Atkore Inc (ATKR) 2025 Q1 法說會逐字稿

Good morning. My name is John, and I'll be your conference operator today. At this time, I would like to welcome everyone to Atkore's first-quarter fiscal year 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. Thank you.

早安.我叫約翰，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Atkore 2025 財年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。謝謝。

I would now like to turn the conference over to your host, Matt Klein, Vice President of Treasury and Investor Relations. Thank you. You may begin.

現在，我想將會議交給主持人、財務和投資者關係副總裁 Matt Klein。謝謝。你可以開始了。

Thank you, and good morning, everyone. I am joined today by Bill Waltz, President and CEO; John Deitzer, Chief Financial Officer; and John Pregenzer, Chief Operating Officer and President of Electrical. We will take questions at the conclusion of the call.

謝謝大家，早安。今天與我一起出席的是總裁兼執行長比爾華爾滋 (Bill Waltz)； John Deitzer，財務長；以及營運長兼電氣總裁 John Pregenzer。我們將在通話結束時回答問題。

I would like to remind everyone that during this call we may make projections or forward-looking statements regarding future events or financial performance of the company. Such statements involve risks and uncertainties such that actual results may differ materially. Please refer to our SEC filings in today's press release, which identify important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements.

我想提醒大家，在本次電話會議中，我們可能會對公司未來事件或財務表現做出預測或前瞻性陳述。此類聲明涉及風險和不確定性，因此實際結果可能存在重大差異。請參閱我們今天新聞稿中提交給美國證券交易委員會的文件，其中指出了可能導致實際結果與我們的預測或前瞻性陳述中的結果有重大差異的重要因素。

In addition, any reference in our discussion today to EBITDA means adjusted EBITDA. And any reference to EPS or adjusted EPS means adjusted diluted earnings per share. Adjusted EBITA and adjusted diluted earnings per share are non-GAAP measures. Reconciliations of non-GAAP measures and a presentation of the most comparable GAAP measures are available in the appendix to today's presentation.

此外，我們今天討論中提到的 EBITDA 均指調整後的 EBITDA。任何對每股收益或調整後每股收益的提及均指調整後稀釋每股收益。調整後的 EBITA 和調整後的每股稀釋收益是非 GAAP 指標。今天簡報的附錄中提供了非 GAAP 指標的對帳表和最具可比性的 GAAP 指標的介紹。

With that, I'll turn it over to Bill.

說完這些，我會把話題交給比爾。

Thanks, Matt. And good morning, everyone.

謝謝，馬特。大家早安。

Starting on slide 3. Our Q1 performance was in line with our expectations. We achieved net sales of $662 million and adjusted EBITDA of $99 million. Both of which were then our outlook range. Our $1.63 of adjusted EPS was near the top end of our outlook range. Organic volume decline 5% in the first quarter, but this is in comparison to our strong volume performance in the first quarter of fiscal 2024.

從投影片 3 開始。我們第一季的業績符合我們的預期。我們實現淨銷售額 6.62 億美元，調整後 EBITDA 為 9,900 萬美元。這兩者都是我們的展望範圍。我們的調整後每股收益為 1.63 美元，接近我們預期範圍的最高端。第一季有機銷量下降 5%，但這與我們 2024 財年第一季的強勁銷量表現相比。

Our teams have been focused on executing the growth initiatives that we discussed in November related to water and global construction services. We are on track with our organic initiatives and are planning for those to come online later in the year to support both our PDP and HCP water products.

我們的團隊一直專注於執行我們 11 月討論的與水和全球建築服務相關的成長計劃。我們的有機計劃正在順利推進，並計劃在今年稍後上線，以支援我們的 PDP 和 HCP 水產品。

We continue to pursue several opportunities for global maker projects as we look to grow our pipeline and eventual backlog. We remain committed to returning cash to our shareholders, as evidenced by the $50 million in share repurchase in the first quarter which complements our quarterly dividend payment.

我們將繼續尋求全球製造商專案的多個機會，以期擴大我們的產品線並最終增加積壓訂單。我們仍然致力於向股東返還現金，第一季 5,000 萬美元的股票回購就是明證，這補充了我們的季度股息。

I'm also pleased to highlight the release of our fiscal year 2024 sustainability report, which we published last month. This report details our ongoing initiatives, accomplishments and progress toward our 2025 goals. In the first quarter of 2025, we released additional environmental product declarations for our core products. Atkore has EPDs for our core products covering approximately half of our global sales.

我還很高興地強調我們上個月發布的 2024 財年永續發展報告。本報告詳細介紹了我們正在採取的措施、取得的成就以及實現 2025 年目標的進展。2025年第一季度，我們針對核心產品發布了額外的環境產品聲明。Atkore 的核心產品均有 EPD，約佔全球銷售額的一半。

When we met in November, we planned our year with an expectation that we would continue to face challenges impacting both our volume and price due to increased foreign and domestic competition. Most notably, these challenges impact our PVC Conduit and Steel Conduit businesses. Having completed our first quarter, we now believe the challenges we outlined in November will have a larger impact on our 2025 performance than previously anticipated.

當我們在 11 月開會時，我們制定了全年計劃，預計由於國內外競爭加劇，我們將繼續面臨影響產量和價格的挑戰。最值得注意的是，這些挑戰影響了我們的 PVC 導管和鋼導管業務。在完成第一季後，我們現在相信，11 月概述的挑戰將對我們 2025 年的業績產生比之前預期更大的影響。

We saw year-over-year volume increases in imported PVC Conduit which is impacting the market environment. Additionally, we continue to see year-over-year increases in ports for Steel Conduit. The imports for both PVC Conduit and Steel Conduit originated from countries where quantity limitations are either non-existent or poorly enforced.

我們發現進口 PVC 導管的數量較去年同期成長，這對市場環境產生了影響。此外，我們繼續看到鋼製導管港口數量逐年增加。PVC 導管和鋼導管的進口均來自沒有數量限製或執行不力的國家。

During the first quarter, we saw downstream constraints impacting our utility scale solar market which impacted our volume. However, we are pleased by the improved operational performance within the S&I and team and our Hobart, Indiana facility.

在第一季度，我們發現下游限制因素影響了我們的公用事業規模太陽能市場，從而影響了我們的銷售。然而，我們對 S&I 和團隊以及印第安納州霍巴特工廠的營運績效的提高感到非常高興。

I am disappointed that we continue to operate in these conditions. The challenges we are navigating are not what we anticipated at the end of fiscal year 2022 when we signal normalization of our record profits. We now expect full year 2025 adjusted EBITDA to be approximately $400 million at the midpoint of our range.

我對我們繼續在這種條件下開展業務感到失望。我們所面臨的挑戰與我們在 2022 財年末預期的（屆時我們將宣布創紀錄的利潤將正常化）並不一樣。我們現在預計 2025 年全年調整後 EBITDA 將達到約 4 億美元，處於我們預期範圍的中間值。

Our outlook reflects what we believe is most probable. We are pleased that an announcement was made related to tariffs on Mexico. Should these tariffs go into effect? They should have a positive impact on our business. At this time, our outlook does not contemplate any material benefit from tariffs on imported conduit. As a reminder, the recently announced tariffs impacting Mexico and Canada do not affect our PVC Conduit business. We are currently forecasting the headwinds, impacting PVC pricing may continue.

