Total Revenue

+2.1% (from $413.208M in Q1 2025 to $421.962M in Q1 2026)

Total revenue grew by 2.1% in Q1 2026 due to overall accelerated operating productivity and strategic initiatives that built on the previous quarter’s performance, where steady growth in both segments laid a solid foundation. " " "

Metal Coatings

+6.0% (from $176.651M in Q1 2025 to $187.215M in Q1 2026)

The 6% increase in Metal Coatings revenue was driven by increased volume from infrastructure-related projects and improved zinc utilization, reflecting a rebound from lower volumes observed in the prior period. " " " " "

Precoat Metals

Approximately flat (from $236.557M in Q1 2025 to $234.747M in Q1 2026, –0.8%)

Precoat Metals revenue remained nearly flat in Q1 2026 due to a slight decline in volume across key end markets such as construction and appliances, which offset operational improvements and margin gains noted in previous periods. " " " " " "

United States

+2% (from $403.05M in Q1 2025 to $410.995M in Q1 2026)

United States revenue increased by 2%, a gain driven by the improvement in overall sales performance and reinforced by earlier period initiatives such as value pricing and enhanced operational synergies. " "

Canadian

+8% (from $10.16M in Q1 2025 to $10.967M in Q1 2026)

Canadian revenue grew by 8%, which likely reflects enhanced local market efforts and strategic adjustments compared to earlier periods, contributing to stronger performance in this geographic segment. " "

Sales

FY 2026

$1.625 to $1.725 "

$1,625,000,000 to $1,725,000,000 "

no change

Adjusted EBITDA

FY 2026

$360 to $400 "

$360,000,000 to $400,000,000 "

no change

Adjusted EPS

FY 2026

$5.50 to $6.10 "

$5.75 to $6.25 "

raised

Operational Resilience

Q4 2025 calls stressed the company’s ability to recover from significant weather disruptions—with discussions on lost production days, rapid recovery actions, and maintaining strong operational execution. " " " " Q3 2025 highlighted recovery from hurricane impacts and the operational focus to sustain margins. " " Q2 2025 mentioned weather events (e.g., hurricanes) and seasonal effects impacting construction activity. "

Q1 2026 emphasized a balanced recovery from previous weather impacts and noted that about half of the improvement was due to recovery from Q4 losses, supplemented by organic growth. Restructuring in the Metal Coatings segment was also discussed. " "

Consistent focus: The topic appears in every period. There is a shift from reacting to severe weather-related production losses in Q4/Q3 to a more balanced view in Q1 2026 with both recovery and organic growth being recognized.

Facility Ramp-Up

In Q4 2025, discussions centered on the Washington facility reaching commercialization with expected revenue and positive margin impacts once fully ramped. " " Q3 2025 detailed a slow, cautious ramp-up with acknowledged start‑up risks and plans to ramp capacity gradually. " " Q2 2025 focused on gradual revenue ramp-up, operational testing, and mitigating start‑up risks for the new facility. "

Q1 2026 discussed the Washington, Missouri coil coating facility commencing production with test qualification orders. There is mention of ramp-up challenges causing a slight margin drag, with expectations for improved performance later in the year. " "

Recurring theme: While the focus on facility ramp‑up remains consistent, sentiment has evolved to a cautiously optimistic tone in Q1 2026 as the facility begins production despite early challenges.

Tariff Uncertainty and Trade‑Related Input Cost Pressures

Q4 2025: Initially raised concerns about potential project delays and increased construction costs; however, improvements in customer sentiment and negotiations on secondary inputs were noted. " " Q3 2025 emphasized that tariffs were causing uncertainty, affecting steel supplies and the timing of projects. " " Q2 2025 did not provide any information on this topic.

Q1 2026 maintained caution regarding tariff uncertainty. The discussion focused on its effects on sales projections and customer inventory challenges, with mixed impacts on EBITDA—the uncertainty remains a noteworthy headwind. " " "

Consistent concern with evolving sentiment: The recurring topic remains a headwind. While initial fears in Q4 and Q3 were somewhat alleviated, Q1 2026 still reflects caution, indicating a steady concern that continues to affect planning and execution.

Market Dynamics and Growth Opportunities

Q4 2025 discussed domestic supplier shifts driven by tariff mandates, robust infrastructure spending (bridges, highways, data centers) and an active acquisition pipeline. " " " " " Q3 2025 highlighted reshoring, clean energy initiatives, and long‑term infrastructure spending as key growth drivers. " " " Q2 2025 noted secular trends such as reshoring, migration to aluminum, and growth in data center construction along with a cautious approach to acquisitions. " " "

Q1 2026 emphasized market dynamics including infrastructure spending in electrical transmission, data centers, and growth opportunities from reshoring. The acquisition of Canton Galvanizing was also highlighted as a significant move to expand capabilities. " " " " "

Strong and expanding: This topic is consistently positive across periods with increasing emphasis on acquisitions and reshoring in Q1 2026, indicating that it could have a large long‑term impact on the company’s growth prospects.

Margin and EBITDA Performance Trends

Q4 2025: Despite seasonal pressures and weather‐related losses, improved gross margins and operational efficiencies were noted, alongside cost pressures related to input prices. " " " Q3 2025 reported robust margin improvements and sustainable EBITDA gains driven by higher volumes and productivity enhancements. " " " Q2 2025 discussed strong efficiencies in both Metal Coatings and Precoat Metals, although seasonal slowdowns were anticipated. " " " "

Q1 2026 reported that margins were slightly impacted by restructuring and the ramp‑up of the new facility, yet EBITDA improved substantially through volume growth and productivity improvements. " " "

Steady performance with temporary drag: Efficiency improvements are a recurring theme. Q1 2026 reflects strong underlying EBITDA performance despite a slight margin drag from recent restructuring and facility ramp‑up, underscoring resilience in the company’s cost management strategies.

Capital Allocation and Financial Discipline

Q4 2025 covered ongoing debt reduction and modest share repurchase activity, with plans for further debt paydowns. " " " Q3 2025 explained active debt reduction, strategic share buybacks (primarily to offset dilution) and steady dividend payments. " " " Q2 2025 emphasized strong debt reduction efforts, dividend stability, and prioritization of acquisitions over significant share repurchases. " " "

Q1 2026 highlighted significant debt reduction (improving leverage), an increase in the dividend, and an ongoing commitment to the share repurchase program, reinforcing financial discipline. " "

Consistent and disciplined: The focus on capital allocation is maintained across periods, with Q1 2026 reinforcing financial discipline through a combination of debt reduction, increased dividends, and share repurchases—indicating a robust financial management approach for future stability.

Divestiture Impacts on EBITDA Performance

Q4 2025 discussed the impact of divestitures on reducing equity income from exited businesses, which would be offset by planned additional debt paydowns. " " Q3 2025 and Q2 2025 did not mention divestiture impacts.

Q1 2026 noted that the divestiture of the electrical products businesses from the joint venture would result in an EBITDA loss of approximately $10 million to $13 million; this loss is partially mitigated by interest cost savings. "

Intermittent focus: Divestiture impacts were highlighted in Q4 2025 and re‑emerge in Q1 2026. Although not consistently mentioned in earlier periods, the topic remains significant, with management noting both negative effects on EBITDA and offsetting benefits through interest savings—an important factor for future profitability.