Ball Corp (BALL) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Ball Corporation second quarter 2024 earnings conference call.

您好，歡迎參加 Ball Corporation 2024 年第二季財報電話會議。

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

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Brandon Potthoff, Director of Investor Relations.

現在我很高興向您介紹主持人，投資者關係總監 Brandon Potthoff。

Thank you, sir.

謝謝您，先生。

You may begin.

你可以開始了。

Thank you, Christine.

謝謝你，克里斯汀。

Good morning, everyone.

大家早安。

This is Ball Corporation's conference call regarding the company's second quarter 2024 results.

這是 Ball Corporation 關於公司 2024 年第二季業績的電話會議。

The information provided during this call will contain forward-looking statements.

本次電話會議期間提供的資訊將包含前瞻性陳述。

Actual results or outcomes may differ materially from those that may be expressed or implied.

實際結果可能與明示或暗示的結果有重大差異。

Some factors that could cause the results or outcomes to differ are in the company's latest 10-K and other company SEC filings as well as company news releases.

該公司最新的 10-K 和其他公司向 SEC 提交的文件以及公司新聞稿中存在一些可能導致結果或成果不同的因素。

If you do not already have our earnings release, it is available on our Web site at ball.com. Information regarding the use of non-GAAP financial measures may also be found in the notes section of today's earnings release.

如果您還沒有我們的收益發布，可以在我們的網站 ball.com 上取得。有關使用非公認會計原則財務指標的資訊也可以在今天的收益發布的註釋部分找到。

In addition, the release includes a summary of noncomparable items as well as a reconciliation of comparable net earnings and diluted earnings per share calculations.

此外，新聞稿還包括不可比較項目的摘要以及可比淨利潤和稀釋每股收益計算的調節表。

References to net sales and comparable operating earnings in today's release and call do not include the company's former Aerospace business.

今天的新聞稿和電話會議中提到的淨銷售額和可比營業收入不包括該公司以前的航空航天業務。

Year-to-date net earnings attributable to the corporation and comparable net earnings do include the performance of the company's former Aerospace business through the sale date of February 16, 2024.

年初至今歸屬於公司的淨利潤和可比淨利潤確實包括公司前航空航太業務截至 2024 年 2 月 16 日出售日期的業績。

I would now like to turn the call over to Dan Fisher, CEO.

我現在想將電話轉給執行長 Dan Fisher。

Thank you, Brandon.

謝謝你，布蘭登。

Today, I'm joined on our call by Howard Yu, EVP and CFO.

今天，執行副總裁兼財務長 Howard Yu 參加了我們的電話會議。

I will provide some brief introductory remarks.

我將提供一些簡短的介紹性發言。

Howard will discuss second quarter financial performance and key metrics for 2024.

Howard 將討論 2024 年第二季財務表現和關鍵指標。

And and then we will finish up with closing comments and Q&A.

然後我們將結束評論和問答。

We remain laser focused on creating a better, more sustainable world.

我們仍然專注於創造一個更美好、更永續的世界。

During the quarter, Ball was included in the FTSE4Good Index Series, which is designed to measure the performance of companies demonstrating strong environmental, social and governance practices.

在本季度，鮑爾被納入 FTSE4Good 指數系列，該指數旨在衡量表現出強有力的環境、社會和治理實踐的公司的業績。

This highlights our unwavering commitment towards a more circular future.

這凸顯了我們對更循環的未來的堅定承諾。

Across our global organization, our employees continue to demonstrate our values in the areas of recycling, education and STEM manufacturing and disaster relief and preparedness as evidenced by our recent global volunteer month impact.

在我們的全球組織中，我們的員工繼續在回收、教育和 STEM 製造以及救災和備災領域展示我們的價值觀，我們最近的全球志工月影響證明了這一點。

During the month of April, our employees contributed over 3,100 volunteer hours across 17 countries.

4 月份，我們的員工在 17 個國家貢獻了超過 3,100 小時的志工服務時間。

Thank you to our 16,000 colleagues that continue to demonstrate that we care.

感謝我們的 16,000 名同事不斷表現出我們的關心。

Under the themes that we work and we win, our team delivered strong second-quarter results.

在我們努力、我們勝利的主題下，我們的團隊在第二季度取得了強勁的業績。

Global beverage can, global extruded aluminum aerosol shipments, increased 2.8% and 5.6% in the quarter, respectively.

本季全球飲料罐、全球擠壓鋁氣霧劑出貨量分別成長 2.8% 及 5.6%。

In addition, we executed on our share repurchase plans and have returned approximately $925 million to shareholders via share repurchases and dividends as of today's call.

此外，我們還執行了股票回購計劃，截至今天的電話會議，已透過股票回購和股息向股東返還了約 9.25 億美元。

Reflecting further on year-to-date 2024 performance, aluminum packaging continues to outperform other substrates across the globe.

進一步反映 2024 年迄今的表現，鋁包裝的表現持續優於全球其他基材。

In North America and EMEA, second quarter volumes exceeded our internal expectations.

在北美和歐洲、中東和非洲，第二季的銷量超出了我們的內部預期。

In South America, softer than anticipated volume performance was driven by our exposure to Argentina.

在南美，我們對阿根廷的投資推動了銷售表現低於預期。

For a complete summary of regional shipments for the second quarter, please refer to today's earnings release.

有關第二季度地區出貨量的完整摘要，請參閱今天的財報。

Consistent with our previous commentary and given our customer mix and incorporating second quarter and year-to-date regional volume performance, we continue to anticipate full year global shipments to grow in the low to mid single digits range.

與我們先前的評論一致，考慮到我們的客戶組合，並結合第二季度和年初至今的區域銷售表現，我們繼續預計全年全球出貨量將在低至中個位數範圍內增長。

Key drivers for our company's performance in 2024 continue to be the benefits of deleveraging, repurchasing shares, improving operational efficiencies and leveraging our well capitalized plant assets to grow the use of innovative, sustainable aluminum packaging across channels, categories, and venues.

我們公司 2024 年業績的主要驅動力仍然是去槓桿化、回購股票、提高營運效率以及利用我們資本充足的工廠資產在跨通路、類別和場所增加創新、永續鋁包裝的使用。

Based on our current demand trends and the previously mentioned drivers, we are positioned to grow comparable diluted EPS mid single digits plus of 2023 reported comparable diluted EPS of $2.90 per share, generate strong adjusted free cash flow, strengthen our balance sheet, and now expect return of value in excess of $1.6 billion to shareholders via share repurchases and dividends in 2024.

根據我們目前的需求趨勢和前面提到的驅動因素，我們的定位是，到2023 年，報告的可比較稀釋每股收益將達到中個位數，達到每股2.90 美元，產生強勁的調整後自由現金流，加強我們的資產負債表，現在預計2024 年透過股票回購和股利為股東帶來超過 16 億美元的價值回報。

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

有了這個，我會把它交給霍華德。

Thank you, Dan.

謝謝你，丹。

Turning to our results.

轉向我們的結果。

Second quarter 2024 comparable diluted earnings per share was $0.74 versus $0.61 in the second quarter of 2023.

2024 年第二季可比稀釋每股收益為 0.74 美元，而 2023 年第二季為 0.61 美元。

Second quarter sales were influenced by the pass through of lower aluminum prices as well as lower volumes in South America, offset by increased volumes in North America and EMEA as well as favorable price mix in South America.

第二季的銷售受到鋁價下跌以及南美洲銷量減少的影響，但被北美和歐洲、中東和非洲銷量增加以及南美洲有利的價格組合所抵消。

Second quarter comparable net earnings of $232 million were up year-over-year, primarily due to strong operational performance, including improved year-over-year performance in North America, EMEA, and South America, lower corporate undistributed costs and lower interest expense.

第二季可比淨利潤年增 2.32 億美元，主要得益於強勁的營運業績，包括北美、歐洲、中東和非洲和南美洲年比業績的改善、企業未分配成本的降低以及利息支出的降低。

In North America, segment comparable operating earnings exceeded our expectations and offset year-over-year headwinds associated with the US beer brand disruption.

在北美，部門可比營業收入超出了我們的預期，並抵消了與美國啤酒品牌顛覆相關的同比不利因素。

Benefits of effective cost management and plant efficiencies across our well capitalized plant network will continue to support incremental volume growth.

我們資本充足的工廠網路中有效的成本管理和工廠效率的好處將繼續支持增量成長。

We continue to anticipate year-over-year earnings improvement during the second half of 2024, driven by improving operational efficiencies, lowering cost and effectively managing risk.

我們繼續預計，在提高營運效率、降低成本和有效管理風險的推動下，2024 年下半年獲利將較去年同期改善。

In EMEA, overall segment volumes were up stronger than anticipated.

在歐洲、中東和非洲地區，整體細分市場銷售成長強於預期。

Recent demand trends remain favorable and the business continues to be poised for year-over-year comparable operating earnings growth throughout the remainder of 2024, driven by improving operational efficiencies and volume growth.

最近的需求趨勢仍然有利，在營運效率提高和銷售成長的推動下，該業務在 2024 年剩餘時間內將繼續實現同比可比營運利潤成長。

In South America, our segment volumes decreased 3.2%, following a strong first quarter where volumes increased 26.3%.

在南美洲，繼第一季銷售成長 26.3% 強勁之後，我們的細分市場銷量下降了 3.2%。

During the second quarter, consumer conditions in Argentina deteriorated further, though we appear to be beyond the most difficult comparisons given the timing of Argentina's 2023 slowdown.

第二季度，阿根廷的消費者狀況進一步惡化，但考慮到阿根廷 2023 年經濟放緩的時機，我們似乎已經超越了最困難的比較。

Despite these challenges, strong demand in Brazil of mid single digit volume growth and our customer mix continue to drive our business.

