Arcosa Inc (ACA) 2025 Q3 法說會逐字稿

Please stand by. We're about to begin.

請稍候。我們即將開始。

Good morning, ladies and gentlemen, and welcome to the Arcosa third quarter 2025 earnings conference call. My name is Beau, and I will be your conference call coordinator today.

女士們、先生們，早安，歡迎參加 Arcosa 2025 年第三季財報電話會議。我叫博，今天我將擔任你們的電話會議協調員。

As a reminder, today's call is being recorded.

再次提醒，今天的通話將會被錄音。

Now I would like to turn the call over to your host, Ms. Erin Drabek, Vice President of Investor Relations for Arcosa. Please go ahead, Ms. Drabek.

現在，我想把電話交給主持人，Arcosa 投資者關係副總裁 Erin Drabek 女士。請繼續，德拉貝克女士。

Good morning and thank you for joining Arcosa's third quarter 2025 earnings call. With me today are Antonio Carrillo, President and CEO and Gail Peck, CFO. A question-and-answer session will follow their prepared remarks.

早安，感謝各位參加 Arcosa 2025 年第三季財報電話會議。今天陪我一起的有總裁兼執行長 Antonio Carrillo 和財務長 Gail Peck。在他們發表完準備好的演講後，將進行問答環節。

A copy of the press release issued yesterday and the slide 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.

昨天發布的新聞稿和今天上午電話會議的幻燈片簡報已發佈在我們的投資者關係網站ir.arcosa.com上。今天電話會議的錄音將在未來兩週內提供回放。新聞稿中包含取得重播號碼的說明。網路直播的回放將在我們網站的「新聞與活動」欄位下保留一年。

Today's comments and presentation slides contain financial measures that have not been prepared in accordance with GAAP.

今天的評論和簡報中包含的財務指標並非按照公認會計準則編制。

Reconciliations of non-GAAP measures to the closest GAAP measure are included in the appendix of the slide presentation.

非GAAP指標與最接近的GAAP指標的調節表包含在投影片簡報的附錄中。

In addition, today's conference call includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.

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。

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.

前瞻性陳述存在風險和不確定性，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，請參閱公司向美國證券交易委員會提交的文件，包括我們昨天提交的新聞稿以及我們預計今天晚些時候提交的 10-Q 表格。

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

現在我想把電話交給安東尼奧。

Thank you, Erin. Good morning, everyone and thank you for joining us today for a discussion of our third quarter results and the outlook for the rest of the year.

謝謝你，艾琳。各位早安，感謝各位今天參加我們的第三季業績討論會，並展望今年剩餘時間的業績。

Let me start with a few key takeaways on slide 4. Q3 was a record quarter for Arcosa. We delivered double-digit revenue and adjusted EBITDA growth with all three segments contributing to our strong results.

讓我先從第 4 張投影片中的幾個要點開始。第三季是Arcosa創紀錄的一個季度。我們實現了兩位數的營收和調整後 EBITDA 成長，所有三個業務部門都為我們強勁的業績做出了貢獻。

Revenue increased 27% and adjusted EBITDA grew 51%, both excluding the impact of the divested steel components business. Likewise, a record adjusted EBITDA margin of 21.8% was a 340 basis points, improvement over the same period last year.

營收成長了 27%，調整後 EBITDA 成長了 51%，這兩項數據均不包括剝離的鋼鐵零件業務的影響。同樣，調整後的 EBITDA 利潤率達到創紀錄的 21.8%，比去年同期提高了 340 個基點。

We believe our third quarter performance is a testament to the strength of the portfolio optimization strategy we have undertaken over the past few years. Highlighted by the accredited contribution of the $1.2 billion Stavola acquisition which we lost a year ago.

我們相信，第三季的業績證明了我們過去幾年所採取的投資組合優化策略的有效性。其中最引人注目的是我們一年前失去的價值 12 億美元的 Stavola 收購案所帶來的認可貢獻。

The strength of our business model is underscored by the free cash flow generation and debt reduction we delivered during the third quarter. The team did a great job with particular focus on disciplined cash management. As a result, we ended the quarter with a leverage ratio of 2.4 times, putting us two quarters ahead of our stated plan to return to our 2 times to 2.5 times leverage target within 18 months of the Stavola acquisition.

第三季我們實現了自由現金流的產生和債務的減少，凸顯了我們商業模式的優勢。團隊表現出色，尤其註重嚴格的現金管理。因此，本季末我們的槓桿率為 2.4 倍，比我們先前製定的計劃提前了兩個季度，即在收購 Stavola 後的 18 個月內恢復到 2 倍至 2.5 倍的槓桿率目標。

We're, we are extremely proud of this progress. Now that we are back within our target range, we will continue to take a balanced approach on capital allocation, investing in the business to drive growth while maintaining a healthy balance sheet.

我們為所取得的這項進展感到無比自豪。既然我們已經回到了目標範圍內，我們將繼續採取平衡的資本配置方式，投資於業務以推動成長，同時保持健康的資產負債表。

Moving next to an update on our business units. Within construction products, third quarter adjusted segment EBITDA was a record $150 million and margin expanded 300 basis points. Stavola led our significant third quarter growth and was highly accredited to segment margin. The acquisition performed well in this first year, delivering $105 million in adjusted EBITDA, a 35.2% margin for the 12 months ending in September 30.

接下來，我們將報告各業務部門的最新情況。在建築產品領域，第三季調整後的分部 EBITDA 創下 1.5 億美元的紀錄，利潤率成長了 300 個基點。Stavola 引領了我們第三季的顯著成長，並對業務部門利潤率做出了巨大貢獻。此次收購在第一年表現良好，截至 9 月 30 日的 12 個月內，調整後 EBITDA 為 1.05 億美元，利潤率為 35.2%。

Overall, we saw higher ASPs and higher volume in the aggregate business, leading to double-digit unit profitability gains.

總體而言，我們看到整體業務的平均售價和銷量都有所提高，從而實現了兩位數的單位盈利增長。

Engineer structures continues to deliver strong organic performance, benefiting from increased demand in our utility structures business, and higher volumes in our wind tower business.

工程結構業務持續保持強勁的內生成長勢頭，受益於公用設施結構業務需求的增加以及風塔業務銷售的成長。

In the third quarter, we increased adjusted EBITDA by 29%, expanding margins by 240 basis points, with significant tailwinds in the US power market remains robust, and our backlog in utility and related structures is at record levels. Additionally, we receive new wind tower orders improving our near term production visibility while we wait for an anticipated uplift to demand in 2027 and beyond.

第三季度，我們調整後的 EBITDA 成長了 29%，利潤率提高了 240 個基點，這主要得益於美國電力市場的強勁成長勢頭，以及我們在公用事業及相關結構方面的積壓訂單達到創紀錄水平。此外，我們收到了新的風塔訂單，提高了我們近期的生產可見性，同時我們也在等待 2027 年及以後預期需求的成長。

The barge business executed well, generating double-digit revenue and adjusted EBITDA growth with margin increasing 190 basis points. Our barge backlog is up 16% year-to-date, and we have production visibility for both Hopper and tank barges extending well into the second half of 2026.

駁船業務表現出色，實現了兩位數的收入和調整後 EBITDA 成長，利潤率提高了 190 個基點。今年迄今為止，我們的駁船積壓訂單增加了 16%，我們對漏斗駁船和罐式駁船的生產可見度一直延續到 2026 年下半年。

Our outlook for the remainder of the year remains very positive. Overall, demand trends are favorable, and we believe our US focused operations are well aligned with long-term infrastructure and secular power market drivers. We have increased the midpoint of our 2025 adjusted EBITDA guidance range and anticipated 32% year over year growth, reflecting strong accretion from Stavola, as well as double-digit organic expansion.

