REPORTS

BUILDING MATERIALS

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

May 2017

5/11
South Carolina Legislature Overrides Governor Veto to Increase Transportation Funding; Will Ultimately Raise $630MM Annually
5/10
VMC – Q1'17 Post Conf Call Recap; Federal & State Funding Impact in View
5/10
VMC – Q1'17 A Beat Despite Muted Expectations Driven by CA Flooding
5/9
State Revenue Report; Q3’16 Tax Collections Driven by Increased Employment Levels
5/3
SUM – Q1’17 Post Conference Call Recap; Guidance Bump Fueled by Better Organic Growth, Acquisitions
5/3
MLM – Q1'17 Post Conference Call Recap; Tight Supply Equals Pricing Leverage
5/3
SUM – Q1’17 In-Line; FY'17 EBITDA Guidance Raised As Acquisitions Continue
5/2
MLM – Q1'17 A Beat on Conservative Expectations
5/1
March TX Cement Volumes Surge 17.1% YOY, Breaking A Four Month Losing Streak
5/1
Indiana Governor Signs Into Law HB1002 Raising $1.2B Annually for Transportation Funding

April 2017

4/19
Tennessee House Boost Gasoline and Diesel Tax, First Hike Since 1989, to Raise $350MM Annually for Transportation Projects
4/17
2017 TRG C&I Conference Takeaways
4/12
Q1’17 Aggregate, Cement, Concrete Survey; Clean Stone Summer Shortage?
4/7
California Passes $52B Transportation Funding Increase

March 2017

3/30
February TX Cement Volumes Decreased 12.1% YOY on Tough Comps (February 2016 +11%)
3/30
California Governor & Legislative Leaders Successfully Combine Transportation Funding Plans for a Proposed $5.2B Annual Increase
3/29
TRG C&I 2017 - Aggregates: Timing is Everything
3/28
TRG C&I 2017 - Is Non-res Dead?
3/27
TRG C&I 2017 - Sifting Through the Political Hoopla
3/17
Expansive Definition of Infrastructure; The Smoking Gun
3/13
CONEXPO-CON/AGG; Feedback from Meetings at the Triennial Construction Industry Trade Show
3/3
January TX Cement Volumes Decreased 13.7% YOY on Tough Comps (Jan 2016 +11%)
3/3
California Governor Engaging Transportation Legislation – Funding Becomes Priority Post Weather and Dam Tragedies

February 2017

2/22
SUM - Q4'16 EPS Within Guidance Range; FY'17 EBITDA Guidance Within Consensus
2/21
MLM - Q4’16 Post Conference Call Recap
2/15
State Revenue Report; 1H’17 Tax Collections, California and Trump Need Each Other
2/14
MLM - Q4'16 Earnings Headline EPS Skewed by Incentive Comp
2/8
VMC - Q4’16 Post Conference Call Recap
2/2
VMC - Q4'16 Miss Driven By Softer Aggregate Volumes, Gross Margins

January 2017

1/31
December TX Cement Volumes Decreased 11.0% YOY; Overall Q4’16 TX Cement Volumes Down 5.6% YOY
1/30
EXP – Q3'17 Earnings Recap
1/25
Texas Comptroller Releases ’18-’19 Revenue Estimates Providing $4.7B to Highway Fund from Prop 7
1/24
EXP – Q3'17 (Dec.) EPS Beat Driven by Better Operating Earnings Contribution from Wallboard and Concrete & Aggregates
1/23
Q4’16 Aggregate, Cement, Concrete Survey - Construction Optimism Picks up in 2017
1/19
Feedback from the Field: Aggregate Pricing Accelerating, Volumes Bright for 2017
1/18
Tennessee Governor Proposes $275MM in New Transportation Revenues and Allowing Local
1/17
California Legislature Yet to Focus on Transportation Funding
1/6
SUM – Announces Acquisition of CO, AR Assets + Secondary Offering; Debt Leverage Lowered, Enters New Market, Increases Aggregate Mix
1/4
November TX Cement Volumes Down 4.8% YOY vs. 12.8% Decline in Q3’16

December 2016

12/13
California Legislative Supermajority Gives Transportation Funding Initiative (yet) Another Chance
12/9
Continuing Resolution Delay of FAST Act Funding is of “Very Little Risk” to State DOTs
12/8
MLM - Karl Watson, Jr., Cement & Concrete Industry Leader, Joins Martin Team
12/6
MLM - Northeast Marketing Takeaways; Focus on Steady Multi-Year Volume Visibility

November 2016

11/30
October TX Cement Volumes Down 2.3% YOY; Sequentially Up from the 12.8% Decline in Q3'16
11/21
Headwaters Enteres Into Merger Agreement to be Acquired by Boral
11/18
Infrastructure Stimulus - Are Expectations Over-built & Feedback from A Trump Senior Economic Advisor
11/9
Q3'16 Building Materials Earnings Season Recap; Rock Stocks Fly on Local Funding Boost & Federal Infrastructure Stimulus Possibility
11/9
State Revenue Report; Q1’17 Tax Collections and Various Transportation Initiative Results
11/2
VMC - Q3'16 Miss Driven by Lower Volumes; +6.6% Pricing A Continuation of Solid Pricing Trends
11/2
SUM - Q3'16 A Beat On Tepid Expectations; Pricing, Acquisitions Contribute to Upside
11/1
MLM - Q3'16 Predictably Tough; +9% Pricing and Strong Contribution Margins the Focus

October 2016

10/28
September TX Cement Volumes Decreased 9.8% YOY; Overall Q3’16 TX Cement Volumes Down 12.8% YOY
10/24
EXP - Q2'17 Earnings Recap
10/24
EXP - Q2'17 (Sept) Below Consensus, In-Line With TRG Expectations
10/13
State Revenue Report; FY'16 Tax Collections Up 1.5% YOY Posting 6 Consecutive Years of Growth, Q4 Slows
10/10
Q3'16 Aggregate, Cement, Concrete Survey

