REPORTS

BUILDING PRODUCTS

The following are recent reports published by TRG. Please contact Chris White to request a copy.

March 2017

3/10
February Building Product Survey
3/9
Q3’17 GMS Beats EPS Estimates; Continues to Post Strong Revenue Growth & EBITDA Margin Expansion
3/1
AWI - Boston Marketing Focuses on EBITDA Bridge, Volume Trajectory

February 2017

2/27
AWI - Q4'16 A Modest Beat; AUV Continues to Drive Value
2/23
Continental Building Products – Q4'16 Beat Driven by Volumes
2/14
MHK - Q4'16 Post Conference Call Recap
2/13
January Building Product Survey; Stocks That Benefit From A More "Expansive" Definition of Infrastructure
2/9
MHK - Q4'16 A Beat; Push to Grow Ceramic Dominance Continues
2/9
OC – Q4'16 Post Conference Call Recap
2/8
OC – Q4'16 Beat Fueled by Roofing, Composites
2/3
BECN – Q1'17 Post Conference Call Recap
2/2
BECN – Q1'17 A Modest Beat; Delivers on Margins
2/2
USG – Q4’16 Post Conference Call Recap
2/1
USG – Q4’16 EPS A Beat: New $250MM Share Buy-Back Program = ~6% of USG Market Cap

January 2017

1/31
USG – Q4’16 Preview
1/30
EXP – Q3'17 Earnings Recap
1/24
EXP – Q3'17 (Dec.) EPS Beat Driven by Better Operating Earnings Contribution from Wallboard and Concrete & Aggregates
1/20
Q4’16 North American Wallboard Shipments Increased 9.6% YOY; U.S. Shipments Increased 11.5%
1/17
AWI Completed the Acquisition of Tectum
1/13
2017 IBS/KBIS Takeaways
1/6
Q4’16 Building Products Survey + Estimate, Price Target Updates

December 2016

12/14
BECN Investor Day Takeaways
12/14
China’s Jushi Breaks Ground on South Carolina Composite Plant
12/13
Q2’17 GMS Misses Estimates, But Continues to Post Strong Revenue Growth & EBITDA Margin Expansion
12/8
November 2016 Building Products Survey; Post Election Feedback & 2017 Outlook

November 2016

11/21
BECN – Q4'16 A Miss; Gross Margin Gains Continue
11/21
Headwaters Enters into Merger Agreement to be Acquired by Boral
11/18
BECN – Q4’16 Earnings Preview
11/11
October 2016 Building Products Survey
11/2
AWI - Q3'16 Recap

October 2016

10/31
AWI - Q3'16 A $0.01 Beat; Higher AUV Drives Results
10/26
OC – Q3'16 Recap; Balance Sheet Clean, Buyback Raised
10/26
OC – Q3'16 A $0.10 Beat, Dominated by Roofing Outperformance
10/26
USG – Q3'16 Recap; Post L&W, Balance Sheet in Best Shape Since The Second Clinton Inauguration
10/25
USG - Q3'16 In Line with TRG, $0.04 Above Consensus
10/24
EXP - Q2'17 Earnings Recap
10/24
EXP - Q2'17 (Sept) Below Consensus, In-Line With TRG Expectations
10/21
Q3’16 North American Wallboard Shipments Increased 6.6% YOY; U.S. Shipments Increased 7.1%
10/11
Q3'16 Building Products Survey

September 2016

9/13
Q1'17 GMS Results; Strong Revenue Growth & EBITDA Margin Expansion
9/12
EXP Announced to Acquire CX's Cement Assets in Ohio
9/8
August 2016 Building Products Survey: After a "Nervous" July, August Demand Improves
9/6
Attempting to Filter the "Weather Noise"

August 2016

8/29
USG to Sell L&W Supply to ABC Supply for $670MM
8/22
China Composite Update
8/16
BECN – Q3’16 Earnings Recap
8/15
MHK – Post Q2’16 Est. Update
8/2
BECN – Q3'16 $0.01 Beat Fueled By Higher Storm Activity

July 2016

7/27
OC – Q2’16 Focus on 2H’16
7/27
OC – Q2'16 A Solid Beat; Op Earnings Up YOY in All Divisions
7/26
USG – Q2'16 Wallboard Pricing up 3% Sequentially as Capacity Utilization Reaches Low-end of "Sweet Spot"
7/26
USG – Q2'16 Fundamentals In Line Despite Modest EPS Miss
7/25
EXP – Q1’17 Earnings Recap
7/25
EXP – Q1'17 (June) Earnings Beat Driven by Better Cement Earnings, Narrowed Frac Sand Losses
7/20
Q2’16 North American Wallboard Shipments Increased 6.5% YOY; U.S. Shipments Increased 7.1%
7/18
Distributor Tour Takeaways + Thoughts on Wallboard, Roofing

June 2016

6/30
Q2'16 Building Product Survey
6/8
May 2016 Building Product Survey

May 2016

5/31
Wallboard Industry : The Importance of Rising Capacity Utilization & Shrinking Coal Fire Plant Footprint
5/23
EXP – Q4’16 Earnings Recap
5/18
EXP – Q4'16 Beat Breaks a String of Four Quarterly Earnings Misses; Wallboard, Paperboard Drive Results
5/11
USG – CFO Meeting - June 14, 2016 - Chicago, IL
5/11
AWI – Q1’16 Earnings Recap
5/10
April 2016 Building Product Survey
5/10
CBPX – Q1'16 Beat Driven by Better Volumes, Margin Outperformance
5/6
AWI – Q1’16 Earnings Preview
5/3
BECN – Dramatic Q2 Upside; Outlook Less Clear Given Potential Demand Pull-Forward, Texas Storms Offset

April 2016

4/28
BECN – Dramatic Q2 Upside; Outlook Less Clear Given Potential Demand Pull-Forward, Texas Storms Offset
4/27
OC – Q1’16: Focus on Insulation Guidance; Investor Focus should be on Capacity Utilization
4/27
OC – Q1'16 Beat Driven by Better Composite, Roofing Margins; Focus on Outlook, Acquisitions
4/25
OC – Q1’16 Earnings Preview
4/21
USG – Q1’16 Beat Driven by All Divisions; Capacity Utilization Remains A Focus
4/21
USG – Q1'16 Beat Driven by Better Volumes, Margin Outperformance
4/20
Q1’16 Wallboard Shipments Increased 26.6% YOY; U.S. Shipments Increased 29.0%
4/20
INTEX Takeaways – AWI, BLDR, CBPX, EXP and USG Read Trough
4/18
USG – Q1’16 Preview
4/12
Q1’16 Building Product Survey; Res & Non-Res Demand Continues - Visibility thru 2017

