Arcosa Inc (ACA) 2025 Q1 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Arcosa, Inc. first quarter 2025 Earnings conference call.

女士們、先生們，早安，歡迎參加 Arcosa, Inc. 2025 年第一季財報電話會議。

My name is Nikki and I will be your conference call coordinator today. As a reminder that this call is being recorded. Now I would like to turn the call over to your host, Erin Drabek, Vice President of Investor Relations for Arcosa.

我叫 Nikki，今天我將擔任您的電話會議協調員。提醒一下，本次通話正在錄音。現在我想將電話轉給主持人，Arcosa 投資者關係副總裁 Erin Drabek。

Drabek, you may begin.

德拉貝克，你可以開始了。

Good morning everyone and thank you for joining our Arcosa's first quarter 2025 Earnings Call. With me today are Antonio Carrillo Rule, President and CEO, and Gail M. Peck, CFO.

大家早安，感謝您參加 Arcosa 2025 年第一季財報電話會議。今天與我一起的有總裁兼執行長 Antonio Carrillo Rule 和財務長 Gail M. Peck。

A question and answer session will follow their prepared remarks. A copy of the press release issued yesterday and the side presentation for this morning's call are posted on our investor relations website ir.arcosa.com. A replay of today's call will be available for the next two weeks. Instructions for accessing the replay number are included in the press release. A replay of the webcast will be available for one year on our website under the news and events tab.

他們的準備好的發言之後將進行問答環節。昨日發布的新聞稿及今日早上電話會議的附帶簡報已發佈於我們的投資者關係網站 ir.arcosa.com。今日電話會議的重播將在未來兩週內提供。新聞稿中包含了存取重播號碼的說明。網路直播的重播將在我們網站的新聞和活動標籤下提供一年。

Today's comments and presentation slides contain financial measures that have not been prepared in accordance with GAAP. Reconciliations of non-GAAP financial measures to the closest GAAP measure are included in the appendix of the of the slide presentation.

今天的評論和簡報幻燈片包含未按照 GAAP 編制的財務指標。非 GAAP 財務指標與最接近的 GAAP 指標的對帳包含在幻燈片簡報的附錄中。

In addition, today's conference call contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Please refer to the company's SEC filings for more information on these risks and uncertainties, including the press release we filed yesterday and our Form 10-Q expected to be filed later today.

此外，今天的電話會議包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與此類前瞻性陳述有重大差異。有關這些風險和不確定性的更多信息，請參閱公司的 SEC 文件，包括我們昨天提交的新聞稿和預計今天晚些時候提交的 10-Q 表。

I would now like to turn the call over to Antonio.

現在我想把電話轉給安東尼奧。

Thank you, Erin. Good morning, everyone, and thank you for joining us today for a discussion of our first quarter results and our outlook for 2025. I am pleased with the financial results we delivered in the quarter, which places us on a strong footing for 2025.

謝謝你，艾琳。大家早安，感謝大家今天加入我們討論我們的第一季業績和 2025 年展望。我對我們本季所取得的財務表現感到滿意，這為我們在 2025 年奠定了堅實的基礎。

Let me start with a few key takeaways on slide four.

讓我先從第四張投影片上的幾個關鍵要點開始。

Our first quarter results demonstrate solid execution of our of our strategic vision driven by the transformative actions undertaken over the past several years.

我們第一季的業績表明，在過去幾年採取的變革行動的推動下，我們的策略願景得到了堅實的執行。

Excluding the divested steel components business from the prior year, we delivered consolidated adjusted EBITDA the growth of 26%, outpacing 12% revenue growth in the quarter and expanded our margin by 190 basis points.

不計上年剝離的鋼鐵零件業務，我們的合併調整後 EBITDA 成長了 26%，超過了本季 12% 的營收成長，利潤率提高了 190 個基點。

The integration of the $1.2 billion Stavola acquisition completed in October 2024, continues to progress well and operations are ramping up for the spring construction season in the Northeast. As expected, Stavola contribution was diluted to our first quarter results in its seasonally slowest quarter.

2024 年 10 月完成的價值 12 億美元的 Stavola 收購的整合工作繼續進展順利，東北地區春季建築季節的運作正在加緊進行。正如預期的那樣，Stavola 的貢獻因季節最淡的一個季度而對我們第一季的業績產生了稀釋。

So delivering 26% adjusted EBITDA growth with significant margin expansion in the quarter shows the strength of Arcosa's legacy business.

因此，本季調整後 EBITDA 成長率達到 26%，利潤率大幅提升，彰顯了 Arcosa 傳統業務的實力。

First quarter organic performance was led by engineer structures where we operated well in utility structures with strong demand conditions and successfully continued to ramp up our wind tower facility in Belen, New Mexico.

第一季的有機業績由工程結構引領，我們在公用事業結構方面運作良好，需求條件強勁，並成功繼續擴大我們在新墨西哥州貝倫的風力發電塔設施。

In construction products, despite unseasonably cold and wet weather impacting January and February, we expanded unit profitability and strong pricing gains, and first quarter results finished in line with our expectations.

在建築產品方面，儘管 1 月和 2 月受到異常寒冷潮濕天氣的影響，但我們仍擴大了單位盈利能力並實現了強勁的價格上漲，第一季的業績符合我們的預期。

Within transportation products, our large business had a solid quarter both in terms of performing better than expected on strong execution and extending our backlog with new orders.

在運輸產品方面，我們的大型業務本季表現穩健，無論是在強勁的執行力下表現優於預期，還是透過新訂單擴大了積壓訂單。

We are pleased to maintain our leverage at 2.9 times net debt to adjust EBITDA.

我們很高興將槓桿率維持在淨債務的 2.9 倍以調整 EBITDA。

As Stavola starts to contribute in the second quarter, we're confident we will continue reducing our leverage. We remain committed to our goal of achieving a leveraged target of 2-2.5 times over the next 12 months.

隨著 Stavola 在第二季開始做出貢獻，我們有信心繼續降低我們的槓桿率。我們仍致力於在未來 12 個月內實現 2-2.5 倍槓桿目標。

With operations primarily in the US, we expect to benefit from continued investment in the nation's aging infrastructure and the new era of growth for the US power market. While the macroeconomic and policy environments continue to evolve rapidly, our course is in good position to navigate this environment because our teams are managing our business as well. Most of our end markets continue to demonstrate resilience, and our backlogs provide solid visibility.

由於業務主要在美國，我們預計將受益於對美國老化基礎設施的持續投資以及美國電力市場的新增長時代。儘管宏觀經濟和政策環境繼續快速發展，但我們的課程能夠很好地應對這種環境，因為我們的團隊也在管理我們的業務。我們的大多數終端市場繼續表現出韌性，我們的積壓訂單提供了堅實的可見性。

In summary, our strong first quarter results show solid execution from our teams, the strategic portfolio moves we have made over the last several years, and the initial benefit of the organic investments of the last few years. I will now turn over the call to Gail to discuss our first quarter segment results in more detail.

總而言之，我們第一季的強勁業績體現了我們團隊的穩健執行力、過去幾年我們採取的策略性投資組合舉措以及過去幾年有機投資的初步效益。現在我將把電話轉給蓋爾，更詳細地討論我們第一季的分部業績。

Thank you, Antonio. Good morning, everyone. I'll start with construction products on slide 10.

謝謝你，安東尼奧。大家早安。我將從第 10 張投影片開始介紹建築產品。

Before I discuss first quarter performance, I'd like to highlight a new revenue disclosures as we begin 2025. We will now separately disclose revenues for aggregates, which includes natural and recycled aggregates. For the first quarter, our aggregates business represents 69% of our construction materials revenues, which also include our asphalt and specialty material businesses. We plan to expand our aggregates disclosures in coming quarters in line with our peers.

在討論第一季業績之前，我想先強調一下 2025 年伊始的新營收揭露。我們現在將單獨揭露骨材的收入，其中包括天然骨材和再生骨材。第一季度，我們的骨材業務占我們建築材料收入的 69%，其中還包括我們的瀝青和特殊材料業務。我們計劃在未來幾季內與同業一起擴大總量揭露。

Turning to the segment performance, first quarter revenues increased 5%, driven by the contribution from Stavola. On an organic basis, segment revenues declined 6%, with about half of the decline driven by lower freight revenues and the divestiture of underperforming operations in the prior year. The balance of the change reflects higher pricing that was offset by lower volumes.

