DMC Global Inc (BOOM) 2025 Q3 法說會逐字稿

Greetings and welcome to the DMC Global's third-quarter earnings call. (Operator Instructions)

各位來賓，歡迎參加DMC Global第三季財報電話會議。（操作說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Geoff High, VP of Investor Relations.

再次提醒，本次會議正在錄影。現在，我很高興向大家介紹主持人，投資者關係副總裁傑夫·海伊。

Thank you, Geoff. You may begin.

謝謝你，傑夫。你可以開始了。

Hello and welcome to DMC's third-quarter conference call. Presenting today, our President and CEO, James O’Leary and Chief Financial Officer, Eric Walter.

大家好，歡迎參加DMC第三季電話會議。今天，我們很榮幸地向大家介紹我們的總裁兼執行長 James O'Leary 和財務長 Eric Walter。

I'd like to remind everyone that matters discussed during this call may include forward-looking statements that are based on our estimates, projections, and assumptions as of today's date and are subject to risks and uncertainties that are disclosed in our filings with the SEC.

我想提醒大家，本次電話會議中討論的事項可能包含前瞻性陳述，這些陳述基於我們截至今日的估計、預測和假設，並受到我們在提交給美國證券交易委員會的文件中披露的風險和不確定性的影響。

Our business is subject to certain risks that could cause actual results to differ materially from those anticipated in our forward-looking statements.

我們的業務面臨某些風險，這些風險可能導致實際結果與我們在前瞻性聲明中預期的結果有重大差異。

The DMC assumes no obligation to update forward-looking statements that become untrue because of subsequent events. Today's earnings release and a related presentation on our third-quarter performance are available on the investors page of our website located at dmcglobal.com

DMC不承擔因後續事件而導致前瞻性陳述不實的更新義務。今天的獲利報告以及關於我們第三季業績的相關演示文稿，都可以在我們網站 dmcglobal.com 的投資者關係頁面上找到。

A webcast replay of today's presentation will be available at our website shortly after the conclusion of this call. And with that, I'll now turn the call over to James O’Leary.

本次電話會議結束後不久，我們將在網站上提供本次演講的網路直播回放。接下來，我將把電話交給詹姆斯·奧利裡。

Thank you, Geoff. Thank you to everyone joining us for today's call.

謝謝你，傑夫。感謝各位參加今天的電話會議。

While challenging market conditions continued to impact each of DMC's businesses during the third-quarter, we made significant progress on the most important strategic objective within our control. We continued the leveraging of our balance sheet.

儘管第三季充滿挑戰的市場環境繼續影響 DMC 的各項業務，但我們在可控範圍內最重要的策略目標方面取得了重大進展。我們繼續利用資產負債表進行槓桿融資。

By the end of the third quarter, our net debt had been reduced to $30.1 million down 47% since the start of the year, and the lowest level since we purchased the controlling interest in Arcadia at the end of 2021.

到第三季末，我們的淨債務已減少至 3,010 萬美元，較年初下降 47%，是自 2021 年底我們收購 Arcadia 的控股權以來的最低水準。

DMC's consolidated third-quarter sales were $151.5 million down 1% versus the third-quarter a year ago, while adjusted EBITDA attributable to DMC was $8.6 million up 51% year-over-year.

DMC 第三季合併銷售額為 1.515 億美元，較去年同期下降 1%；而歸屬於 DMC 的調整後 EBITDA 為 860 萬美元，較去年同期成長 51%。

At Arcadia, our building products business. Third quarter sales totalled $61.7 million a 7% year over year increase, but down 1% from the second-quarter.

在 Arcadia，我們的建築產品業務。第三季銷售額總計 6,170 萬美元，年增 7%，但比第二季下降 1%。

Adjusted EBITDA attributed to the DMC more than doubled the $5.1 million from the year-ago-quarter, reflecting improved operating performance and better absorption of fixed manufacturing overhead due to the sales increase. Adjusted EBITDA was up 27% sequentially.

歸屬於 DMC 的調整後 EBITDA 比上一季的 510 萬美元翻了一番多，反映出營運表現的改善以及由於銷售額成長而更好地吸收了固定製造費用。調整後 EBITDA 較上季成長 27%。

The efforts to stabilize Arcadia's business during the past year have helped mitigate the impact of stubbornly high interest rates and generally soft commercial construction activity in Arcadia's coal western region, where architectural buildings have declined every month since May according to the Architectural Billing Index.

過去一年來，Arcadia 為穩定業務所做的努力，有助於減輕居高不下的利率以及 Arcadia 西部煤炭地區普遍疲軟的商業建築活動的影響。根據建築計費指數，自 5 月以來，該地區的建築數量每月都在下降。

At DynaEnergetics, our energy products business, third-quarter sales were $68.9 million down 1% year-over-year and up 3% sequentially.

