REPORTS
BUILDING PRODUCTS
The following are recent reports published by TRG. Please contact Chris White to request a copy.
November 2018
- 11/9
- October 2018 Building Products Survey; Q3’18 Earnings Season Tough as Expected, Stocks Eventually Rally
- 11/7
- AWI – 2018 Investor Day: Cash Is King, Innovation Driving Growth
October 2018
- 10/30
- AWI – Q3'18 Earnings A Miss; Top Line, FCF Guidance Raised, EBITDA, EPS Guide Raised & Range Tightened
- 10/25
- OC – Q3’18 Post Conference Call Takeaways; Looking Forward to 2019
- 10/25
- USG – Q3'18 A Top and Bottom Line Miss on Input and Transportation Inflation
- 10/24
- OC – Q3’18 A Miss on Muted Expectations; Lowered FY’18 Guidance
- 10/8
- Q3’18 Building Products Survey: Focusing on the 2019 Outlook & “The Cycle”
September 2018
- 9/7
- August 2018 Building Products Survey
August 2018
- 8/30
- GMS – Q1’19 Results: EPS Beat, Wallboard Volumes Flat as Pricing Gains Continue Across All Categories
- 8/14
- Feedback from the Field: Takeaways from Private Distributor & Manufacturer Meetings
- 8/10
- BECN – Q3’18 Post Conference Call Recap
- 8/9
- July Building Products Survey; July Volumes Continue to Trend Up, Pricing Starting to Catch Up to Inflation
- 8/7
- BECN – Q3'18 Earnings A Miss Despite Margin Expansion
- 8/2
- CBPX – Q2'18 EPS Beat; Volumes and Pricing Rise
July 2018
- 7/31
- AWI – Q2’18 Post Conference Call Recap; Share Repurchase Program Increased Another $300MM
- 7/27
- OC – Q2’18 Post Conference Call Takeaways
- 7/25
- USG – Q2'18 A Revenue Beat; EPS Miss on Inflation and Higher SG&A
- 7/25
- OC – Q2'18 A Miss on Margin Pressures; Composite Guidance Lowered, Roofing & Insulation Enjoy Pricing Gains
- 7/12
- Q2’18 Building Products Survey: Focus on Inflation, Labor
June 2018
- 6/28
- GMS – Q4’18 Results: EPS Miss, Wallboard Volumes Down 3% as Pricing Improves
- 6/26
- Flooring Thought Piece: Winners & Losers in a Changing LVT Landscape
- 6/26
- OC – Enters into Supply Agreement with CPIC, Lowering Supply Costs of Composite Fiber in China
- 6/14
- Building Products – Neocon 2018 Flooring Feedback: Non-res Visibility Strong; Focus on LVT
- 6/14
- USG Accepts Acquisition Offer from Knauf at $44/share, ~$7B
- 6/8
- May 2018 Building Products Survey
- 6/4
- OC – Gastonia, NC Non-Wovens Composite Plant Focuses on Product Innovation Driving Material Conversio
May 2018
- 5/18
- AWI – NYC Marketing Takeaways: Cash Strong, Growth Focused
- 5/10
- BECN – Q2’18 Post Conference Call Recap; Now’s the Time to Buy BECN
- 5/10
- April 2018 Building Products Survey; Bottoming of the Industrials Sector Correction?
- 5/8
- BECN – Q2'18 Predictably Ugly Given Weather; Allied Integration Progressing Ahead of Plan
- 5/3
- CBPX – Q1’18 Earnings Flashnote
April 2018
- 4/30
- AWI – Q1'18 Earnings A Miss; Share Repurchase Driver for Higher FY’18 EPS Guidance
- 4/26
- OC - Q1’18 Post Conference Call Takeaways Focus on Inflation
- 4/25
- USG - Q1’18 Post Conf Call Recap; Focus on Inflation Management, Advance Mfg Progress
- 4/25
- USG - Q1'18 A Miss; Quarter Impacted By Higher Costs
- 4/25
- OC – Q1'18 A Miss on Margin Pressures; Top Line Better, Guidance Essentially Unchanged
- 4/17
- 2018 TRG C&I Conference Takeaways
- 4/4
- Q1’18 Building Product Survey; Weather Delays Mask Meaningful Bid Activity Pick-Up
March 2018
- 3/26
- USG – Receives Acquisition Offer at $42/share on March 15; USG Rejects the Offer; Validates TRG Thesis
- 3/8
- USG – 2018 Investor Day: Focused on Strategic Product Innovation, Margin Expansion
- 3/7
- February 2018 Building Product Survey: Focused on Filtering the Political, Market Noise
- 3/5
- BECN – Allied Field Trip Focuses on Structural Value Drivers
- 3/5
- AWI – Q4’17 Post Conference Call Recap & Estimate Update
February 2018
- 2/26
- AWI – Q4'17 Earnings A Miss; Focusing on Continued Segment Transformation
- 2/21
- OC - Q4’17 Post Conference Call Takeaways Focus on FY’18 Guidance & Insulation Expectations
- 2/12
- BECN Q1’18 Post Conference Call
- 2/12
- January 2018 Building Product Survey & Focus Stocks
- 2/8
- BECN – Q1'18 EPS Beats, Organic Sales Up 8%; 2018 Focused On Allied Integration
- 2/5
- USG Q4’17 Post Conference Call Recap; Focus on Investing in Adjacencies
- 2/1
- USG – Q4'17 A $0.14 Beat on U.S. Wallboard & Ceilings Gains; Repurchase Authorization Bumped to $500MM
January 2018
- 1/29
- L.A. Field Trip: Looking at the Forest for the Trees
- 1/23
- Q4’17 North American Wallboard Shipments Increase 8% YOY; U.S. Shipments Up 9% YOY
- 1/16
- TRG Hosting First Investor Tour of Allied Building Products Post BECN Acquisition - Feb 28
- 1/16
- Q4’17 Building Products Survey: Wrapping Up 2017 & Looking Forward
- 1/11
- 2018 IBS/KBIS Show Takeaways: All Bulled Up
December 2017
- 12/18
- Save-the-Date: TRG's 3rd Annual Construction and Industrial Conference; April 12, 2018 in NYC
- 12/8
- Int'l Builder Show Field Trip Oppty - Jan 8-10, 2017 - Orlando, FL - Key Meetings With Public & Private Companies
- 12/7
- GMS – Q2’18 Results; Organic Sales Grow 5%, Optimistic About Demand & Pricing Going Forward
- 12/6
- November Building Products Survey: Looking Forward to 2018
November 2017
- 11/27
- Feedback from the Field: National Construction Firm Focuses on Diversity of Work, Pick Up in Bidding
- 11/21
- BECN – Q4'17 Post Conference Call Recap; Raising PT to $75 to Reflect Allied Contribution
- 11/20
- BECN – Q4'17 A Slight Miss; Top Line Solid, Focus on Closing Allied Acquisition
- 11/17
- OC - 2017 Investor Day: Seeing the Forest for the Trees Transforming Financial Performance
- 11/14
- USG to Acquire Ceilings Plus for $52MM, More Meaningfully Expands Specialty Ceilings Offerings
- 11/9
- CBPX – Q3'17 EPS In-line; Pricing Down Sequentially
- 11/7
- October Building Products Survey Post Q3’17 Earnings Assessment + CA Fires
October 2017
- 10/30
- OC to Buy European Mineral Wool Maker Paroc Group
- 10/27
- USG – Q3'17 Post Conference Call Recap; Assessing Hurricane Impact
- 10/26
- USG – Q3'17 Earnings Highlighted by Hurricane Impact, Peak Waste Paper Costs
