Cabot Corp (CBT) 2025 Q1 法說會逐字稿

Good day.

再會。

Thank you for standing by, and welcome to Cabot's first quarter 2025 earnings conference call.

感謝您的支持，歡迎參加卡博特 2025 年第一季財報電話會議。

(Operator Instructions) Please note that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I will now hand the conference over to your speaker host, Steve Delahunt, Vice President, Treasurer and Investor Relations.

現在，我將會議移交給您的演講主持人、財務主管和投資者關係副總裁史蒂夫·德拉亨特 (Steve Delahunt)。

Please go ahead.

請繼續。

Thank you, Olivia, and good morning.

謝謝你，奧利維亞，早安。

I would like to welcome you to the Cabot Corporation earnings teleconference.

歡迎您參加卡博特公司的收益電話會議。

With me today are Sean Keohane, CEO and President; and Erica McLaughlin, Executive Vice President and CFO.

今天與我在一起的還有執行長兼總裁 Sean Keohane；以及執行副總裁兼財務長 Erica McLaughlin。

Last night, we released results for our first quarter of fiscal year 2025, copies of which are posted in the Investor Relations section of our website.

昨晚，我們發布了 2025 財年第一季的業績，其副本發佈在我們網站的「投資者關係」部分。

The slide deck that accompanies this call is also available on the Investor Relations portion of our website and will be available in conjunction with the replay of the call.

本次電話會議附帶的幻燈片也可在我們網站的投資者關係部分找到，並將與電話會議的重播一起提供。

During this conference call, we will make forward-looking statements about our expected future operational and financial performance.

在本次電話會議中，我們將對預期的未來營運和財務表現做出前瞻性陳述。

Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those projected in such statements.

每個前瞻性陳述都受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與此類陳述中的預測有重大差異。

Additional information regarding these factors appears in the press release we issued last night and in our 10-K for the fiscal year ended September 30, 2024, and in subsequent filings we make with the SEC, all of which are also available on the company's website.

有關這些因素的更多資​​訊出現在我們昨晚發布的新聞稿和截至 2024 年 9 月 30 日的財政年度的 10-K 文件中，以及我們隨後向美國證券交易委員會提交的文件中，所有這些文件也可在公司網站上查閱。

In order to provide greater transparency regarding our operating performance, we refer to certain non-GAAP financial measures that involve adjustments to GAAP results.

為了使我們的經營業績更加透明，我們參考了某些涉及對 GAAP 結果進行調整的非 GAAP 財務指標。

These -- the non-GAAP financial measures referenced on this call are reconciled to the most directly comparable GAAP financial measure in a table at the end of our earnings release issued last night and available in the Investors section of our website.

本次電話會議中引用的非 GAAP 財務指標與我們昨晚發布的收益報告末尾表格中最直接可比較的 GAAP 財務指標進行了協調，該表格可在我們網站的「投資者」部分查閱。

I will now turn the call over to Sean, who will discuss the first quarter highlights, follow the company's recent cash flow performance and then discuss the key takeaways from our recent Investor Day we held in December.

現在，我將電話轉給肖恩，他將討論第一季的亮點，關注公司近期的現金流表現，然後討論我們 12 月舉行的投資者日的主要要點。

Erica will review the first quarter financial highlights and the business segment results.

埃里卡將回顧第一季的財務亮點和業務部門業績。

Following this, Sean will provide a strategic summary and closing comments and open the floor to questions.

隨後，肖恩將進行策略總結和結束語，並回答大家的提問。

Sean?

肖恩？

Thank you, Steve, and good morning, ladies and gentlemen.

謝謝你，史蒂夫。

Welcome to our call today.

歡迎今天致電我們。

In the first fiscal quarter, we continued to execute at a high level in a mixed economic environment generating results in line with our expectations and leading to EBIT growth in both of our segments.

在第一財季，我們繼續在混合經濟環境中保持高水準執行，產生的業績符合我們的預期，並導致我們兩個部門的息稅前利潤均實現成長。

We delivered adjusted earnings per share of $1.76 and which is up 13% as compared to the same period in the prior year, positioning us well with a strong start to fiscal year 2025.

我們實現的調整後每股收益為 1.76 美元，比去年同期增長 13%，為我們 2025 財年開個好頭奠定了良好的基礎。

I would like to thank our entire global Cabot team for their agility and continued commitment to execution as we navigate these dynamic times.

我要感謝我們整個全球卡博特團隊在我們度過這個動態時期時所展現的敏捷性和對執行的持續承諾。

EBIT in Reinforcement Materials was $130 million, up 1% year-over-year in what remains a challenging global environment.

增強材料業務的息稅前利潤為 1.3 億美元，在全球環境仍充滿挑戰的情況下，年增 1%。

Results in this business continue to demonstrate the value of the structural improvements we have made over the years to the business and our continued commitment to commercial and operational excellence.

該業務的業績繼續證明了我們多年來對業務進行的結構性改進的價值以及我們對卓越商業和營運的持續承諾。

EBIT in Performance Chemicals was up 32% compared to the first quarter of fiscal 2024, largely due to higher volumes as demand in the segment has generally stabilized and volumes have reconnected to underlying demand drivers in key end markets.

與 2024 財年第一季相比，高性能化學品業務的息稅前利潤增長了 32%，這主要歸因於銷量增加，因為該部門的需求總體上已經穩定下來，而且銷量已經重新與主要終端市場的潛在需求驅動因素掛鉤。

Cash flow was strong in the quarter, which supported investments in maintenance, compliance and growth capital projects as well as the return of cash to shareholders through a combination of share repurchases and dividends.

本季現金流強勁，支持了維護、合規和成長資本項目的投資，以及透過股票回購和股息等方式向股東返還現金。

The Cabot portfolio has strong cash flow characteristics, which enables a balanced capital allocation strategy focused on funding our high confidence, high-return growth projects and returning cash to shareholders.

