Cabot Corp (CBT) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the third quarter 2025 Cabot Corporation earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加卡博特公司 2025 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Steve Delahunt, Vice President, Investor Relations and Treasurer. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係副總裁兼財務主管史蒂夫·德拉亨特 (Steve Delahunt)。請繼續。

Thank you, Jill, and good morning. I would like to welcome you to the Cabot Corporation earnings teleconference. With me today are Sean Keohane, CEO and President; and Erica McLaughlin, Executive Vice President and CFO. Last night, we released results for our third quarter of fiscal 2025, copies of which are posted in the Investor Relations section of our website. 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.

謝謝你，吉爾，早安。歡迎您參加卡博特公司收益電話會議。今天與我一起的有執行長兼總裁 Sean Keohane 和執行副總裁兼財務長 Erica McLaughlin。昨晚，我們發布了 2025 財年第三季的業績，其副本發佈在我們網站的投資者關係部分。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，並將與電話會議重播一起提供。

During this conference call, we will make forward-looking statements about our expected future operational and financial performance. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those projected in such statements. 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 available on the company's website.

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。每個前瞻性陳述都存在風險和不確定性，可能導致實際結果與此類陳述中的預測有重大差異。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，所有這些文件都可以在公司網站上找到。

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

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。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 third quarter highlights and some strategic highlights. Erica will review the third quarter financial results, along with the business segment results and provide an update on our M&A and capital allocation priorities. Following this, Sean will discuss our outlook for fiscal 2025 and then open the floor to questions. Sean?

現在我將電話轉給肖恩，他將討論第三季的亮點和一些戰略亮點。埃里卡將回顧第三季度的財務業績以及業務部門的業績，並提供我們的併購和資本配置重點的最新資訊。接下來，肖恩將討論我們對 2025 財年的展望，然後回答大家的問題。肖恩？

Thank you, Steve, and good morning, ladies and gentlemen, and welcome to our call today. I am pleased with our strong third quarter results, which were a bit better than our expectations. We delivered Q3 adjusted earnings per share of $1.90, which was in line with our second quarter results and down 1% as compared to the same period in the prior year. Overall, we continue to execute at a high level and operate with agility in this dynamic and challenging macroeconomic environment. While both segments were impacted by 8% lower volumes year-over-year given the challenging macroeconomic backdrop, we largely offset these impacts through strong network optimization, cost management efforts and continued execution of commercial excellence actions.

謝謝您，史蒂夫，女士們、先生們，早安，歡迎參加我們今天的電話會議。我對我們第三季的強勁業績感到滿意，這比我們的預期要好一些。我們第三季的調整後每股收益為 1.90 美元，與第二季的業績一致，與去年同期相比下降了 1%。總體而言，在這個充滿活力和挑戰的宏觀經濟環境中，我們將繼續保持高水準的執行力並靈活運作。儘管受宏觀經濟形勢嚴峻的影響，這兩個部門的銷量同比均下降了 8%，但我們透過強有力的網路優化、成本管理力度以及持續實施商業卓越行動，在很大程度上抵消了這些影響。

Looking at the segments, we delivered solid EBIT results from Reinforcement Materials, which was down 6% year-over-year in the third quarter and strong EBIT results in Performance Chemicals, which was up 4% as compared to the third quarter of the prior year. The Cabot portfolio has strong cash flow characteristics, and this continued strength was exhibited in the quarter. We generated $249 million of operating cash flow in the third quarter, which funded our capital expenditures and enabled $64 million of cash returned to shareholders through a combination of share repurchases and dividends. During the quarter, we also made important progress on key elements of our Creating for Tomorrow strategy. I'll spend a few minutes now highlighting four accomplishments that are important elements of our strategy for long-term shareholder value creation.

從各部門來看，增強材料部門的息稅前利潤表現穩健，與去年同期相比第三季下降了 6%，而高性能化學品部門的息稅前利潤表現強勁，與去年同期相比增長了 4%。卡博特投資組合具有強勁的現金流特徵，本季展現了這種持續的強勁勢頭。我們在第三季產生了 2.49 億美元的營運現金流，這為我們的資本支出提供了資金，並透過股票回購和股利等方式向股東返還了 6,400 萬美元的現金。本季度，我們也在「創造明天」策略的關鍵要素上取得了重要進展。我現在將花幾分鐘時間重點介紹四項成就，它們是我們長期股東價值創造策略的重要組成部分。

Last night, we announced that Cabot has entered into a definitive agreement to acquire Bridgestone's reinforcing carbons plant in Mexico for $70 million. This manufacturing facility is located in close proximity to Cabot's current reinforcing carbons facility in Altamira, Mexico and strengthens our long-standing partnership with Bridgestone through the long-term supply of reinforcing carbon products from this plant. The facility also has the capacity to manufacture additional reinforcing carbons, providing flexibility to support broader customer needs and future growth opportunities for Cabot.

昨晚，我們宣布卡博特已達成最終協議，以 7,000 萬美元收購普利司通位於墨西哥的增強碳工廠。該製造工廠靠近卡博特目前位於墨西哥阿爾塔米拉的增強碳工廠，並透過該工廠長期供應增強碳產品，加強了我們與普利司通的長期合作夥伴關係。該工廠還具有生產額外增強碳的能力，從而能夠靈活地滿足更廣泛的客戶需求並為卡博特提供未來的成長機會。

Furthermore, it underscores Bridgestone's confidence in Cabot as a trusted partner with a proven track record of delivering high- quality, reliable supply of reinforcing carbon products. The transaction is expected to close within 3 to 6 months and to be accretive in the first year. This is an example of how we are deploying our strong cash flow to fund an attractive acquisition that strengthens our portfolio, drives incremental growth and is accretive to earnings.

