Atkore Inc (ATKR) 2025 Q2 法說會逐字稿

Good morning. My name is Van and I will be your conference operator today. At this time, I would like to welcome everyone to Atkore's second quarter fiscal year 2025 earnings conference call. (Operator Instructions)

早安.我叫範，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Atkore 2025 財年第二季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded. Thank you. I would now like to turn the conference over to your host, Matt Kline, Vice President of Treasury and Investor Relations. Thank you. You may now begin.

提醒一下，本次會議正在錄製中。謝謝。現在，我想將會議交給主持人、財務和投資者關係副總裁 Matt Kline。謝謝。現在你可以開始了。

Thank you, and good morning, everyone. I'm 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。今天和我一起出席的還有總裁兼執行長比爾‧沃爾茲 (Bill Waltz)； John Deitzer，財務長；以及電氣營運長兼總裁 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 and 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。請參閱我們的美國證券交易委員會文件和今天的新聞稿。其中確定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 EBITDA 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. With that, I'll turn it over to Bill.

此外，我們今天討論中提到的 EBITDA 均指調整後的 EBITDA，而 EPS 或調整後的 EPS 均指調整後的每股稀釋盈餘。調整後的 EBITDA 和調整後的每股稀釋收益為非 GAAP 指標。非公認會計準則 (non-GAAP) 指標的對帳表和最具可比性的公認會計準則 (GAAP) 指標的介紹可在今天的簡報的附錄中找到。說完這些，我就把麥克風交給比爾。

Thanks, Matt, and good morning, everyone. We appreciate you joining us today for our fiscal 2025 Second Quarter Earnings Call. Starting with our second quarter results on slide 3. We are very pleased with our second quarter performance. we achieved net sales of $702 million, which included 5% organic volume growth, driven by strong contributions from construction services, steel conduit, metal framing and cable management products. Adjusted EBITDA was $116 million and adjusted EPS was $2.04.

謝謝，馬特，大家早安。感謝您今天參加我們的 2025 財年第二季財報電話會議。從幻燈片 3 上的第二季業績開始。我們對第二季的表現非常滿意。我們的淨銷售額達到 7.02 億美元，其中包括 5% 的有機銷售成長，這得益於建築服務、鋼導管、金屬框架和電纜管理產品的強勁貢獻。調整後的 EBITDA 為 1.16 億美元，調整後的 EPS 為 2.04 美元。

In addition to our volume growth, our results benefited from better cost management and productivity. While our pricing was down year-over-year, we saw a sequential quarter increases in our prices for our steel conduit products. Our teams have been focused on maximizing shareholder value, which includes assessing the best use for our assets.

除了銷售成長之外，我們的業績還得益於更好的成本管理和生產力。雖然我們的定價年減，但我們的鋼導管產品價格卻逐季上漲。我們的團隊一直致力於最大化股東價值，其中包括評估我們資產的最佳用途。

For example, in February, we announced the divestiture of Northwest Polymers recycling business after careful consideration and strategic review. I'm also pleased to highlight that we ratified a new five year labor agreement with the United Steel workers at our Harvey, Illinois facility last month. The new contract is retroactive to April 24, which is when the previous contract expired. This new agreement is a critical element for enabling us to continue building on our commitment to productivity and serving our customers.

例如，2月份，我們經過仔細考慮和策略審查後宣布剝離西北聚合物回收業務。我還很高興地強調，我們上個月與伊利諾伊州哈維工廠的美國鋼鐵工人批准了一項新的五年勞動協議。新合約將追溯至4月24日，即上一份合約到期之日。這項新協議對於我們繼續履行對生產力和服務客戶的承諾至關重要。

We redeployed cash to shareholders, having repurchased approximately $50 million in shares in the second quarter and paid our fifth quarterly dividend since adding the dividend to our capital deployment model in FY '24. As we announced last week, I'm also proud to highlight that Atkore's Board of Directors increased the dividend to $0.33 per share during our recent Board meeting.

我們向股東重新部署了現金，在第二季度回購了約 5000 萬美元的股票，並支付了自 24 財年將股息添加到我們的資本部署模型以來的第五次季度股息。正如我們上週宣布的那樣，我還自豪地強調，Atkore 董事會在最近的董事會會議上將股息提高至每股 0.33 美元。

In mid-April, we announced an impairment charge for certain long-lived assets related to our HDP pipe and conduit products. The impairment charge was triggered by the emergence of competing technologies to fiber optic cable and delays in the deployment of government stimulus funding for nationwide broadband infrastructure investments. The net loss of $50 million includes a $128 million noncash impairment charge related to these HDPE assets.

在四月中旬，我們宣布了與我們的 HDP 管道和導管產品相關的某些長期資產的減損費用。減損費用是由於光纖電纜競爭技術的出現以及政府對全國寬頻基礎設施投資刺激資金部署的延遲所引起的。5,000 萬美元的淨虧損包括與這些 HDPE 資產相關的 1.28 億美元非現金減損費用。

When we met in February, we had not yet incorporated the impact that tariffs might have on the broader construction market. We indicated that if tariffs went into effect we expect it to be a net beneficiary since most of what we make and sell originates with materials, labor and equipment in the same geography. Following the elimination of exemptions and other actions taken by the administration and imported steel and aluminum products carry a 25% tariff, regardless of the country of origin.

當我們在二月開會時，我們還沒有考慮到關稅可能對更廣泛的建築市場產生的影響。我們表示，如果關稅生效，我們預計它將成為淨受益者，因為我們生產和銷售的大部分產品都來自同一地區的材料、勞動力和設備。隨著美國政府採取取消豁免等措施，進口鋼鐵和鋁產品將被徵收25%的關稅，無論其原產國為何。

As we sit here today we are more optimistic about demand for US made steel conduit in 2025. A greater demand for US made steel kind of helps Atkore. While recent weeks have been encouraging, there remains unpredictability of how long and to what extent tariffs may be part of our economic landscape. We are very mindful of the impact and certainty has on a macroeconomic level. The most recent Dodge Momentum Index suggested planning activity slowed across several nonresidential categories.

今天我們坐在這裡，對 2025 年美國製造的鋼管的需求更加樂觀。美國產鋼材的需求增加對 Atkore 有一定的幫助。儘管最近幾週的情況令人鼓舞，但關稅將在多長時間以及在多大程度上成為我們經濟格局的一部分仍然難以預測。我們非常注意其對宏觀經濟層面的影響和確定性。最新的道奇動量指數顯示，多個非住宅類別的規劃活動有所放緩。

On balance, we are perhaps to be maintaining the guidance we presented in February. We continue to expect full year fiscal 2025 adjusted EBITDA with a midpoint of $400 million. I'm grateful for the dedication and resilience of our teams have shown through a busy first half of the fiscal year, and I'm confident that we will continue to lead into our business system to execute our strategy and deliver value to our customers and shareholders. With that, I'll turn the call over to John to talk through the results from the quarter.

總的來說，我們或許會維持二月提出的指導方針。我們繼續預期 2025 財年全年調整後 EBITDA 中位數為 4 億美元。我很感激我們的團隊在繁忙的上半年財年所展現的奉獻精神和韌性，我相信我們將繼續引領我們的業務體系，執行我們的策略，為我們的客戶和股東創造價值。說完這些，我將把電話轉給約翰，讓他談談本季的業績。

Thank you, Bill, and good morning, everyone. Moving to our consolidated results on Slide 4. In the second quarter, we achieved net sales of $702 million and adjusted EBITDA of $116 million. Adjusted EBITDA margins expanded sequentially to 16.6% from 15% in the first quarter of fiscal 2025. Adjusted EPS was $2.0. Turning to Slide 5 and our consolidated bridges.