談到分部業績，第一季營收成長 5%，這得益於 Stavola 的貢獻。從有機角度來看，該部門收入下降了 6%，其中約一半的下降是由於貨運收入下降以及上一年表現不佳的業務的剝離。變化的平衡反映了更高的定價，但被更低的銷售所抵消。

Adjusted segment EBITDA decreased 5% in large part driven by the inorganic impact of Stavola. Located in the northeast and more seasonally impacted by cold weather in the winter months than our legacy operations. Stavola reduced adjusted segment EBITDA by $2 million in line with our expectations and diluted adjusted segment EBITDA margin by 320 basis points.

調整後分部 EBITDA 下降 5%，主要受 Stavola 無機影響。位於東北部，與我們傳統的業務相比，冬季受寒冷天氣的影響更大。Stavola 根據我們的預期將調整後分部 EBITDA 減少了 200 萬美元，並將調整後分部 EBITDA 利潤率降低了 320 個基點。

On an organic basis, adjusted segment EBITDA declined 2% as volumes were impacted by wet and abnormally cold weather across our footprint. On a positive note, organic adjusted segment EBITDA margin expanded 100 basis points due to higher pricing and improved unit profitability.

從有機角度來看，調整後的部門 EBITDA 下降了 2%，因為銷售量受到我們業務範圍內潮濕和異常寒冷天氣的影響。積極的一面是，由於定價上漲和單位獲利能力提高，有機調整後的部門 EBITDA 利潤率擴大了 100 個基點。

In our aggregates business, average organic pricing was up 7% from the prior year. Total pricing was up 10% with the accretive impact of Stavola. Organic volumes declined high single digits, largely due to wet and seasonally cold weather that impacted demand in January and February, as well as our continued focus on value over volume, including Stavola, total volume was down 2% in the quarter.

在我們的骨材業務中，平均有機價格比前一年上漲了 7%。受 Stavola 增值效應影響，總價格上漲了 10%。有機產量下降了個位數，主要是因為 1 月和 2 月的潮濕和季節性寒冷天氣影響了需求，以及我們繼續關注價值而非產量，包括 Stavola 在內的總產量在本季度下降了 2%。

Organically, adjusted EBITDA for aggregates declined while margin was roughly flat. Overall, production volumes were impacted by weather, reducing fixed cost absorption in our seasonally slow first quarter. Variable costs continued to show moderating inflationary pressures on a year-to-year basis.

從有機角度來看，調整後的總量 EBITDA 有所下降，但利潤率基本上持平。總體而言，產量受到天氣的影響，導致我們在第一季季節性緩慢的時期固定成本吸收減少。變動成本持續呈現逐年緩和的通膨壓力。

Turning to our other construction materials businesses, revenues were roughly flat in specialty materials as higher pricing was offset by lower volumes. Adjusted EBITDA for the business increased slightly compared to the prior year quarter resulting in margin expansion.

談到我們的其他建築材料業務，特種材料的收入基本上持平，因為更高的價格被更低的銷售所抵消。該業務的調整後 EBITDA 與去年同期相比略有增加，導致利潤率擴大。

As expected, our asphalt business, which is part of Stavola's vertically integrated operations, was diluted to the quarter's results and drove the $2 million EBITDA loss for Stavola. As we begin the spring construction season, we are pleased with the level of quoting activity for this business.

正如預期的那樣，我們的瀝青業務（作為 Stavola 垂直整合業務的一部分）被稀釋了本季度的業績，並導致 Stavola 的 EBITDA 損失 200 萬美元。隨著春季施工季節的開始，我們對該業務的報價活動水準感到滿意。

Finally, revenues for our Trent shoring business were down 4% due to lower steel prices reducing average selling prices and a slight decrease in volumes. Adjusted EBITDA grew and margin expanded in the quarter.

最後，由於鋼材價格下跌導致平均售價降低以及銷售量略有下降，我們的特倫特支撐業務收入下降了 4%。本季調整後的 EBITDA 有所成長，利潤率擴大。

Moving to engineered structures on slide 11, revenues for our utility, wind, and related structures businesses increased 23%, largely due to higher wind tower volumes and the inorganic impact from Ameron, which was acquired in April 2024. As expected, first quarter revenues in our utility structures business declined slightly as a double digit volume increase and improved product mix were offset by lower steel prices, reducing average selling prices.

轉到幻燈片 11 上的工程結構，我們的公用事業、風能和相關結構業務的收入增長了 23%，這主要歸功於風力發電塔數量的增加以及 2024 年 4 月收購的 Ameron 的無機影響。正如預期的那樣，我們的公用事業結構業務第一季的收入略有下降，因為兩位數的銷售成長和產品組合的改善被鋼材價格的下降所抵消，從而降低了平均售價。

Adjusted segment EBITDA increased 90% in margin expanded 650 basis points led by the ramp up in our New Mexico wind towers facility and growth in our utility structures business. As a reminder, our New Mexico wind tower facility was incurring startup costs in the prior year period as it delivered its first towers in the second quarter last year. Adjusted EBITDA and margin for our utility structures business expanded nicely due to improved product mix and operating efficiencies. Segment performance was enhanced by Ameron, which hit its one year anniversary as part of our Arcosa in April and continues to perform well.

調整後的部門 EBITDA 成長了 90%，利潤率擴大了 650 個基點，這主要得益於我們新墨西哥州風力發電塔工廠的擴張和公用事業結構業務的成長。提醒一下，我們的新墨西哥風力發電塔工廠在去年第二季度交付了第一座塔架，因此在去年同期產生了啟動成本。由於產品組合和營運效率的改善，我們的公用事業結構業務的調整後 EBITDA 和利潤率得到了良好的擴大。Ameron 提升了部門業績，該公司作為 Arcosa 的一部分於 4 月迎來了一周年紀念日，並且繼續表現良好。

We ended the quarter with combined backlog for utility wind and related structures of $1.1 billion and expect to deliver 59% during 2025.

本季結束時，我們公用事業風電和相關結構的積壓訂單總額為 11 億美元，預計 2025 年將交付 59%。

Turning to transportation products on slide 12, revenues were up 6% and adjusted segment EBITDA increased 13%, excluding the divested steel components business from the prior year period. Higher tank barge volumes and the associated operating leverage resulted in 120 basis points of margin improvement year-by-year for the barge business.

談到投影片 12 上的運輸產品，營收成長了 6%，調整後的分部 EBITDA 成長了 13%，不包括去年同期剝離的鋼鐵零件業務。油駁船數量的增加和相關的經營槓桿使得駁船業務的利潤率逐年提高120個基點。

Barge orders totaled $142 million during the quarter, representing a book to bill of $1.7 million with the mix more weighted to tank barges. We ended the quarter with a backlog of $334 million, up 19% from the start of the year.

本季駁船訂單總額為 1.42 億美元，訂單出貨比總額為 170 萬美元，其中以油駁船為主。本季末，我們的積壓訂單為 3.34 億美元，比年初成長了 19%。

I'll now provide some comments on our leveraged position and cash flow performance on slide 13.

我現在將在第 13 張投影片上對我們的槓桿部位和現金流表現發表一些評論。

We maintained 2.9 times net debt to adjusted EBITDA at the end of the first quarter, consistent with the start of the year, which was a good outcome in our seasonally slowest quarter for construction materials. We expect to demonstrate further deleveraging in the second half of 2025 and remain on track to return to our 2 to 2.5 times leverage goal over the next 12 months. Our liquidity remains strong at $868 million, including full availability under our $700 million revolver, and we have no material near term debt maturity.

在第一季末，我們的淨債務與調整後 EBITDA 比率維持在 2.9 倍，與年初一致，這對於我們建築材料季節性最淡的季度來說是一個良好的結果。我們預計 2025 年下半年將進一步去槓桿，並預計在未來 12 個月內恢復到 2 至 2.5 倍槓桿率的目標。我們的流動性仍然強勁，達到 8.68 億美元，其中包括 7 億美元循環信貸額度下的全部可用資金，而且我們沒有重大的短期債務到期。

First quarter operating cash flow was essentially break even, driven by an $81 million increase in networking capital requirements and higher interest payments driven by the additional debt to finance the Stavola acquisition.