- 10/26
- EXP – Q2’18 Post Conference Call Recap
- 10/25
- OC – Q3'17 Post Conference Call Takeaways Stock Off on the Q3 Miss
- 10/25
- OC – Q3'17 A One Penny EPS Miss; FY’17 Guidance Raised
- 10/25
- EXP – Q2'18 (September) EPS A Miss On Low Expectations
- 10/23
- Q3’17 North American Wallboard Shipments Increase 1.2% YOY; U.S. Shipments Improves 3.1% YOY
- 10/11
- Q3'17 Building Products Survey: Hurricanes & Lawsuits
September 2017
- 9/8
- August 2017 Building Products Survey: Assessing the Hurricane Harvey Impact; Irma Looms Ahead
- 9/6
- Feedback From the Field: Post Harvey Housing Impact Rising
August 2017
- 8/30
- Wallboard Industry: CertainTeed Lawsuit Against Duke Energy Focuses on Synthetic Gyp Supply Issues
- 8/25
- Feedback From the Field on Flooring Trends
- 8/24
- BECN – Announces Acquisition of Allied; Enters into Interiors Distribution
- 8/7
- July 2017 Building Products Survey: Construction Continues to Chug Along
- 8/4
- BECN – Q2'17 EPS Miss, Prices Raise Revenue
- 8/3
- BECN – Q3'17 Post Conf Call Recap; Pricing Stabilizing Contributes to Sequential Margin Gains
- 8/2
- BECN – Q3'17 A Miss; Pricing Stabilizes
July 2017
- 7/31
- OC – Q2'17 Post Conf Call Recap
- 7/31
- EXP – Q1'18 Post Conf Call Recap
- 7/28
- USG – Q2'17 Post Conf Call Recap
- 7/27
- EXP – Q1'18 (June) EPS A One Penny Beat Ex-Items
- 7/26
- USG – Q2'17 Miss Expected; Higher Costs Impact Earnings, Wallboard Volumes Outperform
- 7/26
- OC – Q2'17 A Beat; FY’17 Guidance Raised
- 7/21
- Q2’17 North American Wallboard Shipments Increase 3% YOY; U.S. Shipments Improves 5% YOY
- 7/19
- TX, TN Construction “Value Chain” Field Trip Focuses Where We Are in the Cycle
- 7/18
- Q2’17 Building Products Survey: Improving Resi Market Will Push Capacity Utilization & Pricing
June 2017
- 6/22
- OC Midwest Marketing Takeaways: Focus on Pricing + Capacity Utilization
May 2017
- 5/30
- Much Ado About Ceilings: Separating Fact from Fiction
- 5/25
- BECN - Takeaways from Northeast Marketing
- 5/22
- Feedback From the Field Post Q1’17 Earnings Season
- 5/18
- EXP – Q4'17 Q4’17 Post Conf Call Recap
- 5/18
- EXP – Q4'17 (March) EPS A Beat Ex-Acquisition Related Expenses
- 5/15
- OC Expands Insulation Offering with Pittsburgh Corning Acquisition
- 5/11
- April Building Products Survey: Rain Lull But Preparing for a Big 2H’17
- 5/5
- BECN - Q2'17 Post Conference Call Recap; TRG Marketing in Boston with BECN May 23rd
- 5/4
- BECN - Q2'17 A Modest Beat; Top Line Delivers
- 5/1
- AWI - Q1’17 Post Conference Call Recap; Volumes Rule the Day
- 5/1
- AWI - Q1'17 EPS In-Line; Top Line Driven By Higher Volumes
April 2017
- 4/28
- USG: Q1’17 Post Conference Call Recap; Synthetic Gyp, Ceiling Volumes A Focus
- 4/27
- OC: Q1’17 Post Conference Call Takeaways; Focus on Insulation Capacity, Roofing Guidance
- 4/27
- USG: Q1'17 Miss Driven by Lower Volumes, Higher Costs
- 4/26
- OC: Q1'17 Beat Primarily Fueled by Roofing & Composites, A Continuation of a Theme
- 4/21
- Q1’17 North American Wallboard Shipments Decreased 3.0% YOY; U.S. Shipments slips 2.1% YOY
- 4/19
- Q1’17 Building Products Survey: Capacity Utilization “Creep” Continues
- 4/17
- 2017 TRG C&I Conference Takeaways
March 2017
- 3/28
- TRG C&I 2017 - Is Non-res Dead?
- 3/27
- TRG C&I 2017 - Sifting Through the Political Hoopla
- 3/10
- February Building Product Survey
- 3/9
- Q3’17 GMS Beats EPS Estimates; Continues to Post Strong Revenue Growth & EBITDA Margin Expansion
- 3/1
- AWI - Boston Marketing Focuses on EBITDA Bridge, Volume Trajectory
February 2017
- 2/27
- AWI - Q4'16 A Modest Beat; AUV Continues to Drive Value
- 2/23
- Continental Building Products – Q4'16 Beat Driven by Volumes
- 2/14
- MHK - Q4'16 Post Conference Call Recap
- 2/13
- January Building Product Survey; Stocks That Benefit From A More "Expansive" Definition of Infrastructure
- 2/9
- MHK - Q4'16 A Beat; Push to Grow Ceramic Dominance Continues
- 2/9
- OC – Q4'16 Post Conference Call Recap
- 2/8
- OC – Q4'16 Beat Fueled by Roofing, Composites
- 2/3
- BECN – Q1'17 Post Conference Call Recap
- 2/2
- BECN – Q1'17 A Modest Beat; Delivers on Margins
- 2/2
- USG – Q4’16 Post Conference Call Recap
- 2/1
- USG – Q4’16 EPS A Beat: New $250MM Share Buy-Back Program = ~6% of USG Market Cap
January 2017
- 1/31
- USG – Q4’16 Preview
- 1/30
- EXP – Q3'17 Earnings Recap
- 1/24
- EXP – Q3'17 (Dec.) EPS Beat Driven by Better Operating Earnings Contribution from Wallboard and Concrete & Aggregates
- 1/20
- Q4’16 North American Wallboard Shipments Increased 9.6% YOY; U.S. Shipments Increased 11.5%
- 1/17
- AWI Completed the Acquisition of Tectum
- 1/13
- 2017 IBS/KBIS Takeaways
- 1/6
- Q4’16 Building Products Survey + Estimate, Price Target Updates
December 2016
- 12/14
- BECN Investor Day Takeaways
- 12/14
- China’s Jushi Breaks Ground on South Carolina Composite Plant
- 12/13
- Q2’17 GMS Misses Estimates, But Continues to Post Strong Revenue Growth & EBITDA Margin Expansion
- 12/8
- November 2016 Building Products Survey; Post Election Feedback & 2017 Outlook
November 2016
- 11/21
- BECN – Q4'16 A Miss; Gross Margin Gains Continue
- 11/21
- Headwaters Enters into Merger Agreement to be Acquired by Boral
- 11/18
- BECN – Q4’16 Earnings Preview
- 11/11
- October 2016 Building Products Survey
- 11/2
- AWI - Q3'16 Recap
October 2016
- 10/31
- AWI - Q3'16 A $0.01 Beat; Higher AUV Drives Results
- 10/26
- OC – Q3'16 Recap; Balance Sheet Clean, Buyback Raised
- 10/26
- OC – Q3'16 A $0.10 Beat, Dominated by Roofing Outperformance
- 10/26
- USG – Q3'16 Recap; Post L&W, Balance Sheet in Best Shape Since The Second Clinton Inauguration
- 10/25
- USG - Q3'16 In Line with TRG, $0.04 Above Consensus
- 10/24
- EXP - Q2'17 Earnings Recap
- 10/24
- EXP - Q2'17 (Sept) Below Consensus, In-Line With TRG Expectations
- 10/21
- Q3’16 North American Wallboard Shipments Increased 6.6% YOY; U.S. Shipments Increased 7.1%
- 10/11
- Q3'16 Building Products Survey
September 2016
- 9/13
- Q1'17 GMS Results; Strong Revenue Growth & EBITDA Margin Expansion
- 9/12