謝謝你，比爾，大家早安。前往投影片 4 上的綜合結果。第二季度，我們實現淨銷售額 7.02 億美元，調整後 EBITDA 為 1.16 億美元。調整後的 EBITDA 利潤率從 2025 財年第一季的 15% 環比擴大至 16.6%。調整後的每股收益為 2.0 美元。轉到投影片 5 和我們的合併橋樑。

Organic volumes were up 5% compared to down 1% in the second quarter of fiscal 2024. Our average selling prices declined 17% year-over-year, with the majority of the decline coming from our PVC conduit and steel conduit products. However, we were pleased by sequential pricing improvement for our steel conduit products from the first quarter.

有機銷量成長 5%，而 2024 財年第二季則下降 1%。我們的平均售價年減了 17%，其中大部分降幅來自 PVC 導管和鋼導管產品。然而，我們很高興看到第一季以來鋼導管產品價格的連續上漲。

Moving to Slide 6. Year-to-date, our volume is flat compared to the prior year, having overcome a 5% decline in the first quarter. Last quarter, this slide showed volume growth in only one product area, metal framing, cable management and construction services.

移至幻燈片 6。今年迄今為止，我們的交易量與去年持平，克服了第一季 5% 的下滑。上個季度，該幻燈片僅顯示一個產品領域的銷售成長，即金屬框架、電纜管理和建築服務。

Our 5% year-over-year volume growth in the second quarter was supported by volume growth across three out of five product areas, a meaningful improvement over the first quarter. Year-to-date, our metal framing, cable management and construction services have grown high single digits after being up low single digits in the first 6 months of the prior year.

我們第二季的銷售量年增 5%，這得益於五個產品領域中有三個的銷售成長，與第一季相比有了顯著改善。年初至今，我們的金屬框架、電纜管理和建築服務在去年前六個月實現了低個位數成長後，又實現了高個位數成長。

As a reminder, this growth is driven by large construction projects and data center activity and also due to the high density of metal framing products required for these types of construction. For the first six months of fiscal 2024, our plastic pipe and conduit products were up mid-single digits in volume driven by strong performance in water-related PVC products.

提醒一下，這種成長是由大型建築專案和資料中心活動所推動的，也是由於這些類型的建築所需的高密度金屬框架產品。2024 財年的前六個月，受水相關 PVC 產品強勁表現的推動，我們的塑膠管道和導管產品銷量成長了中等個位數。

During the first six months of fiscal 2025, electrical PVC conduit serving the commercial and industrial end markets grew, while our water-related products declined. This contributed to the overall decline in the product category. As we build out a broader water-related portfolio, we are reviewing our customer base for both new and existing capacity in order to hopefully maximize our value offering.

在 2025 財年的前六個月，服務於商業和工業終端市場的電氣 PVC 導管有所增長，而與水相關的產品則有所下降。這導致了該產品類別的整體下滑。隨著我們建立更廣泛的與水相關的產品組合，我們正在審查新客戶群和現有客戶群，以期最大限度地提高我們的價值。

After our steel-related products were down high single digits in volume in the first quarter, we are pleased that year-to-date volume for these products is now slightly positive. We believe this is due to the strength in the overall market in particular demand for US made products. Our electrical cable and flexible conduit category is also growing year-to-date single digits.

在第一季我們的鋼鐵相關產品銷售下降了個位數之後，我們很高興看到今年迄今為止這些產品的銷量略有回升。我們認為這是由於整體市場對美國製造產品的需求強勁。我們的電纜和柔性導管類別今年迄今也實現了個位數成長。

Turning to slide 7. Adjusted EBITDA margins compressed in our Electrical segment, primarily due to pricing declines related to our PVC and steel conduit products, which offset contributions from overall volume growth. Adjusted EBITDA margins improved in our S&I segment due to strong quarterly volume performance from construction services, metal framing and cable management.

翻到幻燈片 7。電氣部門的調整後 EBITDA 利潤率受到壓縮，主要原因是 PVC 和鋼導管產品相關價格下跌，抵消了整體銷售成長的貢獻。由於建築服務、金屬框架和電纜管理的季度銷售表現強勁，我們的 S&I 部門的調整後 EBITDA 利潤率有所提高。

In addition, the segment had much improved productivity, contributing approximately $11 million to segment EBITDA. Our productivity gains were primarily due to better cost management in our manufacturing and project-based work. While we are pleased with the operational and financial performance for S&I this quarter, we do believe a certain portion of the benefits and margin gains were isolated to Q2 and anticipate margins to be closer to low double digits for the remainder of the year.

此外，該部門的生產效率大幅提高，為部門 EBITDA 貢獻了約 1,100 萬美元。我們的生產力提高主要歸功於製造和基於專案的工作中更好的成本管理。雖然我們對本季度 S&I 的營運和財務表現感到滿意，但我們確實認為部分收益和利潤增長僅限於第二季度，並預計今年剩餘時間的利潤率將接近兩位數。

Turning to slide 8. We remain committed to executing a balanced capital deployment model with an emphasis on returning cash to shareholders. Our capital investments are largely to support previously announced growth initiatives. Our balance sheet remains in a strong position with no maturity repayments required until 2028.

翻到第 8 張投影片。我們仍然致力於執行平衡的資本配置模式，重點是向股東返還現金。我們的資本投資主要是為了支持先前宣布的成長計劃。我們的資產負債表依然保持強勁，直到 2028 年都無需償還到期債務。

Subsequent to our quarter end, we refinanced our asset-based lending agreement, maintaining our borrowing capacity for $325 million. This amended agreement expires in 2030. While we have historically not borrowed against this facility, it remains an important component of our overall financial profile.

在本季末之後，我們對資產抵押貸款協議進行了再融資，將借貸能力維持在 3.25 億美元。該修訂協議將於2030年到期。雖然我們過去沒有用該筆貸款進行借款，但它仍然是我們整體財務狀況的重要組成部分。

Next, on Slide 9. We expect our Q3 net sales in the range of $715 million and $745 million. Our adjusted EBITDA is expected to be in the range of $85 million to $105 million. Our adjusted EPS is expected to be in the range of $1.25 and $1.75. As we have previously discussed, we are accustomed to anticipating some amount of seasonality and generally build in an expectation that the back half of the year will be stronger than the first half.

接下來，請看投影片 9。我們預計第三季淨銷售額將在 7.15 億美元至 7.45 億美元之間。我們的調整後 EBITDA 預計在 8,500 萬美元至 1.05 億美元之間。我們的調整後每股收益預計在 1.25 美元至 1.75 美元之間。正如我們之前所討論的，我們習慣於預測某種程度的季節性，並且通常預期下半年的表現將強於上半年。

While our second quarter results were better than our initial expectations, there are multiple factors we considered as we play forward. Our first half of the year was supported by a strong contribution from our construction services business. We expect that the second half of the year will not provide the same contribution due to the number of projects we have in backlog.

雖然我們的第二季業績好於我們最初的預期，但我們在考慮未來發展時仍考慮了多種因素。我們的建築服務業務為上半年業績做出了巨大貢獻。由於積壓的項目數量較多，我們預計下半年將不會做出相同的貢獻。

While there are numerous opportunities we are pursuing for new projects, we expect growth for the Construction Services business to moderate in the second half of the year. That being said, we are excited about the additional capability and capacity we have for metal framing and cable management products that we believe should help continue to drive growth for this product area for FY '25 and beyond. Despite year-to-date increases in both construction starts and planning activities, recent forward-looking construction sentiment suggests the possibility for slower activity moving forward.

