Atkore Inc (ATKR) 2025 Q3 法說會逐字稿

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Atkore's third quarter fiscal year 2025 earnings conference call.

早安.我叫羅布，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Atkore 2025 財年第三季財報電話會議。

(Operator Instructions). As a reminder, this conference is being recorded. Thank you.

（操作員指令）。提醒一下，本次會議正在錄製中。謝謝。

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 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 Kline。謝謝。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。今天與我一起出席的還有總裁兼執行長比爾‧沃爾茲 (Bill Waltz)、財務長約翰‧迪策 (John Deitzer) 和營運長兼電氣總裁約翰‧普雷根澤 (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 releases, 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 and 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.

此外，我們今天討論中提到的 EBITDA 均指調整後的 EBITDA，而 EPS 和/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。

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

說完這些，我就把麥克風交給比爾。

Thanks, Matt, and good morning to everyone. Thank you for joining us today for our fiscal 2025 Third Quarter Earnings Call. Before I address our third quarter results, I want to discuss the announcement made earlier today. I've informed the board of my decision to retire from Atkore. After much reflection, I know that now is the time to start a new face of my life with my family. I've had the privilege of spending 12 years with Atkore, including seven as CEO as part of a 40-year career. I'm proud of all the accomplishments that the team has achieved. Although the work is never fully complete, it is time for the Board to engage their succession planning process. The Board supports me in this decision.

謝謝，馬特，大家早安。感謝您今天參加我們的 2025 財年第三季財報電話會議。在介紹我們的第三季業績之前，我想討論一下今天早些時候發布的公告。我已告知董事會我從 Atkore 退休的決定。經過深思熟慮後，我知道現在是時候與家人一起開始新生活了。我有幸在 Atkore 工作了 12 年，其中 7 年擔任首席執行官，這是我 40 年職業生涯的一部分。我為團隊所取得的所有成就感到自豪。儘管這項工作從未完全完成，但董事會是時候參與繼任計畫流程了。董事會支持我的這個決定。

I am focused on a seamless transition and plan to lead Atkore in my current role until a successor is appointed. Our strength as a company has always come from our strategy process and most importantly, our people, and that will not change. Our Atkore business system is about the team, and I have the utmost confidence in what our teams can achieve going forward. While we are making this announcement today, I am committed as ever to our strategy, our nearly 5,600 employees and our shareholders until the next CEO is appointed.

我專注於無縫過渡，並計劃以目前的職位領導 Atkore，直到繼任者被任命。我們公司的優勢始終來自於我們的策略流程，最重要的是我們的員工，這一點不會改變。我們的 Atkore 業務系統以團隊為基礎，我對我們的團隊未來所能達成的成就充滿信心。當我們今天宣布這一消息時，在下一任執行長被任命之前，我將一如既往地致力於我們的策略、我們近 5,600 名員工和我們的股東。

With that, I'll turn to our third quarter results, starting on Slide 3. We delivered strong performance in the quarter, achieving net sales, adjusted EBITDA and adjusted EPS toward the top end ranges we presented in May. Our net sales of $735 million included 2% organic volume growth. Beyond our volume growth, results were supported by continued productivity gains, particularly in our S&I segment.

接下來，我將從投影片 3 開始介紹我們的第三季業績。我們在本季表現強勁，實現了淨銷售額、調整後 EBITDA 和調整後 EPS 均達到我們 5 月公佈的最高水準。我們的淨銷售額為 7.35 億美元，其中包括 2% 的有機銷售成長。除了銷售成長之外，持續的生產力提高也為業績提供了支持，尤其是在 S&I 部門。

Year-over-year declines in average selling prices were in line with our expectations and we are pleased to see a second consecutive quarter of sequential pricing improvement in our steel conduit products. As we started our third quarter this past April, we were just beginning to operate in the new tariff environment. Over the last 90 days, the environment has continued to evolve with multiple modifications to initial tariffs and the introduction of new ones.

平均銷售價格的年減符合我們的預期，我們很高興看到鋼導管產品的價格連續第二季出現較上季改善。當我們今年四月開始第三季時，我們才剛開始在新的關稅環境下運作。在過去的 90 天裡，環境不斷變化，初始關稅經過多次修改，並引入了新的關稅。

Notably imported steel conduit and PVC conduit volumes have both declined year-over-year in the third quarter compared to the prior year. As we started the third quarter, the Dodge Momentum Index indicated a slowdown in planning activity across several nonresidential categories. Since then, construction sentiment has been mixed, we've observed pockets of strength in certain verticals, while other key sectors have been more subdued.

值得注意的是，第三季進口鋼導管和 PVC 導管數量與去年同期相比均出現年減。進入第三季度，道奇動量指數顯示多個非住宅類別的規劃活動有所放緩。自那時起，建築業情緒一直喜憂參半，我們觀察到某些垂直行業出現了一些強勢，而其他關鍵行業則表現得較為低迷。

Tariffs are influencing not just input costs but also market pricing dynamics and broader demand patterns. Taking all this into account, we are maintaining our full year adjusted EBITDA midpoint of $400 million and are raising the midpoint of our adjusted EPS to $6.50 and reflecting improved visibility and stronger earnings leverage. Looking ahead to FY26, we continue to refine our estimates. We anticipate several headwinds and some of which have been previously communicated, such as the expected year-over-year impact from lower selling prices.

關稅不僅影響投入成本，也影響市場定價動態和更廣泛的需求模式。考慮到所有這些因素，我們將全年調整後的 EBITDA 中點維持在 4 億美元，並將調整後的 EPS 中點提高至 6.50 美元，這反映了可見度的提高和盈利槓桿的增強。展望26財年，我們將繼續完善我們的估計。我們預計會出現一些不利因素，其中一些因素之前已經傳達過，例如預計銷售價格下降將對同比產生影響。

Others, like the broader tariff effects, which have both direct and indirect elements have emerged more recently and introduced greater complexity. We expect these pressures to persist into next year, and we are actively evaluating various levers to help mitigate their impact.

其他因素，例如更廣泛的關稅影響，既有直接因素，也有間接因素，是最近才出現的，並且帶來了更大的複雜性。我們預計這些壓力將持續到明年，我們正在積極評估各種手段來幫助減輕其影響。

In closing, I want to thank our teams across the organization for their continued execution and discipline. Their dedication to the Atkore business system remains central to how we deliver value to our customers and shareholders.

最後，我要感謝我們整個組織的團隊的持續執行和紀律。他們對 Atkore 業務系統的奉獻精神對於我們向客戶和股東提供價值至關重要。

With that, I'll turn the call over to John Deitzer, to talk through the results from the quarter and our full year outlook.

接下來，我將把電話轉給 John Deitzer，討論本季的業績以及我們對全年的展望。

Thank you, Bill, and good morning, everyone. Moving to our consolidated results on fiber. In the third quarter, we achieved net sales of $735 million and adjusted EBITDA of $100 million. Adjusted EPS was $1.63.

