AZZ Inc (AZZ) 2026 Q2 法說會逐字稿

Good day, and welcome to AZZ's second-quarter fiscal 2026 earnings conference call and webcast. (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.

大家好，歡迎參加 AZZ 2026 財年第二季財報電話會議和網路廣播。（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. Thank you for joining us today to review AZZ's second-quarter fiscal 2026 results for the period ended August 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.

早安.感謝您今天加入我們，共同回顧 AZZ 截至 2025 年 8 月 31 日的 2026 財年第二季業績。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。

Please note that the live webcast for today's call can be found at www.azz.com/investor-events. Before we begin, I would like to remind everyone that our discussion today will include forward-looking statements made in accordance with 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.

請注意，今天的電話會議網路直播可在 www.azz.com/investor-events 觀看。在開始之前，我想提醒大家，我們今天的討論將包含根據《1995 年私人證券訴訟改革法》安全港條款所做的前瞻性陳述。從本質上來說，前瞻性陳述具有不確定性，並且不受公司控制。

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.

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。

Actual results could differ materially from these expectations. In addition, today's call will discuss non-GAAP financial measures, which should be considered supplemental and not as a substitute for GAAP financial measures. We refer our shareholders to our reconciliations from GAAP to non-GAAP measures contained in today's earnings press release.

實際結果可能與這些預期有重大差異。此外，今天的電話會議將討論非公認會計準則財務指標，這些指標應被視為補充，而不是公認會計準則財務指標的替代。我們請股東參閱今天的收益新聞稿中所包含的從 GAAP 到非 GAAP 指標的調整表。

I would now like to turn the call over to Tom Ferguson.

現在我想把電話轉給湯姆·弗格森。

Thank you, Sandy. Good morning, and thank you for joining us to review AZZ's financial results today. We delivered solid second-quarter results. Total sales increased by 2%, adjusted earnings per share rose 13.1%, and operating cash flow improved by 23%, underscoring our disciplined execution in a highly dynamic environment.

謝謝你，桑迪。早安，感謝您今天與我們一起回顧 AZZ 的財務表現。我們取得了穩健的第二季業績。總銷售額成長了 2%，調整後每股盈餘成長了 13.1%，營運現金流提高了 23%，凸顯了我們在高度動態的環境中嚴謹的執行力。

Metal Coatings achieved a strong double-digit sales growth, supported by higher volumes and sustained momentum related to robust infrastructure project activity. Metal Coating margins of 30.8% were down slightly as our mix of solar and transmission distribution increased, and these tend to be slightly lower margin markets. We remain confident in the strength of our core markets and the growth potential ahead for galvanized steel in construction, industrial, and electrical utility projects this year.

金屬塗料業務實現了強勁的兩位數銷售成長，這得益於銷售量的成長和強勁的基礎設施專案活動帶來的持續成長勢頭。由於我們的太陽能和輸電分銷組合增加，金屬塗層利潤率略有下降，為 30.8%，而這些市場往往利潤率略低。我們仍然對核心市場的實力以及今年鍍鋅鋼在建築、工業和電力項目中的成長潛力充滿信心。

Similar to others in the industry this quarter, Precoat Metals faced some mixed market conditions, particularly in relation to tariffs, but focused on protecting margins while pursuing market share opportunities. While Precoat benefited from the tariff impact on pre-painted imported metal they faced headwinds due to softer building construction that extended to HVAC and appliance end markets.

與本季業內其他公司類似，Precoat Metals 面臨一些混合的市場條件，特別是與關稅相關的條件，但其專注於保護利潤率，同時尋求市場份額機會。儘管 Precoat 受益於預塗進口金屬關稅的影響，但他們也面臨建築施工疲軟（延伸至暖通空調和家電終端市場）的阻力。

Looking ahead, we are encouraged by Precoat's new customer wins, which are generating market share gains. This is primarily due to a strong focus on key markets impacted by reduced access to imported pre-painted metal, including the aluminum container market. Our container and beverage results continue to reach new highs during the quarter, indicating that the shift from plastic to aluminum is gaining momentum as we ramp production at the new facility in Washington, Missouri.

展望未來，Precoat 贏得新客戶並帶來市場份額成長，這令我們感到鼓舞。這主要是由於高度關注受到進口預塗金屬准入減少影響的關鍵市場，包括鋁容器市場。我們的容器和飲料業績在本季繼續創下新高，這表明隨著我們在密蘇裡州華盛頓新工廠擴大產量，從塑膠到鋁的轉變正在加速。

However, the overall demand outlook remains mixed for Precoat's end markets So we are maintaining a cautious outlook as ongoing tariffs have contributed to customer hesitation on non-infrastructure-related projects. Dave will provide more details on industry trends and AZZ's end markets shortly.

然而，Precoat 終端市場的整體需求前景仍然喜憂參半，因此我們保持謹慎的態度，因為持續的關稅導致客戶對非基礎設施相關項目猶豫不決。Dave 很快就會提供更多有關行業趨勢和 AZZ 終端市場的詳細資訊。

Consolidated adjusted EBITDA for the quarter was $88.7 million, reflecting a margin of 21.3%. The divestiture of the Electrical Products Group through the Avail joint venture created a modest EBITDA headwind in the quarter. which Jason will address shortly. At our new Washington, Missouri facility, sales continued to increase and operating leverage is improving as we ramp up production.

本季合併調整後 EBITDA 為 8,870 萬美元，利潤率為 21.3%。透過 Avail 合資企業剝離電氣產品集團導致本季 EBITDA 出現適度阻力。 Jason 很快就會對此進行討論。在我們位於密蘇裡州華盛頓的新工廠，隨著產量的提高，銷售量持續成長，營運槓桿也正在提高。

We remain confident in achieving gross margin improvements as volumes grow at the new site through the second half of the year. AZZ's proprietary technology continues to set us apart. We continue to pursue technology upgrades ranging from updating system applications, continuing to migrate data systems to Oracle, exploring AI opportunities, and developing new galvanizing and coding processes to drive operational efficiencies across our broad network of facilities.

隨著下半年新廠產量的成長，我們仍然有信心實現毛利率的提高。AZZ 的專有技術繼續使我們脫穎而出。我們將繼續進行技術升級，包括更新系統應用程式、繼續將資料系統遷移到 Oracle、探索人工智慧機會以及開發新的鍍鋅和編碼流程，以提高我們廣泛的設施網路的營運效率。

As is normal for our Metal Coatings team, they quickly integrated the newly acquired Ohio facility onto Oracle and DGS which is our proprietary digital galvanizing system. With that, I will turn it over to Jason.

正如我們的金屬塗層團隊所常做的那樣，他們迅速將新收購的俄亥俄工廠整合到 Oracle 和 DGS（我們的專有數位鍍鋅系統）中。說完這些，我將把它交給傑森。

Thank you, Tom. For the second quarter, we reported sales of $417.3 million, representing a 2% increase from $409 million in the prior year period. Growth was led by our Metal Coatings segment, where sales increased 10.8% over the prior year's quarter driven by higher volumes and supported by infrastructure-related spending across our largest verticals.

謝謝你，湯姆。第二季度，我們的銷售額為 4.173 億美元，比去年同期的 4.09 億美元成長 2%。成長主要由我們的金屬塗料部門帶動，該部門銷售額較上年同期增長 10.8%，這得益於銷量增加以及我們最大垂直行業的基礎設施相關支出的支持。

In contrast, Precoat Metal sales declined 4.3% and due to a weaker market environment, reflecting lower volumes in building construction, HVAC, and appliance end markets. As Tom mentioned, Precoat continues to win market share in a competitive and dynamic marketplace. The second-quarter gross profit was $101.3 million or 24.3% of sales compared to $103.5 million or 25.3% of sales in the same quarter of the prior year.

相較之下，由於市場環境疲軟，Precoat Metal 的銷售額下降了 4.3%，反映出建築施工、暖通空調和家電終端市場的銷售下降。正如湯姆所提到的，Precoat 在競爭激烈、充滿活力的市場中不斷贏得市場份額。第二季毛利為 1.013 億美元，佔銷售額的 24.3%，去年同期為 1.035 億美元，佔銷售額的 25.3%。

The Precoat Metals segment margins were impacted by customer buying patterns and the introduction of our new aluminum coil coating facility, which when combined, contributed to a small drag on margins. Whereas in the Metal Coatings segment, product mix was slightly unfavorable in comparison to the prior year quarter.

