Financial Data and Key Metrics Changes - Net sales for Q3 totaled $375 million, representing a 10% decline year over year when excluding the divested AT and M business [8][12] - Gross margin rate in Q3 was 7.2%, a 70 basis point decline compared to 7.9% in the same period last year [12] - Adjusted net income in Q3 was $6.8 million or $0.27 per diluted share, down from $9.8 million or $0.39 per diluted share in the same quarter last year [16] Business Line Data and Key Metrics Changes - Medical segment net sales were $115 million, up 2% year over year, driven by non-recurring consignment inventory sales [8][9] - Automotive segment net sales were $173 million, a 14% decrease year over year, representing 46% of total company sales [10] - Industrial segment net sales were $86 million, down 15% year over year, representing 23% of total company sales [10][11] Market Data and Key Metrics Changes - Sales in the Medical market increased, while the Automotive and Industrial markets experienced declines [8][10] - The automotive business is heavily concentrated in North America and China, with growth noted in Europe due to a new braking platform [10] Company Strategy and Development Direction - The company is focusing on expanding its presence in the medical contract manufacturing organization (CMO) sector, with a new manufacturing facility in Indianapolis [6][9] - The strategy includes utilizing cash generated from EMS operations to invest in the CMO sector, with expectations for organic revenue growth over time [7][9] - The company aims to improve its global capacity utilization by closing the Tampa facility and streamlining operations [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to growth through emerging medical technologies and high-level assemblies [23] - The current tariff environment presents uncertainty, impacting the timing of recovery in the core EMS business [20][22] - Management reiterated guidance for fiscal year 2025, expecting to be at the high end of sales and operating income ranges [19] Other Important Information - Cash flow generated by operating activities in the quarter was $30.9 million, marking the fifth consecutive quarter of positive cash flow [16] - The company has $304.6 million in short-term liquidity available at the end of Q3 [18] - The company invested $3 million to repurchase 175,000 shares of common stock during the quarter [19] Q&A Session Summary Question: Details about the new facility in Indianapolis - The new facility provides more space for growth in the medical CMO sector and is leased to minimize upfront costs [25][26] Question: Impact of the existing facility's sale - It is too early to determine the potential value of the existing facility, with a transition period of two to three years expected [30] Question: Trends in open orders or backlog - The greatest increase in backlog was seen in the medical vertical, followed by industrial and automotive [32] Question: Orders pulled into March due to tariffs - Management is uncertain if orders were pulled forward due to tariffs but is monitoring customer feedback [36] Question: Operating expenses trends for the rest of the year - SG&A expenses are expected to rise as investments are needed to prepare for growth [41] Question: Short-term moves in gross margin and operating income - Next quarter is expected to be similar to Q3, with conservative estimates due to market uncertainties [48] Question: Demand environment in medical - The investment in the new facility was made to capture larger business opportunities in the medical CMO sector [50] Question: Inventory management and cash conversion - There is still room for improvement in cash conversion days, with ongoing efforts to manage inventory effectively [53]

Financial Data and Key Metrics Changes - The first quarter sales totaled $405 million compared to $418 million a year ago, indicating a slight decline [12] - Consolidated gross margin was 16.8% in the quarter, down from 17.1% in the first quarter of last year [12] - GAAP earnings per share from continued operations was $0.61 per diluted share compared to $0.83 last year, while adjusted EPS was $0.66 compared to $0.85 a year ago [14] - EBITDA totaled $34 million in the quarter, with trailing twelve-month EBITDA at $148 million compared to $152 million for the full year 2024 [14][15] Business Line Data and Key Metrics Changes - In the Supply Technologies segment, net sales totaled $188 million, down from $197 million a year ago, with operating income at $17.8 million compared to $19.5 million last year [16] - The Assembly Components segment saw sales decline to $97 million from $107 million, with operating income dropping to $5.3 million from $8.6 million [17] - The Engineered Products segment reported sales of $121 million, up from $114 million a year ago, driven by strong aftermarket sales in North America [18] Market Data and Key Metrics Changes - Sales growth was noted in the Supply Technology business in Europe and Asia, particularly in the commercial aerospace end market, which helped offset demand weakness in North America [11] - Demand was lower year over year in certain North American end markets, including power sports and industrial equipment, impacting overall sales [16] Company Strategy and Development Direction - The company is focusing on reshaping its business by investing in its best products and services, which includes closing nonstrategic locations and