September 2016

9/29
August TX Cement Volumes Decreased 12.6% YOY
9/13
State-led Funding Initiatives Drive Aggregate & Concrete Companies Higher
9/12
EXP Announced to Acquire CX's Cement Assets in Ohio
9/7
Tightening Clean Stone Supply = Pricing Leverage
9/6
Attempting to Filter the "Weather Noise"

August 2016

8/31
Industry Feedback on TX Cement Trends: "Rain is a four letter word"
8/4
Q2’16 Earnings Season Recap - VMC, MLM, SUM
8/3
SUM – Q2'16 $0.01 Miss on Tempered Expectations; Raises Lower End of EBITDA Guidance Range
8/2
MLM – Q2'16 Miss on Muted Expectations; Core Guidance Unchanged
8/1
VMC – Q2'16 A Miss; FY'16 Guidance Unchanged

July 2016

7/29
June TX Cement Volumes Decreased 5.7% YOY; Overall Q2’16 TX Cement Volumes Down 1.2% YOY
7/25
EXP – Q1’17 Earnings Recap
7/25
EXP – Q1'17 (June) Earnings Beat Driven by Better Cement Earnings, Narrowed Frac Sand Losses
7/2
Q2’16 Aggregate, Cement, Concrete Survey

June 2016

6/30
May TX Cement Volumes Increased 11.4% YOY, Benefitting from Easy YOY Comp while Weather Continued to Impact Shipments
6/2
VMC – Takeaways from VMC West Coast Marketing: Why You Should Own for the next Decade
6/1
April TX Cement Volumes Down 6.7% YOY, Impacted by Wet Weather

May 2016

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
5/16
State Revenue Report; Q3’16 Tax Collections Driven by Increased Employment Levels
5/6
MLM – Post Q1’16 Focus Remains on Fundamental Visibility; Raising PT
5/5
MLM – Q1'16 Beat Driven by Strong Volumes, Pricing; FY'16 Guidance raised
5/4
SUM – Q1’16 Earnings – Organic Volume and Pricing Increases Set Tone for the Year
5/4
SUM – Q1'16 Beat Highlights Solid Fundamentals
5/3
VMC - Q1’16 Highlights Broad Recovery
5/3
VMC – Q1'16 A Strong Beat on Volumes, Pricing; Outlook Raised
5/2
VMC, SUM, MLM – Q1’16 Earnings Previews

April 2016

4/29
March TX Cement Volumes Up 8.4% YOY; Q1’16 Volumes Up 10.1% YOY
4/14
Q1'16 Aggregate, Cement & Concrete Survey
4/1
SUM – Beneficiary of Secular Trend of Increasing Infrastructure Funding

March 2016

3/30
February TX Cement Volumes Increases a Healthy 11% YOY
3/23
Largest Aggregate Industry Show Points to Strong Visibility
3/1
SUM – Q4’15 Earnings, Continues Acquisitions
3/1
Highway & Street Construction PIP up 34% YOY to Record $110.6B. Total Construction up 10.4%, NR up 12.3%, Res up 7.6% YOY

February 2016

2/16
MLM – Post Q4’15 Estimate Update
2/12
State Revenue Report: Core State 1H’16 Collections Up 2.8%; Texas Collections down 5 of Past 7 Months
2/11
SUM – Q4'15 Earnings Highlights Strong Fundamentals
2/9
MLM – Q4'15 A Miss But Focus Remains on Outlook
2/8
MLM – Q4’15 Earnings Preview
2/5
VMC – Q4’15 Highlighted by Margin Expansion
2/4
VMC – Q4'15 Beat Highlights Strong Volumes (+8%) and Pricing (+11%)
2/1
VMC – 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
1/28
December TX Cement Volumes Decreased 0.7% YOY; Q3’14 Volumes Decreased 1.7% YOY
1/4
Warm Weather = Record Volumes; Takeaways from Private Aggregate Contact

December 2015

12/30
November TX Cement Volumes Increased 3.5% YOY
12/16
Top Stock Ideas Going Into 2016
12/8
First Multi-Year Highway Bill in Decade Establishes Long-Term Funding Visibility + Stocks That Benefit
12/2
Conference Committee Passes Fully-Funded, 5-Year $300B Transportation Bill

November 2015

11/30
October TX Cement Volumes Slips 7.1% YOY
11/17
Martin Marietta Materials (MLM) – Post Q3’15 Estimate Update
11/17
State Revenue Report: Q1’16 Collections Up YOY, But September Results Post First YOY Decline in 13 Months
11/16
Reminder of TRG Coverage European Exposure
11/5
VMC - Q3’15 Confirms Pricing Momentum
11/4
Prop 7 Constitutional Amendment Passes by Overwhelming Majority Providing A Significant Boost to TxDOT Funding, ~30%
11/3
MLM - Q3'15 In Line With Conservative TRG Estimate, Lower vs. Consensus
11/3
VMC - Q3'15 Miss A Function of Higher Costs; Continued Positive Aggregate Pricing Momentum
11/3
SUM - Q3'15 Beat Driven by Better Pricing, Cement Acquisition
11/2
EXP - Estimate and PT update Post Q2’16 Earnings

October 2015

10/30
September TX Cement Volumes Up 7.4% YOY
10/28
SUM - Upgrading from a Hold to a Buy; Disconnect Between Fundamentals and Sentiment
10/28
Prop 7 Would Provide $3B in Incremental Funding for TxDOT, “The largest single increase in transportation funding in Texas history.”
10/26
EXP - Q2'16 Miss Expected; Fundamentals Solid in Core Busienss, Frac Sand Impairment & Inventory Write Down Charges Reported
10/12
State Revenue Report: "Another Surge to End 2014-2015 fiscal Year" - California Controller
10/7
Q3'15 Aggregates, Cement & Concrete Survey

September 2015

9/29
August TX Cement Volumes Flattish YOY
9/28
TX Field Trip Focuses on TxDOT Infrastructure Funding Upside; SUM, USCR Doing Just Fine Despite TX Concerns
9/18
Aggregate Industry Feedback: Labor the Biggest Capacity Utilization Constraint
9/14
Pricing Still Holding Up Despite Low Raw Materials; No, Houston Isn't Going to Fall into the Gulf of Mexico