預塗金屬部門的利潤率受到客戶購買模式和新鋁捲塗層設施引入的影響，兩者結合起來，對利潤率造成了輕微的拖累。而在金屬塗料領域，產品組合與去年同期相比略有不利。

Selling, general, and administrative expenses totaled $32.8 million in the second quarter or 7.9% of sales. This compares favorably to last year's second quarter, which was $35.9 million or 8.8% of sales. Operating income for the quarter was $68.5 million or 16.4% of sales compared with $67.6 million or 16.5% of sales in the prior year second quarter, reflecting the strength in operational execution on lower volumes.

第二季銷售、一般及行政費用總計 3,280 萬美元，佔銷售額的 7.9%。這與去年第二季的 3,590 萬美元（佔銷售額的 8.8%）相比表現良好。本季營業收入為 6,850 萬美元，佔銷售額的 16.4%，而去年第二季營業收入為 6,760 萬美元，佔銷售額的 16.5%，這反映出在銷量較低的情況下營運執行力強勁。

As noted last quarter, Fernweh, our 60% joint venture partner on Avail divested the majority of its electrical products business in the quarter. For the second quarter, this transaction resulted in accounting adjustments to record an additional gain on the sale. Combined with other adjustments and operating performance of the remaining businesses, we reported equity in earnings of $59.3 million in the quarter. On an adjusted basis, our quarterly equity in earnings reflected a loss of $2.3 million from continuing operations.

正如上個季度所指出的，我們在 Avail 的 60% 合資夥伴 Fernweh 在本季度剝離了其大部分電氣產品業務。對於第二季度，這筆交易導致會計調整，以記錄額外的銷售收益。結合其他調整和剩餘業務的經營業績，我們報告本季的權益收益為 5,930 萬美元。經調整後，我們的季度收益權益反映出持續經營業務損失 230 萬美元。

The loss in the quarter is primarily due to the excess overhead costs resulting from the divestiture of the electrical products business and is a (inaudible) weaker summer season from our build welding solutions business. Looking ahead, regarding our 40% ownership interest in the remaining Avail business, which now consists of welding services, lighting, and some international joint ventures, we are forecasting extent earnings from unconsolidated subsidiaries to be 0 for the remainder of the year.

本季的虧損主要是由於剝離電氣產品業務導致的額外間接成本，以及我們的建造焊接解決方案業務的夏季較弱（聽不清楚）。展望未來，關於我們在剩餘 Avail 業務中的 40% 所有權權益，該業務目前包括焊接服務、照明和一些國際合資企業，我們預測今年剩餘時間內來自非合併子公司的收益範圍為 0。

Interest expense for the second quarter was $13.7 million, represent a significant improvement of $8.2 million from the prior year due to a combination of debt paydown, debt repricing, and accounts receivable securitization facility introduced in the quarter. The accounts receivable facility has a borrowing limit of $150 million and is accounted for secured borrowings with an interest rate of one-month SOFR plus 95 basis points.

第二季的利息支出為 1,370 萬美元，比上年同期大幅改善了 820 萬美元，這得益於本季推出的債務償還、債務重新定價和應收帳款證券化工具。此應收帳款貸款的借款限額為 1.5 億美元，以一個月 SOFR 加 95 個基點的利率作為擔保借款入帳。

Create an expected annual interest savings of $1.4 million versus current borrowings on the term loan. During the quarter, 100% of the proceeds received from this facility were used to pay down existing debt. The current quarter's income tax expense was $25 million, reflecting an effective tax rate of 21.9% compared to 25.6% tax rate in the prior year's quarter.

與定期貸款的當前借款相比，預計每年可節省 140 萬美元的利息。本季度，該貸款所得收益 100% 用於償還現有債務。本季的所得稅費用為 2,500 萬美元，有效稅率為 21.9%，而去年同期的有效稅率為 25.6%。

The tax rate reduction in the quarter is due to an increase in R&D tax credits attributable to technology spend on our new build Washington, Missouri facility. Reported net income for the second quarter was $89.3 million compared to $35.4 million for the prior year quarter.

本季稅率的降低是由於我們在密蘇裡州華盛頓新建廠的技術支出導致研發稅收抵免增加。第二季淨收入為 8,930 萬美元，去年同期為 3,540 萬美元。

Since our non-GAAP measure for adjusted net income excludes amongst starter items equity and earnings from the available divestiture are $61.6 million, AZZ reported adjusted net income of $46.9 million or adjusted diluted EPS of $1.55. This compares favorably to the prior year's adjusted net income of $41.3 million or adjusted diluted EPS of $1.37, an increase of 13.1% compared to the same period of the prior year.

由於我們非公認會計準則 (Non-GAAP) 調整後淨利潤不包括初始項目股權和可剝離資產帶來的收益，總計 6160 萬美元，因此 AZZ 報告的調整後淨利潤為 4690 萬美元，調整後稀釋每股收益為 1.55 美元。與去年同期的調整後淨利潤 4,130 萬美元或調整後稀釋每股收益 1.37 美元相比，成長了 13.1%。

Second-quarter adjusted EBITDA was $88.7 million or 41.2% of sales compared to $91.9 million or 22.5% of sales in the prior year. Excluding the impact of equity and earnings, our adjusted EBITDA for the second quarter would have been $91 million or 21.8% compared to $90.4 million or 22.1% in the same quarter last year.

第二季調整後的 EBITDA 為 8,870 萬美元，佔銷售額的 41.2%，而去年同期為 9,190 萬美元，佔銷售額的 22.5%。不包括股權和收益的影響，我們第二季度的調整後 EBITDA 為 9,100 萬美元，即 21.8%，而去年同期為 9,040 萬美元，即 22.1%。

Turning to our financial position and balance sheet. For the second quarter, we generated cash flow from operations of $58.4 million. Consistent with our capital allocation strategy, in the quarter, we invested $19.3 million in capital expenditures for the businesses, invested a further $30.1 million in the acquisition of our new galvanizing facility in Canton, Ohio, and increased our dividend payments to shareholders over prior year.

談談我們的財務狀況和資產負債表。第二季度，我們的營運現金流為 5,840 萬美元。根據我們的資本配置策略，本季度，我們為各項業務投資了 1,930 萬美元的資本支出，又投資 3,010 萬美元用於收購位於俄亥俄州坎頓的新鍍鋅工廠，並且比上年增加了向股東支付的股息。

With a slight pay down of debt in Q2, combined with our continued financial performance, our credit agreement net leverage ratio remained at 1.7 times compared to 2.7 times in Q2 of last year. As communicated, we continue to maintain a disciplined approach to our capital allocation strategy transition our focus to investments in organic growth and strategic M&A while returning value to our shareholders through cash dividends and share buybacks and maintaining our debt leverage in the target range of 1.5 to 2.5 times.

由於第二季債務償還略有減少，加上我們持續的財務表現，我們的信貸協議淨槓桿率保持在 1.7 倍，而去年第二季為 2.7 倍。如同所傳達的，我們將繼續保持嚴謹的資本配置策略，將重點轉向對有機成長和策略併購的投資，同時透過現金股利和股票回購為股東帶來價值，並將債務槓桿率維持在 1.5 至 2.5 倍的目標範圍內。

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

說完這些，我會把電話轉給大衛。

Thank you, Jason. Let me begin with an update on the Infrastructure Investment and Jobs Act. As of August of this year, the Department of Transportation reported that 73% of IIJA program funds totaling $319 billion have been committed to specific projects, with approximately $177 billion already outlaid.

謝謝你，傑森。首先，我來介紹一下《基礎建設投資和就業法案》的最新情況。截至今年 8 月，交通部報告稱，IIJA 計畫資金總額 3,190 億美元中的 73% 已用於具體項目，其中約 1,770 億美元已支出。

Similarly, according to the Department of Energy website, 77% or $74.9 billion had been obligated to certain projects. Both agencies are expected to continue to announce awards or initiatives throughout the balance of this year. We believe that because the current legislation is scheduled to expire in 2026 and requires projects such as utility-grade solar to be completed by the end of next year, IIJA-related spending is having a positive effect on demand for our Metal Coatings segment.

