REPORTS

HOUSEHOLD GOODS & SERVICES

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

May 2017

5/22
Feedback From the Field Post Q1’17 Earnings Season
5/17
Takeaways from Masco Analyst Day in NYC
5/12
BLDR: Q1'17 Post Conference Call Recap
5/11
DOOR: Q1’17 Post Conference Call Recap
5/8
DOOR: Q1’17 An EBITDA Miss Primarily On Weaker North American Residential Margins
5/8
BLDR: Q1'17 An EPS & EBITDA Beat On Better Than Expected Revenues
5/1
MAS: Q1’17 Post Conference Call Recap

April 2017

4/26
>MAS: Q1’17 Post Conference Call Recap
4/25
MAS: Q1’17 A Strong Beat Driven By Better Than Expected Margins
4/17
2017 TRG C&I Conference Takeaways
4/4
Q1’17 Residential Products Survey

March 2017

3/27
TRG C&I 2017 - Sifting Through the Political Hoopla
3/17
Expansive Definition of Infrastructure; The Smoking Gun
3/13
NX – Q1’17 Post Conference Call Recap
3/9
Q3’17 GMS Beats EPS Estimates; Continues to Post Strong Revenue Growth & EBITDA Margin Expansion
3/7
BLDR – Q4’16 Post Conference Call Recap
3/6
NX – Q1’17 (Jan) A Modest Ex-Items EPS Beat at ($0.04), FY’17 Guidance Updated
3/3
DOOR – Q4’16 Post Conference Call Recap

February 2017

2/28
BLDR – Q4'16 An EPS & EBITDA Beat On Better Than Expected Revenues & Margins
2/28
AMWD – Q3'17 (Jan) Conference Call Recap
2/27
AMWD – Q3'17 (Jan) An $0.11 Beat Driven By Stronger Revenues, Stronger Gross Margins and Lower Tax Rate
2/22
DOOR – Q4’16 An EBITDA Beat As Margin Expansion Story Continues; FY’17 Guidance Issued
2/13
MAS – Q4’16 Conference Call Recap & Estimate Update
2/9
MAS – Q4’16 Misses By a Penny Driven by Higher Insurance Costs
2/2
FBHS – Q4’16 A Strong Beat On Top-Line Growth and Margin Expansion

January 2017

1/30
NX – Key Takeaways from Marketing in Boston
1/20
JELD-WEN – Initial Thoughts Pre-IPO
1/18
Q4'16 Residential Products Survey
1/13
2017 IBS/KBIS Takeaways

December 2016

12/20
NX – Q4’16 (Oct) Conference Call Takeaways & Estimate Update
12/15
NX – Q4’16 (Oct) An Ex-Items Beat on Better Than Expected Operating Margins; Announces Plan to Shed Low Margin Revenue Next Year
12/13
Q2’17 GMS Misses Estimates, But Continues to Post Strong Revenue Growth & EBITDA Margin Expansion
12/13
NX – Q4’16 (Oct) Earnings Preview & Estimate Update

November 2016

11/23
AMWD – Q2'17 Conference Call Recap & Estimate Update
11/22
AMWD – Q2'17 (October) Misses Consensus Driven By Lower Than Expected Revenues
11/17
MAS – Takeaways from Masco Marketing on the West Coast
11/14
DOOR – Q3'16 Conference Call Recap & Estimate Update
11/8
DOOR – Q3'16 An EPS & EBITDA Beat, Primarily On Stronger Than Expected Margins
11/7
BLDR – Q3'16 Conference Call Recap & Estimate Update
11/3
BLDR – Q3'16 EBITDA Misses, EPS Results Muddied By Refinancing Costs & a Tax Valuation Allowance

October 2016

10/28
FBHS – Q3’16 A Beat With Weaker Than Expected Top-Line & Stronger Margins
10/26
MAS – Q3’16 Conference Call Recap & Estimate Update
10/25
MAS – Q3’16 A Miss Driven By an Increase in Warranty Reserve in the Windows and Other Specialty Segment
10/13
Q3'16 Residential Products Survey
10/11
Feedback From a Large Privately Held Residential Door Manufacturer