此外，它還強調了普利司通對卡博特的信心，認為卡博特是值得信賴的合作夥伴，在提供高品質、可靠的增強碳產品方面擁有良好的記錄。預計該交易將在 3 至 6 個月內完成，並在第一年實現增值。這是我們如何利用強勁的現金流來資助有吸引力的收購的一個例子，該收購可以增強我們的投資組合，推動增量成長並增加收益。

Sustainability is at the heart of our purpose and integral to our strategy of creating value for our customers. Given that, we are especially proud of the various forms of external recognition that we have received over the years for our sustainability leadership. At the top of that list is the platinum rating we received from EcoVadis for the fifth consecutive year. EcoVadis is the world's largest and most trusted provider of business sustainability ratings with more than 150,000 rated companies. A platinum rating is the highest level of achievement and places Cabot among the top 1% of companies in the manufacturing of basic chemicals. This prestigious recognition underscores Cabot's commitment to transparency and provides our customers with visibility into our sustainability performance.

永續性是我們目標的核心，也是我們為客戶創造價值的策略不可或缺的一部分。有鑑於此，我們對多年來我們在永續發展領導力方面獲得的各種形式的外部認可感到特別自豪。排在第一位的是，我們連續第五年獲得了 EcoVadis 的白金評級。EcoVadis 是全球最大、最值得信賴的企業永續性評級供應商，已評級公司超過 150,000 家。白金評級代表最高級別的成就，卡博特躋身基礎化學品製造業前 1% 的公司之列。這項殊榮彰顯了卡博特對透明度的承諾，並使我們的客戶能夠了解我們的永續發展績效。

In Battery Materials, we continue to execute well against our growth strategy to build a leadership position. Through the first three quarters of fiscal year 2025, we have increased contribution margin by 20% compared to the same period in fiscal year 2024. Our strategy is centered around the view that the battery industry is bifurcating with differences between China and the rest of the world. In China, growth is high with EV penetration now exceeding 50% of annual vehicle sales. The environment across the EV value chain is competitive, and our segment strategy -- segmentation strategy is focused on differentiation based on blends of conductive additives and targeting those customers that serve the higher-value segment of the domestic economy and the export market.

在電池材料領域，我們繼續嚴格執行成長策略，以建立領導地位。截至 2025 財年前三個季度，我們的貢獻利潤率與 2024 財年同期相比提高了 20%。我們的策略圍繞著這樣一個觀點：電池產業正在分叉，中國和世界其他地區之間存在差異。在中國，電動車的成長速度很快，目前其普及率已超過年汽車銷量的 50%。整個電動車價值鏈的環境競爭激烈，我們的細分策略－細分策略專注於基於導電添加劑混合物的差異化，並針對那些服務於國內經濟和出口市場高價值部分的客戶。

Outside of China, we are focused on building incumbent positions with the battery customers that are establishing manufacturing plants in the Western economies. These customers value our breadth of technology as we are the only global player that can produce both conductive carbons and carbon nanotubes as well as blends. Additionally, our global footprint is an important feature to address their desire for a local supply chain and strong regional application and sales support. While the build-out of battery production in North America and Europe is developing more slowly than originally anticipated, it is expected to grow at a compound annual growth rate of approximately 40% through 2030 and represent 25% to 30% of global production by that date.

在中國以外，我們專注於與在西方經濟體建立製造工廠的電池客戶建立現有地位。這些客戶重視我們廣泛的技術，因為我們是唯一一家能夠同時生產導電碳和碳奈米管以及混合物的全球企業。此外，我們的全球影響力是滿足他們對本地供應鏈和強大的區域應用和銷售支援的需求的一個重要特徵。雖然北美和歐洲的電池生產擴張速度比最初預期的要慢，但預計到 2030 年其複合年增長率將達到約 40%，屆時將佔全球產量的 25% 至 30%。

Our strong reputation, breadth of product offering, global footprint and track record with the global battery producers set us up well to build an incumbent position in these geographies. We continue to believe these geographies will become large over time, driven by penetration of EVs and hybrid vehicles as well as the growth of energy storage batteries for data center and grid applications. This application remains an important strategic priority for us, and we intend to continue to invest prudently to build long-term value.

我們良好的聲譽、廣泛的產品供應、全球業務足跡以及與全球電池生產商的良好合作記錄，為我們在這些地區建立領先地位奠定了良好的基礎。我們仍然相信，隨著時間的推移，這些地區將會變得越來越大，這得益於電動車和混合動力汽車的普及以及資料中心和電網應用的儲能電池的成長。該應用程式仍然是我們的重要策略重點，我們打算繼續謹慎投資以創造長期價值。

Moving now to strategic growth activities in other areas of Performance Chemicals. You will recall that we highlighted a number of important applications within this segment during our last Investor Day. Two of these priority areas are focused on the infrastructure and alternative energy sectors. Both of these sectors are growing at multiples of GDP, supported by strong macro tailwinds. In the infrastructure space, the wire and cable application is experiencing strong growth driven by electrical grid renewal, growth of power generation demands due to data centers and the development of alternative energy sources such as wind and solar. Our conductive carbons are a critical material in the performance of power distribution cables, and Cabot has built a strong reputation for quality, performance and reliability.

現在轉向高性能化學品其他領域的策略性成長活動。您可能還記得，我們​​在上一次投資者日期間重點介紹了該領域內的許多重要應用。其中兩個優先領域是基礎設施和替代能源領域。在強勁的宏觀經濟順風的支撐下，這兩個產業的成長率都達到 GDP 的數倍。在基礎設施領域，電線電纜應用正在經歷強勁成長，這得益於電網更新、資料中心發電需求的成長以及風能和太陽能等替代能源的發展。我們的導電碳是配電電纜性能的關鍵材料，卡博特在品質、性能和可靠性方面享有盛譽。

On a year-to-date basis through Q3, our volumes in this application have grown by 15% compared to the same period last year.

從年初至今（截至第三季），我們在此應用程式上的數量與去年同期相比成長了 15%。

In the alternative energy space, Cabot is a leading provider of treated fumed silica for use in adhesive formulations that are critical in the manufacturing of wind turbine blades. Growth in this application is being driven by investments in alternative energy generation. And through the first three quarters of fiscal year 2025, our volumes have increased by 8% compared to the same period last year. Our strong product offering, global footprint and reputation for performance and quality have resulted in Cabot achieving a strong incumbent position with many leading customers.