儘管面臨這些挑戰，巴西中個位數銷售成長的強勁需求以及我們的客戶組合繼續推動我們的業務。

We continue to monitor the dynamic economic situation in Argentina and potential scenarios that could impact results.

我們將繼續監測阿根廷的動態經濟狀況以及可能影響結果的潛在情景。

We remain optimistic about Brazil and our ability to deliver sequential earnings and volume improvement as we enter the summer selling season in South America.

隨著南美洲進入夏季銷售季節，我們對巴西以及我們實現連續盈利和銷售改善的能力保持樂觀。

Moving on to additional key financial metrics and goals for 2024.

接下來討論 2024 年的其他關鍵財務指標和目標。

Very consistent figures to those provided during our first quarter earnings call and June Investor Day commentary.

數據與我們第一季財報電話會議和六月投資者日評論期間提供的數據非常一致。

We continue to anticipate year end 2024 net debt to comparable EBITDA to be below 2.5 times.

我們繼續預期 2024 年底淨負債與可比 EBITDA 比率將低於 2.5 倍。

While we are currently at 2.3 times at the end of the second quarter, net debt to comparable EBITDA may nudge slightly higher by the end of the year as the company continues payments of taxes due on the gain from the sale of the aerospace.

雖然目前第二季末的本益比為 2.3 倍，但隨著公司繼續繳納因航空航太銷售收益而應繳的稅款，到年底，淨債務與可比 EBITDA 的比率可能會略有上升。

2024 CapEx is targeted to be in the range of $650 million, a year-over-year reduction of $400 million and largely driven by carrying capital related to prior year's projects.

2024 年資本支出目標為 6.5 億美元，年減 4 億美元，主要是由上一年項目相關的持有資本所推動的。

We are on track to achieve our adjusted free cash flow target.

我們預計將實現調整後的自由現金流目標。

And share repurchases are expected to be in excess of $1.4 billion by year end.

到年底，股票回購預計將超過 14 億美元。

Through today's call, we have repurchased approximately $800 million in shares year-to-date.

透過今天的電話會議，我們今年迄今已回購了約 8 億美元的股票。

Our 2024 full-year effective tax rate on comparable earnings is expected to be approximately 21%, largely driven by lower year-over-year R&D tax credit associated with the sale of the company's aerospace business.

我們的 2024 年全年可比收益有效稅率預計約為 21%，這主要是由於與公司航空航天業務出售相關的研發稅收抵免同比下降。

Relative to the estimated tax payments due on the aerospace sale, the first payment was made during the second quarter and the remainder of the approximately $1 billion in taxes due will be paid throughout the second half of 2024.

相對於航空航太銷售的預計應付稅款，第一筆付款是在第二季支付的，約 10 億美元的應付稅款的剩餘部分將在 2024 年下半年支付。

Full-year 2024 interest expense is expected to be in the range of $300 million.

2024 年全年利息支出預計在 3 億美元左右。

Excluding the noncomparable aerospace disposition compensation costs, full year 2024 reported adjusted corporate undistributed costs recorded in other non-reportable are expected to be in the range of $90 million.

不包括不可比較的航空航太處置補償成本，2024 年全年報告的其他非報告中記錄的調整後企業未分配成本預計將在 9,000 萬美元範圍內。

And last week, Ball's Board declared a quarterly cash dividend.

上週，鮑爾董事會宣布了季度現金股利。

Looking ahead to the rest of 2024, we remain laser focused on operational excellence, driving efficiency and productivity across our business, cost management and monitoring emerging market volatility.

展望 2024 年剩餘時間，我們將繼續專注於卓越營運、提高整個業務的效率和生產力、成本管理以及監控新興市場波動。

We are committed to maximizing the full potential of our company over the long term.

我們致力於長期最大限度地發揮公司的全部潛力。

We have executed on derisking the corporation through recent debt retirements and we have no significant near-term maturities.

我們已透過最近的債務償還來降低公司風險，並且我們沒有重大的短期到期債務。

The runway is clear for us to activate near term initiatives to consistently deliver high quality results and generate compounding shareholder returns.

我們的道路很明確，可以啟動近期計劃，持續交付高品質的成果並產生複合的股東回報。

With that, I'll turn it back to Dan.

這樣，我會把它轉回給丹。

Thanks, Howard.

謝謝，霍華德。

The business is operating well.

業務經營良好。

And as we look forward to the second half of the year, we continue to anticipate growing our 2024 comparable diluted EPS mid single digits plus.

當我們展望今年下半年時，我們繼續預期 2024 年可比攤薄後每股收益將成長至個位數以上。

While the consumer backdrop remains volatile due to the strength of our portfolio and the unwavering dedication of our employees, we are confident we will deliver on our 2024 guidance and long term commitments laid out at our June Investor Day.

儘管由於我們的投資組合實力和員工堅定不移的奉獻精神，消費者背景仍然不穩定，但我們有信心能夠兌現 6 月投資者日制定的 2024 年指導方針和長期承諾。

Looking ahead, we are focused on executing our enterprise wide strategy to advance sustainable aluminum packaging solutions on a global scale by accelerating our pathway to carbon neutral and unlocking additional value from within the organization by driving continuous process improvement through operational excellence.

展望未來，我們專注於執行我們的企業策略，在全球範圍內推進可持續鋁包裝解決方案，加速我們的碳中和之路，並透過卓越營運推動持續流程改進，從組織內部釋放額外價值。

Together, we will strive to deliver innovative aluminum packaging solutions that can lead to a world free from waste and embark on a path to deliver compounding shareholder returns in 2024 and beyond.

我們將共同努力提供創新的鋁包裝解決方案，打造一個沒有浪費的世界，並踏上一條在 2024 年及以後為股東帶來複合回報的道路。

As we communicated at our June Investor Day, shareholder value creation is our focus.

正如我們在六月投資者日所傳達的那樣，創造股東價值是我們的重點。

Going forward, we anticipate 10% plus per annum diluted EPS growth, consistent delivery of high quality results and operational performance, coupled with significant share repurchases for the foreseeable future.

展望未來，我們預計稀釋後每股盈餘將每年成長 10% 以上，持續交付高品質的業績和營運業績，並在可預見的未來進行大量股票回購。

In addition to returning value to shareholders via dividends we’ll drive shareholder value creation.

除了透過股息向股東回報價值外，我們還將推動股東價值創造。

We appreciate the work being done across the organization and extend our well wishes to our employees, customers, suppliers, stakeholders and everyone listening today.

我們感謝整個組織所做的工作，並向我們的員工、客戶、供應商、利益相關者和今天聆聽的每個人致以良好的祝愿。

Thank you.

謝謝。

And with that, Christine, we are ready for questions.

克里斯汀，我們準備好回答問題了。

(Operator Instructions) Ghansham Panjabi, Baird.

（操作員說明）Ghansham Panjabi，Baird。

I guess first off on 6.5% growth in the EMEA segment for 2Q.

我想首先是歐洲、中東和非洲地區第二季成長 6.5%。

I think you mentioned it came in above your internal expectations.

我想你提到它超出了你的內部預期。

If you could just give us a bit more color on that, what drove that specifically?

如果您能給我們更多的信息，具體是什麼推動了這一點？

And then also how do you see that evolving into the back half of the year?

您如何看待下半年的發展？

I think a little bit of it.

我覺得有一點點。

As we were transitioning out of Q1 into Q2, we were starting to see some relief, some inflation relief.

當我們從第一季過渡到第二季時，我們開始看到一些緩解，一些通膨緩解。

So the end consumer was strengthening in pockets and couple that with a little bit more aggressive pricing by some of the customers that I would consider that we're in a more of a partnership relationship than just a customer supplier relationship.

因此，最終消費者的錢包正在增強，再加上一些客戶的定價更加激進，我認為我們更像是一種合作關係，而不僅僅是客戶供應商關係。

And so we benefited a bit from mix.

所以我們從混合中受益匪淺。

I think this is something going on over here consistently now and I was saying it all year, it's like winners and losers or if you're a little ahead of the market, a little below, it probably has more to do with mix region by region right now than it does with winning or losing contracts in many respects.

我認為這是這裡持續發生的事情，我全年都在說，這就像贏家和輸家，或者如果你領先於市場一點，低於市場一點，它可能與混合區域有更多關係目前該地區在許多方面都比贏得或失去合約的情況要好。

And we have the opposite mix in Europe that we do in the US where we have a heavier CSP -- heavier energy portfolio over there than when you contrast that to our North America, which is heavier on the beer side.

我們在歐洲的組合與美國的情況相反，我們在美國有更重的光熱發電——與我們的北美相比，那裡的能源組合更重，而北美則更重於啤酒方面。

And so we benefited from it in Europe.

因此，我們在歐洲從中受益。

We anticipated some good pull through on the euro competition.

我們預計歐元競爭將取得良好進展。

It's interesting.

這很有趣。

We were actually ahead in Europe and there was some pretty crummy weather in the Nordics, in the UK and Ireland and places like that, and it's ahead of the holiday season, which can really give you a bit more of a tailwind.

事實上，我們在歐洲處於領先地位，北歐、英國和愛爾蘭等地的天氣非常糟糕，而且現在正值假期季節，這確實會給你帶來更多的順風。

So it was a surprise on multiple fronts, incremental surprised, not a significant surprise.

所以這是一個多方面的驚喜，是漸進式的驚喜，而不是重大的驚喜。

We continue to -- and you've heard us say this, we continue to be very bullish on Europe over the medium and long term just because I think the can has a lot of runway there.

我們繼續——你已經聽到我們這麼說過了，我們繼續對中長期歐洲非常看好，因為我認為那裡有很大的發展空間。

But some nice signs that folks are fighting for some volume there probably -- maybe even more so than they're doing in places like North America, and we benefited from mix there and expect to continue to do well there for the balance of the year and in the foreseeable future.