September 2016

9/13
Q1’17 GMS Results; Strong Revenue Growth & EBITDA Margin Expansion
9/8
NX – Q3’16 (July) Conference Call Recap & Estimate Update

August 2016

8/30
NX – Q3'16 (July) Conference Call Recap & Estimate Update on FX Impact & Debt Refinancing
8/24
AMWD – Q1'17 (July) Conference Call Recap & Estimate Update
8/23
AMWD – Q1'17 (July) a Strong Beat on Better Than Expected Margins
8/12
DOOR – Q2’16 Conference Call Recap & Estimate Update
8/10
DOOR – Q2’16 Sees Continued Top-Line Growth and Margin Expansion, But Results Are Below Expectations
8/9
BLDR – Q2’16 Conference Call Recap & Estimate Update
8/4
BLDR – Q2'16 An Ex-Items EPS Miss
8/1
MAS – Q2’16 Conference Call Recap & Estimate Update

July 2016

7/28
FBHS – Q2’16 An Ex-Items EPS Beat, FY’16 EPS Guidance Raised
7/26
MAS – Q2’16 A Beat On Stronger Than Expected Margins
7/25
NX – Key Takeaways from Marketing on the West Coast
7/13
Q2'16 Residential Products Survey

June 2016

6/30
NX – Takeaways from the Quanex Investor & Analyst Day in NYC
6/22
DOOR – Takeaways from the Masonite Dorfab Facility Tour in Mesquite, TX
6/8
NX – Q2’16 (April) Conference Call Takeaways & Estimate Update
6/7
AMWD – Q4’16 (April) Recap; Reducing Estimates and Lowering Our PT
6/7
BLDR – Takeaways from Builders FirstSource Marketing in NYC & the Midwest
6/2
AMWD – Q4'16 (April) a $0.03 Miss On Lower Than Expected Margin

May 2016

5/31
NX – Q2’16 (April) Ex-items EPS Beats By a Penny & FY’16 Guidance Raised
5/18
Initial Thoughts on Gypsum Supply & Management (GMS) IPO
5/13
DOOR – Q1’16 Conference Call Recap & Estimate Update
5/11
BLDR – Q1’16 Conference Call Recap & Estimate Update
5/10
CBPX – Q1'16 Beat Driven by Better Volumes, Margin Outperformance
5/5
BLDR – Q1'16 An Ex-Items Beat
5/4
DOOR – Q1’16 A Beat Driven By Stronger Than Expected Top-Line & Gross Margin Expansion

April 2016

4/27
MAS – Q1’16 Recap & Estimate Update, Margins Better Than Expected
4/26
MAS– Q1’16 A Beat Primarily on Stronger Operating Margins
4/22
FBHS – Q1’16 An Ex-Items EPS Beat, FY’16 Guidance Raised
4/15
Q1’16 Resi Products Survey; Growth Continues Supported By Improving End-Markets And Favorable Weather

March 2016

3/15
NX – Q1’16 (Jan) Conference Call Takeaways & Estimate Update
3/7
NX – Q1’16 (January) Beats on Top & Bottom Line; Posts Strong Adjusted EBITDA Margins
3/7
BLDR – Q4’15 Conference Call Recap & Estimate Update
3/4
BLDR – Q4'15 EPS Breaks Even, Beating Consensus By $0.04
3/2
AMWD - Q3’16 Recap & Estimate Update; Outsized Growth in New Construction & the Dealer Channel Continues
3/1
DOOR - Q4’15 Conference Call Recap & Estimate Update

February 2016

2/25
AMWD - Q3'16 Beats Expectations on Higher Revenues and Margins
2/24
DOOR - Q4’15 A Strong Beat; FY’16 EBITDA Guidance In-Line & Share Repurchase Program Announced
2/16
MAS - Q4’15 Recap & Estimate Update, Quarter Exceeds Expectations
2/9
MAS - Q4’15 A Beat Primarily on Stronger Operating Margins
2/5
FBHS - Q4’15 A Modest Beat, Guidance Roughly In-Line With Expectations
2/2
BLDR - Q4’15 Preliminary Results Better Than Expectations, Updating Estimates