我們的觀點反映的是我們認為最有可能發生的事情。我們很高興看到有關對墨西哥徵收關稅的公告。這些關稅是否應該生效？它們應該會對我們的業務產生積極影響。目前，我們的前景並不認為對進口管道徵收關稅會帶來任何實質利益。提醒一下，最近宣布的影響墨西哥和加拿大的關稅不會影響我們的 PVC 導管業務。我們目前預測，影響 PVC 定價的不利因素可能會持續存在。

In the meantime, we are advancing our key initiatives to expand our business in new market areas. Secondly, we are prudently looking at our enterprise-wide cost structure to mitigate the impact of these industry headwinds. Lastly, we are looking at alternative scenarios for certain assets to provide the best economic return. My conviction and our team remains strong and we will lean into our business system to execute our strategy.

同時，我們正在推動我們的關鍵舉措，以擴大我們在新市場領域的業務。其次，我們正在審慎審視整個企業的成本結構，以減輕這些產業不利因素的影響。最後，我們正在尋找某些資產的替代方案，以提供最佳的經濟回報。我的信念和我們的團隊仍然強大，我們將依靠我們的業務系統來執行我們的策略。

I'd like to take a moment to thank all of our employees for everything they do to support our key stakeholders. With that, I'll now turn the call over to John to talk through the results from the quarter and provide more details on our outlook.

我想花點時間感謝我們所有的員工為支持我們的主要利害關係人所做的一切。說完這些，我現在將電話轉給約翰，讓他討論本季的業績，並提供更多有關我們前景的細節。

Thank you, Bill. And good morning, everyone. Moving to our consolidated results on slide 4.

謝謝你，比爾。大家早安。前往投影片 4 上的綜合結果。

In the first quarter, we achieved net sales of $662 million and adjusted EBITA of $99 million. Our tax rate in the first quarter was 21%, an increase from 17.5% in the prior year. As a reminder, the tax rate in the first quarter of last year had benefits from previously granted stock compensation. These outsized benefits contributed to our stronger than anticipated EPS performance in the first quarter of fiscal '24.

第一季度，我們實現淨銷售額6.62億美元，調整後息稅折舊攤銷前利潤9,900萬美元。我們第一季的稅率為 21%，高於去年同期的 17.5%。提醒一下，去年第一季的稅率已經受到了先前授予的股票補償的影響。這些巨額收益促使我們 24 財年第一季的每股收益表現強於預期。

Turning to slide 5 and our consolidated bridges.

轉到投影片 5 和我們的合併橋樑。

Organic volumes were down 5% compared to double-digit growth in the first quarter of fiscal '24 when volume was up over 13%. Our average selling prices declined 12% during the quarter, most of which came from our PVC Conduit and Steel Conduit products.

與 24 財年第一季的兩位數成長（成長超過 13%）相比，有機銷量下降了 5%。本季我們的平均銷售價格下降了 12%，其中大部分來自我們的 PVC 導管和鋼導管產品。

Moving to slide 6.

移至幻燈片 6。

Our volume decline during the first quarter was across most product categories. As we mentioned earlier, volume in the first quarter last year was atypical for what is traditionally our slowest quarter. However, our metal framing, table management and construction services businesses grew mid-single digits in the first quarter of fiscal '25 after being up high-single digits in the prior year. This growth is driven by both an increase in our construction services support of global mega projects as well as the high density of metal framing products required for this type of construction.

第一季度，大多數產品類別的銷售量都出現下降。正如我們之前提到的，去年第一季的交易量對於我們傳統上業務最慢的季度來說並不常見。然而，我們的金屬框架、桌面管理和建築服務業務在上一年實現高個位數成長之後，在 25 財年第一季又實現了中等個位數成長。這一增長是由我們對全球大型項目的建築服務所支持的增加以及此類建築所需的高密度金屬框架產品所推動的。

We anticipate additional growth from these businesses throughout our fiscal year in part to the addition of new capacity for metal framing to support large construction projects such as data centers and chip fab manufacturing.

我們預計這些業務將在整個財政年度實現額外成長，部分原因是增加了金屬框架的新產能，以支援資料中心和晶片製造等大型建設項目。

Our Plastic Pipe and Conduit product category declined mid-single digits during the quarter. This category grew high single digits in the prior year as the channel was adding back inventory after a period of destocking in 2023.

本季度，我們的塑膠管道和導管產品類別下降了中等個位數。由於通路在 2023 年經歷了一段時間的去庫存後重新增加了庫存，該類別在上一年實現了高個位數成長。

Separately, as bill mentioned earlier, we are also seeing an increase in imported products coming from multiple locations including Central and South America. The combination of imports remains below 10% of the overall market, but we are continuing to monitor the situation closely. In addition, we are examining the product quality characteristics of these imported materials versus the standards and specifications.

另外，正如比爾之前提到的，我們也看到來自中美洲和南美洲等多個地區的進口產品數量增加。進口總量仍低於整體市場的 10%，但我們將繼續密切關注情況。此外，我們正在根據標準和規範檢查這些進口材料的產品品質特性。

Our volume decline for Steel Conduit was also impacted by year-over-year foreign competition. We believe that imports represent between approximately 20% to 25% of the overall market.

我們的鋼製導管銷售下降也受到了與國外競爭的影響。我們認為進口產品約佔整個市場的 20% 至 25%。

As we look beyond Q1, we continue to expect growth across much of the portfolio including contributions from our Plastic Pipe category driven by growth in our water related products. Overall, we continue to expect volume growth between low- to mid-single digits for the full year.

展望第一季之後，我們預計大部分產品組合都將實現成長，其中包括受水相關產品成長推動的塑膠管道類別的貢獻。總體而言，我們繼續預期全年銷售成長率將在低至中個位數之間。

Turning to slide 7.

翻到第 7 張投影片。

Adjusted EBITDA margins compressed in our electrical segment due to previously mentioned pricing and volume declines. The adjusted EBITDA margins also declined in our S&I segment primarily due to lower volume.

由於前面提到的價格和銷售量下降，我們電氣部門的調整後 EBITDA 利潤率受到壓縮。我們 S&I 部門的調整後 EBITDA 利潤率也下降了，這主要是因為銷售量下降。

The S&I segment margins, however, did improve sequentially from the fourth-quarter 2024. And we are pleased with the operational performance and improvements being made in our key facilities such as Hobart.

不過，S&I 部門的利潤率從 2024 年第四季起確實有所提高。我們對霍巴特等主要設施的營運表現和改進感到非常滿意。

Turning to slide 8.

翻到幻燈片 8。

We continue to execute our balanced capital deployment model with an emphasis on returning cash to shareholders along with capital investments to progress our growth initiatives. Our balance sheet remains in a strong position with no maturity repayments required until 2028.

我們繼續執行平衡的資本配置模式，強調向股東返還現金，同時進行資本投資以推進我們的成長計劃。我們的資產負債表仍然保持強勁，直到 2028 年都無需到期償還。

Next on slide 9.