在我們的能源產品業務部門 DynaEnergetics，第三季銷售額為 6,890 萬美元，年減 1%，季增 3%。

The third-quarter was marked by declining activity in DynaEnergetics's core US onshore market, where well completions were down 8% year-over-year and 6% sequentially.

第三季度，DynaEnergetics 的核心美國陸上市場活動下滑，油井完井量較去年同期下降 8%，季減 6%。

At the end of the quarter, active frac crews, a key indicator of demand, were down nearly 20% in the '25 peak in March.

季度末，作為需求關鍵指標的活躍壓裂作業隊伍數量比 3 月 25 年的峰值下降了近 20%。

Energetics reported third-quarter adjusted EBITDA of $4.9 million up from break even in the year ago quarter, but down 46% sequentially. The sequential decline reflects lower product pricing and higher costs due to tariffs, as well as certain receivable and inventory charges.

Energetics公佈第三季調整後EBITDA為490萬美元，高於去年同期的損益平衡點，但季減46%。環比下降反映了產品定價降低和關稅導致成本上升，以及某些應收帳款和庫存費用。

At NobelClad, a composite metal business, third-quarter sales were $20.9 million down 16% year-over-year and down 21% once a week.

諾貝爾克拉德是一家複合金屬企業，第三季銷售額為 2,090 萬美元，年減 16%，按週計算下降 21%。

The declines reflect the delayed impact of lower US bookings during the first-quarter and second-quarter when customers moved to the sidelines as they monitored fluctuating US and reciprocal tariff policies.

這些下滑反映了第一季和第二季美國預訂量下降的滯後影響，當時客戶都在觀望美國和互惠關稅政策的波動，因此採取了觀望態度。

Adjusted EBITDA was $2.1 million down 64% from the prior year and 53% sequentially, reflecting lower absorption of fixed manufacturing overhead on reduced sales and a less favourable product mix.

經調整的 EBITDA 為 210 萬美元，較上年下降 64%，季減 53%，反映出銷售額下降導致固定製造費用吸收減少以及產品組合不利。

During the third-quarter, NobelClad booked a $20 million order associated with a large international petrochemical project.

第三季度，NobelClad 獲得了一筆與大型國際石化項目相關的 2,000 萬美元訂單。

After quarter end, we received an additional $5 million dollar order related to that same project. Together, these bookings which ship at the beginning of next year, reflect the largest order in the 60-year history of NobelClad.

季度末之後，我們又收到了與同一項目相關的 500 萬美元訂單。這些將於明年年初發貨的訂單，是 NobelClad 公司 60 年歷史上最大的訂單。

NobelClad's backlog at the end of the third-quarter was $57 million up 53% from the second-quarter, not including the $5 million follow-on.

截至第三季末，NobelClad 的積壓訂單為 5,700 萬美元，比第二季增加了 53%，還不包括 500 萬美元的後續訂單。

I'll now turn the call over to Eric for a closer look at our third-quarter results and our outlook for the fourth-quarter.

現在我將把電話交給艾瑞克，讓他更詳細地介紹我們第三季的業績以及我們對第四季的展望。

Thank you, Jim. I'll start off with a closer look at third-quarter profitability.

謝謝你，吉姆。我將首先仔細分析第三季的獲利能力。

As Jim mentioned, consolidated adjusted EBITDA attributable to DMC was $8.6 million.

正如吉姆所提到的，歸屬於DMC的合併調整後EBITDA為860萬美元。

Inclusive of the Arcadia non-controlling interest, adjusted EBITDA was $12 million for 7.9% of sales, up from 4.6% in the third-quarter last year, and down from 10.4% in the second-quarter. The year-over-year increase in even a margin principally reflects improved results of DynaEnergetics, which was impacted by $5 million in inventory and bad debt charges in last year's third-quarter.

在計入 Arcadia 的非控股權益後，調整後的 EBITDA 為 1,200 萬美元，佔銷售額的 7.9%，高於去年第三季的 4.6%，低於第二季的 10.4%。即使是利潤率的同比增長，也主要反映了 DynaEnergetics 業績的改善，該公司去年第三季受到 500 萬美元的庫存和壞帳費用的影響。

As well as price driven top-line growth at Arcadia, leading to improved absorption of fixed manufacturing overhead. The sequential decline in adjusted EBITDA margin was primarily due to lower pricing and higher cost at DynaEnergetics, as well as reduced activity levels at NobelClad.

除了 Arcadia 的價格驅動營收成長外，還提高了固定製造費用的吸收率。調整後 EBITDA 利潤率的環比下降主要是由於 DynaEnergetics 的定價降低和成本上升，以及 NobelClad 的業務量減少。

Arcadia's third-quarter adjusted EBITDA margin before non-controlling interest allocation and improved to 13.8% from 5.8% in the year-ago-quarter and 10.9% in the second-quarter. China has adjusted EBITDA margin improved to 7.1% in the third-quarter compared to less than 1% in last year's third-quarter.