August 2015

8/29
July TX Cement Volumes Up 6.2% YOY
8/29
EPA Regulation Resolution: Wallboard, Concrete, & Cement Winners & Losers
8/19
Private Aggregate Meeting Points to Utilization Upside
8/12
DOTs Continue State-Funding Initiatives in Face of Federal Funding Uncertainty
8/10
USCR Earnings Recap + Field Trip Reminder for SUM, USCR, TxDOT - Sept 21-22
8/7
EXP - Q2'16 Focuses on Improved Fundamentals
8/6
MLM - Q2'15 Focuses on Incremental Margins, CA Asset Sale
8/5
VMC - Q2'15 Shows Pricing Theme, Incremental Margin Story Playing Out
8/4
MLM - Strong Fundamentals Despite Q2'15 Rain Headwinds; Finally to Sell CA Cement Assets
8/4
VMC - Q2'15 Below Consesnsus but Pricing Momentum Building; FY'15 EBITDA Guidance Maintained
8/3
SUM - Q2'15 Earnings Focuses on Pricing Up on All Segments; Stock Offering Also Announced
8/3
EXP - Q1'16 A Miss But Cement, Aggregate Pricing Prevails

July 2015

7/31
June TX Cement Sales Revised; Revised Volumes Up 1.7% YOY
7/30
Congress Passes Short-Term Highway Funding Extension
7/24
SUM, USCR Field Trip, Save the Date - Sept 21 (Houston & 22 (Dallas)
7/21
House Proposes Short-term Highway Funding Extension
7/1
Supreme Court Ruling Impact on Cement Companies

June 2015

6/30
May TX Cement Sales Continued to See Impact From Wet Weather; Volumes Down 21.2% YOY
6/26
Q2'15 Aggregates, Cement, & Concrete Survey
6/26
Ways & Means Committee Hearings Lay Out House Highway Funding Game Plan
6/17
MLM - Water, Water Everywhere...Mid-Atlantic Marketing Focuses on Why Rain Doesn't Fundamentally Change the MLM Story
6/12
House Ways & Means Committee Sets Hearing for Long-term Highway Funding
6/1
Texas Voters to Decide on Constitutional Amendment for Transportation Funding

May 2015

5/29
April TX Cement Sales Continued to See Impact from Wet Weather; Volumes Down 8.2%
5/22
Indiana DOT Still Benefitting From Major Moves Program
5/18
EXP - Q4'15 Focuses on Frac Sand; Cement Pricing, Volume Drives Value
5/15
EXP - Q4'15 Core Cement, Wallboard Ops Show Solid Pricing, Margin Growth; Frac Sand Driver for EPS Miss
5/8
State Revenue Report; Q3'15 Tax Collections & Employment Levels Hit New Highs
5/7
Texas Legislature to Propose Constitutional Amendment for DOT Funding; Adding ~$3B Annually
5/6
VMC - Raising Estimates Post Q1'15 Earnings Release
5/5
SUM - First Earnings Post IPO Highlights Organic Volume, Pricing Growth
5/4
VMC - Q1'15 In-Line; Strong Top Line Growth Again
5/4
MLM - Raising Estimates Post Q1'15 Results; Pricing Remains Paramount

April 2015

4/30
March TX Cement Sales Impacted by Wet Weather; Volumes Down 10.6% YOY
4/30
MLM - Pricing Improvement the Focus of Q1'15 Earnings
4/20
Summit Materials (SUM) - Initiating Coverage With a Hold Rating
4/17
Summit Materials Doubles Cement Capacity with Purchase of Lafarge Assets
4/17
Private Aggregates Producer East Coast Meetings Focus on Momentum as Q1'15 Came to a Close
4/17
Q1'15 Aggregates, Cement, & Concrete Survey; Q1 Ends On a Strong Notes
4/2
U.S. DOT's TIFIA Office Likely to Announce Partial Refund of MAP-21 Funding to States; Additional Funding Provided in Latest HTF Extension

March 2015

3/31
February TX Cement Sales Increased 3.6% YOY
3/31
VMC - Refninancing to Further Chip Away at Interest Expense
3/27
Non-res Revisited; Non-res Recovery is Gaining Strength
3/13
Georgia Gas Tax Hike Moves to Senate; Other States Moving to Secure Additional Transportation Funding
3/12
EXP - IL Rail Terminal Connects the Dots with Capacity & Distribution
3/5
Texas DOT Releases Prop 1 Funded Projects
3/4
Initial Thoughts on Summit Materials IPO
3/4
State Revenue Report; 1H'15 Tax Collections
3/2
VMC - Answering the Valuation Question Post Investor Day

February 2015

2/27
January TX Cement Sales Increased 0.5% YOY
2/26
TRG Hosts Conference Call with Virginia DOT P3 Manager
2/19
MLM - Q4'14 Post Conf. & Investor Day; Answering What to do Now
2/17
EXP - Q3'15 Post Conf Call Estimate Update
2/13
Public Private Partnerships (P3s) Gaining Ground with DOTs to Extrapolate Gains; 2015 Pricing Upside Hurt by Lack of Chemicals Inflation
2/10
MLM - Q4'14 Earnings Beat on Strong Margins
2/9
VMC - Q4'14 Conference Call Recap
2/5
VMC - Q4'14 A Beat; FY'15 Guidance Ahead of Expectations
2/3
EXP - Q3'15 Earnings Beat Street Expectations on Better Margins

January 2015

1/30
December TX Cement Sales Increased 28.3% YOY
1/26
Q4'14 Aggregates, Cement & Concrete Survey
1/23
Tax Hike Out of Gas; New Highway Bill Expected to be Part of Larger Tax Reform
1/20
Aggregate Industry Checks Provide Early Read on Lower Oil Prices

December 2014

12/30/14
November TX Cement Sales Increased 12.8% YOY
12/3/14
EXP - IL Frac Sand & Cement Tour; Raising PT to $150
12/2/14
October TX Cement Sales Increased 30.4% YOY