接下來是第 9 張投影片。

We expect low- to mid-single digit percentage volume growth for the full year. We expect our Q2 net sales in the range of $685 million and $715 million. Our adjusted EBITDA is expected to be in the range of $85 million to $95 million. Our adjusted EPS is expected to be in the range of $1.30 and $1.50.

我們預計全年銷售百分比成長率將達到低至個位數。我們預計第二季淨銷售額將在 6.85 億美元至 7.15 億美元之間。我們的調整後 EBITDA 預計在 8,500 萬美元至 9,500 萬美元之間。我們的調整後每股收益預計在 1.30 美元至 1.50 美元之間。

Historically, we are accustomed to anticipating some amount of seasonality. We generally build in an expectation that the back half of the year will be stronger than the first half. We believe this will be the case this year for two main reasons. First, our overall business is generally stronger in the spring and summer construction season versus the fall and winter. Second, as we continue to ramp up our initiatives, our volume should steadily increase throughout the year. Therefore, we expected adjusted EBITDA to improve sequentially from Q2 into the second half of the year.

從歷史上看，我們習慣於預測某種程度的季節性。我們普遍預期，今年下半年的表現將強於上半年。我們認為今年的情況也將如此，主要有兩個原因。首先，與秋季和冬季相比，我們的整體業務在春季和夏季建築季節通常更為強勁。其次，隨著我們不斷增加舉措，我們的業務量全年應該會穩定成長。因此，我們預計調整後的 EBITDA 將在第二季至下半年逐步改善。

As Bill shared, we are also updating our full year 2025 outlook. We now expect full year adjusted EBITDA in the range of $375 million to $425 million and adjusted EPS in the range of $5.75 to $6.85.

正如比爾所說，我們也在更新 2025 年全年展望。我們現在預計全年調整後 EBITDA 在 3.75 億美元至 4.25 億美元之間，調整後 EPS 在 5.75 美元至 6.85 美元之間。

With that, I'll turn it back to Bill.

說完這些，我就把話題轉回給比爾。

Thanks, John. Moving to slide 10.

謝謝，約翰。移至投影片 10。

As I and the entire management team focus on executing our growth initiatives and creating greater value for our customers and shareholders, we remain confident that the electrical industry is a great place to be. Atkore’s strong balance sheet, breadth of products, service capabilities and goal of being the customer's first choice positions us well to benefit from the strong electrical trends projected across numerous and market categories.

當我和整個管理團隊專注於執行我們的成長計劃並為我們的客戶和股東創造更大的價值時，我們仍然相信電氣行業是一個偉大的行業。Atkore 強大的資產負債表、廣泛的產品、服務能力以及成為客戶首選的目標使我們能夠從眾多市場類別預測的強勁電氣趨勢中獲益。

We remain committed to returning cash to shareholders through a combination of share repurchases and quarterly cash dividends and look forward to sharing more about our progress against our growth initiatives related to global construction services and water related products later in the year. Through it all, we are guided by our strategy, our process and our people, the three fundamentals of the Atkore business system.

我們仍致力於透過股票回購和季度現金股利等方式向股東返還現金，並期待在今年稍後分享更多有關我們在全球建築服務和水相關產品成長計劃方面取得的進展。在整個過程中，我們以策略、流程和員工（Atkore 業務體系的三大基本原則）為指導。

One recent demonstration of the Atkore business system at work is our announcement of our new Chief Operating Officer held by John Pregenzer. John's multidisciplinary career, combined with his experience holding various roles at Atkore since joining in 2015 makes him a tremendous asset. And I'm excited by the additional value he will hold back or achieve for our customers and our shareholders.

Atkore 業務系統發揮作用的最新體現之一是我們宣布任命 John Pregenzer 為新任營運長。約翰的多學科職業生涯，加上自 2015 年加入 Atkore 以來擔任過各種職位的經驗，使他成為一筆巨大的財富。我很高興他能為我們的客戶和股東創造或實現額外的價值。

With that, we'll turn it over to the operator to open the line for questions.

接下來，我們將把電話轉給接線員，以便開通熱線回答問題。

(Operator Instructions)

（操作員指令）

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Good morning, everyone.

大家早安。

Good morning.

早安.

Bill, can you elaborate on the commentary that import competition is gaining momentum in PVC? Maybe what has changed with PVC imports versus the past that you've seen a pretty big move from this Latin American competition. And then Metal Conduit volume looks like a reverse course and declined in Q1. Is that just tough comps, project delays or new capacity starting to come in?

比爾，您能否詳細解釋一下關於 PVC 進口競爭日益激烈的評論？也許與過去相比，PVC 進口發生了哪些變化？然後金屬導管的銷售量出現逆轉，在第一季下降。這只是艱難的競爭、專案延遲還是新產能開始湧入？

Yeah, so let's go through PVC and I'll go and take your question and give a bunch of details here, Andy.

是的，讓我們來看看 PVC，我會回答您的問題並在這裡提供一些細節，安迪。

Imports have grown now there's still single digit numbers, but they've grown over 20% year over year. So I just -- whether it's, hey, is it starts working or they get customers, therefore they increase their shipments and that's probably the primary thing. Again, single digits overall market volume but driving down price and our competition with slower markets, matching price, all those different things.

進口量現在有所增長，雖然仍是個位數，但同比增長了 20% 以上。所以我只是 — — 不管它是否開始發揮作用，或者他們是否獲得了客戶，因此他們增加了出貨量，這可能是主要的事情。再一次，整體市場容量只有個位數，但價格下降，而且我們的競爭與發展較慢的市場、匹配價格等都有不同之處。

So now, the one thing I want to jump ahead on is in our guide, what we've done this year just because I'm frank -- quite frankly, for anybody frustrated with not having numbers that we hit and exceed is that we put it out. We have it literally going down to pre-COVID levels by the time we exit the year.

所以現在，我想要提前說的一件事就是在我們的指南中，我們今年所做的只是因為我很坦率——坦率地說，對於那些因為沒有達到和超越數字而感到沮喪的人來說，我們把它公佈出來了。到今年年底，我們的感染率實際上已經下降到新冠疫情之前的水平。

Now, is it our intention to add value and see if we can push price up and see what Trump does and everything else there? But for now, and saying, oh, we didn't expect it. We've taken a very aggressive view quite frankly, a view for price declines in our forecast again, not what we're internally managing to, that this would be the worst year for year-over-year declines in PVC.

現在，我們的意圖是不是增加價值，看看我們是否可以提高價格，看看川普做了什麼以及那裡的其他一切？但是現在，我們說，哦，我們沒想到這一點。坦白說，我們採取了非常激進的觀點，我們預測價格將再次下跌，而不是我們內部所預期的，今年將是 PVC 同比下跌最嚴重的一年。

So Andy, I both answered kind of the imports. I also think, now again, I don't know anybody's cost base. If you get to that point where it's pre-COVID, I don't think they can make money with the additional freight even if they have lower levels. From our analysis, the resin costs in these countries are the same as ours. There's a proportion that labor is just small compared to everything else that I don't think it would make economic sense anymore. So hopefully, you get a feel for that.