第一季的營運現金流量基本上達到收支平衡，這得益於網路資本需求增加了 8,100 萬美元，以及為收購 Stavola 而增加的債務帶來的更高利息支付。

The increase in working capital was primarily due to higher receivables and engineered structures and transportation products, largely due to timing. Receivables also increased due to advanced manufacturing production tax credits recognized for our wind towers business that were subsequently sold in April.

營運資本的增加主要是由於應收帳款增加以及工程結構和運輸產品增加，這很大程度上是由於時機問題。應收帳款也因我們的風力發電塔業務獲得先進製造生產稅收抵免而增加，該業務隨後於 4 月出售。

CapEx for the first quarter was $34 million, down $20 million from the prior period as we focused primarily on maintenance capEx in 2025. We reaffirm our CapEx guidance of $145 million to $165 million for the full year.

第一季的資本支出為 3,400 萬美元，比上一季減少 2,000 萬美元，因為我們主要關注 2025 年的維護資本支出。我們重申全年資本支出指引為 1.45 億美元至 1.65 億美元。

Free cash flow for the quarter was negative $30 million. We expect free cash flow to improve as we move into the second half of the year.

本季自由現金流為負 3,000 萬美元。我們預計，進入下半年，自由現金流將會改善。

I will now turn the call over to Antonio for an update on our 2025 outlook.

現在我將把電話轉給安東尼奧，請他介紹我們對 2025 年的展望。

Thank you, Gail. I will now turn to slide 15 to review our guidance.

謝謝你，蓋爾。我現在將翻到第 15 張投影片來回顧我們的指導。

Our course is well positioned to navigate the current environment, and we expect a strong 2025. We executed well in the first quarter and accordingly we reiterate the full year 2025 guidance that we provided in February. At the midpoint of our range, we anticipate revenues of $2.9 billion, up 17%, and adjusted EBITDA of $570 million, up 30%, excluding the divested steel components business from 2024 results.

我們的課程非常適合應對當前環境，我們預計 2025 年將會表現強勁。我們在第一季表現良好，因此我們重申我們在二月提供的 2025 年全年指引。按照我們預期範圍的中點，我們預期營收為 29 億美元，成長 17%，調整後 EBITDA 為 5.7 億美元，成長 30%，不包括 2024 年業績中剝離的鋼鐵零件業務。

The full year impact of the acquisitions in 2025 will be supplemented with anticipated double digit adjusted EBITDA growth from our legacy operations.

2025 年收購的全年影響將透過我們傳統業務預計的兩位數調整後 EBITDA 成長得到補充。

Regarding tariffs as currently outlined, we're in a good position and do not anticipate any material direct impacts to our Arcosa. We primarily source our steel in the US and our US MCA compliant products that are made in Mexico are exempt from tariffs.

就目前概述的關稅而言，我們處於良好狀態，預計不會對我們的 Arcosa 產生任何重大直接影響。我們的鋼材主要來自美國，在墨西哥生產的符合美國 MCA 要求的產品可免關稅。

Please turn to slide 16, for a discussion of our business outlook by segment.

請翻到第 16 張投影片，了解我們各部門的業務前景。

We expect construction products to perform well as we move into a stronger second and third quarters construction season. We continue to expect significant adjusted segment EBITDA growth because of the Stavola acquisition and high single digit organic growth.

隨著我們進入更強勁的第二季和第三季建築季節，我們預計建築產品將表現良好。由於 Stavola 的收購和高個位數的有機成長，我們繼續預期調整後的分部 EBITDA 將大幅成長。

We are maintaining our aggregates pricing outlook of mid single digit appreciation and solid double digit volume growth benefiting from Stavola.

我們維持整體定價預期，即受益於 Stavola，整體價格將實現中等個位數升值，銷售量將實現穩健的兩位數成長。

Overall, as we look across the regions, infrastructure investment continues to be a tailwind. We see projects moving forward on the public side. Private markets are showing strength in data centers, select industrials, and an early recovery in warehouses. Single family residential remains challenged, but we operate in many attractive markets with an undersupply of housing. We will continue to monitor the economic data closely, stay engaged with our customers, and focus on execution.

整體而言，縱觀各地區，基礎建設投資持續呈現順風態勢。我們看到公共方面的項目正在不斷推進。私人市場在資料中心、精選工業領域表現強勁，倉庫領域也出現早期復甦。單戶住宅仍然面臨挑戰，但我們在許多住房供應不足的有吸引力的市場中開展業務。我們將繼續密切關注經濟數據，與客戶保持聯繫，並專注於執行。

Moving next to engineering structures, the themes remain very consistent in utility structures. Increased electrification, grid harding and resiliency, and the renewable energy connection to the grid are driving strong demand. After many years of flat demand for power in the US, we are now experiencing strong growth in we're now expecting strong growth in the next several years.

接下來談到工程結構，公用事業結構的主題仍然非常一致。電氣化程度的提高、電網的堅固性和彈性以及再生能源與電網的連接正在推動強勁的需求。在美國電力需求多年持平之後，我們現在正經歷強勁成長，我們預計未來幾年將出現強勁成長。

To supply that growth in power demand, new sources of energy will have to be built and connected to an already stressed grid. Therefore, we see a long period of sustained demand growth for utility poles, and we're looking at ways to increase both efficiency and capacity, including potentially converting an idle wind tower facility to increase capacity in the US.

為了滿足日益增長的電力需求，必須建造新的能源並將其連接到已經不堪重負的電網。因此，我們看到了對電線桿的長期持續需求成長，我們正在尋找提高效率和容量的方法，包括可能改造閒置的風力發電塔設施以增加美國的容量。

With respect to the wind energy industry, we believe the increased generation needs in the US require an all of the above energy strategy. It becomes clear that renewable energy must play an important role in meeting power demand over the next several years when you compare low growth forecasts with potential new sources of gas power.

對於風能產業，我們認為美國日益增長的發電需求需要採取上述所有能源策略。如果將低成長預測與潛在的新型天然氣發電來源進行比較，就會發現再生能源必須在滿足未來幾年的電力需求方面發揮重要作用。

We continue to engage with our wind turbine customers for orders for 2026 while we await additional clarity on renewable energy policy discussions in Washington DC.

我們將繼續與風力渦輪機客戶就 2026 年的訂單進行接觸，同時等待華盛頓特區再生能源政策討論的更多明確資訊。

Meanwhile, the ramped up in our New Mexico wind tower facilities is helping us drive both year-over-year volume and marginal improvement. 2025 continues to be a year of execution against a solid backlog for wind tower.

同時，我們在新墨西哥州的風力發電塔設施的增產幫助我們推動了年產量和邊際改善。 2025 年仍然是風力發電塔大量積壓訂單的執行年。

Ameron continues to perform well, and we are seeing solid demand for lighting poles and traffic signals. A slight rebound in telecom carrier spending is benefiting our telecommunications business as well.

Ameron 繼續表現良好，我們看到對燈桿和交通號誌的強勁需求。電信業者支出的小幅反彈也使我們的電信業務受益。

Last for a discussion on transportation products.

最後討論一下運送產品。

The broader barge fleet continues to get older, and it's approaching an average age of 20 years. Barge orders received during the quarter extend our tank barge battle of deep into 2026.

駁船船隊規模不斷擴大，平均船齡已接近 20 年。本季收到的駁船訂單將我們的坦克駁船之戰延續到 2026 年。

Customer inquiries continue to be healthy for tank barges despite higher steel prices, as industry capacity is tight relatively to future replacement needs. On the dry barge side, our backlog extends into the beginning of the fourth quarter. Dry hopper barge customers are more sensitive to steel prices and potential agricultural tariffs, so they're taking a more conservative approach to ordering.

