AZZ Inc (AZZ) 2027 Q1 法說會逐字稿

Good day, and welcome to the AZZ fiscal 2027 first-quarter results conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 AZZ 2027 會計年度第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Phillip Kupper, Managing Director of Three Part Advisors. Please go ahead.

現在我想把電話會議交給 Three Part Advisors 董事總經理 Phillip Kupper。請開始。

Good morning. Thank you for joining us today to review AZZ's fiscal 2027 first-quarter results for the period ended May 31, 2026. 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.

各位早安。感謝各位今天加入我們，一同回顧 AZZ 截至 2026 年 5 月 31 日止期間的 2027 會計年度第一季業績。今天與會者包括總裁兼執行長 Tom Ferguson、財務長 Jason Crawford，以及行銷、傳播與投資人關係長 David Nark。

After today's prepared remarks, we will open the call for questions. Please note that the live webcast for today's call is available www.azz.com/investor-events.

在今天的事先準備發言結束後，我們將開放提問。請注意，今日電話會議的即時網路直播可於 www.azz.com/investor-events 收看。

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, 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 and quarterly reports on Form 10-Q.

在開始之前，我想提醒各位，我們今天的討論將包含依據 1995 年《私人證券訴訟改革法》安全港條款所作的前瞻性陳述。前瞻性陳述本質上具有不確定性。除實際結果外，且在公司控制範圍之外，AZZ 所發表包含前瞻性陳述的評論可能涉及風險與不確定性，其中部分風險與不確定性會不時在 AZZ 向美國證券交易委員會提交的文件中詳述，包括最新的 Form 10-K 年度報告與 Form 10-Q 季度報告。

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.

這些陳述並非對未來績效的保證。因此，不應對其過度依賴。實際結果可能與這些預期存在重大差異。

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 shareholders to our reconciliations from GAAP to non-GAAP measures contained in today's earnings press release.

此外，今天的電話會議將討論非 GAAP 財務衡量指標，該等指標應視為補充資訊，而非 GAAP 財務衡量指標的替代。我們請股東參閱今日盈餘新聞稿中所載 GAAP 與非 GAAP 指標之調節表。

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

現在我想把電話會議交給 Tom Ferguson。

Thank you, Phillip. Good morning, everyone, and thank you for joining us today. We appreciate your interest in AZZ and the opportunity to discuss our first-quarter fiscal 2027 results.

謝謝你，Phillip。各位早安，感謝各位今天加入我們。我們感謝各位對 AZZ 的關注，並珍惜有機會與各位討論 2027 會計年度第一季的業績。

We are off to a strong start. For the first quarter, we delivered record sales in both segments, generated solid cash flow, maintained a strong balance sheet, announced raising our dividend, and raised our full-year guidance. These results reflect the strength of our strategy, the durability of our end markets and the continued execution of our teams.

我們有一個強勁的開局。第一季，我們在兩個事業部門皆創下銷售新高，產生穩健的現金流，維持強健的資產負債表，宣布提高股利，並上調全年財測指引。這些成果反映了我們策略的強度、終端市場的韌性，以及團隊持續的執行力。

Our results consistently reflect our ability to convert demand into high-quality profitable growth. We continue to leverage our market leadership positions in both Metal Coatings and Precoat Metals to expand earnings and generate robust cash flow while investing strategically to extend our competitive advantages.

我們的成果一貫展現出將需求轉化為高品質、具獲利性的成長之能力。我們持續運用在金屬塗層（Metal Coatings）與預塗金屬（Precoat Metals）兩大領域的市場領導地位，在策略性投資以延伸競爭優勢的同時，擴大獲利並創造強勁現金流。

In Metal Coatings, we are investing in added capacity where demand supports attractive returns. In North Texas, for instance, we successfully commissioned a new large kettle to meet growing regional demand for hot dip galvanizing, effectively doubling our capacity at Crowley, Texas. This low-risk, high-return investment supports growing customer demand and strong market fundamentals. David will discuss US end market demand in more detail in just a moment.

在金屬塗層業務方面，我們在需求可支撐具吸引力報酬的地區投資新增產能。例如在北德州，我們成功啟用一座新的大型鍍鋅鍋（kettle），以滿足區域熱浸鍍鋅需求的成長，並有效使德州克勞利（Crowley, Texas）廠的產能倍增。這項低風險、高報酬的投資可支援客戶需求成長與強勁的市場基本面。David 稍後將更詳細說明美國終端市場需求。

Additionally, a key element of our growth strategy is identifying innovative ways to grow share and deepen customer partnerships. One example of this is a vertically integrated manufacturer who chose to partner with AZZ to divest its non-core galvanizing operation to reduce complexity and cost.

此外，我們成長策略的一個關鍵要素，是找出創新方式以提升市占並深化客戶夥伴關係。其中一個例子是一家垂直整合製造商選擇與 AZZ 合作，出售其非核心的鍍鋅業務，以降低複雜度與成本。

As part of this agreement, we acquired their galvanizing kettle in zinc, providing them with immediate cash liquidity while securing a long-term service agreement. We believe this deverticalization model creates value for our customers while delivering long-term revenue streams for AZZ. We view this as a scalable blueprint for future partnerships.

作為該協議的一部分，我們收購了其鍍鋅鍋及鋅存貨，為其提供即時現金流動性，同時確保一項長期服務合約。我們相信，這種去垂直整合（deverticalization）模式能為客戶創造價值，同時為 AZZ 帶來長期營收來源。我們將其視為可擴展的藍圖，用於未來的合作夥伴關係。

At Precoat Metals, our Washington, Missouri facility continues to ramp production as planned. We remain on track to reach targeted utilization with our strategic partner, while actively seeking the commercialization of the remaining capacity. Facility is approaching an expected contribution margin levels for this year and performance with our partner in this beer and beverage-related container category has been very encouraging.

在預塗金屬業務方面，我們位於密蘇里州華盛頓市（Washington, Missouri）的工廠持續按計畫提升產量。我們仍按進度與策略夥伴達成目標稼動率，同時積極推動剩餘產能的商業化。該設施正接近今年預期的貢獻毛利水準，且我們與夥伴在啤酒與飲料相關容器類別的表現令人相當鼓舞。

Across both segments, our focus remains clear: increased share of wallet, capture incremental market share and deploy capital into high confidence organic and inorganic growth opportunities. These investments drive operational efficiencies and position us to deliver sustained long-term growth.

在兩個事業部門中，我們的重點依然明確：提高客戶錢包占有率（share of wallet）、取得額外市占，並將資本投入高信心的有機與無機成長機會。這些投資可帶動營運效率，並使我們具備持續長期成長的定位。

Underlying all this progress and momentum are our structural advantages that differentiate AZZ, including our proprietary technologies. In Metal Coatings, our digital galvanizing system, drives consistency, efficiency and data-driven decision-making at scale. In Precoat Metals, CoilZone enhances customer visibility with real-time insights that improve throughput and enable benchmarking across our footprint. These digital capabilities are not just operational tools. They are scale, strategic assets that strengthen customer relationships, improve execution and are forming the basis for utilizing AI to improve customer intimacy, fine-tune pricing decisions, and support operating efficiency improvements and sustainability.

支撐上述進展與動能的，是 AZZ 的結構性優勢，包括我們的專有技術，這些優勢使 AZZ 脫穎而出。在金屬塗層業務方面，我們的數位鍍鋅系統可在規模化運作下提升一致性、效率，並以數據驅動決策。在預塗金屬業務方面，CoilZone 透過即時洞察提升客戶可視性，改善產出效率，並可在我們的營運據點間進行標竿比較。這些數位能力不僅是營運工具。它們是具規模的策略性資產，可強化客戶關係、提升執行力，並正形成運用 AI 的基礎，以提升客戶黏著度、精準化定價決策，並支援營運效率改善與永續發展。

Looking ahead, we remain confident in our ability to execute on our strategic priorities, winning in our markets, deploying capital with discipline, investing in high-value capacity expansion, delivering superior customer service, and leveraging AZZ's differentiated capabilities. Collectively, these efforts position us to drive profitable growth, enhance shareholder value, and reinforce our leadership across our end markets.