所以安迪，我都回答了​​這些問題。我也認為，現在我再次不知道任何人的成本基礎。如果到了疫情之前的地步，我認為即使他們的貨運量較低，他們也無法透過額外的貨運來賺錢。從我們的分析來看，這些國家的樹脂成本與我們相同。與其他一切相比，勞動力的比例很小，我認為它不再具有經濟意義。所以希望你能感受到這一點。

Steel, I think, I look over my team and so forth, but it's mostly just year-over-year comps. Imports are still a challenge there, but literally imports have grown like 4%. So, I think it's moderating with that. It's just we had a tough comp.

我認為，鋼鐵是我會審視我的團隊等等，但主要還是看同比情況。進口仍然是一個挑戰，但進口量實際上已經增加了 4%。因此，我認為它正在逐漸緩和。只是我們的比賽很艱難。

But again, Andy, one of the things we did with this thing is to go, you know what we talked in previous courts, we did not expect much bump from Trump and tariffs versus like, hey, somewhere at the end of the year, things have to steady out. It's like, no, guys, just take a linear or do not expect any price increase anywhere.

但是，安迪，再說一次，我們在這件事上所做的事情之一就是，你知道我們在之前的法庭上談論過什麼，我們沒想到川普和關稅會帶來太大的衝擊，就像，嘿，到今年年底的某個時候，事情必須穩定下來。就像，不，夥計們，只是採取線性方式或不要指望任何地方的價格上漲。

So again, I think you have not changed our guide to get on a call, but I think we've taken out all variables. And now, it's just for us to perform any Trump tariff, any quota, anything else is upside to these numbers.

所以，我再說一次，認為你沒有改變我們的接聽指南，但我認為我們已經排除了所有變數。現在，我們只需執行川普的任何關稅、任何配額，其他任何事情都會對這些數字產生影響。

So, that's helpful. And then just on the volume side, I just want to make sure of this. So volume was down 5%, it looks like that is just tough comps. You're not forecasting any season, any cyclical improvement in construction markets? It's just seasonal improvement, is that right? And maybe any sort of commentary on the health of the markets that you see?

所以，這很有幫助。然後就音量方面而言，我只是想確保這一點。因此交易量下降了 5%，看起來這只是艱難的比較。您沒有預測建築市場的任何季節或週期性改善嗎？這只是季節性的改善，對嗎？您認為您對市場健康狀況有何評論？

Yeah, exactly, Andy. So, no bounce back in industries, no bounce back in residential or anything else there. So, it's literally, as I think in John's prepared remarks, I think we will finally get back to normal pre-COVID things that there is that 7%, 10%, just the summer months and so forth that will have that. Otherwise, even most of our niches, like I'm sure somebody will ask about beats and GDPE, we really have going into ‘26 and so forth.

是的，確實如此，安迪。因此，工業沒有反彈，住宅市場或其他市場也沒有反彈。因此，正如我認為約翰在準備好的演講中所說的那樣，我認為我們最終將恢復到新冠疫情之前的正常狀態，即只有夏季等才會出現 7%、10% 的增長率。否則，即使是我們的大多數利基市場，例如我確信有人會問到節拍和 GDPE，我們確實必須進入 26 年等等。

Okay. And just one more for me, can you give more color into your comments regarding looking at your cost structure and getting value? I think it's a value for strategic assets. Might we see bigger activities on these fronts this year and what could that look like?

好的。再問我一個問題，您能否更詳細地闡述一下關於查看成本結構和獲取價值的評論？我認為這是戰略資產的價值。今年我們是否會看到這些方面的更大規模的活動？

I'll start and turn it over to John Deitzer. There's so many things, but I'll steal some of John's just talking this morning. Sorry, John. But give you things we've already done. We had a facility in Tempe, Arizona. And again, we do drive a lien, we were able to close that operation so keep the business activity, but move it into Phoenix, move it up into Massachusetts. So, that's one example.

我首先將發言權交給 John Deitzer。有很多事情，但我將藉用約翰今天早上所說的一些內容。對不起，約翰。但給你我們已經做過的東西。我們在亞利桑那州坦佩有一個工廠。再說一次，我們確實擁有留置權，我們能夠關閉該業務，從而保持業務活動，但將其轉移到鳳凰城，轉移到馬薩諸塞州。這是一個例子。

We did also -- as we look forward strategically, look and go, hey, we can produce in some areas. I don't want to get what specific line. but to go, hey, we can actually produce, and we don't need this asset. So, we sold two or three production lines. Again, we will still meet our customer demand without that. We are cutting back on, I say personnel, but head count freeze for attrition.

我們也確實這樣做了——當我們從戰略上展望未來時，我們會發現，嘿，我們可以在某些領域進行生產。我不想得到具體的哪一行。但是，嘿，我們實際上可以生產，而且我們不需要這種資產。因此，我們賣了兩三條生產線。再說了，即使這樣我們仍然會滿足客戶的需求。我們正在削減人員，但人數將因人員減員而凍結。

We're looking at lines back to, let's say PVC Conduit and water making trade-offs depending on the economic return, making the economic return on how much mechanical product versus conduit products and the list goes on. We have and I think we'll hit this, the most aggressive or the highest year-over-year productivity that I'm aware of in Atkore’s history.

我們正在回顧管線，比如說 PVC 導管和水，根據經濟回報進行權衡，根據機械產品與導管產品的比例來決定經濟回報，等等。我們已經並且相信我們將達到我所知的 Atkore 歷史上最積極或最高的同比生產力。

So Andy, it's a bunch of things we're looking at. And could we spin off small businesses that like you bought with an acquisition that weren't strategic. All those things are either have happened or in place as we go.

安迪，我們正在關注很多事情。我們能否剝離那些透過非策略性收購而購買的小型企業？所有這些事情要么已經發生，要么在我們前進的過程中不斷發生。

I agree with everything Bill mentioned there. I would just add to his point that we did have some positive productivity, and we are going through almost at every line item asset by asset, what makes the most sense. So, I think we are actively trying to understand what leverage we have to pull.

我同意比爾提到的一切。我只想補充一點，我們確實有一些積極的生產力，而且我們正在對幾乎每一項資產進行逐一檢查，以找出最有意義的做法。所以，我認為我們正在積極地嘗試了解我們可以利用什麼槓桿。

And it's -- Andy, sense for you. I know you appreciate. But again, it's a forecast. We have two weeks of backlog, all those other things. But I do think this is a point where I'm just frustrated with the unexpected and it's like, okay, guys, let's not assume good things. They will raise forecasts and let's work like hell to get these numbers moving forward.

這是──安迪，你明白的。我知道你很感激。但再次強調，這只是預測。我們有兩週的積壓工作，還有其他的事情。但我確實認為，這是一個我對意外感到沮喪的時刻，就像，好吧，夥計們，我們不要假設好事。他們會提高預測，讓我們拼命讓這些數字向前發展。

Appreciate the color and good luck, guys.

欣賞色彩，祝大家好運。

Thanks, Andy.

謝謝，安迪。

Thanks, Andy.

謝謝，安迪。

Deane Dray, RBC.

加拿大皇家銀行 (RBC) 的 Deane Dray。

Thank you. Good morning, everyone.

