AZZ Inc (AZZ) 2026 Q1 法說會逐字稿

Good morning and welcome to the AZZ's first-quarter fiscal 2026 results conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Sandy Martin of Three Part Advisors. Please go ahead.

早上好，歡迎參加 AZZ 2026 財年第一季業績電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給 Three Part Advisors 的 Sandy Martin。請繼續。

Good morning, everyone, and thank you for joining us today to review AZZ's first-quarter fiscal 2026 results for the period ended May 31, 2025. Joining the call today are Tom Ferguson, President and Chief Executive Officer; Jason Crawford, Chief Financial Officer; and David Nark, Chief Marketing Communications and Investor Relations Officer. After today's prepared remarks, we will open the call for questions. Please note that the live webcast for today's call can be found at www.azz.com/investor-events.

大家早安，感謝您今天加入我們，共同回顧 AZZ 截至 2025 年 5 月 31 日的 2026 財年第一季業績。今天參加電話會議的有總裁兼執行長湯姆·弗格森 (Tom Ferguson)、財務長傑森·克勞福德 (Jason Crawford) 和首席行銷傳播兼投資者關係官大衛·納克 (David Nark)。在今天的準備好的發言之後，我們將開始提問。請注意，今天電話會議的現場網路直播可以在 www.azz.com/investor-events 上找到。

Before we begin, I want to remind everyone that our discussion today will include forward-looking statements made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements are uncertain and outside the company's control. Except for actual results, AZZ's comments containing forward-looking statements may involve risks and uncertainties, some of which are detailed from time to time in documents filed by AZZ with the Securities and Exchange Commission, including the latest annual report on Form 10-K. These statements are not guarantees of future performance. Therefore, undue reliance should not be placed upon them. Actual results could differ materially from these expectations.

在我們開始之前，我想提醒大家，我們今天的討論將包括根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的前瞻性陳述。就其性質而言，前瞻性陳述具有不確定性且不受公司控制。除實際結果外，AZZ 包含前瞻性陳述的評論可能涉及風險和不確定性，其中一些風險和不確定性在 AZZ 不時向美國證券交易委員會提交的文件中詳細說明，包括最新的 10-K 表格年度報告。這些聲明並不能保證未來的表現。因此，不應過度依賴它們。實際結果可能與這些預期有重大差異。

In addition, today's call will discuss non-GAAP financial measures which should be considered supplemental to and not a substitute for GAAP financial measures. We refer our shareholders to our reconciliations from GAAP to non-GAAP measures, and those are contained in today's earnings press release. I would now like to turn the call over to Tom Ferguson.

此外，今天的電話會議將討論非公認會計準則財務指標，這些指標應被視為公認會計準則財務指標的補充，而不是替代方案。我們請股東參閱我們從 GAAP 到非 GAAP 指標的調整表，這些調整表包含在今天的收益新聞稿中。現在我想把電話轉給湯姆·弗格森。

Thank you, Sandy. First, we at AZZ send our condolences to the families affected by the flash flooding throughout Central Texas. Having grown up in Austin, I've river-rafted the Guadalupe and camped along the banks often in my younger years, so I have a special place in my heart for folks affected throughout Central Texas, including friends and family.

謝謝你，桑迪。首先，AZZ 向整個德州中部遭受洪水災害的家庭表示哀悼。我在奧斯汀長大，年輕時曾經乘坐漂流穿越瓜達盧佩河並在河岸邊露營，因此我心中對整個德克薩斯州中部受災的人們，包括朋友和家人懷有特殊的感情。

We are pleased to share our first quarter results. Today, we reported record-high sales, adjusted EBITDA and EPS for the quarter ended May 31, 2025, along with industry-leading adjusted EBITDA margins of 32.9% for Metal Coatings and 20.7% for Precoat Metals.

我們很高興分享我們的第一季業績。今天，我們報告了截至 2025 年 5 月 31 日的季度創紀錄的銷售額、調整後 EBITDA 和 EPS，以及行業領先的金屬塗料調整後 EBITDA 利潤率 32.9% 和預塗金屬調整後 EBITDA 利潤率 20.7%。

These positive operating results were driven by infrastructure-related demand and key markets for our Metal Coatings segment, including construction, industrial, and electrical transmission and distribution. Similarly, our Precoat Metals segment experienced growth and construction, our largest market sector, as well as in the aluminum container market.

這些積極的經營績效是由基礎設施相關的需求和金屬塗料部門的關鍵市場（包括建築、工業和電力傳輸和配電）所推動的。同樣，我們的預塗金屬部門（我們最大的市場部門）也經歷了成長和建設，以及鋁製容器市場。

We did take the opportunity during the quarter to restructure Metal Coatings surface technologies platform. We closed one powder coating facility and divested a plating facility to better position the surface technologies platform to achieve greater than 20% EBITDA margins.

我們確實藉此機會在本季重組了金屬塗層表面技術平台。我們關閉了一家粉末塗料工廠，並剝離了一家電鍍工廠，以便更好地定位表面技術平台，實現超過 20% 的 EBITDA 利潤率。

For Precoat Metals, while sales were down slightly versus prior year due to lower volume, the team outperformed the market when compared to the National Coil Coating Association or NCCA. Importantly, Precoat shipments were up for the quarter as its customers began to draw down their inventories from precoat warehouses. Dave will discuss industry trends in a moment.

對於 Precoat Metals 而言，雖然由於銷量較低，銷售額較上年略有下降，但與國家卷材塗料協會 (NCCA) 相比，該團隊的表現優於市場。重要的是，由於客戶開始從預塗倉庫中提取庫存，本季預塗出貨量有所上升。戴夫稍後將討論行業趨勢。

As we announced during the quarter, we monetized nearly all of the electrical products businesses that was held within our AVAIL joint venture and received $273 million in cash during the quarter. As a reminder, AVAIL still owns and operates the WSI and lighting businesses. Jason will walk through the details of the transaction in a moment.

正如我們在本季宣布的那樣，我們將 AVAIL 合資企業中持有的幾乎所有電氣產品業務貨幣化，並在本季度獲得了 2.73 億美元現金。提醒一下，AVAIL 仍然擁有並經營 WSI 和照明業務。傑森稍後會詳細介紹交易的細節。

Our consolidated adjusted EBITDA for the quarter was over $106 million representing an adjusted EBITDA margin of 25.2%. This is supported by higher EBITDA margins over the first quarter of last year in both segments. Additionally, we are excited to report our newly commissioned aluminum coating facility in Washington, Missouri, shipped its first qualification orders during the quarter.

本季我們的合併調整後 EBITDA 超過 1.06 億美元，調整後 EBITDA 利潤率為 25.2%。這是因為兩個部門的 EBITDA 利潤率都比去年第一季有所提高。此外，我們很高興地報告，我們位於密蘇裡州華盛頓州新投入使用的鋁塗層工廠在本季度發出了首批合格訂單。

As we ramp up sales at the new facility throughout the year, we expect operating leverage to continue to improve, and we anticipate gross margins to turn positive in the second half of the year. We continue to invest in systems that enable us to improve productivity and better support our customers with AZZ's proprietary technology, specifically our digital galvanizing system or DGS platform. We serve all of our galvanizing plants and coil zone in our Precoat facilities. These technologies provide our customers with real-time updates and enable management to gain business intelligence, further enhancing production efficiencies across our 46 metal coatings locations and 14 coal coatings facilities throughout North America.