November 2014

11/24/14
VMC & MLM - Post Q3'14 Estimate Update & Industry Assessment
11/18/14
Takeaways from Largest Private Aggregate Producer - East Coast Meetings
11/4/14
VMC - Q3'14 EPS A Beat, Driven By Strong Volumes
11/3/14
State Revenue Report: Q1'15 Collections at All-Time Highs, Mid-Term Election Impact to Highway Spending
11/3/14
EXP - Q2'15 Post Conf Call Estimates Update; Raising PT to $125

October 2014

10/31/14
September TX Cement Sales Increased 22.3% YOY
10/28/14
EXP - Q2'15 Earnings (Finally) In-Line With Street Expectations
10/28/14
MLM - Q3'14 Reflects Integrated Texas Industries Assets
10/17/14
EXP - Acquires 2MM Tons of High Quality Frac Sand With Long-Term Contracts
10/13/14
Q3'14 Aggregates, Cement & Concrete Survey
10/13/14
Q3'14 Aggregates, Cement & Concrete Survey

September 2014

9/30/14
VMC - More Color on Six Acquisitions in Q3'14; Pipeline Remains Full
9/29/14
August TX Cement Sales Increased 12.5% YOY
9/25/14
MLM - Updating Estimates Post 8K Filing
9/12/14
State Revenue Report; FY'14 Tax Collections at All-Time Highs, Expectations for FY'15 Up 2-5%
9/2/14
Aggregate, Cement Checks Point to Continued Momentum

August 2014

8/27/14
July TX Cement Sales
8/19/14
VMC - Headquarter Meeting Focuses on Pricing, the Best Measure of Cash Profits
8/7/14
VMC - Q2'14 Conf Call Recap
8/5/14
VMC - Q2'14 Top Line a Beat; Modest EPS Miss Driven By Non-Aggregates Divisions

July 2014

7/30/14
June TX Cement Sales Increased 12.4% YOY
7/29/14
MLM - Q2'14 Earnings A Beat, Driven by Strong Volumes, Pricing
7/28/14
EXP - Q1'15 Post Conf Call Estimate Update
7/22/14
EXP - Q1'15 (June) Earnings Miss; Logistics a Nag to Cement Volumes but Demand Remains Intact
7/14/14
Q2'14 Aggregates, Cement & Concrete Survey
7/10/14
Updates on HTF, State DOTs, Gas Tax, and TIFIA

June 2014

6/30/14
May TX Cement Sales Increase 4.9% YOY
6/13/14
Updates From D.C. Transportation Conference
6/12/14
EXP - Cat's Out of the Bag; Water Run Off Permit Granted
6/12/14
What Is the Impact of the Cantor Upset to the Highway Bill? Likely Not Much
6/2/14
House GOP Leadership Announces Short-term HTF Plan

May 2014

5/28/14
April TX Cement Sales Increased 19.4% YOY
5/21/14
Revenue Report - Q3'14 State Tax Collections
5/20/14
MLM - Q1'14 Post Conf Call Estimate Update
5/20/14
EXP - Q4'14 Post Conf Call Estimate Update
5/14/14
EXP - Q4'14 (March) A Miss but Pricing Improvement Strong
5/12/14
VMC - Q1'14 Conference Call Recap
5/12/14
EXP Announces 2015 Wallboard Price Increase of 15%
5/12/14
Private Cement Manufacturer Takeaways From Headquarter Meeting - Pricing, Volume Trends Pointing Upward
5/6/14
VMC - Q1'14 Earnings Beat Driven By Strong Volume & Improved Pricing

April 2014

4/30/14
March TX Cement Sales Increased 3.2% YOY
4/29/14
MLM - Q1'14 Earnings Miss By A Penny; Volumes Up Despite Weather Impact; Pricing Lowered By Mix
4/16/14
U.S. DOT Updates Highway Trust Fund Ticker
4/4/14
State DOTs Prepared For Possible HTF Hiccup
4/4/14
Industry Feedback on Proposed Lafarge & Holcim Merger
4/3/14
TXI - Q3'14 Earnings Miss Driven By Non-recurring Factors

March 2014

3/28/14
February TX Cement Sales Increased 21.4% YOY
3/26/14
EXP & USG Weakness Overdone
3/18/14
Non-res Revisited; 21 Stock Ideas Worth a Look
3/5/14
January TX Cement Sales Increased 14.8% YOY

February 2014

2/27/14
Takeaways From Largest Private Aggregate Producer West Coast
2/27/14
VMC - Q4'13 Conf Call Recap; Updating Price Target From $65 to $85
2/27/14
MLM - Updating Price Target From $125 to $155
2/14/14
1H'14 State Revenue Report
2/7/14
EXP - Q3'14 Post Conf Call & Estimate Update
2/6/14
VMC - Q4'13 Earnings Beat, Posts Better Than Expected Aggregate Volume Growth
2/4/14
EXP - Q3'14 (December) A Miss But Pricing Up in All Divisions, A First Since Q3'06

January 2014

1/29/14
December TX Cement Sales Increased 9.1% YOY
1/29/14
MLM & TXI - Martin Marietta Acquires Texas Industries, Reports Q4'13 Earnings Beat
1/27/14
TXI - Thoughts on Texas Industries Take-Out Rumors
1/27/14
T&I Committee Kick-off Highway Reauthorization Debate
1/23/14
VMC - VMC Finally Sells FL Cement, Concrete Assets; Also Announces Tender Offer, CA Land Purchase
1/14/14
TXI - Q2'14 Post Conf Call & Estimate Update
1/8/14
TXI - Q2'14 Earnings Miss Driven by Non-recurring Factors; Hunter 1 Restarted Production; 2014 Cement Price Increase Announced
1/6/14
November TX Cement Sales Down 3.0% YOY
1/3/14
Q4'13 Aggregates, Cement, & Concrete Survey - 2014 Outlook Positive