我們對今年剩餘時間的展望依然非常樂觀。總體而言，需求趨勢良好，我們相信我們以美國為中心的業務與長期基礎設施和電力市場長期發展趨勢相符。我們提高了 2025 年調整後 EBITDA 指引範圍的中點，預計將年增 32%，這反映了 Stavola 的強勁成長，以及兩位數的內生性擴張。

To wrap up the third quarter performance reflects steady progress in executing our strategic priorities.

綜上所述，第三季業績反映了我們在執行策略重點方面取得的穩定進展。

And with a stronger balance sheet, we're once again in a position to look at potential M&A opportunities as well as organic investments as we seek to further enhance long-term shareholder value.

憑藉更強勁的資產負債表，我們再次能夠審視潛在的併購機會以及內部投資，以進一步提升股東的長期價值。

I will now turn over the call to Gail to discuss our third quarter results in more detail, okay.

現在我將把電話交給蓋爾，讓她更詳細地討論我們第三季的業績，好嗎？

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

謝謝你，安東尼奧。各位早安。我將從第 10 張投影片開始介紹建築產品部分。

Third quarter revenues increased 46% and adjusted segment EBITDA increased 62%, which reflects record quarterly performance for the segment. Margin expanded by 300 basis points to 29.7%. The growth was led by the accretive contribution from Stavola, which has now completed a full year with Arcosa.

第三季營收成長 46%，調整後分部 EBITDA 成長 62%，這反映了該分部創紀錄的季度業績。利潤率擴大300個基點至29.7%。此次成長主要得益於 Stavola 的貢獻，該公司與 Arcosa 的合作已滿一年。

For our aggregate business, freight adjusted revenues increased 28% and adjusted cash gross profit increased 38% during the quarter, expanding margin by 330 basis points. Total volumes increased 18%, largely due to the addition of Stavola.

本季度，我們整體業務的貨運調整後營收成長了 28%，調整後現金毛利成長了 38%，利潤率提高了 330 個基點。總銷量成長了 18%，這主要是由於 Stavola 的加入。

We were pleased to see organic volume growth for the first time in several quarters as weather was generally favorable throughout the quarter. Monthly volume was relatively stable throughout the quarter, indicating steady market demand.

由於本季天氣整體有利，我們很高興看到幾季以來首次出現有機銷售成長。本季月度銷量相對穩定，顯示市場需求穩定。

On a unit basis, freight adjusted average sales price per ton increased 9% and adjusted cash gross profit per ton increased 17%.

以單位計算，經運費調整後的平均每噸銷售價格上漲了 9%，經調整後的每噸現金毛利上漲了 17%。

Organically, aggregate pricing was at mid single-digits. However, unit profitability declined compared to last year. The decrease was primarily due to production downtime at a few natural aggregate locations, negatively impacting cost absorption during the quarter. The root causes, largely related to unplanned equipment repairs have been addressed, positioning us for improved performance in the fourth quarter.

從有機成長來看，整體價格處於個位數中段水準。然而，與去年相比，單位獲利能力有所下降。下降的主要原因是少數天然骨材產地停產，對本季的成本吸收產生了負面影響。根本原因（主要與非計劃性設備維修有關）已解決，這使我們能夠在第四季度取得更好的業績。

Normalizing for the unabsorbed costs, organic adjusted EBITDA for aggregates would have been up mid-single-digits for the quarter.

如果剔除未吸收的成本，本季有機調整後的 EBITDA 總量將達到中等個位數的成長。

Turning to specialty materials and asphalt, revenues more than doubled, primarily reflecting Stavola's asphalt business, which performed well during the quarter. In specialty materials, revenues increased high single-digits as strong growth in lightweight aggregates was partially offset by a slight revenue decline in specialty plaster, which was comping against a strong volume quarter in the prior year period. Adjusted EBITDA margin expanded year by year both in total and on an organic basis.

特種材料和瀝青業務的收入翻了一番多，主要反映了 Stavola 的瀝青業務在本季度表現良好。在特種材料方面，由於輕質骨材的強勁增長，收入實現了接近兩位數的增長，但特種石膏的收入略有下降，部分抵消了這一增長。特種石膏的營收下降是由於去年同期銷售強勁所致。經調整的 EBITDA 利潤率較去年同期均有所成長，無論是整體成長或有機成長。

Finally, revenues and adjusted EBITDA increased in our trend shoring business while margin declined slightly due to mix.

最後，由於產品組合的變化，我們的趨勢性港口業務的收入和調整後 EBITDA 有所增長，但利潤率略有下降。

Moving to engineered structures on slide 11, in the third quarter, segment revenues increased 11%, with the contribution split between utility and related structures and wind towers.

在第 11 張投影片中，我們來看工程結構。第三季度，該部門營收成長了 11%，其中公用事業及相關結構和風塔的貢獻各佔一部分。

Within utility and related structures which represented 69% of segment revenues, third quarter revenues increased 8% due to double-digit volume growth and mid-single-digit pricing expansion in utility structures, partially offset by lower steel price pass through.

在佔業務部門收入 69% 的公用事業及相關結構中，第三季度收入增長了 8%，這得益於公用事業結構銷量的兩位數增長和中等個位數的價格擴張，但部分被較低的鋼材價格傳導所抵消。

Within wind towers, revenues increased 20% due to higher volumes from our New Mexico plant, which was ramping up production in the third quarter of last year. Adjusted segment EBITDA increased 29% and margin expanded 240 basis points to 18.3%. The earnings growth and margin expansion were primarily driven by higher revenues and operating improvements in our utility structures business.

由於新墨西哥州工廠的產量增加，風力發電塔的收入增加了 20%，該工廠在去年第三季提高了產量。經過調整後的分部 EBITDA 成長了 29%，利潤率擴大了 240 個基點，達到 18.3%。獲利成長和利潤率擴張主要得益於公用事業結構業務收入增加和營運改善。

We ended the quarter with a record backlog for utility and related structures of $462 million up 11% year-to-date as we continue to see strong order activity. Our production visibility for this business is supported by our reported backlog as well as customer reservations for future capacity.

本季末，公用事業及相關結構的積壓訂單金額創下歷史新高，達到 4.62 億美元，較年初至今成長 11%，我們持續看到強勁的訂單活動。我們透過已公佈的積壓訂單以及客戶對未來產能的預訂，來了解該業務的生產情況。

For wind towers, we received orders of $57 million during the quarter, which improves our production visibility in 2026. We ended the quarter with backlog of $526 million which also reflects the revaluation impact of adjusting backlog into 2026 from 2028.

本季度，我們收到了價值 5,700 萬美元的風力發電塔訂單，這提高了我們對 2026 年生產前景的預期。本季末，我們的積壓訂單為 5.26 億美元，這也反映了將 2028 年的積壓訂單調整至 2026 年的重估影響。

Turning to transportation products on slide 12, inland barge revenues were up 22%, and adjusted segment EBITDA increased 36%, excluding the divested steel components business from the prior year period.

在第 12 張投影片中，我們來看運輸產品，內河駁船收入成長了 22%，調整後的分部 EBITDA 成長了 36%，不包括去年同期剝離的鋼鐵零件業務。

The growth was driven by higher tank barge volumes while hopper barge volumes were roughly flat. Margin for the business improved by 190 basis points, primarily driven by improved mix and operating leverage in our tank barge operations.

成長主要由油槽駁船吞吐量增加推動，而漏斗駁船吞吐量則基本持平。該業務的利潤率提高了 190 個基點，主要得益於油輪駁船業務的產品組合和營運槓桿的改善。

During the third quarter, barge orders totaled $148 million for both hopper and tank barges, reflecting a book to bill of $1.5 million. Our barge backlog at the end of the quarter totaled $326 million, an increase of 16% year-to-date, and our current production visibility extends well into the second half of 2026.