Arcadia 第三季調整後 EBITDA 利潤率（未計入少數股東權益分配）從去年同期的 5.8% 和第二季的 10.9% 提高到 13.8%。中國第三季調整後 EBITDA 利潤率提高至 7.1%，而去年第三季則不足 1%。

EBITDA margin was down from 13.4% in the second quarter for the reasons previously mentioned. NobelClad's third-quarter adjusted even a margin was approximately 10% and was impacted by the tariff-related booking slowdown earlier in the year.

由於前面提到的原因，EBITDA 利潤率從第二季的 13.4% 下降。NobelClad 第三季經調整後的利潤率約為 10%，並受到年初關稅相關訂單放緩的影響。

Adjusted EBITDA margin was down from 23.2% in the third-quarter last year and 16.5% in the second-quarter. Third-quarter SG&A expense was $26 million or 17.1% of sales versus $28.2 million or 18.5% of sales in the third-quarter last year. Third-quarter adjusted net loss attributable to DMC was $1.6 million. While adjusted loss per share attributable to DMC was $0.08.

調整後 EBITDA 利潤率低於去年第三季的 23.2% 和第二季的 16.5%。第三季銷售、一般及行政費用為 2,600 萬美元，佔銷售額的 17.1%，而去年同期為 2,820 萬美元，佔銷售額的 18.5%。第三季歸屬於DMC的調整後淨虧損為160萬美元。歸屬於 DMC 的調整後每股虧損為 0.08 美元。

With respect to liquidity, we ended the third quarter with cash and cash equivalents of approximately $26.4 million. Total debt was $56.5 million down 20% from the end of '24, and as Jim mentioned, net debt was $30.1 million down 47% from the end of last year.

就流動性而言，截至第三季末，我們持有現金及現金等價物約 2,640 萬美元。總債務為 5,650 萬美元，比 2024 年底減少了 20%；正如 Jim 所提到的，淨債務為 3,010 萬美元，比去年年底減少了 47%。

And now on the guidance, we expect fouth-quarter sales to be in a range of $140 million to $150 million while adjusted EBITDA, attributable to DMC is expected in a range of [$58 million]

關於業績指引，我們預計第四季度銷售額將在 1.4 億美元至 1.5 億美元之間，而歸屬於 DMC 的調整後 EBITDA 預計在…之間。[5800萬美元]

Our guidance reflects the lag of con converting recent record bookings and NobelClad into sales, which are expected in '26. Our guidance range also anticipates continued headwinds and DynaEnergetics for North American market. Which has been significantly impacted by both tariffs and declining well completion activity and may experience a seasonal slowdown late in the quarter, as has been the case in recent years.

我們的指導意見反映了將近期創紀錄的預訂和 NobelClad 轉化為銷售額的滯後性，預計要到 2026 年才能實現。我們的指導意見也預測北美市場將持續面臨不利因素，DynaEnergetics 也將受到影響。受到關稅和油井完井活動減少的雙重影響，該行業可能會像近年來一樣，在本季度末出現季節性放緩。

Although Arcadia is expected to experience a normal seasonal fourth-quarter slowdown, it expects continued year over year improvement and profitability due to better operational execution.

儘管 Arcadia 預計第四季度將出現正常的季節性放緩，但由於營運執行的改善，預計業績將持續同比增長並實現盈利。

Our guidance is heavily influenced by macroeconomic concerns, volatility, and visibility issues created by the current state of energy markets and fair policies and is subject to change either upward or downward as market conditions evolve. With that, I'll turn it back to Jim for some additional comments.

我們的指導意見深受宏觀經濟擔憂、波動性以及當前能源市場和公平政策帶來的不明朗問題的影響，並會隨著市場狀況的變化而上調或下調。接下來，我會把話題轉回給吉姆，請他補充一些意見。

Thanks Eric.

謝謝你，埃里克。

In an environment marked by volatile and declining energy prices, elevated interest rates, and shifting tariff policies, we continue to focus on what's in our control. DynaEnergetics is containing its costs while pursuing international opportunities and navigating an extremely challenging North American oil and gas market.

在能源價格波動下跌、利率高企、關稅政策不斷變化的環境下，我們將繼續專注於我們能夠控制的事情。DynaEnergetics 在控製成本的同時，也尋求國際機遇，並努力應對極具挑戰性的北美油氣市場。

As discussed and based on direct customer feedback, we expect the oil field services market to face continued headwinds during the fourth-quarter. Accordingly, we remain focused on the self-help measures within our control. As mentioned earlier, NobelClad secured a record order that its commercial team worked nearly 5 years to win while it rebuilds its order book and looks globally for new business opportunities.