展望未來，我們對於執行策略優先事項仍充滿信心：在市場中勝出、以紀律部署資本、投資高價值的產能擴張、提供卓越的客戶服務，並運用 AZZ 差異化能力。綜合而言，這些努力使我們得以推動具獲利性的成長、提升股東價值，並鞏固我們在各終端市場的領導地位。

With that, I will turn it over to Jason.

接下來，我把時間交給 Jason。

Thank you, Tom. We delivered record first-quarter sales of $448.5 million, up 6.3% year over year, driven by strong double-digit sales growth in our Metal Coatings segment which increased 12.3%. This performance reflects continued momentum across construction, industrial, and infrastructure end markets. Precoat Metal sales increased 1.5% year over year supported by the pass-through of higher paint and input costs and the continued ramp-up at our Washington, Missouri facility, partially offset by softer volume in certain construction, HVAC, and appliance end markets.

謝謝你，Tom。我們第一季銷售額創新高，達 4.485 億美元，年增 6.3%，主要受惠於金屬塗層事業部門的強勁雙位數成長，該部門銷售年增 12.3%。此表現反映建築、工業與基礎建設終端市場的動能持續。預塗金屬銷售年增 1.5%，受惠於較高塗料與投入成本的轉嫁，以及密蘇里州華盛頓市工廠持續爬坡增產；但部分被某些建築、HVAC 與家電終端市場的較疲弱出貨量所抵銷。

From a profitability standpoint, gross profit was $112.2 million or 25% of sales, representing a 30-basis point improvement year over year. This reflects favorable mix, pricing discipline, and improved operational execution.

就獲利能力而言，毛利為 1.122 億美元，占銷售額 25%，年增 30 個基點。這反映了有利的產品組合、定價紀律，以及營運執行的改善。

SG&A expenses were $35.1 million or 7.8% of sales compared to 8.2% last year. Even after excluding the $2.2 million noncash retiree incentive charge in the prior year, we demonstrated good cost control while supporting growth. Operating income increased to $77 million or 17.2% of sales, an improvement of 70 basis points versus the prior year, reflecting strong incremental margins on higher volumes.

銷售、一般及行政（SG&A）費用為 3,510 萬美元，占銷售額 7.8%，去年同期為 8.2%。即使排除前一年度 220 萬美元的非現金退休人員激勵費用，我們在支援成長的同時仍展現良好的成本控管。營業利益提升至 7,700 萬美元，占銷售額 17.2%，較去年改善 70 個基點，反映在較高出貨量下的強勁增量利潤率。

Turning briefly to the AVAIL JV. As a reminder, our first quarter of the prior year included $173.5 million of total equity and earnings, of which a substantial portion was related to the divestiture of its electrical products group. While this creates a difficult year-over-year comparison, it's important to note that our current results reflect our 40% interest in the remaining business. Our JV partner continues to pursue the divestiture of its remaining available operations.

接著簡要說明 AVAIL 合資企業（JV）。提醒各位，去年第一季包含 1.735 億美元的權益法投資收益總額，其中相當大一部分與其電氣產品事業群的處分有關。雖然這使得年對年比較較為困難，但重要的是，我們目前的結果反映的是我們對剩餘業務 40% 的持股權益。我們的合資夥伴仍持續推動其剩餘 AVAIL 營運的處分。

Interest expense improved to $11.3 million, down $7.3 million from the prior year, driven by deliberate debt reduction following the Vale distribution and financing optimization initiatives discussed in more detail in our SEC filings. This highlights the strength of our balance sheet, support from our capital market partners, and our continued focus on reducing debt and the company's cost of capital.

利息費用改善至 1,130 萬美元，較去年減少 730 萬美元，主要受惠於在 Vale 分配後有計畫地降低負債，以及我們在 SEC 申報文件中更詳細說明的融資最佳化措施。這凸顯我們資產負債表的強健、資本市場夥伴的支持，以及我們持續降低負債與公司資本成本的聚焦。

First quarter's income tax expense of $14 million reflects an effective tax rate of 21.2% compared to 22.2% last year when we exclude the impact of the JV equity earnings. GAAP net income was $52 million, and adjusted diluted EPS was $1.85, up 3.9% year over year, demonstrating continued earnings growth despite the absence of the prior year JV-related earnings.

第一季所得稅費用為1,400萬美元，反映有效稅率為21.2%；若排除合資企業（JV）權益法收益的影響，則相較去年為22.2%。依GAAP計算之淨利為5,200萬美元，調整後稀釋每股盈餘（EPS）為1.85美元，年增3.9%，顯示即使缺少前一年與JV相關的收益，獲利仍持續成長。

Consolidated adjusted EBITDA was $99.5 million or 22.2% of sales. Infrastructure Solutions adjusted EBITDA dropped from $7.6 million in the prior year first quarter to a loss of $0.8 million in the current quarter, reflecting the impact of the business divestitures in the AVAIL JV that occurred throughout fiscal year 2026.

合併調整後EBITDA為9,950萬美元，約占銷售額的22.2%。基礎設施解決方案（Infrastructure Solutions）調整後EBITDA由去年第一季的760萬美元降至本季虧損80萬美元，反映2026會計年度期間於AVAIL合資企業（JV）中進行之事業處分的影響。

In our Metal Coatings segment, an increase in large projects and the sale of land in the prior year quarter contributed to a drop on year-on-year margins. While margins in our Precoat Metals segment improved modestly, on operational performance and mix from our Washington, Missouri facility. Importantly, underlying margins remain strong and consistent with our long-term expectations.

在金屬塗層（Metal Coatings）事業部，大型專案增加以及去年同期出售土地，導致年對年毛利率下滑。雖然預塗金屬（Precoat Metals）事業部的毛利率小幅改善，主要來自密蘇里州華盛頓（Washington, Missouri）廠的營運表現與產品組合改善。重要的是，基礎毛利率仍然強勁，且符合我們的長期預期。

As Tom noted, our Washington, Missouri facility volumes continued to ramp in line with expectations, and we remain on track to contribute meaningfully to revenue and profitability as we move through fiscal year 2027. In addition, we are starting to make progress in commercializing the remaining capacity at this facility.

如Tom所提，我們位於密蘇里州華盛頓的工廠產量持續依預期爬坡，我們仍按計畫在2027會計年度推進過程中，對營收與獲利做出顯著貢獻。此外，我們也開始在該廠剩餘產能的商業化方面取得進展。

Turning to our balance sheet and capital allocation. We generated $37.1 million of operating cash flow in the quarter, driven by earnings growth and disciplined working capital management. Our net leverage remained low at 1.4 times, providing significant flexibility to fund growth and return capital to our shareholders. Capital expenditures totaled $18.7 million, with a growing focus on high-return organic investments.

接著談資產負債表與資本配置。本季我們創造營運現金流3,710萬美元，主要受惠於獲利成長與嚴謹的營運資金管理。我們的淨槓桿倍數維持在1.4倍的低水準，提供充足彈性以支應成長並回饋股東。資本支出合計1,870萬美元，並日益聚焦於高報酬的內生成長投資。

We remain committed to returning capital to our shareholders. We recently increased our quarterly cash dividend from $0.20 per share to $0.24 per share, representing a 20% increase and further underscoring our confidence in the sustainability of our earnings and cash flows.

我們仍致力於回饋股東。我們近期將季度現金股利由每股0.20美元提高至每股0.24美元，增幅20%，進一步彰顯我們對獲利與現金流可持續性的信心。

In addition, we continue to maintain a strong share repurchase program with $133.2 million available. However, no shares were repurchased in the first quarter. Overall, our capital allocation priorities remain unchanged. That is to maintain a strong balance sheet, invest in high-return growth opportunities, and return excess capital to our shareholders.

此外，我們持續維持強勁的庫藏股回購計畫，目前尚有1億3,320萬美元可用額度。然而，第一季未回購任何股份。整體而言，我們的資本配置優先順序維持不變。也就是維持強健的資產負債表、投資於高報酬的成長機會，並將多餘資本回饋股東。

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

接下來，我想把電話會議交給David。

Thank you, Jason, and good morning, everyone. This quarter, we have enhanced our disaggregated sales disclosure in the 10-Q to provide greater transparency and improved end market comparability. Our reporting now reflects six primary categories: construction, which remains our largest end market and includes commercial, residential, agriculture and data centers. Industrial, mainly comprised of processing plants for a variety of applications, including power, food and water as examples. Infrastructure includes electrical, transmission and distribution, solar, petrochemical, and bridge and highway projects.