但一些好的跡象表明，人們可能正在為那裡的銷售而奮鬥——甚至可能比他們在北美等地所做的還要多，我們從那裡的混合中受益，並期望在今年剩餘的時間裡繼續在那裡表現出色以及在可預見的未來。

And then for beverage, North America, Central America, how did that sort of break out between US, Canada versus, let's say, Mexico and some of the other regions down there?

然後對於飲料，北美、中美洲，美國、加拿大與墨西哥和其他一些地區之間的這種情況是如何爆發的？

And then just holistically then, as you think about your portfolio and the new products that the industry has introduced to higher price point items, et cetera, in context of consumer affordability.

然後從整體上考慮，當您考慮您的產品組合以及該行業在消費者承受能力的背景下推出的高價位產品等新產品時。

So as you kind of think about the weakness you're still seeing in portions of the North American business.

因此，當你思考北美業務的某些部分仍然存在的弱點時。

How is that propagating, is it still at the low end or is it starting to permeate towards the middle consumer and the high end as well?

它的傳播情況如何？

It is -- I mean in the US, I think the US is different than the rest of the world.

我的意思是在美國，我認為美國與世界其他地區不同。

It's a pretty stark contrast.

這是一個非常鮮明的對比。

You even see it in one of the major brewers, they're growing at the high end brand and they're growing at the low end brand.

您甚至可以在一家主要啤酒製造商中看到這一點，他們在高端品牌上成長，在低端品牌上成長。

It's kind of the premium light beer segment, that's the one that folks are trading down from.

這是一種優質淡啤酒細分市場，人們正在淡啤酒中進行交易。

But we've seen this now Ghansham, for like 18 months.

但現在 Ghansham，我們已經看到這種情況大約 18 個月了。

It's like we've been living this and that's kind of -- candidly, that's why we've been adjusting our cost structure, we've been doing different things with the operating model.

就好像我們一直在生活這樣——坦白說，這就是為什麼我們一直在調整我們的成本結構，我們一直在營運模式上做不同的事情。

You see things like slower growth in -- you see things like slower growth at the energy drink level.

你會看到諸如能量飲料水平增長放緩之類的事情。

This is signs that you see this in the past, this is when you're kind of touching the bottom end of kind of these recessionary points and the health of the end consumer.

這是您過去看到的跡象，此時您正在觸及這些衰退點和最終消費者健康的底端。

So we're operating in that environment.

所以我們就是在這樣的環境下運作的。

We're still growing and we're making more money.

我們仍在成長，我們正在賺更多的錢。

So that all feels good.

所以一切都感覺很好。

If you get a little -- if you get an interest rate cut, you're potentially in September and a little bit more clarity on the election, all of those things tend to translate into a bit more optimism probably from us and our competitors based on where we are, because to your point, I don't see a lot more downside on the end consumer.

如果你得到一點——如果你得到降息，你可能會在 9 月，選舉會更加清晰，所有這些事情往往會轉化為我們和我們的競爭對手的更加樂觀的態度關於我們所處的位置，因為就您而言，我認為最終消費者不會有更多的負面影響。

We've been living it though for about 18 months.

但我們已經這樣生活了大約 18 個月。

So we've seen the trade downs and then we've seen the less frequent purchases.

因此，我們看到了貿易的下降，然後我們看到了購買頻率的降低。

And I think what you're also hearing as a result of that is from our customers and from certain categories in certain segments, they're going to have to address that via different pricing mechanisms to drive volume.

我認為您也從我們的客戶和某些細分市場的某些類別中聽到了這一點，他們將不得不透過不同的定價機制來解決這個問題，以提高銷售量。

So I think we're kind of -- we're in a good spot relative to that, believe it or not versus how we've been operating in the last 18 months as an industry.

所以我認為，無論你相信與否，與我們在過去 18 個月作為一個行業的運作方式相比，我們處於一個很好的位置。

So I'm a bit more encouraged than pessimistic.

所以我更感到鼓舞而不是悲觀。

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

I just want to pick up my first question, piggy backing on topic Ghansham has raised.

我只想回答我的第一個問題，支持甘沙姆提出的話題。

So at this juncture, are your customers talking about doing more incremental net promotion price reduction, et cetera (inaudible) variable end market, or do they see kind of the next way to grow out of this really on innovation?

因此，在這個節骨眼上，您的客戶是否正在談論進行更多增量淨促銷降價等（聽不清楚）可變終端市場，或者他們是否看到了真正透過創新實現成長的下一種方式？

And kind of the context, if we go back not quite 10 years ago but sort of post Rexam, especially in alcohol, there was a lack of volume growth and it was innovation that drove growth, at least in part.

在這種背景下，如果我們回到不到 10 年前，但在 Rexam 之後，特別是在酒精領域，銷量缺乏成長，而創新推動了成長，至少在某種程度上是如此。

At this juncture, innovation comes at a higher price.

在這個關頭，創新的代價更高。

Is this the wrong time to drive innovation?

現在是推動創新的錯誤時機嗎？

So really the only way to deal with this to drop price and raise promotion, how are your customers thinking about that?

因此，解決這個問題的唯一方法就是降價和提高促銷力度，您的客戶對此有何看法？

And what are you doing to help them in that evaluation?

您正在做什麼來幫助他們進行評估？

So this breaks down -- in the US -- this is a US phenomenon, probably more than any other region that I see.

所以這在美國是不成立的，這是美國的現象，可能比我看到的任何其他地區都多。

At the high end, that's where the innovation is going, okay?

在高端，這就是創新的方向，好嗎？

So if you look at beer, in particular, the high end of the brands, folks are -- they're spending more on advertising and they're innovating more there because people are willing to pay for it.

因此，如果你看看啤酒，特別是高端品牌，人們會在廣告上花費更多，並在這方面進行更多創新，因為人們願意為此付費。

At the low end, it is a value put.

在低端，它是一個價值看跌期權。

And so if you look at the largest brewer in North America, you'll see they have two brands that are growing disproportionately to the rest.

因此，如果你看看北美最大的啤酒製造商，你會發現他們有兩個品牌的成長速度與其他品牌不成比例。

One is squarely on the higher end of the end consumer and one is squarely on the low end of the end consumer.

一種是針對高端消費者，另一種是針對低端消費者。

Now the big middle portion, that is sort of the premium light beer, that is the one that will have to be priced differently.

現在，中間的大部分是一種優質淡啤酒，必須以不同的價格定價。

So innovation will continue to get pushed.

因此，創新將繼續得到推動。

It will get pushed into new categories and it will get pushed into higher end brand categories that already exist.

它將被推入新的類別，並將被推入現有的更高端品牌類別。

And then you've got to be competitive on the low end of those ranges, maybe even more so than historically.

然後你必須在這些範圍的低端具有競爭力，甚至可能比歷史上更有競爭力。

And in the middle, that's where folks that are doing well in the marketplace, whether it's on the CSD side or on the alcohol side, they are playing the CPI game really well, they are playing the branding game very well, they're playing the discount and the revenue models really well and brand superiority starts to show up.

在中間，這就是那些在市場上表現良好的人，無論是在 CSD 方面還是在酒精方面，他們在 CPI 遊戲中玩得很好，他們在品牌遊戲中玩得很好，他們在玩折扣和收入模式非常好，品牌優勢開始顯現。

The real integrity of the brand and the value of the brand shows up now, as you well know, after covering this for many years.

如您所知，在報導了多年之後，品牌真正的完整性和品牌價值現在已經顯現出來。

So I think that's how we're looking at and we're helping them in every -- listen, we can help you with innovation and we can use our fleet of assets to help you really layer in lower costs in terms of the supply chain and the agility to deliver.

因此，我認為這就是我們的看法，我們在各個方面為他們提供幫助 - 聽著，我們可以幫助您進行創新，我們可以利用我們的資產組合來幫助您真正降低供應鏈的成本以及交付的敏捷性。

So there are ways that we can use the economies of scale that we have to work both sides of that equation.

因此，我們可以透過多種方式利用規模經濟，我們必須同時兼顧等式的兩邊。

And then what's left for the customer to figure out is how they play some of these major brands and what the brand value is and how they're going to price that to drive volume.

然後，客戶需要弄清楚的是他們如何利用這些主要品牌，品牌價值是什麼，以及他們將如何定價以提高銷售量。

And I think that's what will be coming around more so than anything here in the next six months.

我認為這將是未來六個月內最重要的事情。

Some thinking in and around that, that will be more growth oriented.

對此進行一些思考，這將更加以成長為導向。

And then with the backdrop of the end consumer, is it enough to drive the volume?

那麼在終端消費者的背景下，是否足以帶動銷售？

My belief is, it will at least maintain the stable position that we've been operating under, and it could be a slight uptick.

我的信念是，它至少會保持我們一直在運作的穩定地位，並且可能會略有上升。

Hope that was helpful.

希望有幫助。

It is different than Rexam.

它與 Rexam 不同。

It is different than post Rexam.

這與 Rexam 後不同。

I will tell you that.

我會告訴你的。

You're on to that.

你正在做那件事。

Yes, it's definitely different conversations.

是的，這絕對是不同的對話。

But you've got to fight with innovation even on the high end brands and you've got to be incredibly focused and diligent on supply chain efficiencies on the low end.

但即使是高端品牌，你也必須努力創新，並且必須非常專注和勤奮地提高低端品牌的供應鏈效率。

So that is -- with just more intentionality on both ends of it.

所以這就是──兩端都有更多的意向性。

So what does that mean for your mix as you layer those two or three or pull those two or three levers that your customers do into the back half of the year, what are you seeing in terms of volume trends to start 3Q?