discontinuing certain customer relationships [6] - The strategy aims to improve cash flows, reduce earnings volatility, and enhance overall margins through the business cycle [6] - The company is well-positioned to benefit from reshoring trends and increased investment in infrastructure and defense, particularly in steel technologies [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a slow start in January but noted a rebound in February and March, aligning more closely with expectations [4][5] - The company has widened its 2025 earnings forecast to account for uncertainties related to tariffs and potential lower sales as customers pause for clarity [9] - Management expressed confidence in the strength of the business model and the ability to navigate current market volatility [9][59] Other Important Information - SG&A expenses increased to approximately $48 million from $47 million a year ago, driven by inflation and personnel costs [13] - Capital spending in the first quarter totaled $9.5 million, with expectations for full-year CapEx ranging between $30 million and $35 million [15] Q&A Session Summary Question: What parts of the business are driving the changing guidance? - Management indicated that the high end of the guidance aligns with year-to-date performance, while the lower end reflects uncertainty in demand, particularly from consumer-facing customers [24][25] Question: How much of the Q1 shortfall can be made up in subsequent quarters? - Management expects to make up ground in the remaining quarters, noting that the slow start was primarily in January and that momentum picked up in March [46] Question: Is there a qualification process for the supply chain shift? - Management characterized the supply chain shift as ongoing, with incremental opportunities emerging, particularly in automotive and industrial sectors [51][53] Question: What is the outlook for M&A activity? - Management noted a decline in M&A activity due to macro uncertainties, with many acquirers adopting a wait-and-see approach [56]

Financial Data and Key Metrics Changes - Net sales for Q3 totaled $375 million, representing a 10% decline year over year when excluding the divested AT and M business [8][13] - Gross margin rate in Q3 was 7.2%, a 70 basis point decline compared to 7.9% in the same period last year [13] - Adjusted net income in Q3 was $6.8 million or $0.27 per diluted share, down from $9.8 million or $0.39 per diluted share in the same quarter last year [16] Business Line Data and Key Metrics Changes - Medical segment net sales were $115 million, up 2% year over year, driven by non-recurring consignment inventory sales [8][9] - Automotive segment net sales were $173 million, a 14% decrease year over year, with strong performance in China and Europe but a decline in North America [10][11] - Industrial segment net sales were $86 million, down 15% year over year, with declines across all regions [12] Market Data and Key Metrics Changes - Sales in the Medical market increased, while the Automotive and Industrial markets experienced declines [8][10][12] - The company noted strong sales in China for the automotive segment, with a modest increase in Europe [10] Company Strategy and Development Direction - The company is focusing on expanding its presence in the medical contract manufacturing organization (CMO) space, with a new facility in Indianapolis dedicated to this sector [6][9] - The strategy includes utilizing cash generated from EMS operations to invest in the CMO business, with expectations for organic revenue growth over time [7][9] - The company is also closing its Tampa facility to streamline operations and improve global capacity utilization [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to growth through emerging medical technologies and high-level assemblies [23] - The current tariff environment presents uncertainty, impacting the timing of recovery in the core EMS business [21][22] - Management reiterated guidance for fiscal year 2025, expecting to be at the high end of sales and operating income ranges [19] Other Important Information - Cash and cash equivalents at the end of Q3 were $51.4 million, with operating cash flow of $30.9 million [16][18] - The company has reduced borrowings by 40% from the beginning of the fiscal year, indicating improved financial health [18] Q&A Session Summary Question: Details about the new facility in Indianapolis - The new facility provides more space and capabilities for medical CMO, with lease terms designed to minimize upfront costs [25][26] Question: Impact of the existing facility's sale - It is too early to determine the potential value of the existing facility, with a transition period of two to three years expected [31][32] Question: Trends in open orders or backlog - The greatest increase in backlog was seen in the medical vertical, followed by industrial and automotive [33] Question: Orders pulled into March due to tariffs - Management is uncertain if orders were pulled forward but acknowledges the possibility [37] Question: Outlook for operating expenses - SG&A expenses are expected to rise in FY 2026 as investments are needed for growth [42] Question: Impact of tariffs on gross margin - Tariffs are expected to pressure gross margins, but management is working to maintain them [65]