雖然我們正在尋求大量新項目機會，但我們預計下半年建築服務業務的成長將會放緩。話雖如此，我們對金屬框架和電纜管理產品的額外能力和產能感到非常興奮，我們相信這將有助於繼續推動該產品領域在 25 財年及以後的成長。儘管今年迄今建築開工量和規劃活動量均有所增加，但近期前瞻性的建築情緒表明，未來建築活動可能會放緩。

The topic of tariffs has received much attention in the past several weeks. Forecasting the impact related to tariffs is challenging. We believe the impact of tariffs for Atkore primarily centers on our ability to reclaim and recapture lost market share in gross margin for certain product categories over time.

過去幾週，關稅問題備受關注。預測與關稅相關的影響具有挑戰性。我們認為，關稅對 Atkore 的影響主要集中在我們隨著時間的推移收回和重新獲得某些產品類別的毛利率失去的市場份額的能力。

Since tariffs were first announced, both the time horizon and the applicable percentages have changed multiple times. Framing a forward-looking perspective for six months or even three months comes with the risk of inaccuracy. Due to these factors, we believe our volume expectations for the full year will be closer to low single-digit percentages.

自關稅首次公佈以來，時間範圍和適用百分比都已多次變更。制定六個月甚至三個月的前瞻性觀點存在不準確的風險。由於這些因素，我們相信全年銷售預期將接近低個位數百分比。

Nonetheless, as Bill shared, we are maintaining our full year 2025 outlook and expect full year adjusted EBITDA in the range of $375 million to $425 million and adjusted EPS in the range of $5.75 and $6.85. With that, I'll turn it over to John Pregenzer.

儘管如此，正如比爾所說，我們維持對 2025 年全年的展望，預計全年調整後的 EBITDA 在 3.75 億美元至 4.25 億美元之間，調整後的 EPS 在 5.75 美元至 6.85 美元之間。說完這些，我會把話題交給 John Pregenzer。

Thanks, John. Moving to Slide 10. Although certain product categories source materials from countries impacted by recently announced or potential tariffs, we believe Atkore should be in a net benefit position. While the magnitude and precise details of various tariffs may continue to evolve over the upcoming quarters, this slide illustrates Atkore's geographic manufacturing footprint with its long-lived assets relative to its revenue generation. Additionally, we've outlined the relevant impact tariffs may create for each of our key product areas.

謝謝，約翰。移至投影片 10。儘管某些產品類別的資料來自受最近宣布或潛在關稅影響的國家，但我們認為 Atkore 應該處於淨獲利狀態。雖然各種關稅的規模和具體細節可能在未來幾季繼續變化，但這張投影片展示了 Atkore 的地理製造足跡及其相對於收入產生的長期資產。此外，我們還概述了關稅可能對我們每個主要產品領域產生的相關影響。

Finally, turning to slide 11. As we've said before, the electrical industry is a great place to be. Our financial profile remains strong and our diverse portfolio of domestically manufactured electrical infrastructure products provide solutions for nearly all types of construction end markets. Our domestic manufacturing footprint paired with our predominantly domestic customer base positions us well to serve our customers in the markets they operate.

最後，翻到第 11 張投影片。正如我們之前所說，電氣行業是一個偉大的行業。我們的財務狀況仍然強勁，我們多樣化的國產電力基礎設施產品組合為幾乎所有類型的建築終端市場提供解決方案。我們的國內製造足跡加上我們主要的國內客戶群使我們能夠很好地為客戶在其經營的市場中提供服務。

As demand for electricity intensifies and the design of environments change, Atkore is prepared with high-quality solutions to enable growth and ensure a safe distribution of electricity to data centers, manufacturing locations, hospitals and homes. Our products and solutions are situated well with secular tailwinds for increased electrification.

隨著電力需求的增加和環境設計的變化，Atkore 準備提供高品質的解決方案來促進成長並確保向資料中心、製造地點、醫院和家庭安全分配電力。我們的產品和解決方案充分考慮了電氣化進程的長期順風優勢。

We remain focused on a balanced and disciplined approach to capital deployment by returning cash to shareholders through a combination of share repurchases and quarterly cash dividends and investing to grow the business.

我們仍專注於採取平衡、嚴謹的資本配置方式，透過股票回購和季度現金分紅等方式向股東返還現金，並投資發展業務。

Through it all, we are guided by our strategy, our process and our people, the three fundamentals of the Atkore Business System. With that, we thank you again for joining our call this morning. Now we'll turn it to the operator to open the line for questions

在整個過程中，我們以策略、流程和員工（Atkore 業務系統的三大基本原則）為指導。最後，我們再次感謝您今天上午參加我們的電話會議。現在我們請接線生開通問答專線

(Operator Instructions)

（操作員指示）

Christopher Moore from CJS Securities, Inc.

CJS Securities, Inc. 的 Christopher Moore

Sorry with PVC conduits and just kind of what you're expecting for the balance of the year? I know we -- after Q1, kind of the idea was would be pandemic pricing perhaps by the end of fiscal '25. Just wanted to see if that's still in line with the way you're looking at it?

抱歉，關於 PVC 導管，您對今年的餘額有什麼期望？我知道我們——在第一季之後，我們的想法是，可能在 2025 財年末實現大流行定價。只是想看看這是否仍然符合您的看法？

Yes, Chris, I think at this stage, again, as I think John Deitzer said, it's hard to predict out 3 and 6 months, even one month. But what we guided in the last quarter still seems to be our best guess from what we've seen, pricing has continued to go down some, at least for us, but it's kind of on track back to our earnings and everything we said with what we expect. So as much as we can forecast the future for ourselves. That's what we are estimating at this stage.

是的，克里斯，我認為在這個階段，正如約翰·戴茨爾所說，很難預測 3 個月、6 個月，甚至一個月的情況。但從我們所看到的情況來看，我們在上個季度所給出的指導似乎仍然是我們最好的猜測，價格繼續有所下降，至少對我們來說是這樣，但它在某種程度上回到了我們的盈利軌道上，而且我們所說的一切都符合我們的預期。因此，我們可以盡可能預測自己的未來。這就是我們現階段的估計。

Got it. And what would be from a market share standpoint on PVC conduit. Would you have a best guess in terms of where Atkore is at this point in time?

知道了。從 PVC 導管的市佔率來看情況如何？您能猜測一下 Atkore 目前處於什麼位置嗎？

I don't know if share, I look to the team for a precise number. I still think we're absolutely a leader out there. and imports, which I'm sure will be a question, seem to be continuing to grow. But it's also hard to almost preempt future questions.

我不知道是否共享，我向團隊尋求一個精確的數字。我仍然認為我們絕對是該領域的領導者。我相信這將是一個問題，但進口似乎仍在繼續增長。但幾乎​​不可能預先回答未來的問題。

As the Wall Street Journal talked about the whole economy and saying it's hard to go what's the tariff impact. It's just what's noise different product lines, like, hey, it was up solid imports were up solid double digits in the last, let's say, three months, but were people trying to get products in ahead of the tariffs and stuff like that.