March 2016

3/17
China Field Trip Takeaways on Composite, Carpet Tile, Resilient Flooring
3/7
February 2016 Building Product Survey; Non-res Driving Demand

February 2016

2/26
MHK – Q4’15: Steady Fundamentals, Reaping Benefits of Investments
2/25
MHK –Q4'15 A Beat; Outlook Within Street Expectations
2/24
AWI – Sum of the Parts Assessment Revisited
2/22
AWI – Q4'15 Focuses on Fundamentals Going into April 1 Ceilings, Flooring Separation
2/18
AWI – Q4’15 Earnings Preview
2/18
MHK – Q4’15 Earnings Preview
2/16
NeoCon 2016 Field Trip Save the Date - HNI, KNL, MLHR, SCS, TILE, MHK, Shaw Industries
2/11
OC – Q4’15: Better Margins the Story of the Quarter
2/10
OC – Q4'15 Beat Driven by Margins
2/8
January 2016 Building Product Survey
2/8
BECN - Q1 Shows Return of Distributor Pricing Power; Our Model Reflects D&A Consistency in 2016-2017
2/8
USG – Q4’15 Earnings; Ceilings pricing - Much Ado About Nothing
2/5
BECN - Q1’16 Earnings Snapshot
2/5
USG – Q4'15 Beat Driven by Better Gypsum, Ceiling Margins
2/3
OC - Q4’15 Earnings Preview
2/2
USG – Q4’15 Earnings Preview
2/1
EXP - Stock Bounces on Better than Anticipated Q3’16 Fundamentals

January 2016

1/29
TRG Announces First Annual Construction and Industrial Conference – April 5, 2016 – NYC
1/28
EXP - Q3'16 Miss Driven by Frac Sand Ops; Core Business Fundamentals Reasonable
1/22
IBS/KBIS Show Takeaways; Optimism Persists Despite Market Swoon
1/21
OC - Announced to Acquire Ahlstrom’s Glass Non-Wovens & Fabrics Businesses
1/20
Q4’15 Wallboard Shipments Down 4.0% YOY; U.S. Shipments Decrease 3.4%
1/13
Flooring Manufacturer Group Breakfast Opportunity - Feb. 8 (Monday)
1/8
Q4’15 Building Product Survey; Warm Winter Weather, the 2016 Outlook, & Earnings Previews

December 2015

12/30
AWI – Northeast Marketing Focuses on Fundamentals Pre-Split
12/14
Global Composite Industry Feedback on EU, Chinese Demand
12/10
November 2015 Building Product Survey - Wallboard Capacity "Optimal" Level Within 12 Months

November 2015

11/20
BECN - Attractive Q4 Margin Profile, But RSG Accretion Guidance Remains in Flux
11/24
BECN - Q4’15 Earnings Snapshot
11/23
BECN - Q4 EPS Preview; Updating Estimates to Include RSG---Deal Accretion Should Jump in 2017
11/20
OC– Investor Day 2015 Takeaways
11/16
Reminder of TRG Coverage European Exposure
11/11
October 2015 Building Product Survey
11/9
MHK - Q3’15 Focuses on Investing in MHK’s Global Salesforce
11/5
MHK - Q3'15 Within Guidance Range But A Penny Shy of Consensus
11/2
EXP - Estimate and PT update Post Q2’16 Earnings

October 2015

10/30
AWI – Q3’15 Ceilings Better Than Expected
10/29
AWI – Q3'15 Adjusted Earnings Beat Mostly Driven by Ceilings
10/26
EXP – Q2'16 Miss Expected; Fundamentals Solid in Core Business, Frac Sand Impairment and Inventory Write Down Charges Reported
10/23
USG – Q3’15 Focus on Ceiling Pricing
10/22
OC - Q3'15: Better Margins the Story of the Quarter
10/21
OC - Q3'15 Beat Driven By Better Margins in All Divisions
10/20
Q3’15 Wallboard Shipments Up 1.6% YOY; U.S. Shipments Increase 2.0%
10/9
Q3'15 Building Product Survey; "We are at the Front End of a [Non-res] Boom"

September 2015

9/11
Wallboard Industry Capacity Utilization Report
9/11
August 2015 Building Products Survey; Focus on Capacity Utilization, Tight Labor Market
9/3
BECN - Building Materials Distributors Seeing Significant Consolidation; Synergies/Cyclical Timing Favorable

August 2015

8/14
Flooring Manufacturer Group Breakfast Opportunity on Sept. 10
8/11
July 2015 Building Products Survey
8/7
EXP - Q2'16 Focuses Improved Fundaments
8/4
BECN - Q3'15 Earnings Snapshot
8/3
EXP - Q2'16 A Miss But Cement, Aggregate Pricing Prevails

July 2015

7/31
AWI - Q2'15 All About Flooring
7/31
BECN - Q3 Earnings Preview
7/30
AWI - Q2'15 Operating Beat Driven By Better Flooring Resutls
7/27
BECN - Announced Pending Acquisition of Roofing Supply Group
7/23
USG - Q2'15 Focus is Combined Res, Non-res End Market Momentum
7/22
OC - Q2'15 Beat Driven By Composite, Roofing Margins
7/21
Q2'15 Wallboard Shipments Grew 4.4% YOY
7/17
Q2'15 Building Products Survey; Momentum Improving for Both Res & Non-res End Markets
7/10
Private Building Product Distributor Group Lunch + Facility Tour - Boston - July 14th

June 2015

6/18
NeoCon Takeaways: Traffic Up, Small to Medium Sized Business is Back, Focus on Better Managing Tech - TILE, HNI, KNL, MLHR, SCS Feedback
6/8
May 2015 Building Products Survey
6/5
Takeaways From Meeting With Flooring Industry Leaders