卡博特的投資組合具有強大的現金流特徵，這使得我們可以製定平衡的資本配置策略，專注於資助我們高信心、高回報的成長項目並向股東返還現金。

This balance of profit growth and cash return can be achieved while maintaining our strong investment-grade balance sheet.

我們在維持強勁的投資等級資產負債表的同時，還可以實現利潤成長和現金回報的平衡。

In the quarter, we generated operating cash flow of $124 million.

本季度，我們產生了 1.24 億美元的營運現金流。

We also invested $77 million in capital expenditures, which included growth investments to construct our new Indonesia capacity for reinforcement materials and capacity for growth in battery materials.

我們還投資了 7,700 萬美元的資本支出，其中包括用於在印尼建造新的增強材料產能和電池材料成長產能的成長投資。

We also returned $66 million to shareholders through $24 million of dividends and $42 million of share repurchases.

我們也透過 2,400 萬美元的股利和 4,200 萬美元的股票回購向股東返還了 6,600 萬美元。

Since fiscal 2015, a our dividend per share has grown at a compound annual growth rate of 8%.

自2015財年起，我們的每股股利以8%的複合年增長率成長。

We remain committed to a continuous and growing dividend and expect to maintain an industry competitive dividend yield and payout ratio over time.

我們將繼續致力於持續成長的股息，並期望隨著時間的推移保持行業競爭力的股息收益率和派息率。

We also believe that share repurchases are an attractive use of cash.

我們也認為，股票回購是一種有吸引力的現金用途。

In this quarter, we purchased $42 million of shares.

本季度，我們購買了價值 4,200 萬美元的股票。

Looking over a longer horizon, we've reduced our outstanding share count by 13% since fiscal 2015 as we have maintained a steady commitment to share repurchases.

從長遠來看，由於我們一直堅持進行股票回購，自 2015 財年起，我們已將流通股數量減少了 13%。

During the quarter, we also held an Investor Day in December.

本季度，我們也於 12 月舉辦了投資者日。

We appreciate the support from our investors as we had a great turnout.

我們非常感謝投資者的支持，因為我們取得了巨大的成功。

I'd like to now provide a brief recap of this event.

現在我想簡單回顧一下這次活動。

During the day, we reviewed the successful achievement of our 2021 Investor Day goals, discussed our company vision and strategy, provided an outlook for our segments and communicated an updated set of three-year financial targets.

當天，我們回顧了 2021 年投資者日目標的成功實現，討論了公司的願景和策略，為我們的各個部門提供了展望，並傳達了最新的三年財務目標。

As I shared at Investor Day, I believe that Cabot offers a compelling investment thesis.

正如我在投資者日所分享的那樣，我相信卡博特提出了令人信服的投資論點。

Our Creating for Tomorrow strategy is the right one to drive continued growth and shareholder value creation.

我們的「為未來創造」策略是推動持續成長和股東價值創造的正確策略。

This strategy is built on the pillars of grow, innovate and optimize and we drive execution with a disciplined operating platform of commercial and operational excellence.

該策略建立在成長、創新和優化的基礎上，我們透過商業和營運卓越的規範營運平台推動執行。

Our excitement and confidence in our outlook for growth is underpinned by our global footprint and the strong product portfolio that is aligned with three key macro trends.

我們的全球影響力以及與三大宏觀趨勢一致的強大產品組合支撐了我們對成長前景的興奮和信心。

The first macro trend is the changing mobility landscape towards electric vehicles, which is expected to drive growth across the Cabot portfolio.

第一個宏觀趨勢是出行格局向電動車轉變，預計這將推動卡博特產品組合的成長。

Second, the build-out of global infrastructure is expected to drive demand for important applications in our portfolio from specialty carbons for power distribution cables to fumed silica for wind turbine blades.

其次，全球基礎設施的建設預計將推動我們產品組合中重要應用的需求，從配電電纜用的特殊炭黑到風力渦輪機葉片用的氣相二氧化矽。

And third, the sustainability transition, where our customers are increasingly seeking more circular and sustainable offerings to meet the needs of their downstream customers.

第三是永續發展轉型，我們的客戶越來越多地尋求更循環和可持續的產品來滿足其下游客戶的需求。

We have set clear growth goals targeting an adjusted earnings per share CAGR of 7% to 10% over the next three years with growth expected in both business segments.

我們制定了明確的成長目標，力爭未來三年調整後每股盈餘複合年增長率達到 7% 至 10%，預計兩個業務部門都將實現成長。

This management team has a proven track record of execution over a long period of time, and we are committed to continuing that high level of execution going forward.

該管理團隊在長期內擁有良好的執行記錄，我們致力於在未來繼續保持高水準的執行力。

And finally, cash flow and capital allocation.

最後，現金流和資本配置。

The Cabot portfolio has strong cash flow characteristics, and this is the source of our value creation strategy.

卡博特投資組合具有強勁的現金流量特徵，這是我們價值創造策略的來源。

We expect to continue growing the discretionary free cash flow of the company and we'll deploy that cash in a balanced and disciplined fashion with a focus on funding advantaged growth investments and returning significant levels of capital to shareholders.

我們預計將繼續增加公司的可自由支配現金流，並以平衡、有紀律的方式部署這些現金，重點是資助優勢成長投資並向股東返還大量資本。

The execution of our strategy has driven exceptional shareholder value creation over the last three years.

過去三年來，我們的策略實施推動了卓越的股東價值創造。

We are very proud of that track record and are confident we'll continue to be the same in the coming years.

我們為這樣的成績感到非常自豪，並堅信在未來的幾年裡我們將繼續保持這樣的成績。

I'll now turn the call over to Erica to discuss the segment and financial performance in the quarter.