同樣，根據能源部網站的數據，77% 或 749 億美元已用於某些項目。預計兩家機構將在今年餘下時間繼續宣布獎項或舉措。我們認為，由於現行立法將於 2026 年到期，並要求公用事業級太陽能等項目在明年年底前完成，因此與 IIJA 相關的支出將對我們金屬塗料部門的需求產生積極影響。

We expect multiyear tailwinds associated with IIJA spending, and we'll continue to monitor discussions regarding potential reauthorization beyond 2026 once the government reopens. During AZZ's second quarter, we continue to see infrastructure, nonbuilding, and civil works projects as a bright spot, offset by softness in nonresidential and residential building construction.

我們預計 IIJA 支出將迎來多年的順風，我們將繼續關注政府重新開放後 2026 年以後有關潛在重新授權的討論。在 AZZ 的第二季度，我們繼續將基礎設施、非建築和土木工程項目視為亮點，但非住宅和住宅建築建設的疲軟抵消了這一影響。

Reported end market sales for AZZ were up, including utilities, up 19%, consumer up 7.6%, while construction sales were up by less than 1% as compared to the same quarter last year. As noted today and in prior quarters, end market growth in utilities is elevated due to IIJA-related project spending, particularly solar, transmission and distribution, and data center projects.

據報道，AZZ 的終端市場銷售額有所增長，其中公用事業銷售額增長 19%，消費品銷售額增長 7.6%，而建築銷售額與去年同期相比增長不到 1%。正如今天和前幾季所指出的，由於 IIJA 相關項目支出，特別是太陽能、輸配電和資料中心項目，公用事業的終端市場成長有所提升。

As Tom mentioned, the transition to aluminum packaging in both the food and beverage sectors remains a significant growth driver for AZZ. Our container end market has sustained strong momentum this year supported by a continued ramp-up of the production at our new greenfield facility in Washington, Missouri, and recent share gain activity. While we have seen increased opportunities from tariffs associated with imported pre-painted aluminum steel.

正如湯姆所提到的，食品和飲料行業向鋁包裝的轉變仍然是 AZZ 的重要成長動力。今年，我們的貨櫃終端市場保持了強勁勢頭，這得益於我們位於密蘇裡州華盛頓的新建工廠的產量持續增加以及近期的市場份額增長。同時，我們看到與進口預塗鋁鋼相關的關稅帶來了更多機會。

Weakness in both nonresidential building, particularly commercial office and retail construction as well as residential building has created some divergence in our construction end market sales. However, our teams remain well positioned to execute through the balance of the fiscal year and we are approaching calendar year 2026 with measured optimism.

非住宅建築（尤其是商業辦公室和零售建築）以及住宅建築的疲軟導致我們的建築終端市場銷售出現一些分歧。然而，我們的團隊仍然能夠很好地完成本財政年度的剩餘任務，並且我們正以審慎樂觀的態度迎接 2026 年。

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

說完這些，我現在將電話轉回給湯姆。

Thanks, Dave. We continue to see a strong pipeline of project-related activity driven by megatrends such as energy transition and the growing demand for electricity generation to support the rapid growth of data centers. Grid modernization, transmission line expansion, and the integration of multiple energy sources will fuel further demand at our plants.

謝謝，戴夫。我們繼續看到由能源轉型和不斷增長的發電需求等大趨勢推動的強大專案相關活動，以支持資料中心的快速成長。電網現代化、輸電線路擴建以及多種能源的整合將進一步推動我們工廠的需求。

As the country continues its journey to reindustrialize the AI boom and cloud expansion are driving massive data center projects and infrastructure development with higher interest rates lasting longer than anticipated, new housing development and related supporting projects remain muted. Public infrastructure spending tends to be less sensitive to interest rate fluctuations as it is often funded through grants bonds or supported by subsidies.

隨著中國繼續推動工業化進程，人工智慧的蓬勃發展和雲端運算的擴張正在推動大規模資料中心項目和基礎設施建設，而高利率持續時間比預期的要長，因此新住宅開發和相關配套項目仍然低迷。公共基礎設施支出往往對利率波動較不敏感，因為其資金通常來自贈款債券或補貼支持。

Overall, we anticipate and have planned for a multiyear tailwind and infrastructure spending particularly in energy and power generation capacity despite the potential for continued pressure on residential construction. For our 2026 fiscal year, we are reiterating guidance for total sales, EBITDA, and adjusted EPS.

總體而言，儘管住宅建設可能繼續面臨壓力，但我們預計併計劃在未來幾年內實現順風和基礎設施支出，特別是在能源和發電能力方面。對於 2026 財年，我們重申總銷售額、EBITDA 和調整後每股盈餘的指引。

We anticipate that our sales will be in the range of $1.625 billion to $1.725 billion. Adjusted EBITDA will be within the lower half of the range of $360 million to $400 million due to the lack of available equity income as they continue to transition without the Electrical Products businesses.

我們預計銷售額將在 16.25 億美元至 17.25 億美元之間。由於在沒有電氣產品業務的情況下繼續轉型，缺乏可用的股權收入，調整後的 EBITDA 將處於 3.6 億美元至 4 億美元範圍的下半部分。

Adjusted diluted earnings per share will be in a range of $5.75 to $6.25 which translates to an increase of between 10% to 20% over the fiscal 2025 adjusted earnings. Although markets may be choppy in the second half of our current fiscal year, which extends through February 2026 our numbers are supported by strengthening projects and structural steel demand forecasts.

調整後每股攤薄收益將在 5.75 美元至 6.25 美元之間，這意味著比 2025 財年調整後收益增加 10% 至 20%。儘管本財年下半年（持續至 2026 年 2 月）市場可能會出現波動，但我們的數據受到加強專案和結構鋼需求預測的支持。

We continue to strengthen our operational performance and maintain disciplined execution at each of our facilities. Our liquidity position and balance sheet are strong and flexible with a low debt-to-EBITDA ratio, especially given our cash generation capabilities. We remain well positioned to pursue strategic growth opportunities, including our other capital allocation strategies as we have already discussed.

我們繼續加強我們的營運績效，並在每個設施中保持嚴格的執行。我們的流動性狀況和資產負債表強勁而靈活，債務與 EBITDA 比率較低，尤其是考慮到我們的現金創造能力。我們仍處於有利地位，可以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。

Finally, industry consolidation presents ongoing opportunities for our company, and we are actively evaluating bolt-on acquisitions that are strategically aligned, fit our integration playbook, and extend our market leadership in metal coatings. Our M&A pipeline is healthy, and we plan to remain disciplined in pursuing only high-quality opportunities that create long-term accretive value for our shareholders.

最後，產業整合為我們公司提供了持續的機遇，我們正在積極評估符合策略、符合我們的整合策略並擴大我們在金屬塗料市場領導地位的附加收購。我們的併購管道很健康，我們計劃繼續嚴格追求能夠為股東創造長期增值的高品質機會。

As always, I would like to express my gratitude to our hard-working and highly talented team for executing AZZ's shared vision of growth, profitability and operational excellence. Our mission is to create superior value within a culture where our people can grow and traits matter. Our culture is built on providing outstanding quality and services directed within our servant leader mindset.

像往常一樣，我要向我們勤奮且才華橫溢的團隊表示感謝，感謝他們實現了 AZZ 的成長、獲利和卓越營運的共同願景。我們的使命是在一個我們的員工能夠成長並且品質重要的文化中創造卓越的價值。我們的文化建立在以僕人式領導思維為指導的提供卓越品質和服務的基礎上。

These principles continue to shape our path forward and underpin our success. I am proud of our team's execution of the fiscal 2026 plan so far this year and remain confident we are positioned for continued growth and success. We are committed to driving top-line growth, enhancing profitability and generating robust cash flow, all of which are supported by a disciplined capital allocation philosophy.

這些原則繼續塑造我們前進的道路並支撐我們的成功。我為我們團隊今年迄今執行 2026 財年計畫的表現感到自豪，並且堅信我們有能力繼續成長並取得成功。我們致力於推動營收成長、提高獲利能力和創造強勁的現金流，所有這些都以嚴謹的資本配置理念為支持。

Through the successful execution of our strategic priorities, we believe we will continue to deliver sustainable value for all of our stakeholders. Now operator, we would like to open up the call for questions.

透過成功執行我們的策略重點，我們相信我們將繼續為所有利害關係人提供可持續的價值。接線員，現在我們想開始提問環節。

(Operator Instructions) Ghansham Panjabi, Baird.