如同先前所討論的，並根據客戶的直接回饋，我們預期油田服務市場在第四季將繼續面臨不利因素。因此，我們將繼續專注於我們可控範圍內的自助措施。如前所述，NobelClad 獲得了一筆創紀錄的訂單，其商業團隊為此努力了近 5 年才贏得該訂單，同時該公司也在重建其訂單簿，並在全球範圍內尋找新的商機。

And finally at Arcadia we've stabilized operations after a challenging '24 and are positioning the business for an eventual recovery in its commercial and residential markets. Arcadia has now had several quarters of stability since we brought Jim Sladen back, and we believe we've successfully reset the business while we wait for market conditions to improve.

最後，在經歷了充滿挑戰的 2024 年後，Arcadia 的營運已經穩定下來，我們正在為商業和住宅市場的最終復甦做好準備。自從我們請回吉姆·斯萊登以來，Arcadia 已經穩定了幾個季度，我們相信，在等待市場狀況改善的同時，我們已經成功地重組了業務。

Collectively, we've made substantial progress on our most important initiative, the leveraging our business. This remains our principal corporate objective as we work through generally challenging markets for each one of our operating companies. Our progress would not be possible without the hard work of our DMC associates, and I want to thank them for their continued contributions.

總的來說，我們在最重要的舉措——發揮業務優勢方面取得了實質進展。在我們旗下所有營運公司面臨普遍充滿挑戰的市場環境之際，這仍然是我們的主要企業目標。如果沒有DMC同事們的辛勤工作，我們的進步是不可能的，我要感謝他們一直以來的貢獻。

And with that, we're ready to take any questions, operator.

那麼，我們就可以回答任何問題了，接線生。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。接下來我們將進行問答環節。（操作說明）

Gerry Sweeney, Roth Capital Partners. Please proceed.

Gerry Sweeney，Roth Capital Partners。請繼續。

Good afternoon, Jim, Eric, Geoff, thanks for taking my call.

下午好，吉姆、艾瑞克、傑夫，謝謝你們接聽我的電話。

Start off with Acadia. I know you meant, Jim, I know you mentioned, the ABI was down, I think out in the west, etc. But two questions on that front. One, are you seeing any green shoots?

先從阿卡迪亞開始。我知道你的意思，吉姆，我知道你提到過，ABI（美國商業指數）下降了，我想是在西部地區等等。但關於這一點，我有兩個問題。第一，你看到任何綠色的苗頭了嗎？

And then two are there opportunities for additional operational improvements at Arcadia, or is that level set for now?

其次，Arcadia 是否還有進一步改善營運的機會，還是目前的水準已經定型了？

Oh, okay, so we're seeing green shoots, but remember that's very specific to us. What we had when I think the industry was still doing okay and I would say just okay, both residential and commercial, we with turnover and some self-inflicted issues, we had a challenging 2 years to 3 years after the acquisition.

哦，好的，我們看到了一些好轉的跡象，但請記住，這只是我們特有的情況。我認為當時整個行業還算可以，我只能說還不錯，無論是住宅還是商業地產，由於人員流動和一些自身造成的問題，我們在收購後的兩到三年裡面臨著挑戰​​。

So, a lot of our year-over-year improvement or month over month improvement, a lot of the things we're seeing are just introducing stability with back, bringing back some employees who might have, looked for greener pastures, repairing some of the relationships that might have gotten a bit frayed both on the supplier side, on the customer side.

因此，我們看到的許多同比或環比增長，其實都來自於引入穩定性，召回一些可能已經另謀高就的員工，修復供應商和客戶之間可能已經有些緊張的關係。

So we're seeing some Arcadia specific green shoots, but I wouldn't read too much. Into that and from everything you can see, it's observable and anecdotal, whether it's our public peers, even one like Gelin today, which is, more far more residential than us, but it's a data point.

所以我們看到了一些 Arcadia 特有的積極跡象，但我不會過度解讀。從你所能看到的一切來看，無論是我們的公眾同行，還是像今天的 Gelin 這樣的公司（該公司比我們更注重住宅建設），這都是可以觀察和見聞的，但這仍然是一個數據點。

If you subscribe to any of the credit agencies, you can see companies like Oldcastle and Conair, we're all struggling with exactly the same issues persistently high interest rates, overall cost and affordability, and that applies to commercial as well. And I think that's starting to, that should start getting better, but I wouldn't say you see the green shoots industry-wide, a board of a company I'm on, I mean we're in every MSA in the country, if you put a gun to my head, I couldn't tell you what MSA in the country is really doing well.

如果你訂閱任何信用機構的服務，你會看到像 Oldcastle 和 Conair 這樣的公司，我們都面臨著完全相同的問題：持續高企的利率、總體成本和負擔能力，這同樣適用於商業領域。我認為情況正在好轉，應該會好轉，但我不會說整個產業都出現了復甦的跡象。我所在的公司董事會，業務遍及全國所有大都會統計區，就算你拿槍指著我的頭，我也說不出全國哪個大都會統計區真正做得好。

Maybe one or two in the Carolinas. So, all of our, year-over-year improvement and, green shoots that you categorize that all very Arcadia specific and all because we brought back stability and some self-help measures now on what we can do specifically stabilize things, brought back some key players, repaired relationships, really soft, the soft skills which Jim is fantastic at.