December 2013

12/18/13
VMC - West Coast Marketing Focuses on Volume Inflection
12/2/13
October TX Cement Sales Down 3.0% YOY

November 2013

11/20/13
MLM & VMC - Post Conf Call Recap & Estimate Update
11/7/13
MLM - Q3'13 Earnings Beat Consensus; 2014 Preliminary Guidance Established
11/4/13
EXP - Q2'14 Conf Call Recap; Cement & Wallboard Outperform
11/4/13
VMC - Q3'13 Earnings Beat Posts Better Than Expected Aggregate Volumes & Growth in Pricing

October 2013

10/31/13
EXP - Q2'14 (September) Even With Consensus; Fundamentals Remain Intact
10/30/13
September TX Cement Sales Increased 9.5% YOY
10/16/13
Building Materials Q3'13 Aggregates, Cement, & Concrete Survey
10/9/13
TXI - Post Conf Call Recap & Estimate Changes
10/8/13
EXP - Post Northeast Marketing; Reiterate $110 PT
10/3/13
TXI - Q1'14 Earnings Snapshot

September 2013

9/27/13
August TX Cement Sales Increased 4.9% YOY
9/26/13
VMC - Second Plumb Creek Transaction in 2013 Focuses on Debt Reduction
9/20/13
MLM - West Coast Marketing Focuses on Strategically Correct Moves
9/4/13
Improving Res and Non-res Markets Drive TRG's Top 5 Stock Ideas

August 2013

8/28/13
July TX Cement Sales Increased 12.1% YOY
8/15/13
Eagle Materials Q1'14 Conference Call Recap; Reiterate Buy & $110 PT
8/9/13
Martin Marietta (MLM), Vulcan (VMC) - Res & Non-Res On Track; Public Work Delayed, Not Lost
8/7/13
Eagle Materials Q1'14 (June) A Modest Miss But Strong Fundamentals Remain Intact
8/1/13
VMC - Q2'13 Earnings Posts Better Than Expected Volumes & Improved Aggregate Pricing

July 2013

7/30/13
MLM - Q2'13 Miss on Lower Volumes; Volumes Guidance Lowered, Pricing Guidance Intact
7/29/13
June TX Cement Sales Increased 4.0% YOY
7/15/13
Q2'13 Aggregates, Cement, & Concrete Survey: Despite Wet Q2, Optimism Surges for 2H End Markets - Res, Non-Res, Public
7/12/13
TXI - Q4'13 Post Conf Call Recap & Estimate Changes
7/11/13
TXI - Q4'13 Earnings Snapshot

June 2013

6/27/13
May TX Cement Sales Increased 10.1% YOY

May 2013

5/29/13
April TX Cement Sales Increased 4.6% YOY
5/22/13
EXP - Q4'13 Conference Call Recap - $110PT; Building a Case
5/14/13
EXP - Clean Q4'13 Earnings a Slight Beat; Pricing Theme Remains Intact
5/10/13
State Revenue Report - Q3'13 Tax Collections
5/7/13
VMC, MLM - Pricing Power the Q1'13 Earnings Theme
5/2/13
VMC - Q1'13 Earnings Posts Lower Volumes, Better Than Expected Pricing

April 2013

4/30/13
MLM - Q1'13 Earnings Posts Lower Volume, but Positive Pricing Trends
4/29/13
March TX Cement Sales Increased 19.9% YOY
4/23/13
Q1'13 Aggregates, Cement, & Concrete Survey; Tough YOY Weather Comps, Pricing Power Remains Dominant Theme
4/22/13
TXI 2013 Investor Day Takeaways
4/11/13
TXI - Q3'13 Post Conference Call Recap & Estimate Changes
4/4/13
EXP - West Coast Travels Solidifies EXP Secular & Cyclical Growth Story

March 2013

3/27/13
TXI's Q3'13 Beat driven by Better Cement Volumes, Pricing
3/27/13
February TX Cement Sales Up 6.0%

February 2013

2/26/13
VMC, MLM - Q4'12 End Market Analysis; Buy Thesis Remains Intact
2/21/13
State Revenue Report; FY 1H'13 Tax Collections Hit Record Highs, Surpassed Peak Levels of 2007 and 2008
2/19/13
EXP - Q3'13 Conf Call Recap & Why You Should Own EXP
2/14/13
VMC - Q4'12 Earnings Posts Better Pricing & Margins YOY, Volumes Down Slightly
2/12/13
MLM - Q4'12 Earnings Posts Positive Volume, Pricing Trends; Margins Shy of Expectations
2/6/13
EXP - Q3'13 Earnings Snapshot; Fundamentals Remain Strong

January 2013

1/30/13
December TX Cement Sales Increased 16.2% YOY
1/22/13
Q4'12 Aggregates, Cement, & Concrete Survey; Industry Looking Up
1/15/13
More Evidence that Inflation Remains a Building Products and Materials Theme in 2013
1/9/13
TXI - Q2'13 Earnings a Miss But Volumes Surprise on the Upside; Aggregate, Ready-Mix Margins the Driver of the Miss
1/6/13
VA Governor Proposes to Abolish Fuel Tax; Sales Tax to Fund Transportation
1/2/13
Things Really Are Bigger in Texas
1/2/13
TXI - Q2'13 (November) Earnings Preview

December 2012

12/19/12
Getting Back to the Basics in TX - EXP, TXI Management Meetings
12/5/12
MLM, VMC Northeast Marketing Bolsters our Buy Thesis

November 2012

11/29/12
October TX Cement Sales Increased 34.3% YOY, Largest Gain Since October 2010
11/12/12
VMC, MLM - Q3'12 End Market Analysis; Buy Thesis Remains Intact
11/6/12
MLM - Q3'12 Earnings Emphasizes 2013
11/2/12
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
10/15/12
US DOT Announces TIFIA Program Letters of Interest from States
10/10/12
EXP - Path to $70 Outlined
10/4/12
TXI - Q1'13 Post Conf Call Recap & Estimate Changes