儘管鋼材價格上漲，但客戶對油罐駁船的詢價仍保持活躍，因為產業產能相對於未來的更換需求較為緊張。在乾駁船方面，我們的積壓訂單延續到第四季初。乾駁船客戶對鋼鐵價格和潛在的農業關稅更為敏感，因此他們採取更保守的訂購方式。

We're seeing signs of easing in the steel prices, which is encouraging. We did receive some hopper barges during the quarter and we're confident we will be able to fill our open slots. With a fleet fleet aging quickly, replacement needs over the next five years for both barge types are expected to far exceed industry building capacity if customers continue to wait.

我們看到鋼鐵價格出現下降的跡象，這是令人鼓舞的。本季我們確實收到了一些駁船，我們有信心能夠填補我們的空缺。隨著船隊快速老化，如果客戶繼續等待，預計未來五年兩種駁船類型的更換需求將遠遠超過行業建造能力。

In the meantime, our barge business is delivering outstanding margins at low production rates, and we're ready to ramp up production as demand picks up.

同時，我們的駁船業務在低生產力下提供了出色的利潤，我們準備好隨著需求的回升而提高產量。

Summing it all up, we have much to be excited about in 2025, and we anticipate another strong year of growth. The global macroeconomic and policy environment remains fluid, and we continue to monitor potential impacts on our company. Our teams are staying focused on what they can control and maintaining operational excellence. Our course is well positioned in the markets we serve, and our portfolio of business is much more resilient today than in previous periods of uncertainty.

總而言之，我們對 2025 年充滿期待，並預計這將是另一個強勁成長的一年。全球宏觀經濟和政策環境仍然不穩定，我們將繼續監測對我們公司的潛在影響。我們的團隊始終專注於他們能夠控制的事情並保持卓越的營運。我們的課程在我們所服務的市場中處於有利地位，而且我們的業務組合今天比以前的不確定時期更具彈性。

As we head into the second quarter. We should start to see the positive impact of the Stavola acquisition and continue to see to see strong organic growth from our legacy businesses.

我們即將進入第二季。我們應該開始看到收購 Stavola 的正面影響，並繼續看到我們傳統業務的強勁有機成長。

I want to thank our employees for their commitment and hard work. Your efforts are making a difference, and we're seeing that in many ways across our company, most notably in our safety culture of R100. As you will see in our 2025 sustainability report, which was posted on our website earlier this week, we recorded our lowest number of recordable incidents or TRIR in our course of history. Together we're building a stronger company. We're now ready to take your questions.

我要感謝我們員工的奉獻和辛勤工作。您的努力正在產生積極的影響，我們在公司各個方面都看到了這一點，最顯著的就是我們的 R100 安全文化。正如您在本週稍早發佈在我們網站上的 2025 年永續發展報告中所看到的，我們記錄的可記錄事件或 TRIR 數量是歷史上最低的。我們正攜手打造更強大的公司。我們現在準備好回答您的問題。

(Operator Instructions)

（操作員指示）

Julio Romero, Sidoti & Company

胡里奧·羅梅羅，西多蒂公司

Great, thanks. Good morning, Antonio and Gail. Thanks for taking questions.

太好了，謝謝。早安，安東尼奧和蓋爾。感謝您的提問。

So very nice performance in the engineered structures segment. I wanted to dig into the moving pieces there in the quarter, understanding there is some noise on the margin percentage in the segment due to the steel prices on the utility side. Can you elaborate on what the wind tower contribution was to sales and profit dollars in the quarter?

工程結構領域的表現非常出色。我想深入了解本季的變動因素，並了解到由於公用事業方面的鋼鐵價格，該部門的利潤率百分比存在一些波動。您能否詳細說明風力發電塔對本季銷售額和利潤的貢獻？

I give you a little more detail, but let me, I think the big message here, Julio, is, for the last several quarters when you have still volatility, it creates noise, but the reality is the volume growth in utility structures to be is the is the highlight here. We have double digit growth in volumes in utility structures. Demand is really strong. And the plants are performing very well. Last year we had some hiccups in a few of our operations this year. The plants are operating extremely well, and we see a very long period of demand, so plants are doing well.

我會給你更詳細的信息，但讓我來告訴你，胡里奧，我認為這裡最重要的信息是，在過去幾個季度裡，當你仍然有波動時，它會產生噪音，但現實是，公用事業結構的數量增長是這裡的亮點。我們的公用事業結構量實現了兩位數的成長。需求確實很強勁。而且植物的生長情況非常好。去年我們的一些營運工作今年遇到了一些小問題。工廠的運作情況非常好，而且我們看到了很長一段時間的需求，所以工廠的狀況很好。

And we inside, the ramp up of our facilities continues to do very well, and we're having really nice margins both from the operations itself and the tax rate, so. That's the big picture. We see very strong demand on the utility side and the operations are performing extremely well. The other thing to mention on utility structures, even though our products are US MCA compliant, etc. In the previous conference call I mentioned, we did have some steel in Mexico that was left over from our purchased last year, and we incurred some tariffs during the quarter.

在我們內部，我們的設施擴張繼續表現良好，而且我們從營運本身和稅率方面都獲得了非常好的利潤率。這就是總體情況。我們看到公用事業的需求非常強勁，營運表現也非常好。關於公用事業結構的另一件事是，儘管我們的產品符合美國 MCA 等標準。在之前的電話會議中我提到，我們在墨西哥確實有一些去年購買剩餘的鋼材，並且我們在本季度產生了一些關稅。

That were completely absorbed by the efficiencies of the plant and cost cutting and other things so the performance of the businesses were incredibly strong during the quarter, and I'll let Gail give you some more details.

這些損失完全被工廠效率的提高、成本削減和其他因素所吸收，因此本季的業務表現非常強勁，我將讓蓋爾向您提供更多細節。

Good morning, Julio.

早上好，胡里奧。

As it relates to growth in the quarter kind of parsing through the different businesses, we did have another quarter, our last quarter of inorganic impact from Ameron. So Ameron's $95 million to $100 million revenue business on an annual basis. So you had that inorganic impact in Q1, as we talked about on our last call, we do expect strong revenue growth in wind this year based on our backlog visibility, so. And as I said in my comments.

由於這涉及到本季度不同業務的成長分析，我們確實有另一個季度，即上個季度來自 Ameron 的無機影響。因此，Ameron 每年的業務收入為 9,500 萬至 1 億美元。因此，正如我們在上次電話會議上討論的那樣，您在第一季受到了無機影響，根據我們的積壓訂單可見性，我們確實預計今年風能收入將出現強勁增長。正如我在評論中所說的那樣。

Utility structures revenue was about flat, maybe a little bit down year over year, and that's really as Antonio talked about related to steel prices.

公用事業結構收入基本上持平，可能比去年同期略有下降，正如安東尼奧所說的，這與鋼鐵價格有關。

Your question on the profits, as we don't disclose profit by business in our in our financials, but I can say from a margin perspective, wind and Ameron continue to be accretive to the segment margin, and we saw a strong year-over-year improvement in margin for the utility structures business, very happy with the performance for the quarter.

關於利潤的問題，由於我們沒有在財務報表中披露各業務的利潤，但我可以從利潤率的角度說，風能和 Ameron 繼續增加部門利潤率，而且我們看到公用事業結構業務的利潤率同比大幅提高，我們對本季度的業績非常滿意。

Okay, great. Thanks for all the color there, and I guess that's helpful. I guess just maybe, I'm just trying to get a sense of the wind profit jump, because the year-over-year profit jump in the quarter was really significant. I mean on a dollar basis, so I guess maybe asking another way, would you say that the volume improvement in utility structures was a bigger, maybe a surprise to you in the quarter, than the wind. Then the wind jumped on a profit dollar.

好的，太好了。感謝那裡的所有顏色，我想這很有幫助。我想也許，我只是想了解風能利潤的成長，因為本季的年比利潤成長確實非常顯著。我的意思是以美元計算，所以我想也許換一種方式問，您是否認為本季公用事業結構的容量改善比風能更大，甚至可能令您感到驚訝。然後風跳上了利潤美元。

No, I wouldn't say so, Julio. Maybe maybe one thing I might point out, we did expect to have a little bit of profit degradation and wind in the quarter for the sale of tax credits.