那麼，當您將這兩個或三個分層或將您的客戶在今年下半年所做的兩個或三個槓桿拉動時，這對您的組合意味著什麼，您對第三季度開始的銷售趨勢有何看法？

And how do you feel about the plant network overall as it exists relative to those trends as you see them?

相對於您所看到的這些趨勢，您對整個工廠網路的存在有何看法？

I think there's an aspect here where mix will matter in the short term.

我認為在短期內混合很重要。

So there won't be -- you'll be thinking about, there's a minor October reset but it will be more in the February -- January, February retail reset, where you see some more innovation and some more introductions in and around that, and around the Super Bowl, that's typically what happens in North America.

所以，你會想到，十月不會有一個小的重置，但二月的重置會更多，一月、二月的零售重置，你會看到更多的創新和更多的介紹。

Our fleet cost average is lowering a lot of the decisions we made in terms of the fixed cost of our plans.

我們的機隊平均成本降低了我們根據計劃的固定成本所做的許多決策。

We're seeing the benefits in our new operating model, we're laser focused on efficiency and operational excellence.

我們看到了新營運模式的好處，我們高度關注效率和卓越營運。

We're seeing those benefits.

我們正在看到這些好處。

We're running -- freight cost is better, our warehousing footprint smaller.

我們正在運行——貨運成本更好，我們的倉儲佔地面積更小。

So there's a lot of supply chain efficiencies that we're benefiting from.

因此，我們受益於許多供應鏈效率。

You'll see more of it as volumes grow.

隨著數量的增加，您會看到更多。

So I feel like we're having the right conversations with our customers, they're seeing that, our Net Promoter Score continues to rise.

所以我覺得我們正在與客戶進行正確的對話，他們看到我們的淨推薦值持續上升。

And so I know that the conversations we're having and the efforts that we're making are resonating with the customers.

所以我知道我們正在進行的對話和我們正在做出的努力正在引起客戶的共鳴。

We're seeing some benefits of that.

我們看到了其中的一些好處。

But in the immediate short term, your customer base matters now more than any time and we've benefited from who our customers are here this year in particular in North America.

但在短期內，您的客戶群現在比任何時候都更重要，我們今年從我們的客戶中受益，特別是在北美。

Jeff Zekauskas, JPMorgan.

傑夫‧澤考斯卡斯，摩根大通。

So over the past few years, Ball has increased its capacity in North America.

所以在過去的幾年裡，鮑爾增加了在北美的產能。

And then what it did is, it reduced it to become more efficient.

然後它所做的是減少它以變得更有效率。

If you compare your North American capacity today to what it was in 2019, has it changed very much?

如果您將現在的北美產能與 2019 年進行比較，變化很大嗎？

Yes, we have more capacity.

是的，我們有更多的能力。

We're selling more.

我們賣得更多。

We have more capacity and there's additional envelope and room for us to grow capacity further.

我們擁有更多的產能，還有額外的空間和空間讓我們進一步擴大產能。

And in terms of the volume that you experienced in the Americas in the second quarte, was the beer market down and the consumer soft drink market for you up?

就第二季在美洲的銷售而言，啤酒市場是否下跌，而消費性軟性飲料市場是否上漲？

That's correct.

這是正確的。

Our customer portfolio on the CSD side was a benefit to us.

CSD 方面的客戶組合對我們來說是一個好處。

Josh Spector, UBS.

喬許‧斯佩克特，瑞銀集團。

I was wondering if you could square kind of your short term view here around growth versus your long-term view.

我想知道您是否可以將您對成長的短期觀點與長期觀點進行比較。

And just given kind of some of the outperformance here in 2Q, do you think you could start to see, call it, high single digit to 10% plus growth in EPS in the second half, considering you're starting to face some easier comps, or do you need a more favorable backdrop to really drive more of that?

考慮到第二季度的一些表現出色，您是否認為下半年每股收益將出現高個位數增長，達到 10% 以上，考慮到您開始面臨一些更容易的競爭，或者您是否需要一個更有利的背景來真正推動更多？

Just one thing, I would say, we did have a fairly significant -- I'll let Howard describe Q3.

我想說，只有一件事，我們確實有一個相當重要的——我會讓霍華德描述第三季。

I would say Q4 and moving forward, your comment is correct.

我想說第四季並繼續前進，你的評論是正確的。

Q3, there's an anomaly, I'll let him describe that for you.

Q3，有異常，我請他來幫你描述一下。

Yes, that's right, Josh.

是的，沒錯，喬許。

We did have -- on the R&D tax credit side, we had a pretty meaningful impact in Q3 of last year.

我們確實在研發稅收抵免方面，去年第三季產生了相當有意義的影響。

This was associated with the aerospace business and so those to the tune of nearly $40 million.

這與航空航天業務相關，因此價值近 4000 萬美元。

And so obviously, that will make for the comps in Q3 to be a bit more challenging.

顯然，這將使第三季的比賽變得更具挑戰性。

But as Dan said, I think going into the fourth quarter and certainly beyond, we've said that we'd achieved 10%-plus EPS in 2025 and each year after that.

但正如 Dan 所說，我認為進入第四季度甚至更長時間，我們已經說過，我們在 2025 年以及此後的每一年實現了 10% 以上的每股收益。

And in Q3, just to reiterate, if you take out the onetime benefit, then yes, we're operating at 10%-plus EPS moving forward.

在第三季度，重申一下，如果剔除一次性收益，那麼是的，我們未來的每股收益將成長 10% 以上。

And I think just even despite the tax credit, I think that we will be up as it relates to third quarter EPS.

我認為，即使有稅收抵免，我認為我們的業績也會上升，因為這與第三季的每股盈餘有關。

And so that $40 million or nearly $40 million is a pretty meaningful impact.

因此，4000 萬美元或近 4000 萬美元是一個非常有意義的影響。

But despite that we’ll still be up year-over-year.

但儘管如此，我們的業績仍將逐年上升。

I just wanted to follow up on specifically inventory in beer in North America.

我只是想跟進北美啤酒的具體庫存情況。

I don't know if you have any visibility around your customer levels of where things are at in terms of days or cases?

我不知道您是否了解客戶級別的情況（按天數或案例計算）？

And if there is more promotional activity, is that a big pull forward for you or do you think inventories probably stay leaner for longer?

如果有更多的促銷活動，這對您來說是一個很大的推動力還是您認為庫存可能會在更長的時間內保持精簡？

I think our inventories are going to be a bit stronger moving forward, will lift a little.

我認為我們的庫存未來會更加強勁，將會增加。

They're a bit too low.

他們有點太低了。

As you recall and this going back to Q1, we helped one of our beer partners significantly in Q1.

正如您所記得的，這可以追溯到第一季度，我們在第一季為我們的一個啤酒合作夥伴提供了重大幫助。

So we kind of overshipped in one and now we're operating at lower inventory levels.

所以我們有點超額發貨，現在我們的庫存水平較低。

So it's a rebalancing because of that for us that will settle out by the end of the year.

因此，這對我們來說是一次重新平衡，這將在年底前解決。

And then I'm encouraged about kind of the trajectory of flight on a couple of the beer brands in particular.

然後我對幾個啤酒品牌的飛行軌跡感到鼓舞。

So yes, I'd say it's yet to be determined.

所以是的，我想說這還沒確定。

But for us, in particular, no, we will still have some uplift in the second half of the year because we were operating so low in the first half because of some unique anomalies with uni negotiations and things like this.

但對我們來說，尤其是，不，我們下半年仍將有一些提升，因為由於統一談判等一些獨特的異常現象，我們上半年的營運水準如此之低。

Arun Viswanathan, RBC.

阿倫·維斯瓦納坦，加拿大皇家銀行。

Good to see the results.

很高興看到結果。

So I guess just a couple of questions on South America.

我想問幾個關於南美洲的問題。

So obviously, some challenging conditions in Argentina, some volatility down there.

很明顯，阿根廷的情況充滿挑戰，那裡存在一些波動。

Do you still expect a very robust second half in your South America business, especially Q4?

您是否仍預期下半年南美業務將非常強勁，尤其是第四季？

And what gives you that visibility?

是什麼給了你這樣的知名度？

I mean, I guess, again, there is a lot of volatility on there, but are there any specific drivers that you'd point to?

我的意思是，我想，那裡存在很大的波動性，但是您有指出任何具體的驅動因素嗎？

We've got really good ones.

我們有非常好的。

First of all, thank you.

首先，謝謝您。

I hope you're doing well.

我希望你一切都好。

The only thing we've got out here in Denver is two or three forest fires happening.

我們在丹佛唯一了解到的就是發生了兩三起森林火災。

So if you hear us coughing that's all coming from.

所以如果你聽到我們咳嗽，那都是來自。

So the second quarter, let me -- let’s just set the stage for the second quarter and what happened in Brazil and particularly.

因此，第二季度，讓我——讓我們為第二季度以及巴西發生的事情做好準備。

So in 2023, in the second quarter, the third largest brewery filed for bankruptcy and they didn't participate much in the market.

所以到了2023年第二季度，第三大啤酒廠申請破產，他們並沒有太多參與市場。

They had a good showing this second quarter.

他們在第二季度表現出色。

And so when you're looking at comps year-over-year, we were stronger last year than we were this year because that entrant didn't participate.

因此，當你逐年比較時，我們去年比今年更強，因為該參賽者沒有參加。

But year-to-date, we're up 10%-plus because our partners are winning disproportionately overall in the market, and they have been for a year plus.

但今年迄今為止，我們的漲幅超過了 10%，因為我們的合作夥伴在市場上取得了不成比例的整體勝利，而且他們已經這樣做了一年多。

And so much of our business is tied to a couple of folks who we have a lot of conversations with, and we're encouraged about a couple of underlying themes, right?

我們的大部分業務都與我們進行過許多對話的幾個人聯繫在一起，並且我們對一些基本主題感到鼓舞，對嗎？

We've talked about the can continuing to gain back share.