- EXP Announced to Acquire CX's Cement Assets in Ohio
- 9/8
- August 2016 Building Products Survey: After a "Nervous" July, August Demand Improves
- 9/6
- Attempting to Filter the "Weather Noise"
August 2016
- 8/29
- USG to Sell L&W Supply to ABC Supply for $670MM
- 8/22
- China Composite Update
- 8/16
- BECN – Q3’16 Earnings Recap
- 8/15
- MHK – Post Q2’16 Est. Update
- 8/2
- BECN – Q3'16 $0.01 Beat Fueled By Higher Storm Activity
July 2016
- 7/27
- OC – Q2’16 Focus on 2H’16
- 7/27
- OC – Q2'16 A Solid Beat; Op Earnings Up YOY in All Divisions
- 7/26
- USG – Q2'16 Wallboard Pricing up 3% Sequentially as Capacity Utilization Reaches Low-end of "Sweet Spot"
- 7/26
- USG – Q2'16 Fundamentals In Line Despite Modest EPS Miss
- 7/25
- EXP – Q1’17 Earnings Recap
- 7/25
- EXP – Q1'17 (June) Earnings Beat Driven by Better Cement Earnings, Narrowed Frac Sand Losses
- 7/20
- Q2’16 North American Wallboard Shipments Increased 6.5% YOY; U.S. Shipments Increased 7.1%
- 7/18
- Distributor Tour Takeaways + Thoughts on Wallboard, Roofing
June 2016
- 6/30
- Q2'16 Building Product Survey
- 6/8
- May 2016 Building Product Survey
May 2016
- 5/31
- Wallboard Industry : The Importance of Rising Capacity Utilization & Shrinking Coal Fire Plant Footprint
- 5/23
- EXP – Q4’16 Earnings Recap
- 5/18
- EXP – Q4'16 Beat Breaks a String of Four Quarterly Earnings Misses; Wallboard, Paperboard Drive Results
- 5/11
- USG – CFO Meeting - June 14, 2016 - Chicago, IL
- 5/11
- AWI – Q1’16 Earnings Recap
- 5/10
- April 2016 Building Product Survey
- 5/10
- CBPX – Q1'16 Beat Driven by Better Volumes, Margin Outperformance
- 5/6
- AWI – Q1’16 Earnings Preview
- 5/3
- BECN – Dramatic Q2 Upside; Outlook Less Clear Given Potential Demand Pull-Forward, Texas Storms Offset
April 2016
- 4/28
- BECN – Dramatic Q2 Upside; Outlook Less Clear Given Potential Demand Pull-Forward, Texas Storms Offset
- 4/27
- OC – Q1’16: Focus on Insulation Guidance; Investor Focus should be on Capacity Utilization
- 4/27
- OC – Q1'16 Beat Driven by Better Composite, Roofing Margins; Focus on Outlook, Acquisitions
- 4/25
- OC – Q1’16 Earnings Preview
- 4/21
- USG – Q1’16 Beat Driven by All Divisions; Capacity Utilization Remains A Focus
- 4/21
- USG – Q1'16 Beat Driven by Better Volumes, Margin Outperformance
- 4/20
- Q1’16 Wallboard Shipments Increased 26.6% YOY; U.S. Shipments Increased 29.0%
- 4/20
- INTEX Takeaways – AWI, BLDR, CBPX, EXP and USG Read Trough
- 4/18
- USG – Q1’16 Preview
- 4/12
- Q1’16 Building Product Survey; Res & Non-Res Demand Continues - Visibility thru 2017
March 2016
- 3/17
- China Field Trip Takeaways on Composite, Carpet Tile, Resilient Flooring
- 3/7
- February 2016 Building Product Survey; Non-res Driving Demand
February 2016
- 2/26
- MHK – Q4’15: Steady Fundamentals, Reaping Benefits of Investments
- 2/25
- MHK –Q4'15 A Beat; Outlook Within Street Expectations
- 2/24
- AWI – Sum of the Parts Assessment Revisited
- 2/22
- AWI – Q4'15 Focuses on Fundamentals Going into April 1 Ceilings, Flooring Separation
- 2/18
- AWI – Q4’15 Earnings Preview
- 2/18
- MHK – Q4’15 Earnings Preview
- 2/16
- NeoCon 2016 Field Trip Save the Date - HNI, KNL, MLHR, SCS, TILE, MHK, Shaw Industries
- 2/11
- OC – Q4’15: Better Margins the Story of the Quarter
- 2/10
- OC – Q4'15 Beat Driven by Margins
- 2/8
- January 2016 Building Product Survey
- 2/8
- BECN - Q1 Shows Return of Distributor Pricing Power; Our Model Reflects D&A Consistency in 2016-2017
- 2/8
- USG – Q4’15 Earnings; Ceilings pricing - Much Ado About Nothing
- 2/5
- BECN - Q1’16 Earnings Snapshot
- 2/5
- USG – Q4'15 Beat Driven by Better Gypsum, Ceiling Margins
- 2/3
- OC - Q4’15 Earnings Preview
- 2/2
- USG – Q4’15 Earnings Preview
- 2/1
- EXP - Stock Bounces on Better than Anticipated Q3’16 Fundamentals
January 2016
- 1/29
- TRG Announces First Annual Construction and Industrial Conference – April 5, 2016 – NYC
- 1/28
- EXP - Q3'16 Miss Driven by Frac Sand Ops; Core Business Fundamentals Reasonable
- 1/22
- IBS/KBIS Show Takeaways; Optimism Persists Despite Market Swoon
- 1/21
- OC - Announced to Acquire Ahlstrom’s Glass Non-Wovens & Fabrics Businesses
- 1/20
- Q4’15 Wallboard Shipments Down 4.0% YOY; U.S. Shipments Decrease 3.4%
- 1/13
- Flooring Manufacturer Group Breakfast Opportunity - Feb. 8 (Monday)
- 1/8
- Q4’15 Building Product Survey; Warm Winter Weather, the 2016 Outlook, & Earnings Previews
December 2015
- 12/30
- AWI – Northeast Marketing Focuses on Fundamentals Pre-Split
- 12/14
- Global Composite Industry Feedback on EU, Chinese Demand
- 12/10
- November 2015 Building Product Survey - Wallboard Capacity "Optimal" Level Within 12 Months
November 2015
- 11/20
- BECN - Attractive Q4 Margin Profile, But RSG Accretion Guidance Remains in Flux
- 11/24
- BECN - Q4’15 Earnings Snapshot
- 11/23
- BECN - Q4 EPS Preview; Updating Estimates to Include RSG---Deal Accretion Should Jump in 2017
- 11/20
- OC– Investor Day 2015 Takeaways
- 11/16
- Reminder of TRG Coverage European Exposure
- 11/11
- October 2015 Building Product Survey
- 11/9
- MHK - Q3’15 Focuses on Investing in MHK’s Global Salesforce
- 11/5
- MHK - Q3'15 Within Guidance Range But A Penny Shy of Consensus
- 11/2
- EXP - Estimate and PT update Post Q2’16 Earnings
October 2015
- 10/30
- AWI – Q3’15 Ceilings Better Than Expected
- 10/29
- AWI – Q3'15 Adjusted Earnings Beat Mostly Driven by Ceilings
- 10/26
- EXP – Q2'16 Miss Expected; Fundamentals Solid in Core Business, Frac Sand Impairment and Inventory Write Down Charges Reported
- 10/23
- USG – Q3’15 Focus on Ceiling Pricing
- 10/22
- OC - Q3'15: Better Margins the Story of the Quarter
- 10/21
- OC - Q3'15 Beat Driven By Better Margins in All Divisions
- 10/20
- Q3’15 Wallboard Shipments Up 1.6% YOY; U.S. Shipments Increase 2.0%
- 10/9
- Q3'15 Building Product Survey; "We are at the Front End of a [Non-res] Boom"
September 2015
- 9/11
- Wallboard Industry Capacity Utilization Report
- 9/11
- August 2015 Building Products Survey; Focus on Capacity Utilization, Tight Labor Market
- 9/3