（操作員說明）Ghansham Panjabi，Baird。

I guess first off, on the Precoat market share gains that you called out, Tom, can you just give us a bit more color on that dynamic and maybe dimensionalize the boost for AZZ. And I'm just asking because obviously, volumes were down in the quarter, you cited some of the obvious in terms of construction and so on and so forth. How should we think about the contribution from the share gain piece?

我想首先，關於您提到的 Precoat 市場份額的增長，湯姆，您能否給我們更多關於這種動態的詳細信息，並具體說明 AZZ 的增長情況。我只是想問一下，因為很明顯，本季的交易量下降了，你提到了建築等方面的一些明顯原因。我們該如何看待股份收益部分的貢獻？

Yeah. I think -- so a couple of things there. One, we picked up share gain because the -- and we referenced it. The pre-painted imports are because of the tariffs are down significantly. So that's been transitioning to domestic supply, and we're painting at least as much as our share. But if you take that, it's probably -- David, what -- about 10% on imports.

是的。我認為——那裡有幾件事。首先，我們獲得了份額成長，因為——我們引用了它。預塗裝進口則因關稅大幅下降。因此，我們已轉向國內供應，並且我們至少承擔了與我們的份額相當的份額。但如果你考慮到這一點，那麼很可能——大衛，進口關稅大約是 10%。

So we've picking up our share of it. So we've picked up 3% or 4% to offset the roughly 9%, 10% market decline. So it's just offsetting. But it's also positioning us depending on what happens with tariffs. Hopefully, to sustain that market share and be able to take advantage of it as we go forward.

因此，我們承擔了我們的份額。因此，我們上漲了 3% 或 4%，以抵消約 9% 或 10% 的市場下滑。所以這只是抵消而已。但它也會根據關稅的變化來調整我們的定位。希望能夠保持這一市場份額，並能夠在未來的發展中充分利用它。

As we're picking up new customers, new applications, converting that. And that's pretty much at our normal margin profile, so it's not like we've had to go aggressively discount to take that share which is why I'm also confident that those margins will continue to flow through going forward post market softness, if you will.

當我們獲得新客戶、新應用程式時，我們會進行轉換。這基本上符合我們正常的利潤率狀況，所以我們不必大幅打折才能獲得這一份額，這也是為什麼我相信這些利潤率在未來市場疲軟後將繼續增長，如果你願意的話。

Sure. And so sticking with Precoat, so some of the challenges that you called out, building construction, HVAC, appliances, they all seem sort of aligned towards the same theme. It doesn't seem like there's any short-term catalyst for those end markets in terms of reversing that weakness.

當然。因此堅持使用 Precoat，所以您提到的一些挑戰，建築施工、暖通空調、家用電器，它們似乎都與同一主題一致。對於這些終端市場來說，似乎沒有任何短期催化劑可以扭轉這種疲軟態勢。

Would it just be the share gains? And then the Washington Missouri facility that are the positive offsets? And how do you think that nets out for segment volumes as we think about the back half of the year for Precoat.

這僅僅是股票收益嗎？那麼華盛頓密蘇裡州工廠的正抵銷額是多少呢？當我們考慮 Precoat 下半年的業績時，您認為這對細分市場的銷售有何影響？

Yeah, I'll start and then Jason can probably add some additional color. Yeah, I think you pretty much summed it up. So we're going to continue to -- assuming the tariffs stay in place, which looks like they will, then we should be able to sustain that market -- those market share gains from picking up the past imported pre-painted metal.

是的，我先開始，然後 Jason 可能會添加一些額外的顏色。是的，我認為你總結得很透徹。因此，我們將繼續——假設關稅保持不變（看起來是這樣的），那麼我們應該能夠維持這個市場——透過吸收過去進口的預塗金屬來獲得市場份額。

Two, we are -- do have the [WashMo] site. It's still -- I think we're saying it's running about 20% of its capacity or some number thereabouts. So it's still got a ramp to it as the next six months go on and pretty significantly. So that's opportunity. And that is where there is strong demand in that aluminum container market, that's our sister facility to WashMo which is the St. Louis which has two lines is doing really well because of the high demand in that market.

二，我們確實有 [WashMo] 網站。它仍然——我想我們說它的運行能力約為其容量的 20% 左右。因此，隨著未來六個月的推進，它仍將有一個相當顯著的增長。這就是機會。這就是鋁製容器市場需求旺盛的地方，這是我們 WashMo 的姊妹工廠，位於聖路易斯，擁有兩條生產線，由於該市場需求旺盛，其業績非常好。

So as I look at it, I think -- well, then the third piece is we're also aggressively going after other conversions and chasing things. So any kind of rebound in construction. And I think we're seeing some signs of that. We had a big customer -- well, we have a lot of customers at our annual golf tournament. And they generally feel like things have bottomed and starting to come back up in certain areas of the country, particularly.

因此，當我看待它時，我認為——那麼第三點就是我們也在積極地追求其他轉變並追逐事物。因此，建築業會出現任何形式的反彈。我認為我們已經看到了一些跡象。我們有一個大客戶——嗯，我們一年一度的高爾夫錦標賽上有很多客戶。他們普遍感覺情況已經觸底，並開始回升，尤其是在該國的某些地區。

So we feel good about what we're doing and also commend the Precoat team. They've adjusted their operating and shifts and times and capacity. We're retaining capacity for the upturn that we hope to have as the year goes on. But also, as we talk about our variable cost structure, they've been able to adjust that pretty quickly. And I know this is about Precoat, but I'd say the Metal Coatings side has done that outstandingly well during that same time period.

因此，我們對自己所做的事情感到滿意，同時也讚揚 Precoat 團隊。他們已經調整了營運、輪班、時間和產能。我們正在保留產能，以應對今年出現的改善。但是，當我們談論我們的變動成本結構時，他們已經能夠很快地進行調整。我知道這是關於預塗層的，但我想說金屬塗層方面在同一時期表現非常出色。

Okay. Very good. Thank you.

好的。非常好。謝謝。

Jason, did you want to add anything?

傑森，你還有什麼要補充的嗎？

No. I think the only other thing you could potentially add there is when you think about the construction, it certainly have an impact on the HVAC and appliance but very minimally, so if you look at those two businesses, they're actually doing reasonably well. And quarter to quarter, there's an impact in terms of inventory levels and model changes, et cetera. So I don't necessarily see them as being as much of a drag in comparison to the construction market.

不。我認為你唯一可以補充的是，當你考慮建築時，它肯定會對暖通空調和電器產生影響，但影響非常小，所以如果你看看這兩家企業，它們實際上做得相當好。並且每個季度都會對庫存水準和模型變化等產生影響。因此，我並不認為它們與建築市場相比會造成太大的拖累。

I'll also add in. We had a good solid September. So we feel good as we've kicked off the third quarter. So kind of in line with the fact that a lot of the Precoat customers are feeling like things are starting -- the corner is starting to turn.

我也會補充一下。我們度過了一個順利的九月。因此，當我們開始第三季時，我們感覺很好。這與許多 Precoat 客戶的感覺一致，他們感覺事情正在開始好轉。

Fantastic. Thank you so much!

極好的。太感謝了！

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

It's still a very solid quarter here. And I wanted to just turn it on the guidance for a second. So you've reiterated your adjusted EBITDA guidance. And just curious really what would take you to the high or low end of the range at this point? I mean, how much is end market-driven versus operational? And then how much EBITDA could Washington incrementally contribute as volumes continue to ramp?

這仍然是一個非常穩健的季度。我只是想把它打開一會兒作為指導。因此，您重申了調整後的 EBITDA 指引。我只是真的很好奇，此時什麼會讓您達到範圍的高端或低端？我的意思是，終端市場驅動與營運驅動的程度有多少？那麼，隨著銷售量不斷增加，華盛頓可以逐步貢獻多少 EBITDA？

I'll answer the first part of that, and then Jason can opine on Washington. I feel like when it comes to -- and I don't know if this has got missed or not, we've talked about it a few times. But you look at the $14 million, $15 million of Avail EBITDA impact from last year versus we've signaled 0 for Q2, Q3, and Q4 for Avail. And so that's the biggest impact in terms of our EBITDA guidance.

我將回答第一部分，然後傑森可以對華盛頓發表意見。我覺得當談到——我不知道這是否被忽略了，我們已經討論過幾次了。但是，您看看去年 Avail EBITDA 的影響，有 1400 萬美元、1500 萬美元，而我們預計 Avail 第二季、第三季和第四季的 EBITDA 為 0。因此，就我們的 EBITDA 指導而言，這是最大的影響。

And I'd say that was harder for us to predict until now you can -- we can see with primarily WSI as the main asset left in Avail. And they had just gone through this summer is obvious weak because there's just not turnarounds and outages during the summer. So we felt that -- and going forward, they do come back into -- so in terms of the upside, hopefully, they do have a strong fall season, which is back to how turnarounds and outages run.

