Core Viewpoint - James Hardie Industries plc is facing a challenging period due to a class action securities lawsuit, yet Citigroup has upgraded its stock from Neutral to Buy, indicating confidence in the company's future performance [2][3][5] Company Overview - James Hardie is a global leader in fiber cement products, known for innovative building materials used in residential and commercial construction [1] - The company competes with other building material firms such as Boral and CSR Limited [1] Stock Performance - As of the latest update, James Hardie's stock is trading at $20.45, reflecting a 2.29% decrease with a drop of $0.48 [4][5] - The stock has experienced significant volatility over the past year, with a high of $37.65 and a low of $17.85 [4][5] - The company's market capitalization is approximately $11.83 billion, with a trading volume of 3,104,227 shares [4] Legal Issues - A class action lawsuit initiated by Levi & Korsinsky, LLP, alleges that James Hardie made false statements or concealed adverse facts regarding its North America segment, particularly about consumer demand and growth [2][3] - Investors affected by the lawsuit are encouraged to contact Levi & Korsinsky before December 23, 2025, to explore their rights and recovery options [3]

Financial Data and Key Metrics Changes - The company reported record financial results for Q3 2025, with revenue of $1.2 billion and adjusted EBITDA of $273 million, marking all-time quarterly highs [4][21] - Adjusted EBITDA margin improved to 22.7% for the quarter, reflecting strong contributions from recent acquisitions and cost control efforts [4][21] - Year-over-year revenue growth was driven by a 22% increase in revenue and a 56% increase in adjusted EBITDA over the past three years [14] Business Line Data and Key Metrics Changes - In the aggregates segment, prices increased by 8% and margins improved by 50 basis points [16] - Ready-mix volumes were up 16% with price increases of almost 6%, leading to a margin improvement of 160 basis points [17] - Asphalt volumes were down approximately 7% due to less paving work, but margins slightly improved compared to the previous year [18] Market Data and Key Metrics Changes - The Oregon market showed year-over-year improvements, with contracting services backlog approximately 90% of last year's level [7] - The Mountain segment experienced challenges due to less asphalt paving, but backlog remains at record levels [9] - The Central segment saw a substantial increase in backlog, up 83% year-over-year, driven by strong demand in Texas [10] Company Strategy and Development Direction - The company continues to focus on M&A as a core component of its competitive edge strategy, with multiple deals in the pipeline [5][12] - The competitive edge plan includes optimizing pricing and controlling costs, which has led to improved gross margins across product lines [4][12] - The company aims to achieve a long-term goal of a 20% adjusted EBITDA margin through ongoing process improvements and dynamic pricing [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stabilization of the Oregon market and the potential for continued growth in 2026 [31] - The company anticipates that public infrastructure investments will support profitable growth, with a record backlog and favorable weather conditions expected [6][21] - Management highlighted the importance of dynamic pricing and operational efficiencies in driving future performance [12][54] Other Important Information - The company ended the quarter with a net leverage position of 2.6 times and $457 million of borrowing capacity [20] - Capital expenditures are expected to be between 5% and 7% of revenue for the full year, with $664 million invested in growth initiatives through Q3 [20] Q&A Session Summary Question: Context for fourth quarter guidance and year-on-year growth - Management cited stabilization in Oregon, a strong backlog, and favorable weather as key factors supporting confidence in year-on-year growth [25][26] Question: Potential for rebound in Oregon next year - Management noted the need for stability in the Portland economy and the impact of the transportation funding bill on future results [30][31] Question: Performance of Strata and EBITDA contribution - Management expressed satisfaction with Strata's integration and performance, anticipating strong contributions in the coming year [32] Question: Insights on backlog and project types - Management indicated that while margins in backlog are slightly lower, the overall gross profit is higher due to increased asphalt paving [39][40] Question: Competitive bid dynamics in the Mountain region - Management acknowledged intensified competition but emphasized that the challenges are temporary and related to project timing rather than structural issues [47][49] Question: Future M&A activity - Management plans to focus on infill acquisitions in existing markets and adjacent markets, targeting higher-margin materials-led companies [84][85]