- BECN - Building Materials Distributors Seeing Significant Consolidation; Synergies/Cyclical Timing Favorable
August 2015
- 8/14
- Flooring Manufacturer Group Breakfast Opportunity on Sept. 10
- 8/11
- July 2015 Building Products Survey
- 8/7
- EXP - Q2'16 Focuses Improved Fundaments
- 8/4
- BECN - Q3'15 Earnings Snapshot
- 8/3
- EXP - Q2'16 A Miss But Cement, Aggregate Pricing Prevails
July 2015
- 7/31
- AWI - Q2'15 All About Flooring
- 7/31
- BECN - Q3 Earnings Preview
- 7/30
- AWI - Q2'15 Operating Beat Driven By Better Flooring Resutls
- 7/27
- BECN - Announced Pending Acquisition of Roofing Supply Group
- 7/23
- USG - Q2'15 Focus is Combined Res, Non-res End Market Momentum
- 7/22
- OC - Q2'15 Beat Driven By Composite, Roofing Margins
- 7/21
- Q2'15 Wallboard Shipments Grew 4.4% YOY
- 7/17
- Q2'15 Building Products Survey; Momentum Improving for Both Res & Non-res End Markets
- 7/10
- Private Building Product Distributor Group Lunch + Facility Tour - Boston - July 14th
June 2015
- 6/18
- NeoCon Takeaways: Traffic Up, Small to Medium Sized Business is Back, Focus on Better Managing Tech - TILE, HNI, KNL, MLHR, SCS Feedback
- 6/8
- May 2015 Building Products Survey
- 6/5
- Takeaways From Meeting With Flooring Industry Leaders
May 2015
- 5/29
- Flooring, Insulation, Roofing Manufacturers Meeting Points to Improving Res, Non-res Momentum
- 5/22
- AWI - Mid-Atlantic Marketing Focuses on Life Post Spin, A Market That Actually Shows Signs of Life
- 5/18
- EXP - Q4'15 Focuses on Frac Sand; Cement Pricing, Volume Drives Value
- 5/15
- April Building Products Survey; Findings From TRG's "Real Life" Office Hunt
- 5/15
- EXP - Q4'15 Core Cement, Wallboard Ops Show Solid Pricing, Margin Growth; Frac Sand Driver for EPS Miss
- 5/12
- BECN - Pricing Power Demonstrated in Complementary; Roofing to Behave Similarly in Normal Conditions
- 5/8
- BECN - Q2'15 Earnings Snapshot
- 5/8
- MHK - Q1'15 Focuses on Sorting Out Sustainability of Margins
- 5/7
- MHK - Q1'15 A Significant Beat; Q2 Guidance Impacted by FX Headwinds
- 5/6
- BECN - Q2 Preview; Roofing Glass Half Full
- 5/4
- AWI - Q1'15 Focuses on Ceilings; Eventual Split of ABP and AFP
April 2015
- 4/30
- TILE - Raising Estimates (Again) Post Q1'15
- 4/30
- AWI - Q1'15 A Modest Miss, FY'15 Guidance Unchanged
- 4/29
- TILE - Q1'15 Beat Fueled By Strong Top Line, Better Gross Margins
- 4/23
- USG - Q1'15 Confirms Non-res Recovery Still Has More to Go
- 4/22
- OC - Q1'15 Beat Driven (Again) By Composite, Insulation Margins
- 4/17
- Q1'15 Wallboard Shipments Grow 10.4% YOY
- 4/16
- Flooring Mfg Feedback Points to Strong January, Better Than Anticipated Pricing Given the Drop in Oil Prices
- 4/13
- Q1'15 Building Products Survey Themes: U.S.-Centric Focus, Non-res Recovery Continues, 2015 the "Year of the Consumer"
- 4/6
- TILE - Boston Marketing Focses on Cycle, New Management
- 4/3
- NeoCon 2015 Field Trip - Save the Date - TILE, Shaw, MLHR, KNL, SCS, HNI
- 4/2
- AYI - Value Driven by Secular Shift, Cycle Working, Acquisitions are Upside
- 4/2
- AYI - Q2'15 Earnings Beat Driven by Higher Revenues and Gross Margins
March 2015
- 3/27
- Non-res Revisited; Non-res Recovery is Gaining Strength
- 3/17
- BECN - Takeaways From Marketing Trip
- 3/13
- February 2015 Building Products Survey
- 3/12
- EXP - IL Rail Terminal Connects the Dots With Capacity and Distribution
February 2015
- 2/27
- AWI - Revisiting Our Mid-2014 Break-Up Valuation Analysis
- 2/26
- MHK - Q4'14 Post Conf Call Estimate Update
- 2/23
- AWI - Q4'14 Earnings a Beat: Separating Flooring & Building Products
- 2/20
- TILE - Raising Estimates Post Q4'14 Earnings
- 2/19
- MHK - Q4'14 Earnings Beat, Despite a Softer Top Line
- 2/18
- TILE - Q4'14 Earnings Beat, Driven by Better Top Line and SG&A
- 2/17
- EXP - Q3'15 Post Conf Call Estimate Update
- 2/17
- OC - Q4'14 Post Conf Call Estimate Update
- 2/13
- Flooring Mfg. Feedback Points to Strong January, Better Than Anticipated Pricing Given the Drop in Oil Prices
- 2/11
- OC - Q4'14 Earnings Beat on Better Composite and Indsulation Margins
- 2/10
- BECN - Understanding the Sensitivities
- 2/8
- USG - Q4'14 Conf Call Recap
- 2/6
- BECN - Q1'15 Earnings Snapshot
- 2/4
- BECN - Q1'15 Preview; Waiting on Clearer Spring Demand Indications and Focused on Asphalt Materials Pricing
- 2/3
- EXP - Q3'15 Earnings Beat Street Expectations on Better Margins
January 2015
- 1/22
- Q4'14 Wallboard Shipments Increased 2.8% YOY, Confirming Lower YOY Q4 Pre-buy Activity
- 1/13
- MHK - Acquisition of IVC Group Expands EU Presence & Captures Growth in the U.S.
- 1/13
- AYI - Q1'15 Post Conf Call Estimate Update
- 1/13
- Q4'14 Building Products Survey
- 1/12
- China's Jushi Announced to Adding a U.S. Plant & Expand Capacity in Egypt
- 1/9
- AYI - Q1'15 Earnings Beat Driven By Higher Revenues & Gross Margins
- 1/6
- Top Stock Ideas Going into 2015
December 2014
- 12/18/14
- November Building Products Survey
- 12/16/14
- TILE - West Coast Marketing Focus Remains on Margins, Impact of Lower Oil
- 12/15/14
- November Building Products Survey
- 12/11/14
- AWI - Exiting the European Resilient Flooring Business (Finally)
- 12/3/14
- EXP - IL Frac Sand & Cement Tour; Raising PT to $150
November 2014
- 11/28/14
- BECN - Difficult 2014 Should Not Be of Focus; 2015 Opportunity Ahead
- 11/25/14
- BECN - Q4'14 Earnings Snapshot
- 11/24/14
- BECN - Reiterate Buy; Long-term Thesis Driven by M&A, Normalized Weather & Housing Up-Cycle
- 11/12/14
- October Building Products Survey
- 11/3/14
- MHK - Q3'14 Post Conf Call Estimate Update
- 11/3/14
- EXP - Q2'15 Post Conf Call Estimate Update, Raising PT to $125
October 2014
- 10/31/14
- AWI - Q3'14 Post Conf Call Estimate Update, Assessing What is "Fixable"
- 10/30/14
- MHK - Q3'14 Earnings Beat, Despite a Lighter Top Line
- 10/28/14
- EXP - Q2'15 Earnings (Finally) In-Line with Street Expectations
- 10/27/14
- OC - Q3'14 Earnings Yields No Surprises Given Pre-release
- 10/24/14
- USG - Q3'14 Post Conf Call Estimate Update
- 10/24/14
- TILE - Q3'14 Post Conf Call Estimate Update
- 10/23/14