January 2016

1/29
TRG Announces First Annual Construction and Industrial Conference – April 5, 2016 – NYC
1/25
Q4’15 Resi Products Survey; A Disconnect From Financial Markets As Sales Trends Continue to Be Positive
1/22
IBS/KBIS Show Takeaways; Optimism Persists Despite Market Swoon

December 2015

12/16
Top Stock Ideas Going Into 2016

December 2015

12/16
Top Stock Ideas Going Into 2016

November 2015

11/30
AMWD - Q2’16 Recap & Estimate Update
11/24
AMWD - Q2'16 Beats Expectations on Higher Revenues and Margins
11/16
Reminder of TRG Coverage European Exposure
11/12
BLDR - Q3’15 Conference Call Recap; Gross Margins Exceed Expectations
11/11
DOOR - Q3’15 Conference Call Recap; Focus is on Positive Mix Shift and Price
11/5
BLDR – Q3'15 Results; Pro Forma Sales Flat As EBITDA Increases 18.5% YOY
11/4
DOOR - Q3’15 EBITDA In-Line, Guidance Raised

October 2015

10/29
MAS - Q3’15 All About Margin Growth, Top-Line Impacted by FX
10/27
MAS - Q3’15 Beats Again on Lower Than Expected Revenue and Higher Margins
10/26
FBHS - Q3’15 In-Line With Expectations, Raising Our PT to $55
10/13
Q3’15 Resi Products Survey; Growth Across Product Categories Continues, Growth Constrained by Labor

September 2015

9/30
BLDR - Initiating Coverage of Builders FirstSource with a Buy Rating
9/21
NX - Takeaways from Meetings at GlassBuild
9/11
NX - Q3'15 Conf Call Recap & Estimate Update
9/9
NX - Q3'15 Another Strong Beat on Better Than Expected Margins

August 2015

8/31
NX - Quanex Announces Acquisition of Woodcraft Industries
8/28
AMWD - Q1'16 Conf Call Recap & Estimate Update
8/21
AMWD - Q1'16 A Solid Beat on Significantly Higher Gross Margins
8/12
FBHS - Key Takeaways From Marketing in the Mid-Atlantic
8/10
DOOR - Q2'15 Conf Call Recap & Estimate Update
8/5
DOOR - Q2'15 EBITDA Beats on a Strong Margin Performance

July 2015

7/29
MAS - Q2'15 Conf Call Recap & Estimate Update
7/28
MAS - Q2'15 Beats by $0.02 on Higher Margins
7/24
FBHS - Q2'15 Conf Call Recap & Estimate Update
7/21
NX - Adjusting Estimates After Guidance Update at a Recent Investor Conference, Accounting for the HL Plastics Acquisition
7/10
Q2'15 Resi Products Survey; R&R and New Construction Recovery Continues Despite Wet Weather; Updating MAS and FBHS Estimates

June 2015

6/22
DOOR - Investor Day Focuses on Go-Forward Strategy
6/16
NX - Quanex Announces Acquisition of UK-Based Vinyl Profile Business
6/12
Feedback From a Top Privately Held Cabinet Manufacturer; Promotional Activity at Big Box Still Elevated
6/5
NX - Q2'15 Conf Call Recap & Estimate Update
6/3
NX - Q2'15 A Strong Beat on Better Than Expected Margins; FY'15 Guidance Reiterated
6/1
DOOR - Initiating Coverage With a Buy Rating; Masonite Well Positioned After Consolidation in the Door Industry

May 2015

5/8
MAS - Investor Day Takeaways; Strategic Vision & FY'17 Financial Targets Discussed
5/4
FBHS - Q1'15 Conference Call Recap & Estimate Update

April 2015

4/29
MAS - Q1'15 Conference Call Recap & Estimate Update
4/10
Q1'15 Resi Products Survey; Higher Volume and Price Trends Supports 2015 Being the "Year of the Consumer"