第三季度，漏斗駁船和罐式駁船的訂單總額為 1.48 億美元，訂單出貨額為 150 萬美元。截至本季末，我們的駁船積壓訂單總額為 3.26 億美元，比年初至今成長了 16%，我們目前的生產可見度可以延續到 2026 年下半年。

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

接下來，我將在第 13 頁投影片中對我們的現金流表現和槓桿狀況做一些說明。

Third quarter operating cash flow was $161 million an increase of 19% year over year and at more than 150% sequentially as we planned for higher cash flow in the back half of the year. Working capital was a $23 million source of cash in the quarter, even as revenues increased 25%.

第三季經營現金流為 1.61 億美元，年增 19%，季增超過 150%，因為我們預計下半年現金流會更高。本季營運資金為 2,300 萬美元，而營收卻成長了 25%。

Capex for the third quarter was $40 million bringing year-to-date Capex to $101 million, down $35 million year over year. For the full year, we continue to expect Capex of $145 million to $155 million which implies a slightly higher rate in the fourth quarter as we are investing in our plant conversion and placing deposits for long lead time equipment items within utility structures.

第三季資本支出為 4,000 萬美元，使今年迄今的資本支出達到 1.01 億美元，比去年同期減少了 3,500 萬美元。全年來看，我們仍然預計資本支出為 1.45 億美元至 1.55 億美元，這意味著第四季度的支出速度會略高一些，因為我們正在投資工廠改造，並為公用設施結構中交貨週期較長的設備項目支付定金。

Free cash flow for the quarter was $134 million, an increase of 25% year over year. We allocated $100 million to reduce the outstanding balance on the Stavola acquisition term loan, which is pre-payable with no penalty.

本季自由現金流為 1.34 億美元，年增 25%。我們撥款 1 億美元用於減少 Stavola 收購定期貸款的未償餘額，該貸款可提前償還，無需支付罰金。

As Antonio mentioned, we are pleased to achieve our stated leverage goal at an accelerated pace. We ended the quarter at 2.4 times net debt to adjust to EBITDA, and looking ahead, we expect to remain within our target range. Our liquidity remains strong at $920 million including full availability under our $700 million dollar revolver, and we have no material near term debt maturity.

正如安東尼奧所說，我們很高興能夠以更快的速度實現既定的槓桿目標。本季末，我們淨負債與 EBITDA 的比率為 2.4 倍，展望未來，我們預計仍將維持在目標範圍內。我們的流動性依然強勁，擁有 9.2 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，而且我們近期沒有重大債務到期。

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

現在我將把電話轉給安東尼奧，請他介紹我們的最新情況。

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

謝謝你，蓋爾。現在我將翻到第 15 張投影片，回顧我們的指導原則。

As evidenced by our third quarter and year-to-date results, the strategy we have executed for the last 7 years of allocating capital to our growth businesses, improving our cyclical businesses, and simplifying the portfolio has created a resilient platform with significant long-term growth potential.

從我們第三季和年初至今的業績可以看出，過去 7 年來，我們一直執行著一項策略，即向成長型業務分配資本，改善週期性業務，並簡化投資組合，這已經創造了一個具有巨大長期成長潛力的穩健平台。

Our portfolios now strategically aligned around businesses with durable demand fundamentals and compelling and market positions.

目前，我們的投資組合已根據具有持久需求基本面和引人注目的市場地位的企業進行了策略性調整。

Our key growth businesses continue to demonstrate strong performance, while our cyclical businesses benefit from solid backlog visibility and a strong foundation for continued growth.

我們的主要成長業務持續展現強勁的業績，而我們的週期性業務則受益於可靠的訂單儲備和持續成長的堅實基礎。

Given our year-to-date performance and confidence in our outlook for the rest of the year, we have adjusted our full year 2025 guidance ranges, tightening forecasted revenues to a range of $2.86 billion to $2.91 billion, and adjusted EBITDA to a range of $575 million to $585 million. At the increased midpoint, this implies 32% adjusted EBITDA growth in 2025, normalizing for the divestiture of steel components business.

鑑於我們今年迄今的業績以及對今年剩餘時間的展望，我們調整了 2025 年全年業績指引範圍，將預測收入範圍收窄至 28.6 億美元至 29.1 億美元，並將調整後的 EBITDA 範圍收窄至 5.75 億美元至 5.85 億美元。以提高後的中點計算，這意味著 2025 年調整後的 EBITDA 成長 32%，這已將剝離鋼鐵零件業務的影響納入考慮。

Turning to slide 16 for a discussion on our outlook for the business segments.

接下來請看第 16 張投影片，討論我們對各業務部門的展望。

Begin with construction products, we're optimistic about the future, supported by attractive long-term demand fundamentals.

先從建築產品說起，我們對未來持樂觀態度，這得益於良好的長期需求基本面。

Stavola continues to perform in line with expectations, and the seasonally stronger second and third quarters demonstrated its premium financial attributes. Infrastructure demand drivers underpin the stability of Stavola results, and we remain confident in the pipeline of work for both aggregates and asphalt in the New York, New Jersey market, now our second largest market.

Stavola 的表現持續符合預期，而季節性強勁的第二季和第三季則展現了其優異的財務特性。基礎設施需求驅動因素支撐著 Stavola 的業績穩定性，我們對紐約和新澤西市場（目前是我們第二大市場）的骨材和瀝青業務儲備仍然充滿信心。

In Texas, our largest aggregate market. Public infrastructure demand remains fundamentally healthy. While highway lettings are trending off peak levels, the outlook for state spending growth over the next several years is very positive and remains at historically elevated levels. More broadly, we believe infrastructure is on solid footing, and we expect it to be a catalyst for 2026 volumes. In our shoring business, which serves early phase public and private infrastructure works, third quarter order activity was above last year's level, and our customers remained confident. On the private side, we're encouraged by the secular non-residential trends, including US energy infrastructure build out, onshoring activities, and the data center investments. Additionally, warehouse activity continues to positively inflect.

德州是我們最大的骨料市場。公共基礎設施需求仍保持健康態勢。雖然公路租賃業務正逐漸從高峰水平回落，但未來幾年州政府支出成長前景非常樂觀，並仍處於歷史高點。更廣泛地說，我們認為基礎設施基礎穩固，我們預計這將成為 2026 年銷售成長的催化劑。在我們的支撐業務中（服務於早期階段的公共和私人基礎設施工程），第三季度的訂單活動高於去年同期水平，我們的客戶依然充滿信心。在私人領域，我們對非住宅領域的長期發展趨勢感到鼓舞，包括美國能源基礎設施建設、本土化活動和資料中心投資。此外，倉儲活動持續呈現正向態勢。

Our construction materials platform is well located in favorable geographies with attractive population dynamics and long-term growth drivers that will benefit from our recovery in single family housing.

我們的建築材料平台地理位置優越，位於人口動態和長期成長動力都十分有利的地區，這些因素將受益於單戶住宅市場的復甦。

At the start of the year we were hopeful to see an uptick in residential volumes in the back half of the year, but this has not materialized. With the recent Fed action and the potential for additional rate cuts. We now see a prospect of a single family housing recovery in 2026.

年初時，我們曾希望下半年住宅銷售能回升，但這種情況並未發生。鑑於聯準會最近的行動以及未來可能進一步降息。我們現在看到單戶住宅市場預計在 2026 年復甦。

For full year 2025 will remain on track for high single-digit pricing growth in aggregates.

預計到 2025 年全年，骨材價格將繼續保持高個位數成長。

Turning to volumes, year-to-date volumes were up 7%, benefiting from Stavola and upsetting mid-single-digit organic volume decline.