謝謝。大家早安。

So just if I step back and look at the first quarter, price and volume both came in largely in line with our expectations. So, the cut here is all prospective and how you think the dynamics change for the balance of the year. And maybe if it would be helpful, if you could just in broad strokes, kind of break out for us on that guidance cut. How much is the PVC? How much is Steel Conduit? Just the size kind of the severity? And you hadn't, unless I missed it, talked about the new competitor and PVC, maybe it hasn't really become all that volume online, but if you could address that.

因此，如果我回顧第一季度，價格和數量基本上都符合我們的預期。因此，這裡的削減都是預期的，以及您認為今年餘額的動態將如何變化。如果這會有所幫助的話，如果您能大致介紹一下指導削減的情況。PVC多少錢？鋼導管多少錢？只是嚴重程度的大小？除非我錯過了，否則您沒有談論新的競爭對手和 PVC，也許它還沒有真正成為網路上的熱門話題，但如果您可以解決這個問題。

Yeah, I'll hit the beginning, and I'll turn over to my financial partner just on what level of precision the breakout between two groups.

是的，我先開始，然後我會把問題交給我的財務夥伴，看看兩個群體之間的差距有多大，精確到什麼程度。

But, Deane, to the earlier comments I made to Andy, yes, he's out there. Others are there. I think it's mostly the imports at this stage that are driving it. And then just market reaction I would say and this has been consistent for 10 years that for Atkore is supplying to is the biggest challenge. And now, December was light. We answer that with the previous set of questions is mostly comp. And then obviously, January was light. What I hate to talk about like storms, fires on California and freezing temperatures down south that us looking, saying, hey, how is January pricing going? And what happens if this trend continues? I just don't want the optimism; this won't continue to happen. So, let's literally extrapolate that.

但是，迪恩，針對我之前對安迪的評論，是的，他就在那裡。還有其他人。我認為現階段主要是進口推動了這個趨勢。然後我想說的是，市場反應 10 年來一直如此，對 Atkore 來說，供應是最大的挑戰。現在，十二月很明亮。我們的回答與前面的一組問題大致上是一致的。顯然，一月的情況比較輕鬆。我不願意談論諸如風暴、加州火災和南方嚴寒天氣，我們看著這些，說，嘿，一月份的價格怎麼樣？如果這種趨勢持續下去，會發生什麼事？我只是不想要樂觀；這種事情不會再發生了。因此，讓我們從字面上推斷這一點。

Now, I'm not changing to go the first week of February, whether the concern of tariffs have actually, if we keep this up, it'd be another number, but that's one week. So, I think we're going through those things and just saying, hey, let's not hit with what we would like to have happen, but what could happen and work our way back up from there. And then John, if you just --

現在，我不會改變二月第一週的情況，無論對關稅的擔憂是否真的存在，如果我們繼續保持這種狀態，那將是另一個數字，但那是一周。所以，我認為我們正在經歷這些事情，只是說，嘿，我們不要只想著我們想要發生的事情，而是想著可能發生的事情，然後從那裡開始努力。然後約翰，如果你只是--

I'll jump in here and kind of help you dimension it, Deane. So from a price versus cost standpoint, we roughly had an outlook of down $300 million previously. Now, we're at the midpoint, roughly down $400 million. So, it's $100 million delta from a price versus cost standpoint versus where we were at back in November. I'd say roughly $75 million or three quarters of that is on the PVC side and probably 25% that is on the Steel Conduit side. So overwhelmingly driven by the changes in expectations from a PVC Conduit, I'd say that market is changing as we've talked about. And I'll probably kick it over to John Pregenzer, who can kind of give some context on what we're seeing from an import perspective, where it's coming from because I don't think it's just about the domestic competition as well.

我會跳到這裡並幫助你確定尺寸，迪恩。因此，從價格與成本的角度來看，我們先前大致預計將下降 3 億美元。現在，我們處於中間點，大約虧損 4 億美元。因此，從價格與成本的角度來看，與 11 月相比，差距是 1 億美元。我認為其中大約 7500 萬美元或四分之三是在 PVC 方面，大概 25% 是在鋼製導管方面。因此，我認為，正如我們所討論的，在 PVC 導管預期變化的推動下，市場正在改變。我可能會把這個問題交給約翰·普雷根澤 (John Pregenzer)，他可以從進口的角度提供一些背景信息，說明它來自哪裡，因為我認為這不僅僅與國內競爭有關。

Thanks, John, and good morning, Dean. So we look at the PVC market, there's been a number of new entrants from all different sources, whether it's imports from Latin America, from China. We've seen domestic producers diversify out of the water work business to get into the electrical space and obviously, there's new entrants that are coming in out of nowhere. So it's, my career, probably the most disruptive period we've ever seen in regards to a number of new entrants. And that's just creating a lot of pressure on price and spread that we're experiencing. And there's been a significant acceleration here as we've been tracking this price normalization over the past couple of years, the last quarter to two quarters has really accelerated. So, I think what we're trying to do is to capture that going out for the rest of the year.

謝謝，約翰。所以讓我們來看看 PVC 市場，有很多來自不同來源的新進業者，無論是從拉丁美洲進口，還是從中國進口。我們看到國內生產商從水利產業轉型為電力產業，而且顯然還有新的參與者不斷湧入。因此，對於我的職業生涯來說，這可能是我們所見過的最混亂的時期，因為有大量的新進入者。這給我們面臨的價格和價差帶來了很大壓力。由於我們在過去幾年中一直在追蹤價格正常化趨勢，因此這裡出現了顯著的加速，最近一個季度到兩個季度的速度確實加快了。因此，我認為，我們要做的是抓住今年剩餘時間的機會。

That's the only thing I'd ask.

這是我唯一想問的事情。

That's great color to be able to size, you know, what those are and to hear John's comments about the how many other entrants are in the PVC side. We were thinking just it was Venezuela and Dominican Republic, but it's much more than that. So, that's very helpful.

能夠確定顏色大小真是太好了，你知道，它們是什麼，並且能聽到約翰對 PVC 方面有多少其他參賽者的評論。我們原以為這只是委內瑞拉和多明尼加共和國，但事實遠不止於此。所以，這非常有幫助。

And Bill, I cut you off.

比爾，我打斷你了。

Oh, yeah. No. And the only thing I would then put a pin is like, hey, we have factors, you never know. But literally, as I mentioned earlier, to go, okay, let's have -- let's bring it back to pre-COVID levels. And Deane, back to, again, I can't commit to this, Deane or anybody else, but you've been around for the decades plus or even before that as you know. But the PVC rule of the 500 miles that like the margins aren't there to substantiate. So, we actually think before we get to that number, some of this would shut off, but I'd rather have it as best as we can in the forecast.

哦，是的。不。我唯一想說的是，嘿，我們有一些因素，你永遠不知道。但實際上，正如我之前提到的，好吧，讓我們將其恢復到 COVID 之前的水平。還有 Deane，再說一遍，我無法承諾這一點，Deane 或其他任何人，但正如你所知，你已經存在了幾十年甚至更早。但是類似於邊際的 500 英里 PVC 規則並沒有得到證實。因此，我們實際上認為在達到這個數字之前，其中一些將會關閉，但我寧願在預測中盡可能地做到最好。

Yeah, that's a great last point there. And just one question and I'll hand it off. Was -- are you suggesting that some of these imports and is it both PVC and Steel might not be meeting specs?