在替代能源領域，卡博特是處理過的氣相二氧化矽的領先供應商，其產品用於製造風力渦輪機葉片所必需的黏合劑配方。替代能源發電的投資推動了這項應用的成長。到 2025 財年的前三個季度，我們的銷量與去年同期相比成長了 8%。我們強大的產品線、全球影響力以及卓越的性能和品質聲譽使卡博特在許多領先客戶中佔據了穩固的地位。

I am very pleased with our strategic developments, and I'm confident that these pursuits will continue to build our long-term potential for sustained value creation.

我對我們的策略發展感到非常滿意，我相信這些追求將繼續增強我們持續創造價值的長期潛力。

I will now turn it over to Erica to discuss the financial results for the quarter. Erica?

現在我將把時間交給 Erica 來討論本季的財務結果。艾麗卡？

Thanks, John. I will start by discussing results for the company and then review the segment results. Adjusted earnings per share for the third quarter of fiscal 2025 declined 1% from $1.92 in the third quarter of fiscal 2024 to $1.90, driven by EBIT growth from the Performance Chemicals segment, partially offset by a decline in the Reinforcement Materials segment. Foreign currency impacts were minimal for the quarter and the operating tax rate remained at 28% Cash flow from operations was strong at $249 million in the quarter, which included a working capital decrease of $101 million, driven by lower accounts receivable and inventory balances. Discretionary free cash flow was $114 million in the quarter.

謝謝，約翰。我會先討論公司的業績，然後再回顧各部門的業績。2025 財年第三季調整後每股收益從 2024 財年第三季的 1.92 美元下降 1% 至 1.90 美元，這主要得益於高性能化學品部門的息稅前利潤增長，但增強材料部門的下滑部分抵消了這一影響。本季外匯影響極小，營業稅率維持在 28%。本季經營現金流強勁，達到 2.49 億美元，其中包括營運資本減少 1.01 億美元，原因是應收帳款和庫存餘額減少。本季可自由支配的自由現金流為 1.14 億美元。

The cash balance at the end of the quarter was $239 million, and our liquidity position remains strong at approximately $1.4 billion. Capital expenditures for the third quarter of fiscal 2025 were $61 million, and we continue to expect between $250 million to $275 million of capital spending for the fiscal year. Our strong cash flow performance year-to-date enabled us to continue to pay our competitive dividend and repurchase shares. During the quarter, we used $24 million for the payment of dividends and $40 million for share repurchases. Our debt balance was $1.2 billion, and our net debt-to-EBITDA was 1.3 times at the end of June.

本季末的現金餘額為 2.39 億美元，我們的流動性狀況依然強勁，約 14 億美元。2025 財年第三季的資本支出為 6,100 萬美元，我們繼續預期本財年的資本支出將在 2.5 億至 2.75 億美元之間。我們今年迄今強勁的現金流表現使我們能夠繼續支付有競爭力的股息和回購股票。本季度，我們使用了 2,400 萬美元來支付股息，4,000 萬美元來回購股票。我們的債務餘額為 12 億美元，截至 6 月底，我們的淨債務與 EBITDA 比率為 1.3 倍。

The strength of our cash flow and balance sheet position us really well as we look ahead to continue to invest for growth, complete strategic acquisitions and return cash to shareholders. The year-to-date operating tax rate for 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%.

我們現金流和資產負債表的強勁為我們提供了良好的基礎，我們將繼續投資於成長、完成策略性收購並向股東返還現金。2025 財年迄今的營業稅率為 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. During the third quarter, EBIT for Reinforcement Materials was $128 million, which was a decrease of $8 million as compared to the same period in the prior year. The decrease was primarily driven by lower global volumes, which were down 8% year-over-year due to lower customer demand driven by uncertainty from tariffs and a weaker global macroeconomic environment. Regionally, volumes were down 11% in Asia Pacific and 9% in the Americas, while volumes in Europe were up 4%. The lower volumes were partially offset by continued optimization and cost reduction efforts in the segment.

現在轉向增強材料。第三季度，增強材料業務的息稅前利潤為 1.28 億美元，較去年同期減少 800 萬美元。下降的主要原因是全球銷售下降，由於關稅不確定性和全球宏觀經濟環境疲軟導致客戶需求下降，全球銷售量較去年同期下降 8%。從地區來看，亞太地區的交易量下降了 11%，美洲地區的交易量下降了 9%，而歐洲地區的交易量則增加了 4%。該部門持續的優化和成本削減努力部分抵消了銷售量的下降。

Looking to the fourth quarter of fiscal 2025, we expect a modest sequential EBIT decline in the segment as higher volumes expected in Asia are offset by higher costs anticipated sequentially. This expected EBIT would be slightly higher than the prior year fourth quarter EBIT, driven by our ongoing optimization and cost reduction efforts.

展望 2025 財年第四季度，我們預計該部門的息稅前利潤將出現小幅環比下降，因為亞洲預期的銷售成長將被環比預期的成本上升所抵消。受我們持續優化和降低成本努力的推動，預計息稅前利潤將略高於去年第四季的息稅前利潤。

Now turning to Performance Chemicals. EBIT increased by $2 million in the third fiscal quarter as compared to the same period in fiscal 2024. The increase in the third quarter was due to higher gross profit per ton, partially offset by lower volumes. Global volumes were down 8% year-over-year, primarily due to lower customer demand driven by uncertainty from tariffs and the weaker global macroeconomic environment, particularly from lower demand in auto-related applications. The improvement in gross profit per ton was driven by continued optimization and cost management efforts in the quarter.

現在轉向高性能化學品。與 2024 財年同期相比，第三財季息稅前利潤增加了 200 萬美元。第三季的成長是由於每噸毛利增加，但被銷量下降部分抵銷。全球銷售量較去年同期下降 8%，主要原因是關稅不確定性和全球宏觀經濟環境疲軟導致客戶需求下降，尤其是汽車相關應用的需求下降。每噸毛利的提高得益於本季持續的優化和成本管理努力。

Looking ahead to the fourth quarter of fiscal 2025, we expect Performance Chemicals EBIT to be lower sequentially and relatively consistent with the prior year fourth quarter. The expected sequential decline is driven by seasonally lower volumes and higher anticipated costs in the fourth quarter as compared to the third quarter.