隨著我們全年新工廠的銷售額不斷增加，我們預計經營槓桿將繼續提高，並且我們預計下半年毛利率將轉為正值。我們繼續投資於使我們能夠提高生產力的系統，並透過 AZZ 的專有技術（特別是我們的數位鍍鋅系統或 DGS 平台）更好地支援我們的客戶。我們為預塗設施中的所有鍍鋅廠和捲材區提供服務。這些技術為我們的客戶提供即時更新，並使管理層能夠獲得商業智能，進一步提高我們遍布北美的 46 個金屬塗層工廠和 14 個煤炭塗層工廠的生產效率。

On July 1, we announced the acquisition of Canton Galvanizing located in Canton, Ohio. This acquisition is immediately accretive as it further scales our galvanizing business with predictable synergies. We will also benefit from gaining a new set of customers to serve in that market and the expansion of our spin galvanizing offerings.

7 月 1 日，我們宣布收購位於俄亥俄州坎頓的 Canton Galvanizing。此次收購將立即帶來增值，因為它將進一步擴大我們的鍍鋅業務規模，並產生可預測的協同效應。我們還將受益於在該市場獲得一批新客戶並擴大我們的旋鍍鋅產品。

Our distinct competitive advantage is deeply rooted in high value environmentally-responsible solutions with nearly seven decades of technical expertise, customer-centered digital platforms, and a network of strategically located facilities across North America.

我們獨特的競爭優勢深植於高價值的環保解決方案，擁有近七十年的技術專長、以客戶為中心的數位平台以及遍布北美的戰略設施網路。

AZZ's longstanding deep customer relationships, combined with a culture of operational excellence, positioned as well to sustain growth and add to profits and significant cash flows this year and for many years to come. I am incredibly proud of our progress and the accomplishments of the entire team.

AZZ 長期以來深厚的客戶關係，加上卓越的營運文化，也為今年及未來許多年保持成長、增加利潤和大量現金流奠定了基礎。我對我們的進步和整個團隊的成就感到無比自豪。

In fiscal year 2014, we initiated a strategy to drive greater operational and customer service excellence, as well as to optimize the Metal Coatings business. The successful execution of this strategy is ultimately transformed the company through a series of strategic acquisitions and divestitures which culminated in the pure play Metal Coatings company we are today. A is a leader in the North American Metal Coatings market, and over the past 12 years, we have added over $1 billion in sales through the disciplined execution of our organic and inorganic growth initiatives and expanded our margins and doubled our EBITDA.

2014財年，我們啟動了一項策略，以推動更卓越的營運和客戶服務，並優化金屬塗料業務。該策略的成功實施最終透過一系列策略性收購和資產剝離使公司發生了轉變，最終形成了我們今天這樣的純粹的金屬塗料公司。A 是北美金屬塗料市場的領導者，在過去的 12 年裡，我們透過嚴格執行有機和無機成長計劃，增加了超過 10 億美元的銷售額，擴大了利潤率，並使 EBITDA 翻了一番。

Coming out of COVID, we shifted our strategy and embarked on transforming A into a pure play metal code and its company. A key part of our strategy included the acquisition of Precoat Metals in 2022, which has outperformed our expectations.

在擺脫 COVID 之後，我們改變了策略，開始將 A 轉變為純粹的金屬代碼及其公司。我們策略的關鍵部分包括在 2022 年收購 Precoat Metals，其表現超出了我們的預期。

We are also proud of the significant progress achieved by monetizing a large portion of our AVAIL joint venture following Fernweh sale legacy electrical businesses to invent. This deal is a testament to the success of our long-term strategy. I am very pleased with the strength of our team, our financial position, as well as the trajectory of our business growth initiatives. With that, I will turn it over to Jason.

我們也為 Fernweh 出售其傳統電氣業務並進行創新後，透過將 AVAIL 合資企業的大部分資產貨幣化而取得的重大進展感到自豪。這筆交易證明了我們長期策略的成功。我對我們團隊的實力、財務狀況以及業務成長計畫的軌跡感到非常滿意。說完這些，我將把麥克風交給傑森。

Thanks, Tom. We are very pleased with our first quarter results, which align well with our full year fiscal and financial guidance.

謝謝，湯姆。我們對第一季的業績非常滿意，這與我們的全年財務和財務指導非常一致。

We reported first quarter sales of $422 million compared to $413.2 million for the same quarter in the prior year. Total sales increased by 2.1% versus last year. Growth was driven by the Metal Coatings segment where sales rose 6% in Q1 due to a higher steel volume processed, offset slightly by lower mix-related selling price.

我們報告第一季的銷售額為 4.22 億美元，而去年同期的銷售額為 4.132 億美元。總銷售額比去年同期成長了2.1%。成長主要由金屬塗料部門推動，由於鋼材加工量增加，該部門第一季銷售額成長 6%，但因混合相關銷售價格下降而略有抵銷。

Precoat Metals outperformed the market despite sales from the quarter declining 0.8%, as customers navigated through inventory challenges associated with tariff concerns, partially offset by an increase in the average selling price.

儘管本季銷售額下降了 0.8%，但 Precoat Metals 的表現仍優於市場，因為客戶克服了與關稅問題相關的庫存挑戰，但平均售價的上漲部分抵消了這一影響。

The first quarter's gross profit was $104.1 million or 24.7% of sales compared to $102.7 million or 24.9% of sales in the prior-year quarter. During the first quarter for Metal Coatings, we incurred a $3.8 million restructuring charge related to the previously mentioned disposition of a small powder coating facility and a small plating facility.

第一季毛利為 1.041 億美元，佔銷售額的 24.7%，而去年同期毛利為 1.027 億美元，佔銷售額的 24.9%。在金屬塗料第一季度，我們發生了 380 萬美元的重組費用，與前面提到的處置一家小型粉末塗料廠和一家小型電鍍廠有關。

In the Precoat Metal segment, our new Washington, Missouri coil coating facility began production in the first quarter, which, as planned, created a slight drag in margins. Without these two items, consolidated gross margins for the quarter would have been higher by 110 basis points compared to the prior-year quarters.

在預塗金屬部門，我們位於密蘇裡州華盛頓的新卷材塗層工廠於第一季開始生產，按照計劃，這略微拖累了利潤率。若不計入這兩項，本季綜合毛利率將比去年同期高出 110 個基點。

Selling, general, and administrative expenses totaled $34.6 million in the first quarter, which included a charge to the executive retiree long-term incentive program and its related acceleration of stock awards. This resulted in a non-cash charge of $2.2 million in the quarter. Excluding this add back, Q1 SG&A costs for 7.7% of sales, an improvement versus 8% of sales in the prior-year quarter.

第一季的銷售、一般和行政費用總計 3,460 萬美元，其中包括高階主管退休人員長期激勵計畫的費用及其相關的股票獎勵加速費用。這導致本季的非現金費用為 220 萬美元。不包括這筆加回費用，第一季銷售、一般及行政費用佔銷售額的 7.7%，較去年同期的 8% 有所改善。

Operating income for the quarter was $69.5 million or 16.5% of sales compared to $69.7 million or 16.9% of sales in last year's first quarter.

本季營業收入為 6,950 萬美元，佔銷售額的 16.5%，而去年第一季的營業收入為 6,970 萬美元，佔銷售額的 16.9%。

Current quarter operating margins also compare favorably to prior year when you adjust for the items highlighted in gross margin in SG and in SG&A expense.

