Core Insights - Amrize Ltd reported revenue of $3.68 billion for the quarter ended September 2025, showing no year-over-year change, but exceeding the Zacks Consensus Estimate by +5.28% [1] - The company achieved an EPS of $1.06, a significant increase from $0 in the same quarter last year, with an EPS surprise of +4.95% over the consensus estimate of $1.01 [1] Revenue Performance - Building Envelope revenues were reported at $901 million, surpassing the average estimate of $896.07 million by four analysts [4] - Building Materials revenues reached $2.77 billion, exceeding the average estimate of $2.59 billion based on four analysts [4] EBITDA Analysis - Adjusted EBITDA for Building Envelope was $217 million, higher than the estimated $203.15 million by four analysts [4] - Adjusted EBITDA for Building Materials was reported at $902 million, which fell short of the average estimate of $946.1 million by four analysts [4] Stock Performance - Amrize Ltd's shares returned +4% over the past month, outperforming the Zacks S&P 500 composite's +3.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased securities of Quanex Building Products Corporation during the specified Class Period of the upcoming lead plaintiff deadline on November 18, 2025 [1] Group 1: Class Action Details - Investors who purchased Quanex securities between December 12, 2024, and September 5, 2025, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2] - A class action lawsuit has already been filed, and interested parties can join by contacting the law firm [3][6] - To serve as lead plaintiff, individuals must file a motion with the Court by November 18, 2025 [3] Group 2: Legal Representation - The Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a proven track record in securities class actions [4] - The firm has achieved significant settlements in the past, including the largest securities class action settlement against a Chinese company at the time [4] - Rosen Law Firm has consistently ranked highly in securities class action settlements, recovering hundreds of millions of dollars for investors [4] Group 3: Case Allegations - The lawsuit alleges that Quanex made false and misleading statements regarding its tooling and equipment maintenance policies, which were significantly underinvested [5] - It is claimed that the conditions of Quanex's tooling and equipment had degraded to near catastrophic levels, leading to significant costs and delays in expected benefits from the Tyman integration [5] - The lawsuit asserts that Quanex had previously identified these issues, making the positive statements about its business operations materially misleading [5]

Core Insights - Carlisle Companies Incorporated (NYSE: CSL) is recognized as a highly profitable manufacturing stock with strong analyst ratings despite recent target price adjustments [1][2]. Analyst Ratings and Price Targets - Goldman Sachs maintained a "Buy" rating on CSL but reduced the 12-month price target from US $444 to US $385, indicating an approximate 18.6% upside potential from the then-current price [1]. - Oppenheimer & Co. also kept its "Outperform" rating while lowering its target from US $440 to US $415, suggesting a potential upside of about 25.9% [1]. - Vertical Research initiated coverage with a "Hold" rating and a price target of $356 [3]. Earnings Expectations - CSL is expected to report FQ3 2025 earnings on October 29, with analysts forecasting an EPS of $5.36 on revenue of $1.32 billion [3]. - There has been a trend of seven analysts reducing their EPS estimates over the past 90 days, indicating some caution regarding the company's near-term performance [3]. Company Overview - Carlisle Companies is a diversified manufacturing company that specializes in building-envelope and weather-proofing materials, operating through segments such as Construction Materials and Weatherproofing Technologies [4].

Core Viewpoint - Vulcan Materials Company (VMC) is expected to report its third-quarter 2025 results on October 30, with earnings per share estimated to rise by 20.7% year-over-year to $2.68 and revenues projected to increase by 12.5% to $2.25 billion, driven by strong performance in aggregates, asphalt, and concrete sales [1][2][8]. Financial Performance - In the last reported quarter, Vulcan's adjusted earnings missed the Zacks Consensus Estimate by 3.9%, and revenues also fell short by 4% [1]. - The Zacks Consensus Estimate for VMC's third-quarter earnings per share has increased from $2.67 to $2.68 over the past week [2]. Revenue Drivers - The company's top line is likely to benefit from a rebound in shipments following earlier weather-related disruptions, with July showing double-digit growth in volumes [3]. - Strong infrastructure activity, supported by the Infrastructure Investment and Jobs Act and state-level funding, is expected to drive demand for highway and public works projects [3]. - Vulcan's exposure to fast-growing end-markets such as data centers and multifamily housing projects is anticipated to provide additional support [3]. Pricing and Cost Management - Pricing strength is expected to aid revenues, with an 8% mix-adjusted price growth reported in the second quarter likely extending into the third quarter [4]. - The company's operational efficiency measures and cost discipline are projected to enhance margins, allowing it to capture price improvements effectively [7][9]. Segment Performance - The Aggregates business is expected to grow net sales by 12.5% to $1.77 billion, with volumes and prices anticipated to increase by 6.5% and 5.8%, respectively [5]. - The Asphalt Mix segment is projected to see net sales of $394 million, reflecting a 3.4% growth, while Concrete revenues are expected to rise by 18.8% to $207.3 million [6]. Earnings Prediction - The model predicts an earnings beat for Vulcan, supported by a positive Earnings ESP of +2.87% and a Zacks Rank of 2 (Buy) [10].