我們已經討論過罐頭繼續奪回市場份額。

About two years ago, we saw returnable glass gain share six to seven points, I believe, of substrate share, which always happens in an inflationary environment.

大約兩年前，我相信可回收玻璃的份額比基材份額增加了六到七分，這總是發生在通貨膨脹的環境中。

There's a quick repositioning of that, that's now coming back solely but surely.

對此進行了快速的重新定位，現在它肯定會回來。

So we picked up a couple points of can share in the Brazil market, which is meaningful once you get to peak season, which, of course, second quarter is the least.

因此，我們在巴西市場上獲得了一些可以分享的點，一旦進入旺季，這就很有意義，當然，第二季度是最少的。

And then Chile had a rough winter period, one of the coldest on record.

然後智利經歷了一個艱難的冬季，這是有史以​​來最冷的冬季之一。

So that will rebound.

這樣就會反彈。

Our Paraguay business is doing very well.

我們巴拉圭的業務做得很好。

Peru is doing well.

秘魯表現不錯。

And then it just boils down to Argentina.

然後一切都歸結為阿根廷。

So I think we have line of sight into over -- what the overall majority of our business, and we're encouraged about the back half trajectory.

因此，我認為我們已經看到了我們業務的大部分內容，並且我們對後半段的發展軌跡感到鼓舞。

And in Argentina, the volumes are still going to show a degradation over the back half of the year from a comp perspective because volumes really didn't start to slow down until this quarter and a little bit of the first quarter.

在阿根廷，從比較的角度來看，今年下半年的銷售仍將出現下降，因為直到本季和第一季的一段時間，銷售才真正開始放緩。

But what happened this time a year ago in Argentina is there was a lot of regulatory, monetary and fiscal policy that was eating into our margins like taxes holding on to receivables for a longer period of time.

但一年前這個時候阿根廷發生的事情是，許多監管、貨幣和財政政策正在蠶食我們的利潤，例如長期保留應收帳款的稅收。

So the margin comparability will be pretty flat year-over-year in Argentina until you see some improved conditions there but the volumes will still show a little bit of a decline.

因此，阿根廷的利潤率同比將相當持平，直到您看到那裡的情況有所改善，但銷量仍將略有下降。

And rough order of magnitude, the decline for Argentina is roughly a 1% volume decline for Ball year-over-year.

從粗略的數量級來看，阿根廷的銷量比去年同期下降了約 1%。

So it's meaningful on the volume line.

所以它在音量線上是有意義的。

It's not as meaningful on the earnings line moving forward.

這對未來的收益線沒有那麼有意義。

And then as the end consumer starts to gain a bit of strength down there, which we're starting to see early signs of it that will start to come back and we'll lever up nicely.

然後，隨著最終消費者開始獲得一點力量，我們開始看到早期跡象，這些跡象將開始回歸，我們將很好地利用槓桿。

So feeling good about the second half in South America, a lots going on in that region, as you said, but the fundamentals of the macro environment in our biggest country that we participate in continues to be buoyed by really good fiscal discipline, inflation continuing to monitor to the lower end of even what the central banks are proposing.

因此，正如您所說，南美洲下半年的情況很好，該地區發生了很多事情，但我們參與的最大國家的宏觀環境基本面繼續受到真正良好的財政紀律的提振，通貨膨脹仍在繼續甚至監控央行提議的下限。

So we're feeling good about that and we feel like we're coming off of some less favorable environments in Chile and Argentina.

所以我們對此感覺良好，我們感覺我們正在擺脫智利和阿根廷一些不太有利的環境。

So let's see how we get on but the next 6 to 12 months should be improved in both of those areas.

讓我們看看進展如何，但未來 6 到 12 個月在這兩個方面都應該得到改善。

And then maybe if I could just ask a follow-up.

然後也許我可以問後續情況。

So I appreciate the long term comment on greater than 10% or 10% or better EPS growth.

因此，我很欣賞關於每股收益成長超過 10% 或 10% 或更好的長期評論。

In our models, it seems like we're modeling kind of mid single digit or better EBIT growth in '25 and the rest is coming from lower interest expense and share buyback.

在我們的模型中，我們似乎正在建模 25 年的中個位數或更好的息稅前利潤成長，其餘部分來自較低的利息支出和股票回購。

Assuming that's correct, are you saying that you're able to maintain that level of growth in '25 and beyond.

假設這是正確的，您是說您能夠在 25 年及以後保持這種增長水平嗎？

So are you kind of implying that you will continue to buy back stock and pull on some other levers other than just volume in order to the feedback level of EPS growth.

那麼，您是否在暗示，您將繼續回購股票，並利用除成交量之外的其他一些槓桿，以獲得每股收益增長的反饋水平。

Maybe you can just elaborate on what gives you the confidence that you'll continue to maintain that greater than 10% EPS growth rate?

也許您可以詳細說明是什麼讓您有信心繼續保持超過 10% 的 EPS 成長率？

I'll just make one high-level comment, and then I'll have Howard chime in.

我只會發表一篇高階評論，然後我會請霍華德插話。

And so if you go back to our Investor Day, and I probably didn't do a great job of pointing this out.

因此，如果你回到我們的投資者日，我可能沒有很好地指出這一點。

But what we laid out, and we have a high degree of confidence in is probably somewhere closer to the 13% to 15% range as opposed to the 10% plus, and it's coming from exactly what you described a steady diet of us staying within our $650 million capital envelope and expanding operating cash flow by managing our earnings and managing our working capital with a real intention and focus.

但我們所製定的，並且我們有高度信心的可能是更接近 13% 到 15% 的範圍，而不是 10% 以上，而且它正是來自您所描述的我們保持在穩定飲食範圍內的穩定飲食。我們的資本總額為6.5 億美元，並透過真誠和專注地管理我們的收益和營運資金來擴大營運現金流。

And so we don't need a whole lot of growth to do that.

因此，我們不需要大量的成長來做到這一點。

It's a much more repeatable model.

這是一個更具可重複性的模型。

And I think we're encouraged by the trajectory of growth with the rebound in the end consumer here hopefully happening in the next 12 months.

我認為我們對成長軌跡感到鼓舞，終端消費者預計將在未來 12 個月內反彈。

There's probably more upside than not, Howard, what did I miss?

可能還有更多的好處，霍華德，我錯過了什麼？

think that's right.

我認為這是對的。

And Arun, we are committed to buying back shares.

阿倫，我們致力於回購股票。

I mean we're increasing how much we're buying back even this year.

我的意思是，即使今年我們也增加了回購數量。

We've talked about it in the context of over $1.4 billion that we'll get through and essentially since mid-February, since the sale of Aerospace.

我們已經在我們將要完成的超過 14 億美元的資金背景下討論過這個問題，基本上是從 2 月中旬出售航空航天以來。

And so obviously, that will have a meaningful impact on the share count going into next year and we'll continue to do that as well.

顯然，這將對明年的股票數量產生有意義的影響，我們也將繼續這樣做。

The other thing I think to point out and we talked about during the Investor Day is the cost savings, gross cost savings that we're going to be undertaking.

我想指出的另一件事是我們在投資者日討論的，那就是我們將要節省的成本，也就是總成本的節省。

We've seen great traction.

我們看到了巨大的吸引力。

You're seeing some of that readout even in the numbers this quarter.

即使在本季的數字中，您也可以看到其中的一些讀數。

You saw some of that in the first quarter as well.

您在第一季也看到了其中的一些內容。

And you'll continue to see that well into 2024 and into 2025.

到 2024 年和 2025 年，您將繼續看到這一點。

And so there's no reason to expect that we're going to deliver anything less than 10%-plus, and probably ahead of that for the next couple of years, for sure, on the EPS side.

因此，沒有理由期望我們的每股盈餘成長會低於 10% 以上，而且在未來幾年裡，肯定會領先這一水平。

Mike Roxland, Truist.

麥克‧羅克克蘭，真理主義者。

On this call and in some prior calls and also on the recent Investor Day, you mentioned improving plant efficiency, centralizing best practices, standardizing them, documenting processes, ensuring that all your facilities are sort of benchmarked with one another.

在這次電話會議、之前的一些電話會議以及最近的投資者日上，您提到了提高工廠效率、集中最佳實踐、標準化它們、記錄流程、確保所有設施都相互進行基準測試。

How far along are you in that process right now?

現在您在這個過程中進行到什麼程度了？

And if we think two to three years from now, what do you think this standardization, focus on cost takeout efficiency, what do you think it can add to the business in terms of dollars and profit?

如果我們考慮從現在開始的兩到三年，您認為這種標準化，注重成本降低效率，您認為它可以在美元和利潤方面為業務增加什麼？

Yes, I'd say we're early innings.

是的，我想說我們還處於早期階段。

And I think what this will allow us to do is consistently deliver against our two times growth percentage algorithm by gaining more productivity and efficiency in the plants and translating that into less capital required on the assets to grow into that, which historically has been a pretty big preventer of us from not achieving the two and one.

我認為這將使我們能夠做的是，透過提高工廠的生產力和效率，並將其轉化為資產成長所需的更少資本，始終如一地實現我們的兩倍成長百分比演算法，這在歷史上是一個相當不錯的目標。

So translating that into dollars, I could tell you that's -- in theory, that's the strength for what we're doing.

因此，將其轉化為美元，我可以告訴你，理論上，這就是我們正在做的事情的優勢。

We're seeing it thus far and that should be fairly meaningful.

到目前為止我們已經看到了這一點，這應該是相當有意義的。

I mean a two and one off of 2% to 3% growth over the next three years versus the 1.5 to 1, that's roughly the order of magnitude that we're trying to to fill the gap in, if that helps, Mike.