謝謝你，比爾，大家早安。轉向我們對光纖的綜合結果。第三季度，我們實現淨銷售額7.35億美元，調整後EBITDA為1億美元。調整後的每股收益為 1.63 美元。

Turning to slide 5 and our consolidated bridges. Organic volumes increased 2% compared to the third quarter of fiscal 2024. Average selling prices declined 12% year-over-year driven primarily by our PVC conduit and -- conduit products. These year-over-year price declines for both product categories were expected. And as Bill mentioned, we are pleased to report the second consecutive quarter of sequential pricing improvement in our steel conduit products. We also saw sequential pricing improvement across the enterprise. Including for electrical cable and flex a conduit, mechanical and metal framing products. However, pricing has not kept pace with raw material cost increases. This has been particularly true with respect to copper, which has seen cost volatility for most of the quarter.

轉到投影片 5 和我們的合併橋樑。與 2024 財年第三季相比，有機銷量成長了 2%。平均銷售價格年減 12%，主要原因是我們的 PVC 導管和導管產品。這兩個產品類別的價格年減都是在預料之中的。正如比爾所提到的，我們很高興地報告，我們的鋼導管產品價格連續第二季出現環比上漲。我們也看到整個企業的定價持續改善。包括電纜和柔性導管、機械和金屬框架產品。然而，定價卻未能跟上原物料成本的上漲。對於銅來說尤其如此，其成本在本季度的大部分時間都出現波動。

Moving to slide 6. Year-to-date, our volume is now up slightly having been flat for the first six months compared to the prior year. Our year-to-date volume reflects growth across three product areas. Our metal framing, cable management and construction services has grown low single digit year-to-date, driven by our ongoing focus on construction services as well as cable management. Year-to-date, our plastic-pipe conduit and fitting category is now flat year-over-year having overcome a mid-single-digit decline in the first half of fiscal '25.

移至幻燈片 6。今年迄今為止，我們的交易量略有上升，而前六個月的交易量與去年同期相比持平。我們今年迄今的銷售量反映了三個產品領域的成長。由於我們持續專注於建築服務和電纜管理，我們的金屬框架、電纜管理和建築服務今年迄今已實現低個位數成長。年初至今，我們的塑膠管道和配件類別與去年同期持平，克服了 25 財年上半年中等個位數的下滑。

Growth in the third quarter came from our PVC and fiberglass conduit products. Our metal electrical conduit and fittings product area has grown low single digits year-to-date, having overcome flat volume performance in the first half. We estimate that demand for domestically made steel conduit has increased due to enacted tariffs on imported steel. Our electrical cable and flexible conduit category also continues to grow, up low single digits year-to-date, which we believe is in part due to the success of our differentiated products.

第三季的成長來自於我們的 PVC 和玻璃纖維導管產品。我們的金屬電工導管和配件產品領域今年迄今已實現低個位數成長，克服了上半年銷售持平的局面。我們估計，由於對進口鋼材徵收關稅，國產鋼管的需求增加。我們的電纜和柔性導管類別也持續成長，今年迄今成長了個位數，我們認為這部分歸功於我們差異化產品的成功。

Turning to slide 7. Adjusted EBITDA margins compressed year-over-year in our Electrical segment primarily due to pricing declines related to our PVC and steel conduit products. Adjusted EBITDA margins improved in our S&I segment year-over-year, driven by volume growth and overall better productivity. The productivity gains were primarily due to better cost management in our North American operations.

翻到幻燈片 7。我們的電氣部門的調整後 EBITDA 利潤率較去年同期下降，主要原因是我們的 PVC 和鋼導管產品相關價格下降。受銷售成長和整體生產力提高的推動，S&I 部門的調整後 EBITDA 利潤率較去年同期有所提高。生產力的提高主要歸功於我們北美業務更好的成本管理。

Turning to slide 8. I Year-to-date, our business has generated $192 million in cash flow from operations, and we've received $14 million in proceeds this year from the previously announced divestiture of the Northwest Polymers business, and the sale of some excess equipment. We remain committed to executing a balanced capital deployment model with an emphasis on returning cash to shareholders.

翻到幻燈片 8。今年迄今為止，我們的業務已產生 1.92 億美元的營運現金流，今年我們透過先前宣布的剝離西北聚合物業務和出售一些多餘設備獲得了 1,400 萬美元的收益。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。

Our balance sheet is in a strong position with no maturity repayments required until '28 and our recently refinanced asset-based lending agreement remains undrawn, contributing to a net leverage ratio of approximately 1 times.

我們的資產負債表狀況良好，直到 28 年都不需要償還到期款項，而且我們最近再融資的資產抵押貸款協議仍未提取，導致淨槓桿率約為 1 倍。

Next, on slide 9. We are maintaining the full year outlook midpoint for adjusted EBITDA. However, with better line of sight to the fourth quarter, we narrowed the range and expect full year adjusted EBITDA between $390 million to $410 million. We are also pleased to be increasing the midpoint of our full year outlook for adjusted EPS and now expect to achieve adjusted EPS within the range of $6.25 and $6.75.

接下來，請看投影片 9。我們維持調整後 EBITDA 的全年預期中點。然而，隨著對第四季度的展望更加清晰，我們縮小了預期範圍，預計全年調整後 EBITDA 在 3.9 億美元至 4.1 億美元之間。我們也很高興地提高了全年調整後每股收益預期的中位數，目前預計調整後每股收益將在 6.25 美元至 6.75 美元之間。

With this, we expect our fourth quarter adjusted EBITDA to be in the range of $75 million to $95 million. Our adjusted EPS is expected to be in the range of $1.05 and and $1.35. We are also adjusting our outlook for our full year tax rate.

因此，我們預計第四季度調整後的 EBITDA 將在 7,500 萬美元至 9,500 萬美元之間。我們的調整後每股盈餘預計在1.05美元至1.35美元之間。我們也在調整全年稅率的預期。

As a reminder, the impairment recorded in the second quarter will reduce our full year tax rate, which we now expect to be in the range of 19% to 21%. This means we'd expect our tax rate in the fourth quarter to be within a range of 20% to 23%. As we mentioned earlier, the forward-looking sentiment on construction activity appears mixed depending on the end market. Through our first nine months, we have grown just under 1%. For the full year, we would expect our volume to be flat to slightly positive.

提醒一下，第二季記錄的減損將降低我們的全年稅率，我們目前預計全年稅率將在 19% 至 21% 之間。這意味著我們預計第四季度的稅率將在 20% 至 23% 之間。正如我們之前提到的，對建築活動的前瞻性情緒似乎因最終市場而異。在最初的九個月裡，我們的成長率略低於 1%。就全年而言，我們預計交易量將持平或略微為正。

With that, I'll turn it over to John Pregenzer.

說完這些，我會把話題交給 John Pregenzer。

Thank you, John. Moving to slide 10. As Bill touched on in the beginning of the call, the topic of tariffs remains fluid with no definitive certainty on their duration or size. As we manage the business, we recognize that tariffs have both a direct and indirect impact on our company. A central theme supporting tariffs is an increase in onshoring of manufacturing across the US. There have been positive indicators that onshoring investment momentum is starting to pick up.