Summary of Beijing New Building Materials (000786.SZ) Earnings Call Company Overview - **Company**: Beijing New Building Materials (BNBM) - **Ticker**: 000786.SZ - **Market Cap**: Rmb40.0 billion / $5.6 billion - **Industry**: China Advanced Materials & Construction Key Financial Performance - **3Q25 Net Profit**: Rmb657 million, down 29% year-over-year (yoy) and 20% below expectations [1][19] - **Topline Revenue**: Rmb6.35 billion, down 6% yoy, slightly below expectations, with strong waterproofing and coating sales offsetting weak gypsum board sales [11][19] - **Gross Profit Margin (GPM)**: 27.8%, down 2.3 percentage points yoy, primarily due to lower GPM from gypsum board [19] - **EBIT Margin**: 10.5%, down 4.2 percentage points yoy, leading to EBIT of Rmb667 million, down 33% yoy [19] - **Net Profit Margin (NPM)**: 10.4%, down 3.4 percentage points yoy [19] Sales and Product Performance - **Gypsum Board Sales**: Experienced a high single-digit percentage decline in both volume and average selling price (ASP) due to soft industry demand and increased competition [11][19] - **Waterproofing and Coating Sales**: Showed solid growth, with coating sales growing over 10% yoy [11][19] - **Management Outlook**: Optimistic about restoring gypsum board ASP through improved product mix and market position, with plans to invest in domestic gypsum board capacity [17][22] Earnings Revisions and Valuation - **Target Price**: Reduced to Rmb32.0 from Rmb33.0, reflecting earnings revisions with EPS down 5-6% for 2025E-2027E [2][21] - **Valuation Metrics**: Trading at 11x 2026E P/E, with a projected P/E of 12.2x for 2025E [2][12] Investment Thesis - **Core Business**: BNBM is the world's largest producer of gypsum boards, benefiting from rising renovation demand amid a slowdown in property completions in China [22] - **New Product Expansion**: Includes metal framing, waterproofing, and coatings, which are expected to drive earnings growth [22] - **Key Risks**: Weaker-than-expected property completions, raw material price increases, and execution risks on acquisitions [24] Financial Outlook - **Revenue Forecasts**: Expected revenues of Rmb25.3 billion in 2025E, Rmb26.4 billion in 2026E, and Rmb27.4 billion in 2027E [21] - **EPS Forecasts**: Projected EPS of Rmb1.93 in 2025E, Rmb2.07 in 2026E, and Rmb2.24 in 2027E [21] Additional Insights - **Cash Flow**: Recorded net operating cash inflow of Rmb577 million in 3Q25, down from Rmb1.18 billion in 2Q25 [19] - **Capex**: Increased by 29% yoy to Rmb322 million, likely due to overseas capacity expansion [19] - **Net Cash Position**: Maintained a net cash position of Rmb1.36 billion [19] This summary encapsulates the key points from the earnings call, highlighting the company's performance, outlook, and investment considerations.

Core Viewpoint - A class action lawsuit has been filed against James Hardie Industries plc for allegedly misleading investors about inventory destocking during a challenging market period [2][3]. Group 1: Allegations and Misleading Statements - Robbins LLP is investigating claims that James Hardie made false statements regarding the strength of its North America Fiber Cement segment, despite evidence of inventory destocking starting in April and May 2025 [2]. - The complaint alleges that James Hardie engaged in fraudulent channel stuffing, misrepresenting sales as being driven by sustainable customer demand [2]. Group 2: Impact on Stock Price - On August 19, 2025, James Hardie disclosed a 12% decline in sales for its North America Fiber Cement segment, which led to a significant drop in stock price by over 34%, from $28.43 to $18.64 per share [3]. Group 3: Class Action Participation - Shareholders interested in participating as lead plaintiffs in the class action must submit their papers by December 23, 2025, although participation is not required to be eligible for recovery [4].