May 2015

5/29
Flooring, Insulation, Roofing Manufacturers Meeting Points to Improving Res, Non-res Momentum
5/22
AWI - Mid-Atlantic Marketing Focuses on Life Post Spin, A Market That Actually Shows Signs of Life
5/18
EXP - Q4'15 Focuses on Frac Sand; Cement Pricing, Volume Drives Value
5/15
April Building Products Survey; Findings From TRG's "Real Life" Office Hunt
5/15
EXP - Q4'15 Core Cement, Wallboard Ops Show Solid Pricing, Margin Growth; Frac Sand Driver for EPS Miss
5/12
BECN - Pricing Power Demonstrated in Complementary; Roofing to Behave Similarly in Normal Conditions
5/8
BECN - Q2'15 Earnings Snapshot
5/8
MHK - Q1'15 Focuses on Sorting Out Sustainability of Margins
5/7
MHK - Q1'15 A Significant Beat; Q2 Guidance Impacted by FX Headwinds
5/6
BECN - Q2 Preview; Roofing Glass Half Full
5/4
AWI - Q1'15 Focuses on Ceilings; Eventual Split of ABP and AFP

April 2015

4/30
TILE - Raising Estimates (Again) Post Q1'15
4/30
AWI - Q1'15 A Modest Miss, FY'15 Guidance Unchanged
4/29
TILE - Q1'15 Beat Fueled By Strong Top Line, Better Gross Margins
4/23
USG - Q1'15 Confirms Non-res Recovery Still Has More to Go
4/22
OC - Q1'15 Beat Driven (Again) By Composite, Insulation Margins
4/17
Q1'15 Wallboard Shipments Grow 10.4% YOY
4/16
Flooring Mfg Feedback Points to Strong January, Better Than Anticipated Pricing Given the Drop in Oil Prices
4/13
Q1'15 Building Products Survey Themes: U.S.-Centric Focus, Non-res Recovery Continues, 2015 the "Year of the Consumer"
4/6
TILE - Boston Marketing Focses on Cycle, New Management
4/3
NeoCon 2015 Field Trip - Save the Date - TILE, Shaw, MLHR, KNL, SCS, HNI
4/2
AYI - Value Driven by Secular Shift, Cycle Working, Acquisitions are Upside
4/2
AYI - Q2'15 Earnings Beat Driven by Higher Revenues and Gross Margins

March 2015

3/27
Non-res Revisited; Non-res Recovery is Gaining Strength
3/17
BECN - Takeaways From Marketing Trip
3/13
February 2015 Building Products Survey
3/12
EXP - IL Rail Terminal Connects the Dots With Capacity and Distribution

February 2015

2/27
AWI - Revisiting Our Mid-2014 Break-Up Valuation Analysis
2/26
MHK - Q4'14 Post Conf Call Estimate Update
2/23
AWI - Q4'14 Earnings a Beat: Separating Flooring & Building Products
2/20
TILE - Raising Estimates Post Q4'14 Earnings
2/19
MHK - Q4'14 Earnings Beat, Despite a Softer Top Line
2/18
TILE - Q4'14 Earnings Beat, Driven by Better Top Line and SG&A
2/17
EXP - Q3'15 Post Conf Call Estimate Update
2/17
OC - Q4'14 Post Conf Call Estimate Update
2/13
Flooring Mfg. Feedback Points to Strong January, Better Than Anticipated Pricing Given the Drop in Oil Prices
2/11
OC - Q4'14 Earnings Beat on Better Composite and Indsulation Margins
2/10
BECN - Understanding the Sensitivities
2/8
USG - Q4'14 Conf Call Recap
2/6
BECN - Q1'15 Earnings Snapshot
2/4
BECN - Q1'15 Preview; Waiting on Clearer Spring Demand Indications and Focused on Asphalt Materials Pricing
2/3
EXP - Q3'15 Earnings Beat Street Expectations on Better Margins

January 2015

1/22
Q4'14 Wallboard Shipments Increased 2.8% YOY, Confirming Lower YOY Q4 Pre-buy Activity
1/13
MHK - Acquisition of IVC Group Expands EU Presence & Captures Growth in the U.S.
1/13
AYI - Q1'15 Post Conf Call Estimate Update
1/13
Q4'14 Building Products Survey
1/12
China's Jushi Announced to Adding a U.S. Plant & Expand Capacity in Egypt
1/9
AYI - Q1'15 Earnings Beat Driven By Higher Revenues & Gross Margins
1/6
Top Stock Ideas Going into 2015

December 2014

12/18/14
November Building Products Survey
12/16/14
TILE - West Coast Marketing Focus Remains on Margins, Impact of Lower Oil
12/15/14
November Building Products Survey
12/11/14
AWI - Exiting the European Resilient Flooring Business (Finally)
12/3/14
EXP - IL Frac Sand & Cement Tour; Raising PT to $150

November 2014

11/28/14
BECN - Difficult 2014 Should Not Be of Focus; 2015 Opportunity Ahead
11/25/14
BECN - Q4'14 Earnings Snapshot
11/24/14
BECN - Reiterate Buy; Long-term Thesis Driven by M&A, Normalized Weather & Housing Up-Cycle
11/12/14
October Building Products Survey
11/3/14
MHK - Q3'14 Post Conf Call Estimate Update
11/3/14
EXP - Q2'15 Post Conf Call Estimate Update, Raising PT to $125

October 2014

10/31/14
AWI - Q3'14 Post Conf Call Estimate Update, Assessing What is "Fixable"
10/30/14
MHK - Q3'14 Earnings Beat, Despite a Lighter Top Line
10/28/14
EXP - Q2'15 Earnings (Finally) In-Line with Street Expectations
10/27/14
OC - Q3'14 Earnings Yields No Surprises Given Pre-release
10/24/14
USG - Q3'14 Post Conf Call Estimate Update
10/24/14
TILE - Q3'14 Post Conf Call Estimate Update
10/23/14
OC - Q3'14 Post Conf Call Estimate Update
10/22/14
TILE - Q3'14 Results in the Midpoint of Preannounced Earnings
10/22/14
OC - Q3'14 Earnings Beat, With a Handful of Caveats
10/21/14
Building Products Distributor Meeting Highlights Non-res; More Color on Wallboard, Roofing, Ceiling Tile Trends
10/20/14
Q3'14 Wallboard Shipments Increased 5.2%, In-Line With Expectations
10/17/14
EXP - Acquires 2MM Tons of High Quality Frac Sand with Long-term Contracts
10/14/14
AWI - FY'14 & Q3'14 Guidance Lowered
10/13/14
AYI - Q4'14 Post Conf Call Estimate Update
10/13/14
TILE - Estimate Update Post Pre-Release; More Color on Cuts
10/13/14
EU Anti-Subsidy Investigation a Potential Positive for OC
10/11/14
TILE - Q3'14 Preliminary Release -Revenues & EPS Missed Expectations; Share Repurchase Plan & Bond Redemption Announced
10/1/14
BECN - Northeastern U.S.-Based Roofing Distributor Acquisition Broadens Footprint
10/1/14
AYI - Q1'14 Earnings Beat Driven By Higher Revenues & Margins