我想說的是，直到現在我們才能夠預測這一點，我們可以看到，WSI 主要是 Avail 中剩下的主要資產。他們剛剛經歷的這個夏天顯然很疲軟，因為夏天根本沒有周轉和停電。因此，我們覺得——展望未來，他們確實會恢復——所以從好的方面來看，希望他們能有一個強勁的秋季，這將回到週轉和停駛的運作方式。

I think interest savings is going to continue. We've paid down the debt. We continue, even after acquiring Canton, we paid down some debt. So and interest rates have finally moved a little lower. And we've done that through our own actions in terms of repricing and the securitization. So we feel good about that. It's mostly embedded in our outlook, but there's upsize to that.

我認為利息節省將會持續下去。我們已經還清了債務。我們繼續，即使在收購 Canton 之後，我們也償還了一些債務。因此，利率最終略有下降。我們已經透過重新定價和證券化等行動實現了這一目標。所以我們對此感到很高興。它主要嵌入在我們的觀點中，但其規模卻有所擴大。

And then hopefully, we get a deal or two done on the -- particularly on the galvanizing side that before the end of the year and have some impact there because obviously, the assets we're buying are going to be good galvanizing assets that we hope to improve as well. I think those are all the kind of pieces. Precoat's performing well. I think they're driving to sustain those margins over 20%. And given the volume fall off as volumes pick up at all, that could also be upside to us.

然後希望我們能夠在年底之前達成一兩筆交易——特別是在鍍鋅方面，並產生一些影響，因為顯然，我們購買的資產將是良好的鍍鋅資產，我們也希望對其進行改進。我認為這些都是這樣的作品。預塗層表現良好。我認為他們正在努力將利潤率維持在 20% 以上。考慮到交易量回升的同時交易量也下降，這對我們來說也可能是有利的。

And then we do believe the metal coatings folks are driving hard to sustain that 30%, 31% margin profile while taking advantage of the higher-than-expected growth, driven partly by regulatory changes and the threat that solar is going to go away. So we're seeing lots of solar in pole transmission and distribution kind of activity, which is we signal maybe slightly lower margin than on balance, but it's really, really good volumes. So we like that stuff a lot. And then Jason, on Washington.

然後，我們確實相信金屬塗料部門的人員正在努力維持 30% 至 31% 的利潤率，同時利用高於預期的成長，部分原因是監管變化和太陽能即將消失的威脅。因此，我們看到大量太陽能應用於電線桿傳輸和配電領域，這意味著利潤率可能比整體略低，但數量確實非常好。所以我們非常喜歡這些東西。然後是傑森，關於華盛頓。

Yeah. Certainly, Washington, as we've previously communicated, would be a drag in margins in the first half of the year and then start to turn positive in the second half of the year. And we're very much in line with that. Around about $2 million of a hit to margins in the first -- in Q2 essentially. From a contribution margin point of view, the business is contributing to the volume that's flowing through there. We know that's ramp up volume.

是的。當然，正如我們之前所說的，華盛頓的狀況會在上半年拖累利潤率，然後在下半年開始轉為正值。我們非常同意這一點。第一季（基本上是第二季）的利潤損失約為 200 萬美元。從貢獻利潤率的角度來看，該業務對流經該處的流量做出了貢獻。我們知道這是增加音量。

But obviously, you've got the fixed costs associated with that facility and largely the [FX] cost are driven by depreciation of the $125 million. So it's very much in line with expectations, as you start to look at the second year then Q3, Q4, it starts to ramp. And we're very much in line with the expectation of that ramp profile. We'll start to hit capacity towards the 50% arena through Q3 and then really see that start to pop in Q4. So very much aligned with expectations and very much built into original guidance and where we sit here today.

但顯然，該設施有固定成本，而且大部分 [FX] 成本是由 1.25 億美元的折舊造成的。因此，這非常符合預期，當你開始關注第二年、第三季、第四季時，它開始上升。我們非常符合該斜坡輪廓的預期。到第三季度，我們的體育場上座率將開始達到 50%，然後在第四季度真正看到上座率開始上升。因此，這非常符合預期，並且非常符合最初的指導以及我們今天所處的位置。

Tom, Jason, I really appreciate all that detail. Maybe just back on the coating side. I mean, you've obviously deployed meaningful growth capital to expand capacity with Washington. But in the past, I think you have spoken about there could be some margin expansion opportunities in the coil coating side that could require some capital.

湯姆、傑森，我真的很欣賞這些細節。也許只是回到塗層方面。我的意思是，您顯然已經部署了有意義的成長資本來擴大華盛頓的產能。但過去，我認為您曾談到卷材塗料方面可能存在一些利潤擴張機會，這可能需要一些資本。

Can you just remind us how you're thinking about that opportunity today? What would be the timing around kind of a project like that? And how many quarters would something like that undertake.

您能否提醒我們一下您今天是如何看待這個機會的？像這樣的專案的時機是怎麼樣的？這樣的事要持續多少個季度呢？

Yeah. And to be fair, I don't think there's any one big silver bullet out there. I think there's multiple projects that we've started to kick off through the summer program. That we'll start to incrementally see some benefits, and we're seeing them start to kick in. And to be fair, that's applicable to both sides of the business.

是的。公平地說，我不認為有任何萬能的靈丹妙藥。我認為我們已經透過夏季計劃啟動了多個項目。我們將開始逐步看到一些好處，並看到它們開始發揮作用。公平地說，這對業務的雙方都適用。

There's -- as we've highlighted, our capital allocation is looking at outside and inside in some of the projects that (inaudible) sidelines are now getting turned into execution. So again, I don't think there's going to be a big boost in terms of our stent function, but we're going to continue to drive the opportunities that we see in front of ourselves.

正如我們所強調的，我們的資本配置正在考慮一些專案的外部和內部，這些專案（聽不清楚）現在正在付諸實施。所以，我再說一遍，我認為我們的支架功能不會有很大的提升，但我們將繼續推動我們面前的機會。

Great. Thanks again. Keep up the good work.

偉大的。再次感謝。繼續努力。

Adam Faltenheimer, Thompson Davis.

亞當法爾滕海默、湯普森戴維斯。

Adam, we can't hear you. You might be on mute.

亞當，我們聽不到你說話。您可能處於靜音狀態。

Timna Tanners, Wells Fargo.

富國銀行的 Timna Tanners。

(technical difficulty) import opportunity. Is that fully played out? Or are we still in somewhat early innings? I know that imports only really started to drop off more recently. So I'm just wondering if we could see a bit more share gains still to come.

（技術難度）進口機會。這已經完全實現了嗎？或者我們仍處於早期階段？我知道進口量最近才真正開始下降。所以我只是想知道我們是否還會看到更多的份額成長。

Yes, it's really early innings. I think probably a couple of months of that. So and that should have a good tail to it. It just -- it takes time to ramp up the domestic capacity change project sourcing and things like that. So we feel good about that, the balance of the year. I'm not sure it's fully embedded in our forecast.

是的，這確實是早期的局面。我認為可能需要幾個月的時間。所以這應該會有一個好的結果。只是——提高國內產能、改變專案採購等都需要時間。因此，我們對今年的平衡感到滿意。我不確定它是否完全融入我們的預測中。

Jason, would probably disagree with me, probably it is fully embedded. But I'm probably more of the optimist in (inaudible). Yeah. I look forward to that because it's -- we're engaging with some new customers and able to demonstrate our value-add capabilities in terms of quality service and particularly responsiveness and it does impact our -- I would say, it does have a slight negative impact on our margin profile because we -- a lot of these are smaller orders, and we're winning them because we can turn them quickly and give them whatever kind of color combination that they want.

傑森，可能會不同意我的觀點，可能它是完全嵌入的。但我可能更樂觀（聽不清楚）。是的。我對此充滿期待，因為我們正在與一些新客戶接觸，並能夠展示我們在優質服務和特別是響應能力方面的增值能力，這確實會影響我們——我想說，這確實對我們的利潤狀況產生了輕微的負面影響，因為我們——其中很多都是小訂單，我們之所以能贏得這些訂單，是因為我們可以快速地轉變它們，並為他們提供他們想要的任何顏色組合。

So we really look forward to that continuing to grow and be able to sustain it regardless of whether the imports come back up or not.