從銷量來看，今年迄今的銷量成長了 7%，這得益於 Stavola 的銷量成長，並扭轉了先前個位數中段的有機銷量下滑趨勢。

Looking at the full year, we now expect high single-digit volume growth, a slight step-down from our prior guidance. On the third quarter, we were encouraged by the reversal in declining organic volume trends and ended the quarter with strong volume growth in September.

展望全年，我們現在預計銷量將實現高個位數成長，略低於我們先前的預期。第三季度，有機銷售下滑趨勢出現逆轉，這令我們倍感鼓舞，9 月份銷量實現了強勁增長，為本季度畫上了圓滿的句號。

We expect modest fourth quarter volume growth, assuming normal weather and no adverse impacts from the government shutdown.

我們預計第四季銷售將溫和成長，前提是天氣正常，且政府停擺不會產生不利影響。

Moving next to engineer structures, I'll begin with a few comments on the US power industry, which is the driver of our utility structures and wind power businesses.

接下來，在談到工程結構時，我將首先對美國電力產業發表一些看法，因為美國電力產業是我們公用事業結構和風力發電業務的驅動力。

The expansion of data centers and the rise in electricity consumption across the US are driving significant and sustained increase in power demand. Meeting this growing need will require leveraging all available sources of power generation and significant investments in the transmission and distribution infrastructure.

美國資料中心的擴張和電力消耗的成長正在推動電力需求的顯著和持續成長。滿足這一日益增長的需求需要利用所有可用的發電資源，並對輸配電基礎設施進行大量投資。

As I've said before, this is an exciting time to be serving the US power industry, and we believe our engineer structures platform is strategically positioned to benefit in this new era of power growth.

正如我之前所說，現在是服務美國電力產業的令人興奮的時刻，我們相信我們的工程結構平台具有戰略優勢，能夠在這個電力成長的新時代中受益。

Turning first to wind towers. Wind energy is now cost competitive with other major power sources, even in the assets of tax credits, and can play a critical role in meeting future energy needs quickly and efficiently.

首先來看風力發電塔。風能現在在成本上與其他主要能源相比具有競爭力，即使在稅收抵免方面也是如此，並且可以在快速有效地滿足未來能源需求方面發揮關鍵作用。

We have received orders from two customers totaling approximately $117 million, of which $60 million were received after the quarter end. At the same time, we shifted a portion of our 2028 backlog into 2026.

我們已收到兩家客戶的訂單，總額約為 1.17 億美元，其中 6,000 萬美元是在季度末之後收到的。同時，我們將 2028 年的部分積壓訂單提前到了 2026 年。

This improves our production visibility as we now have backlogs for all three facilities for '26 and '27. We're still early and continue to work with our customers on additional orders. What is important is that we have good visibility across our platform and we have time to continue to work with our customers on production schedules that allows them to prepare for growth in 2027 and beyond.

這提高了我們的生產可見性，因為我們現在所有三個工廠的 2026 年和 2027 年都有積壓訂單。我們目前仍處於早期階段，並將繼續與客戶合作處理後續訂單。重要的是，我們對整個平台有良好的可視性，並且我們有時間繼續與客戶合作制定生產計劃，使他們能夠為 2027 年及以後的成長做好準備。

Moving to utility structures, we continue to see accelerating demand underscored by a record backlog as utility customers continue to increase their investments in transmission and distribution infrastructure. During the third quarter, we made good progress in the conversion of our wind tower facility in Illinois to produce large utility poles.

再來看公用事業結構，我們看到需求持續加速成長，積壓訂單數量創歷史新高，因為公用事業客戶不斷增加對輸配電基礎設施的投資。第三季度，我們在伊利諾州風力發電塔廠改建為大型電線桿生產廠方面取得了良好進展。

Production in this facility is scheduled to begin in the second half of 2026.

該廠計劃於 2026 年下半年開始投產。

We expect our new galvanizing facility in Mexico to complete its first dip in the first quarter of 2026, which will improve our cost structure and enhanced margin. We remain in the confident in the durability of demand supported by long-term power trends, increased utility Capex, and the strategic network of alliance customers.

我們預計位於墨西哥的新鍍鋅廠將於 2026 年第一季完成首次浸鍍，這將改善我們的成本結構並提高利潤率。我們對需求的持久性仍然充滿信心，這得益於長期電力趨勢、公用事業資本支出增加以及聯盟客戶的策略網絡。

As the utility market grows, the flexible and strategically located network of facilities within our engineer structures platform provides us with the ability to adapt and increase capacity without significant capital investments.

隨著公用事業市場的成長，我們工程結構平台內靈活且策略性佈局的設施網路使我們能夠在無需大量資本投資的情況下進行調整和增加產能。

Turn to transportation, the aging US barge fleet creates a favorable replacement cycle which is expected to extend over the next several years. Strong order activity in the third quarter has significantly improved our production visibility for 2026, extending beyond the typical outlook we have at this point of the year. This improved line of sight for both hopper and tank barges reinforces our confidence in sustained demand through the cycle.

再來看運輸方面，美國老化的駁船船隊創造了一個有利的更新換代週期，預計這一周期將持續數年。第三季強勁的訂單活動顯著提高了我們對 2026 年生產的可見性，超出了我們通常在每年這個時候的預期。漏斗駁船和罐式駁船的視線改善，增強了我們對整個週期內持續需求的信心。

In closing, as we enter the fourth quarter and turn our attention to fiscal year 206, we remain confident in the strength and future potential of our core markets. With an optimized portfolio and favorable micro dynamics, we have positioned our costs for sustained long-term growth and value creation by focusing on operational excellence and disciplined capital allocation.

最後，隨著我們進入第四季並將注意力轉向 206 財年，我們仍然對我們核心市場的實力和未來潛力充滿信心。透過優化投資組合和有利的微觀動態，我們專注於卓越營運和嚴格的資本配置，從而實現了成本的持續長期成長和價值創造。

We are now ready to take your questions.

現在我們可以回答你們的問題了。

Thank you, Mr. Carrillo.

謝謝您，卡里略先生。

(Operator Instructions)

（操作說明）

Trey Grooms, Stephens Inc.

Trey Grooms，Stephens Inc.

Hey, good morning, Antonio and Gail. Congrats on the great quarter.

嘿，安東尼奧和蓋爾，早安。恭喜你們本季業績出色。

Thank you. Good morning.

謝謝。早安.

I guess first off, you gave us some pretty good color, but I didn't know if maybe you could dive in a little bit more around the puts and takes, around the full year revenue and Ida guidance adjustments or kind of just tightening those ranges a bit, any more color you could give us on those puts and takes, please.

首先，您已經提供了相當不錯的信息，但我不知道您是否可以更深入地探討一下關於看漲期權和看漲期權、全年收入和 Ida 指引調整，或者稍微收緊一下這些範圍，您能否就這些看漲期權和看漲期權提供更多信息？

Sure, good morning, Trey. This is Gail. I'll take that. As you saw in our release and in in our comments this morning, we made some adjustments to the full year guide with just one quarter left. It reflects the strong, year-to-date performance that we've had through the first 9 months, and we expect a good quarter in Q4. So, we tightened the revenue guidance just a little bit.

當然，早上好，特雷。這是蓋爾。我接受。正如您今天早上在我們的公告和評論中看到的那樣，在只剩下最後一個季度的情況下，我們對全年業績指南進行了一些調整。這反映了我們今年前 9 個月以來的強勁業績，我們預計第四季度業績也會不錯。因此，我們稍微收緊了營收預期。

I think that reflects a very small slight step down that would be coming from construction as volumes on the organic side for the year have not been as strong as we would have thought at the start of the year. All that being said, slight adjustment to revenue. We're looking at strong double-digit revenue growth year over year. On the EBITDA side, we did raise the midpoint about $10 million. We now see $580 million of EBITDA for the year, as Antonio said, that's 32% growth year over year.