現在我將把電話轉給 Erica，討論本季的部門和財務表現。

Erica?

艾麗卡？

Thanks, Sean.

謝謝，肖恩。

I will start with discussing results for the company and then review the segment results.

我會先討論公司的業績，然後再回顧各部門的業績。

Adjusted earnings per share for the quarter -- first quarter of fiscal 2025 grew 13% from $1.56 in the first quarter of fiscal 2024 to $1.76, with growth coming from both the Reinforcement Materials and Performance Chemicals segments.

本季調整後每股盈餘－2025 財年第一季從 2024 財年第一季的 1.56 美元成長 13% 至 1.76 美元，成長來自增強材料和性能化學品部門。

As Sean noted, cash flow from operations was strong at $124 million in the quarter, which included a working capital increase of $38 million.

正如肖恩所指出的，本季經營現金流強勁，達到 1.24 億美元，其中包括 3,800 萬美元的營運資本增加。

Discretionary free cash flow was $114 million in the quarter.

本季可自由支配的現金流為 1.14 億美元。

We ended the quarter with a cash balance of $183 million, and our liquidity position remained strong at approximately $1.3 billion.

本季末，我們的現金餘額為 1.83 億美元，流動性狀況保持強勁，約 13 億美元。

Capital expenditures for the first quarter of fiscal 2025 were $77 million and we continue to expect $250 million to $300 million of capital spending for the fiscal year.

2025 財年第一季的資本支出為 7,700 萬美元，我們繼續預期該財年的資本支出為 2.5 億至 3 億美元。

Additional uses of cash during the first quarter were $24 million for dividends and $42 million for share repurchases.

第一季的額外現金用途包括 2,400 萬美元的股息和 4,200 萬美元的股票回購。

Our debt balance was $1.2 billion, and our net debt to EBITDA was 1.3 times.

我們的債務餘額為 12 億美元，淨債務與 EBITDA 比率為 1.3 倍。

The operating tax rate for the first quarter of fiscal 2025 was 28% and we continue to anticipate our operating tax rate for fiscal 2025 to be in the range of 27% to 29%.

2025 財年第一季的營業稅率為 28%，我們繼續預期 2025 財年的營業稅率將在 27% 至 29% 之間。

Now moving to Reinforcement Materials.

現在轉向增強材料。

During the first quarter, EBIT for Reinforcement Materials was $130 million, which was an increase of $1 million as compared to the same period of the prior year.

第一季度，增強材料業務的息稅前利潤為 1.3 億美元，較去年同期增加 100 萬美元。

The increase was driven by higher volumes and favorable pricing and product mix from the calendar year 2024 customer agreements, partially offset by a less favorable geographic mix and lower energy center revenue.

成長的主要動力是 2024 日曆年客戶協議帶來的銷售增加、優惠的價格和產品組合，但地理分佈組合較不利和能源中心收入下降等因素部分抵消了這一增長。

Globally, volumes were up 1% in the first quarter as compared to the same period of the prior year due to 2% growth in Asia Pacific and 1% in Europe as demand in those regions improved.

從全球來看，第一季銷量與去年同期相比成長了 1%，其中亞太地區成長了 2%，歐洲成長了 1%，因為這些地區的需求有所改善。

Looking to the second quarter of fiscal 2025, we expect Reinforcement Materials' EBIT to improve modestly as compared to the first quarter.

展望 2025 財年第二季度，我們預計增強材料的息稅前利潤將較第一季略有改善。

Volumes are expected to remain relatively consistent with the first quarter.

預計銷量將與第一季保持相對一致。

We anticipate a more favorable geographic mix with seasonal volume improvement and the impact from contract gains in Europe, offset by lower volumes in Asia due to the Lunar New Year holiday.

我們預計，隨著季節性銷售改善和歐洲合約收益的影響，地理組合將更加有利，但農曆新年假期導致的亞洲銷售下降將抵消這一影響。

Now turning to Performance Chemicals.

現在來談談性能化學品。

EBIT increased by $11 million in the first fiscal quarter as compared to the same period in fiscal 2024.

與 2024 財年同期相比，第一財季的息稅前利潤增加了 1,100 萬美元。

The increase in the first quarter was due to higher volumes across the segment partially offset by higher costs.

第一季的成長是由於該部門銷售增加，但成本增加部分抵消了這一成長。

Volumes were higher by 8% in the quarter compared to the same period in the prior year as we saw volumes reconnect to underlying demand drivers as compared to the destocking behavior in the prior year.

與去年同期相比，本季的銷售量增加了 8%，因為我們看到，與去年的去庫存行為相比，銷售量重新與潛在的需求驅動因素掛鉤。

Costs were higher due to the timing of plant maintenance and the impact of new assets in the segment.

由於工廠維護的時間安排和該部門新資產的影響，成本較高。

Looking ahead to the second quarter of fiscal 2025, we expect modest sequential EBIT improvement from seasonally higher volumes in North America and Europe.

展望 2025 財年第二季度，我們預期由於北美和歐洲季節性銷售增加，息稅前利潤將較上季小幅改善。

I will now turn the call back over to Sean to discuss the fiscal year outlook.

現在我將把電話轉回給肖恩，討論財政年度展望。

Sean?

肖恩？

Thanks, Erica.

謝謝，艾麗卡。

Moving to our 2025 outlook.

展望 2025 年。

We feel good about the first quarter results, and we are reaffirming our fiscal year 2025 outlook for adjusted earnings per share in the range of $7.40 to $7.80.

我們對第一季的業績感到滿意，並重申 2025 財年調整後每股收益預期在 7.40 美元至 7.80 美元之間。

In terms of assumptions that underpin our outlook, the Reinforcement Materials segment is expected to remain at a similarly strong level of EBIT for the fiscal year as compared to fiscal 2024.