正如《華爾街日報》談論整個經濟並表示很難預測關稅的影響是什麼。這只是不同產品線的噪音，例如，嘿，它的進口量在過去三個月裡穩步上升了兩位數，但人們試圖在關稅和諸如此類的事情之前獲得產品。

So we're absolutely still a leader, no question about that. And give or take, probably around keeping our same market share. But one of the things I'd also qualify with PVC is unlike other products it's pure estimates.

因此，我們絕對仍然是領導者，這一點毫無疑問。大致如此，大概可以維持相同的市佔率。但我認為 PVC 的另一個優點是，與其他產品不同，它是純粹的估算。

There's no we can do is look at, for example, how much resin as being sold into different markets and try to extrapolate from there what is municipal pipe, plumbing pipe, PVC pipe and so forth. So it's much worker to give precise estimates.

我們能做的就是看看有多少樹脂銷往了不同的市場，然後試著從中推斷出什麼是市政管道、水管、PVC 管道等等。因此，給出精確的估計需要很多工作。

Got it. I appreciate that. And maybe I'll just say with PVC kind for my last question. Longer term, I'm talking three to five years. I'm just trying to understand your view of PVC conduit in terms of your overall offering. There's more competition, more imports just from a big picture, how important is it to the kind of overall business in the longer term?

知道了。我很感激。也許我的最後一個問題就是 PVC 類型。從長遠來看，我說的是三到五年。我只是想從整體產品角度了解您對 PVC 導管的看法。從整體來看，競爭更加激烈，進口量增加，這對長期的整體業務有多重要？

I still think it's a key part of our business, Chris. I think a good thing to call out on imports. We have mentioned in the past that there's the startup of one company, and it does -- well, I say it does feel like we're pretty sure there are others in the industry, maybe even in municipal pipe and things like that have expanded some into conduit.

我仍然認為這是我們業務的關鍵部分，克里斯。我認為呼籲進口是一件好事。我們過去曾提到過，有一家公司剛剛起步，而且它確實——嗯，我覺得我們確實很確定這個行業還有其他公司，甚至可能是市政管道等領域的公司，已經將一些業務擴展到了管道領域。

But both -- it's a good product line for us, and it totally fits into Atkore's one order, one delivery, one invoice, which as we've explained over the years, we think is a competitive advantage for us. So we're continuing to invest. We talked a lot about productivity. A lot of that came on the S&I side of the business, but we're driving productivity here to continue to be competitive and make it a good product in our portfolio.

但兩者——這對我們來說是一個很好的產品線，它完全符合 Atkore 的「一個訂單、一次交貨、一張發票」的原則，正如我們多年來所解釋的那樣，我們認為這是我們的競爭優勢。因此我們將繼續投資。我們討論了很多有關生產力的問題。其中許多來自業務的 S&I 方面，但我們正在提高這裡的生產力以繼續保持競爭力並使其成為我們產品組合中的優質產品。

David Tarantino from KeyBanc Capital Markets Inc.

KeyBanc Capital Markets Inc. 的 David Tarantino

David. So maybe starting out. Could you give us some color what you're seeing more recently in terms of the import levels in both PVC and steel, particularly around the improved metal pricing you guys noted? And then maybe on that, could you quantify what the potential upside on pricing could be should these tariffs be more sticky and imports return to more normal levels?

大衛。所以也許剛開始。您能否向我們介紹一下最近 PVC 和鋼鐵進口水準的情況，特別是您注意到的金屬價格上漲的情況？那麼，也許就此而言，如果這些關稅更加固定且進口恢復到更正常的水平，您能否量化定價的潛在上漲空間？

Yes. I'll start, David, but even if you try to say projections if we get that specific on the future here. So as I kind of mentioned with Chris, I did mention with Chris, is PVC imports year-over-year for the last quarter, up solid double-digit percent. It's hard to estimate going forward if that will continue or if it's just people getting in before the tariffs or even to go, hey, we shipped everything we could and like they literally don't even have capacity. Again, I don't know my specific competition domestically or internationally that well to know what's in their playbook.

是的。我先開始，大衛，但即使你試圖說出預測，如果我們在這裡對未來有那麼具體的了解。正如我和克里斯提到的那樣，我確實和克里斯提到過，上個季度 PVC 進口量比去年同期增長了兩位數。很難估計這種情況是否會持續下去，或者只是人們在關稅之前進入，甚至說，嘿，我們運送了所有我們能運送的東西，但他們實際上甚至沒有運力。再說一次，我對國內或國際上的具體競爭對手不太了解，所以我不知道他們的戰術是什麼。

I do perceive that, again, with all the variability of administration and tariffs that some imports were coming from China, and I would expect that to be decreased just because the current tariffs there across -- I think all products were China, but at least PVC kind of it's well over 100%.

我確實感覺到，由於管理和關稅的變化，一些進口產品來自中國，我預計這一數字會下降，因為目前的關稅——我認為所有產品都是中國製造的，但至少 PVC 的關稅遠遠超過 100%。

So that's not as economical for the Latin American countries, the tariff right now on the major importers is 10%. And again, that's one product. You got to remember, a lot of this we've talked about is the inefficiency of freight.

因此，這對拉丁美洲國家來說並不經濟，目前主要進口商的關稅為 10%。再說一遍，這只是一種產品。你必須記住，我們討論的許多問題都是關於貨運效率低下的問題。

So I wouldn't apply it. The whole delivered cost isn't 10% up because it's just on the product and so forth. So whatever estimate you want to say, 5%, 7% I'm making up a totally random number, but if you follow my math. But it is a headwind. I mean, it helps us as we've covered in prepared remarks, tariffs overall, and John Pregenzer discussed with the one chart are typically a good thing for Atkore going forward.

所以我不會申請它。整個交付成本並沒有增加 10%，因為它只是產品等的成本。所以無論你想說什麼估計值，5%，7%，我都是編造一個完全隨機的數字，但如果你遵循我的數學。但這是一種逆風。我的意思是，正如我們在準備好的評論中提到的那樣，它對我們有幫助，總體關稅以及 John Pregenzer 用一張圖表討論的關稅通常對 Atkore 的未來發展是件好事。

As for steel conduit, they were actually in the quarter down year-over-year. So Again, just like I don't want to overread into PVC, I don't want to overread into steel, but from a year-over-year perspective down there, I do think because that is I think I covered in the very beginning remarks, we're seeing for all steel conduit now with 232, where the administration removed exemptions is a 25% tariff.

至於鋼管，本季的產量實際上是年減。所以再說一次，就像我不想過度解讀 PVC 一樣，我也不想過度解讀鋼鐵，但從同比來看，我確實認為，因為我認為我在一開始的評論中已經提到過，我們現在看到所有鋼管都有 232 個豁免，而政府取消的豁免是 25% 的關稅。

So again, can it be economical to bring products across Yes. but that's a higher headwind that either means whatever they do with that. But how aggressive they are, what pricing they sell at again independent companies, but that's a good thing for us.

那麼，再次強調，將產品帶過來是否經濟？是的。但這是一個更大的逆風，無論他們如何應對。但是他們有多積極，他們以什麼樣的價格再次向獨立公司銷售，但這對我們來說是一件好事。

And therefore, without dimensionalizing an exact dollar, where we've held the guide is the fact that we do see tariffs helping EBITDA profits a little bit offset, as John Deitzer said, just from the standpoint that if you look into the second half, it's hard to predict the economy, good luck to the Fed over the next two days.