因此，無論進口量是否回升，我們都真誠地期待其繼續成長並能夠維持下去。

Got you. Okay. Thank you. On the Washington ramp up, are you seeing any impact of reduced substrate because of the Oswego fire?

明白了。好的。謝謝。在華盛頓的增產過程中，您是否看到奧斯威戈​​火災導致基質減少的影響？

No. I mean, certainly not from our point of view at this point. Obviously, there's one customer supports that facility. And quite frankly, our production ramp is ahead of plan and we're executing with the material were out at the facility a couple of weeks ago and it's really starting to look like a coil quota facility versus a short piece that the analysts that saw a couple of, I guess, six weeks ago or so. So I think we're in very good shape from that executing through the end of the year.

不。我的意思是，從我們目前的角度來看絕對不是這樣。顯然，有一位客戶支持該設施。坦白說，我們的產量提升已經超出了計劃，而且我們正在執行的材料幾週前就已經在工廠生產出來了，它真的開始看起來像一個線圈配額設施，而不是分析師在大約六週前看到的短片。所以我認為從執行到年底我們的狀態非常好。

Yeah, there's a lot of aluminum sitting on that floor now. So --

是的，現在地板上有很多鋁。所以--

Got you. Okay. All right. And then final one for me, if I could. I wanted to just probe a little bit more the M&A pipeline? Any updated thoughts on the economy having any impact on more or less appetite to sell to you at this juncture?

明白了。好的。好的。如果可以的話，這是我的最後一個。只是想進一步探究併購通路？您對於經濟狀況有何最新看法，會對您目前銷售意願的增減產生什麼影響？

Yeah. I think there's -- we're working on a couple of typical bolt-ons for galvanizing. And it's -- one of them was actually a process. So we know that when we go forward. We can never quite predict -- we tend to believe we're always going to be a strong contender for those.

是的。我認為——我們正在研究幾種典型的鍍鋅螺栓。其中之一實際上是一個過程。所以當我們繼續前進時我們知道這一點。我們永遠無法準確預測——我們傾向於相信自己永遠是這些的有力競爭者。

And then we've got a good game plan once we do acquire them as we just did with Canton almost immediately ramping it up to our margin profile. So I look forward to that, and we're going to be as aggressive as we need to be.

一旦我們收購了他們，我們就會有一個很好的遊戲計劃，就像我們剛剛收購 Canton 一樣，幾乎立即將其提升到我們的利潤率。所以我對此充滿期待，我們將盡可能積極地採取行動。

Not seeing a whole lot shake loose because of it, which is actually a little bit surprising. We were hoping to see maybe one of these multisite galvanizers decide to go on the market, but we haven't gotten any indication of that at this point.

並沒有看到因此而發生太大的動搖，這實際上有點令人驚訝。我們希望看到這些多站點鍍鋅廠中的一家決定進入市場，但目前我們還沒有得到任何跡象。

And then on the Precoat side, there's a couple of things out there. I think it's probably as much in our control as they can be. But once again, the market hasn't seemed to cause them to want to move any faster than they were before.

然後在預塗層方面，有幾件事。我認為這可能在我們所能控制的範圍內。但再一次，市場似乎並沒有促使他們比以前更快採取行動。

So -- but it's a good pipeline. I think we've got nine good opportunities that are in various stages, not to mention a long list of other ones that we remain in contact with. So I'm hopeful we get something done before the end of the year and maybe more than one.

所以——但這是一個很好的管道。我認為我們已經獲得了九個處於不同階段的好機會，更不用說還有一長串我們仍在聯繫的其他機會。因此我希望我們能在年底前完成一些事情，甚至更多。

Okay. Thanks again.

好的。再次感謝。

Adam Thalhimer, Thompson Davis.

亞當·塔爾希默、湯普森·戴維斯。

Can you hear me now?

現在你能聽到我說話嗎？

We can.

我們可以。

Great. First one, within Precoat, I think there's also a negative impact from tariffs that possibly offsets the positive impact I was just curious if you could walk through that, Tom.

偉大的。首先，在 Precoat 內部，我認為關稅也會產生負面影響，可能會抵消其正面影響。我只是好奇你是否可以詳細說明一下，湯姆。

I'll let David do it.

我會讓大衛去做。

Yeah. I think --

是的。我認為--

Because you're right.

因為你是對的。

As you look at the overall market for imported steel, Adam. We know that the pre-painted imports are down 23% this year. That has been a bright spot or a tailwind for Precoat because that means there's less competitive pre-painted steel coming in. But offsetting that, the bare galvalume market has been down about 50% due to the tariff impacts.

亞當，當你觀察進口鋼鐵的整體市場。我們知道今年預塗板進口量下降了23%。這對 Precoat 來說是一個亮點或順風，因為這意味著進入市場的預塗鋼材的競爭力下降。但與此相抵銷的是，由於關稅的影響，裸鍍鋁鋅市場已經下跌了約 50%。

So that's really the difference in the numbers and why Precoat was having some headwinds as this year because normally, that imported bear is volume that they would be the natural source to be selected to coat -- and coat that product.

所以這就是數字上的差異，也是為什麼 Precoat 今年遇到一些阻力的原因，因為通常情況下，進口量是決定它們是否會成為被選中進行塗層的天然來源——並塗層該產品。

So -- but as Tom mentioned, we think that our customers are telling us things have bottomed out. They did buy ahead and placed orders ahead of the tariffs and have been working through the inventory that they've had on the shelf. And we look forward to things turning around later on.

所以——但正如湯姆所提到的，我們認為我們的客戶告訴我們事情已經觸底了。他們確實提前購買並在關稅生效前下了訂單，並且一直在處理貨架上的庫存。我們期待事情稍後會有所好轉。

Yeah. And I'd add that the tariff impact is really driven, as David mentioned, it's just the uncertainty. So you've got projects being deferred, delayed. And I'd say it's a combination of tariffs as well as the lower interest expectations as we had noted.

是的。我想補充一點，正如大衛所提到的，關稅的影響確實是有驅動力的，這只是不確定性。因此你的專案被推遲、延遲了。我想說，正如我們所注意到的，這是關稅和較低的利率預期共同作用的結果。

Interest rates have stayed higher from the Fed longer than I think a lot of people anticipated and now with the government shutdown, who knows what the next step is. So I think that's just created hesitancy on non-infrastructure projects versus what you see on the Metal Coatings side, where those infrastructure projects are going forward. And if anything, on the solar stuff, it's accelerated.

我認為，聯準會維持高利率的時間比許多人預期的要長，現在政府又關門了，誰知道下一步該怎麼辦。因此，我認為這只是對非基礎設施項目產生了猶豫，而金屬塗料方面的情況則相反，這些基礎設施項目正在向前推進。如果有的話，在太陽方面，它會加速。

So on one segment, it's a positive; on the other segment, it's mixed, as you said, and probably more negative than positive in the aggregate for Precoat.

因此，在一個部分中，這是積極的；在另一個部分中，正如你所說，它是混合的，並且總體上對 Precoat 來說，消極因素可能多於積極因素。

Okay. That makes sense. And then second question for me. I was curious on your confidence in no further losses from Avail. I'm just curious if -- just to be conservative, if we should model a slight loss in Q3 and then where they are in the process of monetizing the remaining businesses?

好的。這很有道理。這是我的第二個問題。我很好奇您對 Avail 不會再造成損失的信心。我只是好奇——保守起見，我們是否應該模擬第三季的小幅虧損，然後他們在剩餘業務貨幣化的過程中處於什麼位置？

Yeah. And we are very much aligned that now you got a subscale piece of business, which is really three pieces. WSI forming by far, the largest in terms of sales, but not in terms of contribution margin. Then you got a lighting business, which is a nice little business that I think they'll get that transacted hopefully this year.

是的。我們非常一致地認為，現在你們獲得了一小部分業務，實際上包括三個部分。WSI 是迄今為止銷售額最大的公司，但貢獻利潤率卻不是。然後你得到了一個照明業務，這是一個不錯的小業務，我認為他們預計今年將完成交易。

And then there's a Chinese joint venture, high-voltage bus business that once again, I'd hope that they could get that transacted this year. WSI is a tougher one because it's a little more impacted in -- from a market perspective in terms of refinery turnarounds and things like that. So that's probably -- we prefer not, but it's probably a longer-term piece.

