TopBuild (NYSE:BLD) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Company ParticipantsJohn Achille - VP and COOMargaret Grady - Equity Research AssociateP.I. Aquino - VP of Investor RelationsRobert Buck - President and CEORobert Kuhns - CFOConference Call ParticipantsAatish Shah - AnalystAdam Baumgarten - VP and Equity Research AnalystCollin Verron - Equity Research AnalystKenneth Zener - Md and Senior Equity AnalystMichael Dahl - Md and Senior Equity Research AnalystMichael Rehaut - Md and Senior Equ ...

Financial Data and Key Metrics Changes - In 2025, the company generated net sales of $3 billion, flat compared to 2024, with adjusted EBITDA of $83 million, resulting in a 2.8% adjusted EBITDA margin [14][26] - The net loss for Q4 2025 was $8.6 million, or $1.08 per share, primarily due to higher net interest expense and M&A-related expenses [21][27] - Adjusted net income for the full year was $7.8 million, or $0.97 per diluted share [27] Business Line Data and Key Metrics Changes - Specialty products net sales in Q4 2025 were $505 million, up over 4% year-over-year, driven by higher volumes and the addition of Disdero [22] - Structural products net sales were $211 million in Q4 2025, down 7% year-over-year, primarily due to lower pricing for lumber and panels [23] - Specialty gross margin was 18.1%, slightly down from 18.4% in the previous year, while structural gross margin was 10%, down from 10.8% [22][23] Market Data and Key Metrics Changes - The multifamily channel grew volumes by 19% in 2025, contributing significantly to the company's sales despite a challenging market [9][14] - Single-family housing starts were down 7% year-over-year in 2025, impacting overall market conditions [4] - Average lumber prices decreased by 12% and panel prices by 20% in Q4 2025 compared to the previous year [24] Company Strategy and Development Direction - The company is focused on profitable sales growth strategies, targeting both single and multi-family end markets with product and service expansions [4][8] - The acquisition of Disdero Lumber Co. is expected to enhance specialty product sales and strengthen the company's presence in the Western U.S. [12][13] - The company is investing in digital transformation and AI initiatives to improve operational efficiency and customer service [10][11] Management's Comments on Operating Environment and Future Outlook - Management views current market pressures as temporary, citing a persistent housing shortage and potential government policies that could stimulate recovery [16][18] - The company remains committed to its multifamily channel, anticipating long-term growth due to affordability challenges in housing [9][17] - Management expressed optimism about the potential for government proposals to boost the housing market [18] Other Important Information - The company generated operating cash flow of $62 million and free cash flow of $56 million in Q4 2025, reflecting effective working capital management [30] - Liquidity at the end of the year was $726 million, including $386 million in cash and cash equivalents [13][29] - The company completed $38 million in share repurchases in 2025, demonstrating a commitment to returning capital to shareholders [13][32] Q&A Session Summary Question: What were the primary drivers of the sequential improvement in specialty products gross margin? - Management indicated that part of the improvement was due to one-time rebate-related true-ups with a vendor, and the rest was attributed to maintaining pricing discipline in a challenging market [34] Question: Is EWP pricing stabilizing, and what is the broader pricing outlook? - Management agreed that EWP pricing has stabilized and expressed confidence in maintaining solid margins despite competitive pricing pressures [39] Question: What are the incremental costs associated with the AI focus versus traditional e-commerce platforms? - Management stated that incremental costs are currently unknown but expected to be immaterial compared to traditional e-commerce costs [73] Question: How is the company approaching M&A to complement Disdero? - The company is evaluating potential targets to grow its specialty product mix and support geographic expansion, with a pipeline of opportunities being nurtured [81]

BlueLinx (NYSE:BXC) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Company ParticipantsAditya Madan - Senior Equity Research AssociateJeffrey Stevenson - VP of Equity DivisionKelly Wall - CFO and TreasurerShyam Reddy - CEOTom Morabito - Investor Relations OfficerConference Call ParticipantsJohn McGlade - Associate Equity Research AnalystOperatorLadies and gentlemen, thank you for standing by, and welcome to the BlueLinx Holdings' fourth quarter and full year 2025 earnings conference call. At this time, ...

BlueLinx (NYSE:BXC) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Speaker4Ladies and gentlemen, thank you for standing by, and welcome to the BlueLinx Holdings' fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode, and today's call is being recorded. We will begin with opening remarks and introductions. At this time, I would like to turn the conference over to your host, Investor Relations Officer, Tom Morabito. Please go ahead.Speaker6Th ...

BlueLinx Q4 and Full Year 2025 Results Delivering What Matters February 25, 2026 © BlueLinx 2026. All Rights Reserved. 1 Safe Harbor Statement This presentation contains forward-looking statements. Forward-looking statements include, without limitation, any statement that predicts, forecasts, indicates or implies future results, performance, liquidity levels or achievements, and may contain the words "believe," "anticipate," "could", "expect," "estimate," "intend," "may", "project," "plan," "should", "will" ...