或許卡羅萊納州有一兩個。所以，我們所有的逐年改進和萌芽，你將其歸類為非常阿卡迪亞特有的，這一切都是因為我們恢復了穩定性，並採取了一些自助措施，具體來說，就是穩定局面，召回了一些關鍵人物，修復了關係，真正軟性地，軟技能，而吉姆在這方面非常出色。

You know Jim would have a longer list of things that we can do next than I would, and a lot of it is, we can still do better in terms of professionalization. And maybe bringing some new skills in, maybe looking at, we've been underspending CapEx for a while on things that, we're going to have some decisions to make as to whether or not, where and when we want to put it in, this capital we might have put it in in '21 that we've, we have to do, but whether or not you do it now, if you think you're still going to be bouncing along the bottom. Is a really important question, but you know we both have very long lists of things we can do that would be, and I wouldn't say it's, I would say it's past self-help, it would be, okay, now we're at the point where professionalization, bringing some new skills.

你知道，吉姆列出的接下來我們可以做的事情清單肯定比我的要長，而且其中很多事情，例如我們在專業化方面仍然可以做得更好。或許應該引進一些新技能，或許應該考慮一下，我們已經有一段時間資本支出不足，我們需要決定是否、在哪里以及何時投入這筆資金，這筆資金我們可能在 2021 年投入了，我們必須這樣做，但無論你現在是否這樣做，如果你認為你仍然會在底部徘徊。這是一個非常重要的問題，但你知道，我們兩個都有一長串可以做的事情，我不會說這已經超越了自助的階段，而是到了專業化、引入一些新技能的階段。

We're getting there now on the ERP implementation, some of the improvement the data quality for the first time, in a while. So, there's a long list of things we work on, including on capacitization. The question is when, when's the right time. You don't want to add it early if the market just doesn't fill up a paint line or fill up an anodizing line.

我們現在在 ERP 系統實施方面取得了一些進展，數據品質也得到了一段時間以來的首次提升。所以，我們有很多工作要做，包括容量控制。問題是，什麼時候才是適當的時機。如果市場需求不足以填滿噴漆生產線或陽極氧化生產線，那麼過早增加生產線是不明智的。

Right Yes, understood, yeah.

對，明白了。

Got it.

知道了。

Switching gears double cloud large order.

切換策略，雙雲大訂單。

It sounded like it was going to ship and my words first-quarter, but I'm not sure how you exactly characterized it, but you know what would be the cadence of the shipping of that order and over how many quarters, if more than one would this sort of take place?

聽起來像是要發貨了，我說的是第一季度，但我不太確定你具體是怎麼描述的，你知道這筆訂單的發貨節奏是怎樣的，以及如果超過一個季度的話，大概會持續幾個季度嗎？

I said '26, but Eric will give you the particulars. It's more back and loaded than first-quarter.

我說的是26，但艾瑞克會告訴你具體細節。比第一季更有實力，也更有競爭力。

Yeah, I don't I don't have no, I'm yeah--

是的，我沒有，我沒有，我是，是的——

No, I don't have much to add to that other than, like Jim said, it will be the second half of '26 is where we're going to see the bulk of the revenue from that order.

不，我沒什麼要補充的，就像吉姆說的那樣，我們將在 2026 年下半年看到該訂單的大部分收入。

Got it and just sticking with NobelClad obviously that's a large international order. US is facing some headwinds, but.

明白了，顯然會繼續選擇 NobelClad，這是一筆很大的國際訂單。美國面臨一些不利因素，但是…

And you know I think there's a lot of opportunity in the Gulf at some point for some of this petrochemical stuff, but I'm just curious if you're seeing any additional orders unlocked or are they still tied up because of tariffs and other issues and just uncertainties.

你知道，我認為海灣地區的一些石化產品在未來某個時候會有很多機會，但我只是好奇你是否看到任何額外的訂單已經解鎖，還是因為關稅和其他問題以及不確定性而仍然被擱置。

Well, we agree and we hope you're right about further petrochemical orders, but right now if you ask the division President there how he categorize, the state of things, and we, went through his budget a couple of times in the last few months, if you have the choice of order people wait, and it's, the tariffs were a big issue that impacted us early, particularly on one or two really big ones that we know we probably didn't get because of tariffs. Right now, I think it's just a general level of economic uncertainty, outside of tech and a couple of really fair-haired favoured sectors.