然後還有一家中國合資高壓母線業務，我再次希望他們能夠在今年完成交易。WSI 是一個更難對付的對手，因為從市場角度來看，它受到煉油廠週轉率等因素的影響更大。所以這可能是——我們不希望如此，但這可能是長期目標。

In terms of the Q3, you could -- I'd say it's hard for us to predict because Q3 should be typically is the fall season and tends to be a stronger one for WSI. On the other hand, as Jason alluded to, they are carrying more overhead that they can't get at while the TSAs within [then] are running.

就第三季而言，您可以 - 我想說我們很難預測，因為第三季通常是秋季，對於 WSI 來說往往是一個更強勁的季度。另一方面，正如 Jason 所暗示的，他們承擔了更多的管理費用，而這些費用在當時的 TSA 運作時是無法獲得的。

So on balance, I think we're pegging it at 0. And I'd say it's more likely slightly negative in -- the risk is probably more negative in Q3 than the upside. And then Q4, they go into the winter, but hopefully, some of these other things transact.

因此，總的來說，我認為我們將其定為 0。我認為更有可能的是略微出現負面情況——第三季的風險可能大於上行風險。然後到第四季度，他們進入冬季，但希望其他一些事情能夠交易。

And the other thing I would add on top of that, Adam, is they've started to digest the TSA and started to accommodate the infrastructure that they need to support that. So we are starting to see some moves in terms of realigning their corporate overhead costs. So you should get that pickup into the second half. And then as Tom mentioned, the seasonality impact of the WSI business.

亞當，我想補充的另一件事是，他們已經開始消化 TSA，並開始適應支持該標準所需的基礎設施。因此，我們開始看到他們在調整企業管理成本方面採取一些措施。所以你應該在下半場取得進步。然後正如湯姆所提到的，WSI 業務受到季節性影響。

Good color. Thanks, guys.

顏色不錯。謝謝大家。

(Operator Instructions) Mark Reichman, Noble Capital Markets.

（操作員指示）Noble Capital Markets 的 Mark Reichman。

Just a couple of questions. On interest expense, when we published at the end of September, we took our interest expense numbers down. I think we were kind of landing around $49 million, $50 million for the year. And of course, the second quarter came in a little higher than our revised estimate.

僅有幾個問題。關於利息支出，當我們在九月底發佈時，我們下調了利息支出數字。我認為我們今年的收入大約是 4900 萬美元到 5000 萬美元。當然，第二季的數據略高於我們的修訂估計。

So I was just kind of curious, your guidance hasn't changed. But in the past, your guidance had included $55 million to $65 million of interest expense. What would your expectations be for interest expense for the full year of 2026 for the fiscal year 2026.

所以我只是有點好奇，你的指導沒有改變。但過去，您的指導中包含了 5,500 萬至 6,500 萬美元的利息支出。您對 2026 財年全年的利息支出有何預期？

Yeah. I mean, I think the part in terms of the interest and just picking up some favorability given that we've reduced our total debt through the Avail transaction. As you look at our interest expense in the quarter, then we certainly picked up some favorability, but it was more towards the back end of the year -- sorry, the back into the quarter given the repricing the term loan and the introduction of the securitization.

是的。我的意思是，我認為就利息而言，由於我們透過 Avail 交易減少了總債務，因此獲得了一些好處。當您查看本季度的利息支出時，我們肯定會獲得一些好處，但這更多的是在年底——抱歉，是在本季度後期，因為重新定價了定期貸款並引入了證券化。

So obviously, if you look at our quarter in Q2, that's what improved in Q3 and Q4 obviously, through the cost of debt. And then we will continue to pay down debt through the second half of the year, excluding any impact from M&A or any share repurchases.

因此，很明顯，如果你看一下我們第二季的情況，你會發現第三季和第四季的情況明顯有所改善，這得益於債務成本的降低。然後，我們將在今年下半年繼續償還債務，不包括併購或任何股票回購的影響。

And then the second question is the SG&A in '25, ran about 9% of sales, that was 8.2%, I think, in the May quarter, but dipped down to 7.9% this quarter. What are kind of your expectations for the -- well, I guess is as a percentage of sales the right way to look at it? Or what would you kind of your expectations be for the remainder of the year and maybe kind of an ongoing percentage?

第二個問題是，25 年的銷售、一般及行政費用約佔銷售額的 9%，我認為 5 月季度為 8.2%，但本季下降至 7.9%。您對此有何期望？嗯，我想以銷售額的百分比來看待它是正確的嗎？或者您對今年剩餘時間的預期是什麼？或持續的百分比是多少？

Yeah. I mean, I think that 8% number is fairly representative. Obviously, seasonality kicks in the back half of the year or certainly in Q4, we are -- obviously, SG&A is a little bit more of a fixed cost. So the number that you're seeing in Q2, there really isn't any great pluses or minuses away from that through the end of the year. So it's got to be more of a fixed number versus a fixed percentage as you look at Q3 and Q4.

是的。我的意思是，我認為 8% 這個數字相當具有代表性。顯然，季節性因素會在下半年或第四季開始顯現，顯然，銷售、一般和行政費用更多的是一種固定成本。因此，您在第二季度看到的數字，到年底為止，實際上並沒有什麼很大的優點或缺點。因此，當您查看第三季和第四季時，它必須是一個固定數字而不是固定百分比。

Okay. And just one follow up to Adam's question on the equity and earnings of unconsolidated subsidiaries. So we originally had like $1.4 million in the third quarter and I think $774,000 in the February quarter. So what I heard from you is basically 0 in the third quarter and kind of maybe modestly positive or close to neutral in the fourth quarter for that, and that would be Avail obviously.

好的。我對亞當關於非合併子公司的股權和收益的問題只有一個後續問題。因此，我們最初在第三季有 140 萬美元，我認為 2 月季度有 774,000 美元。因此，我從您那裡聽到的消息是，第三季度基本上為 0，而第四季度可能略微呈正數或接近中性，這顯然是 Avail。

Yeah. I mean, our guidance is 0 for both. And I think some of the discussions that we've been having is certainly a sensitivity around about that. We [won't] get it wrong. But got to get it slightly wrong in the upside or the downside.

是的。我的意思是，我們對兩者的指導都是 0。我認為我們進行的一些討論肯定與此有關。我們不會犯錯。但在上行或下行方面，必然會出現一些小錯誤。

I would say in Q3, it's probably -- if anything, it's slightly wrong in the upside and then slightly wrong in the downside. The seasonality for the WSI business has got to kick in Q4. So the determining factor in Q4 is going to be how quickly they can ramp the overhead cost to realign to the current business. But really, as you look at the numbers then in Q3 and Q4, it should be a very minimal plus or minus roundabout 0.

我想說，在第三季度，它很可能——如果有的話，上行方面會稍微出錯，下行方面也會稍微出錯。WSI 業務的季節性將在第四季開始顯現。因此，第四季度的決定性因素將是他們能夠多快地提高間接成本以適應當前業務。但實際上，當您查看 Q3 和 Q4 中的數字時，它應該是一個非常小的正負 0 的循環。

Okay. That's very helpful. Thank you very much.

好的。這非常有幫助。非常感謝。

John Franzreb, Sidoti & Company.

約翰‧弗蘭茲雷布 (John Franzreb)，西多蒂公司 (Sidoti & Company)。

Thanks for taking the questions. I actually want to go back to one of your responses to an earlier question about Precoat doing better in September. Do you have any idea or can you give us any color as to what's driving maybe the recovery in Precoat during that month?

感謝您回答這些問題。我實際上想回到你之前關於 Precoat 在 9 月表現更好的問題的回答之一。您是否知道或可以告訴我們是什麼因素推動了 Precoat 在當月的復甦？

The only thing I would add is there's certainly fluctuations month to month and inventory buying partners plays a part into that. And we're still coming through our strong construction season. So shipments versus -- or sorry, building inventory versus depleting inventory year you ended that time period where you're starting to look at the end of the season and accommodate your inventory for that.

我唯一想補充的是，每個月一定都會有波動，庫存採購夥伴也在其中發揮了作用。我們仍處於建築業的旺季。因此，發貨量與——或者抱歉，建立庫存與消耗庫存相比，您在那個時間段結束時開始關注季節末期並為此調整庫存。

And again, quite frankly, in September, we've seen a lot of (inaudible) strength to our customers. If you take that one single data point, our customers are looking for a healthy end to the season would be my takeaway.