謝謝你，約翰。移至投影片 10。正如比爾在通話開始時提到的那樣，關稅問題仍然不確定，其持續時間和規模尚無明確答案。在管理業務時，我們認識到關稅對我們公司有直接和間接的影響。支持關稅的一個中心主題是美國各地製造業在岸化的增加。有積極跡象表明，在岸投資勢頭正在開始回升。

However, these efforts take time with various factors impacting the rate of change. A potential direct benefit from tariffs for Atkore primarily centers on our ability to recapture lost market share from imports for certain product categories over time. This is especially true for our steel conduit products. We believe this will occur over time as market demand shifts back towards more domestically sourced products. Since last quarter, the administration announced several changes to existing tariffs and new tariffs. The most relevant change for Atkore was the increase to the original steel and aluminum tariffs on Mexico and Canada from 25% to 50%.

然而，這些努力需要時間，而且各種因素都會影響改變的速度。關稅對 Atkore 的潛在直接好處主要在於我們能夠隨著時間的推移重新奪回某些產品類別因進口而失去的市場份額。對於我們的鋼導管產品來說尤其如此。我們相信，隨著市場需求轉向更多國內產品，這種情況將隨著時間的推移而發生。自上個季度以來，政府宣布了幾項現有關稅的修改和新關稅。對 Atkore 來說最相關的變化是將原先對墨西哥和加拿大徵收的鋼鐵和鋁關稅從 25% 提高到 50%。

The recently announced 50% tariff on imported copper that became effective on August 1, is not expected to negatively impact Atkore due to our domestic supply partners. As we look beyond FY25 to FY26, we are estimating various factors that are likely to impact us. As we have previously communicated, due to the rate of change in our average selling prices for our PVC conduit products in FY25, we expect to experience a year-over-year headwind into FY26. We expect that unfavorable impact to occur throughout the duration of the year, starting with our exit rate in FY25, but having a lesser impact as the year progresses.

新宣布的對進口銅徵收 50% 的關稅將於 8 月 1 日生效，但由於我們擁有國內供應合作夥伴，預計這不會對 Atkore 產生負面影響。當我們展望 25 財年至 26 財年時，我們正在估計可能對我們產生影響的各種因素。正如我們之前所傳達的，由於 25 財年我們的 PVC 導管產品平均售價的變化率，我們預計 26 財年將遭遇同比逆風。我們預計不利影響將持續全年，從 25 財年的退出率開始，但隨著時間的推移，影響將逐漸減少。

The recently expanded aluminum tariffs from 25% to 50% creates a new cost challenge for the market, which could also slow demand activity for our products. The combination of these factors suggest there are approximately $50 million of unmitigated headwinds in FY26. Although we have not finalized our full year guidance for FY26 we are actively working to offset the effects of these anticipated headwinds.

最近鋁關稅從 25% 提高到 50%，為市場帶來了新的成本挑戰，這也可能減緩我們產品的需求活動。這些因素的綜合作用表明，26 財年將面臨約 5,000 萬美元的無法緩解的不利因素。雖然我們尚未最終確定 26 財年的全年業績指引，但我們正在積極努力抵消這些預期不利因素的影響。

Now turning to slide 11. As we've often said, the electrical industry is a great place to be. Our strategy addresses items that we are focused on today while also looking toward the future. We remain committed to maintaining a strong balance sheet and financial profile that enables us to return capital to shareholders while also pursuing strategic actions that enhance our portfolio of domestically manufactured electrical products. Our teams continue to drive operational excellence through the Atkore business system our disciplined data-driven approach to managing growth, productivity and customer value.

現在翻到第 11 張投影片。正如我們常說的那樣，電氣行業是一個偉大的行業。我們的策略不僅關注當前重點，也著眼於未來。我們將繼續致力於維持強勁的資產負債表和財務狀況，以便我們能夠向股東返還資本，同時採取策略行動來增強我們的國產電氣產品組合。我們的團隊繼續透過 Atkore 業務系統推動卓越運營，該系統採用嚴謹的數據驅動方法來管理成長、生產力和客戶價值。

Despite near-term challenges, our positioning in key electrical end markets gives us confidence in our ability to grow volume over the mid- to long term. Today and in the future, Atkore is providing comprehensive solutions to deploy, isolate and protect critical electrical infrastructure over the long term. while on a mission to be the customer's first choice by providing unmatched quality, delivery and value to help our customers achieve their goals.

儘管面臨短期挑戰，但我們在主要電氣終端市場的定位使我們對中長期增加銷售的能力充滿信心。現在和未來，Atkore 都將提供全面的解決方案，以長期部署、隔離和保護關鍵電力基礎設施。同時，我們致力於成為客戶的首選，提供無與倫比的品質、交付和價值，幫助我們的客戶實現他們的目標。

With that, we sincerely thank you for joining our call and for your interest in our company. Now we'll turn it to the operator to open the line for questions.

最後，我們真誠地感謝您參加我們的電話會議並對我們公司的關注。現在我們請接線生開立問答專線。

(Operator Instructions)

（操作員指示）

Andy Kaplowitz from Citi.

花旗銀行的 Andy Kaplowitz。

This is Piyush on behalf of Andy. Congrats on the retirement advancement.

這是代表安迪的皮尤什 (Piyush)。恭喜您晉升退休年齡。

Well, thank you, Piyush, and look forward to still talking with you for a while here, but enjoy.

好吧，謝謝你，Piyush，希望還能在這裡和你聊一會兒，不過玩得開心就好。

Absolutely. So I just wanted to touch on volume growth. It seems that forecasting volumes has been a little bit challenging, and I understand it's been a dynamic macro environment. But based on your conversations with your customers and the mega projects and the mega trends that you have talked about, do you have enough visibility on demand trends to provide some puts and takes on your volume expectations for.

絕對地。所以我只想談談銷量成長。似乎預測數量有點困難，而且我知道這是一個動態的宏觀環境。但是根據您與客戶的對話以及您談到的大型專案和大型趨勢，您是否對需求趨勢有足夠的了解，從而為您的數量預期提供一些依據。

John, do you want to -- like I have a few. Let me do it this way. So end markets like data centers are exploding. So that should be good from a vertical and also specifically for us, and this is a difference between, let's say, fiscal Q2, fiscal Q3 and when we get into what we call global mega projects, we're specifically with a customer, that's lumpier. So like timing of jobs for the last quarter to -- as you wrap up jobs and start another large projects. have been a little slower from a year-over-year comp, but us talking to, I'll just say, very well-known global data center-driven data companies, we're optimistic for the future there.

約翰，你想──就像我有幾個一樣。讓我這樣做。因此，資料中心等終端市場正在蓬勃發展。因此，從垂直角度來看這應該是件好事，對我們來說也是如此，這就是第二財季、第三財季之間的區別，當我們進入所謂的全球大型專案時，我們專門與客戶合作，這就更加不穩定了。因此，就像上個季度的工作時間一樣 - 當你完成工作並開始另一個大型專案時。與去年同期相比，速度有點慢，但我們與非常知名的全球資料中心驅動的資料公司交談，我只想說，我們對那裡的未來感到樂觀。

Solar, same thing you can go check with the people we sell to and they're optimistic. And I think from there, other than residential reasonable markets going forward. So we can get into our core and so forth. But Pasha we're not giving any estimates for next year. I just want to first mention, John, so but it would be reasonable growth going into next year.