展望 2025 財年第四季度，我們預期高性能化學品息稅前利潤將較上季下降，與去年同期第四季基本持平。預計環比下降的原因是，與第三季相比，第四季的季節性銷售下降和預期成本上升。

In summary, for the company, we expect our total segment EBIT for the fourth quarter to be largely consistent with the prior year fourth quarter. However, we expect a higher tax rate in the fourth quarter of fiscal 2025 as compared to the fourth quarter of fiscal 2024. Sean talked earlier about our agreement to acquire Bridgestone's reinforcing carbon plant in Mexico. This is a good example of the type of acquisition that aligns well with our strategy, I thought I would take a minute to remind you about our M&A priorities that we previously discussed at our 2024 Investor Day.

綜上所述，對於公司而言，我們預計第四季度的整個分部息稅前利潤將與去年同期第四季基本持平。然而，我們預計 2025 財年第四季的稅率將高於 2024 財年第四季。肖恩之前談到了我們收購普利司通位於墨西哥的增強碳工廠的協議。這是與我們的策略高度契合的收購類型的一個很好的例子，我想我會花一點時間提醒您我們之前在 2024 年投資者日討論過的併購優先事項。

As we think about how M&A fits into the strategy, we look for acquisitions that one, strengthen our business competitive position; two, drive growth and our margin enhancing to the company; and three, provide attractive economic returns in a 3- to 5-year time frame. These opportunities include capability and capacity investments in high-growth areas of the company, including in the areas of batteries and conducted materials. We will look to increase scale, geographic access and participation across our carbon black and silica franchises, and we will also target technology investments in high-growth areas. With our strong operating cash flow performance and low net debt-to-EBITDA ratio, we believe we're well positioned to leverage various opportunities for the future, and we expect to continue our balanced approach to capital allocation.

當我們思考併購如何融入策略時，我們尋找的收購可以：第一，增強我們的業務競爭地位；第二，推動成長並提高公司利潤率；第三，在 3 至 5 年的時間內提供可觀的經濟回報。這些機會包括對公司高成長領域的能力和產能投資，包括電池和導電材料領域。我們將尋求擴大炭黑和二氧化矽特許經營的規模、地理覆蓋範圍和參與度，並且我們還將瞄準高成長領域的技術投資。憑藉強勁的營運現金流表現和較低的淨債務與 EBITDA 比率，我們相信我們已做好準備，抓住未來的各種機遇，並期望繼續保持平衡的資本配置方式。

With our disciplined approach to M&A opportunities, we will look to execute strategic acquisitions to improve scale, capabilities and participation across our key end markets. The agreement to acquire the plant in Mexico is a great example of the type of acquisitions that make strategic sense and are attractive financially. We will also prioritize high confidence, high growth projects. We have a number of exciting organic growth opportunities in our pipeline, and we think these projects offer a compelling business case to grow the company. We expect we'd be able to fund these investments with our strong operating cash flow. During fiscal 2025, we have completed our new unit in Indonesia for reinforcing carbons as well as an expansion of CNT capacity in China for battery materials.

憑藉我們對併購機會的嚴謹態度，我們將尋求執行策略性收購，以提高我們在主要終端市場的規模、能力和參與度。收購墨西哥工廠的協議是具有戰略意義和財務吸引力的收購類型的一個很好的例子。我們也將優先考慮高信心、高成長的項目。我們擁有大量令人興奮的有機成長機會，我們認為這些項目為公司的發展提供了令人信服的商業案例。我們預計我們能夠利用強勁的營運現金流來資助這些投資。在 2025 財年，我們在印尼建成了新的增強碳裝置，並在中國擴大了用於電池材料的 CNT 產能。

In addition to these investments, we expect to maintain a competitive dividend yield. We increased the dividend by 5% in May of this year, and that we would expect that we would continue to increase the dividend in line with earnings growth. With the strength of our operating cash flow, we have also continued to repurchase shares. The Board increased the share authorization in the first fiscal quarter to 10 million shares and we expect to repurchase between $150 million to $200 million of shares in fiscal 2025. I will now turn the call back over to Sean to discuss the fiscal year outlook.

除了這些投資之外，我們還希望維持有競爭力的股息殖利率。我們在今年 5 月將股息提高了 5%，我們預計股息將繼續隨著獲利成長而增加。憑藉著強勁的營運現金流，我們也持續回購股票。董事會將第一財季的股票授權增加至 1,000 萬股，我們預計在 2025 財年回購價值 1.5 億至 2 億美元的股票。現在我將把電話轉回給肖恩，討論財政年度展望。

Thanks, Erica. I am pleased with another quarter of strong operating results in what was a very challenging environment. Based on the third quarter performance and our outlook for the fourth quarter, we are reaffirming our expected full year outlook of adjusted earnings per share to be in the range of $7.15 to $7.50. This range reflects year-over-year EPS growth for fiscal 2025 in what is a very weak environment driven by the uncertainty from tariffs and soft global macroeconomic conditions. At current demand levels, we would expect to be in the middle to lower end of the range. If the more recent tariff announcements were to translate into higher demand in the fourth fiscal quarter, we'd expect to be higher in the guidance range.

謝謝，艾麗卡。我很高興看到在極具挑戰性的環境下又一個季度取得了強勁的經營業績。基於第三季業績以及我們對第四季的展望，我們重申全年調整後每股收益預期，即每股收益在7.15美元至7.50美元之間。這項預期反映了2025財年每股盈餘年增，尤其是在關稅不確定性和全球宏觀經濟疲軟的背景下，當前市場環境非常疲軟。按照目前的需求水平，我們預計其價格將處於中低端。如果最近的關稅公告轉化為第四財季更高的需求，我們預計指導範圍將會更高。

To address the challenging environment, our efforts are intensely focused on execution of our operating platform of commercial and operational excellence. This includes working closely with our customers to understand how their production might shift as a result of tariff policies and offering volume support from our expansive global plant network. We have also implemented a range of countermeasures across our global network. These efforts include commercial actions to drive product and grade mix benefits as well as operational actions to optimize our assets and supply chain costs. We also remain on track with the fixed cost and procurement initiatives we discussed last quarter.