當您調整 SG 毛利率和 SG&A 費用中突出顯示的項目時，本季營業利潤率也與去年同期相比更為有利。

As Tom mentioned, Fernway, our 60% joint venture partner on AVAIL, divested the majority of its electrical products businesses in the quarter. As part of the divestiture, we received a cash distribution of $273.2 million and we recorded $165.8 million on the income statement as positive equity and earnings, which represented the excess distribution after writing off the total equity investment of $107.4 million.

正如湯姆所提到的，我們在 AVAIL 的 60% 合資夥伴 Fernway 在本季度剝離了大部分電氣產品業務。作為資產剝離的一部分，我們收到了 2.732 億美元的現金分配，並在損益表中記錄了 1.658 億美元的正權益和收益，這是在註銷 1.074 億美元的總股權投資後的超額分配。

Total equity and earnings for the period were $173.5 million, representing Q1 equity and earnings of $7.7 million, plus the excess income from distribution of $165.8 million.

本期間的總權益和收益為 1.735 億美元，其中第一季的權益和收益為 770 萬美元，加上分配的超額收入 1.658 億美元。

Regarding the future estimates for equity and earnings in the AVAIL JV, representing our 40% JV ownership interest in the remaining businesses, we are currently forecasting a range of 0 to a small plus or minus for the remaining quarters of this year.

關於 AVAIL JV 的股權和收益的未來估計，代表我們在剩餘業務中的 40% 合資所有權權益，我們目前預測今年剩餘幾季的收益將在 0 到小幅正負之間。

Interest expense for the first quarter was $18.6 million, down $4.2 million from the prior year due to a combination of debt paydown and debt repricings.

第一季利息支出為 1,860 萬美元，由於債務償還和債務重新定價等因素，比前一年減少 420 萬美元。

As the AVAIL funds were received in May, this had minimal impact on interest expense in the quarter. The current quarter's income tax expense was $54.9 million reflecting an effective tax rate of 24.3%. This includes $42.5 million of accrued taxes on the equity and earnings recorded in the period. Excluding the impact of equity and earnings, our effective tax rate would have been 22.2% compared to 22.4% in the prior-year quarter. Reported net income for the first quarter was $170.9 million, compared to $39.6 million for the prior-year quarter.

由於 AVAIL 資金是在 5 月收到的，因此對本季的利息支出影響很小。本季的所得稅費用為 5,490 萬美元，有效稅率為 24.3%。其中包括該期間記錄的 4,250 萬美元的股權和收益應計稅款。不計股權和收益的影響，我們的有效稅率為 22.2%，而去年同期為 22.4%。第一季淨收入為 1.709 億美元，而去年同期為 3,960 萬美元。

Since a non-GAAP measure for adjusted net income excludes, amongst other items, equity and earnings from the AVAIL divestiture of $165.8 million, AZZ reported adjusted net income of $53.8 million or adjusted diluted EPS of $1.78. Thiscompares favorably to the prior-year's adjusted net income of $44 million or adjusted diluted EPS of $1.46. On an adjusted basis, our first quarter earnings increased by 22.2%, compared to the same period of the prior year.

由於非公認會計準則 (Non-GAAP) 調整後淨收入指標不包括股權和 AVAIL 資產剝離收益（總計 1.658 億美元），AZZ 報告調整後淨收入為 5380 萬美元，調整後稀釋每股收益為 1.78 美元。這與去年同期 4,400 萬美元的調整後淨收入或 1.46 美元的調整後稀釋每股收益相比表現良好。經調整後，我們第一季的收益年增 22.2%。

First quarter adjusted EBITDA was $106.4 million or 25.2% of sales compared to $94.1 million or 22.8% of sales in the prior year. This 240-basis-point improvement in adjusted EBITDA margin was mainly driven by increased volume, productivity improvements, and the performance in the quarter from the AVAIL JV.

第一季調整後的 EBITDA 為 1.064 億美元，佔銷售額的 25.2%，而去年同期為 9,410 萬美元，佔銷售額的 22.8%。調整後的 EBITDA 利潤率提高 240 個基點，主要得益於銷售增加、生產力提高以及 AVAIL JV 本季的業績。

Turning to our financial position and balance sheet, for the first quarter, we generated cash flow from operations of $314.8 million which included $273.2 million from the AVAIL divestiture mentioned earlier. Under GAAP accounting, this JV distribution was recognized as a cash flow from operations.

談到我們的財務狀況和資產負債表，第一季度，我們的經營活動產生的現金流為 3.148 億美元，其中包括前面提到的 AVAIL 資產剝離產生的 2.732 億美元。根據 GAAP 會計，該合資企業分配被確認為營業活動現金流。

Our Q1 capital spending was $20.9 million, of which, $3.2 million related to the new Washington, Missouri facility. While in the quarter, we realized proceeds of $3.8 million from the sale of certain property, plant and equipment.

我們第一季的資本支出為 2,090 萬美元，其中 320 萬美元與密蘇裡州華盛頓新廠有關。本季度，我們透過出售部分財產、廠房和設備獲得了 380 萬美元的收益。

Proceeds from the AVAIL divestiture, combined with free cash flow generation, allowed us to pay down $285.4 million of debt in the quarter. With the paydown of debt and our continued financial performance, our credit agreement net leverage ratio improved to 1.7 times, compared to 2.8 times in Q1 of last year.

AVAIL 資產剝離的收益加上自由現金流的產生，使我們在本季償還了 2.854 億美元的債務。隨著債務的償還和我們持續的財務表現，我們的信貸協議淨槓桿率改善至 1.7 倍，而去年第一季為 2.8 倍。

Our capital allocation strategy remains disciplined, with a focus on debt paydown, investments and organic growth, combined with strategic M&A, as demonstrated by the bolt-on acquisition announced on July 1. Additionally, as part of our capital allocation plans, we expect to pursue regular and opportunistic share repurchases under our current 10b5-1 buyback plan in the current fiscal year.

我們的資本配置策略依然嚴謹，重點關注債務償還、投資和有機成長，並結合策略併購，7 月 1 日宣布的附加收購就體現了這一點。此外，作為我們資本配置計畫的一部分，我們預計將在本財年根據目前的 10b5-1 回購計畫進行定期和機會性股票回購。

And finally, the Board approved an increase to our quarterly cash dividend from $0.17 per share to $0.20 per share, representing a 17.6% increase.

最後，董事會批准將我們的季度現金股利從每股 0.17 美元增加到每股 0.20 美元，增幅為 17.6%。

With that, I'd like to turn the call over to David.

說完這些，我想把電話轉給大衛。

Thank you, Jason. In Q1, we continue to see the demand from infrastructure-related project spending benefit AZZ across multiple end markets. Overall market strength continued in both construction and electrical, driven by continued growth in submarkets including data centers, electrical transmission and distribution, and solar power generation. This was somewhat offset by lower demand in end markets including industrial, particularly agriculture, transportation, as well as appliance and HVAC.

謝謝你，傑森。在第一季度，我們繼續看到基礎設施相關項目支出的需求使 AZZ 在多個終端市場受益。受資料中心、輸配電、太陽能發電等次市場持續成長的推動，建築和電氣市場整體持續保持強勁。這在一定程度上被工業（尤其是農業）、運輸以及家電和暖通空調等終端市場的需求下降所抵消。

The aluminum transition in food and beverage packaging remains a key driver for growth in the business, and we're excited about our new greenfield plant which continues to ramp production. We will also continue to benefit from the execution of reshoring activity accelerated by Invest in America initiatives and tariffs under the current administration, which we believe will be tailwinds for the domestic steel market as well as U.S. manufacturing and warehousing. As we are busy and an active construction season, our teams are well-positioned to execute for the remainder of the fiscal year.