March 2015

3/30
FBHS - Fortune Announces an Agreement to Acquire Norcraft
3/20
NX - Key Takeaways From Marketing in Philadelphia
3/20
AMWD - Q3'15 Conf Call Recap & Estimate Update; Raising our PT From $47 to $55
3/9
NX - Q1'15 Conf Call Recap & Estimate Update
3/9
NX - Q1'15 A Beat on Top & Bottom Line

February 2015

2/26
AMWD - Q3'15 A Big Beat on Significantly Higher Gross Margin
2/10
MAS - Q4'14 Conf Call Recap & Estimate Update
2/9
MAS - Q4'14 Beats By $0.04 on Better Than Expected Margins
2/9
FBHS - Q4'14 Conf Call Recap: Results Muddied by Discontinued Ops

January 2015

1/28
Q4'14 Resi Products Survey; Modest Top-Line Growth Continues, Lower Oil Prices Expected to Boost Demand

December 2014

12/16/14
NX - Q4'14 Conf Call Recap & Estimate Update
12/12/14
NX - Q4'14 (Oct) A Big Miss; Mid-Cycle Expectations Announced
12/4/14
Feedback From a Top Privately Held Cabinet Manufacturer
12/1/14
AMWD - Q2'15 (October) Conf Call Recap; Raising Out PT to $47

November 2014

11/25/14
AMWD - Q2'15 A Miss on Lower Than Expected Gross Margin on Another Quarter of Robust Top-Line Growth

October 2014

10/31/14
FBHS - Q3'14 Conf Call Recap: Misses By a Penny But Core Demand Still Strong
10/29/14
MAS - Q3'14 Conf Call Recap & Estimate Update
10/28/14
MAS - Q3'14 EPS A Penny Miss While Top & Bottom Line Continue to Improve
10/2/14
Q3'14 Resi Products Survey; Top-Line Continuing to Improve Across Products; Updating FBHS and MAS Estimates

September 2014

9/30/14
MAS - Masco Announces Spin-Out, Share Buyback & Corporate Cost Cuts
9/15/14
Takeaways From Meetings With Senior Leaders at Quanex & Their Key Competitors
9/12/14
NX - Q3'14 Conf Call Recap & Estimate Update
9/9/14
NX - Q3'14 An Earnings Beat; Lowered EBITDA Guidance & Share Repurchase Program Announced

August 2014

8/21/14
AMWD - Q1'15 Conf Call Recap & Estimates Update
8/19/14
AMWD - Q1'15 Beats Estimates Driven By R&R and New Construction
8/1/14
FBHS - Q2'14 Conference Call Recap & Estimate Update

July 2014

7/30/14
MAS - Q2'14 Conference Call Recap & Estimate Update
7/28/14
MAS - Q2'14 Beats By $0.04; Broad-Based Improvement Across Segments, With the Exception of Cabinets
7/28/14
Feedback From a Top Privately Held Cabinet Manufacturer
7/11/14
Q2'14 Resi Products Survey - Growth Continues After a Tough Winter But Expectations Remain Tempered
7/1/14
NX - Boston & NYC Marketing Takeaways; Updating Estimates

June 2014

6/16/14
Shortage of Labor Benefit Prefabricated Component Manufacturers; BLDR A Beneficiary
6/10/14
NX - Q2'14 Conf Call Recap & Estimate Update; Reiterating Our $28 PT
6/9/14
AMWD - Q4'14 (Apr) Recap & Estimate Update; Outlook Remains Positive
6/5/14
NX - Q2'14 (April) Earnings Snapshot
6/3/14
AMWD - Q4'14 Miss Driven By Lower Gross Margins

May 2014

5/12/14
FBHS - Q1'14 Recap; Upgrading to Buy on Expected Rebound From Q1 Slowdown

April 2014

4/28/14
MAS - Q1'14 Recap; Updating Estimates & Reiterating Our Buy Rating
4/24/14
MAS - Q1'14 Miss By $0.02; Sales & Profitability Negatively Impacted By Weather
4/14/14
DW & NX - Different Industries, Similar Strategies
4/10/14
Q1'14 Residential Products Survey; Positive Expectations For 2014 Widely Held Among Dealers
4/1/14
NX - Laying Out the Multi-Year Opportunity & Upgrading to Buy