為了應對充滿挑戰的環境，我們的努力集中在執行卓越的商業和營運平台。這包括與我們的客戶密切合作，了解他們的生產如何因關稅政策而發生變化，並透過我們廣泛的全球工廠網路提供批量支援。我們也在全球網路實施了一系列對策。這些努力包括推動產品和等級組合效益的商業行動以及優化資產和供應鏈成本的營運行動。我們也將繼續執行上個季度討論的固定成本和採購計劃。

Our outlook for cash flow remains strong, and we will continue to deploy capital within our balanced framework. In addition to funding targeted organic growth projects and strategic M&A we expect to continue to return cash to shareholders through a competitive and growing dividend and remaining active in the share repurchase market. As we have in the past, you can expect us to be excellent stewards of cash, driving a disciplined and balanced approach to capital allocation. Overall, I'm very pleased with how the company is responding in a very challenging environment. I am confident in our strategy and the execution capability of our team and remain excited about the long-term growth prospects of our portfolio. Thank you very much for joining us today.

我們對現金流的前景依然強勁，我們將繼續在平衡的框架內部署資本。除了為有針對性的有機成長項目和策略併購提供資金外，我們還希望透過有競爭力且不斷增長的股息繼續向股東返還現金，並繼續活躍於股票回購市場。正如我們過去所做的那樣，您可以期待我們成為優秀的現金管理者，推動嚴謹、均衡的資本配置方式。總的來說，我對公司在極具挑戰性的環境中所做出的反應感到非常滿意。我對我們的策略和團隊的執行能力充滿信心，並對我們投資組合的長期成長前景感到興奮。非常感謝您今天加入我們。

And I will now turn the call over for our Q&A session.

現在我將轉入問答環節。

(Operator Instructions)

（操作員指示）

John Roberts, Mizuho Group.

瑞穗集團的約翰羅伯茲。

Hi, This is Saurabh Dhir from John Roberts line. I just want to understand the relationship between the tariffs and the demand in the North American region. At what tariff rates on the Southeast Asian countries would you expect? And then what do you think will be the tariff rates when the domestic production will become comparative with the imports?

你好，我是 John Roberts 系列的 Saurabh Dhir。我只是想了解關稅和北美地區需求之間的關係。您預計東南亞國家的關稅稅率是多少？那麼，您認為當國內生產與進口相當時，關稅稅率會是多少？

Sure. Thanks for the question on tariffs as it relates to tires. Obviously, a very dynamic picture, one that's moving constantly. But let me try to provide a frame for where we are right now and then at a high level how we think about it. So for passenger car and light truck tires, there are a range of different levels that are out there right now. So let me sort of walk by major region.

當然。感謝您提出有關輪胎關稅的問題。顯然，這是一幅非常動態的畫面，不斷在移動。但讓我試著提供一個框架來說明我們目前的狀況，以及我們在高層次上如何思考這個問題。因此，對於乘用車和輕型卡車輪胎來說，目前存在一系列不同的等級。那麼讓我按主要區域來介紹一下。

I think in Southeast Asia, passenger car tires generally have tariffs in the 19% to 29% range. So this would include Thailand, Vietnam, Indonesia, these have been announced. In addition, there are company-specific antidumping duties and countervailing duties that may apply. So in certain cases, the number is higher than that 19% to 29% when you add the antidumping duties on top of tariffs. In terms of China tariffs on China, passenger car tires to the US are approximately 70% which is the main reason why we see tire imports coming from Southeast Asia, not China into the US And in addition, there are antidumping duties on us and countervailing duties on some of those tires as well. So on balance, that number is quite high. And therefore, the flow of Chinese tires to the US is almost zero.

我認為在東南亞，乘用車輪胎的關稅一般在19%到29%之間。因此這將包括泰國、越南、印度尼西亞，這些都已經公佈。此外，還可能針對特定公司徵收反傾銷稅和反補貼稅。因此，在某些情況下，如果在關稅的基礎上加上反傾銷稅，這個數字會高於 19% 到 29%。就中國對中國的關稅而言，美國對中國的乘用車輪胎徵收的關稅約為 70%，這就是為什麼我們看到輪胎進口來自東南亞而不是中國進入美國的主要原因。此外，美國也對我們徵收反傾銷稅，對其中一些輪胎徵收反補貼稅。所以總的來說，這個數字相當高。因此，中國輪胎對美國的出口量幾乎為零。

In terms of tariffs as it relates to Mexico and Canada, tires at this point as well as carbon black continue to be covered under the USMCA trade agreement. They're compliant with that, so therefore, remain at zero. So it's really a question of where our tariff and antidumping duty levels against Southeast Asian and Chinese tires principally. So I think directionally, you can see that tariffs and antidumping duties will likely have a positive effect on the market, therefore, kind of enhancing the competitiveness of local production. Exactly where tariffs end up is remains to be seen. But I think directionally, it will be supportive and make local production more competitive. But again, the magnitude and timing are a bit hard to predict.

就與墨西哥和加拿大相關的關稅而言，目前的輪胎以及炭黑繼續受到 USMCA 貿易協定的約束。他們遵守這一點，因此保持為零。所以，這其實主要是關於我們對東南亞和中國輪胎徵收的關稅和反傾銷稅水準的問題。因此我認為從方向來看，關稅和反傾銷稅可能會對市場產生正面影響，從而增強當地生產的競爭力。關稅最終會達到什麼水準還有待觀察。但我認為從方向上看，它將提供支援並使本地生產更具競爭力。但其規模和時間仍然有點難以預測。

I think in addition to this, it's encouraging to see some signs that the global tire majors are responding to the increased exports from Chinese OEMs that operate in ASEAN region by more aggressively defending and reinvigorating their Tier 2 brands recently Bridgestone unveiled the strategy to revitalize their Tier 2 Firestone brand, which I think really is illustrative of a strategy to defend the Tier 2 brands more aggressively. And Michelin on their call commented that they expect Tier 3 tire imports to reduce in the second half of 2025. So I think clearly, I think the trade actions and some specific targeted actions by the global tire majors to defend the Tier 2 brands would likely have a directionally positive impact on local production. But again, where things settle out remains to be seen.