我認為這反映出建築業出現了非常小的下滑，因為今年有機產品的銷售量沒有我們年初預期的那麼強勁。綜上所述，收入略有調整。我們預計營收將實現兩位數的強勁同比成長。在 EBITDA 方面，我們將中間值提高了約 1000 萬美元。正如安東尼奧所說，我們現在預計全年 EBITDA 為 5.8 億美元，年增 32%。

As we think about the fourth quarter, this will be our first quarter with 100% organic as Stavola has anniversary in the third quarter, and we're seeing strong double-digit growth in the fourth quarter. It is a seasonal quarter for construction, so you do see Q4 step down. We do have Stavola in the New York, New Jersey MSA, which is very weather dependent in the fourth quarter. So you see some seasonality and normal step down in Q4. And you know we're really excited to close the year strong. We have excellent production visibility with our backlogs on the manufacturing side. You do have two holidays in the fourth quarter, and sometimes that has an impact, but we're really excited to end the year strong, pleased to raise the midpoint of our guidance and conclude a very strong record year for Arcosa.

展望第四季度，這將是我們第一個實現 100% 有機增長的季度，因為 Stavola 在第三季度迎來了周年慶，而且我們預計第四季度將實現強勁的兩位數增長。建築業存在季節性波動，所以第四季的產量會下降。我們在紐約、新澤西大都會統計區有斯塔沃拉隊，該隊在第四季度的比賽非常依賴天氣。所以你會看到一些季節性因素，以及第四季正常的下滑趨勢。你知道，我們非常期待以強勁的勢頭為今年畫上圓滿的句號。我們在生產方面對積壓訂單的情況有非常清晰的了解。第四季有兩個假期，有時會產生影響，但我們非常高興能夠以強勁的勢頭結束這一年，很高興能夠提高業績預期的中位數，並為 Arcosa 創紀錄的強勁一年畫上圓滿的句號。

That's super helpful. Just kind of following up on that, on the construction business, you mentioned some inefficiencies, with some of your legacy aggregate businesses, with some production downtime at a few locations. Is that going to continue into the fourth quarter? Is that playing a role at all or is that largely behind you?

這太有幫助了。我接著剛才的話題，關於建築業務，您提到了一些效率低下的問題，您的一些傳統骨材業務在某些地點出現了生產停工的情況。這種情況會延續到第四季嗎？這是否對你產生影響，還是說這基本上已經成為過去式了？

I think that's largely behind us, as you increase the number of facilities and we're still, we've grown a lot, but we are, we're not the size of some of our larger peers. So one or two facilities that that have a problem is still reflects in our, creates a little volatility for us and that's what you saw. I think we're largely over that and, every day we get better as a company and that's what we try to do, become better every day.

我認為這種情況基本上已經過去了，隨著設施數量的增加，我們仍然發展壯大，但我們的規模仍然比不上一些規模更大的同行。所以，一兩家工廠出現問題仍然會影響我們，造成我們一些波動，這就是你所看到的。我認為我們已經基本克服了這個問題，而且我們公司每天都在進步，這也是我們努力的方向，每天都變得更好。

If I could switch this to engineered structure just real quick, the margins there, very impressive margin improvement, you mentioned pricing and some operating improvements on utility. So, if you could maybe talk about, some of those drivers and how you're thinking about the margin outlook and kind of sustainability of those margins as we look forward.

如果我能很快地把它改成工程結構，那裡的利潤率會非常可觀，利潤率的提高非常顯著，你提到了定價和一些公用事業方面的營運改善。所以，您能否談談這些驅動因素，以及您如何看待利潤率前景和未來利潤率的可持續性？

I'll take that. And so, when you look at the what's happened in the third quarter and what's been happening this year, both businesses, the wind tower business and the utility structures are performing very well.

我接受。因此，當你審視第三季和今年以來的情況時，你會發現風塔業務和公用設施結構這兩個業務都表現得非常好。

When utility structures, I'm sorry, when we started the year, we've been ramping the Belen facility in New Mexico last year. So when you compare last year we had an excess cost compared to this year. But overall the team has done a fantastic job ramping up facilities, and we are very good at building wind towers when we have a continued, very steady production production cycle, which is what we have right now. And that's why we're excited about the visibility we get with the new orders for 2026 and 2027. It gives us very good line of sight. On the utility structures, demand continues to be strong. We've been increasing our capacity, as Gail said, volume volume grew double-digit, and we've been growing volume double-digit for the last 7 years. So this is a very good run that we're getting in increasing capacity and we've become good at it. Our plants run very well.

抱歉，今年年初的時候，我們一直在擴建位於新墨西哥州貝倫的工廠。所以，與去年相比，我們今年的成本增加。但總的來說，團隊在提升設施方面做得非常出色，而且當我們擁有持續、非常穩定的生產週期時，我們非常擅長建造風力發電塔，而這正是我們現在所擁有的。正因如此，我們對 2026 年和 2027 年的新訂單所帶來的前景感到興奮。它為我們提供了非常好的視野。在公用事業結構方面，需求依然強勁。正如蓋爾所說，我們一直在提高產能，銷量實現了兩位數的成長，而且在過去的 7 年裡，我們的銷量一直保持著兩位數的成長。所以，我們在產能提升方面取得了非常好的進展，而且我們在這方面也做得非常好。我們的工廠運作良好。

As always, when you have a larger business, you have things that are always working well and some sometimes they're not. We still have things that we need to improve in our business. We're not done, and so we have some plans that are doing better than others, but I'm very excited about where we are. Our team is doing a very good job and Gail mentioned we have placed orders for additional equipment because we need to continue to expand our capacity. We will see going forward, the Illinois facility as we start hiring people will start going through its ramp up, but it's part of the growing pains, no, and we're just where we are.

和以往一樣，規模較大的企業總會有一些方面運作良好，而有些方面則不然。我們的業務還有一些需要改進的地方。我們還沒有完成，所以我們有一些計劃進展得比其他計劃更好，但我對我們目前的成就感到非常興奮。我們的團隊工作非常出色，蓋爾提到我們已經訂購了額外的設備，因為我們需要繼續擴大產能。接下來，隨著我們開始招募人員，伊利諾州的工廠將逐步步入正軌，但這只是成長的陣痛，不，我們現在就處於這樣的階段。

And I might add, Trey, onto that coming back to the start of your question and when you really look at the year over year growth, as Antonio said, wind was ramping. We finished that ramp earlier in the year, so the year-to-year growth is really coming from the strength and utility and related structures. So very pleased to see that at nearly 70% of segment revenue, that's an important driver of our performance.

我還要補充一點，特雷，回到你問題的開頭，當你真正觀察同比增速時，正如安東尼奧所說，風勢正在增強。我們今年早些時候完成了那條斜坡道的建設，因此，年度成長實際上來自實力、實用性和相關結構。非常高興地看到，該業務板塊的收入佔比接近 70%，這是我們業績的重要驅動因素。

Yeah, very good.

是的，非常好。

Thank you both for all the color and, I'll leave it there. Good luck.

感謝你們帶來的精彩內容，我就說到這裡吧。祝你好運。

Thank you.

謝謝。

Julio Romero, Sidoti & Company, LLC.

胡里奧·羅梅羅，Sidoti & Company, LLC。

Great, thanks. Hey, good morning, Antonio and Gail.

太好了，謝謝。嘿，安東尼奧和蓋爾，早安。

Wanted to start on construction products. Antonio, you mentioned for full year '25, you remain on track for high single-digit pricing growth in aggregates. Can you just talk about the pricing outlook within aggregates as we head into '26, and I'm not asking for guidance, which is kind of high level thoughts there.