我的意思是，未來三年的成長率為 2% 到 3%，而 1.5% 到 1%，這大致是我們試圖填補空白的數量級，如果這有幫助的話，麥克。

And then just one quick question in terms

然後只是一個簡單的問題

--

--

It's meaningful.

很有意義。

I don't have a $1 per thousand number or cent per can number, but it is meaningful in terms of our ability to deliver organically higher end of that two to one range.

我沒有每千人 1 美元的數字或每罐 1 美分的數字，但就我們有機地提供二比一範圍的高端的能力而言，這是有意義的。

And I think we've laid out that of the $500 million of gross savings, I mean, we're going to have a meaningful part of that will be front end loaded here in 2024 and 2025.

我認為我們已經列出了 5 億美元的總節省，我的意思是，我們將在 2024 年和 2025 年將其中有意義的部分加載到前端。

But certainly, going into '26, '27 and beyond, as we aspire to be a best-in-class manufacturer, we will continue to see efficiencies there.

但可以肯定的是，進入 26 年、27 年及以後，由於我們渴望成為一流的製造商，我們將繼續看到那裡的效率。

I mean, as Dan said, we're early innings but we're putting up runs.

我的意思是，正如丹所說，我們還處於早期局，但我們正在取得進展。

And so that's a good thing to see as it relates to the corporation and what we're doing operationally.

因此，這是一件好事，因為它與公司以及我們正在進行的業務有關。

So if you're still in early innings that means that you got this particular -- I mean, what's your time frame in terms of having everything standardized?

因此，如果你仍處於早期階段，這意味著你得到了這個特殊的 - 我的意思是，就使一切標準化而言，你的時間框架是多少？

In two years, three years, when do you think everything should be on par with one another?

兩年、三年，你覺得什麼時候才能達到同等級？

Yes, I would give us somewhere in that two to three year range is what (inaudible) myself are talking about, and it won't be 100% standardized, but 80%.

是的，我會給我們一個兩到三年的時間範圍，這就是我自己所說的（聽不清楚），它不會是 100% 標準化，而是 80%。

And the reason I say that, you know this business is we got 40-year-old plants, we've got brand new plant.

我之所以這麼說，你知道這項業務是因為我們擁有 40 年歷史的工廠，我們擁有全新的工廠。

So we're not going to recapitalize to standardize everything.

因此，我們不會進行資本重組來標準化一切。

But the performance, the meeting cadence the S&OPs, all of that should look and feel like you're walking into a Ball plant everywhere in the world.

但性能、會議節奏、S&OP，所有這些看起來和感覺都應該像您走進世界各地的 Ball 工廠。

And then just one quick question.

然後問一個簡單的問題。

Obviously, you've now lapped the problem child product at this point.

顯然，此時您已經解決了有問題的子產品。

But it seems like Bud Light is now number three after Modelo Especial and Michelob ULTRA.

但百威淡啤酒 (Bud Light) 現在似乎排名第三，僅次於 Modelo Especial 和 Michelob ULTRA。

So that really seems to be a more function for at least, as I can tell, a function of shelf space reset.

因此，據我所知，這確實似乎是一個更多的功能，至少是一個貨架空間重置的功能。

So two part question.

所以分為兩部分的問題。

One, to the extent you can comment, has any of that decline been offset by gains in Michelob ULTRA?

一，就您可以評論的程度而言，這種下降是否被 Michelob ULTRA 的收益所抵消？

And two, do you think that Bud Light will ultimately regain some shelf space in the fall or the early winters as you noted when it occurs?

第二，你認為百威淡啤酒最終會在秋季或初冬重新獲得一些貨架空間嗎？

So two brands are growing within their portfolio.

因此，兩個品牌在其產品組合中不斷發展。

You mentioned one, the other one is, I believe, Busch Light.

你提到了一個，另一個是，我相信，Busch Light。

And so both of those are growing nicely.

所以這兩個都發展得很好。

And so yes, they are filling some of the brands -- the portfolio whole.

是的，他們正在填補一些品牌——整個產品組合。

I'm encouraged by promotional activity in both those brands.

這兩個品牌的促銷活動令我深受鼓舞。

And I think anything that Bud Light comes back and recovers is great, but they've got two real winners within that portfolio that they're leaning heavily into.

我認為百威淡啤酒的回歸和復甦都是很棒的，但他們在這個投資組合中有兩個真正的贏家，他們非常看好。

And I think that's more probably the route that that wins and it also speaks to sort of brands on the different ends of the end consumer spectrum as well.

我認為這更有可能是獲勝的途徑，而且它也適用於終端消費者範圍不同端的品牌。

Mike Leithead, Barclays.

麥克萊特黑德，巴克萊銀行。

First, just on aerosol.

首先，僅使用氣霧劑。

The business saw a nice, I think, 6% volume growth.

我認為該業務的銷量增長了 6%。

I guess my understanding was this overall market is still a bit soft.

我想我的理解是整個市場仍然有點疲軟。

So is there some competitive share gains, is it a mix with your extruded bottles?

那麼是否有一些競爭性的份額增長，是否與你們的擠壓瓶混合？

Just if you could help unpack that a bit, that would be helpful.

如果你能幫忙解開一點，那就很有幫助了。

No, the market is growing probably half that rate globally, a little bit more than that.

不，市場的成長率可能是全球成長率的一半，甚至比這個成長率還要高一點。

The advantage that we've got is strategically is our plants are able to produce bottles that have higher recycled content and we also make the alloys with the highest recycled content in the industry.

我們的戰略優勢是我們的工廠能夠生產回收含量更高的瓶子，而且我們也生產業內回收含量最高的合金。

And so the environmental and the sustainability message to somebody like a Unilever or a buyer store, they have a big packaging carbon issue.

因此，向聯合利華或買手店等人傳達的環境和永續發展訊息是，他們面臨很大的包裝碳問題。

So if they could move into aluminum out of other substrates and we have the highest recycled content, we are winning disproportionately because of that.

因此，如果它們可以從其他基材轉移到鋁上，並且我們擁有最高的回收含量，那麼我們將因此獲得不成比例的勝利。

Not on price.

不是看價格。

In fact, it probably costs a bit more.

事實上，它的成本可能會更高一些。

But the light-weighting of the bottle on the less alloys, steel versus aluminum continues to be a positive trend.

但使用較少的合金、鋼與鋁來實現瓶子的輕量化仍然是一個積極的趨勢。

So there's a lot going into it.

所以這裡面有很多內容。

And we're very well positioned in the strategic partners and innovative partners and sustainability leads in that area.

我們在該領域的策略合作夥伴和創新合作夥伴以及永續發展方面處於領先地位。

And we're bullish about that business moving forward because of the moat that we've created there.

由於我們在那裡創造了護城河，我們對這項業務的發展持樂觀態度。

And then I wanted to circle back to the US.

然後我想繞回美國。

Dan, you've given a lot of really helpful color around the different product category dynamics.

丹，你為不同產品類別的動態提供了許多非常有用的色彩。

But I want to circle back, I'm not sure if I heard in the answer to Ghansham's question earlier.

但我想回過頭來，我不確定我是否在早些時候對甘沙姆問題的回答中聽到過。

But in 2Q, how did your US business for Ball perform relative to, say, the overall segment up one?

但在第二季度，您的鮑爾美國業務相對於整個細分市場的表現如何？

I think it's in line.

我覺得是對的

It's actually the US was driving it more so than anything.

事實上，美國的推動力比其他任何因素都重要。

Keep in mind, our Mexican business, if you -- 80% of it is products that go north.

請記住，我們的墨西哥業務，80% 的產品都是銷往北方的。

And it's one major brewer and they did well, that category didn't do great, but they did well.

這是一家主要的啤酒製造商，他們做得很好，這個類別做得不是很好，但他們做得很好。

But everything was more or less in line, favorable CSD, flat energy, a decline in domestic beer, uplift in the imported beer.

但一切或多或少都符合預期，有利的 CSD、平淡的能量、國產啤酒的下降、進口啤酒的上升。

We participated in all those and net-net-net.

我們參與了所有這些以及網路網路網路。

Some of our customers within certain categories did a little better, so we did a little better.

我們某些類別的一些客戶做得更好一點，所以我們做得更好一點。

That's probably how it would shake it out.

大概就是這樣才能擺脫困境。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

This is actually Bryan Burgmeier on for Anthony.

這實際上是布萊恩·伯格梅爾（Bryan Burgmeier）替補安東尼。

Maybe just a question on '24 EPS guidance, and I apologize if I missed this.

也許只是關於 '24 EPS 指導的問題，如果我錯過了這個，我深表歉意。

Just thinking about kind of the magnitude of strong 2Q results, some modest tailwinds from lower interest expense, more share repurchases.

想想第二季強勁業績的規模、利息支出下降和更多股票回購帶來的一些溫和的推動力。

It seems like there's maybe a tiny bit of upside to the full year guide versus your previous outlook.

與您之前的展望相比，全年指南似乎有一點上行空間。

Is it South America and Argentina that makes you feel like reiterating is most prudent right now, so I know you reiterated volume growth expectations.

是不是南美洲和阿根廷讓您覺得現在重申是最謹慎的，所以我知道您重申了銷售成長預期。

So I'm just trying to kind of rectify the two different points.

所以我只是想糾正這兩點不同的地方。

Honestly, we're looking at the same thing you are.

老實說，我們正在尋找與您相同的東西。

More constructive on the plus side of our guide.

我們的指南的優點更具建設性。

And when I hear the entire competitive landscape and our entire customer landscape, all saying similar things that we’re going to be delivered despite a little bit more volatile second half given the election, et cetera.