因此，在不具體量化美元的情況下，我們所堅持的指導原則是，我們確實看到關稅有助於 EBITDA 利潤略有抵消，正如約翰·戴茨爾所說，僅從下半年的角度來看，很難預測經濟，祝美聯儲在接下來的兩天裡好運。

But we could see some projects delayed, association ability contractors and things like that. I think there was a stat in them that their contractors or seeing up to 20% of jobs delayed or possibly postponed. So we were just trying to balance good thing tariffs offset by maybe a little less volume.

但我們可以看到一些項目、協會能力承包商等被推遲。我認為其中有一項統計數據表明，他們的承包商或有多達 20% 的工作被延遲或可能被推遲。因此，我們只是試圖透過減少一點的銷售量來平衡好商品關稅。

And as John Deitzer said, and then I'll wrap up my filibuster here is we're still projecting, let's say, low single-digit growth. But if we're at zero in the first half of the year with a good solid Q2, I mean, I'm over specific on math, if you assume 3%, don't be locked on that number for the full year.

正如約翰·戴茨爾 (John Deitzer) 所說，然後我將結束我的冗長辯論，我們仍然預測經濟將保持低個位數成長。但是，如果我們上半年的銷售額為零，而第二季度的銷售額表現良好，我的意思是，我對數學過於具體，如果你假設 3%，那麼不要將全年的銷售額鎖定在這個數字上。

Implicitly, that means 6% and that we will -- we expect to be mid- to high single-digit growth here in the second half of the year. So we're still pretty optimistic, but that's the balance of tariffs and volume and stuff like that.

隱含的意思是 6%，我們預計今年下半年的成長率將達到中高個位數。所以我們仍然非常樂觀，但這是關稅和數量等的平衡。

Okay. That's helpful. And is there a way to frame that the steel pricing assumption relative to what normal pricing is or at least pre-pandemic pricing is?

好的。這很有幫助。有沒有辦法將鋼鐵定價假設與正常定價或至少疫情前的定價比較？

No, I don't know we could go back, but I'd tell you just like other PVC, but it's jumped around -- again, if you go back last year through this quarter, we had great steel conduit, like it was growing single digits. Our price year-over-year was up. And then all of a sudden, the market kind of went the other way. It's kind of, again, hard to predict these things.

不，我不知道我們是否可以回去，但我會告訴你，就像其他 PVC 一樣，但它在跳躍 - 再說一次，如果你回顧去年這個季度，我們有很棒的鋼導管，就像它以個位數增長一樣。我們的價格較去年同期上漲。然後突然之間，市場就轉向了另一個方向。再次強調，這些事情確實很難預測。

So at this stage, as we've called out, still kind of sequentially, Q1 to Q2, pricing is up and things are looking positive, but it's still less than last year. But to go back I guarantee there's years has been higher and guarantee these years has been lower than the current number. So John Deitzer.

因此，在現階段，正如我們所呼籲的，從第一季到第二季度，價格仍然呈現連續上漲趨勢，情況看起來是正面的，但仍低於去年。但回顧過去，我保證有些年份的數字更高，也保證這些年份的數字會低於目前數字。所以是約翰·戴茨爾。

It's a good question, David. I would say the one dynamic here is the underlying volatility that you do see with whether hot-rolled steel, cold rolled steel, et cetera, you do see significant volatility with that over time. And that probably has a little bit different of a dynamic versus, hey, to how does this compare to a certain pinpoint in time kind of dynamic. I think where we're at today is we are seeing sequential improvement essentially month-to-month as we look forward. And so there's probably some puts and takes to across the entirety of the portfolio.

這是個好問題，大衛。我想說的是，這裡的一個動態是你確實看到的潛在波動性，無論是熱軋鋼、冷軋鋼等等，你確實會看到它們隨著時間的推移而出現顯著的波動。這可能與動態有一點不同，嘿，這與某個時間點的動態相比如何。我認為，我們今天所處的情況是，展望未來，我們基本上看到了逐月的連續改善。因此，整個投資組合可能存在一些看跌和看漲的情況。

As Bill mentioned, we're probably a little softer on the volume expectation for the second half, but that still is a pretty positive one to Bill's math. If we're at flat here in the first half of the year, and we're still seeing that low single-digit type environment, that's pretty positive here from a volume perspective in the back half.

正如比爾所提到的，我們對下半年的銷售預期可能稍微低一些，但對於比爾的計算來說，這仍然是一個相當積極的預期。如果上半年我們的銷售情況持平，而我們仍然看到低個位數的環境，那麼從下半年的銷售量角度來看，這是相當正面的。

Okay. Great. And maybe if I could sneak one more in, just to follow up on the volume assumption. Could you just walk us through the approach you guys took to updating the volume assumption just given the rapid change in the macro backdrop? And maybe give us some color on what you're seeing on the ground in terms of end demand that supports it.

好的。偉大的。也許我可以再偷偷地加一個，只是為了跟進音量假設。您能否向我們介紹一下，在宏觀背景快速變化的情況下，你們對更新交易量假設所採取的方法？或許您可以向我們介紹一下您所看到的支持這一趨勢的最終需求情況。

Yes. I'll start here, David. Again, it's -- you wish it was more scientific, but it is a combination of a couple of things. First, internally, it is obviously forecast from our general managers, our sales teams on specific projects.

是的。我從這裡開始，大衛。再說一次，你希望它更科學，但它是幾件事的結合。首先，從內部來看，這顯然是由我們的總經理、銷售團隊對具體項目進行預測的。

As we've explained other than a couple of areas like global megaprojects and some solar business. We are a business that ships typically in 4 days. So we don't even have a week -- back weeks worth of backlog is extreme. So we don't have where like other corporations, we can look at our backlog for the next year. But Internally, these were submitted forecasts.

正如我們所解釋的，除了全球大型專案和一些太陽能業務等幾個領域之外。我們是一家通常在 4 天內出貨的企業。所以我們甚至沒有一周的時間——前幾週的積壓工作量非常大。因此，我們不像其他公司那樣，可以查看明年的積壓訂單。但在內部，這些都是提交的預測。

They do seem to triangulate. I'll give you the two thoughts. We've done a lot of -- we always do a lot of voice of customer, but either directly with myself and my executive staff with large customers that are -- I'm going to say cautiously optimistic, even just like we said, the second half has to be higher single digits, that's what they're seeing across I'll say, most product lines here going forward. And my -- our sales team is going out and literally pulled, I think, everybody and they're seeing or estimating the same thing.

它們確實看起來是三角測量的。我來給你兩個想法。我們做了很多工作——我們總是做很多客戶的聲音，但無論是直接與我自己還是我的執行人員與大客戶溝通——我會說謹慎樂觀，甚至就像我們說的那樣，下半年必須是一個更高的個位數，這就是他們所看到的，我會說，這裡的大多數產品線都在向前發展。我們的銷售團隊正在出去，實際上把每個人都召集起來，我想，他們看到或估計的是同樣的事情。

Flip side of that, just to give us the balance is if you look at things like -- and we called out in the prepared remarks, but the Dodge Momentum Index has gone down, the association or ABI, Architectural Billing Index has been negative here for almost two years. And I mentioned the ABC, the association of building contractors that we're expecting jobs to be delayed it feels like a good thing. From there, you can look at as we had in the prepared remarks -- or the chart on Page 6.