Financial Data and Key Metrics Changes - The company achieved record performance in the third quarter, with revenues from continuing operations of $1.8 billion, a 12% increase year-over-year [7] - Adjusted EBITDA from continuing operations increased by 22% to $667 million, while consolidated adjusted EBITDA, including discontinued operations, rose by 15% to $743 million [8] - Earnings per diluted share from continuing operations were $5.97, a 23% increase, and total earnings per diluted share, including discontinued operations, were $6.85, a 16% increase [8] Business Line Data and Key Metrics Changes - Aggregates revenues reached $1.5 billion, a 17% increase, with gross profit up 21% to $531 million and gross margin expanding to 36% [6][16] - The specialties business reported record quarterly revenues of $131 million, a 60% increase, and gross profit increased by 20% to $34 million [6][17] - Revenues from the continuing operations building materials business, which includes aggregates, asphalt, and paving, increased by 10% to $1.7 billion, with gross profit rising 16% to $585 million [16] Market Data and Key Metrics Changes - The value of state and local government highway, bridge, and tunnel contract awards increased by 10% year-over-year, reaching $128 billion for the 12-month period ending September 30, 2025 [10] - Heavy non-residential construction demand remains steady, driven by data center development and recovery in warehousing and distribution [12][13] - The National Association of Home Builders' Housing Market Index rose to its highest level since April, indicating improved builder confidence [14] Company Strategy and Development Direction - The company is focused on disciplined growth and operational excellence, with a strategic plan that includes maintaining world-class safety standards and delivering attractive price-cost spread economics [9][20] - The company is raising its full-year 2025 consolidated adjusted EBITDA guidance to $2.32 billion, driven by strong performance in the aggregates product line [8] - The company is positioned to benefit from ongoing infrastructure investments and anticipates low single-digit aggregates volume growth and mid-single-digit pricing gains in 2026 [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of product demand, supported by sustained federal and state investment in infrastructure [11] - The company expects continued resilience in its aggregates business, particularly from heavy non-residential demand and a recovery in residential construction [9][10] - Management noted that while affordability constraints are impacting residential construction, there are signs of normalization in mortgage rates, which could support future growth [14] Other Important Information - The company entered into a definitive agreement with Quikrete Holdings Inc. for an asset exchange, expected to close in Q4 2025, which will enhance its growth potential [9] - The company has a total liquidity of $1.1 billion as of September 30, providing flexibility for M&A opportunities [18] Q&A Session Summary Question: Balance of aggregate pricing and volumes - Management reported that pricing was up 8%, with organic pricing up 7.9%, and volumes were also up 8%, with organic volumes increasing by 5.5% [22][23] Question: Cost side expectations - Management indicated that cost performance was satisfactory and expected improvements in price-cost spread in Q4, with a projected cost per ton growth of around 2% [31][32] Question: Volume cadence and government shutdown impact - Management noted steady performance throughout the quarter and indicated that the business is resilient to government shutdowns, with state funding remaining strong [42][47] Question: Bookings and backlogs - Management highlighted strong bidding activity in heavy non-residential construction and infrastructure, with positive momentum expected into 2026 [51][52] Question: Pricing tool rollout - The Precise IQ pricing tool is expected to be fully rolled out by mid-2026, with anticipated benefits captured in the mid-single-digit pricing guidance [91][92] Question: Mid-year aggregates pricing outlook - Management expressed confidence in continued growth in public sector spending and heavy non-residential construction, which could positively impact mid-year pricing [99][100]

Financial Data and Key Metrics Changes - Martin Marietta achieved record performance in Q3 2025, with aggregates revenues of $1.5 billion, a 17% increase year-over-year [6] - Adjusted EBITDA from continuing operations rose 22% to $667 million, while total earnings per diluted share increased 16% to $6.85 [8][9] - The company raised its full-year 2025 consolidated Adjusted EBITDA guidance to $2.32 billion at the midpoint, driven by strong performance in core aggregates [9] Business Line Data and Key Metrics Changes - Aggregates gross profit increased 21% to $531 million, with gross margin expanding 142 basis points to 36% [6][16] - The specialties business reported record quarterly revenues of $131 million, a 60% increase, and gross profit of $34 million, a 20% increase [6][17] - Revenues from the continuing operations building materials business increased 10% to $1.7 billion, with gross profit rising 16% to $585 million [16] Market Data and Key Metrics Changes - The value of state and local government highway, bridge, and tunnel contract awards increased 10% year-over-year, reaching $128 billion for the 12-month period ended September 30, 2025 [10] - Heavy non-residential construction demand remains steady, particularly in data centers and warehousing, with Texas leading in hyperscaler activity [12][13] - The National Association of Home Builders' Housing Market Index rose to its highest level since April, indicating improved builder confidence [14] Company Strategy and Development Direction - The company is focused on disciplined growth and operational excellence, with the launch of SOAR 2030 aimed at enhancing its aggregates-led platform and specialties business [20] - Martin Marietta's strategic plan includes maintaining world-class safety standards and delivering attractive price-cost spread economics [9][20] - The company is committed to returning capital to shareholders, with a 5% increase in quarterly cash dividends approved [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of product demand, supported by sustained infrastructure investment and solid heavy non-residential demand [10][12] - The preliminary outlook for 2026 reflects low single-digit aggregates volume growth and mid-single-digit pricing gains, driven by ongoing infrastructure investments [9][10] - Management noted that while residential construction activity is currently constrained, there are signs of recovery expected in the latter half of 2026 [15][20] Other Important Information - The company entered into a definitive agreement with Quikrete Holdings Inc. for an asset exchange, expected to close in Q4 2025, which will enhance its operational focus [9] - The company reported the best year-to-date safety performance in its history, highlighting its commitment to safety and operational excellence [6] Q&A Session Summary Question: Balance of aggregate pricing and volumes - Management reported that pricing was up 8%, with organic pricing up 7.9%, and volumes were up 8%, with organic volumes up 5.5% [22][23] Question: Cost side expectations - Management indicated an expected improvement in price-cost spread, with Q4 cost performance implied at around 2% growth [31][32] Question: Volume cadence and government shutdown impact - Management noted steady performance throughout the quarter, with resilience against government shutdown impacts due to stable funding for infrastructure projects [42][47] Question: Bookings and backlogs - Management highlighted strong bidding activity in heavy non-residential construction and infrastructure, with positive momentum expected into 2026 [51][55] Question: Pricing tool rollout - The Precise IQ pricing tool is expected to be fully rolled out by mid-2026, with anticipated benefits captured in the mid-single-digit pricing guidance [91][92] Question: Mid-year aggregates pricing outlook - Management expressed confidence in mid-year pricing for 2026, contingent on volume growth and favorable market conditions [97][99]