當我聽到整個競爭格局和我們的整個客戶格局時，所有人都在說類似的事情，儘管考慮到選舉等因素，下半年會出現一些更加不穩定的情況，但我們仍將實現這一目標。

I've been encouraged every month this year by the performance of the business and our commitment to doing the things that we can control, and those are going to continue.

今年每個月我都因業務表現和我們對做我們可以控制的事情的承諾而受到鼓舞，而且這些將繼續下去。

And then we have benefited a bit from mix in North America.

然後我們從北美的混合中受益匪淺。

Does that continue?

繼續這樣嗎？

I suspect it will.

我懷疑會的。

So yes, we're leaning to the plus side of that algorithm for sure.

所以，是的，我們肯定傾向於該演算法的優點。

And last question for me, and then I can turn it over.

最後一個問題給我，然後我可以把它翻過來。

Just can you comment maybe European can shipments versus underlying consumption growth in the region?

您能否評論一下歐洲罐頭出貨量與該地區潛在消費成長的關係？

Do you think that the industry maybe did a little bit of restocking this year or are brewers maybe ordering ahead for the summer?

您認為該行業今年可能會進行一些補貨，還是啤酒商可能會在夏季提前訂購？

Just any color on maybe shipments versus consumption in Europe.

只是歐洲的發貨量與消費量的任何顏色。

The destocking and restocking event that happened sort of December and then January and February.

去庫存和補貨活動大約發生在 12 月，然後是 1 月和 2 月。

So Q1 had a little bit of that favorability in it.

所以第一季有一點這樣的好感。

But what we've seen is this is actual consumption that's happening, a more aggressive pricing environment in some instances.

但我們看到的是，這是正在發生的實際消費，在某些情況下是更激進的定價環境。

I think if you talk to anybody in our industry, everybody is tight.

我想如果你和我們這個行業的任何人交談，你會發現每個人都很緊張。

We're getting very close to can allocation scenarios.

我們已經非常接近罐頭分配方案了。

So this is 100% consumption at this point, benefit from the euro, benefit maybe from the Olympics, but more of a benefit from just inflation dissipating in a different return of value equation by our customers needing to price differently.

因此，目前這是 100% 的消費，受益於歐元，也許受益於奧運會，但更多的是受益於通貨膨脹，而我們的客戶需要以不同的價格定價，而消散在不同的價值回報方程中。

So all of that's been a healthy dynamic in Europe and fingers crossed that continues here for the foreseeable future.

因此，所有這一切在歐洲都是一種健康的動態，祈禱在可預見的未來繼續在這裡。

We do have some can share that's also helping in pockets of the EU, specifically the UK, they continue to move more into cans.

我們確實有一些罐頭分享，這也對歐盟的一些地區有所幫助，特別是英國，他們繼續更多地生產罐頭。

So there's some different dynamics that are unique to each country and each category in each geography.

因此，每個國家和每個地區的每個類別都有一些獨特的不同動態。

But overall, yes, I'm really pleased with our performance in Europe and constructive on Europe at large right now.

但總的來說，是的，我對我們在歐洲的表現非常滿意，並且對整個歐洲目前具有建設性。

Phil Ng, Jefferies.

菲爾·吳，杰弗里斯。

Pretty encouraging to see Brazil still up mid single digits.

看到巴西仍保持中等個位數的成長非常令人鼓舞。

Argentina has been [problematic], it’s a little noise in general just all the movement.

阿根廷一直[有問題]，總的來說，所有的運動都有點噪音。

How would you like us to think about the back half?

您希望我們如何考慮後半部？

And certainly, you had outsized earnings last year from some mix dynamics in Brazil in the fourth quarter.

當然，去年第四季巴西的一些混合動態使您獲得了巨額收益。

So just kind of give us a little more color on do you have enough levers for your volumes to be up in South America given the weakness in Argentina, and then your ability to kind of drive earnings in the back half in South America as well?

因此，請給我們更多的信息，考慮到阿根廷的疲軟，你們是否有足夠的槓桿來提高南美的銷量，然後你們是否有能力在南美後半段推動盈利？

There's an opportunity.

有一個機會。

I think Q3 will have still some volume decrement because of Argentina.

我認為由於阿根廷的原因，第三季的銷量仍將下降。

Q4 will return to growth.

第四季將恢復成長。

But the earnings were already being impacted, Phil, in Argentina in Q3 because of some of the taxes that were being levied on, especially metal coming in from Brazil into Argentina dollars going out.

但菲爾，第三季阿根廷的收入已經受到影響，因為徵收了一些稅收，特別是從巴西流入的金屬，換成阿根廷美元流出。

There was a lot of currency controls put in place.

實行了很多貨幣管制。

So our margins -- our volumes held in, but our margins took a fairly significant hit and then further hit in Q4.

因此，我們的利潤率——我們的銷量保持不變，但我們的利潤率受到了相當大的打擊，然後在第四季度進一步受到打擊。

So from a margin standpoint, you should see growth in the second half of the year.

因此，從利潤率的角度來看，您應該會在今年下半年看到成長。

And volumes will be flattish to slightly up with a negative tailwind still fairly significant in Q3 from Argentina, I think in the neighborhood of 500 million cans.

阿根廷的銷量將持平或略有上升，第三季阿根廷的負面影響仍然相當大，我認為產量約為 5 億罐。

So on balance on earnings is kind of muted is how I should think about it for Argentina (multiple speakers) margins might be better at budget

因此，總的來說，收入方面的影響有點小，我應該如何考慮阿根廷（多個發言者）的利潤率在預算上可能會更好

--

--

You're right.

你說得對。

From this point forward, it's muted.

從現在開始，一切都變得沉默了。

And here's what's going on in Argentina too.

這也是阿根廷正在發生的事。

So for the last two months, they've got inflation down in the 4% range, and that was their target.

因此，在過去兩個月裡，他們將通貨膨脹率降低到了 4% 的範圍內，這就是他們的目標。

What has also happened is there's been price fixing, there's a weak end consumer.

還發生的情況是價格固定，終端消費者較弱。

This is the weakest the end consumer spend but they've accomplished all of their monetary and financial goals of lessening inflation.

這是最終消費者支出最弱的時期，但他們已經實現了所有減輕通貨膨脹的貨幣和金融目標。

And so we're starting to see some easing in that country and then it's going to be employment based and sort of a return to a more stable end consumer there.

因此，我們開始看到該國出現一些寬鬆政策，然後它將以就業為基礎，並在某種程度上恢復該國更穩定的最終消費者。

But it’s -- I'm not an economist, but I'd say that they've kind of driven this thing where they wanted to and now I'm encouraged that we move up from here.

但這是——我不是經濟學家，但我想說，他們已經把這件事推向了他們想要的方向，現在我很受鼓舞，我們從這裡開始前進。

It won't happen overnight but at least they've gotten us to a place that they were attempting to do in October and November of last year.

這不會在一夜之間發生，但至少他們已經讓我們達到了去年 10 月和 11 月他們試圖達到的目標。

I mean, I think certainly, there are some concerns coming into the quarter that mass beer in the US would be a drag, and you obviously put up really strong results in that segment in North America.

我的意思是，我當然認為，本季度有人擔心美國的大眾啤酒會成為一種拖累，而且您顯然在北美的該領域取得了非常強勁的業績。

If I heard you correctly, Dan, you sound a little more upbeat on the plus side of your mid-single digit type growth.

丹，如果我沒聽錯的話，你的中位數成長聽起來更樂觀。

Does a lot of that come from North America or is it more Europe, some of the other segments, just because you're lapping that tough ABI comp, right, and you still put up 1% volume growth in 2Q.

其中很多來自北美，還是更多來自歐洲，其他一些細分市場，只是因為你正在超越艱難的 ABI 比較，對吧，並且你在第二季度仍然實現了 1% 的銷量增長。

It sounds like your customers are promoting a little bit.

聽起來你的客戶正在做一些促銷。

Is that enthusiasm more on North America?

這種熱情是否更集中在北美？

And then are you expecting volumes perhaps to pick up a little bit in the back half?

那麼您是否預計下半年銷售量可能會有所回升？

I think every one of our business units, every one of our regions will make more money year-over-year in the third quarter.

我認為我們每個業務部門、每個地區在第三季都會比賺更多的錢。

So there may be a little bit more weighting to your point.

因此，您的觀點可能會更重要一些。

Actually, I think it's going to be more representative of a Q4 lift than a Q3 lift, just we've got such low inventory levels and really tight there in North America that you'll see some pickup on absorption more likely in Q4.

實際上，我認為這將比第三季度的成長更能代表第四季度的成長，只是我們的庫存水平如此之低，並且北美地區的庫存非常緊張，因此您更有可能在第四季度看到吸收量的回升。

But yeah, leaning to the plus and as you know, this is -- a big portion of this is about mix and who wins in the third quarter.

但是，是的，傾向於優勢，正如你所知，這很大一部分是關於混合以及誰在第三季度獲勝。

And I'm encouraged that premium light beer, domestic light beer, they're going to have to do something on pricing there.

我感到鼓舞的是，優質淡啤酒、國產淡啤酒，他們將不得不在定價上做些什麼。

It's been a pretty similar tape, right Phil, for the last several quarters and so I think different behavioral patterns will have to kick in at some point.

在過去的幾個季度裡，這是一個非常相似的磁帶，對菲爾，所以我認為不同的行為模式必須在某個時候開始發揮作用。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究中心。

You hit on this a little bit, but I'd like to dive in a little bit more on the Brazilian market.

您偶然想到了這一點，但我想更深入地了解巴西市場。

Can you just talk about -- the last couple of years have been obviously pretty choppy, especially coming out of COVID.

你能談談——過去幾年顯然相當不穩定，尤其是在新冠疫情之後。

And there have been some substrate market shifts, obviously, changing and evolving consumer behaviors.