是的，最後一點非常棒。只需回答一個問題，我就會將其交給您。是——您是否認為其中一些進口產品（包括 PVC 和鋼材）可能不符合規格？

Yeah, I would say without getting too specific and looking over my attorney here because there's not a 32nd rewind. We've communicated in the past there's two, there's several things occurring. One, there's products that don't have all the specs. So for example, you can use it in this application, but you can't use it in that. So then a contractor has to decide are they meeting as they input this? And quite frankly, they're not looking to go, it doesn't need a temperature of 90 °C.

是的，我會說，不需要太具體，也不需要在這裡查看我的律師，因為沒有第 32 次倒帶。我們過去曾溝通過有兩件事發生，幾件事正在發生。一是有些產品不具備全部規格。例如，您可以在這個應用程式中使用它，但不能在那個應用程式中使用它。那麼承包商必須決定在輸入這些資訊時他們是否需要開會？坦白說，他們不想去，因為不需要 90°C 的溫度。

Two, we are working with authorities on products coming in, even for example, but I won't call what specific customers and so forth. But where they have to pass like an impact test of 7 out of 10, you have to drop away from a certain thing and not crack. And we've recently tested one significant importer and they're passing 1 out of 10. So, from authorities to customers to our government relations, these also are things that just for the safety of society need to be fixed.

二，我們正在與相關部門合作進口產品，但我不會透露具體客戶的名字等等。但它們必須通過 7/10 的衝擊測試，你必須將其從某個物體上掉下來並且不能破裂。我們最近對一家重要的進口商進行了測試，他們的通過率為十分之一。所以，從當局到客戶到我們的政府關係，這些也都是為了社會安全而需要解決的事情。

Thanks for sharing that. Appreciate it. Thank you.

謝謝分享。非常感謝。謝謝。

Thanks, Deane.

謝謝，迪恩。

David Tarantino, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 David Tarantino。

Hi, everyone. Maybe just to put a finer point on PVC. Is the revision entirely from the imports or is there also additional capacity domestically? Then could you maybe give us an updated view on the degree of incremental capacity being added from the market as a whole?

大家好。也許只是為了更詳細地闡述 PVC。修改是否完全來自進口還是國內也有額外的產能？那麼您能否提供我們關於整個市場新增產能程度的最新看法？

Yeah, I think, David, it's a little above to what John Pregenzer said. What we don't know because, again, we don't talk to our competition. I don't know how much is additional lines coming on board versus just the mix of some of the people that go hey, I'm municipal just like we're moving into like, we generically call it the water market. You got plumbing municipal within there.

是的，我認為，大衛，這比約翰‧普雷根澤所說的要高一點。我們之所以不知道，是因為我們還沒有與競爭對手交流過。我不知道有多少額外的線路加入，而不是僅僅一些人說，嘿，我是市政的，就像我們正在進入的，我們一般稱之為水市場。那裡有市政管道。

But how much of these others saying let's expand some, I say expand, but sign up an agent and so forth. So, is the capacity versus expanding their market presence? That's a little bit tougher, but it is imports is a large part. Well, I'm saying large, again, I'm trying to mention it so less than 10% but it was up over 20% year over year. And then it's expanding out with some of the US manufacturing companies.

但其他人說讓我們擴大一些，我說擴大，但要簽約代理商等等。那麼，產能與擴大市佔率之間有什麼關係呢？這有點困難，但進口佔了很大一部分。好吧，我再次說很大，我試圖提到它，所以少於 10％，但與去年同期相比增長了 20％ 以上。然後它正在與一些美國製造公司合作擴張。

And just to confirm this quarter's revision was mostly just the imports?

只是為了確認本季的修訂主要是進口嗎？

Well, I think it's pricing. The one problem with this even I've talked in the past whether it's Steel Conduit or whatever else, it's like I'll brag for Atkore and then I'll try to answer your question. I still think we're the market leader out there. We have the full breadth of products. We have regional service centers, we have national footprint. Because of our spend, we have relationships with all these companies and we're kind of the first choice and last look.

嗯，我認為是定價。這個問題的一個方面是，即使我過去曾談論過它是鋼導管還是其他什麼，就像我會吹噓 Atkore，然後我會嘗試回答你的問題。我仍然認為我們是市場領導者。我們擁有種類齊全的產品。我們有區域服務中心，我們的業務遍佈全國。由於我們的支出，我們與所有這些公司都建立了關係，我們是他們的第一選擇和最後選擇。

But people trying to enter the market trying to grow will leverage price. It's hard to say to go well, hold it. Who was the one that dropped their price or now that somebody dropped their price? Even a well-known recognized competitor of ours called a tier one person that's been around for a century or something. The PVC hasn't been that long, but you get it. Hey, now they're matching or now they think that's the market price. So David, it's just so hard to say. Here is the one causing it. Well, I think it's more the imports, but I just can't say or you can't point it down to one specific one. Does that make sense, hopefully?

但那些試圖進入市場、尋求成長的人將會利用價格。很難說走得好，堅持下去。是誰降價了，或是現在有人降價了？甚至我們一個知名的、公認的競爭對手也被稱為百年一遇的頂級人物。PVC 還沒有存在那麼久，但是你明白了。嘿，現在他們匹配了，或者現在他們認為這是市場價格。所以大衛，這真的很難說。造成這種情況的原因如下。嗯，我認為更多的是進口，但我不能說，或者你不能指出某一特定的進口。希望這有意義嗎？

Yeah. Yeah, that's helpful. And then on the volume growth, is there a way to break it out between kind of end market expectations and the internal initiatives? And maybe on that, could you give us an update on the progress around the growth initiatives particularly between solar and water?

是的。是的，這很有幫助。那麼，就銷售成長而言，有沒有辦法將其分為終端市場預期和內部舉措？關於這一點，您能否向我們介紹成長計畫的進展情況，特別是太陽能和水資源的進展？

Yeah, absolutely, David. Thank you.

是的，當然，大衛。謝謝。

So, I would just think about the framework we laid out on page 6 is a good way to start. That metal framing cable management construction services business did very well in the first quarter, mid-single digit growth after high-single digit growth in the previous year. This is where we have really good exposure to some of the strongest growing end markets like data centers and some of the large manufacturing projects. And then we have the capability that we've talked about from construction services as well as we have some new equipment related to the metal framing product line that we think will really help us here drive a significant portion of that growth. That product category continue to grow in the back half of the year. Probably that that would be a key driver for us.

因此，我認為我們在第 6 頁列出的框架是一個很好的開始。金屬框架電纜管理施工服務業務在第一季表現非常出色，繼去年實現高個位數成長之後，又實現了中等個位數成長。在這裡，我們對一些成長最快的終端市場有了很好的了解，例如資料中心和一些大型製造專案。然後，我們擁有我們在建築服務方面談到的能力，我們擁有一些與金屬框架產品線相關的新設備，我們認為這些設備將真正幫助我們推動這一增長的很大一部分。該產品類別在今年下半年持續成長。這或許會成為我們的關鍵驅動力。

As you mentioned, the other key driver, the Plastic Pipe Conduit product category, we think with the new water related products that we'll have, that's the next biggest growth driver in the back half of the year, especially as we manage through some of these comps. We talked about the first quarter, we had a difficult comparison around last year with the restocking, things like that. But now we have that equipment and benefiting. So that's probably the next biggest driver.