食品和飲料包裝中的鋁轉型仍然是業務成長的主要驅動力，我們對不斷提高產量的新建工廠感到非常興奮。我們也將繼續受惠於現任政府實施的「投資美國」計畫和關稅所加速的回流活動，我們相信這將對國內鋼鐵市場以及美國製造業和倉儲業產生推動作用。由於我們正處於繁忙且活躍的施工季節，我們的團隊已做好充分準備來完成本財政年度剩餘的工作。

With that, I would now like to turn the call back over to Tom.

說完這些，我現在想把電話轉回給湯姆。

Thanks, David. Fiscal year 2026 is starting off with good momentum, and our teams continue to focus on the disciplined execution of our strategic plan by growing via market share expansion and converting customers from post-pay to prepay. As Jason discussed, our capital allocation playbook remains active. With the recent acquisition on the Metal Coatingsside, debt pay down, an increase in our quarterly cash dividend, and a plan to opportunistically repurchase our stock to offset dilution.

謝謝，大衛。2026 財年開局勢頭良好，我們的團隊將繼續專注於嚴格執行我們的策略計劃，透過擴大市場份額和將客戶從後付費轉變為預付費來實現成長。正如傑森所討論的，我們的資本配置策略仍然有效。隨著最近對金屬塗層業務的收購，債務償還減少，季度現金股息增加，以及機會性回購股票以抵消稀釋的計劃。

We believe AZZ continues to be undervalued at 9 to 10 times forward EBITDA, which gives us confidence to buy back our stock.

我們認為 AZZ 的預期 EBITDA 仍被低估 9 至 10 倍，這讓我們有信心回購股票。

Today, we are reiterating our sales and EBITDA guidance and are moving up our EPS guidance. We continue to believe that our fiscal 2026 sales will be in the range of $1.625 billion to $1.725 billion and adjusted EBITDA will be in a range of $360 million to $400 million, with the midpoint representing our best estimate.

今天，我們重申我們的銷售額和 EBITDA 指引，並上調我們的 EPS 指引。我們仍然相信，2026 財年的銷售額將在 16.25 億美元至 17.25 億美元之間，調整後的 EBITDA 將在 3.6 億美元至 4 億美元之間，中間點代表我們的最佳估計。

Regarding adjusted diluted EPS, we believe that $5.75 to $6.25 better reflects our current forecast, which means an increase of between 10% and 20%. Over the fiscal 2025 adjusted earnings. These numbers are supported by strength and demand forecasts and continuing momentum in our operational performance.

對於調整後的稀釋每股收益，我們認為 5.75 美元至 6.25 美元更能反映我們目前的預測，這意味著成長 10% 至 20%。2025財年調整後的收益。這些數字得到了實力和需求預測以及我們營運績效持續成長動能的支持。

Our liquidity position and balance sheet are strong and flexible, particularly following our debt reduction in the first quarter. Also, we are well-positioned to pursue strategic growth opportunities, including our other capital allocation strategies as already discussed.

我們的流動性狀況和資產負債表強勁而靈活，尤其是在第一季減少債務之後。此外，我們已做好準備，尋求策略性成長機會，包括我們已經討論過的其他資本配置策略。

To summarize, AZZ delivered a great start to fiscal 2026. Both Metal Coatings and Precoat Metals performed well with strong profitability and disciplined execution of our business strategy.

總而言之，AZZ 在 2026 財政年度取得了良好的開端。金屬塗料和預塗金屬均表現良好，獲利能力強，並嚴格執行我們的業務策略。

Now operator, we would like to open it up to call for questions.

接線員，現在我們想開放電話回答問題。

(Operator Instructions)

（操作員指示）

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Thanks, operator. Good morning guys. Congrats on a strong start to your fiscal year '26.

謝謝，接線生。大家早安。恭喜貴公司 26 財年開局良好。

I I guess on that, if I remember correctly, volumes during your four quarter was impacted by some extent, because the weather and some of the tariff uncertainty, et cetera. Did Q benefit from any sort of normalization in volumes accordingly?

我想，如果我沒記錯的話，你們第四季的銷售量受到了一定程度的影響，因為天氣和一些關稅不確定性等等。Q 是否因此受益於某種形式的交易量正常化？

Yeah, there was some, I'd say on the Metal Coatings side was where we were mostly affected by by storms, weather, that kind of thing. And I'd say so about half of that was recovery from Q4 and the other half was, pure organic growth.

是的，我想說，在金屬塗層方面，我們主要受到風暴、天氣等的影響。我想說，其中大約一半是從第四季復甦的，另一半是純粹的有機成長。

Got it. Perfect. And then in terms of, your prepared comments and also the press release you referenced, improved zinc utilization for Metal Coatings during the first quarter, obviously very strong performance for that segment from a margin standpoint. Can you just give us more specific color on what drove that and also give us the volume numbers by segment specific to one. Thank you.

知道了。完美的。然後，就您準備好的評論以及您引用的新聞稿而言，第一季金屬塗料的鋅利用率有所提高，從利潤率的角度來看，該部門的表現顯然非常強勁。您能否更具體地說明造成此現象的原因，並提供每個特定細分市場的數量數字。謝謝。

Yeah, I can talk to the first part. Yeah, I think what the team's been doing, and we talk a lot about digital galvanizing system, developing the leadership bench, the playbooks we have, the training, the technical capabilities, engineering, you put them all together and we're in many parts of our -- particularly our galvanizing operations. We're pretty much nearing the theoretical zinc efficiency levels because. And it's all those factors together, everything from digital tools, the training, experienced people, leadership, and just managing a lot of the details really well. I think the team still feels like they got a little bit of room. But in terms of zinc efficiencies and productivity, we're getting to the close to perfection.

是的，我可以談談第一部分。是的，我認為團隊一直在做的事情，我們談論了很多關於數位激勵系統、發展領導力、我們擁有的劇本、培訓、技術能力、工程，你把它們放在一起，我們處於我們的許多部分——特別是我們的激勵行動。我們非常接近理論上的鋅效率水平，因為。所有這些因素都綜合在一起，包括數位工具、培訓、經驗豐富的人員、領導力，以及對許多細節的良好管理。我認為球隊仍然感覺他們還有一點空間。但就鋅的效率和生產率而言，我們已經接近完美。

Obviously, we still have opportunities on labor productivity, utilizing our assets efficiently, continuing to invest in things that will make us even more productive from those in those perspectives. And, continuing to drive outstanding quality and service for our customers and meet, lead the industry in terms of short cycle times. So, I don't think we typically give volumes. I'm looking over at Jason and David.

顯然，從這些角度來看，我們在提高勞動生產力、有效利用資產、持續投資於能讓我們更有生產力的事物方面仍有機會。並且，繼續為我們的客戶提供卓越的品質和服務，並在短週期方面引領業界。所以，我認為我們通常不會給出數量。我正在看著傑森和大衛。

Yeah. We typically don't break out the volume numbers specific in the reporting.

是的。我們通常不會在報告中列出具體的數量數字。

I try anyway. Okay. Thanks so much, guys.

無論如何我都會嘗試。好的。非常感謝大家。

Adam Thalhimer, Thompson Davis.

亞當泰爾希默，湯普森戴維斯。

Hey. Good morning, guys. Congrats on the strong one. I wanted to ask on the the outlook for pre-code you mentioned that customer inventory levels are higher than last year. You have Washington ramping up. And I'm curious if there's an impact of tariffs on imported pre-painted steel. Just curious how that all rolls up in terms of your topline expectations at Precoat.