Financial Data and Key Metrics Changes - The first quarter sales totaled $405 million compared to $418 million a year ago, indicating a slight decline [12] - Consolidated gross margin was 16.8% in the quarter, down from 17.1% in the first quarter of last year [12] - GAAP earnings per share from continued operations was $0.61 per diluted share compared to $0.83 last year, while adjusted EPS was $0.66 compared to $0.85 a year ago [14] - EBITDA totaled $34 million in the quarter, with a trailing twelve-month EBITDA of $148 million compared to $152 million for the full year 2024 [14][15] Business Line Data and Key Metrics Changes - In the Supply Technologies segment, net sales totaled $188 million, down from $197 million a year ago, with operating income at $17.8 million compared to $19.5 million last year [16][17] - The Assembly Components segment saw sales of $97 million, down from $107 million, with operating income of $5.3 million compared to $8.6 million a year ago [18] - The Engineered Products segment reported sales of $121 million, up from $114 million a year ago, driven by strong aftermarket sales in North America [19] Market Data and Key Metrics Changes - Sales growth was noted in the Supply Technology business in Europe and Asia, particularly in the commercial aerospace end market, which helped offset demand weakness in North America [11] - The Engineered Products segment is expected to benefit from increased investment in infrastructure and defense, particularly in steel technologies [9] Company Strategy and Development Direction - The company is focusing on reshaping its business by investing in its best products and services, which includes closing non-strategic locations and discontinuing certain customer relationships [6] - The strategy aims to improve cash flows, reduce earnings volatility, and enhance overall margins through the business cycle [6] - The company is well-positioned to benefit from reshoring trends and has seen increased inquiries from customers looking to secure their supply chains in the US [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a slow start in January but noted a rebound in February and March, aligning more closely with expectations [4] - The company has widened its 2025 earnings forecast to account for uncertainties related to tariffs and potential lower sales due to customer hesitance [9] - Management expressed confidence in the business model and the ability to navigate current market volatility [9] Other Important Information - Capital spending in the first quarter totaled $9.5 million, with expectations for full-year CapEx to range between $30 million and $35 million [15] - The effective income tax rate for the quarter was approximately 20%, with expectations for the full year to range between 20% and 23% [13] Q&A Session Summary Question: What parts of the business are driving the changing guidance? - Management indicated that the high end of the guidance reflects year-to-date performance, while the lower end considers uncertainties in current demand, particularly from consumer-facing customers [26][27] Question: How much of the cost base comes from China or countries with significant tariffs? - Approximately 70% of the business is North America-based, with only about 8% of the Asian segment located in China, indicating a relatively small exposure [32][36] Question: Are there signs of demand pull forward or pauses? - Management noted that while there may be some pull forward, overall, they did not see significant evidence of it impacting the supply chain [38][41] Question: How much of the Q1 shortfall can be made up in subsequent quarters? - Management expressed confidence in making up the shortfall, particularly as momentum picked up in March [47] Question: What is the current state of M&A activity? - There has been a decline in M&A activity due to macroeconomic uncertainties, but this may be short-term as conditions improve [55]

Financial Data and Key Metrics Changes - Acushnet reported worldwide net sales of $703 million, a 1% increase year-over-year [6] - Adjusted EBITDA was $139 million, reflecting a decrease of $15 million due to increased investment in the equipment segment [6][18] - Gross profit decreased by $5 million compared to the first quarter of 2024, primarily due to higher manufacturing costs [19] Business Line Data and Key Metrics Changes - Golf equipment net sales increased by almost 4%, driven by new product launches and strong performance in the EMEA region [7][11] - Titleist golf ball business grew by 4%, with significant gains in the EMEA region [8] - FootJoy sales declined by 5%, attributed to lower closeout footwear sales and targeted product line rationalization [10][19] Market Data and Key Metrics Changes - The US market saw a 1% increase, while EMEA grew by 4% [11] - Japan and Korea experienced declines of 24% each, primarily due to poor weather affecting the golf season [11] - Rounds of play in the US were down 2%, but worldwide rounds were slightly up, led by a 15% increase in EMEA and the UK [12] Company Strategy and Development Direction - The company is focused on executing a full slate of product fitting events across all markets [11] - Acushnet is adapting its supply chain to mitigate tariff impacts, with plans to source more components from non-China territories [14][26] - The company aims to maintain a strong consumer base and provide exceptional product experiences while navigating tariff uncertainties [17][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the core consumer, the dedicated golfer, despite