我認為除此之外，令人鼓舞的是，有跡象表明，全球輪胎巨頭正在透過更積極地捍衛和重振其二級品牌來應對在東協地區運營的中國原始設備製造商出口的成長。最近，普利司通公佈了重振其二級品牌凡士通的策略，我認為這確實說明了他們採取更積極捍衛二級品牌的策略。米其林在電話會議上表示，預計 2025 年下半年 Tier 3 輪胎進口量將減少。因此，我認為，很明顯，我認為全球輪胎巨頭為保護二線品牌而採取的貿易行動和一些特定的針對性行動可能會對當地生產產生方向性的正面影響。但事情最終會如何解決還有待觀察。

Thank you.

謝謝。

Jeff Zekauskas, JP Morgan.

摩根大通的 Jeff Zekauskas。

In the Americas, was there a difference in your volumes in North America and South America or however you divide it?

在美洲，北美和南美的銷量有差異嗎？或您如何劃分？

Yeah, sure. Thanks, Jeff. So in Reinforcement Materials, volumes in the Americas were down 9% year-over-year in the third quarter. Again, we sort of see this as largely driven by uncertainty from tariffs and weaker global macro environment. And we point to that because if you look at tire imports, they've largely leveled off in North America in May year-to-date and actually declined in South America, May year-to-date. So we sort of look at that and think that the declines are largely our market declines are largely in line with the market and driven by the uncertainty.

是的，當然。謝謝，傑夫。因此，在增強材料方面，美洲地區第三季的銷量較去年同期下降了 9%。再次，我們認為這主要是由關稅的不確定性和全球宏觀環境疲軟所致。我們指出這一點是因為如果你看一下輪胎進口量，你會發現今年 5 月份北美的輪胎進口量基本上趨於平穩，而今年 5 月份南美的輪胎進口量實際上有所下降。因此，我們對此進行了一番審視，認為下滑主要是我們的市場下滑，這在很大程度上與市場一致，並且是由不確定性驅動的。

In terms of specifically the difference between the US and South America. Yes, they are different and similar to the prior quarter as we discussed, where the volumes in South America were a bit weaker in part the weak market, but also some volume losses in contract season last year. We commented on that last quarter. So that continued.

具體來說，美國和南美洲之間的差異。是的，正如我們所討論的，它們與上一季的情況既不同又相似，南美的銷量略弱，部分原因是市場疲軟，但去年合約季節的銷量也有一些損失。我們在上個季度對此進行了評論。事情就這樣繼續下去。

Okay. And how is doing business at Altamira different than it was before if it is different? What is it like now to produce and ship from that plant have business conditions changed in the tariff regime that we're in?

好的。如果阿爾塔米拉的經營方式與以前有什麼不同的話，那它又有何不同呢？在我們所處的關稅制度下，商業條件發生了怎樣的變化，現在從該工廠生產和運輸的情況如何？

Yeah. So the tariff regime has not changed anything as it relates to tire production or carbon black. So tires continue to be covered with no tariffs because they're USMCA compliant. And then we are the sole manufacturer in Mexico today. And again, our customers there are for carbon black are largely Mexican located tire plants. So we don't really move carbon back too much into the US It's basically for local product there. But there's no change in the tariff situation. They continue to be zero tariffs because they're covered under USMCA. And that's our expectation as we move forward here.

是的。因此，關稅制度並沒有改變與輪胎生產或炭黑相關的任何事情。因此，輪胎繼續免關稅，因為它們符合 USMCA 的規定。如今我們是墨西哥唯一的製造商。而且，我們的炭黑客戶主要是位於墨西哥的輪胎廠。因此，我們實際上並沒有將太多的碳排放回美國，這基本上是為了當地的產品。但關稅情況沒有改變。由於它們受到 USMCA 的保護，因此繼續實施零關稅。這是我們前進的期望。

And in terms of the specific transaction to acquire this, as Erica highlighted, is it's an attractive one for us in many ways. Obviously, we have a plant in very close proximity that we've operated successfully for a long time, and that it further builds our strategic position with Bridgestone and I think it's an expression of their confidence in Cabot. And so building on that makes a lot of sense. And we expect that this business will be attractive financially, in year one we would expect annual EBIT of around $10 million and year two, EBIT of approximately $15 million with EBITDA in year two of approximately $20 million. So we see it as a financially attractive acquisition in addition to all the strategic benefits and our confidence in operating there is high. We've been there for many, many years.

就收購該資產的具體交易而言，正如艾莉卡所強調的，這對我們來說在許多方面都具有吸引力。顯然，我們在附近有一家工廠，並且已經成功運作了很長時間，這進一步鞏固了我們與普利司通的戰略地位，我認為這是他們對卡博特信心的表現。因此，以此為基礎進行建設是非常有意義的。我們預計這項業務在財務上將具有吸引力，第一年我們預計年息稅前利潤約為 1000 萬美元，第二年息稅前利潤約為 1500 萬美元，第二年的息稅折舊攤銷前利潤約為 2000 萬美元。因此，我們認為這是一項除了戰略利益之外還具有財務吸引力的收購，我們對在那裡開展業務充滿信心。我們已經在那裡待了很多年了。

Maybe lastly, have negotiations for carbon black prices in North America begun at all yet? Or is this the year where you expect them to begin later in the year?

最後，北美炭黑價格談判是否已經開始了？或者您預計他們今年晚些時候就會開始？

Yeah. We're in the early stages of contract negotiations, Jeff. So I would say the timing of things is progressing in a typical fashion. Usually starts in the summer and progresses through the fall.

是的。傑夫，我們正處於合約談判的早期階段。所以我想說事情的進展正以典型的方式進行。通常從夏季開始並持續至秋季。

Thank you very much.

非常感謝。

Josh Spektor, UBS.

瑞銀的喬許·斯佩克特。

Hi, everyone. Good morning. It's Chris Perrella on for Josh. Just a follow-up on that. Given the amount of the rise in tire imports ahead of the tariffs this year. How large is the inventory overhang do you think in the market? And at this point, would tariffs have an impact on demand in the last two months of the fiscal year for you at this point? Just trying to gauge potential upside and what the moving parts would be there.