嘿。大家早安。恭喜你強大。我想問您提到的預編碼前景，客戶庫存水準高於去年。華盛頓正在加緊努力。我很好奇關稅是否對進口預塗鋼有影響。我只是好奇這一切對於您對 Precoat 的營收預期有何影響。

Yeah, I'll give you some color on that. David may want to add something, but yeah, so yeah, our customer inventory, so when we talk about sales, we're talking about what we produce and how we recognize revenue. When we're talking about shipments, that's the shipments out of inventories in our warehouses for customers.

是的，我會給你一些說明。大衛可能想補充一些內容，但是是的，是的，我們的客戶庫存，所以當我們談論銷售時，我們談論的是我們生產什麼以及我們如何確認收入。當我們談論發貨時，指的是從我們的倉庫中為客戶發貨。

So a couple of things. One, the inventories have ramped up as towards the end of the year and in the first quarter we we had customers pulling inventory down. Which we view as the true demand. Now overall, the markets are still generally down when you look at the NCCA or the NBNA. So we're down less than the overall market, but seeing we did it as a positive sign that the customers are pulling inventory, which says they've got, demand.

有幾件事。首先，接近年底，庫存增加，而在第一季度，我們的客戶開始減少庫存。我們認為這是真正的需求。總體而言，從 NCCA 或 NBNA 來看，市場總體上仍然低迷。因此，我們的降幅小於整體市場，但看到我們這樣做是一個積極的信號，表明客戶正在撤出庫存，這表明他們有需求。

When it comes to the imports, we did see a ramp up coming into the year of imported pre-paint. In anticipation of the tariffs, and then since then we've seen the drawdown, so we've seen those those pre-painted imports falling off pretty dramatically here the last few months and I don't know if wants to add anything to that.

說到進口，我們確實看到今年預塗漆進口量增加。由於預期關稅，從那時起我們就看到了下降，所以我們看到過去幾個月那些預塗進口量急劇下降，我不知道是否想補充什麼。

I would just add a little more color on that. In May, the pre-painted imports overall fell 38% year-over-year. There was a 50% drop in April, so collectively. On a calendar basis it's about a 20% decline year-over-year which really aligns with the team's expectations on what we imagined that the tariff impact would be.

我只是想添加一點顏色。5月份，彩塗板進口量整體較去年同期下降38%。4 月下降了 50%，所以總體而言。從日曆角度來看，這一數字年減了約 20%，這與團隊對關稅影響的預期完全一致。

So as we roll forward we think that again as we talked in our prepared remarks that can provide a bit of a tailwind for the business as people will be sourcing steel locally. And obviously, we're in a great position to coat that steel here in the domestic market.

因此，隨著我們繼續前進，我們再次認為，正如我們在準備好的發言中所說的那樣，這可以為業務提供一些順風，因為人們將在當地採購鋼材。顯然，我們在國內市場上擁有良好的鋼材塗層銷售優勢。

Good color. And then just quickly, the two small facilities that you disposed of during the quarter, do those volumes get shifted to another facility?

顏色不錯。然後簡單說一下，您在本季處理掉的兩個小型設施，這些量是否會轉移到另一個設施？

Yeah, one of them was over in Tampa, and we don't have any other facilities over there, but it was a small facility. Keeping in mind that total surface technologies is 1.5% of our overall sales. So, and then the other facility was, it was plating, we'll pick up some of that. We've got, facilities in the area, so, not a tremendous impact on sales, but definitely. They were not profitable facilities, so an opportunity to clean that up, retain some of the volume, and clearly drive improved profitability through that through that, because we also took some G&A cost reductions as well to better align the overhead structure with the remaining volume, so.

是的，其中一個在坦帕，我們在那裡沒有其他設施，但那是一個小型設施。請記住，總表面技術占我們總銷售額的 1.5%。那麼，另一個設施是電鍍，我們會選擇其中的一些。我們在該地區擁有設施，因此對銷售的影響不會很大，但肯定會有。它們不是盈利設施，因此，我們有機會清理這些設施，保留部分產量，並通過這種方式明顯提高盈利能力，因為我們還降低了一些一般及行政成本，以便更好地將間接費用結構與剩餘產量保持一致。

Just a good time to do it and we've been at it for about 3 years, done what we could do. We still think there's opportunities in it, and but we want to get it up to where it's, a more profitable contributor to the segment.

現在正是做這件事的好時機，我們已經做了大約 3 年，做了我們能做的一切。我們仍然認為其中存在機會，但我們希望它能成為該領域更有利可圖的貢獻者。

Perfect. Thanks, guys. I'll turn it over.

完美的。謝謝大家。我把它翻過來。

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

Thanks, operator. Good morning, everyone. Guys, really significant debt reduction in the quarter, which is great to see. You're now comfortably below 2 times. So I just was hoping to go back to capital allocation. I mean, is it fair to assume we could see share repurchases kind of take up in future quarters or what other considerations should we keep in mind? Thanks.

謝謝，接線生。大家早安。夥計們，本季的債務確實大幅減少，這真是令人高興。現在您可以輕鬆達到 2 倍以下。所以我只是希望回到資本配置。我的意思是，我們可以合理地假設未來幾季股票回購將會增加嗎？或者我們還應該考慮哪些其他因素？謝謝。

Yeah, we took the dividend up for the first time in a while, so we, that was a fairly easy decision for us in terms of share buybacks, as we've stated, we're committed to buying and we have the approved $100 million facility which I think we have roughly half of it left. So we've got plenty of room within the approved facility to acquire our stock or buy it back. And we're committed to doing that. I think we've, as we've talked, we've got a full pipeline of bolt on acquisition opportunities, so we'd like to get another one or two closed, particularly on the Metal Coatingsside. We're really pleased at getting.

是的，這是我們一段時間以來第一次提高股息，所以，就股票回購而言，這對我們來說是一個相當容易的決定，正如我們所說的，我們致力於購買，並且我們擁有已批准的 1 億美元融資，我認為我們還剩下大約一半。因此，我們在批准的設施內有足夠的空間來收購我們的股票或回購它。我們致力於做到這一點。我認為，正如我們所說的，我們擁有完整的額外收購機會，因此我們希望再完成一兩個收購，特別是在金屬塗層方面。我們真的很高興得到。

The Canton deal done. We were a little rusty. It took us a little bit longer to close it than we probably would have liked, but I think we we're all, buffed back up and ready to remain active. So I feel real good about that. And then, yeah, we are kind of on the debt reduction side, pretty quickly approaching 1.5 times leverage, which is pretty is the low end of where we'd like to be, so. Yeah, share buybacks, get some additional deals done, and we've got good investment strategies for CapEx to continue to improve our productivity and allow us to take share and expand our services, and then we're committed to every year now looking at the dividend.

廣州交易已完成。我們有點生疏了。我們花了比預期更長的時間來完成它，但我認為我們都已經恢復了活力並準備繼續活躍。所以我對此感覺非常好。是的，我們正處於減債方面，很快就接近 1.5 倍的槓桿率，這相當接近我們想要的低端水平，所以。是的，股票回購，完成一些額外的交易，我們對資本支出有很好的投資策略，以繼續提高我們的生產力，讓我們獲得份額並擴大我們的服務，然後我們致力於每年關注股息。

That's all great to hear. I appreciate that, Tom. My second one just be great to hear more color on what you're hearing from a customer and project perspective, particularly on the back of the copper tariff announcement. So are you hearing any rumblings of timelines that could shift out? I know it's this is very recent, but just curious on your thoughts given how copper intensive some of your end markets are.