坦白說，9 月份，我們看到客戶表現出了很大的（聽不清楚）實力。如果您只看這一個數據點，我的結論就是我們的客戶希望以健康的方式結束這個季節。

Okay. Great. And it also sounds like that maybe demand in the Washington facilities is maybe a little bit better than you expected. Can you kind of remind us or update us as to what the revenue contribution is in Washington that's embedded in your full-year revenue guidance?

好的。偉大的。聽起來華盛頓設施的需求可能比你預期的要好一點。您能否提醒我們或更新您全年收入預測中包含的華盛頓的收入貢獻？

Yeah. To be fair, we've not went into that level of detail and there's still a lot of variations to take place. And quite frankly, we've got a sister facility in the (inaudible) area, and we'll use some of the volume from that to help ramp, et cetera. So it's not a black and white just looking at that single facility and how it's going to play into the overall results.

是的。公平地說，我們還沒有深入到那個細節層面，而且還有很多變化會發生。坦白說，我們在（聽不清楚）地區有一個姊妹設施，我們將利用那裡的部分產能來幫助提升等等。因此，僅從單一設施及其對整體結果的影響來看，這並不是黑白分明的。

There's still a lot to play out here. We are we started the production in April, and we're certainly progressing very, very well. But equally, we're cautious just in terms of what could be around the corner. So really don't [know] if it's specific numbers roundabout it, but what we have built into the guidance, we're certainly very comfortable with those numbers.

這裡還有很多事情要做。我們從四月就開始製作了，而且進展非常順利。但同樣，我們對即將發生的事情也持謹慎態度。所以真的不知道這是否是圍繞它的具體數字，但是我們已經將其納入指導中，我們對這些數字當然非常滿意。

Okay. Fair enough. And one last question, if I may. The zinc prices have rebounded sharply from their bottoms early in the spring. Just maybe some thoughts or commentary on what you're seeing in the zinc market that might be helpful for us?

好的。很公平。如果可以的話，我還有最後一個問題。鋅價已從春季初的底部大幅反彈。也許您對鋅市場所看到的情況的一些想法或評論可能會對我們有幫助？

Sure. Yeah. First thing is -- yeah, we have seen that, which usually makes opportunities for -- not that we base our price off of cost. We were very value pricing oriented. But usually, when zinc's going up on the LME customers understand that's going to start to affect prices. So that creates some opportunities.

當然。是的。首先是——是的，我們已經看到了這一點，這通常會帶來機會——我們的定價並不是以成本為基礎的。我們非常注重價值定價。但通常情況下，當倫敦金屬交易所的鋅價上漲時，客戶就會明白這將開始影響價格。因此這創造了一些機會。

Two, we've got six to eight months of inventory in our kettles. So it doesn't have much impact on our margin profile, the balance of the year, our cost of zinc, the balance of the year. But clearly, that will start to color how we look at next year and as we're entering the process to put our plans and budgets together for the next fiscal year.

二，我們的水壺庫存可供六到八個月使用。因此，它對我們的利潤狀況、年度餘額、鋅成本、年度餘額沒有太大影響。但顯然，這將開始影響我們對明年的看法，以及我們為下一個財政年度製定計劃和預算的過程。

But generally, I think it's going to continue up in -- but I'm not sure -- I'm not sure we're going to -- usually when things start to change when you see some spikes, and this has been more of a gradual increase. And generally, that's very manageable for us. So yeah, minor impact on our outlook in metal coatings for this year, clearly, as we start to put our plans together, it will be a talking point as we talk about however, we end up guiding for the next fiscal year.

但總的來說，我認為它會繼續上升——但我不確定——我不確定我們是否會——通常當事情開始發生變化時，你會看到一些峰值，而這更像是一個逐漸增加的過程。總體來說，這對我們來說非常容易實現。是的，這對我們今年金屬塗料的前景影響不大，顯然，當我們開始製定計劃時，這將成為我們談論的一個話題，但我們最終會為下一個財政年度提供指導。

Great. Makes sense. Thanks for taking my questions. Appreciate it.

偉大的。有道理。感謝您回答我的問題。非常感謝。

Jon Braatz, Kansas City Capital.

喬恩‧布拉茨 (Jon Braatz)，堪薩斯市首府。

Tom, a couple of questions. On the Metal Coatings business, you completed the Canton acquisition, I think, July 1. How much of a contribution did Canton have in terms of revenues in the quarter?

湯姆，有幾個問題。關於金屬塗料業務，我記得你們是在 7 月 1 日完成對 Canton 的收購的。就本季的營收而言，Canton 貢獻了多少？

It's -- revenues in the quarter. $2 million. Yeah, and a few hundred thousand of contribution margin.

本季的營收為 200 萬美元。是的，還有幾十萬的貢獻利潤。

Okay. Good. And --

好的。好的。和--

A few months in the quarter. So we'll see a full quarter here going forward.

本季的幾個月。因此，我們將看到未來整個季度的進展。

That's right.

這是正確的。

Okay. And secondly, on the margin profile for the Metal Coating business, it's been very, very good over the last couple of years. And absent any significant change in zinc prices or the economy and so on. Is that range that you provided in terms of adjusted EBITDA margin for that segment, is that 20 -- that low 20 -- that lower end of the range, is that still relevant?

好的。其次，就金屬塗層業務的利潤率而言，過去幾年一直非常非常好。且鋅價格或經濟等沒有發生任何重大變化。您提供的該部門調整後 EBITDA 利潤率範圍為 20——即該範圍的下限，這是否仍然有意義？

Is there a point where maybe you feel comfortable raising that lower end and getting closer to the 30% to 32%, something like that, absent -- again, absent any significant economic changes.

是否存在一個點，讓您覺得可以把這個下限提高到接近 30% 到 32% 左右，或者類似的水平，前提是沒有任何重大的經濟變化。

Yeah. We tend to -- yeah, we haven't seen that 20 -- the low end of that or even very much, I think one quarter, we were below 30%, which was last winter. We had a rougher than normal in Q4 last year. So that was probably the only time in a while we've seen below 30%.

是的。我們傾向於——是的，我們還沒有看到 20——這個數字的低端，甚至沒有看到太多，我認為有一個季度，我們低於 30%，那是去年冬天。去年第四季我們的表現比往年更為艱難。所以這可能是我們一段時間內唯一一次看到低於 30% 的水平。

But yeah, I think we're pretty confident in this -- where we're at is 30% to 32%. We'll look at that as we go into the planning process. We just completed our strategic plan and we'll be rolling out some communication on that as we go forward. But yeah, we're pretty comfortable with their margin profile at holding in the 30%-plus range, the balance of this year. So yeah, we might get comfortable to guide to a tighter range on that.

但是的，我認為我們對此非常有信心——我們現在的比例是 30% 到 32%。在規劃過程中我們會考慮這一點。我們剛完成了我們的策略計劃，我們將在未來就此展開一些溝通。但是，是的，我們對他們的利潤率狀況相當滿意，今年的餘額保持在 30% 以上的範圍內。是的，我們可能會很樂意將範圍縮小到更窄的程度。

Okay. All right. Thank you very much.

好的。好的。非常感謝。

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) 做結束語。

Yeah. Just a couple of things. I don't think we got any questions on share buybacks. Jason alluded to it, but we had kind of guided that we'd be buying -- well, we issued a 10b5-1 that for $20 million at a couple of price points. I think we're going to -- I'm confident we will get $20 million of our shares bought in over the next perhaps a few weeks to a couple of months.

是的。僅舉幾例。我認為我們沒有收到任何有關股票回購的問題。傑森暗示過這一點，但我們已經暗示過我們會購買——好吧，我們以幾個價格點發行了價值 2000 萬美元的 10b5-1。我認為我們將會——我相信在接下來的幾週到幾個月內，我們的股票將回購價值 2000 萬美元。

And look forward to doing that and -- because we think we're still a great high-value stock and business with an outstanding outlook, particularly as we kind of finish out the choppiness of this year and look forward to next year. So thank you for joining us. We look forward to talking to you after our third-quarter results.

我們期待這樣做——因為我們認為我們仍然是一支高價值的股票和企業，前景光明，特別是當我們結束今年的動盪並展望明年時。感謝您加入我們。我們期待在第三季業績公佈後與您交談。

The conference has 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。