謝謝你，Jason，各位早安。本季我們在10-Q中強化了分拆（disaggregated）銷售揭露，以提供更高透明度並改善終端市場的可比性。我們目前的報導反映六大主要類別：建築（construction）仍為最大終端市場，包含商用、住宅、農業與資料中心。工業（industrial）主要由各類應用的加工廠構成，例如電力、食品與水務等。基礎設施（infrastructure）包含電氣、輸電與配電、太陽能、石化，以及橋梁與公路專案。

HVAC and appliances includes both residential and commercial HVAC as well as appliance. Transportation includes truck, trailer, bus and RVs. And finally, container, which represents food and beverage-related end markets. Our other category represents all other miscellaneous sales. This updated framework better aligns our disclosures with how we manage and evaluate the business and no longer calls out consumer or electrical.

暖通空調與家電（HVAC and appliances）包含住宅與商用HVAC以及家電。運輸（transportation）包含卡車、拖車、巴士與休旅車（RV）。最後是容器（container），代表食品與飲料相關終端市場。其他（other）類別則代表所有其他雜項銷售。此更新後的架構更貼近我們管理與評估業務的方式，並不再單獨列示消費者或電氣。

Now turning to performance. Consolidated sales grew 6.3% year over year. Construction grew at 3.9% driven by continued strength in large data center and manufacturing-related projects. Industrial sales increased by 7.8%, supported by increased demand for utility scale power projects. Container was up 194% primarily resulting from the ramp at the new Washington, Missouri plant, as mentioned by both Tom and Jason. While infrastructure was essentially flat compared to the same quarter in the prior year, with mixed results by segment. Offsetting our growth in construction, industrial and container end markets were transportation down 1.2% on lower commercial trailer activity and HVAC and appliances down 2.4% on lower residential new construction.

接著談營運表現。合併銷售額年增6.3%。建築年增3.9%，主要受惠於大型資料中心與製造相關專案持續強勁。工業銷售年增7.8%，由公用事業級電力專案需求增加所支撐。容器年增194%，主要來自密蘇里州華盛頓新廠的產能爬坡，正如Tom與Jason所提。基礎設施與去年同期相比大致持平，各事業部表現分歧。抵銷建築、工業與容器終端市場成長的因素包括：運輸下滑1.2%，因商用拖車活動減少；以及HVAC與家電下滑2.4%，因住宅新建需求降低。

Looking ahead, we believe we are in early stages of a significant and sustained investment cycle. Modernizing the aging electric grid to support our nation's accelerating electrical demand will require a meaningful step-up in capacity and capital deployment. This dynamic, combined with ongoing investment in infrastructure, energy and industrial capacity, supports our view that a once-in-a-generation infrastructure rebuild is underway. Our thesis is that AZZ is well positioned to benefit from a multi-decade capital investment cycle across utility, transmission, distribution, and grid technology.

展望未來，我們認為目前正處於一個重大且可持續的投資循環早期階段。為支撐全國加速成長的用電需求而現代化老舊電網，將需要在產能與資本投入上大幅提升。此一動態，加上對基礎設施、能源與工業產能的持續投資，支持我們的觀點：一場世代罕見的基礎設施重建正在進行。我們的論點是，AZZ具備良好定位，可受惠於橫跨公用事業、輸電、配電與電網技術的數十年資本投資循環。

Importantly, these trends are not cyclical, they are structural long-duration drivers that are increasingly central to our customers' capital spending priorities. We continue to see strength at the customer level. For example, one of our largest galvanizing customers has recently reported a 35% growth in their utility-related structures backlog. While we do not operate the business on a backlog basis, this customer's demand forecast, along with others, provides us confidence in future activity and the durability of certain end markets.

重要的是，這些趨勢並非景氣循環因素，而是結構性、長週期的驅動力，且日益成為客戶資本支出優先事項的核心。我們持續看到客戶端的強勁動能。例如，我們最大的熱浸鍍鋅客戶之一近期表示，其公用事業相關結構的在手訂單（backlog）成長35%。雖然我們並非以在手訂單為基礎來營運業務，但該客戶的需求預測以及其他客戶的情況，讓我們對未來活動量與部分終端市場的韌性更具信心。

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

接下來，我把電話會議交給Tom。

Thank you, Dave. Adding to Dave's commentary on industrial, infrastructure and utility momentum, we are evaluating how our footprint aligns with anticipated demand. Regionally, the Southern US, beginning with Texas and expanding East through key growth states, is expected to account for nearly half of the country's proposed utility capital spending. This reinforces our recently completed capacity expansion in North Texas, which we believe is both well timed and strategically aligned with our growth priorities.

謝謝你，Dave。延續Dave對工業、基礎設施與公用事業動能的評論，我們正在評估我們的據點布局如何與預期需求相匹配。就區域而言，美國南部自德州起並向東延伸至關鍵成長州，預計將占全國擬議公用事業資本支出的近一半。這也強化了我們近期在北德州完成的產能擴張；我們認為其時點恰當，且在策略上與我們的成長優先事項一致。

Reflecting strong sales momentum and operational resilience, we are confident in raising our fiscal 2027 outlook. We now expect sales of $1.8 billion to $1.85 billion, adjusted EBITDA of $375 million to $415 million, adjusted diluted EPS of $6.75 to $7.15. As we drive growth, we also expect to reduce debt by $130 million to $170 million, in fiscal 2027, demonstrating our continued commitment to balance sheet strength alongside expansion.

反映強勁的銷售動能與營運韌性，我們有信心上調2027會計年度展望。我們目前預期銷售額為18億至18.5億美元，調整後EBITDA為3.75億至4.15億美元，調整後稀釋每股盈餘（EPS）為6.75至7.15美元。隨著推動成長，我們也預期在2027會計年度減債1.3億至1.7億美元，展現我們在擴張同時仍致力於維持資產負債表強度。

Looking forward, our strategy remains clear and consistent. We are scaling the business through a combination of organic investments, market share gains, and a disciplined M&A approach. We are actively evaluating a robust pipeline of high-quality acquisition targets that align with our core capabilities and meet our return thresholds.

展望未來，我們的策略仍然清晰且一致。我們將透過內生投資、市占提升，以及嚴謹的併購（M&A）策略相結合來擴大業務規模。我們正積極評估一條強勁的高品質併購標的管線，這些標的與我們的核心能力一致，並符合我們的報酬門檻。

We expect to announce a deal later this month. We are also evaluating greenfield galvanizing opportunities where we can partner with strategic customers. These efforts position AZZ to capitalize on what we believe is a long-duration secular growth cycle driven by increasing demand for infrastructure, electrification, data centers, and grid modernization.

我們預期在本月稍晚宣布一筆交易。我們也在評估綠地（greenfield）熱浸鍍鋅機會，並可與策略性客戶合作。這些努力使AZZ得以把握我們所認為的長週期結構性成長循環，其動能來自基礎設施、電氣化、資料中心與電網現代化需求的增加。

At the same time, aging infrastructure across North America continues to require significant reinvestment, further reinforcing the long-term opportunity set. Our confidence is reflected in the Board's recent decision to increase our quarterly cash dividend to $0.24 per share.

同時，北美各地老化的基礎設施仍需要大量再投資，進一步強化長期機會版圖。我們的信心也反映在董事會近期決議將季度現金股利提高至每股0.24美元。

Finally, we believe AZZ is uniquely positioned operationally, strategically, and financially to deliver sustained, profitable growth and long-term shareholder value. Before we open the call to questions, I'd like to recognize and thank our employees. I am proud to work alongside such a talented and dedicated team that brings pride and passion to everything they do to serve our customers.

最後，我們相信 AZZ 在營運、策略與財務面皆具備獨特優勢，能夠帶來可持續且具獲利性的成長，並為股東創造長期價值。在我們開放提問之前，我想先表揚並感謝我們的員工。我很自豪能與這樣一支才華洋溢、敬業投入的團隊並肩工作；他們以自豪與熱情投入所做的一切，以服務我們的客戶。

Now, operator, we are ready to take questions from analysts.