聽到這些真是太好了。我很感激，湯姆。我的第二個問題是，很高興聽到您從客戶和專案的角度發表更多看法，特別是關於銅關稅公告的內容。那麼，您是否聽過任何有關時間線可能發生變化的傳言？我知道這是最近發生的事情，但我只是好奇你的想法，因為你們的一些終端市場對銅的依賴程度很高。

Yeah, that one we don't have much input on because it is so recent. I would say prior to that we were hearing positive things, getting the Getting sorry, getting the tax cuts approved so that you know that becomes predictable for projects companies still love to see a Fed rate cut. I think a lot of our customers are, it's just project viability, it would improve it slightly, but I think the reshoring, a lot of the data.

是的，我們對此沒有太多投入，因為它太新了。我想說，在此之前，我們聽到的是積極的消息，得到道歉，減稅獲得批准，所以你知道這對專案公司仍然喜歡看到聯準會降息來說是可以預見的。我認為我們的許多客戶都是這樣的，這只是專案可行性，它會稍微改善它，但我認為回流，很多數據。

When data centers just continued expansion infrastructure as we saw in the first quarter, particularly on the coding side, it's all pretty positive, but the more settled with the big beautiful bill or whatever they're calling it these days, the more things are settled, the more opportunity I just read in the Wall Street today. The administration reducing a lot of the environmental holes and things like that to streamline permitting. That's all positive, but we will over the next couple of weeks be checking with customers on what this latest news may mean. I, I'm not sure that that I would not see it as a significant impact on the kinds of projects that we're looking at.

正如我們在第一季度看到的那樣，當資料中心繼續擴展基礎設施時，特別是在編碼方面，這一切都非常積極，但是，隨著大美麗法案或現在人們所稱呼的法案的解決，事情得到解決的越多，我今天在華爾街看到的機會就越多。政府減少了許多環境漏洞和類似的東西來簡化許可程序。這些都是正面的消息，但我們將在接下來的幾週內向客戶核實這項最新消息可能意味著什麼。我，我不確定我是否會認為它對我們正在考慮的專案類型產生重大影響。

Got it. Well, guys, great work again and and keep it up.

知道了。好吧，夥計們，你們又乾得很出色，繼續保持下去。

Thank you.

謝謝。

Daniel Rizzo, Jefferies.

傑富瑞的丹尼爾·里佐 (Daniel Rizzo)。

Hey guys, thank you for taking my question. So the outlook, I mean it was a pre-sal quarter and you raised your EPS guidance. I was just, I was a little surprised if you didn't raise EIA as well. I don't know. It just seems like things are going fairly well, and I don't know if you're just seeing a lot of uncertainty or what would cause you to trigger to be a little more, I guess, a little more positive with EIA and sales as well, or what's causing maybe some hesitance.

嘿夥計們，謝謝你們回答我的問題。所以就前景而言，我的意思是這是一個銷售前季度，而您提高了每股收益預期。我只是，如果你沒有提出 EIA，我會有點驚訝。我不知道。看起來事情進展得相當順利，我不知道您是否只是看到了很多不確定性，或者是什麼導致您對 EIA 和銷售更加樂觀，或者是什麼導致了您的一些猶豫。

I think on the sales side we're just continue to, the tariff uncertainty just continues to make us a little cautious, since we don't have backlogs, we're just basically we've got great customer relations and talking about their future plans and what they're doing, which I just alluded to, which is relatively positive going forward, but the fact that there's still. Tariff uncertainty. What does it mean? So we're cautious on the sales side.

我認為在銷售方面我們會繼續，關稅的不確定性讓我們繼續有點謹慎，因為我們沒有積壓訂單，我們基本上與客戶保持著良好的關係，談論他們的未來計劃和他們正在做的事情，我剛才提到，這對未來來說是相對積極的，但事實仍然存在。關稅不確定性。這是什麼意思？因此，我們對銷售方面持謹慎態度。

We've got lots of levers to pull on the EPS side, so that's why we get more confident on that. EBITDA, just keep in mind that with the avail transacting the electrical businesses, that so we're going to lose EBITDA from what was equity income, but we're getting interest savings that offsets that. So you know that's in the $10 million, $12 million, $13 million range, but they offset. So that's a headwind for EBITDA, but a tailwind for EPS. It's and that's about as far as we've calculated at this point.

我們在 EPS 方面有很多可以利用的槓桿，所以我們對此更有信心。EBITDA，請記住，隨著電力業務的交易，我們將從股權收入中損失 EBITDA，但我們會獲得抵消這一損失的利息節省。所以你知道這在 1000 萬美元、1200 萬美元、1300 萬美元的範圍內，但它們抵消了。因此，這對 EBITDA 來說是不利因素，但對 EPS 來說卻是順風。就是這樣，這就是我們目前所計算的全部內容。

Thanks. That's actually very helpful. And then if we think about the margin of improvement you've you've kind of done already and what we expect going forward, I assume that a lot of what's going forward is going to come from just better throughput or I mean are there additional leverage you can pull or should we just look for for volume improvements to kind of drive most of that.

謝謝。這確實非常有幫助。然後，如果我們考慮您已經完成的改進幅度以及我們對未來的期望，我認為未來的許多進展將來自於更好的吞吐量，或者我的意思是您是否可以利用額外的槓桿，或者我們應該只尋求數量的改進來推動其中的大部分。

Yeah. You've got a couple of things going on on the pre-code side. We do have the new facility ramping up, as I've talked about previously, that we view for that ramp really to hit in the second half and then as we finish the year in the fourth quarter, so that's volume and EBITDA flow through that we were anticipating on the we will have the addition now of not not that it's huge, but it's a typical site from the Canton Gal acquisition. Hopefully get another one done and then it's just the the typical organic growth continuing to drive on market share.

是的。在預編碼方面，您遇到了一些事情。正如我之前談到的，我們確實正在增加新設施，我們預計該設施的產量將在下半年真正達到峰值，然後在第四季度結束今年時，產量和 EBITDA 流量將達到我們預期的水平，現在我們將增加新設施，雖然規模不大，但這是 Canton Gal 收購的典型站點。希望能夠完成另一個，然後它只是典型的有機成長，繼續推動市場份額。

The leverage that we will always focus on is is related to operational excellence, how we manage our our expenses, keeping things tight as as as the year plays on plays out and seeing where tariffs go, so. We feel like we've got good levers. We'll, they could talk about the fact we'll, we may be out repricing our debt again. There's things that we've got, that should be positive going forward from an EPS perspective, and we'll pull all those levers as we go forward. Jason, I want to add. Yeah, okay.

我們將始終關注的槓桿與卓越營運有關，我們如何管理我們的開支，隨著時間的推移保持緊張局面，並觀察關稅的走向，等等。我們感覺我們已經擁有了很好的槓桿。他們可能會談論我們可能會再次重新定價我們的債務。我們所擁有的東西，從每股盈餘的角度來看，應該會對未來產生正面的影響，而且我們會在前進的過程中充分利用這些槓桿。傑森，我想補充一下。嗯，好的。

And then final question, just when we look at M&A and your activity, should we think about it like like we just saw where like there's like site additions and maybe some smaller tins, or are there things that are not necessarily transformative, but are there bigger things out there that could be added to the network?