- OC - Q3'14 Post Conf Call Estimate Update
- 10/22/14
- TILE - Q3'14 Results in the Midpoint of Preannounced Earnings
- 10/22/14
- OC - Q3'14 Earnings Beat, With a Handful of Caveats
- 10/21/14
- Building Products Distributor Meeting Highlights Non-res; More Color on Wallboard, Roofing, Ceiling Tile Trends
- 10/20/14
- Q3'14 Wallboard Shipments Increased 5.2%, In-Line With Expectations
- 10/17/14
- EXP - Acquires 2MM Tons of High Quality Frac Sand with Long-term Contracts
- 10/14/14
- AWI - FY'14 & Q3'14 Guidance Lowered
- 10/13/14
- AYI - Q4'14 Post Conf Call Estimate Update
- 10/13/14
- TILE - Estimate Update Post Pre-Release; More Color on Cuts
- 10/13/14
- EU Anti-Subsidy Investigation a Potential Positive for OC
- 10/11/14
- TILE - Q3'14 Preliminary Release -Revenues & EPS Missed Expectations; Share Repurchase Plan & Bond Redemption Announced
- 10/1/14
- BECN - Northeastern U.S.-Based Roofing Distributor Acquisition Broadens Footprint
- 10/1/14
- AYI - Q1'14 Earnings Beat Driven By Higher Revenues & Margins
September 2014
- 9/30/14
- Q3'14 Building Products Survey
- 9/18/14
- Significance of Domestic Flooring Capacity Additions to MHK, TILE, & the Flooring Industry
- 9/15/14
- Flooring, Insulation, Roofing, Composite Manufacturers Meeting
- 9/8/14
- August Building Products Survey
- 9/3/14
- The Roofing Industry Hasn't Fundamentally Changed (Yet)
August 2014
- 8/26/14
- AWI - Another Management Change Announced
- 8/20/14
- AYI - Northeast Marketing Takeaways
- 8/11/14
- BECN - Q3'14 Post Conf Call Estimate Update
- 8/11/14
- July Building Products Survey; Sentiment Hit Rock Bottom in Q2'14
- 8/8/14
- TILE - Northeast Marketing Focuses On the Cycle, Margins
- 8/8/14
- BECN - Q3'14 EPS Miss Driven By Softer Gross Margins
- 8/4/14
- OC - Atlanta Roofing & Insulation Plant Tours Takeaways; Focus on Roofing Demand and Pricing Outlook
- 8/4/14
- MHK - Q2'14 Conf Call Estimate Update
July 2014
- 7/31/14
- MHK - Q2'14 Earnings Beat; Q3'14 Established & Full Year EPS Guidance Narrowed
- 7/29/14
- AWI - Q2'14 Post Conf Call Estimate Update
- 7/29/14
- TILE - Q2'14 Post Conf Call Estimate Update
- 7/28/14
- USG - Q2'14 Post Conf Call Estimate Update
- 7/28/14
- EXP - Q1'15 Post Conf Call Estimate Update
- 7/28/14
- OC - Q2'14 Post Conf Call Recap & Estimate Update
- 7/28/14
- AWI - Q2'14 A Miss; 2H'14 Guidance Lowered
- 7/24/14
- USG - Q2'14 EPS Miss Driven By Softer Wallboard Volumes
- 7/23/14
- TILE - Q2'14 EPS Missed By a Penny, Driven By Higher COGS
- 7/23/14
- OC - Q2'14 Earnings Miss Driven By Soft Roofing Division Results
- 7/22/14
- EXP - Q1'15 (June) Earnings Miss; Logistics a Nag to Cement Volumes but Demand Remains Intact
- 7/17/14
- Q2'14 Wallboard Shipments Incrased 6.5%
- 7/9/14
- Lumber Liquidators Q2'14 Preliminary Results & What This Means For Flooring Mfg MHK & AWI
- 7/2/14
- AYI - Q3'14 Conf Call Estimate Update
- 7/1/14
- AYI - Q3'14 Earnings Miss Driven By Lower Gross Margins
June 2014
- 6/30/14
- Q2'14 Building Products Survey; Volume Improvements Modest on Balance, Pricing Story Intact
- 6/20/14
- AWI - Investor Day Prompts Sum of the Parts Analysis
- 6/20/14
- OC - Lower Full-Year Earnings Guidance
- 6/12/14
- EXP - Cat's Out of the Bag; Water Run Off Permit Granted
- 6/11/14
- Takeaways From Building Products Distributor Meeting Points To Building Momentum
- 6/3/14
- May 2014 Building Products Survey; Volume Improvements Modest
- 6/2/14
- Flooring Manufacturer Meeting Points To Better Pricing Trends, Ok Volumes
May 2014
- 5/19/14
- EXP - Q4'14 Conf Call Estimate Update
- 5/14/14
- EXP - Q4'14 A Miss But Pricing Improvement Strong
- 5/14/14
- BECN - Q2'14 Conf Call Estimate Update
- 5/12/14
- EXP Announces 2015 Wallboard Price Increase of 15%
- 5/9/14
- BECN - Q2'14 Earnings Snapshot
- 5/6/14
- MHK - Q1'14 Conf Call Estimate Update
- 5/1/14
- MHK - Q1'14 Earnings Beat Ahead of Guidance; Q2'14 and Full Year EPS Guidance Established
April 2014
- 4/29/14
- AWI - Q1'14 Post Conf Call Estimate Update
- 4/28/14
- AWI - Q1'14 Earnings Miss But Fundamentals Improved
- 4/25/14
- USG - Q1'14 Post Conf Call Estimate Update; Focus on Volumes
- 4/25/14
- TILE - Q1'14 Post Conf Call Estimate Update
- 4/24/14
- USG - Q1'14 EPS Miss Driven By Softer Top Line & Operating Margins
- 4/24/14
- OC - Q1'14 Conf Call Recap & Estimate Update
- 4/23/14
- TILE - Q1'14 EPS Driven By SG&A; Top Line & Outlook Better Than Expected
- 4/23/14
- OC - Q1'14 Earnings Miss Driven By Softer Roofing Earnings, Lower Insulation Margins
- 4/14/14
- Building Product Distributor Lunch Focuses on Consolidation
- 4/3/14
- AYI - Q2'14 Post Conf Call
- 4/2/14
- AYI - Q2'14 Earnings Miss Driven By Lower Gross Margins & Slightly Higher SD&A
March 2014
- 3/26/14
- EXP & USG - Weakness Overdone
- 3/18/14
- Non-res Revisited; 21 Stock Ideas Worth a Look
- 3/17/14
- MHK - West Coast Marketing Trip Focuses on Growth Opportunities
- 3/12/14
- BECN - Upgrading to Buy on Industry Consolidation
- 3/10/14
- February 2014 Building Products Survey; Volumes Are Lousy, But the Mood Remains Upbeat
- 3/7/14
- AWI - Northeast Marketing Takeaways
February 2014
- 2/10/14
- AWI - Q4'13 Post Conf Call Estimate Update
- 2/24/14
- TILE - Q4'13 Post Conf Call Estimate Update
- 2/24/14
- MHK - Q4'13 Post Conf Call Estimate Update
- 2/24/14
- AWI - Q4'13 Earnings Miss Driven by Wood Flooring
- 2/20/14
- MHK - Q4'13 Earnings Snapshot; Another Earnings Beat, Q1'14 Guidance Impact by Weather
- 2/19/14
- TILE - Q4'13 Earnings Snapshot; Adjusted EPS Missed Consensus
- 2/19/14
- Building Products Distribution Consolidation Continues With Sale of GMS
- 2/18/14
- Flooring Manufacturer Points to Solid Non-res Volume Trends; Resi Pricing a Potential Concern
- 2/14/14
- Update From Global Composite Producers Positive for Owens Corning
- 2/13/14
- OC - Q4'13 Post Conf Call Recap & Estimate Update
- 2/12/14
- OC - Q4'13 Earnings A Beat; Meaningful Turnaround in Composite & Strong Insulation Margings
- 2/10/14
- January 2014 Building Products Survey; Will Winter Storms Test Pricing Resolve?