另一方面，只是為了讓我們保持平衡，如果你看一下這樣的事情 - - 我們在準備好的評論中提到過，但道奇動量指數已經下降，協會或 ABI，建築計費指數在這裡已經為負值近兩年了。我提到了 ABC，即建築承包商協會，我們預計工作將會被推遲，這感覺是一件好事。從那裡，您可以查看我們準備好的評論 - 或第 6 頁的圖表。

Things like metal framing, cable management and so forth are doing really well. So I know a bunch of our sell-side and buy-side questions, data centers is the one area that's no surprise. I don't think anybody is really a strong market right now, and our products that go into that are doing well. And then other things really what we see in the market and so forth there.

金屬框架、電纜管理等都做得很好。所以我知道在我們的許多賣方和買方問題中，資料中心是一個毫不意外的領域。我認為目前沒有任何一個市場是真正強大的，而我們進入該市場的產品表現良好。然後我們在市場上真正看到的其他東西等等。

Deane Trey from RBC Capital Markets.

來自加拿大皇家銀行資本市場的 Deane Trey。

Look, I appreciate all the commentary about limited visibility. That's just the nature of your short-cycle business. So I know you have to couch it with that condition. But can you size for us maybe directionally, but any position is helpful of what the net tariff benefit is you're assuming now in your updated fiscal '25 guide?

瞧，我很欣賞所有關於有限可見性的評論。這就是短週期業務的本質。所以我知道你必須用這個條件來表達。但是您能否為我們提供一個方向性的估計，但是任何立場是否對您在更新的 25 財年指南中假設的淨關稅優惠有幫助？

Deane, I would just try to do it this way is for the CEO, Matt and John can add to its CEO, Matt, by the way, is John Deitzer, making front of me for high-level generalizations is if you took 2% or 3% off of volume and looked at our fall through, you could do hear how much that is down and then assume it's picked up with the increase in tariffs for the second half. So whatever your estimate that should get you close. Hopefully, that's as precise as I get you get it.

迪恩，我只是想嘗試這樣做，對於首席執行官馬特和約翰來說，可以補充一下首席執行官馬特，順便說一下，是約翰·戴茨爾 (John Deitzer)，在我面前做出高層次的概括，如果你從交易量中拿走 2% 或 3%，然後看看我們的跌幅，你就能聽到下降了多少，然後假設它會隨著下半年關稅的增加而回升。因此，無論您的估計是什麼，都應該接近。希望我的解釋能夠準確，您能夠理解。

Yes. I fully understand the limitations here. And then how about -- just go back to the steel conduit, Mexican imports real specifically because that was like the big hot point last year. And maybe a real-time update, has that flow of product topped. And the indication was there any sort of prebuy that they sent a bigger volume? And how long does that need to work through the system? John?

是的。我完全理解這裡的限制。那麼——回到鋼管問題，墨西哥進口量確實很大，因為那是去年的熱點。也許透過即時更新，產品流量就會達到最高水準。是否有跡象表明他們發送了更大數量的預購？整個系統需要多長時間才能完成？約翰？

We haven't seen a significant change in the marketplace as it relates to those imports. There was, as Bill mentioned earlier, reduced imports that came in, but it's not that it has completely stop the inflow of product. Obviously, they have a 25% headwind to deal with going forward, but we'll have to continue to track it and see what comes through in the import numbers.

我們尚未看到與這些進口相關的市場發生重大變化。正如比爾之前提到的，進口量確實減少了，但這並不意味著產品的流入已經完全停止。顯然，他們未來將面臨 25% 的逆風，但我們必須繼續追蹤並觀察進口數據的變化。

Dean, we're not expecting, at least is put it this way, I'm not expecting Mexican imports with a 25% tariff to stop but any -- I assume most logical people would say, hey, they either would have to be more selective or raised their price, those types of things, just -- and again, how much they absorb in margin versus try to pass through. Those are dynamics we can only begin to estimate. But as to your first question, it's a net positive for Atkore shareholders.

迪恩，我們並不期望，至少可以這樣說，我並不期望被徵收 25% 關稅的墨西哥進口產品會停止，但任何——我認為大多數有邏輯的人都會說，嘿，他們要么必須更加挑剔，要么必須提高價格，諸如此類的事情——再說一次，他們在利潤中吸收了多少，而不是試圖轉嫁多少。我們只能開始估計這些動態。但對於您的第一個問題，這對 Atkore 股東來說是一件好事。

Understood. And just a last one for me. Related to the impairment of HD PVC, what changed competitively? You made a reference about competing products for that market. Can you expand on that and size the impact?

明白了。對我來說這只是最後一個。與 HD PVC 的減損相關，競爭力發生了哪些變化？您對該市場的競爭產品進行了參考。能否詳細說明並評估其影響？

Yes, I'm glad you asked, Deane, because even in our prepared remarks to make it. So it wasn't our product. So it's not like somebody came out with the new HDP. What we were referring to because it came in my comments, was competing technology for fiber optics. So more specifically covered in the Wall Street Journal, I'm going forget, I read more than that, by the way. But was articles where the administration was looking to increase the user open up the funding to satellites. So that's the competing technology.

是的，我很高興你問了這個問題，迪恩，因為即使在我們準備好的發言中也要提出這個問題。所以這不是我們的產品。所以這並不像有人推出了新的 HDP。我們所指的，因為它出現在我的評論中，是光纖的競爭技術。更具體地說，《華爾街日報》對此進行了報道，我忘了，順便說一句，我讀的不只這些。但文章中提到政府正在尋求增加對衛星用戶的資金投入。這就是競爭技術。

Again, it's all estimates, but at least the One Wall Street Journal article talked about how it could be 20%, 50% to the fiber optic. I've seen other CEO's comments in this space, whether they're people making conduit or whether they're making fiber optics that it may not be that much and so forth. But that, along with my other prepared remarks on just the funding so hasn't gone through yet and things like that.

再說一次，這都是估計值，但至少《華爾街日報》的一篇文章談到了光纖的比例可能是 20% 到 50%。我已經看到了其他 CEO 在這個領域的評論，無論他們是製造導管的人還是製造光纖的人，都表示可能沒有那麼多，等等。但是，這與我關於資金等問題的其他準備好的發言一樣，尚未完成。

But one of the key drivers was the administration. We've talked in previous quarters, people have asked hey, could there be satellites and so forth. But that's a difference between speculation and administration now saying they are either have done or plan on adding satellites to the way to get Internet to your home.

但其中一個關鍵驅動因素是政府。我們在前幾個季度已經討論過了，人們問過，嘿，是否有衛星等等。但這與猜測和政府之間存在差異，政府現在表示他們已經完成或計劃在家庭網路存取方式中添加衛星。

And just to be clear, the risk of our opportunity for using satellites, was that factored into the impairment?

需要明確的是，我們使用衛星的機會的風險是否已計入損害之中？

Yes, yes. Yes, that was -- again, I don't want to say it's the only thing because it absolutely wasn't and as an engineer was wanting you to wait average I'm not going to get that precise, but that was a key factor here as the team did their analysis.

是的，是的。是的，那是——再說一次，我不想說這是唯一的事情，因為它絕對不是，作為一名工程師，我希望你等待平均時間，我不會那麼精確，但這是團隊進行分析的關鍵因素。

Chris Dankert from Loop Capital.

來自 Loop Capital 的 Chris Dankert。

Just had a quick follow-up on that last point, actually. I mean, I guess, are you getting any duration from the administration on whether it's tariffs or specifically in this case, lead program, I guess, it seems early to be taking an impairment when at least I haven't seen an explicit change to the program, the real to preemptively impairing the assets. I guess are you getting any actual concrete word from the administration on how they're rolling this out?