不，我不會這麼說，胡里歐。也許有一件事我想指出，我們確實預計本季度的利潤會略有下降，並且稅收抵免的銷售也會受到影響。

That sale was executed in April, so we didn't have that deduct from wind in Q1 that we'll have in Q2. But other than that, I would say our performance was very much in line with what we expected. We expect strong growth in wind in 2025 based on the backlog visibility that we have. Belen, as Antonio said, has ramped up and so we saw Belen very creative to the segment margin in the quarter.

該銷售是在四月份進行的，因此我們在第一季沒有從風能中扣除第二季的金額。但除此之外，我想說我們的表現非常符合我們的預期。根據我們掌握的積壓訂單情況，我們預計 2025 年風能將出現強勁成長。正如安東尼奧所說，貝倫的業績已經大幅提升，因此，我們看到貝倫在本季度的細分市場利潤率方面非常有創意。

And to your question, I think Julio, both businesses perform very well. I think from the from the margin perspective, I was very pleased with both, but utility structures was especially important to me because as I said last year we had some hiccups and it shows that the plants are performing really well and the management team is doing a fantastic job. So I think it's I'm excited for what I'm seeing in both businesses.

對於您的問題，我認為 Julio，兩家公司都表現得非常好。我認為從利潤率的角度來看，我對兩者都非常滿意，但公用事業結構對我來說尤其重要，因為正如我去年所說的那樣，我們遇到了一些小問題，這表明工廠表現良好，管理團隊做得非常出色。所以我認為我對這兩家公司所取得的成就感到很興奮。

Really helpful there. Last one for me would be just, maybe staying on that a little bit longer, just a quick refresher on what the economics of the wind power business are at just given the years of continuous improvement, I think maybe even decades that you guys have done in wind tower manufacturing, if you could just kind of contrast, the economics of that business now, even if, any incentives would go away, maybe compared to last cycle.

真的很有幫助。對我來說，最後一個問題，也許我可以再多說一會兒，只是快速回顧一下風力發電業務的經濟狀況，考慮到多年來的持續改進，我想你們在風力發電塔製造領域已經做了幾十年，如果你可以對比一下，現在這個業務的經濟狀況，即使任何激勵措施都消失了，也許可以與上一個週期進行比較。

Yes, that's a great question, and that's it. I think that's a good way to phrase it. Let me give you a first big picture.

是的，這是一個很好的問題，就是這樣。我認為這是一種很好的表達方式。讓我先給你一張全景圖。

Last cycle versus this cycle, the biggest difference to me, forgetting about the production is the demand factor. In the previous cycles, wind towers, I would say renewable energy in general, but wind specifically were nice to have. We were living in a period of flat power demand in the US, so you could substitute retiring coal plants with wind or solar, and that's okay. You can do a transition.

上一個週期與這個週期相比，對我來說最大的差別是，忘記生產就是需求因素。在之前的周期中，我會說風力發電塔，總的來說是可再生能源，但具體來說，風能是很好的。我們正處於美國電力需求持平的時期，因此你可以用風能或太陽能取代退役的燃煤電廠，這是可以的。你可以做一個過渡。

And that changed over the last few years where now power demand is growing. If you look at the numbers of turbines that can be built in the US and the expansion happening gas turbines. Gas turbines will not be able to supply the power that this country needs for the next five to seven years.

但這種情況在過去幾年發生了變化，現在電力需求正在成長。如果你看一下美國可以建造的渦輪機數量以及正在擴張的燃氣渦輪機數量。未來五到七年內，燃氣渦輪機將無法滿足該國所需的電力。

Nuclear plants are far away. You can delay a little bit of the coal plant retirements, but that doesn't solve the problem. The only thing that's really shovel ready and can get really production real fast is renewables.

核電站距離很遠。你可以稍微延後燃煤電廠的退役，但這並不能解決問題。唯一真正準備好並能快速投入生產的是再生能源。

It has all the problems that we all know about intermittency and all those things, but it's the only tool we have for the short term. So to me that's the biggest difference is we actually now for the first time in my 20 some years building wind towers, we actually need them.

它具有我們所知的有關間歇性等所有問題，但它是我們短期內唯一的工具。所以對我來說，最大的不同是，在我建造風力發電塔的二十多年裡，我們第一次真正需要它們。

So with that in mind, before the tax credits we had a very viable business. The developers were getting tax credits and what we wanted to do is produce towers, and that's what we did today. We have an additional tax rate that that that we get and we love the tax rate and it's all great.

因此考慮到這一點，在稅收抵免之前，我們的業務非常可行。開發商獲得了稅收抵免，而我們想要做的就是建造塔樓，這就是我們今天所做的。我們獲得了額外的稅率，我們喜歡這個稅率，一切都很棒。

I don't think there's a scenario where it goes away. We haven't heard anything that tells us that it will go away. There might be tweaks, adjustments here and there, and we will adjust our business model with our customers according to the cards we're dealt. So if if the if the wind tower tax rates get reshuffled one way or another, we'll have a conversation with our customers for future orders, and there might be different economics within them. But we expect good economics for Arcosa because we have those economics in the previous cycles without any tax credit.

我認為它不會消失。我們還沒有聽到任何消息說它會消失。這裡或那裡可能會有調整，我們會根據實際情況調整與客戶的業務模式。因此，如果風力發電塔稅率以某種方式重新調整，我們將與客戶就未來的訂單進行對話，其中可能會有不同的經濟因素。但我們預期 Arcosa 的經濟效益良好，因為我們在先前的週期中也曾經有過這樣的經濟效益，而且沒有任何稅收抵免。

So very long answer to your short question, but I think the big picture is there's strong demand that's needed for towers, for wind. And second, even without a tax rate or with some disruptions in tax rates, we can, we have, we still have a very viable and profitable business. And one more thing. If the tax rates get, let's say the timing gets reduced or something changes, what we've seen in the past is that people get anxious about it and they order a lot so that they can take advantage of the tax credit. So there's a scenario where, reducing the time can be good for demand in the short term. So that's a very long answer to your short question.

對於您的簡短問題，我的回答非常長，但我認為總體而言，對塔和風能的需求強勁。其次，即使沒有稅率或稅率出現一些波動，我們仍然可以擁有非常可行且有利可圖的業務。還有一件事。如果稅率下降，比如說時間減少或發生其他變化，我們過去看到的情況是，人們會對此感到焦慮，他們會大量訂購，以便能夠享受稅收抵免。因此，從某種意義上來說，減少時間在短期內對需求有利。所以這是對你簡短問題的一個很長的回答。

Great, thanks for the call. I'll pass it on.

太好了，謝謝您的來電。我會傳達的。

Brent Thielman, D.A. Davidson

布倫特·蒂爾曼（Brent Thielman）、地方檢察官戴維森（D.A. Davidson）

Hey, thanks. Good morning. One more on engineered structures if I could, maybe to approach it a different way. Is there any reason, you shouldn't continue to be producing it sort of 18%-plus margins absent the fact that I know you're selling these tax credits and then Gail, is there any way to kind of handicap with that tax credit sale will due to margins less than 100 basis points just wanted to kind of level set there.

嘿，謝謝。早安.如果可以的話，我再多談工程結構，也許可以用不同的方式來解決它。有什麼理由，你不應該繼續生產這種利潤率超過 18% 的產品，因為我知道你正在銷售這些稅收抵免，然後蓋爾，有沒有什麼辦法可以通過稅收抵免銷售來限制利潤率，因為利潤率低於 100 個基點，只是想在那裡設定一個水平。

Good morning, Brent. Thanks for the question.

早上好，布倫特。謝謝你的提問。

On the monetization of the tax credits, there continues to be a good market for the sale of tax credits. So as I said in my script, we subsequently sold our Q1 tax credits in April, so we did not accrue the loss. But in terms of the loss and the sale, we had about a $2.5 million loss in Q4 of last year.

關於稅收抵免貨幣化，稅收抵免銷售市場持續良好。正如我在腳本中所說，我們隨後在 4 月出售了第一季的稅收抵免，因此我們沒有累積損失。但就損失和銷售而言，我們去年第四季的損失約為 250 萬美元。

Maybe a little bit on the higher end because we sold some credits that weren't in addition to those that were generated in the quarter, but you could think about, that kind of two-ish million as a range for what we would see as we continue to monetize these credits on a quarterly basis.