macroeconomic uncertainties [17][25] - The company expects a gross tariff impact of approximately $75 million in 2025, with plans to mitigate over 50% of this impact [25][26] - Future guidance remains uncertain due to changing trade policies, with no updates provided until more clarity is achieved [25] Other Important Information - Capital expenditures for the first quarter were $11 million, with a planned total of approximately $85 million for 2025 [22] - The company returned roughly $51 million to shareholders through share repurchases and cash dividends [23] - The effective tax rate in Q1 was 17.9%, down from 21.7% the previous year [21] Q&A Session Summary Question: Guidance and Consumer Demand - Management indicated that the decision to pause guidance updates is due to less visibility rather than a change in consumer demand [30][31] Question: Tariff Mitigation Actions - Management outlined that pricing would be a last resort, focusing first on supply chain adjustments and cost-sharing with suppliers [34][36] Question: Impact of Tariff Changes - If the China tariff rate were to decrease, the potential mitigation of the $75 million impact could be significant [41][42] Question: Demand Trends in Asia - Management noted a slow start in Asia due to weather but observed improvement in March and April [43][44] Question: Currency Exchange Rate Impact - A potential tailwind of $20 million was discussed if current exchange rates persist, impacting overall financial outlook positively [49][50] Question: Diversification from China - Management confirmed plans to diversify sourcing away from China while maintaining some supply chains for non-US markets [56][58]

Financial Data and Key Metrics Changes - For Q3 2025, net sales were $76 million, a decrease of $8 million or 10% from the prior year, primarily due to lower unit sales volume, partially offset by a favorable mix [17] - Gross margin was 20.8%, down from 23.3% in the prior year, attributed to lower cost absorption from production decreases [18] - Adjusted net income for the quarter was $5 million or $0.30 per diluted share, compared to $8.5 million or $0.50 per diluted share in the prior year [18] - Adjusted EBITDA was $7.5 million, down from $11.7 million in the prior year, with an adjusted EBITDA margin of 9.9% compared to 13.9% [19] - The company ended the quarter with nearly $167 million in total liquidity, including $67 million in cash and short-term investments, and $100 million available under its revolving credit facility, with no debt [19] Business Line Data and Key Metrics Changes - In the MasterCraft segment, production of the premium X Star model ramped up, contributing positively to brand momentum and dealer support [14] - The pontoon segment, including Crest and Valise brands, faced challenges with dealer inventories, leading to a 40% year-over-year unit reduction [16] Market Data and Key Metrics Changes - Dealer inventories across brands decreased by 30% over the past year, and more than 45% compared to the pre-pandemic period in fiscal 2019 [10] - The company anticipates a modest impact from tariffs on fiscal 2025 costs, while closely monitoring broader demand implications [11] Company Strategy and Development Direction - The company is focused on disciplined cost, cash, and pipeline management, with a renewed emphasis on product development and prudent destocking [9] - Capital allocation priorities remain disciplined, with a solid balance sheet and a focus on share repurchase programs to return capital to shareholders [12] - The company is exploring growth opportunities within its distribution network, particularly in key markets like Dallas and Southern Utah [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged persistent macroeconomic headwinds and tariff uncertainty impacting the marine sector, leading to a revision of full-year guidance [10] - Despite challenges, management remains confident in achieving inventory reduction targets and maintaining dealer health [10] - The company is optimistic about retail momentum, particularly with premium buyers, and is preparing for the summer selling season [50] Other Important Information - Tim Oxley, the CFO, will retire in June, with Scott Kent set to succeed him [5][6] - The X Star model received the National Marine Manufacturers Association Innovation Award, highlighting the company's focus on quality and innovation [13] Q&A Session Summary Question: Can you quantify the tariff impacts and potential price increases for model year '26? - Management indicated that the impact of tariffs is evolving and has not yet determined specific pricing effects, but expects some inflationary impact [26] Question: How do you view retail trends and dealer health? - Management expects retail to trend closer to a 10% decline and is pleased with the health of dealers, noting no significant dealer failures [27][37] Question: What is the status of the Belize product and its revenue expectations? - The Belize product is in low-rate production, with anticipated net sales around $10 million for fiscal '25, and positive early responses from dealers [41][44] Question: How will you approach pricing in light of tariffs? - The company aims to balance volume, price, and cost, considering a variable pricing model due to tariff variability [62][64]