September 2014

9/30/14
Q3'14 Building Products Survey
9/18/14
Significance of Domestic Flooring Capacity Additions to MHK, TILE, & the Flooring Industry
9/15/14
Flooring, Insulation, Roofing, Composite Manufacturers Meeting
9/8/14
August Building Products Survey
9/3/14
The Roofing Industry Hasn't Fundamentally Changed (Yet)

August 2014

8/26/14
AWI - Another Management Change Announced
8/20/14
AYI - Northeast Marketing Takeaways
8/11/14
BECN - Q3'14 Post Conf Call Estimate Update
8/11/14
July Building Products Survey; Sentiment Hit Rock Bottom in Q2'14
8/8/14
TILE - Northeast Marketing Focuses On the Cycle, Margins
8/8/14
BECN - Q3'14 EPS Miss Driven By Softer Gross Margins
8/4/14
OC - Atlanta Roofing & Insulation Plant Tours Takeaways; Focus on Roofing Demand and Pricing Outlook
8/4/14
MHK - Q2'14 Conf Call Estimate Update

July 2014

7/31/14
MHK - Q2'14 Earnings Beat; Q3'14 Established & Full Year EPS Guidance Narrowed
7/29/14
AWI - Q2'14 Post Conf Call Estimate Update
7/29/14
TILE - Q2'14 Post Conf Call Estimate Update
7/28/14
USG - Q2'14 Post Conf Call Estimate Update
7/28/14
EXP - Q1'15 Post Conf Call Estimate Update
7/28/14
OC - Q2'14 Post Conf Call Recap & Estimate Update
7/28/14
AWI - Q2'14 A Miss; 2H'14 Guidance Lowered
7/24/14
USG - Q2'14 EPS Miss Driven By Softer Wallboard Volumes
7/23/14
TILE - Q2'14 EPS Missed By a Penny, Driven By Higher COGS
7/23/14
OC - Q2'14 Earnings Miss Driven By Soft Roofing Division Results
7/22/14
EXP - Q1'15 (June) Earnings Miss; Logistics a Nag to Cement Volumes but Demand Remains Intact
7/17/14
Q2'14 Wallboard Shipments Incrased 6.5%
7/9/14
Lumber Liquidators Q2'14 Preliminary Results & What This Means For Flooring Mfg MHK & AWI
7/2/14
AYI - Q3'14 Conf Call Estimate Update
7/1/14
AYI - Q3'14 Earnings Miss Driven By Lower Gross Margins

June 2014

6/30/14
Q2'14 Building Products Survey; Volume Improvements Modest on Balance, Pricing Story Intact
6/20/14
AWI - Investor Day Prompts Sum of the Parts Analysis
6/20/14
OC - Lower Full-Year Earnings Guidance
6/12/14
EXP - Cat's Out of the Bag; Water Run Off Permit Granted
6/11/14
Takeaways From Building Products Distributor Meeting Points To Building Momentum
6/3/14
May 2014 Building Products Survey; Volume Improvements Modest
6/2/14
Flooring Manufacturer Meeting Points To Better Pricing Trends, Ok Volumes

May 2014

5/19/14
EXP - Q4'14 Conf Call Estimate Update
5/14/14
EXP - Q4'14 A Miss But Pricing Improvement Strong
5/14/14
BECN - Q2'14 Conf Call Estimate Update
5/12/14
EXP Announces 2015 Wallboard Price Increase of 15%
5/9/14
BECN - Q2'14 Earnings Snapshot
5/6/14
MHK - Q1'14 Conf Call Estimate Update
5/1/14
MHK - Q1'14 Earnings Beat Ahead of Guidance; Q2'14 and Full Year EPS Guidance Established

April 2014

4/29/14
AWI - Q1'14 Post Conf Call Estimate Update
4/28/14
AWI - Q1'14 Earnings Miss But Fundamentals Improved
4/25/14
USG - Q1'14 Post Conf Call Estimate Update; Focus on Volumes
4/25/14
TILE - Q1'14 Post Conf Call Estimate Update
4/24/14
USG - Q1'14 EPS Miss Driven By Softer Top Line & Operating Margins
4/24/14
OC - Q1'14 Conf Call Recap & Estimate Update
4/23/14
TILE - Q1'14 EPS Driven By SG&A; Top Line & Outlook Better Than Expected
4/23/14
OC - Q1'14 Earnings Miss Driven By Softer Roofing Earnings, Lower Insulation Margins
4/14/14
Building Product Distributor Lunch Focuses on Consolidation
4/3/14
AYI - Q2'14 Post Conf Call
4/2/14
AYI - Q2'14 Earnings Miss Driven By Lower Gross Margins & Slightly Higher SD&A

March 2014

3/26/14
EXP & USG - Weakness Overdone
3/18/14
Non-res Revisited; 21 Stock Ideas Worth a Look
3/17/14
MHK - West Coast Marketing Trip Focuses on Growth Opportunities
3/12/14
BECN - Upgrading to Buy on Industry Consolidation
3/10/14
February 2014 Building Products Survey; Volumes Are Lousy, But the Mood Remains Upbeat
3/7/14
AWI - Northeast Marketing Takeaways

February 2014

2/10/14
AWI - Q4'13 Post Conf Call Estimate Update
2/24/14
TILE - Q4'13 Post Conf Call Estimate Update
2/24/14
MHK - Q4'13 Post Conf Call Estimate Update
2/24/14
AWI - Q4'13 Earnings Miss Driven by Wood Flooring
2/20/14
MHK - Q4'13 Earnings Snapshot; Another Earnings Beat, Q1'14 Guidance Impact by Weather
2/19/14
TILE - Q4'13 Earnings Snapshot; Adjusted EPS Missed Consensus
2/19/14
Building Products Distribution Consolidation Continues With Sale of GMS
2/18/14
Flooring Manufacturer Points to Solid Non-res Volume Trends; Resi Pricing a Potential Concern
2/14/14
Update From Global Composite Producers Positive for Owens Corning
2/13/14
OC - Q4'13 Post Conf Call Recap & Estimate Update
2/12/14
OC - Q4'13 Earnings A Beat; Meaningful Turnaround in Composite & Strong Insulation Margings
2/10/14
January 2014 Building Products Survey; Will Winter Storms Test Pricing Resolve?
2/7/14
USG - Q4'13 Post Conf Call Estimate Update
2/7/14
BECN - Q1'14 Post Conf Call Estimate Update
2/7/14
BECN - Q1'14 Earnings Snapshot
2/7/14
EXP - Q3'14 Post Conf Call Estimate Update
2/6/14
USG - Q4'13 EPS Impacted by Higher Tax; Non-res Strength the Focus
2/4/14
EXP - Q3'14 (December) A Miss But Pricing Up in All Divisions, A First Since Q3'06