September 2012

9/27/12
EXP Acquisition of Lafarge Assets Leverages Exposure to the Energy Industry, Construction Recovery
9/27/12
TXI - Q1'13 Earnings Snapshot; Cement, Aggregate Volumes Post Double-Digit Gains
9/10/12
TIFIA Puts Aggregates Back to Work; Upgrading MLM, VMC on End Market Upside

August 2012

8/31/12
July TX Cement Sales Increase 16.1% YOY - Fourth Consecutive Month of Double-Digit Increases
8/21/12
Update on the ABI; A Useful Metric Only When Paired with Primary Research
8/2/12
EXP - Q1'13 Earnings Snapshot
8/1/12
Georgia Citizens Show Little Support for Increased DOT Spend; Only 3 of 12 Regions Vote "Yes" for Increased Spending

July 2012

7/31/12
VMC - Q2'12 Post Conference Call Takeaways
7/31/12
MLM - Q2'12 Earnings Snapshot
7/26/12
Georgia Referendum Bellwether for Transportation Spending
7/26/12
VMC - Q2'12 Earnings Snapshot
7/18/12
TXI - Q4'12 Conference Call Takeaways& Estimate Changes
7/12/12
TXI - Q4'12 Earnings Snapshot
7/11/12
Q2'12 Aggregates & Cement Survey: Slowing Momentum

June 2012

6/6/12
Update - European Exposure & What This Means for TRG Stocks

May 2012

5/30/12
MLM/VMC - Another Week, Another Court Battle, What Happens Next?
5/29/12
April TX Cement Sales Increase 19.1% YOY
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
5/8/12
MLM/VMC - DE Opinion in Favor of VMC
5/2/12
MLM - Q1'12 Post Conference Call Takeaways
5/1/12
MLM - Q1'12 Earnings Snapshot

April 2012

4/27/12
VMC - Q1'12 Post Conference Call Takeaways
4/26/12
VMC - Q1'12 Earnings Snapshot
4/23/12
Q1'12 Aggrregate Cement Survey; Mild Weather Drives Demand
4/18/12
TXI - The Skinny on TXI's Sale of "Package Product" Operations

March 2012

3/29/12
TXI - Q3'12 Earnings Snapshot

February 2012

2/17/12
VMC - Q4'11 Post Conf. Call Takeaways
2/16/12
VMC - Q4'11 Clean Number A Beat, Driven by Aggregate Margins; Focus Will Remain on MLM's Hostile Bid
2/13/12
MLM - Q4'11 Post Conf. Call Takeaways
2/7/12
State Revenue Report; Fiscal H1 General Fund Collections up 1.7% YOY. States "Slogging through...more of same."
2/7/12
MLM - Q4'11 "Clean" EPS Better But Hostile Bid Will Remain the Focus

January 2012

1/13/12
Building Materials - Q4'11 Aggregates & Cement Survey: Flat to Down, More of the Same in 2012
1/10/12
TXI - Q2'12 Post Conference Call
1/10/12
November State Revenue Report: "Forget Consumer Surveys. People are Spending."
1/5/12
TXI - Q2'12 Earnings Snapshot

December 2011

12/19/11
MLM - No One Expects A Spanish Inquisition...TRG Travels with MLM
12/13/11
Building Materials - As the World Turns: MLM Bids for VMC
12/9/11
October State Revenue Report
12/7/11
MLM - Downside Risk Limited; Focusing on Confirms of Sustainable Strength

November 2011

11/8/11
September State Revenue Report; Fiscal Q1 General Fund Collections Up 5.0% YOY, Still Down 4.6% From Peak
11/3/11
VMC - Q3'11 Earnings Snapshot
11/1/11
MLM - Q3'11 Earnings Snapshot

October 2011

10/19/11
Building Materials - What to do with Aggregate stocks...
10/18/11
Building Materials - Q3'11 Aggregates & Cement Survey: Flat to Down, More of the Same in 2012
10/11/11
August State Revenue Report

September 2011

9/29/11
TXI - Q1'12 Earnings Snapshot
9/1/11
Final FY 2010-2011 State Revenue Report/States Set Low Expectations for FY 2011-12

August 2011

8/8/11
State DOT Survey - FY 2011/2012 Final Budgets; Federal Gas Tax Expiration Draws Near
8/5/11
MLM - Q2'11 Post Conference Call Takeaways
8/5/11
VMC - Q2'11 Post Conference Call Takeaways
8/3/11
VMC - Q2'11 Earnings Snapshot
8/2/11
MLM - Q2'11 Earnings Snapshot
8/1/11
Infrastructure - Infrastructure Monthly
8/1/11
EXP - Q1'12 Conf Call Recap; Managing in the Abyss

July 2011

7/28/11
EXP - Q1'12 (June) Earnings Snapshot
7/19/11
TXI - Q4'11 Post Conference Call
7/14/11
TXI - Q4'11 Earnings Snapshot
7/12/11
Infrastructure - May State Revenue Report
7/7/11
Building Materials - Q2'11 Aggregates & Cement Survey
7/6/11
Infrastructure - Infrastructure Monthly

June 2011

6/3/11
Infrastructure - April State Revenue Report

May 2011

5/13/11
EXP - Q4'11 Conference Call Takeaways
5/10/11
VMC - Q1'11 Miss Driven by Downstream Operations
5/6/11
Infrastructure - March State Revenue Report
5/5/11
EXP - Q4'11 Earnings Snapshot
5/5/11
VMC - Q1'11 Earnings Lower Than Expectations; Guidance Unchanged
5/4/11
MLM - Q1'11 Yields No Surprises
5/3/11
MLM - Q1'11 Earnings Largely In Line With Expectations
5/2/11
Infrastructure - Infrastructure Monthly

April 2011

4/8/11
Infrastructure - February State Revenue Report
4/5/11
Building Materials - Q1'11 Aggregates & Cement Survey - Stocks Ahead of Themselves
4/1/11
Infrastructure - Infrastructure Monthly