太陽能，同樣的事情，你可以去和我們的銷售對象核實一下，他們都很樂觀。我認為從那時起，除了住宅市場之外，未來市場還會繼續合理地發展。這樣我們就可以進入我們的核心等等。但是帕夏，我們沒有給出明年的任何估計。我首先想提一下，約翰，但到明年這將是合理的成長。

Yes. I totally agree with Bill here. I think we had a little bit of choppiness in our international business from some of the mega projects rolling off and new ones starting potentially as we look forward. So I think we felt good there. I mean there is -- we've called that out for -- so in the North American business, I think that's performed as we expected or somewhat in line with some expectations at the end market level, the timing of it has been a little bit choppy here between some of the months. But looking forward, and we're pretty -- that low single-digit type environment seems to be pretty reasonable.

是的。我完全同意比爾的觀點。我認為我們的國際業務有些不穩定，因為一些大型專案的推出和未來可能啟動的新專案。所以我認為我們在那裡感覺很好。我的意思是 - 我們已經指出了這一點 - 所以在北美業務中，我認為它的表現符合我們的預期，或者在某種程度上符合終端市場水平的一些預期，在某些月份之間它的時機有點不穩定。但展望未來，我們相當滿意──低個位數的環境似乎相當合理。

Got it. Helpful. And just like touching on your water end market, I think you have talked about increasing focus on water, but it seems that the water end markets are a bit mixed here. Maybe expand on the demand trends that you are seeing across the end market and what is still a vertical where you're planning on investing.

知道了。很有幫助。就像談到您的水終端市場一樣，我想您已經談到了對水的更多關注，但似乎這裡的水終端市場有點混亂。也許可以擴大您在終端市場看到的需求趨勢以及您計劃投資的垂直領域。

Yes. Well, I'd say at this stage, majority, there's always a couple of things to finish, but the investments are in May. Now it's just growing with end customers. And that seems to be going on pace. Again, as we called out in previous quarters, we -- whatever where you want to use fired, maybe too strong a word, but specific customers that where resellers, retail-oriented and plumbing and things like that tied to residential is down. But where we're focused, the municipal is picking up or filling that void year-over-year. And I think it should be a reasonable market for us going forward.

是的。嗯，我想說在這個階段，大多數情況下，總是有幾件事需要完成，但投資是在五月。現在它正隨著最終客戶而成長。而這一進程似乎正在按計劃進行。再次，正如我們在前幾個季度所呼籲的那樣，無論你想在哪裡使用“解僱”，也許這個詞太強烈了，但特定的客戶，即經銷商、零售導向和管道以及與住宅相關的諸如此類的東西，都在下降。但在我們關注的領域，市政部門正在逐年填補這一空白。我認為這對我們未來的發展來說應該是一個合理的市場。

Got you. Helpful. One last one on HDPE. I think last quarter, you mentioned potential increase in competition from satellites. How has that dynamic evolved so far? And how is the current inventory in the channel? And if you have started to see money taking -- making its way into the projects.

明白了。很有幫助。最後一個關於 HDPE 的問題。我認為上個季度您提到了衛星競爭可能會加劇。到目前為止，這種動態是如何演變的？目前通路庫存如何？如果你已經開始看到資金流入這些項目。

Yes. So I'll start but anybody jump in here. Again, I should probably turn it over to our COO that's closer to these things. So to the last quarter, I don't think with the One Big Beautiful Bill and everything else that is still the option to use satellites, somebody can give me more details on the specific part of what laws, but the states are required to do the most effective thing out there. So that hasn't changed one way or the other.

是的。那麼我就開始了，但是任何人都可以加入進來。再次，我應該把它交給更接近這些事情的營運長。因此，到最後一個季度，我不認為《一個美麗的大法案》和其他一切仍然可以選擇使用衛星，有人可以給我提供有關法律具體部分的更多詳細信息，但各州必須採取最有效的做法。所以這一點並沒有發生任何改變。

I'm not aware, but maybe it's my knowledge of specific jobs we won with the [ BTAC ]. But I do think you can triangulate this with, again, other people in the industry that overall fiber is starting to go up because of the data center growth and things like that. So long-winded answer, pause that nothing's really changed from our last quarter guidance other than we are starting to see the business volumes pick up as we go forward, again, another should be a good thing over the longer term.

我不知道，但也許是因為我了解我們贏得的具體工作[ BTAC ]。但我確實認為，你可以與業內其他人一起對此進行三角測量，即由於資料中心的成長等因素，整體光纖成本開始上漲。回答得這麼冗長，暫停一下，與我們上個季度的指導相比，沒有什麼真正的變化，只是我們開始看到業務量隨著我們的前進而回升，從長遠來看，這應該是一件好事。

Dean Dray from RBC Capital Markets.

來自加拿大皇家銀行資本市場的 Dean Dray。

I'll also add my congrats on the announcement. I know you're still in the seat, but I appreciate everything you've done here and congrats.

我還要對這項公告表示祝賀。我知道你仍然在位，但我感謝你在這裡所做的一切，並表示祝賀。

Dean, thank you. And yes, I'm still on the seat and nothing changes. But yes, we're working with you, obviously, through Atkore in previous careers. It's been a great relationship.

迪恩，謝謝你。是的，我仍然坐在座位上，什麼都沒有改變。但是的，我們顯然在之前的職業生涯中透過 Atkore 與您合作過。我們的關係非常好。

Absolutely. So can we start with what you gave, you've given some good updates here on the tariff kind of from a high level. Can you take us down to the ground level especially on the steel conduit imports from Mexico. So how has that changed with the introduction of the tariffs, has that stopped the flow of Mexican steel conduit. And then same question for the PVC that was coming in from Latin America, just has that stopped? Or can you size any of that for us, please?

絕對地。那麼我們可以從您給出的內容開始嗎？您從高層次上對關稅給了一些很好的更新。您能否向我們詳細介紹一下從墨西哥進口的鋼管情況？那麼，隨著關稅的出台，情況又發生了什麼樣的變化呢？這是否阻止了墨西哥鋼管的流通？那麼對於來自拉丁美洲的 PVC 進口，同樣的問題已經停止了嗎？或者您能為我們測量一下尺寸嗎？

Yes. So I'll do both and I keep I should look over, John, any of us, John, forget any of us could answer these questions. But I'll mix the two together to go overall for the year, and I'm using fiscal year just to even go back further through October. For the year-to-date for both or either flat to maybe up 2%. We're at noise level that I would call flat. But again, before someone says, Oh, the one was up 2%.

是的。所以我會同時做這兩件事，我會繼續看，約翰，我們中的任何人，約翰，忘記我們中的任何人都可以回答這些問題。但我會將兩者混合在一起來整體了解這一年的情況，而且我使用財政年度只是為了追溯到十月。今年迄今，兩者或其中之一的漲幅均持平或可能上漲 2%。我們處於我認為平穩的噪音水平。但是，在有人說「哦，這個上漲了 2%」之前。

Now the key thing to your point, and then I'll give caveat steam is this last fiscal quarter both were down significant double digits. What does that mean? I would say well over 20%, maybe getting up to 30% down for the quarter. only caveat to that is what no one would know is, obviously, I think the tariffs are working. But also in the beginning of the year when after President Trump was elected, and we talked in some people buy up and they're burning through inventories and so forth. So how much is tariff, how much is pre-buy, but either way, the tariffs, I think, especially with steel conduit, as John begins mentioned in his opening our opening remarks, up 50% is having an impact. PVC at 10% for most countries and you got to realize or my perception that what people claim for their imported value and be subjective. So is that having like let's call it a 5% CEO math here impact, but both are down in tariffs in those areas, specialty steel seem to be effective.