January 2014

1/30/14
Atlanta Non-Res Field Trip; Raising TILE PT; Lowering ATI Rating From Buy to Hold on Valuation
1/9/14
AYI - Q1'14 Earnings Beat Driven By Strong Volumes & Margin Improvement
1/7/14
Q4'13 Building Products Survey & 2014 Outlook
1/2/14
USG - Clarification on Berkshire Hathaway USG Note Conversion Announced in November

December 2013

12/4/13
Takeaways From Building Products Distributor Lunch - Non-Res Outlook Improving
12/11/13
November Building Products Survey

November 2013

11/26/13
BECN - Q4'13 Post Conf Call & Estimate Update
11/26/13
BECN - Q4'13 Earnings Snapshot
11/12/13
October Building Products Survey
11/11/13
OC - Investor Day Takeaways; Focus on Composites & Greater Transparency
11/4/13
EXP - Q2'14 Conf Call Recap; Cement & Wallboard Outperform; Frac Send Permit Pending
11/4/13
MHK - Q3'13 Earnings Recap; Reiterate $160 Price Target

October 2013

10/31/13
MHK - Q2'13 Earnings Snapshot; Another Strong Earnings Beat, Q4'13 Guidance Ahead of Street Expectations
10/30/13
EXP - Q2'14 (September) Even With Consensus; Fundamentals Remain Intact
10/30/13
AWI - Q3'13 Conf Call Recap
10/30/13
USG - Q3'13 Conf Call Recap
10/28/13
OC - Q3'13 Post Conf Call Thoughts; Composite Division A Focus Again
10/28/13
TILE - Q3'13 Post Conf Call Recap; All Geographies Sales Up in Early 2013
10/28/13
AWI - Q3'13 Earnings Posts Strong Wood Flooring Sales But Rising Costs Impacted Margins
10/23/13
OC - Q3'13 Earnings A Miss; Segments Underperformed
10/21/13
OC - TRG China Composite Tour Takeaways
10/16/13
USG Announced JV with Boral Corporation; Preliminary Q3'13 Earnings
10/8/13
EXP - Post Northeast Marketing; Reiterate $110 PT
10/7/13
AYI - Q4'13 Conference Call Recap
10/2/13
Q3'13 Building Products Survey - Strong Momentum Continues; Bottleneck in Labor Persists
10/1/13
AYI - Q4'13 Earnings Snapshot; Earnings Beat Driven by Top Line

September 2013

9/11/13
August 2013 Building Products Survey
9/10/13
AWI - Further Liquidity From Asbestos Trust and TPG Divesting Shares
9/9/13
National Gypsum 2014 Wallboard Price Increase of 20%
9/6/13
Armstrong World (AWI) - Toronto Marketing Focuses on Non-res Recovery, Architectural Specialties Opportunity, & Emerging Market Development
9/4/13
Improving Res and Non-res Markets Drive TRG's Top 5 Stock Ideas

August 2013

8/20/13
Interface (TILE) - Northeast Marketing Focuses on Europe Stabilization, End Market Growth Opportunities
8/19/13
July 2013 Building Products Survey
8/15/13
Eagle Materials Q1'14 Conference Call Recap; Reiterate Buy & $110 PT
8/12/13
BECN - Q3'13 Post Conference Call Recap
8/12/13
AYI - Northeast Marketing Focuses on Secular, R&R Shift Growth Drivers
8/9/13
BECN - Q3'13 Earnings Snapshot
8/7/13
EXP - Q1'14 (June) a Modest Miss, But Strong Fundamentals Remain Intact
8/6/13
MHK - Q2'13 Earnings & Why MHK is a $160 Stock
8/1/13
MHK - Q2'13 Earnings Snapshot; Earnings Beat, Q3'13 Guidance Head of Street Expectations

July 2013

7/30/13
AWI - Q2'13 Post Conference Call Recap; Non-res Recovery Underway
7/29/13
TILE - Q2'13 Post Conference Call Recap; All Geographies Sales Up in Early Q3'13
7/29/13
AWI - Earnings Posts Strong Ceilings, Wood Flooring Top Line, But Rising Costs Offsets Some Gains
7/26/13
USG Q2'13 Conference Call Recap; Residential Recovery Continues; L&W's First Profit in 5 Years Signals Non-res Recovery Underway
7/25/13
OC Q2'13 Post Conference Call Thoughts; Outlook Positive, Pricing Power Theme Intact
7/25/13
USG Q2'13 Earnings Beat; Pricing Theme Remains Dominant, Benefitting Margins
7/24/13
TILE Q2'13 Earnings Snapshot; EPS Even With Consensus
7/24/13
OC Q2'13 Earnings Snapshot; Margin Improvement Despite Softer Top Line
7/10/13
Q2'13 Building Products Survey
7/9/13
AYI Q3'13 (May) Conf Call Recap; Raising Price Target
7/2/13
AYI Q3'13 Earnings Snapshot - LED Growth Continues, Sales Volume Improved YOY

June 2013

6/28/13
Lafarge Wallboard Sale Thoughts, Roofing Check Up, Non-res Manufacturer Feedback
6/20/13
USG - "The Light at the End of the Tunnel is No Longer a Train"; West Coast Marketing Solidifies Conviction
6/17/13
Chicago NeoCon 2013 Takeaways - TILE, MHK, USG, AWI, AYI
6/14/13
Roofing Pricing and Wallboard Capacity Updates - Read-Through for OC, BECN, USG, EXP
6/10/13
May 2013 Building Products Survey Points to Better Resi R&R Activity
6/5/13
OC - TRG Chinese Contacts Comment on OC's Strategic Alliance with Taishan
6/4/13
Volume Velocity Improves, Pricing Power Remains Intact - Takeaways from Distributor Lunch
6/3/13
Flooring Mfg Meetings Reconfirms Acceleration of Trends; Positive for MHK, TILE