然後最後一個問題，當我們看併購和您的活動時，我們是否應該像我們剛才看到的那樣考慮它，比如有站點添加和一些較小的罐頭，或者有一些不一定具有變革性的東西，但是否有更大的東西可以添加到網絡中？

Yeah, and from the metal coding side, it's mostly the one-offs that we have in the pipeline right now. There's a couple of multi-site things, 678 sites out there that if they come available, we'll obviously be very interested and believe we we have good relationships in both those cases, but we can't predict when that would happen. What we can predict is the one-offs that were, that are in the pipeline now, and can we get those closed? Can we get the right deal done? On the pre-code side, it's typically if we can buy a line from somebody, otherwise, which would be the smaller side, but if we could, and then it's going to get bigger, but by by bigger there's, same thing, there's a Oh, a couple of multi-site, opportunities out there that, those would be.

是的，從金屬編碼方面來看，這主要是我們目前正在進行的一次性工作。有幾個多站點項目，678 個站點，如果它們可用，我們顯然會非常感興趣，並且相信我們在這兩種情況下都有良好的關係，但我們無法預測何時會發生這種情況。我們可以預測的是那些目前正在籌備的一次性項目，我們能否完成它們？我們能達成正確的交易嗎？在預編碼方面，通常是我們是否可以從某人那裡購買一條線路，否則，這將是較小的方面，但如果我們可以，那麼它會變得更大，但隨著越來越大，同樣的事情，有幾個多站點的機會，那些將是。

Bigger, they're going to take a little bit longer, so I think if, to see those, it'd be towards the end of this year, getting into next year before we would be looking at those kinds of things or active, actively pursuing them, but there are some out there, so and and we like to think they're, nicely placed in our pipeline as we continue to generate cash at the levels we're doing.

更大一些，它們將需要更長的時間，所以我認為，如果要看到這些，那將在今年年底，進入明年，我們才會考慮這些事情或積極、積極地追求它們，但有一些已經存在，所以，我們喜歡認為，隨著我們繼續以我們正在做的水平產生現金，它們已經很好地放置在我們的管道中。

All right. Thank you very much.

好的。非常感謝。

And I will add one other thing. David had just shown the Dodge Momentum index is showing up 7%, so things are trending in a positive way.

我還要補充一點。大衛剛剛表示道奇動量指數上漲了 7%，因此情況正在朝著積極的方向發展。

Mark Reichman, Noble Capital Markets.

馬克‧賴克曼 (Mark Reichman)，Noble Capital Markets。

I was just curious, in the past you've kind of described the Bolton acquisitions as those with kind of revenue in the $10 million to $20 million range and even down in the $3 million to $4 million range. I was just wondering, is Canton, is that, does that match pretty much that profile or was it on the smaller side and because that asset was relatively new, are there meaningful opportunities to improve the economics once integrated?

我只是好奇，過去您曾將 Bolton 的收購描述為收入在 1000 萬美元到 2000 萬美元之間，甚至在 300 萬美元到 400 萬美元之間的收購。我只是想知道，Canton 是否與該概況相符，或者它的規模較小，並且由於該資產相對較新，整合後是否有改善經濟狀況的有意義的機會？

Yeah, that's a great question. It's within the range, but on the lower side of that range, you just gave in the $10 million to $20 million, it was nicely profitable, so it's definitely not a fixer upper, very nice business with, a good customer base that.

是的，這是一個很好的問題。它在這個範圍內，但在這個範圍的低端，你只需給出 1000 萬美元到 2000 萬美元，它就能帶來不錯的利潤，所以它絕對不是一項需要修繕的房產，而是一項非常好的生意，擁有良好的客戶群。

So can we add some, we will drive some margin improvement using DGS we've got a good sales team in the area, things like that. So we would hope to grow it quickly out of the box and and improve the margins somewhat, but but it was already in a very nice profit range.

那麼我們可以添加一些嗎，我們將利用 DGS 來提高利潤率，我們在該地區擁有一支優秀的銷售團隊，諸如此類的事情。因此，我們希望它能夠快速成長，並在一定程度上提高利潤率，但它已經處於非常好的利潤範圍內。

Oh thank you. And then second question, I guess really last question is the Precoat Metals, the sales were down relative to the prior year period, and I was just wondering, if you could kind of provide your expectations for the pre-to metal segment in terms of maybe sales growth or or margin given that there's some moving pieces there with the Washington.

噢，謝謝。然後是第二個問題，我想最後一個問題是預塗金屬，銷售額與去年同期相比有所下降，我只是想知道，您是否可以提供對預塗金屬部分的預期，可能是銷售額增長或利潤率，因為華盛頓有一些變動。

Missouri facility coming online and expected to operate at a slightly higher margin.

密蘇裡州工廠即將上線，預計利潤率將略高。

Yeah, I think as we talked, the pre-K has been more affected by tariffs and some moving moving pieces when it comes to imported pre-painted metal and stuff like that. So their volumes were affected, but I think the thing I would point to their margins were up and that just demonstrates the variability of their cost structure. They like on the Metal Coatingsside they can adapt their cost quickly due to the variability of it. And sustain their margins and so we look for them to continue that that discipline, focus and adjust as as volumes, play out. So as the new facility ramps up, we're, this first quarter was.

是的，我認為正如我們所討論的，當涉及到進口預塗金屬和類似的東西時，幼兒園受到關稅和一些變動的影響更大。因此他們的銷售量受到了影響，但我認為他們的利潤率上升了，這恰恰證明了他們的成本結構的多變性。他們喜歡金屬塗層，因為金屬塗層具有多變性，因此他們可以快速調整成本。並維持他們的利潤率，因此我們希望他們繼續保持這種紀律，集中精力並根據數量進行調整。因此，隨著新設施的建設，我們在第一季就取得了進展。

Tests, qualifications, things like that, finalizing the equipment performance, this quarter we'll start to ramp some volume up and then as we get into the 3rd quarter, we start to start to get into a pretty good level of contribution and 4th quarter we're hoping to be at, almost normal run rates. It's a lot of moving pieces, so I don't want to oversimplify that, but. So far everything's been tracking really well. The team's been doing a great job of bringing up a large complex facility. Jason, I don't know if you want to add something to that. No.

測試、資格認證等諸如此類的事情，最終確定設備性能，本季度我們將開始增加一些產量，然後進入第三季度，我們開始進入一個相當不錯的貢獻水平，我們希望在第四季度達到幾乎正常的運行率。它有很多活動的部分，所以我不想過度簡化它，但是。到目前為止，一切都進展順利。該團隊在建立大型複雜設施方面做得非常出色。傑森，我不知道你是否想補充一些內容。不。

No, I think you highlight the two main points there, which, greater margins and smaller volumes, so business is doing all the right things.

不，我認為你強調了兩個要點，即更大的利潤和更小的銷量，所以企業正在做的都是正確的事情。

Q1 was a fairly disruptive quarter just in terms of the The the the the volumes associated with the import material coming in and you know some build ahead in terms of the tariff impact. So we see that starting to come back out the system as we enter Q2 and going forward.

就進口材料數量以及關稅影響而言，第一季是一個相當混亂的季度。因此，我們看到，隨著我們進入第二季度並繼續前進，這種情況開始重新出現在系統中。

That's great and very helpful. Thank you very much.

這很棒，非常有幫助。非常感謝。

John Braatz, Kansas City Capital.