就支撐我們前景的假設而言，與 2024 財年相比，預計增強材料部門本財年的息稅前利潤將保持同樣強勁的水平。

This is based on our current view that global production levels for the tire and auto markets are expected to be relatively flat year-over-year.

這是基於我們目前的觀點，即預計全球輪胎和汽車市場的生產水準將比去年同期相對持平。

We expect to see an increase in volumes as our new capacity comes online in Indonesia in the back half of the year and ramps up into 2026.

隨著我們新產能於今年下半年在印尼投入使用並在 2026 年逐步提升，我們預計產量將會增加。

Also included in our outlook is the impact from the Reinforcement Materials customer negotiations.

我們的展望也包括了增強材料客戶談判的影響。

Overall, base prices on a global basis concluded similar to the prior year with volumes higher in Europe, but lower in South America.

整體而言，全球基準價格與前一年相似，歐洲的銷售量較高，但南美的銷售量較低。

The outlook includes pricing and mix outcomes as it relates to the expected regional and customer volumes as well as cost changes and continued operational improvements.

展望包括與預期區域和客戶量相關的定價和組合結果以及成本變化和持續營運改善。

On balance, given the weaker market environment, we concluded the customer negotiations with reasonable outcomes.

總的來說，考慮到較弱的市場環境，我們與客戶談判取得了合理的結果。

We believe commercial excellence is an important competency and we will continue to pursue a disciplined approach so that we are paid a fair value for the investments we have made to ensure supply reliability, quality, innovation and sustainability leadership.

我們相信商業卓越是一項重要的能力，我們將繼續採取嚴謹的方法，以便我們為確保供應的可靠性、品質、創新和永續領導力而進行的投資獲得公平的回報。

In terms of Performance Chemicals, given that volumes have reconnected with underlying demand fundamentals, the segment is expected to continue to perform in the current EBIT range of $45 million to $55 million per quarter for the year with volume growth expected year-over-year.

就高性能化學品而言，鑑於產量已與潛在需求基本面重新掛鉤，預計該部門全年息稅前利潤將繼續保持在當前每季 4500 萬至 5500 萬美元的範圍內，產量預計將同比增長。

This range would result in strong year-over-year EBIT growth for the fiscal year as higher volumes contribute meaningfully to EBIT performance.

由於銷售量的增加對息稅前利潤績效貢獻巨大，此範圍將導致本財年的息稅前利潤較去年同期強勁成長。

We expect volume growth across our application set, specifically benefiting from the build-out of global infrastructure where our products play an important role in the manufacture of wind turbine blades as well as the performance of power distribution cables.

我們預計我們整個應用領域的銷售都會成長，特別是受益於全球基礎設施的建設，我們的產品在風力渦輪機葉片的製造以及配電電纜的性能中發揮著重要作用。

As the aging grid greed is renewed and new distribution lines are laid to connect alternative energy sources to the grid, we expect our products geared to wind energy and the wire and cable application to grow strongly.

隨著老化電網需求的恢復以及新的配電線的鋪設，將替代能源連接到電網，我們預計，面向風能和電線電纜應用的產品將強勁增長。

Our outlook includes foreign currency rates and market interest rate projections as of the end of January.

我們的展望包括截至一月底的外匯匯率和市場利率預測。

Our current guidance does not include any adverse impacts from the tariffs announced over the weekend between the US and Mexico, Canada and China.

我們目前的指引不包括美國與墨西哥、加拿大和中國週末宣布的關​​稅帶來的任何不利影響。

Given the timing of the tariff announcements and related delays, we are still assessing the potential impact.

考慮到關稅公告的時間和相關延遲，我們仍在評估潛在影響。

The impact could be a bit different by country.

不同國家的影響可能會略有不同。

For China, we import a very limited amount of volume from China into the US, so we expect the direct impact of these tariffs to be minimal.

對於中國來說，我們從中國進口到美國的商品數量非常有限，因此我們預計這些關稅的直接影響將非常小。

If production in China is reduced for tires or other exported products, then our demand in China could be impacted.

如果中國輪胎或其他出口產品的產量減少，那麼我們在中國的需求可能會受到影響。

However, we would then expect to see production levels outside of China potentially increase.

然而，我們預計中國以外的生產水準可能會增加。

For Mexico, where we operate on Reinforcement Materials plant, we expect a minimal direct impact on our production in Mexico as it is primarily sold into the Mexican market.

對於我們在墨西哥經營增強材料工廠的人來說，我們預計這對我們在墨西哥的生產造成的直接影響很小，因為產品主要銷往墨西哥市場。

For Canada, we operate two plants that manufacture products for our reinforcing carbons, specialty carbons and specialty compounds product lines.

在加拿大，我們經營兩家工廠，分別生產增強碳、特殊碳和特殊化合物產品線的產品。

A large portion of the production at these plants is sold in Canada but also there is production sold to customers in the US Carbon black products that we produce in Canada and sell into the US represents approximately 10% of the carbon black we sell in North America.

這些工廠生產的大部分產品在加拿大銷售，但也有產品銷往美國客戶。

Almost all of these customers are under agreements that allow Cabot to pass through taxes and similar charges such as tariffs.

幾乎所有這些客戶都已簽訂了允許卡博特轉嫁稅款和類似費用（例如關稅）的協議。

We are also working with our customers on potential alternative supply sources within our large plant network.

我們也與客戶合作，在我們大型工廠網路內尋找潛在的替代供應源。

In all cases, if the tariffs are implemented, there could be a downstream impact on our customers' businesses, and this could impact underlying demand levels.