May 2013

5/28/13
Private Wallboard Mfg Feedback Points to Acceleration of Trends; Positive for EXP, USG
5/22/13
EXP - Q4'13 Conference Call Recap - $110PT; Building A Case
5/17/13
April 2013 Building Products Survey
5/16/13
BECN - Q2'13 Post Conf Call Recap
5/10/13
BECN - Q2'13 Earnings Snapshot
5/8/13
MHK - Q1'13 Recap & Why MHK is a $160 Stock
5/6/13
OC - TX Composite Plant Tour Points to Better Pricing Environment
5/2/13
MHK - Q1'13 Earnings Snapshot
5/1/13
AWI - Q1'13 Post Conference Call Recap

April 2013

4/30/13
TILE - Q1'13 Conference Call Recap
4/29/13
2013 LightFair - Improved Outlook, LED Catch Up, Retrofit Growth Dominant Themes
4/29/13
AWI - Q1'13 Earnings Impacted by Higher Tax Rate
4/26/13
USG - Q1'13 Conference Call Recap; Reiterate Buy
4/25/13
OC - Q1'13 Conference Call Recap; Pricing Power Theme Intact
4/24/13
USG - Q1'13 Earnings Snapshot
4/24/13
OC - Q1'13 Earnings Snapshot
4/16/13
Q1'13 Building Products Survey
4/11/13
AYI - Q2'13 Post Conference Call EPS Update; Focusing on LightFair
4/7/13
CertainTeed Fleshes Out Roofing Shingle Expansion Plans - A First in 35 Years
4/4/13
EXP - West Coast Travels Solidifies EXP Secular & Cyclical Growth Story
4/3/13
AYI - Q2'13 Earnings Snapshot - LED Growth Continues, Core Product Mix Lower
4/3/13
OC Insulation Announced June Price Increase of 10-15%

March 2013

3/28/13
Additional Insulation Checks to Partial Acceptance of Price Increase + Expectations for a 2nd Increase
3/25/13
Non-Res Construction Show Focuses on Rising Labor Rates, More Optimistic Volume Outlook
3/4/13
February Building Products Survey

February 2013

2/25/13
MHK - Q4'12 Post Conference Call Recap
2/21/13
MHK - Q4'12 Earnings Snapshot
2/21/13
OC - Q4'12 Post Conf Call Thoughts; Fundamentals Still Intact
2/20/13
AWI - Q4'12 Post Conf Call Recap
2/20/13
OC - Q4'12 Earnings Snapshot
2/19/13
OC's Rehiring Furloughed Composite Workers at Largest Plant
2/19/13
TILE - Q4'12 Post Conf Call Recap
2/19/13
AWI - Q4'12 Earnings Beat; Guidance Lowered on Timing of Construction Cycle
2/19/13
EXP - Q3'13 Conf Call Recap & Why You Still Should Own EXP
2/11/13
BECN - Q1'13 Post Conf Call Recap
2/11/13
USG - Q4'12 Conf Call Recap; Reiterate Buy
2/8/13
BECN - Q1'13 Earnings Snapshot
2/7/13
GAF Announced to Open a New Manufacturing Facility in Utah
2/6/13
EXP - Q3'13 Earnings Snapshot; Fundamentals Remain Strong
2/6/13
USG Q4'12 Earnings Snapshot
2/1/13
Q4'12 Building Products Survey: No, It's Not Too Late To Invest

January 2013

1/29/13
Building Products Pricing Power Continues, More Color on Non-Res Trends - Takeaways from Distributor Lunch
1/18/13
CertainTeed to Construct First Greenfield Asphalt Shingle Plant in 35 Years
1/15/13
More Evidence that Inflation Remains a Building Products and Materials Theme in 2013
1/11/13
AYI - Q1'13 Post Conference Call Update
1/8/13
AYI - Q1'13 (Nov) Missed Consensus (again), Even Excluding Charges
1/6/13
Feedback from Building Products Contacts Supports 2013 Investing Themes
1/2/13
Things Really Are Bigger in Texas
1/2/13
AYI - Q1'13 (November) Earnings Preview
1/2/13
BECN - Northern CA-Based Roofing Distributor Acquisitions Broadens Footprint

December 2012

12/19/12
Getting Back to the Basics in TX - EXP, TXI Management Meetings
12/17/12
Basics on Wallboard Industry Plaintiff Lawsuit
12/14/12
November Building Products Survey Points to Pricing Power Going into 2013
12/6/12
BECN - Q4'12 Post Conference Call Recap
12/6/12
AWI Increasing Wood Flooring Workforce to Meet "Increasing Demand"

November 2012

11/29/12
BECN - Q4'12 Earnings Snapshot
11/21/12
USG Wallboard Pricing Announcement Just in Time for Thanksgiving
11/13/12
October Building Products Survey
11/6/12
AWI - Finally Some Modest Liquidity Event; Asbestos Trust and TPG to Divest Some Shares
11/5/12
AWI - Q3'12 Post Conference Call Recap
11/5/12
MHK - Q3'12 Post Conference Call Recap
11/2/12
MHK - Q3'12 Earnings Snapshot
11/1/12
EXP - Q2'13 Conf. Call Recap & What the Frac Opportunity Could Yield

October 2012

10/29/12
EXP - Q2'13 Earnings a Modest $0.02 Beat; Fundamentals Remain Strong
10/29/12
MHK Acquisition of Pergo Broadens U.S. Laminate Market
10/29/12
IFSIA - Q3'12 Post Conference Call Recap
10/29/12
AWI - Q3'12 Earnings Beat; Guidance Modestly Trimmed on Divestitures, Soft Peddle on R&R Activity
10/26/12
OC - Q3'12 Post Conference Call Thoughts
10/25/12
AWI - Fires & Price Increases: It's All About Managing the Business
10/24/12
IFSIA - Q3'12 Earnings Snapshot
10/24/12
OC - Q3'12 Earnings Snapshot
10/22/12
BECN - PA-Based Roofing Distributor Acquisition Establishes Strong Presence in a New Market
10/18/12
USG - Q3'12 Earnings Snapshot
10/16/12
Q3'12 Building Products Survey; Sluggish Before Elections
10/15/12
Lafarge Announces 30% Wallboard Price Increase
10/10/12
EXP - Path to $70 Outlined
10/9/12
OC FY12 Earnings Outlook Lowered; Softer Roofing Trends and Lower EU Industrial Production
10/2/12
AYI - Q4'12 (Aug) Missed Consensus, Even Excluding Charges