實際上，只是對最後一點進行了快速跟進。我的意思是，我想，您是否能從政府那裡得到任何關於關稅或具體來說在這種情況下的主導計劃的期限，我想，當至少我還沒有看到對該計劃的明確改變，即真正預先損害資產時，似乎就應該進行減值。我想您是否從政府那裡得到了關於他們如何實施這項措施的具體消息？

No. at least Chris, I'm not aware of a specific other what's been covered in directors. I know commerce -- I think it was the Commerce Secretary. I could be wrong on which one, but 90% shorted published a press release, Wall Street Journal article. That's where I'm going to say, Chris, if you look back and say why it's running the app, making those assumptions, but to go it's a little bit darn if you do, darn if you don't, to go, well, hold it.

不，至少克里斯，我不知道導演還涵蓋了哪些具體內容。我了解商業——我想那是商務部長。我可能不知道哪一個，但 90% 的賣空者都發表了新聞稿、《華爾街日報》文章。這就是我要說的，克里斯，如果你回頭想想為什麼要運行這個應用程序，做出那些假設，但如果你這樣做的話，那就有點糟糕了，如果你不這樣做的話，那就有點糟糕了，好吧，堅持住。

Well, nine months from now, we're seeing it. Well, why now and why not earlier, we'll hold it here as the least the key inflection point. of the administration saying either they had or at least they intended to open it up. So we decided to take the prudent action and take the run the analysis with our accounting partners and outside on different models and start it was fiscally prudent to take the impairment now. We're still investing, but yes, but that's why.

嗯，九個月後我們就會看到它了。好吧，為什麼是現在而不是更早，我們將在這裡將其作為至少關鍵的轉折點。政府表示他們已經開放或至少打算開放。因此，我們決定採取審慎的行動，與我們的會計合作夥伴和外部人員一起對不同的模型進行分析，並開始採取財政審慎的措施。我們仍在投資，但是是的，這就是原因。

That makes sense. And I think taking the more conservative approach given the current environment does make sense. I just wanted to make sure that there wasn't something that we were missing on a more concrete basis.

這很有道理。我認為，在當前環境下採取更保守的做法確實有意義。我只是想確保我們沒有遺漏任何更具體的東西。

No, on that yes, or beyond that, Chris, it's very much like the last quarter with a little bit of, say, internal frustration to go Hey, several states have approved it. And -- but even again, what I perceive or when I read, as I mentioned earlier, you read other earnings announcements that whether it's people making fiber optic lines or others making HDPE that are public corporations, everybody still perceives its one year out, which is frustrating because it's been one year out for three or four years now. So it just felt like the right thing to do, balanced internal discussion third parties and to your point, took the charge.

不，是的，或者除此之外，克里斯，這非常像上個季度，有一點內部挫敗感，嘿，幾個州已經批准了它。而且 — — 但即便如此，正如我之前提到的，我所感知到的或者當我讀到其他收益公告時，無論是生產光纖線路的人還是生產高密度聚乙烯 (HDPE) 的上市公司，每個人仍然認為它還需要一年的時間，這令人沮喪，因為現在已經三四年了，它已經落後一年了。所以感覺這是正確的做法，平衡內部討論和第三方討論，並按照你的觀點承擔責任。

Makes sense. Makes sense. And I guess, I believe we talked about in the past around the IRA, but just reconfirming, if we do get any withdrawal of support there for the torque business, again, I just want to reconfirm that business is still profitable without the IRA at some of the additional support there as well, correct?

有道理。有道理。我想，我相信我們過去討論過 IRA 的問題，但只是再次確認，如果我們確實從那裡撤回了對扭矩業務的支持，那麼我再次確認，即使沒有 IRA 和一些額外的支持，業務仍然可以盈利，對嗎？

Yes. best is our estimate, Chris. I do it this way to go. If you went back several years ago, to go. So a couple of thoughts here. One, if you went back a couple of years ago, we started up the solar business before there was an IRA. What the IRA helped with was driving a lot of demand that was coming specifically from China to the states. The counterpoint now is with tariffs on steel, I think we have that, whatever you want to call, moat around that impediment for bringing in as competitively imported steel.

是的。最好的是我們估計，克里斯。我就是照這個方法做的。如果幾年前回去的話，就去吧。這裡有幾點想法。首先，如果你回顧幾年前，我們在 IRA 出現之前就開始了太陽能業務。IRA 所扮演的角色是推動大量來自中國的需求進入美國。現在的對立面是鋼鐵關稅，我認為我們已經建立了護城河，無論你怎麼稱呼它，以繞過這一障礙，從而引進具有競爭力的進口鋼鐵。

Now what I don't know and can't dimensionalize is how much that tariff -- or no, excuse me, that solar credit that most of it gets passed on to our customers, how much is that an incentive for them to move faster because they have a lower -- like return on invested capital to start up a solar project. So that level of sophistication, Chris, I can't -- we don't know.

現在我不知道並且無法量化的是，這個關稅——或者不，對不起，這個太陽能信用額度大部分都轉嫁給了我們的客戶，這在多大程度上激勵了他們更快地採取行動，因為他們啟動太陽能項目的投資回報率較低。克里斯，對於這種複雜程度，我無法確定──我們不知道。

Flip side, I would say, right now in the solar market, the challenges are more things like connecting to the grid. I still lease voice the customer here that we talked on our call I'm sure anyone covering other major electricals where there's a transformer backlog, that still seems to that be a little bit impediment there. So I don't think it'd be the major driver. But again, to be able to say with precision two years out. It's hard to say.

另一方面，我想說，目前在太陽能市場，挑戰更多是諸如連接電網之類的事情。我仍然會與我們在電話中交談過的客戶交談，我相信任何涉及其他主要電氣設備的人，如果變壓器積壓，這似乎仍然是一個小小的障礙。所以我不認為這會是主要驅動因素。但同樣，要能夠準確地說出兩年後的情況。這很難說。

Yes. I agree, Chris. I think there's too much to predict there. I would say the whole bar operation that we've had where we've invested has made great improvements. We talked about some of the productivity gains there. That being said, we don't comment specifically on the profitability by subsegment. That business has had its challenges, though. I mean we've talked about that before.

是的。我同意，克里斯。我認為有太多事情需要預測。我想說，我們所投資的整個酒吧營運都取得了很大的進步。我們討論了那裡的一些生產力提高。話雖如此，我們不會具體評論各個細分市場的獲利能力。然而，這項業務也面臨挑戰。我的意思是我們之前已經討論過這個問題了。

So -- and then to extrapolate where we go into the future, I think as we improve that operation continually, the I think that team is doing a great job. And so there's been commercial dynamics, though, in the near term. You can see the volumes in that mechanical tube segment have been down year-to-date. So that's been an impediment to us. But assuming that market starts to recover, I think then we're back on track there.

所以——然後推斷我們未來的發展方向，我認為隨著我們不斷改進這一操作，我認為這個團隊正在做得很好。因此，短期內還是存在商業動態的。您可以看到，今年迄今為止，機械管部分的銷售量一直在下降。所以這對我們來說是一個障礙。但假設市場開始復甦，我認為我們就會回到正軌。

Andy Kaplowitz from Citigroup.

花旗集團的 Andy Kaplowitz。

Good morning, everyone. So can you talk, Bill, about what you saw in terms of the cadence of demand for your products last quarter, I think you suggested that January came in a little light, but then you're already seeing sort of improvement in February. Did that sort of continue into March and April? I don't know if you addressed that earlier.