在所有情況下，如果實施關稅，可能會對我們客戶的業務產生下游影響，並可能影響潛在的需求水準。

We are working to better assess the broader impacts of these tariffs on things such as GDP, foreign currency rates, inflation and overall demand.

我們正在努力更好地評估這些關稅對 GDP、外匯匯率、通貨膨脹和整體需求等方面的更廣泛影響。

The situation remains very dynamic and developing a full understanding of this will take time as we observe how negotiations evolve.

局勢仍然非常不穩定，我們需要花一些時間來觀察談判的進展，才能全面了解這種情況。

Cash generation is expected to remain strong, and we expect to return a robust amount of cash to shareholders through dividends and share repurchases.

預計現金產生能力將保持強勁，我們期望透過股息和股票回購向股東返還大量現金。

Our Board's recent $10 million share repurchase authorization supports our expectation of continued share repurchases.

我們董事會最近授權回購 1000 萬美元的股票，支持我們繼續回購股票的預期。

We continue to execute our growth agenda and remain on track for additional capacity to come online in Indonesia for reinforcement materials in the back half of the fiscal year with our continued capacity investments in battery materials in China.

我們將繼續執行我們的成長計劃，並將繼續在中國對電池材料進行產能投資，以便在財年下半年在印尼增加增強材料的產能。

Overall, I'm very pleased with how the company is positioned today.

總的來說，我對公司目前的定位非常滿意。

I believe we have the right strategy and capital allocation priorities and I'm confident in our team's agility and execution capabilities.

我相信我們擁有正確的策略和資本配置重點，並且我對我們團隊的敏捷性和執行能力充滿信心。

Thank you very much for joining us today, and I'll now turn the call over for a question-and-answer session.

非常感謝您今天的參加，現在我將轉入問答環節。

(Operator Instructions) Joshua Spector, UBS.

(操作員指示) Joshua Spector，瑞銀。

It's Chris Perrella on for Josh.

克里斯佩雷拉 (Chris Perrella) 代替喬許 (Josh) 上場。

Could you just dig a little more on the contract terms for Reinforced Materials that you realized in 2025, and how they compare to the last couple of years?

您能否進一步介紹您在 2025 年實現的增強材料合約條款，以及與過去幾年相比如何？

And then is there any benefit still left over from the big increases that you got in 2023?

那麼，2023 年獲得的大幅成長還剩下什麼好處嗎？

I know some of those contract terms were extended out a couple of years.

我知道其中一些合約期限已延長了幾年。

Chris, how are you?

克里斯，你好嗎？

Yeah, let me provide an update on the contract outcomes here.

是的，讓我在這裡提供合約結果的最新情況。

So as I think you'll recall, pricing in our customer agreements is comprised of a base price as well as adjusters that change each month for changing input costs and other costs.

所以我想你會記得，我們​​客戶協議中的定價由基本價格以及每月隨著投入成本和其他成本的變化而變化的調整器組成。

In terms of the base prices, we remain relatively flat year-over-year for our calendar year '25 agreements as compared to the 2024 agreements.

就基準價格而言，與 2024 年協議相比，我們的 25 日曆年協議比去年同期保持相對穩定。

And then in terms of volumes, as expected, we increased volumes in Europe as many customers were looking for additional supply given the sanctions on Russian and Belarusian supply that that came into full effect in the 2024 calendar year.

然後就產量而言，正如預期的那樣，我們增加了歐洲的產量，因為鑑於對俄羅斯和白俄羅斯供應的製裁將於 2024 日曆年全面生效，許多客戶都在尋求額外的供應。

However, volumes in the Americas were challenging, given the continued import of Asian tires into the region.

然而，由於亞洲輪胎持續進口到美洲地區，因此美洲地區的輪胎銷售面臨挑戰。

And so in North America, our contract volumes concluded pretty consistent with last year, but we did see a reduction in volumes in South America.

因此，在北美，我們的合約量與去年基本一致，但南美的合約量確實有所減少。

I think overall, if you look at the Reinforcement Materials segment, we're expecting that based on those outcomes and a number of other factors that go into running the business that will remain at a similarly strong level of EBIT for fiscal '25 as compared to 2024 despite a challenging macro environment.

我認為總體而言，如果您看一下增強材料部門，我們預計，基於這些結果以及經營業務的其他一些因素，儘管宏觀環境充滿挑戰，但與 2024 年相比，2025 財年的息稅前利潤仍將保持同樣強勁的水平。

As we look at the end markets here, certainly, production levels for tires and auto OE are expected to remain relatively flat year-over-year.

當我們縱觀這裡的終端市場時，輪胎和汽車原廠設備的生產水準預計將比去年同期保持相對穩定。

So the the underlying sort of market backdrop is not so strong.

因此，潛在的市場背景並不是那麼強勁。

It's pretty flattish.

它相當平坦。

We do expect, as I mentioned in my prepared remarks, that we'll see an increase in volumes as we exit the back part of the year as our new capacity in Indonesia comes back online.

正如我在準備好的發言中提到的那樣，我們確實預計，隨著我們在印尼的新產能恢復上線，我們將在今年下半年看到產量增加。

So I think overall, when you look at the outcomes here and the expectation for this segment, it includes the pricing and mix outcomes as it relates to the expected regional and customer volumes as well as cost changes and, of course, continued operational excellence improvements in the business.

因此，我認為總的來說，當您查看這裡的結果和對這一部分的期望時，它包括與預期的區域和客戶量以及成本變化相關的定價和組合結果，當然還有業務的持續卓越營運改進。

We've talked about that quite a bit at the Investor Day.

我們在投資者日已經多次討論過這個問題。

No, I appreciate that.

不，我很感激。

And then just with the Indonesia startup, how should we expect EBIT to improve off of that?