約翰‧布拉茨 (John Braatz)，堪薩斯市首府。

Good morning, everyone. A question for David. David, you mentioned a couple pieces of the Metal Coatingsbusiness being strong, that is solar and electrical, and I guess with the passage of the big bill and maybe the solar subsidies easing, what do you, how do you look at the outlook for the solar piece of that of the Metal Coatingsbusiness and maybe also, they're talking about copper tariffs going up 50%, any thoughts on how that might might impact the business?

大家早安。問大衛一個問題。大衛，您提到金屬塗層業務的幾個部分錶現強勁，即太陽能和電力，我想隨著大法案的通過以及太陽能補貼的減少，您如何看待金屬塗層業務中太陽能部分的前景？也許他們還在談論銅關稅上漲 50%，您認為這可能會對業務產生什麼影響？

Yeah, sure thing. As you look at it, with respect to the first part of the question, I think what we're seeing and are going to expect to see is that there'll be a pull forward of some of these projects, specifically the solar projects.

是的，當然可以。正如您所看到的，關於問題的第一部分，我認為我們所看到的和將要看到的是，其中一些項目，特別是太陽能項目將會提前啟動。

Those will need to, as they look at what's happened with the big beautiful bill and some of the cuts that have happened, those need to get from planning into production.

當他們看到大美鈔發生了什麼事以及已經發生的一些削減時，這些都需要從規劃階段進入生產階段。

Within the next 12 months and then they need to be completed by 2027. So we do think that a lot of the solar projects that are in the pipeline are going to get pulled forward as a result. So that could provide some tailwind again for the business, in the shorter term.

在接下來的 12 個月內，它們需要在 2027 年完成。因此，我們確實認為，許多正在籌備的太陽能專案將會因此而推進。因此，從短期來看，這可能會再次為業務帶來一些順風。

Yeah, and I'd also add that you know our electricity demand is going to continue to go up with the addition of all these data centers, and so it's going to have to be electricity of some kind that comes into place, whether that's new gas turbine plants or or or other things. So all and as long as it uses steel that we can galvanize or paint, we're we're good with it.

是的，我還要補充一點，隨著所有這些資料中心的增加，我們的電力需求將會繼續上升，因此必須要有某種形式的電力，無論是新的燃氣渦輪機電廠還是其他什麼。所以，只要它使用我們可以鍍鋅或塗漆的鋼材，我們就可以接受。

Okay. Tom, not that it's a big deal, but A the remaining interest in your joint venture industrial lighting. But does that also include the welding business?

好的。湯姆，這不是什麼大問題，但是你在合資工業照明企業中剩餘的權益。但這是否也包括焊接業務？

Yeah, it does include the welding Solutions Inc. Which is the WSI business, which is the bigger piece of it.

是的，它確實包括焊接解決方案公司，也就是 WSI 業務，它是其中較大的一部分。

Okay. Now, did they not have exposure to the nuclear industry, ?

好的。難道他們沒有接觸過核工業嗎？？

They do. At one time, that was almost half the business. It's a smaller piece now, but it's it's still a good solid piece and that has lots of opportunities.

確實如此。有一段時間，這幾乎佔了業務的一半。它現在是一個較小的作品，但它仍然是一個好的堅固的作品，並且有很多機會。

Okay. I mean, can I move the needle for you?

好的。我的意思是，我可以幫你改變一下嗎？

I think, right now, the available team's focus is on supporting the TSAs with invent for the divested business, not that they're not paying attention to WSI and lighting, but I think, there is that opportunity, and I know they are focused on it. I think we've got a board meeting coming up here in another month, so we'll get better color on that. There's that used to be a very profitable piece of the business if you go back a decade or so. Yeah.

我認為，目前，現有團隊的重點是支持 TSA 為剝離的業務進行發明，並不是說他們沒有關注 WSI 和照明，但我認為，有這樣的機會，而且我知道他們正專注於此。我認為下個月我們將在這裡召開一次董事會會議，所以我們將對此有更好的了解。如果你回顧一下十年前，這曾經是一個非常有利可圖的業務部分。是的。

Yeah, okay. All right. Thank you very much.

嗯，好的。好的。非常感謝。

Gerry Sweeney, Roth Capital.

羅斯資本的格里‧斯威尼 (Gerry Sweeney)。

Good morning, everyone. Most of my questions are asked. Just one quick one and probably an easy one, but just with the Canton acquisitions been galvanizing, I think you mentioned when you announced that expands, that type of business, just curious if. If this spin galvanizing side, you can leverage some of your existing customers and sort of what is the potential revenue, capacity at the Canton facility.

大家早安。我的大部分問題都被問到了。只想快速回答一個問題，可能也很簡單，但是隨著 Canton 收購案的推進，我想您在宣布擴張時提到過這種類型的業務，只是好奇。如果這能帶來正面的效果，那麼你就可以利用一些現有客戶，並了解廣州工廠的潛在收入和產能。

Yeah, we, we've got a facility in the, in the vicinity within a few miles, which is a larger, much larger kettle structural, does a lot of structural work, so we'll be operating those two plants, optimizing, what customers we can bring in. And just viewing it as a broader set of capabilities and capacities. So yeah, I think between the two we're we're the team will focus on optimizing the the capacity utilization.

是的，我們在附近幾英里內有一個設施，這是一個更大的釜結構，做了很多結構工作，所以我們將運營這兩個工廠，優化我們可以帶來的客戶。並將其視為更廣泛的能力和容量。是的，我認為我們團隊將專注於優化產能利用率。

There are some customers including some some vertically integrated customers for the for can galvanizing, which will be additional customer base for us at at our existing site. So, it's a fun one.

有一些客戶，包括一些垂直整合的鍍鋅客戶，他們將成為我們現有工廠的額外客戶群。所以，這很有趣。

But these things, if we can pick up another $5 million or $6 million of incremental volume across the whole thing that, so not.

但是，如果我們能在整個過程中再獲得 500 萬美元或 600 萬美元的增量，那就不是了。

Nothing, yeah, not huge, but like I said, fun and getting back in the the bolt on acquisition game just makes us feel good and getting another flag planted and another one under our belt. So hopefully when we get a couple more done.

是的，沒什麼，不是很大，但就像我說的，有趣並且重新回到附加收購遊戲中讓我們感覺良好，並且又插上一面旗幟，又獲得了另一面旗幟。所以希望我們能完成更多工作。

Get cobwebs out as you said, so I appreciate it on a quarter to be here.

正如您所說，清除蜘蛛網，因此我很感激能花四分之一的時間來到這裡。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Tom Ferguson for any closing remarks.

我們的問答環節到此結束。我想將會議交還給湯姆·弗格森 (Tom Ferguson) 做最後演講。

Thank you, operator. Thank you all for joining us today. As we continue to believe we've got an outstanding business, tremendous cash flows that we intend to to utilize well and deploy to continue to grow this business, to buy back stock as we move forward and continue to invest in acquiring businesses that we think we can drive great synergies and become a great piece of our platform. We feel well-positioned for this year and I believe we're off to a great start, looking forward to finishing up the second quarter and talking to you all in just a couple of months. Thank you very much.

謝謝您，接線生。感謝大家今天的參與。我們始終相信，我們擁有出色的業務和巨大的現金流，我們打算好好利用和部署這些現金流，以繼續發展這項業務，在前進的過程中回購股票，並繼續投資收購我們認為可以產生巨大協同效應並成為我們平台重要組成部分的業務。我們感覺今年已經做好了準備，我相信我們已經有了一個良好的開端，期待著完成第二季並在幾個月後與大家交談。非常感謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。