現在，接線員，我們已準備好接受分析師提問。

(Operator Instructions) Ghansham Panjabi, Baird.

(接線員指示) Ghansham Panjabi，Baird。

It's actually Josh Wesley on for Ghansham. Maybe, Tom, if we could just start off on just the overall market conditions. Obviously, it sounds like end market demand is pretty robust for you guys. But just in terms of the volatility over the past few months with energy costs from the Middle East, et cetera, just curious how that's kind of translated into customer decision-making, how they're thinking about going forward with projects. Are they getting delayed right now and getting pushed into the back half of the calendar year? Anyway, any thoughts on yearend would be great.

其實我是代替 Ghansham 的 Josh Wesley。Tom，也許我們可以先從整體市場狀況談起。顯然，聽起來你們的終端市場需求相當強勁。但就過去幾個月因中東等因素導致能源成本波動而言，我想了解這如何影響客戶的決策，以及他們對後續專案推進的看法。他們目前是否在延後，並把專案推到日曆年度的下半年？總之，若能分享一些對年底的看法會很有幫助。

Sure thing, Josh. A couple of things. One, on the Metal Coatings side, I think the markets are robust. You see it in the growth in the quarter and has taken our guidance up is because we see a lot of strength there going forward for at least the balance of this calendar year.

當然可以，Josh。有幾點。第一，在金屬塗層（Metal Coatings）方面，我認為市場相當強勁。你可以從本季的成長看出來；我們之所以上調指引，是因為我們看到至少在本日曆年度剩餘期間，未來仍有很強的動能。

There's been talk of project delays depending somewhat on interest rates or energy costs and things like that. But for the most part, the things that we're seeing, they've got to put towers and poles in the ground. They've got to continue to improve the grid and then data centers, I'd say the majority of our plants have at least one data center project going on at any given time lately.

確實有人在談專案延遲，部分取決於利率或能源成本等因素。但就我們看到的情況而言，多數客戶仍必須把鐵塔與電桿立到地面上。他們必須持續改善電網；至於資料中心，我會說我們大多數工廠在任何一段時間內，最近幾乎都至少有一個資料中心專案在進行。

So we have not seen much in terms of headwinds there. As a matter of fact, it's mostly stuff moving forward, customers converting capacity to where they can focus more on poles, towers, and things related to electrical infrastructure.

因此，我們在那方面並未看到太多逆風。事實上，多數案子都在往前推進；客戶也在調整產能配置，以便更聚焦於電桿、鐵塔以及與電力基礎設施相關的項目。

On the Precoat side, I'd say we had encountered the tariff impact, which has made substrate less available in many ways or of higher cost. I think that's probably stabilized at this point as we're looking forward. So not much more impact on tariffs and the substrate prices have gone up, it could actually bring some imports back into play, which is generally good for our customers on the Precoat side.

在預塗（Precoat）方面，我會說我們曾遇到關稅影響，使得基材在許多情況下更不易取得，或成本更高。我認為就我們往前看，這點目前大致已趨於穩定。因此，關稅的額外影響不大；而基材價格上升，反而可能讓部分進口重新具備競爭力，這通常對我們 Precoat 端的客戶是好事。

So I think everything we're looking at is pretty positive, and we feel like either like on Precoat, we've bottomed and stabilized in terms of market conditions. We're benefiting from the container demand on -- especially for the new Washington site, which has ramped up according to schedule, and it pretty much hit its pace now and almost at its run rate early.

所以我認為我們看到的整體都相當正面；我們覺得 Precoat 方面在市場狀況上已觸底並趨於穩定。我們也受惠於貨櫃需求——特別是新的華盛頓據點，已依照時程爬坡，目前基本上已達到節奏，甚至比預期更早接近其穩態產能（run rate）。

And on the Metal Coatings side, there's just not a lot of clouds on the horizon. Obviously, we battle it out at 48 sites every day, but most of those sites are -- I'd say we're winning every day.

而在金屬塗層方面，地平線上並沒有太多陰霾。當然，我們每天在 48 個據點都要全力以赴，但這些據點多數——我會說我們每天都在贏。

That's great. Thank you for that. Maybe just for my second question, Tom, on that deverticalization model that you're talking about with your customers. Just any more color on that would be great. I mean, it sounds like a lot of it are maybe customers that you kind of service flex capacity for right now. Is that correct? And is this a trend that's kind of growing across your customer -- sorry, customer base, how should we think about that?

太好了。謝謝你的說明。也許我的第二個問題，Tom，關於你提到與客戶合作的「去垂直整合（deverticalization）」模式。如果能再多補充一些細節會很有幫助。我的理解是，其中很多可能是你們目前為其提供彈性產能服務的客戶。是這樣嗎？而這是否是一個在你們客戶——抱歉，客戶群——中正在擴大的趨勢？我們應該如何看待？

Yeah, it's something we talk about and we like and we talk to a lot of our customers about it if they've got a kettle and especially when that kettle goes down and they've got to replace it or repair it, that's a great time for our teams to be in there talking to them, why do you want to go through this headache. We've got plants within relatively short distances from you, we can negotiate a long-term agreement, and we can take that furnace and kettle off your hands and give you a decent price for your zinc.

是的，這是我們常談、也很喜歡的一件事；如果客戶有一座鍍鋅鍋（kettle），我們會和很多客戶討論，尤其當那座鍋停機、必須更換或維修時，正是我們團隊進場溝通的好時機：你為什麼還要承受這些麻煩？我們在離你相對不遠的地方就有工廠，我們可以談一份長期合約；我們也可以把那座爐子和鍋接手過來，並以合理價格收購你的鋅。

So we're having those conversations with customers all the time. There's a target list of those. We're happy that we finally got one closed. We had not done one of these since I'm going to say, about five or six years now. So we'd love to see this turn into -- and that's why we wanted to talk about it because we just want to make sure our customers -- we've got their attention that this is something we can do, and we're happy to deploy some of our capital towards helping them with what we think is a better long-term solution for them. And we just like to think we're a whole lot better at how dip galvanizing than they probably are since it's not their focus.

所以我們一直都在和客戶進行這類對話。我們也有一份目標名單。我們很高興終於成功完成了一筆。我想我們大概有五、六年沒有做過這類案子了。所以我們希望這能夠帶動更多——這也是我們想談它的原因，因為我們想確保客戶注意到：這是我們能做的事；而且我們也樂於投入部分資本，協助他們採用我們認為對其更好的長期解決方案。我們也認為，在熱浸鍍鋅（dip galvanizing）這件事上，我們大概比他們更在行，因為那並非他們的核心重點。

Nick Giles, B. Riley.

Nick Giles，B. Riley。

This is actually [Henry Hearl] on for Nick Giles. Maybe to start off start off on M&A. It's been in the background for a while now, and you mentioned likely announcing one this month. I'm just curious on what some of the gating factors might be -- willing sellers, sites that make sense geographically? Any color there would be really helpful.

其實我是代替 Nick Giles 的 [Henry Hearl]。我想先從併購（M&A）談起。這件事在背景醞釀一段時間了，你也提到可能會在本月宣布一筆。我想了解一些關鍵的限制因素可能是什麼——例如賣方意願、在地理位置上合理的據點等？若能提供一些脈絡會很有幫助。

I think we've -- the one I'm hoping we're going to close. I'd say we got a little bit rusty, even though we did (inaudible) last year. Normally, I'd like to see us get these done in 45 to 75 days, and this one's kind of drag along for about six months -- so particularly on what I'll call a one-off galvanizer. So I think this is us being disciplined and making sure that it's not just that we're crossing the Ts and dotting the Is.

我想——就我希望能完成的那一筆而言。我會說我們有點生疏了，儘管去年我們也做了（聽不清）。通常我希望我們能在 45 到 75 天內完成，但這一筆拖了大約六個月——尤其是針對我所稱的單點式鍍鋅廠（one-off galvanizer）。所以我認為這反映我們保持紀律，確保不只是形式上把每個細節都做到位（crossing the Ts and dotting the Is）。

It's that we've got to have a sense of urgency by getting these things done. And because they just drag and, of course, it cost us money to do that, but it also delays our ability to take them on and get them into our process and our playbook.