那麼，就印尼的這家新創公司而言，我們應該如何預期息稅前利潤 (EBIT) 會因此而提高呢？

Or are there some start-up headwind costs you have to overcome as you load volume into the plant?

或者，當您將大量產品裝入工廠時，是否需要克服一些啟動逆風成本？

Yeah, that's exactly right.

是的，完全正確。

I mean, typically, what you see is that the plant will start up in the back half of the year, and then you have to work through customer qualifications and then the ramp of volume.

我的意思是，通常情況下，你會看到工廠將在下半年啟動，然後你必須完成客戶資格認證，然後增加產量。

So we'd certainly be expecting a material contribution in 2026 with I would say very modest back half benefit in 2025, low single-digit millions kind of as you're really absorbing the cost and starting up and then working through that customer qualification period.

因此，我們肯定會在 2026 年獲得實質貢獻，而我想說 2025 年的後半段收益將非常適度，低個位數，因為你實際上在吸收成本並啟動，然後度過客戶資格期。

So modest in the back half of this year and then, of course, ramping up sharply in 2026.

因此，今年下半年的成長速度比較溫和，而到 2026 年，成長速度當然會急遽上升。

John Roberts, Mizuho Group.

瑞穗集團的約翰羅伯茲。

Nice quarter.

不錯的季度。

Is it fair to say you're benefiting from the increased tire imports into the US that your Asian customers' volume growth is outpacing any impact you're having to your US customers?

是否可以說，你們從美國輪胎進口量的增加中獲益，以至於你們亞洲客戶的銷售成長超過了你們對美國客戶造成的影響？

John, thanks for the comments on the quarter.

約翰，感謝您對本季的評論。

So as you know, we participate in a very global way.

正如你所知，我們以一種非常全球化的方式參與。

So really no matter where volumes develop in the world, I would say, we're able to secure our share of those volumes.

因此，我想說，無論世界上產量如何發展，我們都能夠確保自己的份額。

And I think that's, again, a function of our global footprint.

我認為這又是我們全球足跡的作用。

But there are differences in margin levels by region.

但不同地區的利潤水準有差異。

And so in the Western regions, we do earn higher margins there, the dynamics in place there in terms of supply and investments that are required around sustainability and supply security and all of those factors drive different margin profile.

因此，在西部地區，我們確實獲得了更高的利潤，那裡的供應動態以及永續性和供應安全所需的投資以及所有這些因素都推動了不同的利潤率。

So as Asian imports have increased, I would say that, that has been a headwind that we've had to absorb from a margin standpoint, even though the volumes we do capture because of the very distributed footprint that we have but we've been able to manage that pretty well.

因此，隨著亞洲進口量的增加，我想說，從利潤的角度來看，這是我們必須吸收的逆風，儘管由於我們的分佈非常分散，我們確實捕獲了一定數量的進口量，但我們已經能夠很好地管理這一點。

And our expectation going forward is that we would continue to manage that in terms of the underlying financial performance of the business and continuing to consolidate the structural improvements that we've made in this business over a number of years.

我們對未來的期望是，我們將繼續管理業務的基本財務業績，並繼續鞏固多年來在該業務上取得的結構性改進。

And then in Specialty Blacks oil prices have been rising, do you need to go out to get additional price here to kind of hold your margins in specialty blacks?

然後，特種黑色石油價格一直在上漲，你是否需要出去獲得額外的價格來維持特種黑色的利潤率？

Yeah.

是的。

Generally, that's the case, John.

一般來說，情況確實如此，約翰。

We do have some customers that are under a formula arrangement similar to reinforcement materials but this business tends to be more oriented towards spot pricing.

我們確實有一些客戶採用類似於增強材料的配方安排，但這種業務更傾向於現貨定價。

And so we would be out in the marketplace adjusting prices to deal with that.

因此，我們會在市場上調整價格來解決這個問題。

And I think as you have probably followed in our commentary here over the last many years, we've done a real good job of managing the margins here in this, and that's certainly what our expectation is as we go forward.

我想，正如您可能在過去很多年所關注的，我們在管理利潤方面做得非常好，這當然也是我們未來的期望。

David Begleiter, Deutsche Bank.

德意志銀行的 David Begleiter。

Sean, on reinforcement earnings for 2025, I believe your initial guidance was for it to be up year-over-year.

肖恩，關於 2025 年的增援收益，我相信你最初的指導是它會同比增長。

Now it's flat.

現在它是平的。

Is that due to the outcome of the tire contract negotiations?

這是由於輪胎合約談判的結果嗎？

Were they worse than you expected?

它們比你預期的還要糟糕嗎？

And was it due to a more competitive market end of the day?

這是否最終是因為市場競爭更加激烈？

David, thanks.

大衛，謝謝。

So our outlook for Reinforcement Materials is to be operating at a similarly strong level as we did in 2024.

因此，我們對增強材料的展望將與 2024 年一樣強勁。

Obviously, a number of factors go into this outlook.

顯然，這種觀點受多種因素影響。

At sort of a market level, the underlying demand expectation globally for tire production and for auto OE is pretty flat.

從市場層面來看，全球對輪胎生產和汽車原廠設備的潛在需求預期相當穩定。

So that's sort of the basic sort of market environment that we're in.

這就是我們所處的基本市場環境。

As I said in the prepared comments that our pricing and the contract outcomes included -- concluded, I think, in a reasonable place here, base pricing maintained relatively flat year-over-year.

正如我在準備好的評論中所說的那樣，我們的定價和合約結果包括 - 我認為，在這裡的合理位置，基本定價與去年同期相比保持相對穩定。

We did pick up some volumes in Europe as expected as the final impact of sanctions went into place.

隨著制裁的最終影響開始顯現，我們在歐洲的銷售量確實如預期般回升。

But in the Americas, the impact of tire imports has challenged the demand outlook from customers.