想開始做建築產品方面的工作。安東尼奧，你提到 2025 年全年，骨材價格仍將維持高個位數成長。您能否談談我們進入 2026 年時骨材的價格前景？我並不是尋求指導意見，只是想了解一些高層次的想法。

Sure, I'll, I think, as this business is a very local business, no, and every one of our locations has different dynamics, but I think overall we're positive about where we're seeing demand, especially on the infrastructure side. So I think as long as we continue having this, and we mentioned that we had Gayle mentioned in her script that we have consistent volumes during the quarter, which was a very good sign and recovering volume growth is a very important price of the pricing dynamic, a very important part of the pricing dynamic. We've been able to raise pricing throughout several quarters with volume declining. Now that volume seems to be recovering, I think pricing should be. It should be something that we can continue to pass through to our customers. We are in really good locations, great geographies, and that also helps. And I think if we, if we're able to get some recovery in '26, late '26 sometime on housing that will even help even more. So, we're optimistic about where we are on pricing. We're optimistic about where we're seeing the volume based on what we saw in the third quarter. And I think we're in a really good position and very important, I think Stavola really changed the dynamics of our business.

當然，我認為，由於這項業務是非常本地化的，所以不，我們每個地點的具體情況都不一樣，但我認為總體而言，我們對目前的需求情況持樂觀態度，尤其是在基礎設施方面。所以我認為，只要我們繼續保持這種勢頭，正如我們之前提到的，蓋爾在她的腳本中也提到，我們本季度銷量穩定，這是一個非常好的跡象，銷量增長的恢復是定價動態中非常重要的一個因素，是定價動態中非常重要的一部分。儘管銷量下滑，但我們已連續幾季提高了價格。既然銷量似乎正在回升，我認為價格也應該隨之回升。這應該是我們可以繼續傳遞給客戶的。我們地理位置優越，環境極佳，這也有很大幫助。我認為，如果我們能在 2026 年，或者 2026 年末的某個時候實現房屋市場的復甦，那將會更有幫助。所以，我們對目前的定價狀況持樂觀態度。根據第三季的情況來看，我們對目前的銷售前景持樂觀態度。我認為我們現在處境非常好，而且非常重要的是，我認為 Stavola 真的改變了我們業務的格局。

I might add just Julio, if you think about the cadence of pricing, we have full year pricing guide of high single-digit for Arcosa in 2025. That's total pricing. We did indicate that organic pricing was at mid single-digit in the quarter. Stavola does anniversary, so fourth quarter will be all organic. So we do expect a slight step down to that year to year rate in the Q4, with someone near more that organic rate that we achieved in Q3. So as we look to 2026, as Antonio said we still see pricing trending on the high side of historical averages.

我還要補充一點，Julio，如果你考慮一下定價的節奏，我們預計 Arcosa 在 2025 年全年定價將達到個位數高點。這是總價。我們確實指出，本季有機產品的價格處於個位數中段水準。Stavola 正在慶祝週年紀念，所以第四季度將全部是有機產品。因此，我們預計第四季同比增速將略有下降，但將接近第三季實現的自然成長率。因此，展望 2026 年，正如 Antonio 所說，我們仍然看到價格趨勢處於歷史平均水平的較高水平。

Okay, very helpful there, and congratulations on reaching your target leverage 2 quarters ahead of schedule. You weren't hitting when you said you'd have cash flow accelerating in the second half here, can you just talk about capital allocation going forward, how are you thinking about perhaps more debt reduction versus further growth initiatives?

好的，這很有幫助，恭喜你提前兩個季度達到了目標槓桿率。你之前說過下半年現金流會加速成長，但並沒有實現。能談談未來的資本配置嗎？你是考慮進一步減少債務還是推動成長計畫？

Sure, so first of all, I think what you said is is exactly how we thought about it when we went through Stavola. It was a large acquisition for us, but we had a really good visibility on our cyclical businesses backlog and on the growth businesses performance, and that's what gave us the confidence to go for a larger acquisition.

當然，首先，我認為你說的正是我們當初研究斯塔沃拉時所想的。對我們來說，這是一筆規模很大的收購，但我們對週期性業務的積壓訂單和成長型業務的業績有非常清晰的了解，正是這一點讓我們有信心進行更大規模的收購。

And and that's why when we talk about our backlogs, the visibility is so important on capital allocation, we mentioned we want to keep our balance sheet. We want to continue to improve even though we're within our range, I personally would like to have the lower in that range to have more flexibility as we move forward. So, my goal would be to try to get the lower in the range of 2 times to 2.5 times leverage. The, on the other hand, we are, we've been working for the last several months of filling our pipeline of bolt on acquisitions and we are, we have opportunities out there and these things happen sometimes when you want them, sometimes when they just happen. So we want, we now have the flexibility of taking advantage of those opportunities and continue to focus on Bolton acquisitions which have been very accretive to Arcosa's numbers. So I want to continue doing that both on the aggregates and the recycled aggregates. On the organic growth side, we have opportunities where we're investing in the facility in Illinois to convert it from wind to transmission. I mentioned we're finally finishing out our galvanizing facility in Mexico, and we have opportunities based on depending on the strength of the transmission tower business. We always have opportunities to continue to invest. We're ordering additional equipment to continue to grow the business as we see demand strength accelerating. So, I think you will see a combination of both organic and inorganic. A capital allocation, in terms of M&A and organic growth going forward, no, that, and hopefully continue to reduce our debt to the lower end of our range.

所以，當我們談到積壓訂單時，資本配置的可見度非常重要，我們提到我們希望維持資產負債表的穩定。雖然我們目前處於目標範圍內，但我們仍希望繼續改進。就我個人而言，我希望目標範圍能更低一些，這樣我們未來發展時會更有彈性。所以，我的目標是盡量將槓桿倍數控制在 2 倍到 2.5 倍之間。另一方面，在過去的幾個月裡，我們一直在努力填補我們補充收購項​​目的空缺，我們有很多機會，這些事情有時會在你想要的時候發生，有時則只是碰巧發生。所以我們希望，我們現在有彈性來利用這些機會，並繼續專注於博爾頓的收購，這些收購對 Arcosa 的業績成長非常顯著。所以我想繼續對骨材和再生骨材進行這項研究。在有機成長方面，我們有機會投資伊利諾州的設施，將其從風力發電改造為輸電。我提到過，我們在墨西哥的鍍鋅廠終於要完工了，而我們能否獲得發​​展機會，取決於輸電塔業務的強勁程度。我們始終有機會繼續投資。隨著市場需求加速成長，我們正在訂購更多設備以繼續發展業務。所以，我認為你會看到有機物和無機物的結合。就未來的併購和內生成長而言，資本配置方面沒有問題，我們希望繼續將債務降低到預期範圍的下限。

Excellent. Best of luck in the fourth quarter.

出色的。祝你在第四節比賽中好運。

Thank you.

謝謝。

Ian Zaffino, Oppenheimer & Co. Inc.

伊恩·扎菲諾，奧本海默公司

I thank you very much. Congrats on all the wind tower orders. I wanted to ask also, what is the The outlook, I guess, for incremental orders there, and what was the decision to accelerate the backlog, walk me through kind of those dynamics was this all on because of you're trying to figure out your production schedules? Was this driven by the customer's decision, maybe just some color around there as well. Thanks.

非常感謝。恭喜你們獲得所有風力發電塔訂單。我還想問一下，你們的增量訂單前景如何？加快積壓訂單處理的決定是什麼？請詳細解釋一下這些動態，這一切都是因為你們正在努力製定生產計畫嗎？這是顧客的決定嗎？或許也只是為了增添一些色彩？謝謝。

Sure.