正如您所提到的，另一個關鍵驅動因素是塑膠管道導管產品類別，我們認為，隨著我們推出新的水相關產品，它將成為今年下半年最大的成長動力，尤其是在我們管理其中一些同類產品的情況下。我們討論了第一季的情況，與去年同期的補貨情況等進行了艱難的比較。但現在我們有了該設備並受益。所以這可能是下一個最大的驅動因素。

And then, we expect the metal Conduit electrical cable, there should be that kind of market level growth of low-single digits for the overall non-residential market. But we do have the competitive factors, especially thinking about the steel Conduit dynamics.

然後，我們預計金屬導管電纜在整個非住宅市場中應該會出現低個位數的市場水準成長。但我們確實有競爭因素，尤其是考慮鋼導管動態。

And then the mechanical tube area, we were soft here in the first quarter. We do anticipate that getting better in the back end of the year. But there is challenges with the solar market in general. We are performing well as we mentioned, but there are some dynamics that I think some people are trying to sort through.

然後是機械管領域，我們第一季表現疲軟。我們確實預計今年年底情況會好轉。但整體來說，太陽能市場也面臨挑戰。正如我們所提到的，我們的表現很好，但我認為有些人正在試圖理清一些動態。

So that's kind of the construct and the framework on how to still get to that low-single digit volume growth for the back end of the year. I think it's the -- there are some positives. We've talked about a lot of unfavorable items. Here we are positive here, this metal framing construction services is doing well. And I think not just this year but as we look in the future, this is a really key area for us to combine a few different offerings. So, I think it can be really good for years to come.

所以這就是在年底仍能實現低個位數銷售成長的一種結構和框架。我認為這是——有一些積極的方面。我們討論了很多不利的事情。我們對此持正面態度，金屬框架建築服務進展順利。我認為不僅今年，而且放眼未來，這都是我們整合幾種不同產品的關鍵領域。所以我認為在未來幾年它將會表現得非常好。

Okay, great. Thank you.

好的，太好了。謝謝。

Thanks David.

謝謝大衛。

Chris Dankert, Loop Capital.

克里斯·丹克特（Chris Dankert），Loop Capital。

Hey, good morning, guys. Thanks for taking the questions.

嘿，大家早安。感謝您回答這些問題。

Forgive me if I'm misunderstanding, But the expectation around profitability is now that we're kind of reset the ore-COVID levels on the PVC side. However, we've seen more imports come in, we've seen more domestic production. So, how do we get confident that that is actually the right level and not something lower than pre-COVID?

如果我誤解了，請原諒我，但現在對盈利能力的預期是，我們在 PVC 方面重置了礦石-COVID 水平。然而，我們看到進口量增加，國內產量也有所增加。那麼，我們如何確信這實際上是正確的水平，而不是低於新冠疫情之前的水平？

Okay. So, I'll go through that. There's no guarantee. But what I would say, Chris, to my earlier remarks, that first off, I'll even clarify a little bit. What we have in here is our pricing down to that level. And then the nuance to that is I think everybody would agree that labor costs going through COVID, double-digit inflation for a couple of years, transportation going up that the margins we have at the end are even lower than pre-COVID. You know, like what we're thinking for industry level. And then to answer I gave earlier, again, I don't know other's cost position. But at some point, our quick analysis, she says is just no longer effective because of the freight back in the day.

好的。所以，我會經歷這一切。沒有保證。但是克里斯，對於我之前的評論，首先我要澄清一下。我們的定價已經降到這個水平了。然後其中的細微差別是，我認為每個人都會同意，在經歷 COVID 之後，勞動力成本、幾年來兩位數的通貨膨脹、運輸成本的上漲，最終我們的利潤率甚至低於 COVID 之前。您知道，就像我們對產業層面的思考一樣。然後回到我之前給的答案，我再說一遍，我不知道其他人的成本狀況。但她說，在某種程度上，由於過去的貨運量，我們的快速分析不再有效。

And I'm seeing pre-COVID, we used to have this general rule that you didn't ship more than 500 miles, 700 miles, 800 miles. Because back then, freight was around 7% to 8% of revenue. It's a big bulky light item, it cubes out, it doesn't wait out for the pricing. Therefore, at some point, imports coming from across the globe no longer, in our opinion, from our analysis at the moment, make economic sense. So, I can't guarantee the future there.

我發現，在疫情之前，我們有一條一般規則，即運輸距離不得超過 500 英里、700 英里或 800 英里。因為那時，運費約佔收入的 7% 到 8%。它是一個體積大、重量輕的物品，它是立方體，不會等待定價。因此，從我們目前的分析來看，我們認為，在某種程度上，來自全球各地的進口不再具有經濟意義。所以，我無法保證那裡的未來。

But I just think at some point, you start getting down to your cost position. And from that standpoint, I feel good with Atkore because we are one of the largest resin buyers. We've talked in previous -- it has been that over the last couple of years for the pricing. But, we have automated factories where people have things, we automatically bundle our products and the 20 other things that mix things that people do manually that I think we have a good efficient process. And as I mentioned earlier, even this year alone, including PVC, should be our best year for productivity that I'm aware of pre or post IPO.

但我只是認為，在某個時候，你會開始關注你的成本問題。從這個角度來看，我對 Atkore 很滿意，因為我們是最大的樹脂買家之一。我們之前已經討論過——過去幾年的定價一直是這樣的。但是，我們擁有自動化工廠，人們在那裡生產產品，我們自動捆綁我們的產品和其他 20 種人們手動完成的工作，我認為我們有一個非常有效率的流程。正如我之前提到的，即使僅今年一年，包括 PVC，也應該是我們 IPO 前或 IPO 後生產力最好的一年。

That's extremely helpful. Thank you for the color there. And then I guess just on Hobart, I mean, maybe can you tell us what production levels are kind of at versus target? And then to my understanding if the IRA or those incentives are narrow, changed, whatever, that doesn't particularly shift the profit pool for Hobart, right. Like most of those incentives are passed along to customers, correct?

這非常有幫助。感謝那裡的色彩。然後我想只是關於霍巴特，我的意思是，也許你能告訴我們生產水準與目標相比如何？然後據我了解，如果 IRA 或那些激勵措施被縮小、改變或其他什麼，這都不會特別改變霍巴特的利潤池，對吧。就像大多數激勵措施都傳遞給了客戶一樣，對嗎？

Yeah. So a couple of things, operations is doing well now, I think even to the point of where I was on a call with the operations teams last week saying, hey, like in a different plant, what are you going to do? And there was a little bit of bravado, I think, I wish I had it a year before, but the team going well. What we did at Hobart, we're going to now come do that. My point there is operations are fitting speeds, productivity, all the different things that we're expecting at the time. So it's now back in our -- one of our top sales teams to go. Okay, now that we got this in addition to solar customers or everything else, go fill the mills, expand beyond and so forth. So, we're in a good spot there in general again. Now, let's go get volume.