現在，您要說的關鍵點，也是我要指出的一點是，上個財政季度，兩項數據都出現了顯著的兩位數下降。這意味著什麼？我想說這個季度的降幅將遠遠超過 20%，甚至可能達到 30%。唯一需要注意的是，沒有人知道，顯然，我認為關稅正在發揮作用。但在今年年初川普總統當選後，我們談到有些人買股票並消耗庫存等等。那麼關稅是多少，預購是多少，但無論如何，我認為關稅，特別是鋼管關稅，正如約翰在開幕詞中提到的那樣，上漲 50% 會產生影響。對大多數國家來說，PVC 的稅率為 10%，你必須意識到或我的看法是，人們對其進口價值的主張是主觀的。那麼，就我們所說的 5% 的 CEO 數學影響而言，如果這兩個地區的關稅都下降了，那麼特種鋼似乎是有效的。

Got it. And then second question, can you take us through and update us on your demand visibility as it stands today, at one time, there was a meaningful backlog that has all been burned off. I would presume. So are you down to like a two-week visibility? Just kind of give us a sense there because I know that shortened time frame as more volatility, and you have to gauge what's going on in the construction markets, but just frame for us the earnings visibility and you cam mention that if you could.

知道了。然後是第二個問題，您能否向我們介紹您目前的需求可見性，曾經有一個有意義的積壓，現在已經全部消除了。我猜是的。那麼，您是否希望有兩週的可見度？只是讓我們了解一下，因為我知道縮短的時間框架會帶來更大的波動，你必須判斷建築市場的狀況，但只需為我們勾勒出盈利可見性，如果可以的話，你可以提到這一點。

Yes, I'll try to and again team jump in here. But again, Dean, our backlog is 2 weeks or so, give or take because again, we aspire ship in 4 days. So by definition, if we're now there's some make order products and so forth. That really hasn't changed much. Out with the customers, again, we do -- this is more anecdotal, but talking to all of our customer base. inventories are average with distributors to slightly lower and there's lots of reasons for that.

是的，我會再次嘗試並讓團隊參與其中。但是，Dean，我們的積壓工作大約需要 2 週左右，因為我們希望在 4 天內出貨。因此根據定義，如果我們現在有一些訂單產品等等。這確實沒有太大改變。再次與客戶溝通，我們確實這樣做了——這更多的是軼事，但我們與所有客戶群進行了交談。分銷商的庫存處於平均水平，略低，這有很多原因。

One is we've commented in our prepared remarks, things like PVC pricing has dropped. So distributors on thinner margins don't want to be buying a product at a high price, lower margin, try to pass that on, so logical there. And then the last month has been pretty chaotic in the copper market when I think it was July 7, July 8, that President Trump announced he was planning on a tariff copper -- don't lock me into these prices, but copper just trump from the mid-4s, let's say, to almost $6 a pound, maybe not quite there. But probably wise contractors, wise distributors waited to hold off, and that's just what's announced and what the copper tariffs were on last week on August 1.

一是我們在準備好的評論中評論過，PVC 價格已經下降。因此，利潤較低的分銷商不想以高價購買利潤較低的產品，並試圖將這一成本轉嫁給分銷商，這是合乎邏輯的。上個月銅市場相當混亂，我記得是在 7 月 7 日、7 月 8 日，川普總統宣布他計劃對銅徵收關稅——不要把我限制在這些價格上，但銅價剛剛從每磅 4 美元中段漲到了近 6 美元，可能還沒有達到這個水平。但也許明智的承包商和明智的分銷商會等待時機，而這正是上週 8 月 1 日宣布的以及銅關稅的內容。

So there, they're probably holding a lighter inventory and the last data insight talking from customers. And again, each customer may have a slightly different view of this. But in the utility market, my perception is that the end demand has been good. In other words, contractors installing, but at least some of our distributors have mentioned they were still burning off inventory that's now throughout. So again, slightly more optimism for us in the utility market as we go forward from this day, but the market had a manufacturer or distributor may have been slightly less.

因此，他們可能持有較少的庫存，並且最後的數據洞察來自客戶。而且，每個客戶對此的看法可能略有不同。但在公用事業市場，我的看法是最終需求一直很好。換句話說，承包商正在安裝，但至少我們的一些分銷商提到，他們仍在消耗現在的庫存。因此，從今天開始，我們對公用事業市場的樂觀情緒略有增加，但市場上的製造商或分銷商可能略有減少。

Okay. That's helpful. And just last one. A lot of good detail as always on pricing. And could you just step back and give us a perspective of any surprises in the quarter on how pricing played out? It was actually both for PVC and deal a little bit better than what we had been estimating and now you got 2 quarters of better steel pricing. But just from your perspective, what has surprised you, if anything, about how pricing is playing out from here?

好的。這很有幫助。只剩最後一個了。定價方面一如既往地有很多詳細的資訊。您能否退一步，向我們介紹本季定價方面是否有任何意外情況？事實上，PVC 和交易的情況都比我們之前估計的要好一些，而且鋼鐵價格已經連續兩個季度上漲。但是從您的角度來看，現在的定價走勢有什麼讓您感到驚訝的地方嗎？

Yes. So I'll start with Dean, and kind of echo your comments with a little bit more color to your point and our -- and again, to correct. But since our January earnings call, the price guide price versus cost has been right in the middle of our estimates. So no surprises. It ties with our numbers and reaffirming guide and raising EPS and everything else there. To your point, metal conduit probably slightly better than we expected, PVC, maybe is slightly better than we expected. But then as John Pregenzer in our earnings announcements here earlier, some of the aluminum at 50%, we import aluminum from Canada. So that has kind of hit us there. purely because of the fact that we're paying the tariff. And at least to date, we have not seen -- there's a lot of chaos as I just mentioned with both copper and aluminum, but we don't feel it's hard to measure this to go which is wider than what the market is doing. But we don't feel like we're able to recoup the aluminum cost to date.

是的。因此，我將從 Dean 開始，並以更詳細的方式回應您的評論，以說明您的觀點和我們的 — — 再次糾正。但自從我們一月份的收益電話會議以來，價格指導價格與成本的比率一直處於我們估計的中間。所以沒有什麼意外。它與我們的數字、重申指南、提高每股收益以及其他一切都相關。正如您所說，金屬導管可能比我們預期的要好一些，PVC，也可能比我們預期的要好一些。但正如 John Pregenzer 早些時候在我們這裡的收益公告中所說，其中 50% 的鋁是從加拿大進口的。這對我們造成了一定影響，純粹是因為我們正在支付關稅。至少到目前為止，我們還沒有看到——正如我剛才提到的，銅和鋁都存在很多混亂，但我們並不覺得很難衡量這種混亂的程度，這比市場目前的狀況要廣泛。但我們感覺迄今為止我們還無法收回鋁成本。

David Tarantino from KeyBanc Capital Markets.

KeyBanc Capital Markets 的 David Tarantino。

Bill, congrats on the upcoming retirement. Maybe to put a finer point on the fiscal comments. Could you walk us through generally how you're thinking about the underlying assumptions within the $50 million headwind? Maybe walk through PVC steel and what looks to be bubbling up aluminum headwinds and what do you think the mitigating actions would look like? I think you mentioned that this was unmet.

