistent challenge with rising input costs and volatility; recent discussions have become more detailed regarding specific raw material pressures.

Operational Performance and Cost Management

Q1 discussed cost-structure adjustments, asset rationalization, and productivity improvements ( " " ); Q2 reported strong productivity gains supported by labor agreements and capital project benefits ( " " ); Q4 focused on operational execution challenges balanced by regional service center expansions ( " " ).

Q3 demonstrated improved productivity in the S&I segment, noted inventory optimization, and effective cost management practices despite raw material cost pressures and evolving tariff impacts ( " " " " ).

Ongoing improvements in operational efficiency and cost management are counterbalancing adverse market conditions, indicating a positive trend in execution.

Leadership Transition

Q1 mentioned the appointment of a new COO as part of leadership strengthening ( " ); Q2 and Q4 did not discuss leadership changes.

Q3 marked a major shift as the CEO announced his retirement after 12 years, with a confirmed succession planning process in place, signaling a new phase in executive leadership ( " " ).

A new risk factor emerges with a significant leadership transition, though the company reassures stakeholders with robust succession planning.

Macroeconomic Headwinds

Q1 noted headwinds from competitive pressures, including aggressive pricing in PVC and delays in certain construction segments ( " " ); Q2 reported project delays (up to 20%) and uncertainty from economic indicators like the Architectural Billing Index ( " " ); Q4 cited interest rate impacts and mixed project demand ( " " ).

Q3 provided a detailed outlook citing approximately $50 million of unmitigated headwinds in FY 2026, mixed global mega project timing, and a broadly choppy construction sentiment amid evolving macro conditions ( " " ).

Persistent macroeconomic challenges continue, with the latest period offering more precise quantification of headwinds and mixed project demand signals, underscoring ongoing external pressure.

Strategic Investments

Q1 highlighted new growth initiatives in water-related products and optimism in the solar market ( " " ); Q2 discussed portfolio expansion in water-related products while noting near-term challenges in the solar torque tube segment ( " " ); Q4 emphasized robust investments fueled by government funding opportunities (IIJA) and sequential solar growth ( " " ).

Q3 showcased optimism in water-related products with picking municipal demand and attractive solar torque tube margins driven by productivity improvements, reaffirming the strategic focus on new product areas ( " " " ).

Continued strategic investment with an optimistic outlook, despite operational challenges in individual segments, indicating commitment to diversifying growth drivers.

Capital Allocation and Financial Guidance

Q1 described a balanced approach with share repurchases, dividends, and solid EPS guidance ( " " " ); Q2 reported active share repurchases, a dividend increase, and maintained FY guidance ( " " ); Q4 stressed a robust buyback program and strong fiscal guidance including upgraded EPS outlook ( " " ).

Q3 featured an upgraded EPS outlook, reaffirmed the share repurchase target, and emphasized continued balanced capital allocation combining dividends, share buybacks, and strategic investments ( " " " ).

Consistent strong focus on returning cash to shareholders with continual improvements in EPS guidance, signaling financial stability and shareholder commitment despite external pressures.