嗯，我們同意，也希望您對進一步石化訂單的看法是正確的。但就目前而言，如果您問該部門總裁他對現狀的分類，以及我們在過去幾個月裡幾次審查過他的預算，如果可以選擇訂單，人們都會選擇等待。關稅是一個很大的問題，它早期就對我們產生了影響，尤其是一兩個真正的大訂單，我們知道我們可能因為關稅而錯過了這些訂單。我認為目前除了科技業和少數幾個備受青睞的行業之外，整體經濟情勢都存在不確定性。

If you're very capital intensive, if you're very consumer driven, if you're very consumer meaning the ultimate end markets, you can include automotives in there, I mean, nobody's rushing to do capital projects unless you're bringing stuff back under some of the Trump policies, factory building, major CapEx.

如果你是資本密集型企業，如果你是消費驅動型企業，如果你是消費型企業（指的是最終終端市場），你可以把汽車行業也算進去，我的意思是，除非你根據特朗普的一些政策把東西帶回來，比如建廠、大型資本支出，否則沒有人會急於進行資本項目。

You're going to wait before you order until you start to be a little bit more comfortable with the overall economy.

你打算等到對整體經濟狀況稍微放心一些之後再下單。

Got it. Okay, I'll jump back into you. Thanks.

知道了。好的，我再回到你身邊。謝謝。

Great, thank you, Gerry.

太好了，謝謝你，傑瑞。

Katie Fleischer, Key Bank Capital Markets. Please proceed.

Katie Fleischer，Key Bank Capital Markets。請繼續。

Hey, good evening, guys. I wanted to dig into the tariff impacts in DynaEnergetics little bit. How should we think about that impact in coming quarters and is there any opportunity to push prices in that market?

嘿，晚上好，各位。我想稍微深入研究一下關稅對 DynaEnergetics 的影響。我們該如何看待這種影響在未來幾季的表現？是否存在任何機會來推動該市場的價格上漲？

Yeah, so the impact to Dyna in the quarter was roughly $3 million.

是的，因此，Dyna 在本季受到的影響約為 300 萬美元。

And to answer your question, to try to push price in the market, that's extremely challenging right now. All of the players in the market are pretty much going through the same type of issues with importing steel and some other components that are used in their perforating systems.

至於你的問題，要想在市場上推高價格，目前來說非常具有挑戰性。市場上的所有參與者在進口鋼材和沖孔系統中使用的其他一些組件方面，都面臨類似的問題。

So, what we're doing right now is trying to figure out ways we can be more efficient with how we manufacture our products and being smart about the automation that we put into our manufacturing line, but to increase price is very difficult in the market right now.

所以，我們現在正在努力想辦法提高產品生產效率，並巧妙地將自動化技術應用到生產線上，但目前在市場上提高價格非常困難。

Yeah, makes sense.

嗯，有道理。

Just any other details that you could give around the margin progression within Dyna and NobelClad, for next quarter like does the midpoint of guidance assume that both of those are going to see a sequential decline.

關於 Dyna 和 NobelClad 的利潤率進展，您能否提供一些其他細節？例如，下一季的業績指引中點是否假設這兩家公司的利潤率都會較上季下降？

Well, I think for just taking them one at a time with Dyna they're going to continue to have the pressures that we talked about from a pricing standpoint.

我認為，如果只針對 Dyna 而言，他們將繼續面臨我們之前討論過的定價壓力。

There may be some seasonal slowdown and to the extent that there is that puts additional pressure on margins because there's less sales and less volume to absorb their fixed manufacturing overhead. And the same would be true of NobelClad.

可能會出現一些季節性放緩，如果發生這種情況，就會給利潤率帶來額外的壓力，因為銷量減少，難以抵消其固定製造成本。NobelClad的情況也是如此。

The large order that we talked about will ship in '26, so we're probably not going to get much of a benefit for the next, bit, few quarters, and they're the same thing. It's going to be to the extent that the sales are a little soft in the quarter, it's going to put pressure on them because they're not going to be able to absorb that it so. You can take that into, you're modelling and it should show you that the margins will be pressured, quarter-to-quarter. --(multiple speakers)

我們之前提到的大訂單將在 2026 年發貨，所以在接下來的幾個季度我們可能不會獲得太多好處，而且它們本質上是一樣的。如果本季銷售略顯疲軟，將會給他們帶來壓力，因為他們無法消化這種影響。你可以把這些因素考慮進去，你在建模的時候應該會發現，利潤率會逐季受到壓力。（多位發言者）

Yeah, I'd add to that, I would add, if your assumption, whatever your assumptions are on end markets will probably be right ahead, whether it's led by a couple of months, led by a quarter, it'll be right ahead of our margin progression because everything at NobelClad.

是的，我還要補充一點，如果你對終端市場的假設，無論你有什麼假設，都可能是正確的，無論是領先幾個月，還是領先一個季度，都將領先於我們的利潤增長，因為諾貝爾克拉德的一切都是如此。

For the most part it has been absorption driven. A fair amount outside of the tariffs which Eric just went through, there's a little bit of mix, but it's the pricing issue and the fact that the permit is so challenging right now.

