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Analyst
Adam Baumgarten
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters; questions recorded in 5).
- Questions
- 17on tracked calls
- Challenge rate
- 0%none of 17 questions
- Companies
- 4questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 17 of 17 questions from 4 companies
BLDRBuilders FirstSource6 questions · 4 reporting periods · 0 of 6 challenging
Calendar 2026 Q1
Can you give us a sense of the magnitude of the headwind you're expecting for 26 at this point?
Show response
CEO quantified fuel headwind at roughly $100M negative number being managed through embedded pricing, surcharges, and negotiation. Bottom line impact less than $100M but not zero.
Calendar 2025 Q3
you had mentioned some procurement savings, which probably helped margins a little bit. Can you maybe talk about where you saw some better cost positions there?
Show response
CFO declined specifics but cited organized team and supply chain communication. CEO added scale advantage, BFS helps vendors solve problems, creating procurement opportunities.
Calendar 2025 Q1
Can you talk about the trends you're seeing in the installation business? Has that been kind of trending in line with overall results or maybe outperforming a bit?
Show response
CEO confirmed install is performing well, builders attracted to ease of doing business. Multifamily is a headwind but core install adoption continues.
Just curious when you think you'll be moving to roll out the platform to some of the larger homebuilders.
Show response
CEO confirmed large builder interest and active exploration of certain features. Pausing to ensure quality at scale but not needed for $1B target.
Calendar 2024 Q4
in a scenario where, you know, we start to see more labor constraints in construction due to some of the immigration policies, you know, you have an install business
Show response
CEO acknowledged both opportunity (BFS has capacity and skill) and risk (broader industry disruption would hurt affordability and starts).
Could you give us some color on what you're seeing from a pricing perspective in the value-added products arena
Show response
CFO confirmed value-add premium of 1000-1200 basis points over commodity margins remains intact.
MASMasco6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2026 Q1
Would that be in both segments? And would that happen if kind of commodity costs stay where they are today
Show response
Jon declined to discuss prospective pricing. Emphasized pricing as last resort after supplier negotiations, footprint changes, and internal cost reduction. Biggest surprise has been petrochemical impact on DA business. Will work with retail partner as needed.
Do you expect both segments to see margin pressure next quarter
Show response
Rick confirmed Q2 margin contraction expected YoY given tough 20% margin comp from Q2 2025 (pre-tariff impact). Declined to comment by segment. Expects a very solid Q2 overall despite YoY comparison pressure.
Calendar 2025 Q3
I think you mentioned that maybe it wouldn't be much of an impact for the full year. So would that imply that 4Q, those shipments kind of go through
Show response
Rick confirmed Q3 builders hardware timing headwind reverses in Q4, not a significant full-year impact.
You talked about that being a headwind. It seemed like maybe a bigger headwind than it's been in prior quarters
Show response
Jon acknowledged China increasingly challenged from both housing market weakness and stronger local competitors. Believes Hansgrohe holding up as well or better than other global competitors. Still likes the market long-term but it was a bigger Q3 headwind.
Calendar 2024 Q4
is that a modest negative impact you're embedding in '25
Show response
Rick confirmed tariff is a headwind factored into guidance but emphasized they expect to mitigate a large chunk. Did not confirm a specific dollar amount.
Just curious if you've noticed any changes in the [indiscernible] at Home Depot or if you expect any going forward
Show response
Keith gave a brief, direct denial of any competitive changes at Home Depot following the PPG architectural divestiture.
SWKStanley Black & Decker4 questions · 3 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
Do you have a sense for how much that impacted the volume growth in Tools & Outdoor in the second quarter?
Show response
Hallinan declined to quantify the promotional contribution, framing growth as multiyear and noting list prices were unchanged.
just on the industrial side, maybe the pockets of strength you saw in terms of end markets there would be helpful.
Show response
Nelson named solar and data centers as the industrial growth verticals alongside above-market automotive performance.
Calendar 2025 Q3
Just curious how you think your North America power and hand tools volumes compared to the market in the third quarter?
Show response
Nelson said company is in line with market overall, exceeding with DEWALT. Progress being made on STANLEY and CRAFTSMAN alignment with market. Noted volatility from tariff-related promotional changes.
Calendar 2024 Q4
on the promotional environment, you did mention a solid promotional season. Did that have any negative impact on gross margin in the quarter?
Show response
Allan described Q4 promotions as a slight marginal headwind but noted 2024 was first full year of normalized promotional cadence. Nelson added products promoted were accretive.
SHWThe Sherwin-Williams Company1 question · 1 reporting period · 0 of 1 challenging
Calendar 2024 Q4
You talked about gross margin expansion in 25. Can you maybe put a finer point on the magnitude
Show response
Al said 2025 gross margin expansion will be less than 2024's, second-half weighted as volume improves. Roughly 75% from price offsetting raws, remainder from simplification, acquisition synergies, and supply chain efficiencies from low single-digit volume.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| BLDR Builders FirstSource | 6 | 0%none of 6 questions |
| MAS Masco | 6 | 0%none of 6 questions |
| SWK Stanley Black & Decker | 4 | 0%none of 4 questions |
| SHW The Sherwin-Williams Company | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 6 | 0%none of 6 questions | 4 |
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 4 | 0%none of 4 questions | 3 |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | 3 | 0%none of 3 questions | 2 |
| 2026 Q2 | 2 | 0%none of 2 questions | 1 |
- 2024 Q46 questions · challenge rate 0% (none of 6 questions) · 4 companies
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q2No questions recorded
- 2025 Q34 questions · challenge rate 0% (none of 4 questions) · 3 companies
- 2025 Q4No questions recorded
- 2026 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Pricing5
- Demand5
- Margin5
- Revenue Growth4
- Cost Pressure3
- Competitive Dynamics3
- Labor Market2
- Geographic Expansion1
- Guidance Reliability1
- Inventory1
Show all 13 topics
- Innovation & R&D1
- Regulation Policy1
- Trade Tariffs1