Financial Data and Key Metrics Changes - For Q3 2025, net sales were $76 million, a decrease of $8 million or 10% from the prior year, primarily due to lower unit sales volume, partially offset by a favorable mix [16][17] - Gross margin was 20.8%, down from 23.3% in the prior year, attributed to lower cost absorption from production decreases [17] - Adjusted net income for the quarter was $5 million or $0.30 per diluted share, compared to $8.5 million or $0.50 per diluted share in the prior year [18] - Adjusted EBITDA was $7.5 million, down from $11.7 million in the prior year, with an adjusted EBITDA margin of 9.9% compared to 13.9% [19] Business Line Data and Key Metrics Changes - Within the MasterCraft segment, production of the premium X Star model ramped up, contributing positively to brand momentum [8][13] - The pontoon segment, including Crest and Valise brands, faced challenges with dealer inventories, leading to a 40% year-over-year unit reduction [15] Market Data and Key Metrics Changes - Dealer inventories across brands decreased by 30% over the last year, and more than 45% compared to pre-pandemic levels in fiscal 2019 [9] - The company anticipates a modest impact from tariffs on fiscal 2025 costs, while closely monitoring demand implications [10] Company Strategy and Development Direction - The company is focused on disciplined cost, cash, and pipeline management, with a strong emphasis on product development and dealer support [8][12] - Capital allocation priorities remain disciplined, with a solid balance sheet and no debt, allowing for share repurchase programs to return capital to shareholders [11][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged persistent macroeconomic headwinds and tariff uncertainty affecting the marine sector, leading to a revision of full-year guidance [9][21] - Despite challenges, management remains confident in achieving inventory reduction targets and is optimistic about the upcoming selling season [9][22] Other Important Information - Tim Oxley, the CFO, will retire in June, with Scott Kent set to succeed him, reflecting careful succession planning [5][6] - The X Star model received the National Marine Manufacturers Association Innovation Award, highlighting the company's focus on quality and innovation [12] Q&A Session Summary Question: Can we quantify the tariff impacts and potential price increases for model year '26? - Management indicated that the impact of tariffs is evolving and has not yet determined specific pricing effects, but expects some inflationary impact [26] Question: How is retail performing, and does the previous down 5% to 10% estimate change? - Management expects retail to trend closer to 10% down, with more clarity expected in June [28] Question: What is the direct and indirect exposure to tariffs? - Management has discussions with suppliers to understand costs and expects a modest impact in Q4, with ongoing monitoring [33][34] Question: What is the status of dealer network expansion? - Management reported progress in expanding the dealer network, particularly in Texas and Utah, which are key markets [36] Question: How is the dealer network's balance sheet performing? - Management expressed satisfaction with dealer health, noting no significant dealer failures despite the challenging environment [38] Question: What is the early response to the Belize product? - Management anticipates net sales around $10 million for fiscal '25, with positive dealer interest and response [42][45] Question: Any trends observed at retail in April and May? - Management noted that while retail momentum is not yet vibrant, there are signs of improvement, particularly with premium buyers [51][52]

Financial Data and Key Metrics Changes - The company reported net sales of $297 million, a year-over-year increase of 10% [29] - Operating income increased by 57% year-over-year, with adjusted EBITDA rising by 45% [6][34] - Cash and cash equivalents exceeded $300 million, increasing by $44 million or 17% in just three months [36] Business Line Data and Key Metrics Changes - REVOLVE segment net sales increased by 11% year-over-year, while FORWARD segment net sales grew by 3% [30] - The product return rate decreased by nearly three points year-over-year, contributing to operational efficiencies [9] Market Data and Key Metrics Changes - Domestic net sales increased by 9%, while international net sales rose by 12% year-over-year [30] - Active customers increased by 6% year-over-year, reaching 2.7 million [30] Company Strategy and Development Direction - The company is focusing on expanding brand awareness, growing the customer base, and enhancing connections with the next generation of consumers [11] - Plans for a permanent retail store in Los Angeles are underway, with construction ongoing and an expected opening in the fall [24][26] - The company is leveraging AI technology to improve customer service and enhance the shopping experience [17] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in navigating macroeconomic uncertainties and tariff challenges, citing a strong track record in previous turbulent times [10][43] - There is a noted shift in consumer behavior towards more accessible price points, impacting average order values [58][99] Other Important Information - The company is actively engaged in cost-sharing discussions with manufacturing partners to mitigate tariff impacts [41] - The REVOLVE Festival event significantly boosted brand awareness and marketing efficiency, with press impressions increasing by over 40% year-over-year [22] Q&A