比爾，恭喜你即將退休。也許可以對財政評論做出更細緻的闡述。您能否向我們大致介紹一下，您如何看待 5000 萬美元逆風中的基本假設？也許走過 PVC 鋼材和看起來正在冒泡的鋁逆風，你認為緩解措施會是什麼樣子？我認為您提到這一點尚未得到滿足。

Yes. So, yes, great question, David, obviously, and then I'll start and John Deitzer, if there's any. Again, the key caveat here is we wanted to give some feel for next year now versus waiting to November or as we talk to different shareholders and models to go, hey, with we think through some of this. But we're not here to give guidance that we would or specificity in November. So that said, as we've called out literally in our November guide last year, our January guide that we should shareholders in the company expect year-over-year headwinds for things like PVC purely because this pricing dropped this year, it's a much lower starting off point even if PVC pricing held for all of next year. So rough numbers without breaking outlets, John Deitzer wants to get this level of specificity right out. It is we're probably and these are estimates here, but they're probably looking, let's say, $70 million of year-over-year just mathematically as pricings dropped this year without calling out which commodity.

是的。是的，大衛，這個問題問得很好，然後我會開始，如果有的話，還有約翰·戴茨爾 (John Deitzer) 的問題。再次強調，這裡的關鍵警告是，我們希望現在就能對明年的情況有所了解，而不是等到 11 月，或者等到我們與不同的股東和模型進行交談後，再考慮這些事情。但我們不會在 11 月給出指導或具體資訊。因此，正如我們在去年 11 月指南和 1 月指南中指出的那樣，我們應該讓公司股東預計 PVC 等產品將面臨同比阻力，純粹是因為今年價格下跌，即使 PVC 價格在明年全年保持不變，這也是一個低得多的起點。因此，在不影響銷售管道的情況下，John Deitzer 希望能夠得到這種程度的具體數字。可能是這樣，這些都是估計值，但他們可能認為，與去年相比，今年的價格下降了 7000 萬美元，只是從數學上講，但沒有說明是哪種商品。

You kind of called out the PVC down steel conduit is still down at the moment. But with two quarters, and we're expecting three quarters this quarter here, a sequential improvement that could be a slight uptick as we go into next year. Beyond that, getting so specific. And then at this stage to go hey, John Pregenzer mentioned $50 million or on Page 2 of the deck or whatever page I spoke to, had a $50 million there. assuming normal productivity normal as John Deitzer and I just mentioned, normal 2%, 3% volume growth for next year.

您所說的 PVC 下鋼導管目前仍處於下行狀態。但經過兩個季度的觀察，我們預計本季將出現三個季度的連續改善，進入明年時可能會略有上升。除此之外，還變得非常具體。然後在這個階段，嘿，John Pregenzer 提到了 5000 萬美元，或者在演示文稿的第 2 頁或我談到的任何頁面上，那裡有 5000 萬美元。假設正常的生產力正常，正如 John Deitzer 和我剛才提到的那樣，明年的產量成長率正常為 2%、3%。

Now as we also mentioned, obviously, we're working hard now on every and any facet of how do we get more productivity, how we get more volume, what other cost controls we could do. Obviously, we're analyzing things like we sold 1 or 2 small businesses this year and going as there are other things we can do to create more shareholder value. So at this stage, though, David, that as much as we can dimensionalize something to comments -- even John Pregenzer made, it's hard in this current environment changing all around up and down to be any more precise than that.

正如我們所提到的，顯然，我們現在正在努力研究如何提高生產力、如何提高產量以及我們還能採取哪些其他成本控制措施等各個方面。顯然，我們正在分析一些事情，例如我們今年出售了 1 或 2 家小型企業，以及我們還可以做其他事情來創造更多的股東價值。因此，在這個階段，戴維，儘管我們可以將某些內容維度化為評論 - 甚至連約翰·普雷根澤 (John Pregenzer) 也提出過這樣的觀點，但在當前這種不斷變化的環境下，很難做出比這更精確的評論。

Yes, I'm totally aligned here, Bill, David. There's a lot of volatility on certain items whether we've seen that just play out here in the month recently with copper where it spiked close to $6 a pound and dropped pretty significantly. So the net headwinds we're expecting are right around [ $5 million ], but that includes several of our normal productivity improvement and volume expectation to get us back to that net 50. We probably, at this point, we have a variety of headwinds in excess of that. And so there are normal measures here to kind of get us back to the net 50 is the expectation into next year. So we wanted to try to get ahead of that communication, if we could.

是的，我完全同意，比爾、大衛。某些商品的波動性很大，我們最近一個月就看到過這種情況，例如銅價一度飆升至每磅 6 美元左右，隨後又大幅下跌。因此，我們預計淨逆風約為 [500 萬美元]，但其中包括我們的幾項正常生產力改進和產量預期，以使我們回到淨 50。目前，我們可能面臨各種各樣的阻力。因此，我們採取了一些正常措施，以使我們明年的淨利潤率回到 50。因此，如果可以的話，我們希望嘗試領先於這種溝通。

Okay. Great. That's helpful. And then maybe just to dig in this field just a little bit more. It sounds like the import pressures are beginning to relax and pricing is improving sequentially. So what give you the confidence that pricing trends are bottoming out and heading to a more sustainable improvement?

好的。偉大的。這很有幫助。然後也許只是在這個領域再深入挖掘一下。聽起來進口壓力開始緩解，價格也逐漸改善。那麼，是什麼讓您有信心價格趨勢正在觸底並走向更永續的改善？

Well, let's sit to this way, David, let me make correct. You're correct with steel conduit. And as I mentioned, was I think it was Dean's question. PVC imports seem to be down but on the same hand, whether it's again, it's hard to always factor what's driving things. But with domestic competition and so forth, PVC pricing, we're still looking forward as estimates. But will continue to go down here, at least through the end of the year and probably some into next year. Again, we're not at that level. So I just want to level set that.

好吧，讓我們這樣坐，大衛，讓我糾正一下。您對鋼導管的說法是正確的。正如我所提到的，我認為這是 Dean 的問題。PVC 進口量似乎有所下降，但另一方面，無論情況如何，都很難確定到底是什麼導致了這一現象。但考慮到國內競爭等因素，我們對 PVC 定價仍抱持期待。但這種情況將持續下去，至少到今年年底，甚至可能持續到明年。再說一遍，我們還沒有達到那個水平。所以我只是想對其進行水平設置。

Now for the products, yes, it's not rapidly going up with steel, but still kind do it. We had 2 quarters of sequential increases in our margins, and we're thinking that margins will go up again, what we've seen so far for the first month of July. So Hopefully, I answered your question, David.

現在對於產品來說，是的，鋼鐵價格不會快速上漲，但還是會上漲。我們的利潤率已連續兩季成長，我們認為利潤率將再次上升，正如我們在 7 月第一個月所看到的那樣。所以希望我回答了你的問題，大衛。

Yes. Yes, that's helpful. And then maybe if I could sneak one more in. you refresh us and how should we be thinking about capital allocation, just particularly around the share buyback pause this quarter, both near and long term?