在很大程度上，這是吸收驅動的結果。除了艾瑞克剛才提到的關稅之外，還有很多其他因素，情況比較複雜，但主要還是價格問題，以及目前許可證辦理難度很高。

When you think both of those end markets get better, you'll see our margins. Pick up, maybe disproportionately. I'd like to think we have some operating leverage, but it'll be very end market dependent because I think we, did the self-help things early, but you're still, a NobelClad's the best example, you're down $5 million of sales, that's all throughput and that all comes through as overhead absorption.

當你想到這兩個終端市場都好轉時，你就會看到我們的利潤率。撿起來，也許不成比例地撿起來。我希望我們能獲得一些經營槓桿，但這很大程度上取決於終端市場，因為我認為我們很早就採取了自助措施，但即便如此，以 NobelClad 為例，你們的銷售額下降了 500 萬美元，這全部都是產能損失，最終都體現在間接費用吸收上。

Got it. And then just one last question here.

知道了。最後一個問題。

I know visibility is very limited, but just looking ahead when you think about the recovery of these end markets, how much more downside is there from here and what would you really need to see to give you some confidence that some of these demand trends are starting to pick up?

我知道目前能見度非常有限，但展望未來，考慮到這些終端市場的復甦，從現在的情況來看，還有多少下跌空間？你真正需要看到什麼才能讓你相信某些需求趨勢開始回升？

The first thing you need is stability. I am encouraged, and I would think the stability in the order book at NobelClad is a precursor.

你首先需要的是穩定。我感到鼓舞，我認為諾貝爾克拉德公司訂單簿的穩定性是一個好兆頭。

We won't see that for a quarter or two, or more as it's mostly back and weighted, but the fact that the order book picked up, we got a major biggest in our history order is a real positive. In the building industry, I think we have more self-help and more benefits just from being stable, but it's still a really tough market.

一兩個季度甚至更長時間內我們都不會看到這種情況，因為大部分訂單已經恢復並加權，但訂單量回升，我們獲得了歷史上最大的訂單，這確實是一個積極的信號。我認為，在建築業，我們擁有更多的自助能力，並且由於公司的穩定而獲得更多好處，但這仍然是一個非常艱難的市場。

And the fact that the Fed has started cutting interest rates, some appropriate consternation as to whether or not the next move will be up or flat. After Powell's last couple of comments, you've got a Fed that seems more favourably disposed, particularly with the recent appointees, but it's not clear that you're going to see three or four cuts the way people might have been thinking a month or two ago or that'll be dragged out over a longer period.

聯準會已經開始降息，這引發了一些合理的擔憂，下一步是升息還是維持利率不變。在鮑威爾最近幾次表態之後，聯準會的態度似乎更加積極，尤其是最近任命的官員，但目前還不清楚是否會像一兩個月前人們可能認為的那樣進行三到四次降息，或者降息是否會持續更長時間。

And you know that that is absolutely critical to get things going. I'd like to think we could see some green shoots sooner, but I still think you got a grand total of 20 permits issued in some of the parts of Southern California that we're most long-term excited for, but there's just not a lot of activity, they're continuing to keep a lid on permits. The activity's not there the way, Honestly the way some of these poor home homeowners would like to see. But when that starts to loosen up, that'll be a little bit divorced from interest rates.

你知道這對於啟動專案至關重要。我希望我們能更快看到一些好轉的跡象，但我仍然認為，在南加州一些我們長期最期待的地區，總共只發放了 20 個許可證，但並沒有太多實際活動，他們仍然在控制許可證的發放。說實話，這項活動並沒有以一些貧困房主希望看到的方式進行。但當這種情況開始放鬆時，它就會與利率有些脫鉤。

But building, if we get two or three cuts, building could start picking up in the back half of next year. But I would say if you listened to home builder calls, some of the larger distributors like Builders FirstSource speaking, anybody that's out there.

但是，如果我們能削減兩到三次開支，建築業可能會在明年下半年開始復甦。但我想說，如果你聽聽房屋建築商的電話會議，一些大型經銷商（例如 Builders FirstSource）的發言，或任何與此相關的人士的發言。

I wouldn't say they've written off next year, but they're very conservative about it because we've been burned a few too many times. So that's, I think middle end of next year would be optimistic on housing, but I think we have some specific things that are Arcadia and Arcadia dependent, and, Honestly, I The market I'm least knowledgeable about is obviously Dyna just from past history, but you know that's the one where the volumes have held up, but a couple of industry prognosticators out there, they do comment on how consolidated our customers and our customers' customers have gotten.