大家好。早安.克里斯佩雷拉 (Chris Perrella) 取代喬許 (Josh)。這只是對此的後續跟進。鑑於輪胎進口量在今年加徵關稅前的上升趨勢。您認為市場庫存過剩程度有多大？那麼，目前關稅是否會對財政年度最後兩個月的需求產生影響？只是想衡量潛在的優勢以及其中的活動部件。

Yeah. So in terms of inventory levels, we don't see them at for tires, for example, if we look at the commentary from the various tire makers. It seems like they're largely in balance when you look at what the global Tier 1 tire makers are saying with the exception that they are identifying in some of the more budget brands, levels might be a bit elevated.

是的。因此，就庫存水準而言，如果我們查看各個輪胎製造商的評論，我們就不會看到輪胎的庫存水準。當您查看全球一級輪胎製造商的說法時，似乎它們基本上是平衡的，但他們發現一些更便宜的品牌的水平可能會略有提高。

But where that commentary exists, they seem to believe that will be brought back down to more normal levels here in this current quarter. So it doesn't seem based on commentary to be a significant issue naturally with all of the trade dynamics going on. There's some volatility there, but it seems to have seems to be settling down. So I would say that's where things are, our best view of where tire inventories are.

但在存在這種評論的地方，他們似乎相信本季這一數字將回落至更正常的水平。因此，根據評論來看，在所有貿易動態持續進行的情況下，這似乎不是一個重大問題。那裡存在一些波動，但似乎正在穩定下來。所以我想說，這就是我們對輪胎庫存的最佳觀察。

Certainly, on the tariff front, again, as I commented earlier, it remains a very dynamic situation. But directionally, I think we would expect tariffs and any additional antidumping duties that are in place would directionally make it more supportive for local production, local production being more competitive. But again, the magnitude and timing are certainly hard to predict.

當然，就關稅方面而言，正如我之前評論的那樣，情況仍然非常動態。但從方向上看，我認為我們預計關稅和任何額外的反傾銷稅將為本地生產提供更多支持，使本地生產更具競爭力。但同樣，其規模和時間確實很難預測。

I appreciate that, Sean. Is that more of a calendar 2026 benefit then potentially? And then just a quick follow-up on Brazil. If they raise countervailing duties potentially on tires, how much of your customers, not necessarily you, but would be shipping tires out of North America or out of the US down to Brazil?

我很感激，肖恩。那麼這是否更有可能成為 2026 年曆上的福利？然後我們再簡單談談巴西的情況。如果他們可能提高輪胎的反補貼稅，那麼您的客戶中有多少人（不一定是您）會將輪胎從北美或美國運送到巴西？

Yeah. So I guess, back on the first part of the question, again, the timing is and the magnitude on tariffs and when the impact from that would flow through demand is definitely hard to predict. But again, directionally, I would say, supportive. But probably later this year, 2026 is later this year and into 2026 is when I would expect to see the result of those settle out as they get processed by the market and customers make adjustments there in their supply chain planning, I would say. And at the same time, as I said, I think some of the global majors are certainly working hard and investing to revitalize their Tier 2 brands. And to compete more aggressively to defend that share and exactly the timing of how that plays out is a little bit again, difficult to project.

是的。所以我想，回到問題的第一部分，關稅的時機和幅度以及其影響何時會傳導至需求，這肯定很難預測。但再次強調，從方向來看，我會說，是支持性的。但可能是在今年晚些時候，也就是 2026 年晚些時候，到 2026 年，我預計會看到這些問題的結果，因為它們會被市場處理，客戶也會在他們的供應鏈規劃中做出調整。同時，正如我所說，我認為一些全球主要公司肯定正在努力投資以振興其二線品牌。而更積極地競爭以捍衛這一份額以及具體如何發揮作用的時機則有點難以預測。

In terms of the Brazil situation, so we do have, depending on how duties settle out between US and Brazil. There are tire makers that do produce products there and ship into North America. So if the ultimate tariff regime in that case makes that less competitive, what we see is that our global customers then look to try to rebalance their tire production. And so many of the customers that produce there also have production assets in places like Mexico and other countries where they could more cost effectively land product into the US So we'd expect a little bit of rebalancing naturally. But again, most of the major tire makers have a broad plant network.

就巴西的情況而言，我們確實有，這取決於美國和巴西之間的關稅如何解決。確實有一些輪胎製造商在那裡生產產品並運往北美。因此，如果最終的關稅制度導致競爭力下降，我們看到的是，我們的全球客戶將試圖重新平衡他們的輪胎生產。而且在那裡生產的許多客戶在墨西哥和其他國家也擁有生產資產，他們可以更經濟高效地將產品運往美國，因此我們預計自然會出現一點重新平衡。但同樣，大多數主要輪胎製造商都擁有廣泛的工廠網路。

All right, now, I appreciate all the colors, Sean. Thank you very much.

好的，現在，我很欣賞所有的顏色，肖恩。非常感謝。

(Operator Instructions)

（操作員指示）

Lawrence Alexander, Jeffries

勞倫斯·亞歷山大·傑弗里斯

Good morning. Just on the network optimization initiatives, can you give a bit of clarity on how, what that means for your operating leverage if and when demand accelerates? Do you have to give some of that back? Or should this lead to a higher incremental margin than historically?

早安.就網路優化計劃而言，您能否解釋一下，如果需求加速，這對您的營運槓桿意味著什麼？你必須歸還一些嗎？或者這會導致比歷史上更高的增量利潤？

Yeah. So a couple of comments here, Laurence, and then I'll ask Erica, if she wants to add anything to it. I think our network optimization efforts are very broad. So when we use that term, we're employing levers that do things to drive a more advantageous product mix. But also we look at our production circuit and try to marry up demand on the most competitive assets with the best delivered cost economics. And so that optimization is something that we're always pursuing.

是的。勞倫斯，這裡有幾個評論，然後我會問艾莉卡，她是否想補充一些內容。我認為我們的網路優化工作非常廣泛。因此，當我們使用該術語時，我們正在利用槓桿來推動更具優勢的產品組合。但我們也會審視我們的生產流程，並嘗試將最具競爭力的資產需求與最佳交付成本經濟性結合。因此，優化是我們一直在追求的目標。

I would say, in addition to that, given the weak macro environment and all the uncertainty from the tariff discussions, we're working hard on the cost and procurement savings front. And all of that is showing through into what I think are quite strong results given the weak demand environment. So the network optimization efforts are really quite broad and part of our overall efforts around both commercial and operational excellence.