當然。

Thank you. So let me give you a big picture as I mentioned in my remarks. The wind industry is competitive now with other sources of power, but it's been attached to tax credits for a long time, and it seems that after 2027, the industry is going to go to a market driven economy like it probably should be, and we're happy it goes there because we are now competitive.

謝謝。正如我剛才所說，讓我來為大家概述一下全局。風能產業現在與其他能源相比具有競爭力，但長期以來一直依賴稅收抵免，而且似乎在 2027 年之後，該行業將像它應該的那樣轉向市場經濟，我們很高興它朝著這個方向發展，因為我們現在具有競爭力。

But we have two years to get there, and you've seen all the policy changes during this year that have created uncertainty.

但我們還有兩年時間來實現這一目標，而且你們也看到了今年以來所有的政策變化，這些變化造成了不確定性。

And so, the way to bridge these two years, which our base case scenario is that these two years will accelerate as we get closer to the end of 2027, historically, developers and the whole industry accelerates to TRY to capture as much tax credits as possible before they go away.

因此，為了彌合這兩年（我們的基本假設是，隨著我們越來越接近 2027 年底，這兩年將會加速過去），從歷史上看，開發商和整個行業都會加快步伐，試圖在稅收抵免政策消失之前盡可能多地獲得這些抵免。

We needed to bring that backlog to try to capture as much as possible for our customers that need these towers, and 2028 is going to be a different environment. 2028 is going to be an environment that I'm very optimistic about because the US needs the power. Prices of power are going up and the industry is competitive, so we will have a very good industry in 2028 and beyond. But for the moment we have the backlog. We agreed with our customers to move forward part of the backlog, and at the same time we got new orders. So, I think we're in a really good position. We're not full for '26 and '27. We're still working with customers to try to accommodate additional orders and to figure out the needs of many of our customers as they go through this period of tax incentives still being present, so. Yeah, I'm optimistic we're going to get additional orders, but we're still early. We're just in at the end of October, early November, and we have time for this to materialize over the next several months.

我們需要盡快完成積壓訂單，盡可能滿足那些需要這些鐵塔的客戶的需求，而2028年的情況將會截然不同。我對2028年的情況非常樂觀，因為美國需要電力。電力價格不斷上漲，產業競爭激烈，因此到 2028 年及以後，電力產業將會發展得非常好。但目前我們還有積壓的工作要做。我們與客戶達成一致，提前完成部分積壓訂單，同時，我們也獲得了新的訂單。所以，我認為我們處境非常有利。2026年和2027年我們還沒招滿。我們仍在與客戶合作，努力滿足額外的訂單需求，並了解許多客戶在享受稅收優惠期間的需求。是的，我對獲得更多訂單持樂觀態度，但現在還為時過早。現在才十月底十一月初，我們還有時間讓這件事在接下來的幾個月逐步實現。

Okay, thanks. And then as a follow-up, I guess your two non-growth segments are doing very well, and we've kind of, you've been very patient here waiting for them to ramp and really to hit either mid-cycle or above and, kudos to you guys, you've done a very good job in doing that.

好的，謝謝。然後，我想補充一點，你們的兩個非成長板塊表現非常出色，你們一直很有耐心，等待它們加速增長，真正達到週期中期或以上水平，值得稱讚，你們在這方面做得非常好。

Given where they are at this point, and given that you want to shift your business more into growth. Is there anything kind of on the horizon that you're now thinking of as far as, capital allocation and, moving more aggressively into growth businesses and away from those non-growth businesses that are kind of now actually performing very well. Thanks.

鑑於他們目前的處境，以及您希望將您的業務更多地轉向成長。就資本配置而言，您目前是否有任何正在考慮的計劃，例如更積極地投資成長型企業，並減少對目前表現非常好的非成長型企業的投資？謝謝。

That that's a good question, and that's a question that we are always debating, and I will tell you that Stavola changed the dynamics of our calls. We now have a business that's a lot larger than we were a year ago and. And that has helped, let's say put us on a better footing to be able to continue to move our portfolio. It's always, we just have to decide when we want to continue to to simplify the company. I will tell you one important step that we took this score was. Achieving our leverage ratio, those cyclical businesses provide a lot of cash, so we needed those businesses to be able to help us deliver as we bought ourstabola. Now that we're continuing to move ahead and we are reducing our leverage ratio to our target, I think we'll be in a good position to continue to move forward with the simplification of the company, but we do those things take time and there's never a perfect time to do it. We'll just have to continue to evaluate it.

這是一個很好的問題，也是我們一直在討論的問題，我可以告訴你，史塔沃拉改變了我們通話的動態。我們現在的業務規模比一年前大得多。可以說，這有助於我們更好地調整投資組合。一直以來都是這樣，我們只需要決定何時繼續簡化公司營運。我要告訴你，我們取得這個成績的一個重要步驟是…為了達到我們的槓桿率目標，這些週期性企業提供了大量現金，因此我們需要這些企業能夠幫助我們實現目標，就像我們收購Stabola一樣。現在我們正在繼續前進，並將槓桿率降低到目標水平，我認為我們將處於有利地位，可以繼續推進公司簡化工作，但這些事情需要時間，而且永遠不會有完美的時機去做。我們只能繼續評估它。

Okay, thank you very much. Congratulations again on the great quarter.

好的，非常感謝。再次恭喜你們取得如此優異的季度業績。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

John Vandist, D.A. Davidson & Co.

約翰·範迪斯特，D.A.戴維森公司

Hi, good morning.

您好，早安。

Thank you.

謝謝。

Good morning.

早安.

Thank you. Good morning.

謝謝。早安.

I want to start with the win business. Are you anticipating additional win orders beyond what you've discussed here today, and you need to see additional orders for us to assume a sort of stable contribution from win in 2026?

我想先從獲利業務入手。您是否預計除了今天討論的內容之外，還會有額外的贏單？我們需要看到額外的訂單才能假設贏單在 2026 年能帶來某種穩定的貢獻嗎？

So we have a, we, as I mentioned before, we're still early. We're working with our customers. I hope we can get additional orders and, I'm optimistic about where I see '26 and '27. We now have good visibility for three facilities as I mentioned in my in my remarks.

所以，正如我之前提到的，我們現在還處於早期階段。我們正在與客戶合作。我希望我們能獲得更多訂單，我對 2026 年和 2027 年的前景持樂觀態度。正如我在演講中提到的，我們現在對三個設施都有很好的了解。

So, but we have time. I think, we don't provide guidance at this time of the year, but, we have time and we're optimistic about where we are with our customers know, so we'll know more over the next few weeks and months.

所以，我們還有時間。我認為，我們在這個時期不提供指導，但是，我們有時間，而且我們對目前與客戶的關係持樂觀態度，所以在接下來的幾周和幾個月裡我們會了解更多信息。

Yeah, and I guess it would just add as we, as it relates to '26 and your question, we feel very comfortable where we are at this point of the year, and we have good coverage of our '25 revenue run rate. We're not there at 100% yet, but we have very good coverage at this point of the year.

是的，我想補充一點，就 2026 年以及您的問題而言，我們目前對現狀感到非常滿意，並且我們很好地實現了 2025 年的收入目標。雖然還沒有達到 100% 的覆蓋率，但就目前這個階段而言，我們的覆蓋率已經非常好了。

Got it. And moving on to engineer structures, can you provide an update on timing of capacity investments you're making in in engineering structures, and when do you expect that to begin to ramp up and contribute to growth?

知道了。接下來談談工程結構方面，您能否提供您在工程結構方面進行產能投資的時間安排，以及您預計何時開始擴大規模並為成長做出貢獻？

I mentioned that during the second half of the year we'll start the ramping up that production and that starts hopefully by the end of the year it should be done and we, I think it's going to start contributing positively probably in '27.