Group 1 - The Fund initiated new positions in Boise Cascade (BCC), a building materials distributor and manufacturer [2]

Performance Overview - The Third Avenue Small-Cap Value Fund returned 7.18% in Q3 2025, underperforming the MSCI USA Small Cap Value Index at 8.97% and the Russell 2000 Value Index at 12.60% [2] - The Fund's annualized returns for the trailing three-year and five-year periods were 15.11% and 16.09%, respectively [2] Positive Contributors - Supernus Pharmaceuticals (SUPN) was the largest positive contributor, benefiting from a strong financial position, profitability, an expanding neurology drug portfolio, and a successful acquisition [3] - Investors Title Company (ITIC) saw positive performance due to increased real estate refinancing activity [3] - UMB Financial Corporation (UMBF) successfully integrated its acquisition of Heartland Financial, showcasing operational competence [3] Negative Contributors - Atlanta Braves Holdings (BATRA) was a negative contributor, though it is perceived to have an attractive asset base and potential for favorable resource conversion [4] - UniFirst Corporation (UNF) faced pressure to demonstrate its value proposition after rejecting an acquisition offer from Cintas Corporation (CTAS) [4] - FRP Holdings (FRPH) was impacted by a lack of confidence in government spending affecting the D.C. metro area [4] Investment Strategy - The Fund focuses on acquiring companies in transitional states, aiming to capitalize on undervalued businesses with potential for future growth [5] - Investment activity emphasizes companies that are well-financed, trading at discounts to net asset value, and have identifiable levers for value creation [6] - The Fund's turnover rate is approximately 20%, indicating a long-term investment horizon of about five years, contrasting with the average turnover of 91.7% in the small-cap value fund universe [7] Types of Investment Opportunities - The Fund identifies three broad types of investment opportunities: 1. Companies facing industry-wide headwinds that can improve through restructuring [9] 2. Companies with current economic returns that have underappreciated self-help opportunities [9] 3. Event-driven situations that offer unique return profiles through transformational changes [9] Recent Transactions - Ambac Financial (AMBC) completed the sale of its legacy financial guarantee business, leading to a significant cash inflow and a transformation towards insurance distribution [11][12] - The Fund initiated new positions in Boise Cascade (BCC) and Rogers Corporation (ROG) during the quarter, while also adding to existing positions like UniFirst Corporation (UNF) [14] Company Profiles - Boise Cascade is a leading manufacturer and distributor of building materials, facing challenges due to slowing housing activity but retaining a strong financial position [15][16] - Rogers Corporation specializes in electronic and materials technology solutions, facing growth challenges but possessing valuable intellectual property and a strong balance sheet [18][19][20]

Core Viewpoint - Rosen Law Firm has announced a class action lawsuit against James Hardie Industries plc, alleging that the company misled investors regarding the strength of its North America Fiber Cement segment during the specified class period from May 20, 2025, to August 18, 2025 [1][3]. Group 1: Allegations and Misleading Information - The lawsuit claims that James Hardie Industries misrepresented the demand for its products, stating that stock levels were "normal" despite knowledge of distributors destocking inventory [3]. - Investors are alleged to have suffered damages when the true state of the company's operations became known [3]. Group 2: Legal Proceedings and Participation - Shareholders wishing to serve as lead plaintiffs must file motions with the court by December 23, 2025 [4]. - Participation in the class action is not required to be eligible for recovery, allowing shareholders to remain absent class members if they choose [4]. Group 3: Rosen Law Firm's Background - Rosen Law Firm is recognized for its commitment to shareholder rights litigation, having recovered over $1 billion for shareholders since its inception [6].

Core Insights - James Hardie Building Products Inc. has announced an expansion of its product offerings through a new multi-year agreement with Boise Cascade Company, enhancing distribution capabilities in key markets [1][2][3] Company Overview - James Hardie is recognized as the North American leader in fiber cement home siding and exterior design solutions, offering a range of high-performance, low-maintenance products [5] - The company operates with a commitment to quality and safety, employing over 3,700 individuals in North America [5] Partnership Details - The agreement allows Boise Cascade to distribute AZEK® Exteriors and TimberTech® Decking and Railing products in the Pittsburgh, Baltimore, and Washington, D.C. markets, alongside James Hardie's full suite of products [2][3] - This partnership aims to leverage Boise Cascade's extensive distribution network of 39 locations across North America, enhancing access to James Hardie's product portfolio [2][3] Product Portfolio - James Hardie's expanded portfolio now includes TimberTech®, AZEK® Exteriors, Versatex®, and StruXure®, providing a variety of options for homeowners in siding, decking, trim, railing, and pergolas [3] - The introduction of TimberTech® is particularly significant as it marks the first time this leading composite decking brand will be available in the specified markets [3] Strategic Goals - Both companies express a commitment to mutual growth, with James Hardie emphasizing the importance of expanding access to its high-quality products through this partnership [3]