- 2/7/14
- USG - Q4'13 Post Conf Call Estimate Update
- 2/7/14
- BECN - Q1'14 Post Conf Call Estimate Update
- 2/7/14
- BECN - Q1'14 Earnings Snapshot
- 2/7/14
- EXP - Q3'14 Post Conf Call Estimate Update
- 2/6/14
- USG - Q4'13 EPS Impacted by Higher Tax; Non-res Strength the Focus
- 2/4/14
- EXP - Q3'14 (December) A Miss But Pricing Up in All Divisions, A First Since Q3'06
January 2014
- 1/30/14
- Atlanta Non-Res Field Trip; Raising TILE PT; Lowering ATI Rating From Buy to Hold on Valuation
- 1/9/14
- AYI - Q1'14 Earnings Beat Driven By Strong Volumes & Margin Improvement
- 1/7/14
- Q4'13 Building Products Survey & 2014 Outlook
- 1/2/14
- USG - Clarification on Berkshire Hathaway USG Note Conversion Announced in November
December 2013
- 12/4/13
- Takeaways From Building Products Distributor Lunch - Non-Res Outlook Improving
- 12/11/13
- November Building Products Survey
November 2013
- 11/26/13
- BECN - Q4'13 Post Conf Call & Estimate Update
- 11/26/13
- BECN - Q4'13 Earnings Snapshot
- 11/12/13
- October Building Products Survey
- 11/11/13
- OC - Investor Day Takeaways; Focus on Composites & Greater Transparency
- 11/4/13
- EXP - Q2'14 Conf Call Recap; Cement & Wallboard Outperform; Frac Send Permit Pending
- 11/4/13
- MHK - Q3'13 Earnings Recap; Reiterate $160 Price Target
October 2013
- 10/31/13
- MHK - Q2'13 Earnings Snapshot; Another Strong Earnings Beat, Q4'13 Guidance Ahead of Street Expectations
- 10/30/13
- EXP - Q2'14 (September) Even With Consensus; Fundamentals Remain Intact
- 10/30/13
- AWI - Q3'13 Conf Call Recap
- 10/30/13
- USG - Q3'13 Conf Call Recap
- 10/28/13
- OC - Q3'13 Post Conf Call Thoughts; Composite Division A Focus Again
- 10/28/13
- TILE - Q3'13 Post Conf Call Recap; All Geographies Sales Up in Early 2013
- 10/28/13
- AWI - Q3'13 Earnings Posts Strong Wood Flooring Sales But Rising Costs Impacted Margins
- 10/23/13
- OC - Q3'13 Earnings A Miss; Segments Underperformed
- 10/21/13
- OC - TRG China Composite Tour Takeaways
- 10/16/13
- USG Announced JV with Boral Corporation; Preliminary Q3'13 Earnings
- 10/8/13
- EXP - Post Northeast Marketing; Reiterate $110 PT
- 10/7/13
- AYI - Q4'13 Conference Call Recap
- 10/2/13
- Q3'13 Building Products Survey - Strong Momentum Continues; Bottleneck in Labor Persists
- 10/1/13
- AYI - Q4'13 Earnings Snapshot; Earnings Beat Driven by Top Line
September 2013
- 9/11/13
- August 2013 Building Products Survey
- 9/10/13
- AWI - Further Liquidity From Asbestos Trust and TPG Divesting Shares
- 9/9/13
- National Gypsum 2014 Wallboard Price Increase of 20%
- 9/6/13
- Armstrong World (AWI) - Toronto Marketing Focuses on Non-res Recovery, Architectural Specialties Opportunity, & Emerging Market Development
- 9/4/13
- Improving Res and Non-res Markets Drive TRG's Top 5 Stock Ideas
August 2013
- 8/20/13
- Interface (TILE) - Northeast Marketing Focuses on Europe Stabilization, End Market Growth Opportunities
- 8/19/13
- July 2013 Building Products Survey
- 8/15/13
- Eagle Materials Q1'14 Conference Call Recap; Reiterate Buy & $110 PT
- 8/12/13
- BECN - Q3'13 Post Conference Call Recap
- 8/12/13
- AYI - Northeast Marketing Focuses on Secular, R&R Shift Growth Drivers
- 8/9/13
- BECN - Q3'13 Earnings Snapshot
- 8/7/13
- EXP - Q1'14 (June) a Modest Miss, But Strong Fundamentals Remain Intact
- 8/6/13
- MHK - Q2'13 Earnings & Why MHK is a $160 Stock
- 8/1/13
- MHK - Q2'13 Earnings Snapshot; Earnings Beat, Q3'13 Guidance Head of Street Expectations
July 2013
- 7/30/13
- AWI - Q2'13 Post Conference Call Recap; Non-res Recovery Underway
- 7/29/13
- TILE - Q2'13 Post Conference Call Recap; All Geographies Sales Up in Early Q3'13
- 7/29/13
- AWI - Earnings Posts Strong Ceilings, Wood Flooring Top Line, But Rising Costs Offsets Some Gains
- 7/26/13
- USG Q2'13 Conference Call Recap; Residential Recovery Continues; L&W's First Profit in 5 Years Signals Non-res Recovery Underway
- 7/25/13
- OC Q2'13 Post Conference Call Thoughts; Outlook Positive, Pricing Power Theme Intact
- 7/25/13
- USG Q2'13 Earnings Beat; Pricing Theme Remains Dominant, Benefitting Margins
- 7/24/13
- TILE Q2'13 Earnings Snapshot; EPS Even With Consensus
- 7/24/13
- OC Q2'13 Earnings Snapshot; Margin Improvement Despite Softer Top Line
- 7/10/13
- Q2'13 Building Products Survey
- 7/9/13
- AYI Q3'13 (May) Conf Call Recap; Raising Price Target
- 7/2/13
- AYI Q3'13 Earnings Snapshot - LED Growth Continues, Sales Volume Improved YOY
June 2013
- 6/28/13
- Lafarge Wallboard Sale Thoughts, Roofing Check Up, Non-res Manufacturer Feedback
- 6/20/13
- USG - "The Light at the End of the Tunnel is No Longer a Train"; West Coast Marketing Solidifies Conviction
- 6/17/13
- Chicago NeoCon 2013 Takeaways - TILE, MHK, USG, AWI, AYI
- 6/14/13
- Roofing Pricing and Wallboard Capacity Updates - Read-Through for OC, BECN, USG, EXP
- 6/10/13
- May 2013 Building Products Survey Points to Better Resi R&R Activity
- 6/5/13
- OC - TRG Chinese Contacts Comment on OC's Strategic Alliance with Taishan
- 6/4/13
- Volume Velocity Improves, Pricing Power Remains Intact - Takeaways from Distributor Lunch
- 6/3/13
- Flooring Mfg Meetings Reconfirms Acceleration of Trends; Positive for MHK, TILE
May 2013
- 5/28/13
- Private Wallboard Mfg Feedback Points to Acceleration of Trends; Positive for EXP, USG
- 5/22/13
- EXP - Q4'13 Conference Call Recap - $110PT; Building A Case
- 5/17/13
- April 2013 Building Products Survey
- 5/16/13
- BECN - Q2'13 Post Conf Call Recap
- 5/10/13
- BECN - Q2'13 Earnings Snapshot
- 5/8/13
- MHK - Q1'13 Recap & Why MHK is a $160 Stock
- 5/6/13
- OC - TX Composite Plant Tour Points to Better Pricing Environment
- 5/2/13
- MHK - Q1'13 Earnings Snapshot
- 5/1/13
- AWI - Q1'13 Post Conference Call Recap
April 2013
- 4/30/13
- TILE - Q1'13 Conference Call Recap
- 4/29/13
- 2013 LightFair - Improved Outlook, LED Catch Up, Retrofit Growth Dominant Themes
- 4/29/13
- AWI - Q1'13 Earnings Impacted by Higher Tax Rate
- 4/26/13
- USG - Q1'13 Conference Call Recap; Reiterate Buy
- 4/25/13
- OC - Q1'13 Conference Call Recap; Pricing Power Theme Intact
- 4/24/13
- USG - Q1'13 Earnings Snapshot
- 4/24/13
- OC - Q1'13 Earnings Snapshot
- 4/16/13
- Q1'13 Building Products Survey
- 4/11/13
- AYI - Q2'13 Post Conference Call EPS Update; Focusing on LightFair
- 4/7/13
- CertainTeed Fleshes Out Roofing Shingle Expansion Plans - A First in 35 Years
- 4/4/13