是的。所以有幾件事，現在營運進展順利，我想甚至到了上週我與營運團隊通話的地步，他們說，嘿，例如在不同的工廠，你打算做什麼？我覺得這其中還有點虛張聲勢，希望自己一年前就有這種氣勢，但球隊表現不錯。我們在霍巴特所做的事情，我們現在要做到。我的觀點是，營運要符合速度、生產力以及我們當時所期望的所有不同的事情。因此，現在它又回到了我們的——我們最頂尖的銷售團隊之一。好的，現在我們除了擁有太陽能客戶或其他一切之外，還擁有了這些，去填補空白，擴大規模等等。所以，整體來說我們又處於一個良好的狀態。現在，讓我們來獲取音量。

As for the IRA and so forth, Our expectations, whether it's that or no one's asked me about beads and HDPE, that I think these are all bipartisan acts that is spending, that hit most states, therefore, whether you're red or blue. So I don't see things changing and or if there's less, back to our current President, if there's less incentives, you would think there's a tariffs offset that he has spoken to how he would rather run things. So short term when you get to solar.

至於愛爾蘭共和軍（IRA）等，我們的預期是，無論是那樣還是沒有人問我關於珠子和高密度聚乙烯（HDPE）的問題，我認為這些都是兩黨共同的法案，這些法案正在支出，將影響大多數州，因此，無論你是紅色還是藍色。因此，我認為情況不會發生變化，或者如果激勵措施減少了，回到我們現任總統的說法，如果激勵措施減少了，你會認為存在關稅抵消，他已經談到了他寧願如何處理事情。當你使用太陽能時，時間很短。

And I think in the prepared remarks we talked about there is some hooking up to the grid. I'm well beyond my skis here. But if anything, as President Trump talks about deregulation, over time, that could be an enabler that we get things moving quicker as we add more solar capacity. One of -- I'd like to reference other people, in other words, this is just for one of the largest solar trackers I think already had their earnings announcement and they talked about record backlog and so forth.

我認為我們在準備好的發言中談到了與電網連接的問題。我在這裡的滑雪水平已經遠遠超出了預期。但如果真如川普總統所言，放鬆管制將會隨著時間的推移而有所改善，隨著我們增加太陽能發電容量，這可能會促使我們更快地取得進展。其中之一——我想引用其他人的話，換句話說，這只是針對最大的太陽能追蹤器之一，我認為他們已經發布了盈利公告，並且他們談到了創紀錄的積壓訂單等等。

So again, I'm not getting into the quarter but longer term, I still think this is a great market to be in. And by the way, we started the [Solar Torque Twos] before there ever was like an IRA tax credit. So, we're prepared to grow this market with or without incentives.

所以，我再說一遍，我不會進入這個季度，但從長遠來看，我仍然認為這是一個很好的市場。順便說一句，我們在 IRA 稅收抵免出現之前就開始了 [Solar Torque Twos]。所以，無論有沒有激勵措施，我們都準備好擴大這個市場。

Got it. Well, thank you so much for the call there, and best of luck, guys.

知道了。好吧，非常感謝你們打來的電話，祝你們好運。

Thanks, Chris.

謝謝，克里斯。

Your next question comes from the line of Chris Moore with cjs Securities. Please go ahead.

您的下一個問題來自 cjs Securities 的 Chris Moore。請繼續。

Hey, good morning, guys. Yeah, most of an answer maybe -- good morning. Can you provide me perhaps the puts and takes as to why fiscal '25 will be the bottom from a revenue and an adjusted EBITDA standpoint?

嘿，大家早安。是的，大多數答案可能都是——早安。您能否從收入和調整後的 EBITDA 角度解釋為什麼 25 財年會跌至谷底？

So, here's the puts and takes. We do expect, as I mentioned earlier and I'll give you some caveats that things with models, Chris and everybody else, that like the PVC and so forth. They asked to go. Okay, let's just take it down. It's not going to drop in January again or February right now. The first week of February is pretty damn good.

以下是一些得失情況。我們確實期待，正如我之前提到的，我會給你一些警告，那就是模型，克里斯和其他人，喜歡 PVC 等等。他們要求去。好的，我們就把它拿下來吧。目前，一月或二月不會再次下降。二月的第一周相當不錯。

But over time, let's just bring it down. As I already answered, that's on price and there's more cost than there was five years ago in the industry. So, we think it's a natural number and then it's our productivity, our growth in global mega projects and so forth that will actually be upsides.

但隨著時間的推移，我們就會把它降低。正如我已經回答過的，這是價格問題，而且該行業的成本比五年前更高。所以，我們認為這是一個自然數，而我們的生產力、全球大型專案的成長等等實際上都會帶來好處。

Now, the one thing in the model that people have to think about is going into next fiscal year, there would be some -- if pricing levels out the end of the year, there would be some decline in 2026. Because if you just think about comps to think about October of '26 versus October of '25 pricing dropping this year will make it tougher comp at the beginning of next year. So now, we're not here to give guidance on '26 yet. I want to show and perform over the next three quarters in Atkore and drive these initiatives. But do we have enough productivity? I really think and I look forward in future earnings, talk about global mega projects and what we have accomplished there in various things, you know, the puts and takes, but that's, Chris, our thought on '26 going forward.

現在，模型中人們必須考慮的一件事是進入下一個財年，如果價格在年底前趨於平穩，那麼 2026 年將出現一些下降。因為如果您只考慮 26 年 10 月與 25 年 10 月的比較，今年的價格下跌將使明年年初的比較更加艱難。所以現在，我們還沒有給出關於'26的指導。我希望在接下來的三個季度在阿特科雷展示和表演並推動這些舉措。但我們的生產力夠用嗎？我真的認為並且期待未來的收益，談論全球大型項目以及我們在各個方面所取得的成就，你知道，投入和產出，但這就是，克里斯，我們對 26 年未來的想法。

Fair enough. I will leave it there. Thanks, guys.

很公平。我就把它留在那裡。謝謝大家。

Thank you, sir.

謝謝您，先生。

This concludes the question-and-answer session. I would now like to turn the call back over to Will Waltz for closing remarks.

問答環節到此結束。現在我想將電話轉回威爾華爾茲，請他作最後發言。

Thank you. Let me take a moment to summarize my three takeaways from today's discussion. First, Atkore continues to evolve as we expand our products and services portfolio through our niches, which we believe are natural extensions of what we've built over many years. Second, we continue to monitor the overall market dynamics and competitive landscape and believe several factors could have a positive impact for us as we move throughout the year. Finally, we remain committed to our capital deployment strategy to create shareholder value over the long term.

謝謝。讓我花點時間總結一下今天討論的三個要點。首先，隨著我們透過我們的利基市場擴大我們的產品和服務組合，Atkore 不斷發展，我們相信這是我們多年來所建立的自然延伸。其次，我們將持續監控整體市場動態和競爭格局，並相信全年有幾個因素可能會對我們產生正面影響。最後，我們將繼續致力於我們的資本配置策略，以長期創造股東價值。

With that, thank you for your support and interest in our company. We look forward to speaking with you during our next quarterly call. This concludes the call for today.

最後，感謝您對我們公司的支持與關注。我們期待在下次季度電話會議期間與您交談。今天的通話到此結束。

That includes today's conference call. You may now disconnect.

其中包括今天的電話會議。您現在可以斷開連線。