March 2011

3/28/11
TXI - Q3'11 Post Conference Call - Decent Volumes but Challenging Pricing
3/24/11
TXI - Q3'11 Earnings Snapshot
3/21/11
TXI - Q3'11 Earnings Preview
3/7/11
Infrastructure - January State Revenue Report
3/1/11
Infrastructure - Infrastructure Monthly

February 2011

2/28/11
Q1'11 State DOT Survey - FY 2011/2012 Preliminary Budgets
2/22/11
Building Materials and Products - 2011 TRG Investing Themes and What this Means for Stocks
2/8/11
MLM - Q4'10 Earnings Snapshot
2/4/11
EXP - Q3'11 Conference Call Recap
2/3/11
VMC - Q4'10 Earnings A Challenge
2/3/11
Infrastructure - December State Revenue Report; Highway Bill Update
2/1/11
EXP - Q3'11 Earnings Snapshot
2/1/11
Infrastructure Monthly - PIP Dollars at 10 Year Low

January 2011

1/21/11
TXI - New England Travel Focuses on Stabilized Markets
1/11/11
TXI - Q2'11 Earnings Recap
1/7/11
TXI - Q2'11 Earnings Snapshot
1/7/11
Infrastructure - November State Revenue Report
1/5/11
Building Materials - Q4'10 Aggregates & Cement Survey; Murky Outlook Lingers
1/5/11
TXI - Q2'11 Earnings Preview

December 2010

12/7/10
Building Materials - Yes, Virginia, there is a highway bill. But what is your definition of a bill?
12/1/10
Infrastructure - October State Revenue Report

November 2010

11/17/10
Building Materials - October Wallboard Shipments Decline YOY As Expected, Pricing Still Pressured
11/15/10
Building Materials - American (EXP) Kills December's 25% Wallboard Price Increase
11/10/10
GVA - Q3'10 Post Conference Call Recap
11/10/10
STRL - Q3'10 Post Conference Call Recap
11/9/10
GVA - Q3'10 Earnings Snapshot
11/9/10
STRL - Q3'10 Earnings Snapshot
11/5/10
Infrastructure Monthly - Non-Res Indicators Pointing to Recovery
11/3/10
MLM - Q3'10 Conference Call Points to Better Volumes, Still Weak Pricing
11/3/10
VMC - Post Q3'10 VMC Conference Call; Sentiment, Not Fundamentals, Drove Stock Higher
11/2/10
MLM - Q3'10 Earnings Snapshot
11/2/10
VMC - Q3'10 Hits Our Slashed Expectations

October 2010

10/29/10
Infrastructure - September State Revenue Report
10/29/10
EXP - Q2'11 Conference Call Paints Grim Volume, Pricing Picture
10/28/10
EXP - Q2'11 Earnings Snapshot
10/22/10
USG - Q3'10 Conference Call Recap
10/20/10
USG - Q3'10 Earnings Snapshot
10/19/10
POOL - Suspending Coverage
10/14/10
Building Materials - Wallboard Shipments Decline 12.7% YOY
10/8/10
October Wallboard Distributor Survey - Lowering EXP, USG to a Hold

September 2010

9/29/10
Building Materials - Q3'10 Aggregate & Cement Survey: Death by a Thousand Cuts; Downgrading VMC
9/28/10
New Cement Regs Could Cut Capacity, Raise Prices
9/23/10
TXI - Q1'11 Earnings Snapshot
9/10/10
August Price Increase Killed - Takeaways from September Wallboard Distributor Survey
9/8/10
Infrastructure - Infrastructure Monthly

August 2010

8/25/10
Q3'10 State DOT Survey - 2010/2011 Budgets Up, Concerns Linger
8/17/10
July 2010 Gypsum Wallboard Shipments Decrease 22.2%
8/17/10
August Wallboard Distributor Survey
8/16/10
Building Materials - Midterm Elections
8/12/10
Infrastructure - Infrastructure Monthly
8/10/10
STRL - Q2'10 Post Conference Call Recap
8/09/10
STRL - Q2'10 Earnings Snapshot
8/06/10
VMC - Q2'10 Post Conference Call Recap
8/04/10
BECN - Q3'10 Earnings Recap
8/04/10
MLM - Q2'10 Post Conference Call Wrap Up
8/03/10
GVA - Q2'10 Post Conference Call Takeaways
8/03/10
MLM - Q2'10 Earnings Snapshot
8/03/10
VMC - Q2'10 Earnings Snapshot
8/02/10
GVA - Q2'10 Earnings Snapshot

July 2010

7/23/10
EXP - Q1'11 Post Conference Call Takeaways; Pricing, Margins Improving
7/23/10
POOL - Q2'10 Post Conference Call Takeaways
7/23/10
USG - Q2'10 Earnings Shows Relative Pricing Improvement
7/21/10
Building Materials - Q2'10 Construction Estimators Survey
7/21/10
TXI - Q4'10 Earnings Reveal Volume Visibility
7/19/10
POOL - Q2'10 Pool Builder and Maintenance Survey
7/13/10
Infrastructure - Infrastructure Monthly
7/12/10
Building Materials - Q2’10 Aggregates & Cement Survey: Will MacDuff’s Prophecy Prevail?

June 2010

6/29/10
Infrastructure - May State Revenue Report
6/25/10
Building Materials - June Wallboard Distributor Survey - Street Hysterics Unwarranted
6/07/10
Infrastructure - Infrastructure Monthly
6/02/10
Infrastructure - April State Revenue Report

May 2010

5/21/10
Building Materials - Q2'10 Wallboard Distributor Survey
5/14/10
Infrastructure - D.C. Trip Reveals SAFETEA-LU Progress, Goldman Shenanigans
5/12/10
Building Materials - VMC, MLM Estimate Changes
5/11/10
STRL- Q1'10 Earnings Bouncing Along the Bottom; Post Conf Call Recap
5/11/10
GVA- Q1'10 Post Conference Call Takeaways
5/10/10
BECN- Q2'10 Earnings Recap
5/04/10
VMC- Q1'10 Earnings Snapshot; Margins a Puzzle