更重要的是，我們必須有緊迫感把這些案子完成。因為一旦拖延，當然會讓我們付出成本，同時也會延後我們接手並把它們納入我們流程與作業手冊（playbook）的時間。

So there's more out there. I think we're having a lot of conversations. Obviously, galvanizing market is fairly hot right now. So some of these owners, I think they're kind of sitting on what they view as good demand at the moment and just not at that peak point where they're ready to transact something. But yes, I'd say our guys are having conversations every week, every month with a pretty good number of these independent owners. And I'd like to see more of them break loose.

所以外面還有更多機會。我想我們正在進行很多對話。顯然，鍍鋅市場目前相當火熱。因此有些業主可能覺得眼下需求不錯，還沒到他們願意交易的高點時刻。但沒錯，我會說我們的團隊每週、每月都在和相當數量的獨立業主洽談。我也希望看到更多人願意鬆動。

We're paying better multiples than probably we have historically, but it's -- part of that is just our ability and our confidence in our ability to drive the synergies and grow those businesses. So I'm hoping some more break loose, but it will be good to get this next flag on the map for us.

我們支付的倍數可能比過去歷史水準更高，但其中一部分原因在於：我們有能力、也有信心透過協同效應來推動並成長這些業務。所以我希望能有更多案子釋出；但先把下一面旗插上地圖，對我們會是件好事。

And then on the Precoat side, we're also working some things. Obviously, those are typically bigger. But just -- they would still be a bolt-on because we want to be able to bolt in on drive the synergies, run the playbook, and not disrupt anything. So we're not looking for anything like a third leg.

另外在 Precoat 方面，我們也在推進一些案子。顯然，那些通常規模更大。但——它們仍會是附加式併購（bolt-on），因為我們希望能把它們接上、導入協同效應、按作業手冊運行，且不干擾既有運作。因此我們不在尋找那種像是「第三條腿」的大型轉型式併購。

Got you. That's very helpful color. And then just to confirm, with the one that might close at the end of this month, would that be the same one you mentioned on your last call that was in due diligence?

了解。這些補充說明非常有幫助。另外再確認一下，這個可能在本月底完成交割的案子，是否就是你們上次電話會議提到、當時正在進行盡職調查的那一個？

That's correct.

沒錯。

Okay. And then for my second question, 1Q came in really strong here and your EBITDA run rate is now at the higher end of your updated guide. As we try to model 2Q and 3Q knowing 4Q tends to be softer, are there any seasonality or other factors we should be keeping in mind?

好的。那我的第二個問題是，第一季表現非常強勁，而你們的 EBITDA 年化運行率現在已經來到更新後財測區間的高端。在我們嘗試建模第二季與第三季、並且知道第四季通常較疲弱的情況下，有沒有任何季節性或其他因素是我們需要留意的？

No, we're feeling pretty good. I mean, the things that affect us -- fourth quarter is usually tell us what the severity of the winter is going to be, and we'll tell you what our forecast is going to be for that quarter. But I think -- which is why we'll reforecast that as we get towards the -- as we can see what winter stacking up to be.

沒有，我們目前感覺相當不錯。我的意思是，影響我們的因素——第四季通常取決於冬季嚴寒程度，我們也會告訴各位我們對該季度的預測。但我想——這也是為什麼我們會在接近那個時間點、當我們能看出冬季情況會如何發展時，再去重新預測。

But in terms of summer and early fall right now, there is nothing on the horizon that give us any concern. If hurricane pops up, usually, that -- unless it hits our sights directly, it's usually more positive than negative for us. So not that we're projecting any.

但就目前的夏季與初秋而言，沒有任何跡象讓我們感到擔憂。如果出現颶風，通常——除非直接影響到我們的據點，對我們而言多半是利大於弊。當然我們也不是在預測一定會有。

But yeah, there's nothing within our control or that we're hearing from our customers that would indicate we're going to see anything unusual. So we would anticipate second and third quarters tracking. And I will say we're almost halfway through the second quarter. And we got off to a really good start. So we're feeling good.

不過是的，沒有任何我們可控的因素，或是我們從客戶那邊聽到的訊息，顯示會出現任何不尋常的情況。所以我們預期第二季與第三季會按既有趨勢推進。我也要說，我們第二季已經快過了一半。而且我們開局非常好。所以我們感覺很不錯。

Daniel Rizzo, Jefferies.

Daniel Rizzo，Jefferies。

Just -- you mentioned a couple of things. One, you mentioned (inaudible) facilities with customers. For you to fill that, would there be like the customer has to be responsible for agreed to taking on 75% of EBITDA? How would it be structured? Is it like a take-or-pay component? I mean, any color on -- I guess, what would be the cost to you guys in terms of CapEx?

我想——你提到了幾件事。第一，你提到與客戶共建（聽不清）設施。若要你們去承接這件事，是否會像是客戶必須承諾承擔 75% 的 EBITDA？結構會怎麼設計？會像是 take-or-pay（照付不議）條款嗎？我的意思是，能否補充一些細節——我想問的是，對你們而言資本支出（CapEx）的成本大概會是什麼樣子？

On the Galvanizing side, we typically -- on Precoat, we went with the take-or-pay because it was a huge investment. And particularly, for AZZ, we are new into Precoat, so we wanted to make sure that we had the demand there and that we had a great partner customer committed.

在鍍鋅（Galvanizing）這一塊，我們通常——在預塗（Precoat）方面，我們採用 take-or-pay，因為那是一筆非常大的投資。尤其對 AZZ 來說，我們是剛進入預塗領域，所以我們希望確保需求確實存在，並且有一位優質的合作客戶做出承諾。

For galvanizing, we're just usually looking for anchor customers. So usually, existing customers that we do a lot of business with, but maybe they've expanded the site. They've been investing in a new -- some new production capacity. And we want to be partnered with them. So we're not looking for a contractual arrangement.

至於鍍鋅，我們通常只是尋找「主力客戶」（anchor customers）。所以通常是我們既有、往來量很大的客戶，但也許他們擴建了廠區。他們正在投資新的——一些新的產能。而我們希望能與他們成為合作夥伴。因此我們不太會要求合約式的安排。

I would just say that we've probably got about a dozen of our sites that have that anchor customer that makes up anywhere from 10% to 25% of potential -- of volume. And as long as we've got that kind of knowledge and clearly, the relationship, yeah, we don't require a contract.

我會說，我們大概有十來個據點都有這種主力客戶，約占潛在——占量的 10% 到 25%。只要我們掌握這類資訊，且很明顯地有這段合作關係，是的，我們不需要合約。

We're typically probably with inflation the way it's been on materials -- kettles, furnaces, everything else, what you've seen in our run rate CapEx, we're looking at $35 million, $40 million to -- including real estate or even, I would say, somewhat dependent on the cost of the real estate in some cases, 18 months build-out and then ramp up. And because they're -- we're talking to what we would consider anchor customers, the ramp-up should be much quicker than we did in Reno, which was our last greenfield plant. And the ramp-up took longer, if we didn't have an anchor customer in the area. We did it just because it was a high-growth region that had a lot of potential for the future, which we're very pleased with at this time.

以目前材料——鍋槽（kettles）、爐子（furnaces）以及其他設備的通膨情況來看，從你們在我們資本支出運行率中看到的水準，我們估計大約需要 3,500 萬到 4,000 萬美元——包含不動產，或者我甚至會說，在某些情況下也會取決於不動產成本；建置期約 18 個月，之後再爬坡。而且因為——我們談的是我們認為的主力客戶，爬坡速度應該會比我們在 Reno（里諾）那座上一個綠地（greenfield）新廠快得多。當時爬坡花了更久，因為該區域沒有主力客戶。我們之所以仍然去做，是因為那是一個高成長區域、未來潛力很大，而我們目前對那個決定非常滿意。

Are there other high-growth regions you could point to? I don't know if you can do that on a public call or anything like that or places you're looking within the US or whatever?

還有其他你們可以指出的高成長區域嗎？我不確定你是否能在公開電話會議上談這個，或是你們在美國境內或其他地方正在看的區域？

I think -- yeah, I'm not going to point to anything specifically. Once we commit to some real estate, we'll get an announcement out and let folks know where we're at and what we've committed to.