可能稍微偏高一點，因為我們出售了一些不在本季度產生的信用額度之外的信用額度，但你可以想想，當我們繼續按季度將這些信用額度貨幣化時，我們將看到這種 200 萬左右的範圍。

And if you remember, Brent, what we've said is for utility structures our goal is to we're targeting staying at around 15%. We've been coming up from lower margins and our goal is to get to about 15% margins on utility structures. Amarron, when we bought it, was a little above 20%, so that will be a creative. And then you have wind, which is also a creative. So ideally we should get close to that 18% that you that you referred when you combined the business.

布倫特，如果你還記得的話，我們說過，對於公用事業結構，我們的目標是保持在 15% 左右。我們的利潤率一直在下降，我們的目標是將公用事業結構的利潤率提高到 15% 左右。當我們收購 Amarron 時，它的股價略高於 20%，因此這將是一個創意。然後你就有了風，這也是一種創造力。因此理想情況下，我們應該接近您在合併業務時提到的 18%。

I think one last point, Brent would be on Belen.

我認為最後一點，布倫特會在貝倫。

We ramped in Q1, so you're going to see that that level out as we move through the year, so that continues to perform very well, but you, that year-over-year benefit is going to start to neutralize as we're at full ramp in our Belen, New Mexico facility now.

我們在第一季就實現了產量的提升，因此，隨著我們全年的推進，你會看到產量逐漸趨於平穩，因此，我們將繼續保持良好的業績表現，但是，隨著我們位於新墨西哥州貝倫的工廠產量全面提升，同比去年同期的收益將開始抵消。

Okay, and then.

好的，然後呢。

I guess a question just on, the construction products business, maybe if you could just speak to, I guess the things that dying out in the Northeast, how Stavola is ramping up and maybe just a level set on the cadence of the contributions you're expecting through the course of the the rest of the year, that would be helpful.

我想問一個關於建築產品業務的問題，如果您能談談東北地區正在消亡的事情、Stavola 的發展情況以及您預計在今年剩餘時間內的貢獻節奏，這將會很有幫助。

Sure, absolutely. I'll give you some color first. I think that the biggest thing here is there's no surprises here. We have not have no surprises with the business. We're very pleased with the management team, the plants, the operations, so no, nothing that happened in Stabola surprised us at all. We we expected something like this.

當然，絕對是如此。我先給你點顏色看看。我認為這裡最重要的是這裡沒有什麼意外。我們對這項業務並沒有什麼意外。我們對管理團隊、工廠和營運都非常滿意，因此，斯塔博拉發生的一切並沒有讓我們感到驚訝。我們預料到會發生這樣的事情。

And when you see the quarter, if you go deeper into the quarter, January was a disaster because it's basically shut down February a little better, and March was quite a bit better.

當你觀察這個季度時，如果你深入了解這個季度，你會發現一月份是一場災難，因為二月份的情況基本上稍微好一些，三月的情況也好得多。

And I think the important thing here is we are seeing very good demand and very good orders for April and going forward. Stavola operates a little different than other businesses. They have larger contracts and a lot more infrastructure oriented, so we're seeing really good bidding and really good orders for the business. So we're excited about what we're seeing in our in in Stavola with there's a lot of things that we're doing as a team, with some improvements in our operations.

我認為重要的是，我們看到四月及以後的需求和訂單都非常好。Stavola 的營運方式與其他企業略有不同。他們擁有更大的合同，並且更多地面向基礎設施，因此我們看到了非常好的投標和非常好的業務訂單。因此，我們對在 Stavola 看到的情況感到非常興奮，我們作為一個團隊正在做很多事情，我們的營運也有一些改進。

We're investing there were a lot of CapEx, a lot of the CapEx you're seeing in our call is coming from Stavola, things, projects that were being already developed. I think the asphalt, specifically, Gail mentioned, was the biggest hit in the quarter, and it's, I mean, you can sell some rocks when it's snowing, but you cannot lay asphalt. So asphalt is a little more volatile, and we're seeing seeing very good demand for April. So no surprises, things are moving along and we expect a pretty significant improvement in the second quarter and going forward.

我們正在投資大量的資本支出，您在電話會議中看到的許多資本支出都來自 Stavola 等已經開發的項目。我認為，蓋爾提到的瀝青是本季最受打擊的，我的意思是，下雪時你可以賣一些石頭，但你不能鋪設瀝青。因此瀝青的波動性稍微大一些，我們預期四月的需求量非常好。因此，毫不奇怪，事情正在順利進展，我們預計第二季及以後會出現相當顯著的改善。

Okay, that's great, Antonio, let me just the last one. I mean, nice order activity in the barge business this quarter.

好的，太好了，安東尼奧，讓我說最後一個。我的意思是，本季駁船業務的訂單活動很好。

You understand your your comments. A lot's happened I guess towards the end of the quarter and after the quarter, your sense on how customers are responding to all that kind of noise in the market post liberation day and it does seem like steel prices have at least flattened out so.

您理解您的評論。我想，在本季末和本季之後發生了很多事情，你會感覺到客戶對解放日後市場上的所有噪音有何反應，而且看起來鋼鐵價格至少已經趨於平穩。

Yeah, what's your, what's sort of your expectation for orders in the short term and we kind of work through the rest of the year just based on, customer dialogue you're having.

是的，您對短期訂單的期望是什麼？我們會根據您與客戶的對話來安排今年剩餘時間的訂單。

Sure. Let me start with steel. I think when you see steel prices, of course, tariffs came on steel price on steel and immediately prices jump.

當然。我先從鋼鐵說起。我認為，當你看到鋼鐵價格時，當然，關稅對鋼鐵價格產生了影響，導致鋼鐵價格立即上漲。

And the reality is that the demand for steel in the US is not there. I mean, steels are still operating at a very low capacity. If you look at steel operations lower this year than for the last couple of years, and the demand is not there, so pricing is artificially high due to tariffs.

而現實情況是，美國對鋼鐵的需求並不存在。我的意思是，鋼鐵業的產能仍然很低。如果你看一下，你會發現今年的鋼鐵產量比過去幾年都要低，而且需求也不大，所以價格會因為關稅而被人為提高。

And the way I would phrase it is we are seeing steel mills willing to negotiate prices, which is normally not the case when demand is high. So I think we are in a period where this thing will stabilize and the steel prices as we see them cannot stay here for a long time with this demand. So still is not a huge worry for me. On, and then on the demand for barges, there's two sides. One tank barges, I think demand is a little more consistent. The type of customers and the products that are moved are a lot more sensitive to the age of the barge and the quality of the barge. So we see very good inquiries and plus still is a smaller component of the cost of the barge because there's a lot of equipment on those tank barges. So. We see very good things happening on the tank side.

我想說的是，我們看到鋼廠願意協商價格，而當需求高的時候通常不會出現這種情況。因此，我認為我們正處於一個穩定的時期，而且我們看到，鋼鐵價格在這種需求下不可能長期維持在這個水準。所以這對我來說仍然不是什麼大問題。關於駁船的需求，有兩個面向。一艘駁船，我認為需求更穩定一些。客戶類型和運輸的產品對駁船的年齡和駁船的品質更為敏感。因此，我們看到了非常好的詢價，而且由於這些油罐駁船上有很多設備，所以它仍然是駁船成本中較小的一部分。所以。我們看到坦克方面正在發生非常好的事情。

Our battle of extends now deep into 2026, even though we're still running at low capacity. And when you look at the demand that the replacement needs over the next five years, we really need to get going if we want to, if the customers want to replace those barges, otherwise we will not have the capacity.

儘管我們仍在以低容量運行，但我們的戰鬥將持續到 2026 年。當你考慮到未來五年更換駁船的需求時，如果我們願意，如果客戶願意更換這些駁船，我們真的需要採取行動，否則我們將沒有能力。

On the bright cargo side, I would say steel is a big thing for people are more concerned about steel, but I think the biggest thing there is really the trade situation with China on the commodities, specifically a soybean and corn and some other commodities.

在光明的貨物方面，我想說鋼鐵是一件大事，因為人們更關心鋼鐵，但我認為最大的問題實際上是與中國在商品上的貿易狀況，特別是大豆和玉米以及其他一些商品。

So I think trade talks that based on this morning they have announced that there's trade talks with China are important. And getting some certainty in our customers that, the US will continue to be a huge exporter of agricultural products is very important.