是的。是的，這很有幫助。然後也許我可以再偷偷地問一句。您讓我們重新認識一下，我們應該如何考慮資本配置，特別是圍繞本季股票回購暫停，包括短期和長期？

Yes. So to our guide here, the $150 million, nothing has really changed, let's put it this way. We spend $100 million, somebody could debate should we have done $25 million in the last quarter, $25 million in the next quarter or spend -- I say spend it all, but got to $150 million or done more. But we, without there's no commitment to anything, but our guide still is to spend $150 million this year. And beyond that, we have not met with the Board. I mean I would think stock buyback will always be a strong part of our thing, but we just haven't done a capital allocation for next year to give a range for next year yet.

是的。因此，對於我們這裡的指導價 1.5 億美元來說，實際上什麼都沒有改變，我們可以這麼說。我們花了 1 億美元，有人可能會爭論我們是否應該在上個季度花費 2500 萬美元，在下個季度花費 2500 萬美元，或者花費——我說全部花掉，但達到 1.5 億美元或更多。但是，我們沒有做出任何承諾，但我們的指導方針仍然是今年花費 1.5 億美元。除此之外，我們還沒有與董事會會面。我的意思是，我認為股票回購永遠是我們業務的重要組成部分，但我們還沒有對明年進行資本配置，因此還沒有給出明年的範圍。

Yes, aligned to that, I think in terms of the framework though, I mean, we've talked about this for a while. The capital expenditures are a key part of the -- from a capital allocation perspective there, the dividend share repurchases and M&A. I mean those have always kind of been the 4 pillars of our capital allocation model. As we get to November and moving on, we'll give an update on how those expectations for but those have been the key components of our capital allocation framework, David.

是的，與此一致，我認為就框架而言，我的意思是，我們已經討論了一段時間了。從資本配置的角度來看，資本支出是股利股票回購和併購的關鍵部分。我的意思是，這些一直是我們資本配置模型的四大支柱。隨著我們進入十一月並繼續前進，我們將更新這些預期，但這些一直是我們資本配置框架的關鍵組成部分，大衛。

Chris Dankert from Loop Capital.

Loop Capital 的 Chris Dankert。

Echo the congratulations again here, Bill. I guess the first question here, as far as the impact of the lost IRA tax credit kind of next 12-month earnings, I know it's fairly small, but is that included in the $50 million to headwind?

比爾，再次向你表示祝賀。我想這裡的第一個問題是，就失去 IRA 稅收抵免對未來 12 個月收益的影響而言，我知道這相當小，但這是否包括在 5000 萬美元的逆風影響中？

You're breaking up there for a second. Chris, can you mention that again?

你剛才分手了。克里斯，你能再提一下嗎？

Yes. Apologies. Just on the IRA tax credit, that's going away, I believe, here. Is that headwind included in that $50 million you called out of headwinds for '26?

是的。抱歉。就 IRA 稅收抵免而言，我相信這項政策即將消失。您所說的 26 年 5000 萬美元逆風中是否包括了這一逆風？

Yes, I'll take a step back. I mean, I think we try to dimension that on one of the slides. I think the -- from our perspective, on the relevant portions of the Inflation Reduction Act I think are maintaining at least here in the near to midterm. There might be some longer-term dynamics around accelerating into the late 2020s and things like that are 2030s. But I think the near midterm our understanding your current operating assumption is that the tax credits for the solar torques are largely intact here in the near to midterm. So we had some modest headwinds. I think the dynamics more from our volume with that market this year around where solar credits on a modest slight impact, I think we called out in one of the volume bridges along the way to here, but the operating thing, I think is, by and large, the same with that one.

是的，我會退一步。我的意思是，我想我們會嘗試在其中一張投影片上對此進行尺寸標註。我認為——從我們的角度來看，通貨膨脹降低法案的相關部分至少在近期到中期內會維持下去。可能存在一些加速到 2020 年代後期以及 2030 年代的長期動態。但我認為，根據我們目前的理解，近期到中期，太陽能扭矩的稅收抵免基本上保持不變。因此我們遇到了一些輕微的阻力。我認為今年我們的市場動態更多地來自於交易量，其中太陽能信用額度產生了輕微影響，我認為我們在一路走到這裡的交易量橋樑之一中呼喚了這種動態，但我認為，從總體上看，運營情況與此相同。

Yes. I know your question was specifically, Chris, around but -- so at least I perceive the tort tax credit. But again, if I didn't mention it one of the earlier questions, for the market itself, it's always spotty job by job. I don't want to be speaking for our customers, but with or without the reasons different bills and legislation, our voice of customers solar without even tax credits is optimistic. I'm speaking for them, so to speak. But just from the standpoint of they do have good backlogs, there's a lot of stats they can tell you that still they can start up a new energy source quicker than any other form of energy. And obviously, I don't think anybody hopefully in the U.S. is debating the extreme need for energy as we continue to drive data centers and things like that. So my personal view from talking with customers and so forth, is that solar, like almost any form of energy will grow above. Well above GDP going forward.

是的。克里斯，我知道你的問題很具體，但是──至少我理解侵權稅收抵免。但是，如果我之前沒有提到這個問題的話，那麼對於市場本身來說，它總是一項工作參差不齊。我不想代表我們的客戶發言，但無論是否有不同的法案和立法的原因，我們對沒有稅收抵免的太陽能客戶的聲音都是樂觀的。可以這麼說，我是在為他們說話。但僅從他們確實擁有大量積壓訂單的角度來看，他們可以告訴你很多統計數據，他們仍然可以比任何其他形式的能源更快地啟動新的能源。顯然，我認為隨著我們繼續推動資料中心和類似設施的發展，美國沒有人會討論對能源的極端需求。因此，從我與客戶的對話中，我個人的看法是，太陽能和幾乎任何形式的能源一樣，都會蓬勃發展。遠高於未來的 GDP。

Got it. I guess the only other question I'd have on that particular point is if the market is still growing nicely, how do the margins in that business look for Atkore? Is that still an attractive market going forward after adjusting for all the moving parts here?

知道了。我想，關於這一點，我唯一的另一個問題是，如果市場仍然保持良好的成長勢頭，那麼 Atkore 在該業務中的利潤率如何？在對所有變動因素進行調整之後，這個市場未來是否仍具吸引力？

I think so. We're especially going forward, what we talked about hesitating they bring up again, but it's more about productivity in our factories well. So as we look -- again, I don't want to get down to each customer, but as customers have talked to us about 2026 and so forth. Our productivity is good, our throughput, our scrap is good. So it's those type of things that I think, are in our control, Chris. And the volume comes like we expected, it should be a good market or good vertical, however you want to save it for us going forward.

我認為是的。我們尤其在前進，我們談論的猶豫他們再次提出，但這更多的是關於我們工廠的生產力。因此，當我們看時——再說一次，我不想針對每個客戶，但正如客戶與我們討論過的 2026 年等等。我們的生產率很好，我們的產量很好，我們的廢品率也很好。所以我認為這些事情都在我們的掌控之中，克里斯。而且銷售量正如我們預期的那樣，這應該是一個很好的市場或一個很好的垂直市場，無論如何你想為我們未來的發展保留它。

Chris Moore from CJS Securities.

CJS 證券公司的 Chris Moore。

This is Will on for Chris. Can you just add any color or talk about any puts and takes to free cash flow generation in FY '25 versus FY '24?