我想——是的，我不會特別指出任何具體地點。一旦我們對某些不動產做出承諾，我們就會發布公告，讓大家知道我們在哪裡、以及我們承諾了什麼。

There's quite a few. When we look at a map, even though we've got 42 high galvanizing plants, there's still quite a bit of open space out there with growth. We tend to be either in the high-growth states like Texas right now and some of the Southeast. And -- but yeah, there's several places where we think we can provide a better solution than some of the competitors and provide it closer to some of the customer concentration.

其實有不少。當我們看地圖時，即使我們已經有 42 座大型鍍鋅廠，外面仍然有相當多的空白區域具備成長空間。我們往往位於目前的高成長州，例如德州，以及東南部的一些州。而且——是的，有幾個地方我們認為能提供比某些競爭對手更好的解決方案，並且更貼近客戶集中的區域提供服務。

So it -- and I'd say this is a balanced strategy. If we could buy decent competitor in the area, we'd love to do it. But these are areas where there is some competition, but they're not going to be willing to sell. So that brings forward the greenfield opportunity and particularly when we're talking to major customers who want to have that discussion.

所以——我會說這是一個平衡的策略。如果我們能在該區域收購一家不錯的競爭對手，我們很樂意這麼做。但這些地區雖然有一些競爭者，他們不太願意出售。因此就帶出了綠地新建的機會，特別是當我們與希望進一步討論的主要客戶對話時。

Adam Dalheimer, Thompson Davis Co.

Adam Dalheimer，Thompson Davis Co.。

Congrats on the strong Q1. Tom, I wanted to ask -- and you've talked around this, but I still feel like it's worth asking. You guys beat the first quarter by -- on the EBITDA line, $2 million but you raised the full-year guide by -- at the midpoint by $15 million, which is a pretty -- it's a strong move, but I'm just curious what gave you the underlying confidence to do that?

恭喜第一季表現強勁。Tom，我想問——你其實已經繞著這個話題談了一些，但我仍覺得值得一問。你們第一季在 EBITDA 這一行超出約 200 萬美元，但你們把全年財測在中位數上調了 1,500 萬美元，這是相當——很有力的調升。我只是好奇，是什麼讓你們有這樣的底層信心去做這個上調？

Part of it is that the new Washington site, it hit its dates and commitments, and so we're feeling bullish about that new site and working with our partner and what they're telling us. So a chunk of it is just tied to the new site getting to its run rate targets and we believe being sustainable at those run rates sooner than we had budgeted for, if you want to call it that. So that's one piece of it.

其中一部分是新的華盛頓據點如期達成時程與承諾，因此我們對這個新據點、以及與合作夥伴的合作、還有他們提供給我們的訊息感到相當樂觀。所以其中一大塊就是與新據點達到其運行率目標有關，而且我們相信能比我們原先編列的預算——如果你要這麼說——更早在那些運行率水準上達到可持續。這是其中一個部分。

As I mentioned, on the Precoat side, there's a couple of things going on. We're seeing even though the markets in some areas are still soft because of the lack of substrate. Still, you've got pain price increases that have gone through. You've got -- and we've got our usual material burden and stuff we put on top of that.

如我提到的，在預塗（Precoat）方面，有幾件事正在發生。我們看到即使某些區域的市場因基材（substrate）供應不足而仍偏疲弱，但仍然有塗料（paint）漲價已經落地。另外還有——我們一貫會在其上加計材料附加負擔等項目。

And then we have -- we're now pushing price to either keep up with material inflation. And in some cases, we've added -- well, we are adding surcharges on the zinc because zinc stayed high. So you factor all those things in, and we felt good about taking the EBITDA up significantly more than what we had generated in the first quarter.

然後我們也——現在正在推動價格，以跟上材料通膨。而在某些情況下，我們已經加上——嗯，我們正在加收鋅的附加費（surcharges），因為鋅價仍維持在高位。把這些因素都納入考量後，我們對把 EBITDA 上調到顯著高於第一季實際產生的水準感到有信心。

Awesome. Yeah, it's great to see. And then on the expansion at Crowley, is that fully ramped yet? And I'm curious if there are other facilities where you could do the same thing, adding a kettle.

太好了。是的，很高興看到這樣的表現。另外關於 Crowley 的擴建，那邊現在已經完全爬坡完成了嗎？我也好奇是否還有其他廠區可以做同樣的事情，也就是再加一個鍋槽（kettle）。

Yeah. So it's always nice when we can do that. It's not even really a brownfield. We were structured to be able to tuck in that second kettle and ramp it up. We had the demand for it. So we feel good about that. That's another piece as we look at the outlook for the second half of the year that will be at full run rates. It's -- we've got others, we look at this --Texas just -- it's a hot market. I'd say there's probably a couple of others.

是的。所以當我們能做到那樣時，總是很不錯。它甚至不太算是棕地（brownfield）。我們的架構設計本來就能把第二座鍋爐（kettle）加進來並把產能拉升。我們也有相應的需求。所以我們對此感到很有信心。這也是我們在看下半年展望時的另一個要素，屆時將會以滿載的運轉速率運行。另外——我們還有其他的，我們看這個——德州就是——是一個很熱的市場。我想可能還有另外幾個。

The other thing we're doing is we talk about secondary services as we put in ground line coating and things like that. So we've done that in a couple of sites. We put in a spin kettle not that long ago. So these are things we're continuing to look at. And I don't think we have another kettle ready to go the balance of this year. But as we get to the planning process, we'll start looking at that.

我們在做的另一件事是，我們談到次級服務（secondary services），例如我們導入地面線塗覆（ground line coating）之類的項目。所以我們已經在幾個據點做了。不久前我們也新增了一座旋轉鍋（spin kettle）。所以這些都是我們持續在評估的事情。而我不認為今年剩餘時間我們還會有另一座鍋爐準備上線。但等到進入規劃流程時，我們會開始評估那件事。

This was one that we pulled forward late last year, which is why we were able to get it ramped up this early in the year instead of waiting. So we'll continue to look at that. I think we're feeling good. We had -- I think we talked about this. We put a team in place, call it, operational excellence and support which allows us to probably be more aggressive on some of these investments and get them in the ground faster and get the production from them. So we're feeling real good about what the team is doing in that regard.

這是一個我們在去年年底提前推進的案子，所以我們才能在今年這麼早就把它拉升起來，而不是再等。所以我們會持續看這類機會。我覺得我們狀態很好。我們——我想我們談過這個。我們成立了一個團隊，稱之為營運卓越與支援（operational excellence and support），讓我們在某些投資上可能可以更積極、更快落地，並更快取得產出。所以就這方面而言，我們對團隊的表現非常有信心。

Timna Tanners, Wells Fargo.

Timna Tanners，富國銀行（Wells Fargo）。

I wanted to ask about the Metal Coatings sales progress, so double digits for the last four quarters. And that's coincided with really strong move, of course, upward in zinc at the same time. Can you just remind us how to think about what a flatter zinc outlook could mean for the sales growth in that segment?

我想問一下金屬塗層（Metal Coatings）的銷售進展，過去四個季度都是雙位數成長。而這也剛好與鋅價同期間非常強勁的上漲走勢一致。你能否提醒我們，若鋅價展望轉為較平坦，對該部門的銷售成長可能意味著什麼？

Well, a couple of things. One, we don't -- unlike with pain on the Precoat side, we don't tie the pricing directly to -- generally, we don't tie the pricing directly to zinc. But with zinc where it's at now and whereas -- even if it doesn't continue to trend up, we would still move forward with the surcharges because of the level it's at. So unless it took a significant dip down, you're going to see the surcharge impact flowing through in sales. So I think that's one piece.