Financial Data and Key Metrics Changes - Full-year net income for 2025 was $132.8 million, or $3.53 per share, compared to $68.9 million, or $1.78 per share in the fourth quarter of 2024 [4][6] - Consolidated fourth-quarter sales were $1.5 billion, down 7% from the fourth quarter of 2024 [5][6] - Fourth-quarter net income was $8.7 million, or $0.24 per share, compared to $68.9 million, or $1.78 per share in the year-ago quarter [6][7] Business Line Data and Key Metrics Changes - Building Materials Distribution (BMD) sales in the fourth quarter were $1.4 billion, down 5% from the fourth quarter of 2024, with segment EBITDA of $56.4 million compared to $84.5 million in the prior year [8][9] - Wood Products sales in the fourth quarter were $354 million, down 16% compared to the fourth quarter of 2024, with segment EBITDA of $12.3 million compared to $56.6 million in the year-ago quarter [8][9] Market Data and Key Metrics Changes - Total U.S. housing starts increased by 4% year-over-year, while single-family housing starts increased by 7% [5] - Plywood sales volume was 354 million feet, down from 371 million feet in the fourth quarter of 2024, with average net sales price down 6% year-over-year [14][15] Company Strategy and Development Direction - The company is focused on expanding its distribution business and enhancing EWP production capabilities, with significant investments made in the last three years [4][16] - The acquisition of Holden Humphrey is expected to enhance the company's footprint and product offerings in the Northeast region [20][79] Management's Comments on Operating Environment and Future Outlook - Management noted that single-family starts fell short of 2024 levels by approximately 7% and are expected to be flat or modestly down in 2026 due to affordability challenges [20][21] - The company remains confident in long-term demand drivers for residential construction, including persistent undersupply of housing and high levels of homeowner equity [22][23] Other Important Information - The company repurchased approximately $181 million of common stock in 2025, including $70 million in the fourth quarter [16] - Capital expenditures for 2025 were $241 million, with expectations for 2026 spending between $150 million and $170 million [15][16] Q&A Session Summary Question: Can you talk about the share gains in the general line within BMD? - Management noted strong demand for general line products, achieving an all-time high in 2025, with continued growth expected [28] Question: How is the channel positioned for EWP as builders target low single-digit volume growth? - Management indicated that restocking has begun in Q1, and they are aligned with strong partners on the builder and dealer side [31] Question: What areas will the new CEO focus on? - The new CEO emphasized maintaining strategic priorities, increasing earnings stability, and becoming the employer of choice for associates [32][34] Question: Can you provide more color on the Holden Humphrey acquisition? - The acquisition is expected to enhance efficiency and access to new product categories in the Northeast region [79][80] Question: What factors could drive BMD margins back to 5%? - Management indicated that improved sales velocity and a favorable mix of products could help achieve this margin level [47][49]

Financial Data and Key Metrics Changes - Full-year net income for 2025 was $132.8 million, or $3.53 per share, compared to $68.9 million, or $1.78 per share in the previous year [4][6] - Fourth-quarter consolidated sales were $1.5 billion, down 7% from the fourth quarter of 2024 [5] - Fourth-quarter net income was $8.7 million, or $0.24 per share, compared to $68.9 million, or $1.78 per share in the year-ago quarter [6] Business Line Data and Key Metrics Changes - Building Materials Distribution (BMD) sales in the fourth quarter were $1.4 billion, down 5% from the fourth quarter of 2024, with segment EBITDA of $56.4 million compared to $84.5 million in the prior year [8][9] - Wood Products sales in the fourth quarter were $354 million, down 16% compared to the fourth quarter of 2024, with segment EBITDA of $12.3 million compared to $56.6 million in the year-ago quarter [8][9] Market Data and Key Metrics Changes - Total U.S. housing starts increased by 4% year-over-year, while single-family housing starts increased by 7% [5] - Plywood sales volume was 354 million feet, down from 371 million feet in the fourth quarter of 2024, with average net sales price down 6% year-over-year [14][15] Company Strategy and Development Direction - The company is focused on expanding its distribution business and enhancing EWP production capabilities, with significant investments made in the last three years [4][16] - The acquisition of Holden Humphrey is expected to enhance the company's footprint and product offerings in the Northeast region [20][77] Management's Comments on Operating Environment and Future Outlook - Management noted that single-family starts are expected to be flat or modestly down in 2026 due to affordability challenges for homebuyers [20][21] - The company remains confident in long-term demand drivers for residential construction, including housing undersupply and aging housing stock [22] Other Important Information - The company repurchased approximately $181 million of common stock in 2025, with an additional $39 million repurchased in the first quarter of 2026 [16][17] - A $6 million charge related to legal proceedings in the BMD segment was noted, stemming from a Lacey Act investigation [7][11] Q&A Session Summary Question: Can you talk about the share gains in the general line within BMD? - Management indicated strong demand for general line products, with significant growth in categories like James Hardie and Trex, and a focus on home center business [28] Question: How is the channel positioned for EWP with builders targeting low single-digit volume growth? - Management noted some restocking in Q1 and strong partnerships with builders and dealers, indicating readiness for market recovery [31] Question: What areas will the new CEO focus on? - The new CEO emphasized maintaining strategic priorities, increasing efficiencies, and becoming the employer of choice for associates [34] Question: Can you provide more color on the Holden Humphrey acquisition? - The acquisition is expected to enhance efficiency and access to new product categories in the Northeast, with opportunities to leverage relationships across the region [77] Question: What is the outlook for BMD margins? - Management indicated that achieving normal margins will depend on seasonal demand and product mix, with expectations for improvement in the second and third quarters [46][48]