顯然，基材市場發生了一些變化，消費者行為發生了變化和演變。

Can you just kind of give us an update on where you think we are not only for the back half but where you think will ultimately be for '25, '26 as well as your competitive positioning?

您能否向我們介紹一下您認為我們不僅在後半區的情況，而且您認為「25」、「26」的最終情況以及您的競爭定位的最新情況？

So for -- I would say -- you're almost at a point where you can take COVID out of the equation.

因此，我想說，你幾乎已經到了可以將新冠病毒排除在外的地步了。

I think what happened in '23 -- so just '23 to '24 first half of the year, let me walk you through a comparative, right, for Brazil.

我認為 23 年發生的事情 - 所以只是 23 到 24 年上半年，讓我帶您了解巴西的比較情況。

In Brazil, the third largest brewery had a blowout 2023 first quarter, which we don't participate with.

在巴西，第三大啤酒廠 2023 年第一季業績井噴，我們沒有參與其中。

They filed for bankruptcy in Q2 of 2023.

他們於 2023 年第二季申請破產。

So they did virtually nothing in that quarter.

因此，他們在該季度幾乎沒有採取任何行動。

So when you're looking at comps depending on who's with who and the mix trajectory in that category portfolio that there was volatility in one, we were up 26% in one.

因此，當你根據誰與誰在一起以及該類別投資組合中的混合軌跡來查看比較時，其中一個投資組合存在波動，我們在其中一個投資組合中上漲了 26％。

So we benefited from that comp one.

所以我們從那個補償中受益。

We didn't benefit from it as much in 2.

我們在 2 中並沒有從中受益那麼多。

But Q3, Q4 and Q1 of '23 and '24, the behemoth that we're with did well in the market.

但我們所合作的這個龐然大物在23年和24年的第三季、第四季和第一季在市場上表現良好。

We continue to think that they will do well in the market based on innovation, based on share, based on their long term positioning.

我們仍然認為，基於創新、基於份額、基於長期定位，他們將在市場上取得良好表現。

We're the number two player in the entire South America.

我們是整個南美洲排名第二的球員。

They have been doing well as well.

他們也一直表現得很好。

So I'm encouraged by the second half and I'm encouraged the economy in Brazil and the GDP is what really matters most at this point, to answer your follow-on question for '25 and '26, I think they have things going in the right direction, moderate-to-low inflation, employment continuing to improve, no sudden movements in terms of fiscal or monetary policy, all of that has a positive tailwind.

所以我對下半年感到鼓舞，我對巴西的經濟感到鼓舞，而 GDP 才是目前最重要的，回答你關於 25 和 26 的後續問題，我認為他們的事情正在進展方向正確，通膨處於中低水平，就業持續改善，財政或貨幣政策沒有突然變動，所有這些都是積極的推動力。

And then the only thing that really comes out of COVID would be the substrate shift from glass into cans, and we're early innings on that.

然後，新冠疫情真正帶來的唯一結果就是基材從玻璃轉變為罐頭，而我們正處於這方面的早期階段。

So we picked up probably two points of the seven points that were lost and we expect to continue to pick up more of that in the back half of '25 and into '26.

因此，我們可能在丟掉的 7 分中撿到了 2 分，並且我們預計將在 25 年後半段和 26 年繼續撿起更多的分。

And then for us, our exposure to Argentina will be meaningful if there's abrupt recovery in Argentina in '25 and '26, that will -- obviously, we'll get 100% of that.

然後對我們來說，如果阿根廷在 25 年和 26 年突然復甦，我們對阿根廷的投資將是有意義的，顯然，我們將獲得 100% 的復甦。

So I'm constructive on the outlook.

所以我對前景持建設性態度。

I think it will be at the higher end of our longer term growth algorithm based on the underlying conditions.

我認為，根據基本條件，這將處於我們長期成長演算法的高端。

And then Brazil, I think, starts to normalize a bit more.

然後我認為巴西開始更加正常化。

And it will be about mix but it will be less so about mix than what you saw in Q1 and Q2.

這將是關於混合的，但與你在第一季和第二季看到的相比，混合的程度要少一些。

And just a real quick one, not once but twice.

而且速度非常快，不是一次而是兩次。

I tried to get a beer after a round of golf in New York, and I was handed to a Ball aluminum cup and it's something people haven't really been discussing for quite some time, but they're starting to pop up a lot.

我在紐約打完一輪高爾夫球後試圖喝杯啤酒，結果遞給我一個 Ball 鋁杯，人們已經很長一段時間沒有真正討論過這個問題了，但它們開始頻繁出現。

And so I was just kind of curious what's the latest and greatest there in terms of your thought of trajectory?

所以我只是有點好奇你的軌跡思想中最新和最偉大的是什麼？

I mean it seems like it was kind of a thing and then it wasn't but now it's clear that you're making some additional strides.

我的意思是，這似乎是一件事，然後又不是，但現在很明顯，您正在取得一些額外的進展。

I'm just kind of curious on that front.

我只是對這方面有點好奇。

You do find it at places like that.

你確實可以在那樣的地方找到它。

I think ultimately, the backdrop, if you've got a weakened consumer and it's going to impact the volume on a project like that.

我認為最終，如果你的消費者疲軟，那麼這將影響此類項目的數量。

And so we continue to gain traction but it's not near what we thought it would be two or three years ago.

因此，我們繼續獲得關注，但與我們兩三年前的預期相差甚遠。

And so that's probably all I'll say about that for now.

這可能就是我現在要說的全部。

And we'll do one more question, Christine.

我們再問一個問題，克里斯汀。

Stefan Diaz, Morgan Stanley.

斯特凡·迪亞茲，摩根士丹利。

I hope everybody is doing well.

我希望每個人都做得很好。

In the release for Europe, you mentioned seasonal and sustainability trends should improve demand throughout the year.

在歐洲的新聞稿中，您提到季節性和永續發展趨勢應該會改善全年的需求。

Does this mean you're expecting mid single digit volume growth for the second half as comps look favorable?

這是否意味著您預計下半年銷售將出現中等個位數成長，因為比較看起來不錯？

And then maybe sort of following up on Bryan's question, considering can shipments seems like they were ahead of scanner for the latest quarter, are you worried about any potential destocking like we saw late in 2023?

然後也許是對 Bryan 問題的跟進，考慮到最近一個季度的出貨量似乎領先於掃描儀，您是否擔心像我們在 2023 年末看到的那樣可能出現庫存減少？

I don't anticipate destocking for us, all of this stuff is like competitor and customer centric, right, on the destocking and stocking issues, nowhere near what you would have seen in '22 or '23.

我預計我們不會去庫存，所有這些東西都以競爭對手和客戶為中心，對吧，在去庫存和庫存問題上，與你在 22 或 23 年看到的情況相去甚遠。

So I'm less concerned.

所以我不太擔心。

Obviously, if volume were to fall off significantly, which we don't foresee or we're not anticipating, I might have to revisit that comment.

顯然，如果交易量大幅下降（我們沒有預見到或沒有預料到），我可能不得不重新審視該評論。

But at this point, we've got incredibly low inventory levels.

但目前，我們的庫存水準非常低。

We're hand to mouth in Europe.

我們在歐洲勉強糊口。

We're in the throes of increasing our stacking in South America and then in North America, where we've got, like I said, historically low inventory levels that we'll need to manage that up over the second half of the year.

我們正在努力增加南美和北美的庫存，就像我說的，我們的庫存水準處於歷史低位，我們需要在今年下半年將其控制在一定水準。

So I'm encouraged and not concerned about that topic in particular.

所以我很受鼓舞，但並不特別在意這個話題。

I get the question but for us, it's not as meaningful.

我明白這個問題，但對我們來說，這沒有那麼有意義。

And then given strong volume results in the past couple of quarters, I was just wondering if you could remind us if you still have any capacity curtailed within your network.

鑑於過去幾季的強勁銷售結果，我只是想知道您是否可以提醒我們您的網路中是否仍有容量被削減。

And if so, maybe what do you need to see to bring that back online?

如果是這樣，也許您需要看到什麼才能使其恢復在線狀態？

And then maybe if you could also just quickly comment on what you think utilizations are by region?

然後，也許您也可以快速評論一下您認為按地區劃分的利用率？

You always have curtailments in South America this time of the year.

每年的這個時候，南美洲總是會出現限電狀況。

We have very few, if any, curtailments in North America or Europe.

在北美或歐洲，我們的限電（如果有的話）也很少。

Absolutely none in Europe right now.

目前歐洲絕對沒有。

And the only thing that we would be curtailing would be one can size fits in North America at times.

我們唯一要削減的就是有時在北美的罐裝尺寸。

So all of that's good.

所以這一切都很好。

The industry is in a really healthy position, probably high 80s, if I look at the annual projection, high 80s in Brazil, low to mid-90s in Europe and then low 90s in the US, which means you got excess capacity in shoulder season and you don't have any in peak season.

該行業處於非常健康的位置，如果我看一下年度預測，可能會達到80 年代的高水平，巴西的高水平為80 水平，歐洲的低水平到90 水平，然後美國的低水平為90 水平，這意味著淡季產能過剩而且在旺季你沒有。

And so it's in a good spot.

所以它處於一個很好的位置。

I would now like to turn the floor back over to management for closing comments.

我現在想將發言權交還給管理層以徵求結束意見。

Thanks.

謝謝。

Again, really appreciate our 16,000 employees.

再次感謝我們的 16,000 名員工。

We had a flood and we've got some fires going on, and hope everybody remains safe and takes care of one another and look forward to talking with you all here at the end of the third quarter.

我們遭遇了洪水，也發生了一些火災，希望每個人都保持安全並互相照顧，並期待在第三季末與大家交談。

So thank you.

所以謝謝你。

Ladies and gentlemen, this does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation and have a wonderful day.

感謝您的參與，祝您有美好的一天。