但在美洲，輪胎進口的影響對顧客的需求前景提出了挑戰。

So that's certainly another factor.

所以這當然是另一個因素。

And then there are other moving parts as you know well in this sort of complex global business in terms of FX rates that are a headwind and energy center movements and obviously offsetting cost inflation through operational excellence.

然後，如您所知，在這種複雜的全球業務中還有其他活動因素，例如外匯匯率、能源中心運動等，顯然需要透過卓越的營運來抵銷成本通膨。

All of those factors come together to have us expecting a result in a similar level to 2024.

所有這些因素共同促使我們期待結果與 2024 年相似。

So that's how I would sort of think through it.

這正是我思考這個問題的方式。

And again, starting with the underlying demand fundamentals are pretty flattish for our end markets.

再次，從根本需求開始，我們的終端市場基本面就相當平緩。

Understood.

明白了。

And going back to an earlier question, on those '23 contracts, which were -- some were multiyear, are those benefits still flowing through to you on a base price impact?

回到之前的問題，對於這 23 份合同，其中一些是多年期的，這些好處是否仍會以基本價格影響到您？

We did not have any multi-years that extended from 2023 into 2025, no.

我們沒有任何從 2023 年延續到 2025 年的多年期合同，沒有。

Kevin Estok, Jefferies.

傑富瑞 (Jefferies) 的凱文·埃斯托克 (Kevin Estok)。

This is Kevin actually on for Laurence Alexander.

這其實是凱文 (Kevin) 取代勞倫斯亞歷山大 (Laurence Alexander)。

I just want to dig a little deeper on some of your end markets.

我只是想更深入地了解你們的一些終端市場。

I guess, specifically, what's your outlook on sort of the non-auto-related sales in 2025?

我想，具體來說，您對 2025 年非汽車相關銷售的展望是什麼？

Sure.

當然。

Kevin, so the non-auto-related sales would, of course, be primarily concentrated in our Performance Chemicals segment, which is made up of end market exposures that include auto OE but also infrastructure and industrial applications, consumer applications as well as the building and construction end market sectors.

凱文，因此非汽車相關的銷售當然主要集中在我們的高性能化學品部門，該部門由終端市場組成，包括汽車 OE，還有基礎設施和工業應用、消費者應用以及建築和建築終端市場部門。

So in our Investor Day, we outlined sort of what those exposures look like.

因此，在我們的投資者日，我們概述了這些風險敞口的情況。

We're certainly seeing strength in our infrastructure related end markets.

我們確實看到了基礎設施相關終端市場的強勁表現。

And I think that's driven a lot by expansion in alternative energy and that continues to grow.

我認為這很大程度上是受到替代能源擴張的推動，而且這種趨勢還在持續成長。

Energy demand in general is rising, driven in part by AI and data center needs, but also because of renewal of the aging grid infrastructure so there's both demand increase as well as renewals that's, I think, driving a good outlook in some of these broader industrial exposures that we participate in.

總體而言，能源需求正在上升，部分原因是受到人工智慧和資料中心需求的推動，但也因為老化電網基礎設施的更新，因此需求和更新都在增加，我認為這將推動我們參與的一些更廣泛的工業風險的良好前景。

I would say our consumer market exposures, we would expect to track pretty closely with GDP outlooks.

我想說，我們預期消費市場風險敞口將與 GDP 前景密切相關。

And then on housing and construction, that remains, I would say, more muted.

至於住房和建築方面，我想說，情況仍然比較平靜。

Certainly, if we go deeper into a rate cut cycle then we'd expect to see some benefit building in housing and construction, but I don't think there's really any strong evidence of those markets picking up, I would say they're sort of stable and maybe bouncing along at the bottom right now, but it will really come down to how rates move.

當然，如果我們深入降息週期，那麼我們預計會看到住房和建築業出現一些好處，但我認為沒有任何強有力的證據表明這些市場正在回暖，我想說它們現在比較穩定，可能在底部反彈，但這實際上取決於利率如何變動。

If you sort of boil it all up for Performance Chemicals, we're expecting good solid growth rates in the sort of mid-single digits, maybe a little higher across the whole basket of applications for the fiscal year, but with some differences depending on applications.

如果將高性能化學品全部考慮進去，我們預計其成長率將穩定在中等個位數左右，整個財年所有應用的成長率可能略高一些，但根據應用的不同會有一些差異。

Understood.

明白了。

And since you just mentioned rates, this question is, I guess, regarding a cyclical turn.

既然您剛才提到利率，我想這個問題與週期性轉變有關。

I guess it seems like some expectations around credit easing and stimulus have maybe eased a bit.

我想似乎圍繞著信貸寬鬆和刺激政策的一些預期可能已經減弱。

And I guess I was just wondering I mean you guys have an outlook for sort of the back half of the year.

我只是想知道你們對今年下半年有什麼展望。

But I mean, I guess, in terms of a turn, I mean, I guess it sounds like you maybe -- it sounds like you're expecting something more like a gradual improvement rather than a sort of a more significant turn.

但我的意思是，我想，就轉變而言，我的意思是，我想這聽起來可能——聽起來你期待的是一種逐漸的改善，而不是一種更顯著的轉變。

Yeah, Kevin, it was difficult to hear the first part of your question.

是的，凱文，我很難聽清楚你問題的第一部分。

Would you mind just repeating that for me?

您介意再說一次嗎？

Sure, yes.

當然，是的。

Just -- so basically, since you mentioned rates and this question is about cyclical turn, right?

只是——基本上，既然你提到了利率，那麼這個問題是關於週期性轉變的，對嗎？

I guess it sounds like you're -- it sounds like you expect the improvement to be a little bit more gradual rather than make a quick turn.