大家早安。那麼，比爾，您能否談談上個季度產品需求節奏方面的情況？我認為您說一月份需求略微不足，但二月已經出現某種改善。這種情況會持續到三月和四月嗎？我不知道您是否之前已經解決過這個問題。

No. Yes, great question, Andy. And the supposition is correct or I'll say that going every month was stronger than the previous month. So again, talking to some customers. I hate using I think once we use the word weather in my seven years here, but I know we're talking to some key customers their results, they had mentioned that weather in January and February and stuff and picking it up. So it does feel like Andy, again, our guide is our guide.

不。是的，很好的問題，安迪。而且這個假設是正確的，或者我會說每個月的表現都比上個月更強。再次與一些客戶交談。我討厭使用“天氣”這個詞，我想在我在這裡的七年裡，我們曾經使用過這個詞，但我知道我們正在與一些關鍵客戶談論他們的結果，他們提到了一月和二月的天氣等等，並將其採納。所以感覺就像安迪，再一次，我們的嚮導就是我們的嚮導。

But every month, what I can say is every month was stronger than the previous month for our fiscal Q2 and again, invoice the customers back to their cautiously optimistic with a huge variability out there not knowing what the Fed is going to do and everything else that the rest of the year should be decent on volume for the overall markets and therefore, also good for Atkore.

但每個月，我可以說的是，我們的第二財季每個月的表現都比上個月強勁，並且再次讓客戶恢復謹慎樂觀的態度，因為市場存在巨大的波動性，不知道美聯儲將採取什麼行動，其他一切都表明今年剩餘時間整體市場的交易量應該不錯，因此，這對 Atkore 來說也是有利的。

And then Bill, did you size the sort of construction services opportunity in the sense that obviously, you've been talking about mega projects and data centers for a while. But it seems like you're getting more momentum there now. we used to ask you what your percentage of data center work was. But maybe just of the Construction Services overall business, are more of the projects, data centers than anything else? And how do you expect that to progress moving forward?

然後比爾，你是否從某種意義上衡量了建築服務機會的規模，顯然你已經談論大型專案和資料中心有一段時間了。但現在看起來你的勢頭越來越強勁了。我們曾經問過你，你的資料中心工作佔比是多少。但也許就建築服務整體業務而言，專案和資料中心比其他業務更重要嗎？您預計未來將如何發展？

Yes. Well, I do the following, it's data centers and data centers, I think going forward, data centers will be the largest portion of it in the past and still in the future is chip manufacturing. So obviously, there's a difference, but is there a potato, potato there to a certain degree. Purely from the standpoint, why are we making so many chips to support data centers. But it's a little above, Andy.

是的。嗯，我做的是資料中心和資料中心，我認為展望未來，資料中心將是過去和未來晶片製造中最大的一部分。顯然，是有區別的，但在一定程度上，土豆是存在的。單純從角度來說，我們為什麼要製造這麼多晶片來支援資料中心。但是它有點高了，安迪。

Yes. In the near term, bills were aligned here that we've probably seen more on a product side on a metal framing and cable management opportunity there on data centers, and those have done very well for us. moving forward on the services side is probably the opportunity on the data centers. The past activity has probably been more on larger construction projects and then some of the chip manufacturing facilities that we've been a part of. So I think the data center opportunity is more on the go-forward basis now for the services element, not just the product side.

是的。在短期內，我們可能在產品方面看到更多的是資料中心的金屬框架和電纜管理機會，這些對我們來說非常好。服務方面的進步可能是資料中心方面的機會。過去的活動可能更集中在大型建設項目以及我們參與的一些晶片製造設施。因此，我認為資料中心的機會現在更多是在服務元素方面向前發展，而不僅僅是產品方面。

Got it. And then I apologize, I just want to ask you this, but you didn't change your price assumptions for FY '25 even with tariffs ramping up on steel in China, have you seen any material impacts that you just got to be kind of careful with pricing right now. It's just interesting that you haven't changed it as the tariffs are starting to ladder in.

知道了。然後我很抱歉，我只是想問你這個問題，但是即使中國鋼鐵關稅上調，你也沒有改變 25 財年的價格假設，你是否看到任何實質性的影響，以至於你現在必須對定價保持謹慎。有趣的是，當關稅開始逐步提高時你卻沒有改變它。

Yes. I can start there and then Bill can jump in. There's probably some puts and takes, just a little bit of noise around whether it's been the volatility we've seen in copper prices and things like that. So that's independent, I'd say, of tariffs, specifically, Andy. But we have seen a lot of volatility there that obviously impacts our electrical cable and flexible conduit business.

是的。我可以從那裡開始，然後比爾可以加入。可能會有一些波動，只是圍繞著我們所看到的銅價波動和類似的東西有一點點噪音。所以我想說，這與關稅無關，具體來說，安迪。但我們看到那裡出現了很多波動，這顯然影響了我們的電纜和柔性導管業務。

So I'd say there's probably some puts and takes factors as we're evaluating that over the totality of the year. But we still think it's in the range. That range was -- I think we had a pretty sizable element. So we still feel like the overall price versus cost dynamics going to land within where we laid out.

因此，我認為，當我們對全年情況進行評估時，可能會有一些利弊因素。但我們仍然認為它在範圍內。那個範圍是——我認為我們有一個相當大的元素。因此，我們仍然覺得整體價格與成本動態將會落在我們規劃的範圍內。

Yes. Andy, if you have a follow-up, I was not understand if you meant the margin part or the top line price because, again, same thing on the top line, copper is jumping around a lot of late. Steel costs ran up, I'm saying a lot, directionally 25%, give or take, in the first quarter. but it's starting to come down slightly now. So the top line revenue is our guide with, again, estimates of where commodities are going to go.

是的。安迪，如果您有後續問題，我不明白您指的是利潤部分還是頂線價格，因為同樣的事情發生在頂線上，銅價最近波動很大。鋼鐵成本上漲了，我說的是大幅上漲，第一季漲幅大約是 25%。但現在開始略微下降了。因此，營業收入是我們的指導，再次估計商品的走向。

And then net-net, price versus cost is still within that range that John Deitzer spoke of. More is to a question, I think, Deane asked probably slightly more optimism because again, with the impact of tariffs, we think that's enough to offset maybe a couple of hundred basis points of less volume because of the uncertainty in the future markets and so forth there, end markets.

然後淨價格與成本仍在 John Deitzer 所說的範圍內。我認為，更多的是一個問題，迪恩問的可能稍微樂觀一些，因為再次受到關稅的影響，我們認為這足以抵消由於未來市場等終端市場的不確定性而導致的幾百個基點的交易量減少。

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

問答環節到此結束。現在我想將電話轉回給比爾·沃爾茲，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 had a strong second quarter of financial performance and was active in taking steps to further strengthen our company for the future.

謝謝。請容許我花點時間總結今天討論的三個要點。首先，Atkore 第二季度的財務表現強勁，並積極採取措施進一步加強公司的未來發展。

Second, we are maintaining our full year 2025 outlook while continuing to monitor the overall market dynamics and competitive landscape. Finally, we remain committed to our capital deployment strategy to create shareholder value over the long term. With that, thank you for your support and interest in our company. This concludes the call for today.

其次，我們維持 2025 年全年展望，同時持續監控整體市場動態與競爭格局。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。最後，感謝您對我們公司的支持與關注。今天的通話到此結束。

Operator

操作員

This concludes today's conference.

今天的會議到此結束。