Q3 2025 Results Presentation November 4, 2025 Forward-Looking Statements The information in this presentation highlights the key growth strategies, projections and certain assumptions for the company and its subsidiaries, including with respect to the benefits of acquisitions. Many of these highlighted statements and other statements not historical in nature are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes th ...

Financial Data and Key Metrics Changes - Martin Marietta reported third quarter revenues from continuing operations of $1.8 billion, a 12% increase year-over-year, while total revenues, including discontinued operations, were $2.1 billion, a 10% increase [7][8] - Adjusted EBITDA from continuing operations rose 22% to $667 million, and consolidated adjusted EBITDA, including discontinued operations, increased 15% to $743 million [8] - Earnings per diluted share from continuing operations were $5.97, a 23% increase, while total earnings per diluted share, including discontinued operations, were $6.85, a 16% increase [8] Business Line Data and Key Metrics Changes - Aggregates revenues reached $1.5 billion, a 17% increase, with gross profit up 21% to $531 million and gross margin expanding to 36%, an increase of 142 basis points [5][15] - The specialties business achieved record quarterly revenues of $131 million, a 60% increase, and gross profit increased 20% to $34 million [5][16] - Revenues from the continuing operations building materials business, which includes aggregates, asphalt, and paving, were $1.7 billion, a 10% increase, with gross profit increasing 16% to $585 million [15] Market Data and Key Metrics Changes - The value of state and local government highway, bridge, and tunnel contract awards increased 10% year-over-year, reaching $128 billion for the 12-month period ending September 30, 2025 [10] - Heavy non-residential construction demand remains steady, particularly driven by data center development and recovery in warehousing and distribution [11][12] - The National Association of Home Builders' Housing Market Index rose to its highest level since April, indicating improved home builder confidence [13] Company Strategy and Development Direction - Martin Marietta is focused on disciplined growth and operational excellence, with a strategic plan that includes maintaining world-class safety standards and delivering attractive price-cost spread economics [9][20] - The company is raising its full-year 2025 consolidated adjusted EBITDA guidance to $2.32 billion, driven by strong performance in its core aggregates product line [8][9] - The company anticipates continued resilience in its aggregates business, supported by sustained infrastructure investment and solid heavy non-residential demand [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of product demand, citing ongoing federal and state investment in infrastructure and the expected recovery in residential construction [10][11] - The preliminary outlook for 2026 includes low single-digit aggregates volume growth and mid-single-digit pricing gains, reflecting a positive sentiment towards future demand [9][10] - Management noted that while intermittent government shutdowns may cause delays, core construction activities typically proceed uninterrupted due to stable funding sources [11][40] Other Important Information - The company is engaged in a portfolio-shaping transaction with Quikrete Holdings Inc., expected to close in Q4 2025, which will enhance its operational focus and financial flexibility [9][17] - Martin Marietta's commitment to returning capital to shareholders is demonstrated by a 5% increase in its quarterly cash dividend [18] Q&A Session Summary Question: Balance of aggregate pricing and volumes - Management reported that pricing was up 8%, with organic pricing up 7.9%, and volumes were also up 8%, with organic volumes increasing by 5.5% [22][23] Question: Cost side expectations - Management indicated an expected improvement in price-cost spread, with Q4 implied cost performance around 2% compared to the previous quarter [28][31] Question: Volume cadence and government shutdown impact - Management noted steady performance throughout the quarter and indicated that government shutdowns typically do not impact their business significantly [35][40] Question: Bookings and backlogs - Management expressed confidence in infrastructure spending and noted that state DOT budgets are up year-over-year, indicating a positive outlook for 2026 [44][61] Question: Pricing tool rollout - The Precise IQ pricing tool is expected to be fully rolled out by mid-2026, with anticipated benefits captured in the mid-single-digit pricing guidance [77][78] Question: Uncertainties for 2026 - Management feels more confident going into 2026 compared to 2025, citing continued federal investment and strong state DOT budgets as key factors [97][98]