September 2012

9/25/12
Owens Corning Boston Meetings Focus on Composities - Setting up for Strong 2013
9/17/12
August Building Products Survey
9/14/12
Building Products the Group to Own Because of Pricing Power - Takeaways from Distributor Lunch
9/6/12
AWI - Clarification on AWI's Divestment of Patriot Flooring
9/6/12
National Gypsum Out with Formal Pricing Letter; Wallboard Pricing Up by 30% in Jan 2013

August 2012

8/27/12
Update on Tropical Storm Isaac & Its Possible Impact on the Roofing Industry Players OC and BECN
8/21/12
Update on the ABI; A Useful Metric Only When Paired with Primary Research
8/14/12
July Building Products Survey
8/7/12
BECN - Q3'12 Post Conference Call Recap
8/7/12
AWI - Northeast Marketing Takeaways
8/7/12
BECN - Q3'12 Earnings Snapshot
8/6/12
OC - Q2'12 Conference Call Recap
8/6/12
MHK - Q2'12 Conference Call Recap
8/3/12
EXP - Q1'13 Conference Call Recap
8/2/12
MHK - Q2'12 Earnings Snapshot
8/2/12
EXP - Q1'13 Earnings Snapshot
8/1/12
OC - Q2'12 Earnings a Miss; Softer Roofing Trends Not a Surprise

July 2012

7/31/12
AWI - Q2'12 Post Conference Call Recap
7/30/12
AWI - Q2'12 Earnings Miss; Guidance Lowered
7/27/12
The Fiscal Cliff Cometh: Industry Contact Comments & Potential Business Impact
7/26/12
USG - Conference Call Recap; Reiterate Buy
7/26/12
IFSIA - Q2'12 Earnings Snapshot
7/25/12
Composite Demand Isn't Great but the Market Already Priced Into OC
7/25/12
USG - Q2'12 Earnings Snapshot; Still Strong Wallboard Volumes, Pricing, Despite a Miss
7/20/12
IFSIA - Fire at Australian Plant Last Night
7/16/12
Q2'12 Building Products Survey
7/13/12
Lafarge Out with 2012 Wallboard Price Increase + Another Insulation Price Incrase
7/9/12
AYI - Q3'12 Post Conf Call; Secular Thesis Intact
7/2/12
AYI - Q3'12 Earnings Snapshot; A Solid Beat, Even Excluding Charges

June 2012

6/29/12
AYI - Q3'12 (May) Earnings Preview
6/18/12
Wallboard Marketing Feedback Shows Some Signs of Hope
6/11/12
May Building Products Survey
6/8/12
Flooring Resi Feedback Points to Sequentially Sliding Trends
6/6/12
Update - European Exposure & What This Means for TRG Stocks
6/5/12
Building Products - How Are Ugly Headlines Impacting Building Product Sales and Pricing Trends?

May 2012

5/31/12
IFSIA - Northeast Marketing Points to Less Choppy 2012
5/17/12
BECN - Q2'12 Post Conf Call Recap
5/17/12
EXP - Q4'12 Post Conference Call Recap
5/16/12
EXP - Q4'12 Earnings Snapshot
5/14/12
EXP - Buy on Well-Grade Cement Opportunity
5/14/12
April Building Products Survey
5/10/12
BECN - Q2'12 Earnings Snapshot
5/1/12
AWI - Q1'12 Post Conf Call Recap

April 2012

4/30/12
IFSIA - Q1'12 Post Conf Call Recap
4/30/12
AWI - Q1'12 Earnings Snapshot
4/25/12
OC - Q1'12 Miss Driven by Softer Margins
4/25/12
IFSIA - Q1'12 Earnings Snapshot
4/19/12
AYI - Q2'12 Post Conf Call EPS Update
4/18/12
USG - Q1'12 Post Conf Call Recap
4/17/12
USG - Q1'12 Earnings Snapshot
4/9/12
Q1'12 Building Products Survey & Earnings Preview
4/3/12
Lighting Industry Feedback in Advance of AYI Earnings Release

March 2012

3/26/12
USG - Preliminary Results Ahead of TRG's Bullish Expectations
3/16/12
February 2012 Building Products Survey; Job Quote Elimination Trend Spending
3/5/12
MHK - Q4'11 Post Conf Call Recap
3/5/12
IFSIA - Q4'11 Post Conf Call Recap

February 2012

2/29/12
AWI - Q4'11 Post Conf Call Recap
2/27/12
AWI - Q4'11 Earnings Snapshot
2/24/12
MHK - Q4'11 Earnings Snapshot
2/23/12
IFSIA - Q4'11 Earnings Snapshot
2/17/12
OC - Q4'11 Post Conf Call Thoughts
2/15/12
OC - Q4'11 A Miss; Focus Will Be Composite Readjustments
2/14/12
Building Products - January 2012 Building Products Survey
2/13/12
BECN - Q1'12 Post Conf Call Recap
2/8/12
USG - Q4'11 Conf Call Recap; Wallboard Pricing Action Still The Focus
2/8/12
EXP - Q3'12 Conf Call Recap; Wallboard Remains the Focus
2/2/12
EXP - Q3'12 Earnings Snapshot

January 2012

1/17/12
Building Products - Q4'11 Industry Wallboard Shipments Surge 14% - Reiterate Buy on EXP, USG
1/11/12
AYI - Q1'12 Post Conf Call; Solid Outperformance Drives Cont. Secular Thesis
1/9/12
AYI - Q1'12 (Nov) A Solid Beat
1/6/12
Building Products - Q4'11 Building Products Survey

December 2011

12/14/11
Building Products - November Building Products Survey
12/2/11
BECN - Post Q4'11 Conf Call Recap

November 2011

11/29/11
BECN - Q4'11 Earnings Snapshot
11/15/11
Building Products - October Building Products Survey
11/8/11
MHK - Q3'11 Post Conf Call Recap
11/4/11
MHK - Q3'11 Earnings Snapshot
11/1/11
IFSIA - Q3'11 Post Conf Call Recap: Cost Issues "Fixable"
11/1/11
AWI - Q3'11 Post Conf Call Recap