我提到過，今年下半年我們將開始逐步提高產量，希望到年底就能完成，我認為它可能在 2027 年開始產生正面影響。

And are you guys filling that capacity?

你們是否充分利用了這項產能？

Yes, we're working with our customers to fill it up, and the reason we're expanding is because we have the demand from our customers. We are, we're really seeing accelerating demand and utility structures, and that's why we're doing this expansion and why we're evaluating additional expansion based on conversations with our customers.

是的，我們正在與客戶合作，努力填滿這個空間，我們擴張的原因是因為客戶有這樣的需求。我們看到需求和公用事業結構確實在加速成長，這就是我們進行此次擴張的原因，也是我們根據與客戶的對話來評估進一步擴張的原因。

Thank you, I appreciate the time.

謝謝，感謝您抽出時間。

Garik Shmois, Loop Capital Markets.

Garik Shmois，Loop Capital Markets。

Oh hi, thank you. Just to start a couple of questions on the improvement in order and--

哦，你好，謝謝。首先，我想問幾個關於改進順序的問題——

Garrick, I'm sorry to interrupt you. We're having a hard time hearing you.

加里克，不好意思打斷你。我們聽不太清楚你說話。

Sorry, is this better?

不好意思，這樣可以嗎？

Yes, please go ahead.

好的，請繼續。

Okay, sorry about that.

好的，抱歉。

So a couple questions on barge to start, just given the improvement in orders, are you seeing an inflection in hopper orders as well as tank? I'm wondering what you're hearing from your customers just regarding the ramp and the replacement cycle, being sustainable moving forward, and if you can speak maybe to the type of margins you're seeing on the new on the new orders coming into backlog.

先問幾個關於駁船的問題，鑑於訂單有所改善，您是否看到料斗訂單和罐式訂單也出現拐點？我想知道您從客戶那裡聽到了哪些關於產能爬坡和更換週期、如何實現永續發展的回饋，以及您能否談談新訂單積壓的利潤率情況。

Absolutely, the big picture is barges need to be replaced, both tanks and hoppers. When you look at the replacement cycle, I'm convinced over the next several years, I think we're going to have a long cycle. I'm not sure if it starts today or tomorrow or a week from now, but we believe our capacity is very valuable because we will need all our capacity to be able to meet this replacement cycle.

沒錯，從大局來看，駁船需要更換，包括儲槽和料斗。從更換週期來看，我確信在未來幾年內，我們將面臨一個較長的更換週期。我不確定是從今天、明天還是下週開始，但我們認為我們的產能非常寶貴，因為我們需要所有產能才能滿足這次更換週期的需求。

And we are pricing our barges like that, so we are, we're not giving our capacity away. We wanted to fill the plants and I gave, cheap prices to every one of our customers. We will have to fill them. We could fill them up tomorrow for the next several years, but we're not doing that. We're selling our barges at the price we think they deserve and with good margins and I'm a big believer in the barge business for the next several years being on a strong footing. We have received orders for both hopper and tank barges, and I won't tell you this, it's a people are lining up for hundreds of barges, but we see solid demand. We see solid demand for barges going forward and we have really good visibility in our backlog. We said we're deep into the second part of the year next year, and for this time of the year, that's not common for us, no, we normally don't have that visibility that we have today for 2026.

我們就是這樣為駁船定價的，所以我們並沒有白白送運力。我們想讓工廠滿員，所以我給了每位顧客低價商品。我們必須把它們填滿。我們明天就可以把它們填滿，夠用好幾年，但我們不會這麼做。我們以我們認為應有的價格出售我們的駁船，並且利潤豐厚。我堅信，在未來幾年內，駁船業務將保持強勁的發展勢頭。我們已經收到了漏斗駁船和罐式駁船的訂單，我不會告訴你具體數字，但數百艘駁船的訂單量非常大，我們看到了強勁的需求。我們預計未來對駁船的需求將十分強勁，而且我們的積壓訂單情況也十分明朗。我們說過，明年已經進入下半年了，而對於我們來說，每年的這個時候並不常見，是的，我們通常不會像今天這樣對 2026 年有如此清晰的了解。

Okay, that's helpful.

好的，這很有幫助。

I wanted to ask on aggregates and organic volumes. I think you mentioned that you're you're starting to see modest growth here in the fourth quarter.

我想問骨材和有機物含量的問題。我想你有提到過，在第四季度，你們開始看到溫和的成長。

I wondering if you can unpack where that is that, certain regions are starting to perform better, or is it more of a function of in markets improving, I'd be thinking more non-residential in infrastructure, but just any help on where you're seeing some of the inflections on organic aggregates demand.

我想知道您能否分析一下，某些地區的情況是如何開始好轉的，或者這更多是市場整體改善的結果？我指的是非住宅基礎設施方面，但您能否就您觀察到的有機骨材需求轉折點提供一些幫助？

Yeah, I will tell you, so starting by markets, I think in Texas and over the last year, I think with with residential being slow, we've strategically targeted more infrastructure business and that takes the time to to move into that into that market from a more residential oriented, especially in Texas and in the west.

是的，我會告訴你，首先從市場來看，我認為在德克薩斯州，過去一年來，由於住宅市場增長緩慢，我們已將戰略重點轉向基礎設施業務，這需要時間才能從以住宅為主的市場轉型到基礎設施市場，尤其是在德克薩斯州和西部地區。

So, I think infrastructure continues to be solid and that's where we're seeing a good volume demand, good volume growth, and residential, as I mentioned in my remarks, we expected the second half to see an uptick and we didn't see that. So, we continue to inflex into more infrastructure focus.

所以，我認為基礎設施仍然穩固，因此我們看到了良好的需求和增長，而住宅方面，正如我在講話中提到的，我們原本預期下半年會出現增長，但我們並沒有看到這種情況。因此，我們將持續調整策略，更加重視基礎建設。

We're really excited about some of this, the reshoring all the power-built infrastructure. All the data centers we are seeing good volume there and we are still seeing a relative weakness in the Gulf market, but we see very good potential for '26 with LNG and some other projects that have been delayed. So, I think as we move into 2026, and we've shifted more into infrastructure that will give us a solid footing, and more consistent. I think on the nonresidential side we're optimistic of what we're seeing and then hopefully sometime in the '26 we get some uptick in in in in residential. So overall very positive Stavola specifically a lot more focused on infrastructure.

我們對此感到非常興奮，尤其是將所有電力基礎設施遷回國內。我們看到所有資料中心的業務量都很好，海灣市場仍然相對疲軟，但我們看到 2026 年液化天然氣和其他一些被推遲的專案具有非常好的潛力。所以，我認為隨著我們邁入 2026 年，我們將更多地轉向基礎設施建設，這將為我們提供一個堅實的基礎，並帶來更穩定的發展。我認為在非住宅方面，我們對目前的情況感到樂觀，然後希望在 2026 年的某個時候，住宅方面也能有所回升。整體而言，斯塔沃拉的表現非常積極，尤其註重基礎建設。

So, assuming there's no impact from the federal funding, I think we should be in really good shape.

所以，假設聯邦撥款沒有產生任何影響，我認為我們的處境應該會非常好。

Very helpful. Thanks for that and best of luck.

很有幫助。謝謝，祝你好運。

Thank you, and ladies and gentlemen, that will conclude our question-and-answer session for this morning. So that will bring us to the conclusion of today's Arcosa third quarter quarter 2025 earnings conference call. Again, we'd like to thank you all so much for joining us this morning and wish you all a great day. Goodbye.

謝謝各位，女士們、先生們，今天早上的問答環節到此結束。至此，Arcosa 2025 年第三季財報電話會議就結束了。再次感謝各位今天早上的參與，祝大家今天過得愉快。再見。