Q3 2025 SUPPLEMENTAL INFORMATION* November 4, 2025 * All information provided in these slides is qualified in its entirety by reference to the Company's filings with the Securities and Exchange Commission (SEC), which are available on both the Company's and the SEC's websites. Statement Regarding Safe Harbor for Forward-Looking Statements Investors are cautioned that all statements herein that relate to the future involve risks and uncertainties and are based on assumptions that the Company believes in good ...

Financial Performance - Sales decreased to $809 million in Q3 2025, a 13% decrease compared to $935 million in Q3 2024[16] - Adjusted EBITDA decreased to $44 million in Q3 2025, a 46% decrease compared to $82 million in Q3 2024[16] - Adjusted EBITDA margin decreased to 5.5% in Q3 2025, a 320 bps decrease compared to 8.7% in Q3 2024[16] - Net cash used in operating activities was $(38) million in Q3 2025, compared to $78 million provided by operating activities in Q3 2024[45] - Free cash flow was $(142) million in Q3 2025, compared to $(40) million in Q3 2024[45] Revenue Analysis - Core revenue decreased by 10% due to lower volume/mix[16] - The Q3 2025 revenue bridge shows a decrease of $102 million due to volume/mix and a decrease of $44 million due to the Court-Ordered Towanda Divestiture[18] - Year-to-date core revenue is down 13%[50] Regional Performance - North America net revenue decreased to $546 million in Q3 2025, compared to $678 million in Q3 2024, a 13% decrease[23] - North America Adjusted EBITDA decreased to $38 million in Q3 2025, compared to $75 million in Q3 2024[23] - Europe net revenue increased to $263 million in Q3 2025, compared to $257 million in Q3 2024, a 2% increase[23] Outlook and Guidance - The company updated its 2025 guidance, projecting net revenue of $3.1 billion to $3.2 billion and Adjusted EBITDA of $105 million to $120 million[32] - The company expects a high single-digit volume decline in North America and a mid single-digit volume decline in Europe[30]

Achieves Record Quarterly Aggregates Revenues, Profitability and Margin Establishes Record Quarterly Revenues and Third Quarter Gross Profit in Specialties Business Raises Full-Year 2025 Guidance RALEIGH, N.C., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE: MLM) (Martin Marietta or the Company), a leading national supplier of aggregates and heavy building materials, today reported results for the third quarter ended September 30, 2025. Third-Quarter Highlights(Financial highlights ...

Company Overview - Builders FirstSource (NYSE:BLDR) is a leading supplier of building materials and manufactured components for residential and commercial construction, operating across the United States [1] - The company competes with other industry players like Home Depot and Lowe's, which also supply building materials and related services [1][6] Stock Performance - As of the latest update, the stock price of BLDR is $113.21, reflecting a decrease of approximately 2.55%, with fluctuations between a low of $111.66 and a high of $114.86 during the trading day [3] - The stock has experienced significant volatility, having dropped nearly 50% from its all-time highs, which were recorded at $194.36 [2][3][6] - D.A. Davidson has set a price target of $115 for BLDR, suggesting a modest upside potential of approximately 1.15% [2][6] Earnings and Market Capitalization - Despite the recent decline in stock price, the company reported earnings per share that exceeded expectations, capturing investor interest [2] - Builders FirstSource has a market capitalization of approximately $12.52 billion, with a trading volume of 536,707 shares on the NYSE [5] Technical Analysis - According to the Adhishthana Principles, Builders FirstSource is currently in Phase 9 of its 18-phase cycle, a critical phase that often determines future stock performance [4] - Historically, stocks form a Cakra structure between Phases 4-8, which is typically bullish; however, BLDR fell below the Cakra as it moved into Phase 8, indicating potential challenges ahead [4][5] - A successful breakout in Phase 9 could lead to the Himalayan Formation, signaling the start of a strong bullish rally [5]