March 2014

3/18/14
NX - Q1'14 Conf Call Recap & Estimate Update
3/6/14
NX - Q1'14 Earnings Snapshot

February 2014

2/27/14
Takeaways From BLDR Marketing in NYC; Tough Weather Expected to Give Way to Stronger Spring New Resi Construction
2/10/14
AMWD - Q3'14 Misses on Gross Margins As Top-Line Growth Slows; Outlook Remains Positive
2/10/14
NX - Quanex Divests Nichols Aluminum Business Allowing for Greater Focus on the Engineered Products Group
2/10/14
Meetings at IBS & KBIS Show Optimism for Res in 2014; Downgrading FBHS on Valuation Despite Positive Trends
2/3/14
FBHS - Q4'13 Results In-Line; R&R Picks Up as New Construction Slows Down

January 2014

1/27/14
Q4'13 Residential Products Survey; Favorable Tailwinds Expected to Continue in 2014 in Both New Construction and R&R
1/2/14
NX - Quanex Executing On Strategy; Six Extrusion Lines from Atrium Windows & Doors Acquired

December 2013

12/19/13
NX - Q4'13 Beat; Our Focus Remains on Strategic Opportunities
12/18/13
NX - Q4'13 Eanings Snapshot; Beats on an Adjusted EPS Basis
12/9/13
NX - Initiative to Parnter With Top OEMs Could Yield Significant Upside

November 2013

11/26/13
AMWD - Q2'14 Misses EPS Estimates; Top-Line Strong, But Gross Margins Expand Less Than Anticipated

October 2013

10/30/13
MAS - Q3'13 Conf Call Recap - Quarter Represents A Continuation of Positive Trends Across Segments & Project Types
10/29/13
MAS - Q3'13 Sees Growth in All Segments as Strenth in New Construction Continues and R&R Improves
10/25/13
FBHS - Q3'13 Another Beat & Raise as Strong R&R Demand Returns With Favorable Mix
10/1/13
Q3'13 Residential Products Survey; Broad Based Improvement Continues Across Product Categories and Project Types

September 2013

9/13/13
NX - GlassBuild America Show; Industry Outlook Still Positive, NX Growth Opportunities Further Outlined
9/10/13
American Woodmark (AMWD) - Initiating Coverage of American Woodmark With a Buy Rating; Levered to New Resi Construction and R&R Recovery
9/10/13
Quanex Building Products (NX) - Initiating Coverage of Quanex With a Hold Rating on Valuation

July 2013

7/31/13
MAS - Q2'13 Conference Call Takeaways; Masco Beats as New Construction Continues its Strong Trajectory
7/30/13
MAS - Q2'13 Beats Expectations; Improvement Broad-Based As Each Segment Sees Growth in Revenue & Profitability
7/26/13
FBHS - Q2'13 Beats & Raises; Benefitting From Continued Strength in New Construction & Improving R&R Activity
7/19/13
Q2'13 Residential Building Products Survey; Cabinet, Faucet, Window & Door Sales Increasing YOY, Expectations Remain Positive

May 2013

5/6/13
FBHS - Q1'13 Beats on Top & Bottom Line; Raises Guidance & Announces Acquisition of WoodCrafters
5/1/13
MAS - Q1'13 Conference Call Takeaways; Outlook Continues to be Positive

April 2013

4/30/13
MAS - Q1'13 Results Benefit from New Home Construction Activity, New Products/Programs and Cost Cuts Through the Downturn
4/15/13
Q1'13 Kitchen & Bath Dealer Survey; Inaugural Survey Shows Strong Sales in Q1'13 and Positive Expectations for the Year
4/15/13
FBHS - Initiating Coverage of Fortune Brands with a Buy-Rating; End-Market Recovery to Fuel Growth
4/15/13
MAS - Initiating Coverage of Masco with a Buy-Rating; Opportunity Lies in Residential R&R Recovery