我不會說他們已經放棄了明年，但他們的態度非常保守，因為我們已經吃太多虧了。所以，我認為明年年中後期對房屋市場來說比較樂觀，但我認為有些事情與 Arcadia 有關，而且依賴 Arcadia。說實話，就我過去的經驗來看，我最不了解的市場顯然是 Dyna，但你知道，那裡的交易量一直保持穩定，不過一些業內預測人士確實提到，我們的客戶以及我們客戶的客戶已經變得非常集中。

We're still at the point where, we probably had the brunt of the tariffs. That we've had to eat once the markets take off and we get the opportunity to, be selling the value that we bring, I think we'll get some of the margin and price back, but that's probably quarters away. But if you wake up and the Saudis decide they're not going to keep the spigots open, that could change tomorrow.

我們目前仍處於受關稅影響最嚴重的階段。一旦市場回暖，我們有機會出售我們帶來的價值，我們就必須承擔損失。我認為我們會收回一些利潤和價格，但這可能還需要幾個季度的時間。但如果你醒來發現沙烏地阿拉伯決定不再開放水龍頭，那麼明天情況可能就會改變。

All right, fair enough.

好吧，說得有道理。

Thanks for all the color.

感謝你們帶來的繽紛色彩。

You're welcome.

不客氣。

Thank you.

謝謝。

Jawad Bhuiyan, Stifel. Please proceed.

Jawad Bhuiyan，Stifel。請繼續。

Hi, thanks for the question.

您好，感謝您的提問。

I guess just based on what we've been hearing around a lot of these, US pressure bombing companies, it seems like activity levels are kind of bottom, and that's kind of where we're, I guess the direction that we're heading, and, I guess more specifically, can you talk about or levirate expectations for '26 specifically within the perfecting gun business and maybe also what current pricing looks like in that business and then I just have a quick follow-up.

我想，根據我們聽到的關於美國壓力轟炸公司的消息，似乎業務活動水平已經觸底，我想這就是我們目前所處的位置，也是我們未來的發展方向。更具體地說，您能否談談對2026年槍支製造業的預期，以及該行業目前的定價？我還有一個後續問題。

Thanks.

謝謝。

Too early to talk about '26. We're one quarter at a time for good reason. The visibility is terrible, and we don't comment on pricing other than if the market picks up and it's a little less competitive, we should see some relief, but we're nowhere near there right now.

現在談2026年還為時過早。我們一次只推進一個季度是有充分理由的。能見度極差，我們不對價格發表評論，只是說如果市場好轉，競爭有所緩解，價格可能會有所回升，但目前離那一天還很遠。

Got it. And I guess just more specifically for oriented perforating guns, we've kind of heard that it's been having a positive impact on production levels. I guess, could you maybe talk about what you're seeing in the field?

知道了。更具體地說，對於定向射孔槍而言，我們聽說它對生產水準產生了積極的影響。我想，您能否談談您在實地觀察到的情況？

That's true. We have a product, yeah, we have a product out there, self-oriented gun as well, yeah.

這是真的。是的，我們有一款產品，我們確實有一款產品上市了，也是一款自控式槍支，是的。

Technology is what's driven a lot of the incredible production increases in the Permian for in the last 10 years. We've been a leader there and continue to be.

在過去的十年裡，科技是推動二疊紀盆地石油產量大幅成長的主要因素。我們一直是該領域的領導者，並將繼續保持這一地位。

Got it, thank you.

明白了，謝謝。

You're welcome.

不客氣。

Thank you. There are no further questions at this time. I'd like to pass the call back over to James O'Leary for any closing remarks.

謝謝。目前沒有其他問題了。我想把電話轉回給詹姆斯·奧利裡，請他作總結發言。

Well, look, we appreciate your patience.

好的，我們感謝您的耐心。

We are doing everything we can under the category of self-help and positioning ourselves to the eventual recovery.

我們正在盡一切努力進行自助，為最終康復做好準備。

We didn't get a chance to talk about except in the prepared remarks, but getting the balance sheet in shape, having your cost structure in shape. Being ready for whether it's opportunities or just the things we've got to deal with next year and having a clean balance sheet, plenty of cash flow and a cost structure that will accommodate us are the things we're working on. So, we appreciate your patience and for any employees listening. We appreciate your hard work and dedication. So, thank you.

除了事先準備好的發言稿之外，我們沒有機會討論如何理順資產負債表，如何合理地調整成本結構。我們正在努力做好準備，迎接明年可能出現的機遇，以及應對各種挑戰。同時，我們也致力於擁有健康的資產負債表、充足的現金流量和能夠滿足我們需求的成本結構。所以，我們感謝您的耐心，也感謝所有聆聽的員工。我們感謝您的辛勤工作和奉獻精神。所以，謝謝。

This concludes today's teleconference. You may disconnect your lines at this time.

今天的電話會議到此結束。您可以在此時斷開線路。

Thank you for your participation.

感謝您的參與。