因此，我認為，根據他們今天上午宣布的與中國的貿易談判，貿易談判非常重要。讓我們的客戶確信美國將繼續成為農產品出口大國非常重要。

And I think once that noise, let's say goes away at some point in the next few months, I think still will be less of a factor, and we are excited about again the position. We, if you look at the demand for barges, hopper barges over the next five years, we need to get started also on replacing them because they're aging really fast.

我認為，一旦這種噪音在未來幾個月的某個時候消失，它的影響就會減小，我們再次對這個職位感到興奮。如果你看一下未來五年對駁船、底駁船的需求，我們需要開始更換它們，因為它們老化得非常快。

Okay very.

非常好。

Good thank you.

很好，謝謝。

Garik Shmois, Loop Capital Mortgage.

Garik Shmois，Loop Capital Mortgage。

Thanks. Good morning. Congrats on the results. Two questions on construction products. I guess first on aggregate pricing. I think I heard you correct pricing was up 7% organic in the quarter, but it was up more, overall.

謝謝。早安.恭喜取得成果。關於建築產品的兩個問題。我想首先考慮的是整體定價。我想我聽到的沒錯，本季價格自然上漲了 7%，但總體而言漲幅更大。

The stable I think it was a 10%. So just wondering how to think about that moving forward is, maybe that 300 basis points difference, between organic and kind of all in with stable, a good way to think about your aggregates pricing through the rest of the year.

我認為穩定率為 10%。所以我只是想知道如何考慮未來的發展，也許有機和穩定之間的 300 個基點的差異是思考今年剩餘時間總價格的好方法。

Yeah, good morning, Garik. Yes, you're correct on on the pricing for the quarter, so good pricing growth, and as Antonio mentioned in his script on the outlook, we maintain the mid single digit price growth on a full year basis.

是的，早上好，加里克。是的，您對本季定價的判斷是正確的，價格增長良好，正如安東尼奧在展望中提到的那樣，我們保持全年中等個位數的價格增長。

And you know it's early in the year, our January 1 price increases went through, as expected, you know.

你知道，現在是年初，我們的 1 月 1 日價格上漲正如預期的那樣。

Well, we'll have conversations about mid years, but it's a very market by market conversation and an assessment on local market conditions. So we're maintaining our full year of mid single digit for 2025.

好吧，我們會就年中的情況進行討論，但這是一個非常針對市場的討論，也是對當地市場狀況的評估。因此，我們將 2025 年全年的成長率維持在中等個位數。

As you see, if you think about Stavola, it's a It's a rock, hard rock business, so the average price is higher.

正如你所看到的，如果你想想 Stavola，這是一個搖滾、硬搖滾的行業，所以平均價格更高。

And as the business is a lot more seasonal than the other businesses, the other regions we have, so as that that region picks up with more rock than sand that we have in other areas, also that will let's say, create some positive momentum on our pricing.

而且由於該業務比我們在其他地區開展的其他業務更具季節性，因此該地區的岩石產量比其他地區的沙子產量要多，這也會為我們的定價創造一些積極的勢頭。

No, that that makes sense.

不，這很有道理。

Thank you. And then I guess the follow up question is just on the on the segment margins, a number of moving parts, you just spoke to pricing. It looks like oil-based costs are starting to come down, which could be positive for aggregates operations and you know maybe potentially for asphalt inputs at least in the near term. I was wondering if you're thinking on the segment margins has changed, since we last heard from you and you know maybe a little bit more. A hand holding on what we should expect for margin progression the rest of the year.

謝謝。然後我想後續的問題是關於細分利潤率、一些活動部件，您剛才談到了定價。看起來石油成本開始下降，這對骨材業務來說可能是有利的，而且至少在短期內對瀝青投入來說可能是有利的。我想知道您是否認為自從我們上次聽到您的消息以來，細分市場的利潤率已經發生了變化，您可能知道情況可能有所改變。我們對今年剩餘時間的利潤率成長有何預期？

Okay.

好的。

I'll take that one, Garik, I don't think our our outlook has changed as it relates to the segment performance for margin. We expect margin on an organic basis to be up in '25 relative to '24, as I said in the quarter, even with the lower volumes, somewhat weather driven in our seasonally slow first quarter and less fixed cost absorption, we saw organic margin improvement of 100 basis points year to year, so. We do see pricing outpacing.

我接受這個答案，加里克，我不認為我們的前景已經改變，因為它與利潤的細分錶現有關。我們預計 2025 年有機利潤率將比 2024 年有所上升，正如我在本季度所說的那樣，即使銷量較低，第一季受季節性緩慢天氣影響，固定成本吸收較少，我們的有機利潤率仍比去年同期提高了 100 個基點。我們確實看到價格上漲。

Cost pressures on on the variable side.

成本壓力來自可變方面。

So very positive outlook as it as it relates to margins, maybe maybe one other point on organic for construction and as we see that the year and we reiterated in Antonio's script that we do see high single digit EBITDA growth on an organic basis for construction.

因此，就利潤率而言，前景非常樂觀，也許還有關於建築業有機增長的另一點，正如我們所看到的，我們在安東尼奧的腳本中重申，我們確實看到建築業有機基礎上的個位數 EBITDA 增長。

Okay, great, thank you very much.

好的，太好了，非常感謝。

Ian Zaffino, Oppenheimer

伊恩·扎菲諾，奧本海默

Hi, great, thank you very much. Just building on the the pricing on the aggregate side, or material side, how are you thinking about pushing price versus, any type of volume declines that you might see, or that you have seen.

你好，太好了，非常感謝。僅基於總體或材料方面的定價，您如何考慮推動價格上漲，以及您可能看到或已經看到的任何類型的銷售下降？

Thanks.

謝謝。

Yes, yeah, and I, I'll take that, it's a, it's a fine equation that you have to make in terms of, absorbing your fixed cost versus just focusing on the pure margin per ton and as we said, we are, we have been focusing on on on on the margin rather than volume.

是的，是的，我接受這一點，這是一個很好的等式，你必須在吸收固定成本與僅關注每噸純利潤之間做出選擇，正如我們所說的，我們一直關注的是利潤而不是產量。

And it's a very local decision making, very local specific situation for each one of the quarries. So that's where we, our team must start spending most of the time on balancing that cost absorption versus price increases, and that's why you will see, the average price increase we gave you guidance on that. But the average price tells you there's there's going to be a wide variety of price increases across the company. In some areas we'll probably have a lot more. In some areas we'll have a lot less.

這是一個非常本地化的決策，每個採石場都有其獨特的本地情況。因此，我們的團隊必須開始花費大部分時間來平衡成本吸收與價格上漲，這就是為什麼您會看到我們為您提供的平均價格上漲指引。但平均價格告訴你，整個公司範圍內的價格都會有各種各樣的上漲。在某些地區，我們可能會有更多。在某些地區，數量會少很多。

To try to balance that that pricing momentum at the same time, cost absorption based on volume. So that is the way to manage the business and that those are the the the discussions that our team is having on a very local basis, and I think that they're very good at it, so, I'm excited about what we're seeing in terms of process of how they come up with solutions.

為了嘗試平衡定價勢頭，同時根據數量吸收成本。這就是管理業務的方式，也是我們的團隊在本地基礎上進行的討論，我認為他們非常擅長這一點，因此，我對他們提出解決方案的過程感到興奮。

Okay thanks and then I I guess we're almost in kind of mid May here what do you need to see potentially to put through another letter on the on the material side, a mid-year increase, you know what would you need to see and then also can you maybe just comment on kind of what geographies you're seeing the most strength in, and where you're maybe seeing some softness thanks.

好的，謝謝，然後我想我們快到五月中旬了，您需要看到什麼才能在材料方面再寫一封信，即年中增長，您知道您需要看到什麼，然後您能否評論一下您認為哪些地區最強勁，哪些地區可能看到一些疲軟，謝謝。

So we will, we will plan to we have a scheduled price increases in in several regions of the company, each one a little different, but we have several prices, that we will be doing mid-year. We did price increase in January in several locations also and it's stock well.