- EXP - West Coast Travels Solidifies EXP Secular & Cyclical Growth Story
- 4/3/13
- AYI - Q2'13 Earnings Snapshot - LED Growth Continues, Core Product Mix Lower
- 4/3/13
- OC Insulation Announced June Price Increase of 10-15%
March 2013
- 3/28/13
- Additional Insulation Checks to Partial Acceptance of Price Increase + Expectations for a 2nd Increase
- 3/25/13
- Non-Res Construction Show Focuses on Rising Labor Rates, More Optimistic Volume Outlook
- 3/4/13
- February Building Products Survey
February 2013
- 2/25/13
- MHK - Q4'12 Post Conference Call Recap
- 2/21/13
- MHK - Q4'12 Earnings Snapshot
- 2/21/13
- OC - Q4'12 Post Conf Call Thoughts; Fundamentals Still Intact
- 2/20/13
- AWI - Q4'12 Post Conf Call Recap
- 2/20/13
- OC - Q4'12 Earnings Snapshot
- 2/19/13
- OC's Rehiring Furloughed Composite Workers at Largest Plant
- 2/19/13
- TILE - Q4'12 Post Conf Call Recap
- 2/19/13
- AWI - Q4'12 Earnings Beat; Guidance Lowered on Timing of Construction Cycle
- 2/19/13
- EXP - Q3'13 Conf Call Recap & Why You Still Should Own EXP
- 2/11/13
- BECN - Q1'13 Post Conf Call Recap
- 2/11/13
- USG - Q4'12 Conf Call Recap; Reiterate Buy
- 2/8/13
- BECN - Q1'13 Earnings Snapshot
- 2/7/13
- GAF Announced to Open a New Manufacturing Facility in Utah
- 2/6/13
- EXP - Q3'13 Earnings Snapshot; Fundamentals Remain Strong
- 2/6/13
- USG Q4'12 Earnings Snapshot
- 2/1/13
- Q4'12 Building Products Survey: No, It's Not Too Late To Invest
January 2013
- 1/29/13
- Building Products Pricing Power Continues, More Color on Non-Res Trends - Takeaways from Distributor Lunch
- 1/18/13
- CertainTeed to Construct First Greenfield Asphalt Shingle Plant in 35 Years
- 1/15/13
- More Evidence that Inflation Remains a Building Products and Materials Theme in 2013
- 1/11/13
- AYI - Q1'13 Post Conference Call Update
- 1/8/13
- AYI - Q1'13 (Nov) Missed Consensus (again), Even Excluding Charges
- 1/6/13
- Feedback from Building Products Contacts Supports 2013 Investing Themes
- 1/2/13
- Things Really Are Bigger in Texas
- 1/2/13
- AYI - Q1'13 (November) Earnings Preview
- 1/2/13
- BECN - Northern CA-Based Roofing Distributor Acquisitions Broadens Footprint
December 2012
- 12/19/12
- Getting Back to the Basics in TX - EXP, TXI Management Meetings
- 12/17/12
- Basics on Wallboard Industry Plaintiff Lawsuit
- 12/14/12
- November Building Products Survey Points to Pricing Power Going into 2013
- 12/6/12
- BECN - Q4'12 Post Conference Call Recap
- 12/6/12
- AWI Increasing Wood Flooring Workforce to Meet "Increasing Demand"
November 2012
- 11/29/12
- BECN - Q4'12 Earnings Snapshot
- 11/21/12
- USG Wallboard Pricing Announcement Just in Time for Thanksgiving
- 11/13/12
- October Building Products Survey
- 11/6/12
- AWI - Finally Some Modest Liquidity Event; Asbestos Trust and TPG to Divest Some Shares
- 11/5/12
- AWI - Q3'12 Post Conference Call Recap
- 11/5/12
- MHK - Q3'12 Post Conference Call Recap
- 11/2/12
- MHK - Q3'12 Earnings Snapshot
- 11/1/12
- EXP - Q2'13 Conf. Call Recap & What the Frac Opportunity Could Yield
October 2012
- 10/29/12
- EXP - Q2'13 Earnings a Modest $0.02 Beat; Fundamentals Remain Strong
- 10/29/12
- MHK Acquisition of Pergo Broadens U.S. Laminate Market
- 10/29/12
- IFSIA - Q3'12 Post Conference Call Recap
- 10/29/12
- AWI - Q3'12 Earnings Beat; Guidance Modestly Trimmed on Divestitures, Soft Peddle on R&R Activity
- 10/26/12
- OC - Q3'12 Post Conference Call Thoughts
- 10/25/12
- AWI - Fires & Price Increases: It's All About Managing the Business
- 10/24/12
- IFSIA - Q3'12 Earnings Snapshot
- 10/24/12
- OC - Q3'12 Earnings Snapshot
- 10/22/12
- BECN - PA-Based Roofing Distributor Acquisition Establishes Strong Presence in a New Market
- 10/18/12
- USG - Q3'12 Earnings Snapshot
- 10/16/12
- Q3'12 Building Products Survey; Sluggish Before Elections
- 10/15/12
- Lafarge Announces 30% Wallboard Price Increase
- 10/10/12
- EXP - Path to $70 Outlined
- 10/9/12
- OC FY12 Earnings Outlook Lowered; Softer Roofing Trends and Lower EU Industrial Production
- 10/2/12
- AYI - Q4'12 (Aug) Missed Consensus, Even Excluding Charges
September 2012
- 9/25/12
- Owens Corning Boston Meetings Focus on Composities - Setting up for Strong 2013
- 9/17/12
- August Building Products Survey
- 9/14/12
- Building Products the Group to Own Because of Pricing Power - Takeaways from Distributor Lunch
- 9/6/12
- AWI - Clarification on AWI's Divestment of Patriot Flooring
- 9/6/12
- National Gypsum Out with Formal Pricing Letter; Wallboard Pricing Up by 30% in Jan 2013
August 2012
- 8/27/12
- Update on Tropical Storm Isaac & Its Possible Impact on the Roofing Industry Players OC and BECN
- 8/21/12
- Update on the ABI; A Useful Metric Only When Paired with Primary Research
- 8/14/12
- July Building Products Survey
- 8/7/12
- BECN - Q3'12 Post Conference Call Recap
- 8/7/12
- AWI - Northeast Marketing Takeaways
- 8/7/12
- BECN - Q3'12 Earnings Snapshot
- 8/6/12
- OC - Q2'12 Conference Call Recap
- 8/6/12
- MHK - Q2'12 Conference Call Recap
- 8/3/12
- EXP - Q1'13 Conference Call Recap
- 8/2/12
- MHK - Q2'12 Earnings Snapshot
- 8/2/12
- EXP - Q1'13 Earnings Snapshot
- 8/1/12
- OC - Q2'12 Earnings a Miss; Softer Roofing Trends Not a Surprise
July 2012
- 7/31/12
- AWI - Q2'12 Post Conference Call Recap
- 7/30/12
- AWI - Q2'12 Earnings Miss; Guidance Lowered
- 7/27/12
- The Fiscal Cliff Cometh: Industry Contact Comments & Potential Business Impact
- 7/26/12
- USG - Conference Call Recap; Reiterate Buy
- 7/26/12
- IFSIA - Q2'12 Earnings Snapshot
- 7/25/12
- Composite Demand Isn't Great but the Market Already Priced Into OC
- 7/25/12
- USG - Q2'12 Earnings Snapshot; Still Strong Wallboard Volumes, Pricing, Despite a Miss
- 7/20/12
- IFSIA - Fire at Australian Plant Last Night
- 7/16/12
- Q2'12 Building Products Survey
- 7/13/12
- Lafarge Out with 2012 Wallboard Price Increase + Another Insulation Price Incrase
- 7/9/12
- AYI - Q3'12 Post Conf Call; Secular Thesis Intact
- 7/2/12
- AYI - Q3'12 Earnings Snapshot; A Solid Beat, Even Excluding Charges
June 2012
- 6/29/12
- AYI - Q3'12 (May) Earnings Preview
- 6/18/12
- Wallboard Marketing Feedback Shows Some Signs of Hope
- 6/11/12
- May Building Products Survey
- 6/8/12
- Flooring Resi Feedback Points to Sequentially Sliding Trends
- 6/6/12
- Update - European Exposure & What This Means for TRG Stocks
- 6/5/12
- Building Products - How Are Ugly Headlines Impacting Building Product Sales and Pricing Trends?