我想這聽起來好像你——聽起來好像你希望改進是一個漸進的過程，而不是一個快速的轉變。

I've heard some other company management basically sort of temper expectations and call a little improvement to be a little bit more gradual.

我聽說其他一些公司的管理階層基本上會緩和一下預期，並要求逐步取得進展。

Yeah.

是的。

Okay.

好的。

Great.

偉大的。

Yeah.

是的。

No, I missed the word rates when you were talking about the turn there.

不，當你談到那裡的轉變時，我錯過了“利率”這個詞。

So well, I think what we have in our outlook is sort of the market expectation for rate cuts through the balance of the year.

所以，我認為，我們的展望是市場對今年餘下時間降息的預期。

That in more recent months, that has been tempered versus, I think, where it was some months ago where there was I think a higher expectation for a number of rate cuts in 2025.

我認為，最近幾個月的情況已經有所緩和，而幾個月前人們對 2025 年降息次數的預期更高。

So I think it probably will be a little more gradual as the world still -- and central bank still try to balance this growth versus getting to inflation targets.

因此我認為它可能會更加漸進一些，因為世界仍然——而且央行仍然試圖在成長與通膨目標之間取得平衡。

We're not still quite there yet.

我們還沒有到達那裡。

So I think that it will be probably a little more gradual and how that ultimately trickles down into housing and construction, there's obviously a delay or an onset -- into onset for that to happen.

因此，我認為，這可能會更加漸進一些，至於最終如何滲透到住房和建築領域，顯然會有一個延遲或開始 — — 才能實現。

So I think that's right.

所以我認為這是對的。

It will be a little more gradual in those end markets that are very sensitive to rates, and that's largely what our expectation is.

對於那些對利率非常敏感的終端市場來說，這一進程將會更加平緩，基本上也是我們的預期。

And of course, when you take that in with all the other end market exposures that we have in Performance Chemicals.

當然，當您將其與我們在高性能化學品領域的所有其他終端市場風險考慮在一起時。

Again, we're expecting overall volume growth rates to be quite good and in the sort of mid-single digits to maybe a little bit better.

再次，我們預計整體銷售成長率將相當不錯，大概在個位數的中等水平，甚至可能更好一些。

(Operator Instructions) Jeff Zekauskas, JPMorgan.

（操作員指示）Jeff Zekauskas，摩根大通。

This is Lydia Huang on for Jeff.

我是 Lydia Huang，代表 Jeff 發言。

Can you talk about which product lines within the Performance Chemicals segment drove the 8% volume growth?

您能談談高性能化學品部門內哪些產品線推動了 8% 的銷售成長嗎？

Was it fumed silica, battery materials, masterbatch or others.

它是氣相二氧化矽、電池材料、色母粒還是其他。

And if all product lines grew, which ones grew more and which ones less?

如果所有產品線都實現成長，那麼哪些產品線成長較多，哪些產品線成長較少？

Lydia, this is Erica.

莉迪亞，這是艾莉卡。

So we did see growth across all product lines within the segment year-over-year.

因此，我們確實看到該領域所有產品線都實現了同比增長。

If we comment on the larger businesses, carbons and compounds grew more in a 5% to 6% range.

如果我們評論較大的企業，碳和化合物的成長範圍在 5% 到 6% 之間。

And then our fumed metal oxide product line grew the most, more around a 20% growth rate.

其中，我們的氣相金屬氧化物產品線成長最快，成長率約20％。

Okay.

好的。

And could you quantify the year-over-year energy center revenue loss?

您能量化能源中心較去年同期收入損失嗎？

Was it more and less than $30 million this quarter and which region contributed to the decline?

本季的銷售額是多於還是少於 3,000 萬美元？

Sure.

當然。

So again, the loss on an EBIT type basis or margin basis was about $5 million headwind year-over-year in the Reinforcement Materials segment. driven both by Europe and China revenue.

因此，以息稅前利潤或利潤率計算，增強材料部門的損失年減約 500 萬美元。受歐洲和中國收入的推動。

And allocated corporate costs were $4 million less negative year-over-year.

分配的公司成本比去年同期減少了 400 萬美元。

So what drove that?

那麼，是什麼導致了這現象呢？

And is that going to be the case for the next three quarters?

那麼未來三個季度的情況也會如此嗎？

So that was really just the timing of some corporate expenses, I'd say, so a lower spend on some corporate meetings as well as board-related costs.

所以我想說，這實際上只是一些公司開支的時間安排，因此一些公司會議以及董事會相關費用的支出較低。

So that would be why year-over-year we're down $4 million.

這就是我們比去年同期下降 400 萬美元的原因。

If you look to the remainder of the quarters, I think you would see a little bit higher, probably more in the $14 million to $16 million per quarter range for the rest of the year.

如果您展望剩餘的季度，我認為您會看到更高的數字，今年剩餘時間每季的數字可能在 1400 萬美元至 1600 萬美元之間。

Usually Q2, just because of the timing of certain expenses is a bit higher than the other quarters.

通常第二季度只是因為某些費用的時間比其他季度高一點。

I'm showing no further questions in the queue at this time.

目前隊列中沒有其他問題。

I will now turn the call back over to Mr. Sean Keohane for any closing remarks.

現在我將把電話轉回給肖恩·基奧漢先生，請他做最後發言。

Great.

偉大的。

Thank you very much for joining us today, and we appreciate your continued support of Cabot.

非常感謝您今天加入我們，我們感謝您對卡博特的持續支持。

It was great to see you all at our Investor Day a little over a month ago, and we look forward to speaking with you again next quarter.

一個多月前，我們很高興在我們的投資者日見到大家，我們期待下個季度再次與你們交談。

Thank you.

謝謝。

This does conclude today's conference.

今天的會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。