嗯，有幾點。第一，我們不——不同於預塗（Precoat）那邊的塗料（paint），我們一般不會把定價直接與鋅價掛鉤。但以目前鋅價所在的水準來看，即便它不再持續上行，我們仍會推進附加費（surcharges），因為它的絕對水準就在那裡。所以除非鋅價出現顯著下跌，否則你會看到附加費的影響反映在銷售額中。我想這是一個面向。

In terms of the other, typically, the zinc we're buying today is going to flow through our kettles in six to eight months out. So we're very confident that we understand what the cost is going to be going through those kettles which also makes us confident in what we're going to be doing with the surcharges. We did do some general pricing, but Tim, as you probably remember, we price individually at all 42 sites pretty much every day. So they're reacting to the market. Obviously, we have some margin targets and pricing guidelines in place.

第二點是，通常我們今天採購的鋅，會在六到八個月後才流經我們的鍋爐（kettles）。所以我們非常有把握能掌握未來流經那些鍋爐的成本，這也讓我們對附加費的作法很有信心。我們確實做了一些一般性調價，但 Tim，你可能記得，我們在 42 個據點幾乎每天都逐一訂價。所以他們是在對市場做反應。當然，我們也有一些毛利目標與定價指引。

And then when we put through a blanket or when we put through surcharges, those are mandated from the top, but in reaction to what's going on in the local market. So we feel really good about the sustainability of the actions we've taken and how that's going to flow through into continued sales and revenue.

另外，當我們推行一體適用（blanket）的調整或推行附加費時，這些是由上而下要求執行，但也是因應當地市場正在發生的情況。所以我們對已採取行動的可持續性，以及它將如何持續反映在銷售與營收上，感到非常有信心。

Okay. That's helpful. Thank you. Can you elaborate on the comments you were making about some of the struggles to obtain substrate? What do you mean by that? I mean, I know there's higher tariffs on imported material, but -- and then you mentioned that there may be more coming in going forward. I think that's a function of the higher prices maybe starting to attract supply. But can you elaborate on what that means for your business to understand that dynamic better, please?

好的。這很有幫助。謝謝。你能否更詳細說明你提到取得基材（substrate）方面的一些困難？你指的是什麼？我的意思是，我知道進口材料的關稅更高，但是——然後你也提到未來可能會有更多進口進來。我想那可能是因為較高的價格開始吸引供給。但你能否更詳細說明，這對你們業務意味著什麼，好讓我們更理解這個動態？

Yeah. For our -- because most of our customers are -- their choices either buy from a mill or in a mill who paints or buy their substrate from a mill or a distributor and then have us paint it. So the imports used to be heavily when our customers were buying imports -- imported substrate, that was a high percentage chance that we're obviously going to be one of the ones that paints it versus domestic, it's a little less.

是的。就我們而言——因為我們的大多數客戶——他們的選擇要嘛是向鋼廠購買，或是向會自行塗裝的鋼廠購買；要嘛是向鋼廠或經銷商買基材，然後交由我們來塗裝。所以過去當客戶採購進口——進口基材時，我們成為負責塗裝的一方的機率很高；相較之下，若是國內來源，這個機率就低一些。

So the availability for our customers, it's costed us more for the substrate as they provide us today, either because of the tariffs and what domestic mills are pricing than that, which to your last point, is now making some of the imports potentially more attractive because it's at a price point that makes sense even including the tariffs.

因此，對我們客戶而言，基材的可得性使得他們今天提供給我們的基材成本更高，原因要嘛是關稅，要嘛是國內鋼廠的定價高於以往；而如你最後提到的，這也使得某些進口在價格點上（即使包含關稅）可能變得更具吸引力，因為那個價格水準開始合理。

So that's just been thing that we've run into where our customers are managing their inventories a little tighter. They're -- their ability -- and Jason can probably add something to this since he's close to it. So it just created some disruptions in ability to plan, ability to know for sure that you've got the substrate available for your demand and how you're making those decisions.

所以這就是我們遇到的一個情況：客戶把庫存管理得更緊。他們——他們的能力——Jason 可能可以補充，因為他更貼近。因此這造成了一些干擾：在規劃能力上、在能否確定基材可供應以滿足需求上，以及在你如何做出那些決策上。

I mean, to be fair, Tom, I wouldn't add much more on top of that. Just the supply constraints that our customers are seeing is on an impact on the decisions that we're working very closely with them to get through those disruptions as the supply starts to ease itself up a little bit and hopefully, some imports come into that equation, and it gives our customers more options that a lot more of that business starts to flow through Precoat versus other alternatives. So it's been a challenging environment over the last 18 to 24 months, and we see the horizon that's starting to ease itself up a little bit.

坦白說，Tom，我不會在此基礎上再補充太多。只是客戶所面臨的供應限制，正在影響他們的決策；我們正與他們非常密切合作，以度過這些干擾。隨著供應開始稍微緩解，並希望有一些進口納入這個方程式，客戶就會有更多選項，更多業務也會更傾向流向預塗（Precoat）而不是其他替代方案。所以過去 18 到 24 個月一直是具挑戰性的環境，而我們看到前景正開始稍微緩解。

Mark Reichman, Noble Capital Markets.

Mark Reichman，Noble Capital Markets。

With respect to the Washington, Missouri facility, you mentioned that it's approaching its target run rate. So if we could just step back a minute, could you just remind us the full capacity, you've got roughly, I think, 75% of the capacity that's under contract. So what are your production targets and where is the facility operating now? And how long will it take to get to your production target?

關於密蘇里州華盛頓（Washington, Missouri）廠，你提到它正接近目標運轉速率。所以如果我們先退一步，你能否提醒我們它的滿載產能？我記得大約有 75% 的產能已簽約。那麼你們的產量目標是什麼？目前該廠的運作水準在哪裡？以及還需要多久才能達到你們的產量目標？

Yeah. Good question, Mark. We spoke about the facility in the $50 million to $60 million sales range for about 75% capacity. As you look at our Q1 performance, then we are starting to approach that on a run rate basis, so plus or minus $15 million. Certainly, we're not at $15 million, but we're starting to approach that as you look at our progress through the quarter. As we start into the second half of the year, then we should be starting to hit those targets from aligning with our contracted customer.

是的。好問題，Mark。我們曾提到，該廠在約 75% 產能利用率下，銷售額區間約為 5,000 萬到 6,000 萬美元。從我們第一季（Q1）的表現來看，我們正開始在運轉速率（run rate）基礎上接近那個水準，所以大約正負 1,500 萬美元。當然，我們還沒到 1,500 萬美元，但從本季進展來看，我們正開始接近。當我們進入下半年時，隨著與我們簽約客戶的對接到位，我們就應該開始達到那些目標。

And then equally, as we come through the quarters, we come through the year, our margin profile or operating performance starts to get up to kind of full run rate to the point that once we get to the end of the year, via our contracted customer, we should be at those full run rate metrics and performance. And then it really starts to provide a meaningful impact to our financial performance.

同樣地，隨著季度推進、年度推進，我們的毛利結構或營運表現也會提升到接近滿載運轉速率；也就是說，等到年底時，透過我們的簽約客戶，我們應該能達到那些滿載運轉速率的指標與表現。然後它就會開始對我們的財務表現帶來有意義的影響。

On top of that, the other 25%, as we start to really get into the swing with our partner customer, allows us the opportunity to start to think about that next 25%. So it's starting to become a part of our thought process and our discussions out there in the market, but that's still further out there into the second half of the year.

除此之外，另外的25%，隨著我們真正開始與合作客戶進入狀況，讓我們有機會開始思考下一個25%。因此，這開始成為我們思考流程的一部分，也成為我們在市場上對外討論的一部分，但那仍然會更靠後，落在今年下半年。

Is it more helpful to talk about it in terms of the revenue versus, say, like the tonnage or the output?

用營收來談會不會更有幫助，而不是例如以噸數或產出來談？

Yeah. I mean, the tonnage, we certainly convert tonnes. We've always spoke about revenue. We don't really speak a lot of tonnes. The challenge with this facility is it's 100% aluminum and you start to talk about tons and they really get -- add another layer of confusion in comparison to the vast majority of our world is steel.

是的。我的意思是，噸數方面，我們當然也會換算成公噸。我們一向都是談營收。我們其實不太談噸數。這座廠的挑戰在於它是100%鋁材；一旦開始談噸數，相較於我們世界裡絕大多數是鋼材，反而會再增加一層混淆。

Okay. Well, that was very helpful. Just a second question, and I did appreciate the disaggregated sales section in the 10-Q. And I was hoping that David, he provided a lot of color on this call, but if you could just maybe dive a little deeper in terms of the construction and industrial, what really kind of drove that growth? Was it data centers? And how durable do you see that?