Session Summary Question: Can you clarify the gross margin guidance related to tariffs? - The low end of the gross margin guidance assumes elevated tariff rates with minimal mitigation efforts [53][55] Question: How quickly can the company pivot to third-party sourced inventory? - The company can flexibly adjust sourcing but is optimistic about owned brand expansion [56] Question: Is the company seeing any impact on customer traffic due to tariff news? - There is a shift to more accessible price points affecting average order values, but no significant pullback in traffic has been observed [58][99] Question: Are there plans to increase promotional activities to stimulate demand? - The company is not changing its markdown strategy in response to market conditions but will act based on inventory balance and customer needs [69] Question: What feedback is the company receiving from third-party brands regarding price increases? - The company is collaborating closely with third-party brands, and while some price increases are anticipated, there has been no significant customer pushback yet [77]

Financial Data and Key Metrics Changes - Net sales for Q1 2025 were $724 million, flat compared to the prior year, as 11% growth in Siding offset lower OSB prices [8][9] - EBITDA decreased by $20 million, primarily due to lower OSB prices impacting overall performance [9][20] - The Siding business achieved a 26% EBITDA margin in Q1, with expectations for similar performance in Q2 [10][22] Business Line Data and Key Metrics Changes - Siding revenue grew by 11% due to 9% higher volumes and 2% higher prices, outperforming single-family starts by 15 points [16] - OSB revenue and EBITDA were negatively impacted by lower commodity prices, resulting in a $32 million reduction in revenue and $13 million in EBITDA [20] - The Expert Finish product line set records for both volume and revenue in Q1, contributing positively to the overall Siding growth [18][86] Market Data and Key Metrics Changes - Single-family starts fell by 6% in Q1 due to economic volatility and unfavorable weather conditions [7] - The Siding order file remains robust, with expectations for a record second quarter [8][22] - Tariff impacts on EBITDA were approximately $2 million for Siding in Q1, with an anticipated $12 million impact for the full year if current tariffs persist [12][23] Company Strategy and Development Direction - The company is focused on expanding its Siding business and introducing specialized products to drive growth and margin expansion [10][14] - There is a strategic emphasis on product innovation and market share gains, particularly in the repair and remodel sector [50][56] - The company maintains a strong liquidity position with $1 billion available, allowing for flexibility in operations and potential tariff impacts [14][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Siding business despite macroeconomic challenges, noting strong order files and growth potential [15][24] - The company anticipates year-over-year revenue growth of 9% to 10% for Siding, with EBITDA margins around 26% [22][23] - Management remains cautious about OSB pricing and market dynamics, indicating a conservative approach to forecasting [22][66] Other Important Information - The company has expanded its revolving credit facility to $750 million, which remains undrawn [21] - New product launches, such as the Naturals Collection, have received positive customer feedback and are expected to contribute to future growth [11][52] Q&A Session Summary Question: Key drivers for Siding outperformance - Management noted strength across the entire order file, particularly in shed orders and the R&R sector, contributing to strong performance [26][28] Question: Inventory levels in the channel - Management indicated that home center inventories were normalizing, with seasonal levels appropriate for the spring [30][32] Question: Siding margin progression - Management expects some margin expansion in the second half of the year, with no significant inflationary impacts materializing [40][41] Question: OSB capacity and market dynamics - Management remains bullish on OSB long-term but acknowledges current market pressures due to excess capacity and weak demand [45][46] Question: Marketing investments and order file success - Management highlighted ongoing investments in marketing and product development as key drivers for order file strength [50][52] Question: Impact of competitor mergers on market share - Management expressed confidence in their market position and ongoing efforts to gain share, regardless of competitor activities [87][100] Question: Future growth in new residential market share - Management indicated a focus on gaining market share with larger builders, with growth expected to be incremental and program-based [108][111]

Group 1 - Many businesses are exercising caution in issuing guidance for fiscal year 2025 due to uncertainties created by tariffs and the recent Liberation Day on April 2nd [1] - The focus is particularly on companies with operations that may be affected by these external factors [1] Group 2 - The article emphasizes the importance of due diligence for investors, particularly in the context of dividend investing in quality blue-chip stocks, BDCs, and REITs [1] - There is a mention of a goal to help lower and middle-class workers build investment portfolios of high-quality, dividend-paying companies [1]