The consequences of striking down the tariffs would be disruptive in the short term, but failing to rein in Donald Trump would be worse https://t.co/32wb5tgJzH ...

I don't see tariffs as being a major driver of inflation. Uh, you know, and I went through a lot I went through this in in in a lot of detail in my speech this morning about why I don't see that being the case. And I've been consistent about that being the case.Now, you might think that if I don't think that tariffs are driving inflation higher, then core goods will stay high for a long period of time, and that would be a problem if I wanted to cut rates. But I see so much disinflation in the pipeline becau ...

Andrew, let's start with you. Uh, a lot of questions in the air uh about uh where the economy is going, where the Fed's going, uh, who the next Fed chair is going to be. Uh, what's the very latest.I think the very latest right now, the big issue uh is maybe these comments that Kevin Hassid, who of course is one of uh the potential Fed chairs, made uh recently, which is that if he took the job, he would meet directly with the president of the United States to discuss Fed plans, interest rates, and the like. ...

For decades, Tonka trucks have been a family staple and holiday stalwart. But they almost didn’t make it this year because of high tariffs. https://t.co/WbTYJjI8IC ...

If America’s highest court carves out an exception for the tariffs, the major-questions doctrine will seem to apply only to the power wielded by Democrats https://t.co/eUsDf5OX9l ...

Today, a new look at the Republican proposal to address rising health care costs for millions. Speaker Mike Johnson revealing the House GOP plan, which includes an expansion of association health plans and ways to make it easier for employers to fund plans for workers. But President Trump seemed to stick with another idea.>> What's your message to those 24 million Americans who will see their insurance premiums go up. Don't make it sound so bad because you know obviously you're a you know syncopan for Democ ...

After explosive volatility earlier this year, when Donald Trump announced a slew of tariffs, movements in yields have become remarkably orderly. We explain what has changed https://t.co/I7B1TyKoDU ...

The consequences of striking down the tariffs would be disruptive in the short term, but failing to rein in Donald Trump would be worse https://t.co/3MD246c2Z9Illustration: Ben Hickey https://t.co/49l5WsW4ET ...

If the Supreme Court’s conservative majority is committed to its principles, it will quash the International Emergency Economic Powers Act tariffs and send Donald Trump back to the drawing board https://t.co/DdwKpNj7UI ...

Financial Data and Key Metrics Changes - The negative EBITDA impact in Q4 from Monterrey challenges was $8 million, which was higher than the previously estimated $5 million [5] - EBITDA margins for the Hardware Solutions segment would have been in the 16% range without the negative impact [5] - A $3 million hit is expected in the first quarter due to ongoing challenges [6] Business Line Data and Key Metrics Changes - The Hardware Solutions segment faced increased costs due to a shift to 24/7 operations and higher labor and freight costs [5] - The company anticipates a flat revenue outlook for the next year, with potential for improved EBITDA due to reduced costs from Mexico and additional synergies [9] Market Data and Key Metrics Changes - The company has not observed irrational pricing behavior in the market, indicating a stable demand environment [20] - Commodity prices are expected to stabilize, but there may be pricing pressure as they come down [21] Company Strategy and Development Direction - The company is focusing on operational improvements and sharing best practices across its divisions to enhance efficiency [25] - There is potential for insourcing demand in the Custom Solutions group to mitigate tariff risks [24] - The company is balancing cash flow generation, stock repurchases, and debt paydown, especially in the first quarter, which is typically a low cash flow period [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in their ability to manage costs and operational efficiency despite inflationary pressures [35] - The company is optimistic about the recovery in the repair and remodel market, which is expected to lead new construction recovery [54] Other Important Information - The company has been proactive in addressing operational issues in its facilities, ensuring that similar risks are mitigated [32] - SG&A expenses are expected to be around $73 million in Q1, reflecting higher costs due to inflation and benefits [34] Q&A Session Summary Question: Impact of Monterrey challenges on EBITDA - The negative EBITDA impact was confirmed to be $8 million, higher than expected, affecting margins in the Hardware Solutions segment [5] Question: Future outlook on market volume and procurement synergies - The informal outlook suggests flat volumes with flat pricing, but improved EBITDA due to reduced costs and synergies [9] Question: Concerns about stock repurchase limitations - The company focused on debt repayment over stock repurchases, but will be opportunistic in the future [11] Question: Competitive pricing behavior in the market - No irrational pricing has been observed, with supply chain risks being prioritized by customers [20] Question: Expected product performance in 2026 - The Custom Solutions group may see opportunities due to tariff impacts, while other segments are in a wait-and-see mode [24] Question: Benefits from resegmentation - Early operational improvements have been noted, with potential for mid- to long-term growth opportunities [26] Question: SG&A expense clarification - SG&A is expected to be higher due to inflation and benefit costs, but operational efficiency is a focus to offset these increases [35] Question: Pricing stability and cost outlook - Pricing is primarily driven by inflationary pressures, and the company expects to maintain pricing due to justified cost increases [50] Question: Demand outlook for new residential vs. repair and remodel - Both markets are currently impacted similarly, but repair and remodel is expected to lead the recovery [54] Question: Cash flow expectations for Q1 - Slightly negative free cash flow is possible in Q1, depending on volume and CapEx timing [55]