May 2012
- 5/31/12
- IFSIA - Northeast Marketing Points to Less Choppy 2012
- 5/17/12
- BECN - Q2'12 Post Conf Call Recap
- 5/17/12
- EXP - Q4'12 Post Conference Call Recap
- 5/16/12
- EXP - Q4'12 Earnings Snapshot
- 5/14/12
- EXP - Buy on Well-Grade Cement Opportunity
- 5/14/12
- April Building Products Survey
- 5/10/12
- BECN - Q2'12 Earnings Snapshot
- 5/1/12
- AWI - Q1'12 Post Conf Call Recap
April 2012
- 4/30/12
- IFSIA - Q1'12 Post Conf Call Recap
- 4/30/12
- AWI - Q1'12 Earnings Snapshot
- 4/25/12
- OC - Q1'12 Miss Driven by Softer Margins
- 4/25/12
- IFSIA - Q1'12 Earnings Snapshot
- 4/19/12
- AYI - Q2'12 Post Conf Call EPS Update
- 4/18/12
- USG - Q1'12 Post Conf Call Recap
- 4/17/12
- USG - Q1'12 Earnings Snapshot
- 4/9/12
- Q1'12 Building Products Survey & Earnings Preview
- 4/3/12
- Lighting Industry Feedback in Advance of AYI Earnings Release
March 2012
- 3/26/12
- USG - Preliminary Results Ahead of TRG's Bullish Expectations
- 3/16/12
- February 2012 Building Products Survey; Job Quote Elimination Trend Spending
- 3/5/12
- MHK - Q4'11 Post Conf Call Recap
- 3/5/12
- IFSIA - Q4'11 Post Conf Call Recap
February 2012
- 2/29/12
- AWI - Q4'11 Post Conf Call Recap
- 2/27/12
- AWI - Q4'11 Earnings Snapshot
- 2/24/12
- MHK - Q4'11 Earnings Snapshot
- 2/23/12
- IFSIA - Q4'11 Earnings Snapshot
- 2/17/12
- OC - Q4'11 Post Conf Call Thoughts
- 2/15/12
- OC - Q4'11 A Miss; Focus Will Be Composite Readjustments
- 2/14/12
- Building Products - January 2012 Building Products Survey
- 2/13/12
- BECN - Q1'12 Post Conf Call Recap
- 2/8/12
- USG - Q4'11 Conf Call Recap; Wallboard Pricing Action Still The Focus
- 2/8/12
- EXP - Q3'12 Conf Call Recap; Wallboard Remains the Focus
- 2/2/12
- EXP - Q3'12 Earnings Snapshot
January 2012
- 1/17/12
- Building Products - Q4'11 Industry Wallboard Shipments Surge 14% - Reiterate Buy on EXP, USG
- 1/11/12
- AYI - Q1'12 Post Conf Call; Solid Outperformance Drives Cont. Secular Thesis
- 1/9/12
- AYI - Q1'12 (Nov) A Solid Beat
- 1/6/12
- Building Products - Q4'11 Building Products Survey
December 2011
- 12/14/11
- Building Products - November Building Products Survey
- 12/2/11
- BECN - Post Q4'11 Conf Call Recap
November 2011
- 11/29/11
- BECN - Q4'11 Earnings Snapshot
- 11/15/11
- Building Products - October Building Products Survey
- 11/8/11
- MHK - Q3'11 Post Conf Call Recap
- 11/4/11
- MHK - Q3'11 Earnings Snapshot
- 11/1/11
- IFSIA - Q3'11 Post Conf Call Recap: Cost Issues "Fixable"
- 11/1/11
- AWI - Q3'11 Post Conf Call Recap
October 2011
- 10/31/11
- AWI - Q3'11 Earnings Snapshot
- 10/28/11
- OC - Q3'11 Buy Thesis Remains Intact
- 10/28/11
- EXP - Q2'12 Conf Call Recap; Job Quotes Still The Focus
- 10/27/11
- EXP - Q2'12 Earnings Snapshot
- 10/27/11
- IFSIA - Earnings Miss Driven By Slowed Int'l Growth and Raw Material Inflation
- 10/26/11
- OC - Q3'11 A Beat But Lowered Guidance Will Be the Focus
- 10/25/11
- Building Products - Q3'11 Wallboard Shipments Decrease 4.2% YOY
- 10/21/11
- USG - Q3'11 Conference Call Recap; First Positive Comps Since '06
- 10/20/11
- USG - Q3'11 Wallboard, Ceilings Results Ahead of Expectations
- 10/12/11
- Building Products - Q3'11 Building Products Survey
- 10/7/11
- AYI - A Bright Future Ahead; Upgrading to a Buy
- 10/6/11
- USG - Upgrading on "Biggest Industry Fundamental Change In 30 Years"
- 10/6/11
- EXP - Upgrading on "Biggest Industry Fundamental Change In 30 Years"
- 10/5/11
- AYI - Q4'11 Earnings Snapshot
September 2011
- 9/6/11
- Building Products - August Building Products Survey
- 9/2/11
- AWI - If TPG and AWI Mgt are Buying the Stock, Why Aren't You?
August 2011
- 8/17/11
- AWI - What Has Happened Since Q2'11 Earnings & Why You Should Own
- 8/17/11
- IFSIA - Industry Contacts Confirm IFSIA Mispricing - A Buying Oppty
- 8/17/11
- OC - Primary Earnings Growth Not Necessarily Tied to Macro
- 8/11/11
- Building Products - July Building Products Survey; Sorting out Double Dip Fears
- 8/10/11
- BECN - Q3'11 Pent Up Storm Demand Key for 2H'11
- 8/10/11
- MHK - Q2'11 Post Conference Call Takeaways
- 8/8/11
- BECN - Q3'11 Earnings Snapshot
- 8/8/11
- MHK - Q2'11 Earnings Snapshot
- 8/3/11
- OC - Q2'11 Earnings Snapshot
- 8/1/11
- AWI - Q2'11 Earnings Snapshot
July 2011
- 7/28/11
- IFSIA - Top Line Surges 18%, Gross Margins Stable in a Volatile Market; Reiterate Buy
- 7/25/11
- USG - Q2'11 Conference Call Recap
- 7/22/11
- USG - Q2'11 Earnings Miss, Wide Losses Continue
- 7/11/11
- Q2'11 Building Products Survey; Roofing Still Strong, Trimming EXP, USG, MHK Estimates
- 7/1/11
- AYI - Q3'11 Conference Call Takeaways
June 2011
- 6/29/11
- AYI - Q3'11 Earnings Snapshot
- 6/8/11
- June Building Products Survey - Storms Spur Roofing Inflection Point: Reiterate Buy on OC and Raising Estimates
May 2011
- 5/25/11
- Positive Roofing, Composites Feedback - Reiterate Buy on OC
- 5/16/11
- May Building Products Survey - Reiterate Buys on AWI, IFSIA and OC
- 5/13/11
- AWI - "There's More Juice to Squeeze in this Lemon"
- 5/10/11
- BECN - Q2'11 Pent Up Storm Demand Key for 2H'11
- 5/9/11
- BECN - Q2'11 Earnings Snapshot
- 5/6/11
- MHK - Q1'11 Earnings Highlighted by Improving Commercial Trends
- 5/2/11
- AWI - Reiterate Buy on AWI Q1'11 Beat - Ceilings Drive Performance
April 2011
- 4/29/11
- OC - Q1'11 - Insulate Your Returns With Composites
- 4/29/11
- IFSIA - Q1'11 Core Fundamentals Outperform; Reiterate Buy
- 4/28/11
- IFSIA - Q1'11 Better Than Expected Top Line a Reaffirmation of Non-Res R&R Momentum
- 4/27/11
- OC - Composites, Roofing In Line, Insulation Driver for Q1'11 Miss
- 4/21/11
- USG - Q1'11 Conference Call Recap
- 4/20/11
- USG - Q1'11 Is Another Whiff
- 4/18/11
- Building Products - Q1'11 Wallboard Shipments Decline 7% YOY
- 4/15/11
- AYI - Northeast Marketing Highlights Secular, Cyclical Growth Drivers
- 4/11/11
- April Building Products Industry Survey - Price Increases Mostly Flowing Through; Vols Better with Weather
- 4/8/11
- Building Products & Building Materials - Winners & Losers of the Burgeoning Multi-family Trend
March 2011
- 3/31/11
- AYI - Q2'11 Earnings Focus is on Strong Backlogs, Raw Material Pressues
- 3/30/11
- AYI - Q2'11 Earnings Snapshot
- 3/16/11
- IFSIA - We See A Double Even In A Tepid Market
- 3/11/11
- Building Products - March Building Products Industry Survey
- 3/2/11
- AWI - Q4'10 Earnings Recap
- 3/1/11
- MHK - Q4'10 Post Conference Call Recap
February 2011
- 2/28/11
- AWI - Q4'10 Earnings Miss, FY'11 Guidance Wide Enough to Drive a Truck Through
- 2/25/11
- IFSIA - Q4'10 Earnings Strong and Raising Estimates
- 2/23/11
- MHK - Q4'10 Earnings Yields No Surprises
- 2/22/11
- Building Materials and Products - 2011 TRG Investing Themes and What this Means for Stocks
- 2/16/11
- OC - Q4'10 Driven By Composites; Momentum Cont. into FY'11
- 2/15/11
- February Building Products Survey Highlights Weather, Raw Material Impacts
- 2/11/11
- BECN - Q1'11 Earnings Show Upside, Driven by Gross Margin
- 2/9/11
- BECN - Q1'11 Earnings Snapshot
January 2011
- 1/26/11
- USG - Q4'10 Earnings Snapshot
- 1/18/11
- December Wallboard Shipments Decrease 12.1%
- 1/12/11
- January Building Products Industry Survey
- 1/11/11
- AYI - Q1'11 Earnings Recap
- 1/10/11
- AYI - Q1'11 Earnings Snapshot
December 2010
- 12/8/10
- December Building Products Industry Survey: Sales Modestly Better
- 12/1/10
- BECN - Q4'10 Earnings Show Improved Inventory, Cash Trends
November 2010
- 11/29/10
- BECN - Q4'10 Earnings Snapshot
- 11/8/10
- Building Products Survey Focuses on Strong Non-Res R&R Trends
- 11/8/10
- MHK - Initiation of Coverage - Leading Flooring Mfg. A Beneficiary of Res, Non-Res Recoveries
- 11/8/10
- AYI - Initiation of Coverage - Beneficiary of Secular Focus on Energy Efficiency, Positive Non-Res R&R Trends
- 11/8/10
- IFSIA - Initiation of Coverage - Dominant Modular Floor Player Benefits from Non-Res R&R Trends
- 11/8/10
- AWI - Initiation of Coverage - Sleeping Giant Awakening
- 11/8/10
- OC - Initiation of Coverage - Composites A Hidden Jewel, Dominant in Insulation, Roofing