April 2010

4/28/10
EXP- Q4'10 Post Conference Call Takeaways
4/23/10
GVA- Q1'10 Pre-Release; Lowering Rating
4/23/10
POOL- Q1'10 Earnings Results
4/21/10
USG- Q1'10 Earnings Marks Pricing Bottom
4/19/10
Building Materials- Q1'10 Pool Builder and Maintenance Survey
4/12/10
Building Materials - Q1'10 Construction Estimators Survey

March 2010

3/29/10
TXI - Q3’10 Earnings Marked by Adverse Weather, Plant Maintenance
3/26/10
Building Materials - Q1’10 Wallboard Distributor Survey: Pricing Sticking – Raising Rating on EXP, USG
3/23/10
Building Materials - Searching for the Bottom: Q1’10 Aggregates & Cement Survey
3/16/10
TRL - Q4'09 Earnings Ok But Downgrading on Tepid Outlook
3/01/10
GVA - Q4'09 Recap Focuses on Backlogs, Search for the Bottom

February 2010

2/25/10
GVA - Q4’09 EARNINGS SNAPSHOT
2/19/10
POOL - Q4’09 Earnings Snapshot
2/19/10
POOL - Q4’09 Earnings Snapshot
2/12/10
VMC - Q4’09 Recap; Weather, Public Spending the Big Themes
2/9/10
VMC - Q4’09 Earnings Snapshot
2/8/10
Industrials - Q1’10 State DOT Survey – 2010/2011 Projections Better Than Expected
2/5/10
Industrials - EPA Coal Combustion Product Regulation: A Potential Boon for Wallboard, Cement Industries?

January 2010

1/28/10
EXP - Q3’10 Earnings, Pricing Weakness Within Our Expectations
1/28/10
USG - Q4’09 Earnings Highlights Cont. Tough Pricing Environment
1/14/10
Building Materials - Q4’09 Wallboard Distributor Survey Theme is “Less Bad”
1/8/10
TXI - Q2’10 A Miss And Volume, Pricing Challenges Will Carry Into Q3’10
1/4/10
Building Materials - 2009 End of Year Earnings Revision

December 2009

12/11/09
Building Materials - Searching for the Bottom: Q4’09 Aggregates & Cement Survey
12/7/09
Building Materials/Construction Equipment - “Mortal Panic” and the Growing Jobs Bill Debate
12/2/09
BECN - Q4’09 Upside Mostly Driven by Margins; Acquisitions A Focus

November 2009

11/30/09
Building Materials - Q4’09 Construction Estimators Survey
11/24/09
Building Materials - State DOT Survey Underscores Buying Opportunity
11/11/09
STRL - Q3’09 A Beat; Outlook Clouded by D.C. Shenanigans
11/09/09
VMC - Northeast Marketing Confirms Volume, Leverage Themes
11/06/09
MLM - Q3'09 Earnings Reiterates Focus Should Be on Volumes
11/03/09
VMC - BUY Q3'09 Earnings Snapshot

October 2009

10/30/09
GVA - BUY Q3'09 Conference Call Increases Confidence
10/29/09
GVA - BUY Q3'09 Earnings Snapshot
10/28/09
POOL - Q3'09 Results
10/23/09
Building Materials - D.C. Trip: Transportation Bill & the Mounting Debate
10/23/09
EXP - Q2’10 Earnings Highlights Conservative Near-Term Outlook
10/22/09
USG - Q3’09 Earnings & The Capacity Conundrum
10/19/09
Building Materials - Q3'09 Earnings Preview
10/05/09
Building Materials - Rescission: What is it and should we care?

September 2009

09/25/09
Building Materials - Q3’09 Wallboard Distributor Survey
09/11/09
Building Materials - Q3’09 Aggregates, Cement, & Concrete Survey
09/01/09
Building Materials - Upgrading VMC, GVA, STRL on 2010 Public Construction Upside

August 2009

08/27/09
Building Materials - State DOT Survey Weighs Stimulus Impact
08/20/09
Building Materials Industry - D.C. August Doldrums Reveals Transportation Bill Pragmatism, BAB Progress
08/11/09
STRL - Q2’09 Upside Driven by Margins; Outlook Cautious
08/10/09
BECN - Q3’09 Upside Driven by Margins; Volumes Paramount
08/05/09
VMC - Post Conference Call Q2’09 Earnings; Focus Now on Volumes
08/05/09
MLM - Q2'09 Earnings; Focus on Volume Outlook
08/04/09
VMC - Q2'09 Snapshot

July 2009

07/31/09
GVA - Q2'09 Earnings Post Conference Call
07/30/09
GVA - Q2'09 Earnings Snapshot
07/23/09
EXP - Q1’10 Earnings Highlight Softer Prices, Cost Controls
07/23/09
POOL - Q2'09 Earnings Snapshot
07/22/09
USG - Q2’09 Earnings Points to Pricing Softening
07/16/09
TXI - Q4’09 Results Yields No Surprises
07/14/09
MLM - Q2'09 Pre-Release; Lowered FY’09 Guidance
07/02/09
Building Materials Industry - State DOT Survey; Late June D.C. Round Up

June 2009

06/22/09
POOL - Q2’09 Pool Builder & Maintenance Survey Highlights; Initiating POOL with Hold Rating
06/15/09
Building Materials Industry - Q2'09 Aggregates, Cement, & Concrete Survey
06/11/09
VMC - Capital Raise - Lowering MLM Rating
06/10/09
Q2'09 Wallboard Distributor Survey
06/01/09
Building Materials Industry - Launching Coverage of BECN, EXP, TXI, USG, STRL; Upgrading MLM

May 2009

05/27/09
Washington, D.C. - Washington D.C. Trip Reveals Highway Reauthorization Roadblocks
05/22/09
MLM - Marketing Trip Take-Aways
05/11/09
DW - Initiating Coverage; Q1’09 Results- 05/11/09
05/07/09
GVA - Initiating Coverage; Q1'09 Results
05/06/09
MLM - Initiating Coverage; Q1'09 Results
05/06/09
VMC - Q1'09 Snapshot and Conference Call Wrap-Up