Financial Data and Key Metrics Changes - Full-year net income for 2025 was $132.8 million, or $3.53 per share, compared to $68.9 million, or $1.78 per share in the prior year quarter [3][4] - Consolidated fourth-quarter sales were $1.5 billion, down 7% from the fourth quarter of 2024 [4] - Fourth-quarter net income was $8.7 million, or $0.24 per share, compared to $68.9 million, or $1.78 per share in the year-ago quarter [4][5] Business Line Data and Key Metrics Changes - Building Materials Distribution (BMD) sales in the fourth quarter were $1.4 billion, down 5% from the fourth quarter of 2024, with segment EBITDA of $56.4 million compared to $84.5 million in the prior year quarter [7][8] - Wood Products sales in the fourth quarter were $354 million, down 16% compared to the fourth quarter of 2024, with segment EBITDA of $12.3 million compared to $56.6 million in the year-ago quarter [7][8] Market Data and Key Metrics Changes - Total U.S. housing starts increased by 4% year-over-year, while single-family housing starts increased by 7% compared to the prior year quarter [4] - Plywood sales volume was 354 million feet, down from 371 million feet in the fourth quarter of 2024, with average net sales price down 6% year-over-year [12][13] Company Strategy and Development Direction - The company continues to focus on expanding its distribution business and enhancing EWP production capabilities, with significant investments made in the last three years [3][4] - The acquisition of Holden Humphrey is expected to enhance the company's footprint and product offerings in the Northeast region [19][77] Management's Comments on Operating Environment and Future Outlook - Management noted that single-family starts fell short of 2024 levels by approximately 7% and are expected to be flat or modestly down in 2026 due to affordability challenges for homebuyers [20] - The company remains confident in long-term demand drivers for residential construction, including persistent undersupply of housing and high levels of homeowner equity [22] Other Important Information - The company repurchased approximately $181 million of common stock in 2025, including $70 million in the fourth quarter [15] - Capital expenditures for 2025 were $241 million, with expectations for 2026 spending to be between $150 million and $170 million [14][15] Q&A Session Summary Question: Can you talk about the share gains in the general line within BMD? - Management noted strong demand in general line products, achieving an all-time high in 2025, with continued growth expected [27][28] Question: How is the channel positioned for EWP as builders target low single-digit volume growth? - Management indicated that restocking has begun in Q1, and strong partnerships with builders and dealers position the company well for market recovery [30] Question: What areas will the new CEO focus on? - The new CEO emphasized maintaining strategic priorities, increasing earnings stability, and becoming the employer of choice for associates [31][32] Question: Can you provide more color on the Holden Humphrey acquisition? - The acquisition is expected to enhance efficiency and access to new product categories in the Northeast, allowing for expanded relationships with key suppliers [76][78] Question: What factors will drive BMD margins back to 5%? - Management indicated that improved sales velocity, mix shift, and seasonal strength in the second and third quarters could help achieve this margin target [46][60]

Ferguson Enterprises (NYSE:FERG) Earnings call February 24, 2026 08:30 AM ET Company ParticipantsBill Brundage - CFOBrian Lantz - VP of Investor Relations and CommunicationsKeith Hughes - Managing Director of Equity ResearchKevin Murphy - President and CEOMichael Dahl - Managing Director of Equity ResearchRyan Merkel - Partner and Co-Group Head of IndustrialsConference Call ParticipantsDavid Manthey - Senior Equity Research AnalystMatthew Bouley - Senior Equity Research AnalystPhilip Ng - Senior Equity Rese ...

Artisan Partners, an investment management company, released its fourth-quarter 2025 investor letter for “Artisan Mid Cap Fund”.  A copy of the letter can be downloaded here. The Fund seeks to invest in companies that possess franchise characteristics, with strong earnings trajectories, and are trading at a discount to the estimated private market value. US equities ended a record year with robust fourth-quarter gains. The Fund’s Investor Class, ARTMX, delivered -0.44%, the Advisor Class, APDMX, delivered - ...