這是威爾代替克里斯上場。您能否補充一些細節或談談 25 財年與 24 財年相比對自由現金流產生的任何影響？

Yes, absolutely. So good question. Will, a little bit of dynamics ending on the 27th here versus the 28th, and we have some AR that comes through. So I think you kind of noticed that I think someone else had kind of called that out from a free cash flow, so a little bit weaker. That being said, we do anticipate inventories have been coming down slightly. That's probably an opportunity as we look forward to continue to make sure that we can optimize our inventory.

是的，絕對是。這個問題問得真好。威爾，27 日結束的動態與 28 日結束的動態相比有一些變化，我們有一些 AR 可以通過。所以我想你注意到了，我認為其他人已經從自由現金流中提到了這一點，所以這個說法有點弱。話雖如此，我們確實預計庫存會略有下降。這可能是一個機會，因為我們期待繼續確保我們能夠優化我們的庫存。

We've been trying to add, whether it's to support the service centers or some of these other initiatives selectively over the past, let's call it, 18 months. But that's probably an opportunity as we look forward into 2026 that we can continue to improve free cash flow generation. But some of those AR dynamics that we showed ending on the June 27 of largely kind of played themselves out into July and August, I'm pretty pleased here. So I think we just had a little bit of a timing element here at the end of June. But I think we'll be back on track with some of the expectations of the free cash flow generation or the cash from ops generation really as we look forward into the fourth quarter.

在過去的 18 個月裡，我們一直在嘗試選擇性地增加對服務中心或其他一些措施的支援。但展望 2026 年，這可能是個機會，我們可以繼續提高自由現金流的產生。但是，我們在 6 月 27 日結束時展示的一些 AR 動態基本上在 7 月和 8 月得到了體現，我對此感到非常高興。所以我認為我們在六月底只是有一點時間因素。但我認為，當我們展望第四季時，我們將重新回到對自由現金流產生或營運現金產生的一些預期。

Justin Clare from ROTH Capital Partners.

羅仕證券的賈斯汀·克萊爾。

So I wanted to ask about the headwind that you had mentioned moving into fiscal '26 here. Wondering if you could just speak to how much of that headwind is a function of just the pricing decline that you've already experienced in fiscal '25 versus the anticipation of further price declines in '26 and then I know raw materials and the increased costs in aluminum is also a factor there. So wondering if you could just maybe elaborate on the different factors.

所以我想問您提到的進入 26 財年面臨的不利因素。您是否可以談談這種不利因素在多大程度上是由於您在 25 財年已經經歷的價格下跌以及對 26 年價格進一步下跌的預期，而且我知道原材料和鋁成本的增加也是一個因素。所以想知道您是否可以詳細說明不同的因素。

Yes. So a great question, Justin. I'm going to dimensionalize to just a small -- because again, we'll give more specificity in November. But I think the majority. Now whether that's 51% or 85%, I'm not dimensionalizing just the year-over-year. In other words, to go, hey, if we ended flat in September, we would still have a large number. And again, that hopefully should not be newsed to anybody going back to November or January discussions.

是的。賈斯汀，這個問題問得真好。我將把它維度化到很小的程度 — — 因為我們將在 11 月給予更具體的資訊。但我認為是大多數。現在，無論這個數字是 51% 還是 85%，我都不只是將同比數字維度化。換句話說，如果我們在 9 月結束時持平，我們仍然會有一個很大的數字。再次強調，希望這對回顧 11 月或 1 月討論的人來說不是什麼新鮮事。

But from there, we haven't dimensionalized to go, hey, could some products still go down more? Or to your point, calling out the aluminum tariff that specific niche doesn't seem to be working for us. But at this stage, again, without is not November and give me next year's guide, I would think steel conduit should be up year-over-year. And again, all these things are qualified with the administration, what they do, do they change tariffs, they give a quota before tariffs. So that's why it's like we want to give as much guide or feelings as we can, but it's just -- as you can appreciate, things change maybe weekly with administration and so forth. But hopefully, it answers I think a lot is the impact we've already seen this year.

但從那時起，我們還沒有進行維度化，嘿，有些產品還能再下降嗎？或者就你的觀點而言，呼籲鋁關稅這個特定領域似乎對我們不起作用。但在這個階段，再說一次，如果沒有11月份並且給我明年的指導，我認為鋼管應該會比去年同期上漲。再說一次，所有這些事情都由政府限定，他們會做什麼，他們會改變關稅嗎，他們會在關稅之前給予配額。所以這就是為什麼我們想要盡可能多地提供指導或感受，但這只是——正如你所理解的，事情可能每週都會隨著管理等而變化。但希望它能回答我認為很多是我們今年已經看到的影響。

Got it. No, that's helpful. And then I just wanted to follow up on steel here. So import volumes have declined. Wondering if you could just speak to the potential you see to recapture some market share in steel conduit and how much that affects your volume assumptions going forward here?

知道了。不，這很有幫助。然後我只是想跟進一下鋼鐵業的情況。因此進口量下降。您是否可以談談重新奪回鋼管市場份額的潛力，以及這對您未來的銷售假設有多大影響？

Yes. I think there's a spot on. I do think -- and again, it's not going to be crazy to the steel conduit other thansomewhat driven by maybe data centers is one of our more steady GDP-ish product lines compared to things like metal frame or what we're doing with specific initiatives and so forth. But yes, I would hope over time, aspire whatever word you want to use, that we, as assuming that the importers continue to do a couple of things. One, just less volume coming in or are they -- less ability to undercut because they are paying that lock up with margins, no matter what the claim is imported value will help us continue to see the margins that we spoke about and share go up as we move forward. So, yes.

是的。我認為有一個點。我確實認為——再說一次，鋼導管不會瘋狂，除非受到資料中心的推動，與金屬框架或我們正在採取的具體舉措等相比，資料中心是我們更穩定的 GDP 產品線之一。但是是的，我希望隨著時間的推移，無論您想使用什麼詞，我們都假設進口商繼續做一些事情。一是進口量減少，或者是他們——削減成本的能力較弱，因為他們正在用利潤率鎖定成本，無論進口價值如何，這都將幫助我們繼續看到我們所說的利潤率，並且隨著我們的前進，份額會上升。是的。

Okay. Appreciate it. Thank you.

好的。非常感謝。謝謝。

Thank you, Justin. And this concludes the question-and-answer session. I would now like to turn the call back over to Bill Waltz for closing remarks.

謝謝你，賈斯汀。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 key takeaways from today's discussion. First, Atkore had a solid third quarter of financial performance. Second, we are maintaining our full year 2025 outlook midpoint for adjusted EBITDA and raising our outlook for adjusted EPS. Finally, it has been and continues to be my honor to serve in this role, and I look forward to supporting Atkore during this time of transition over the upcoming months. With that, thank you for your support and interest in our company. This concludes the call for today.

謝謝。請容許我花點時間總結今天討論的三個主要要點。首先，Atkore 第三季的財務表現穩健。其次，我們維持 2025 年全年調整後 EBITDA 預測中點不變，並上調調整後 EPS 預測。最後，我很榮幸能夠擔任這個職務，並將繼續如此，我期待在接下來的幾個月為 Atkore 的過渡時期提供支持。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 call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。