因此，我們計劃在公司的幾個地區進行價格上調，每個地區的價格略有不同，但我們有幾個價格，我們將在年中執行。我們在一月份也對幾個地方的價格進行了上調，而且庫存充足。

I would say that. We're seeing a demand on the industrial, on the, let's say start with the infrastructure piece we're seeing good demand on the infrastructure side on projects and things are moving along well. New Jersey specifically, I think the demand continues to be relatively strong.

我會這麼說。我們看到了工業的需求，例如從基礎設施部分開始，我們看到基礎設施的專案需求良好，而且事情進展順利。具體來說，新澤西州的需求持續相對強勁。

We saw a lot of weakness in the Arizona market on the housing side, over the last several quarters already.

在過去幾個季度中，我們已經看到亞利桑那州住房市場出現很多疲軟。

Texas has been also relatively slow on the housing side, so probably that's more a temporary thing.

德州在住房方面的發展也相對緩慢，所以這可能只是暫時的。

I think the industrial piece is what we're seeing some positive momentum. I think Texas, the Gulf, Florida are areas where we're seeing very positive things. And when you look at Arizona, I think we're starting to see some pick up back on the warehousing and some other things. So.

我認為工業領域是我們看到的一些積極勢頭。我認為德克薩斯州、墨西哥灣和佛羅裡達州是我們看到非常積極情況的地區。當你看到亞利桑那州時，我認為我們開始看到倉儲和其他一些方面有所回升。所以。

The mix, I would say is, I'm encouraged by the industrial side and I'm encouraged by the infrastructure piece of the equation. Housing continues to be where things are, let's say, still not very possible.

我想說的是，我對工業方面感到鼓舞，對基礎設施部分也感到鼓舞。房屋市場仍處於目前的狀況，可以說，仍然不太可能。

Okay, thank you very much.

好的，非常感謝。

(Operator Instructions)

（操作員指示）

Trey Grooms, Stevens

特雷·格魯姆斯，史蒂文斯

Hey, good morning, everyone. Real quick, just Following up, I guess, on maybe some of the comments, kind of as we were heading through April, Antonio, you mentioned.

嘿，大家早安。真的很快，我想，只是跟進一下也許一些評論，就像我們即將進入四月一樣，安東尼奧，你提到過。

Some of the, or touched on some of the trends in Stavola, which sound like they're picking up seasonally and you're seeing, you're happy with what you're seeing there. Any color on April, demand trends and the rest of the legacy construction products business that you could share with us?

其中一些，或者觸及了 Stavola 的一些趨勢，聽起來它們正在隨著季節而興起，而且您看到，您對所看到的情況感到滿意。您能與我們分享一下四月份的情況、需求趨勢和其他傳統建築產品業務嗎？

Yes, I think when the weather cooperates we're seeing good demand for the products. We're seeing solid demand.

是的，我認為當天氣配合時，我們會看到產品需求旺盛。我們看到了強勁的需求。

I will tell you that the The, when you look at January and February with the weather, which was pretty heavy, it was not only this, the amount of bad weather, it was also normally it would fall on a Tuesday, Wednesday, which is killed the whole week. So I think when the weather cooperates, we're seeing good demand. I'll give you a couple of other things that we track closely, and there are more leading indicators than lagging indicators, so. Our shoring business, which is a leading indicator in our view because before you start construction you normally make the hole for the foundation and you use the shoring piece.

我會告訴你，當你看到一月和二月的天氣時，你會發現天氣非常糟糕，不僅如此，惡劣天氣的數量也非常多，而且通常發生在周二、週三，這會破壞整個星期。因此我認為，當天氣配合時，我們會看到良好的需求。我會給你一些我們密切跟踪的其他事情，領先指標比滯後指標多，所以。我們的支撐業務，在我們看來是一個領先指標，因為在開始施工之前，您通常會為地基打好孔，然後使用支撐件。

Demand has been very strong. Our backlogs are growing, so that's kind of a very positive thing on our Amaro products they sell lighting poles and normally when you're developing a new industrial development or housing development. You start with the infrastructure and the lighting poles going first, and the demand has been very strong. Our backlogs are as strong as we've seen since we bought the business. So some leading indicators lead us to believe that that demand continues to be there and it is holding strong.

需求一直非常強勁。我們的積壓訂單正在增加，這對我們的 Amaro 產品來說是一件非常積極的事情，他們銷售燈桿，通常當你開發新的工業開發項目或住宅開發項目時。首先從基礎設施和燈桿開始，需求一直非常強勁。自從我們收購該業務以來，我們的積壓訂單一直很強勁。因此，一些領先指標讓我們相信，這種需求仍然存在，而且保持強勁。

Okay, great.

好的，太好了。

Thanks for that. You mentioned, residential is slow, that's been the case for you guys for a while, for most. I believe the guide had assumed kind of a back half single family or maybe back end of '25 single family pickup, is that still kind of the way you're thinking about it, or, is that what's still kind of in the guide, that's what you need to see, or how are you thinking about that as we kind of look further out into the year?

謝謝。您提到，住宅發展緩慢，對你們來說，大多數人的情況都是如此。我相信指南已經假設了單戶住宅的後半部分或可能是 25 年末單戶住宅回升，這仍然是您的想法嗎？或者，這仍然是指南中的內容，這是您需要看到的，或者當我們進一步展望今年時，您是如何看待這一點的？

Yes, when we say we expected a better second half than first half, we're not thinking about a booming housing market at all. It's just we expect it to stabilize and at least start recovering. So yes, that's in our expectations for the second half of the year.

是的，當我們說我們預計下半年會比上半年更好時，我們根本沒有想到房地產市場的繁榮。我們只是希望它能夠穩定下來並至少開始復甦。是的，這是我們對下半年的期待。

And good morning, Trey, and as it relates to housing, I mean we're seeing pockets of more activity like in the Houston market residential continues to be stable, which is helpful for our recycled and our our stabilized sand business. So you know as we talk about housing in general, we're coming off from some blows, but we have some areas where there's good activity.

早安，特雷，就住房而言，我的意思是我們看到一些地方的活動更加活躍，例如休士頓市場的住宅市場持續穩定，這對我們的再生沙和穩定沙業務有幫助。所以你知道，當我們談論住房問題時，我們正遭受一些打擊，但有些領域的活動良好。

Okay. And Gail, you brought up, stabilized sand. I just, I know you guys, you buy a lot of cement in the, in those markets. I think specifically kind of Dallas, Fort Worth, Houston, maybe some others. Can you talk about what you're seeing on the input side there? It sounds like, some of the increases from April got moved around, but, it does seem kind of very, to vary market by market. So just any comment you can give us on that.

好的。還有蓋爾，你提到了穩定沙。我只是，我知道你們在那些市場上買了許多水泥。我認為具體來說是達拉斯、沃斯堡、休士頓，也許還有其他一些地方。您能談談您在輸入方面看到的內容嗎？聽起來，四月的一些成長有所調整，但似乎各個市場之間存在很大差異。因此，您可以就此向我們提出任何評論。

Yeah, I think, we're seeing some relief on a year to year basis on input costs, so we're encouraged by that.

是的，我認為，我們看到投入成本逐年下降，所以我們對此感到鼓舞。

The trend seems to be heading in the right direction for us from a raw material perspective.

從原材料的角度來看，這一趨勢似乎正朝著正確的方向發展。

Okay. Thanks a lot for answering my questions. Have a great day.

好的。非常感謝您回答我的問題。祝你有美好的一天。

Thank you.

謝謝。

Thank you, and this does conclude our Q&A session. I will now turn the call over to Ms. Drabek for closing remarks.

謝謝，我們的問答環節到此結束。現在我將把電話交給德拉貝克女士，請她作最後發言。

Thank you all for joining our first quarter update today. We appreciate your time and attention, and we hope you will join us again next quarter.

感謝大家今天參加我們的第一季更新。我們感謝您的時間和關注，並希望您下個季度再次加入我們。

Thank you, and this does conclude today's program.

謝謝大家，今天的節目到此結束。

Thank you for your participation. You may disconnect at any time.

感謝您的參與。您可以隨時斷開連線。