了解。嗯，這很有幫助。再問第二個問題，我也很感謝你們在10-Q裡把分拆後的銷售揭露得很清楚。我希望David——他在這通電話裡提供了很多細節——但如果可以的話，能否就建築與工業（construction and industrial）再深入一點，究竟是什麼驅動了那個成長？是資料中心嗎？你們認為這樣的動能有多持久？

And then are there any puts and takes for the remainder of the year in any of the other categories? I guess we would expect to see container continue to grow with Washington, Missouri, but what about some of the other categories?

另外，今年剩餘時間在其他類別上，有沒有什麼利多與利空因素？我想我們會預期容器（container）會因為密蘇里州華盛頓（Washington, Missouri）而持續成長，但其他類別呢？

Yes. Sure, Mark. I'll jump in on that one. A couple of things. Certainly, one of the -- and in fact, the highest growth area in our Construction segment was data center, so certainly outpaced the rest of the group. But double-digit growth there as well as in general construction as well. So I think we feel pretty good about what we're seeing overall, as Tom had mentioned, with the customers and the backlog for the back of the year. But certainly, data centers led that segment or that end market rather.

是的。當然，Mark。我來回答這題。有幾點。確實，在我們建築（Construction）部門中，成長最高的領域之一——事實上也是最高——是資料中心，因此明顯領先該群組其他領域。不過，資料中心是雙位數成長，一般建築也同樣是雙位數成長。所以我認為，整體來看我們對目前看到的狀況感覺相當不錯，正如Tom提到的，從客戶與下半年訂單積壓（backlog）來看也是如此。但確實，資料中心帶動了那個部門——更準確地說，是帶動了那個終端市場。

John Franzreb, Sidoti & Company.

John Franzreb，Sidoti & Company。

Congratulations on another good quarter. I might have missed this, but when you raised your revenue guidance, it seems to me like it was entirely in Metal Coatings. I didn't hear any underlying meaningful improvements in Precoat. Am I reading this properly? And does that explain a lot of the EBITDA improvements? I'm just curious about how you deconstruct the revenue guidance by segment.

恭喜又交出一個不錯的季度。我可能漏聽了，但你們上調營收指引時，我感覺似乎完全是金屬塗層（Metal Coatings）帶動的。我沒有聽到預塗（Precoat）有任何實質性的底層改善。我這樣解讀對嗎？而這是否也解釋了EBITDA改善的很大一部分？我只是好奇你們如何按部門拆解營收指引。

Yeah. I mean, I can certainly add to that. When you think about both segments and where we put our guidance out at the start of the year, coming out of the winter season coming into our construction season. And equally, as Thomas commented, so think about our Washington facility. All of those have contributed to us providing an update to our guidance and an improvement in our guidance.

是的。我的意思是，我當然可以補充一下。當你思考兩個部門，以及我們在年初提出指引時的情境——從冬季結束進入建築旺季。同樣地，如Thomas所評論的，也請把我們華盛頓（Washington）廠納入考量。這些因素都促使我們更新指引並上調指引。

So I wouldn't necessarily say it is only centered in the Metal Coatings segment, especially when you bring the new Washington facility. And so it's more across the board as you look at it. And certainly, that's what we are seeing as we look at it more from a market point of view as opposed to the two businesses.

所以我不會說這只集中在金屬塗層（Metal Coatings）部門，尤其是把新的華盛頓廠納入之後。因此，從整體來看是更全面的提升。而且，從市場角度而非僅以兩個事業來看，這確實也是我們所看到的情況。

And I'm just curious, with the new facilities, the greenfield facilities, were they included in the revenue guidance -- the original revenue guidance?

我只是好奇，新的設施、綠地（greenfield）設施，在原本的營收指引中有包含嗎——也就是原始營收指引？

No.

沒有。

Eric Boyes, Evercore.

Eric Boyes，Evercore。

765 kV higher-voltage transmission is kind of an interesting storyline in T&D. I'm just wondering with your kettle size and footprint, how do you see that flowing through to AZZ? Is that incrementally meaningful? And then do we maybe see that in calendar '27 or is that something that's further out? Thanks.

765 kV的更高電壓輸電在輸配電（T&D）領域算是一個很有意思的主題。我想請教，以你們的鍋槽（kettle）尺寸與佈局（footprint），你們認為這會如何反映到AZZ的業務上？這會帶來有意義的增量嗎？另外，我們可能在曆年2027年看到嗎，還是那會更久以後？謝謝。

Yeah. We do think that that's going to be meaningful to us. As you know, AZZ operates the largest kettles in the nation. So certain locations, like we mentioned, Crowley, Texas, Arizona, areas where we've got some of the largest kettles in our fleet, are ideally positioned for some of the larger kV projects.

是的。我們確實認為這對我們會是有意義的。如你所知，AZZ營運的是全美最大的鍍鋅鍋槽（kettles）。因此，某些據點——如我們提到的德州Crowley、亞利桑那州等——我們在這些地方擁有車隊中最大的幾座鍋槽，非常適合承接一些較大型的kV專案。

And most of those towers to are ones that have multiple sections to them. So when you think about the way they are constructed and then galvanized, they fit pretty well into our kettles. So we do think that as that segment of the market continues to grow, we're going to be really positioned well to take advantage of it.

而且那些塔架多半是由多個段落組成。所以當你想到它們的建造方式以及後續的鍍鋅流程，它們非常適合放進我們的鍋槽。因此我們確實認為，隨著該市場區塊持續成長，我們會處在非常有利的位置來把握這個機會。

And for my second, can you just speak to how the large project mix in Metal Coatings and T&D, data center, solar, et cetera, may impact EBITDA margin structurally there?

第二個問題，你能否談談金屬塗層（Metal Coatings）與輸配電（T&D）中大型專案的組合——資料中心、太陽能等等——可能會如何在結構上影響EBITDA利潤率？

I think the team has done a great job of, as I mentioned, some of the surcharges and things like that that they're doing going forward. So to protect margins and offset the material inflation and things like that.

我認為團隊做得非常好，正如我提到的，他們在未來推行的一些附加費（surcharges）等措施。因此能夠保護利潤率，並抵消材料通膨等因素。

So even though large projects are more competitive, we still have a really good mix of business overall. And I don't know that the mix is -- well, I do know that the mix, as we look forward, we don't anticipate pay to being a whole lot different than what it's been in the last couple of quarters. So we feel good about that margin profile and the team being able to drive their scale and their leverage and do what they need to do on surcharges and things like that to offset the material inflation to be able to protect those margins in the 30% range.

所以即使大型專案競爭更激烈，我們整體的業務組合仍然非常不錯。而且我不認為這個組合——嗯，我確實知道，展望未來，我們預期組合不會與過去幾個季度有太大不同。因此我們對那個利潤率輪廓感到有信心，也對團隊能夠透過規模與營運槓桿、以及在附加費等方面採取必要措施來抵消材料通膨、把利潤率維持在30%左右感到有信心。

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

問答環節到此結束。我想把電話交回去，看看是否有任何結語。

Thank you for joining us today. And I don't think it came up on the call, but at least I don't recall any questions about it. But we -- obviously, Jason had mentioned, we do have an approved share buyback facility that if the stock continues to trade in the range it has for the last week or so, then we would anticipate being in the market to buy some shares back. Good point in time for us.

感謝各位今天加入我們。我想這通電話裡沒有提到，至少我不記得有人問到。不過我們——顯然Jason已提到——我們有一項已核准的庫藏股回購額度；如果股價持續在過去一週左右的區間內交易，那我們預期會進場回購一些股票。對我們來說是個不錯的時點。

Other than that, I think we've pretty much answered what we hope I wanted to know. Look forward to finishing up a good Q2 and having another conversation here in a couple of months. So thank you very much.

除此之外，我想我們大致上已經回答了我們希望——我希望大家想知道的問題。期待完成一個不錯的第二季，並在幾個月後再與各位進行下一次交流。非常感謝。

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

本次電話會議現在結束。感謝各位參加今天的簡報。您現在可以掛線。