October 2011

10/31/11
AWI - Q3'11 Earnings Snapshot
10/28/11
OC - Q3'11 Buy Thesis Remains Intact
10/28/11
EXP - Q2'12 Conf Call Recap; Job Quotes Still The Focus
10/27/11
EXP - Q2'12 Earnings Snapshot
10/27/11
IFSIA - Earnings Miss Driven By Slowed Int'l Growth and Raw Material Inflation
10/26/11
OC - Q3'11 A Beat But Lowered Guidance Will Be the Focus
10/25/11
Building Products - Q3'11 Wallboard Shipments Decrease 4.2% YOY
10/21/11
USG - Q3'11 Conference Call Recap; First Positive Comps Since '06
10/20/11
USG - Q3'11 Wallboard, Ceilings Results Ahead of Expectations
10/12/11
Building Products - Q3'11 Building Products Survey
10/7/11
AYI - A Bright Future Ahead; Upgrading to a Buy
10/6/11
USG - Upgrading on "Biggest Industry Fundamental Change In 30 Years"
10/6/11
EXP - Upgrading on "Biggest Industry Fundamental Change In 30 Years"
10/5/11
AYI - Q4'11 Earnings Snapshot

September 2011

9/6/11
Building Products - August Building Products Survey
9/2/11
AWI - If TPG and AWI Mgt are Buying the Stock, Why Aren't You?

August 2011

8/17/11
AWI - What Has Happened Since Q2'11 Earnings & Why You Should Own
8/17/11
IFSIA - Industry Contacts Confirm IFSIA Mispricing - A Buying Oppty
8/17/11
OC - Primary Earnings Growth Not Necessarily Tied to Macro
8/11/11
Building Products - July Building Products Survey; Sorting out Double Dip Fears
8/10/11
BECN - Q3'11 Pent Up Storm Demand Key for 2H'11
8/10/11
MHK - Q2'11 Post Conference Call Takeaways
8/8/11
BECN - Q3'11 Earnings Snapshot
8/8/11
MHK - Q2'11 Earnings Snapshot
8/3/11
OC - Q2'11 Earnings Snapshot
8/1/11
AWI - Q2'11 Earnings Snapshot

July 2011

7/28/11
IFSIA - Top Line Surges 18%, Gross Margins Stable in a Volatile Market; Reiterate Buy
7/25/11
USG - Q2'11 Conference Call Recap
7/22/11
USG - Q2'11 Earnings Miss, Wide Losses Continue
7/11/11
Q2'11 Building Products Survey; Roofing Still Strong, Trimming EXP, USG, MHK Estimates
7/1/11
AYI - Q3'11 Conference Call Takeaways

June 2011

6/29/11
AYI - Q3'11 Earnings Snapshot
6/8/11
June Building Products Survey - Storms Spur Roofing Inflection Point: Reiterate Buy on OC and Raising Estimates

May 2011

5/25/11
Positive Roofing, Composites Feedback - Reiterate Buy on OC
5/16/11
May Building Products Survey - Reiterate Buys on AWI, IFSIA and OC
5/13/11
AWI - "There's More Juice to Squeeze in this Lemon"
5/10/11
BECN - Q2'11 Pent Up Storm Demand Key for 2H'11
5/9/11
BECN - Q2'11 Earnings Snapshot
5/6/11
MHK - Q1'11 Earnings Highlighted by Improving Commercial Trends
5/2/11
AWI - Reiterate Buy on AWI Q1'11 Beat - Ceilings Drive Performance

April 2011

4/29/11
OC - Q1'11 - Insulate Your Returns With Composites
4/29/11
IFSIA - Q1'11 Core Fundamentals Outperform; Reiterate Buy
4/28/11
IFSIA - Q1'11 Better Than Expected Top Line a Reaffirmation of Non-Res R&R Momentum
4/27/11
OC - Composites, Roofing In Line, Insulation Driver for Q1'11 Miss
4/21/11
USG - Q1'11 Conference Call Recap
4/20/11
USG - Q1'11 Is Another Whiff
4/18/11
Building Products - Q1'11 Wallboard Shipments Decline 7% YOY
4/15/11
AYI - Northeast Marketing Highlights Secular, Cyclical Growth Drivers
4/11/11
April Building Products Industry Survey - Price Increases Mostly Flowing Through; Vols Better with Weather
4/8/11
Building Products & Building Materials - Winners & Losers of the Burgeoning Multi-family Trend

March 2011

3/31/11
AYI - Q2'11 Earnings Focus is on Strong Backlogs, Raw Material Pressues
3/30/11
AYI - Q2'11 Earnings Snapshot
3/16/11
IFSIA - We See A Double Even In A Tepid Market
3/11/11
Building Products - March Building Products Industry Survey
3/2/11
AWI - Q4'10 Earnings Recap
3/1/11
MHK - Q4'10 Post Conference Call Recap

February 2011

2/28/11
AWI - Q4'10 Earnings Miss, FY'11 Guidance Wide Enough to Drive a Truck Through
2/25/11
IFSIA - Q4'10 Earnings Strong and Raising Estimates
2/23/11
MHK - Q4'10 Earnings Yields No Surprises
2/22/11
Building Materials and Products - 2011 TRG Investing Themes and What this Means for Stocks
2/16/11
OC - Q4'10 Driven By Composites; Momentum Cont. into FY'11
2/15/11
February Building Products Survey Highlights Weather, Raw Material Impacts
2/11/11
BECN - Q1'11 Earnings Show Upside, Driven by Gross Margin
2/9/11
BECN - Q1'11 Earnings Snapshot

January 2011

1/26/11
USG - Q4'10 Earnings Snapshot
1/18/11
December Wallboard Shipments Decrease 12.1%
1/12/11
January Building Products Industry Survey
1/11/11
AYI - Q1'11 Earnings Recap
1/10/11
AYI - Q1'11 Earnings Snapshot

December 2010

12/8/10
December Building Products Industry Survey: Sales Modestly Better
12/1/10
BECN - Q4'10 Earnings Show Improved Inventory, Cash Trends

November 2010

11/29/10
BECN - Q4'10 Earnings Snapshot
11/8/10
Building Products Survey Focuses on Strong Non-Res R&R Trends
11/8/10
MHK - Initiation of Coverage - Leading Flooring Mfg. A Beneficiary of Res, Non-Res Recoveries
11/8/10
AYI - Initiation of Coverage - Beneficiary of Secular Focus on Energy Efficiency, Positive Non-Res R&R Trends
11/8/10
IFSIA - Initiation of Coverage - Dominant Modular Floor Player Benefits from Non-Res R&R Trends
11/8/10
AWI - Initiation of Coverage - Sleeping Giant Awakening
11/8/10
OC - Initiation of Coverage - Composites A Hidden Jewel, Dominant in Insulation, Roofing