我想說，除此之外，鑑於宏觀環境疲軟以及關稅討論帶來的所有不確定性，我們正在努力降低成本和採購成本。我認為，在需求疲軟的環境下，所有這些都體現出了相當強勁的業績。因此，網路優化工作實際上非常廣泛，是我們圍繞商業和卓越營運的整體努力的一部分。

In terms of the operating leverage question, Erica, maybe I'd ask your comments there.

關於經營槓桿問題，艾莉卡，也許我想問你的意見。

Sure. So Laurence, I think last quarter, we talked about fixed cost and procurement initiatives that we're doing that we had targeted about $30 million for the year. I'd say we're trending a bit ahead of that, as of now. And some of those are structural. I think we talked about this last quarter like restructuring actions we've taken. So those would continue. Some are more timing. So the timing of travel or third-party expenses, which could come back if we see the situation improve in terms of the macro. So I'd say it's a mix. But I don't think it would impact it would be favorable to operating leverage. It would not be a negative in any way.

當然。勞倫斯，我想上個季度我們討論了我們正在實施的固定成本和採購計劃，我們今年的目標是 3000 萬美元左右。我想說，截至目前，我們的趨勢略微領先於此。其中一些是結構性的。我認為我們在上個季度討論過我們採取的重組行動。所以這些將會繼續下去。有些則需要更多的時間。因此，如果我們看到宏觀情況有所改善，那麼旅行時間或第三方費用可能會恢復。所以我認為這是一個混合體。但我不認為這會產生影響，反而有利於經營槓桿。無論如何，這不會是件壞事。

Jeff, JP Morgan.

傑夫，摩根大通。

Thanks. I think through the nine months, your unallocated corporate costs were $39 million versus $51 million, so they were $12 million better. How did you achieve that? And sort of how would you describe the $12 million improvement in that line?

謝謝。我認為，在這九個月裡，你們未分配的公司成本為 3,900 萬美元，而你們的未分配公司成本為 5,100 萬美元，所以好多了 1,200 萬美元。你是如何做到這一點的？您如何描述這條生產線上 1200 萬美元的改進？

So Jeff, it's Erica. I would say these are part of some of the cost reductions we're doing. So these would be a mix of items that would include head count related actions, it would include things like timing or lower third-party spend. And so that -- those are the actions we've been taking to reduce cost. So you're right, we have been trending about $13 million per quarter so far this year. We would expect September to go to more $16 million to $17 million, so a little bit more similar to last year. Again, this is just timing of certain corporate costs in the quarter. But these cost savings, like I said, are a mix where some are structural, they would continue and some if the environment improves, you would probably see some of those costs come back in.

傑夫，我是艾麗卡。我想說這些都是我們正在採取的一些成本削減措施的一部分。因此，這些將是一系列項目，包括與人數相關的行動，也包括時間安排或降低第三方支出等事項。所以——這些就是我們為降低成本所採取的措施。所以你說得對，今年到目前為止，我們每季的趨勢約為 1300 萬美元。我們預計 9 月的銷售額將達到 1,600 萬美元至 1,700 萬美元之間，與去年同期的銷售額大致相同。再次強調，這只是本季某些公司成本的時間安排。但正如我所說，這些成本節約是混合的，其中一些是結構性的，它們會持續下去，而如果環境改善，你可能會看到其中一些成本回升。

And then for Sean, in the when you look at carbon black volumes over a multiyear period, I think in the Americas, they were negative 6% in 2023 and negative 6% in 2024, and they look like they're going to be negative 6% again. And that seems to be a weaker region for you than either EMEA or Asia. Can you talk about why the volume pattern over a multiyear period has been as weak as it's been and why it's weaker than the other geographies for Cabot?

然後對肖恩來說，當你觀察多年的炭黑產量時，我認為在美洲，2023 年的產量為負 6%，2024 年的產量為負 6%，而且看起來它們將再次達到負 6%。對你們來說，這似乎是一個比歐洲、中東和非洲地區或亞洲更弱的地區。您能否談談為什麼多年來交易量模式一直如此疲軟，以及為什麼卡博特的交易量比其他地區更弱？

Yeah. I think the primary driver there, Jeff, is the more recent over the last couple of years, elevated level of tire imports. And so that has certainly impacted the region and had an effect of depressing the local production levels. So that's the primary driver there. I think the biggest, that's the biggest driver for sure. So as we think about how things move forward here, I think it depends on the two key points. One is where ultimately do tariff levels and antidumping duty levels end up. They're certainly directionally supportive to make local production more competitive. So I think that's positive.

是的。傑夫，我認為主要的驅動因素是過去幾年輪胎進口量的增加。這無疑對該地區產生了影響，並導致當地生產水準下降。這就是主要的驅動因素。我認為這無疑是最大的驅動力。因此，當我們思考事情如何發展時，我認為這取決於兩個關鍵點。一是關稅水準和反傾銷稅水準最終會達到什麼水準。他們肯定會從方向上支持提高本地生產競爭力。所以我認為這是積極的。

And then you do see efforts by some of the global majors that have shed some share at the expense of tire inputs you see them taking more concerted efforts to revitalize their Tier 2 brands and that simply a focus on the larger rim size, higher end part of the market is not sufficient that you have to really address the more base part of the business as well. And so I think that's positive. So the combination of those two factors, we would view as directionally favorable. Again, the timing and magnitude of how this all settles out is a bit hard to predict, but that's actually the story there.

然後你會看到一些全球主要公司在努力減少輪胎投入，從而失去一些市場份額，你會看到他們更加齊心協力地振興他們的二級品牌，而僅僅關注更大輪輞尺寸、更高端的市場是不夠的，你還必須真正解決業務的更基礎的部分。所以我認為這是積極的。因此，我們認為這兩個因素的結合對方向有利。再次，這一切解決的時間和程度有點難以預測，但這實際上是那裡的故事。

So what we should infer from your commentary is that utilization rates in carbon black in the Americas have moved lower over a multiyear period.

因此，從您的評論中我們可以推斷，美洲的炭黑利用率多年來一直在下降。

Well, certainly, utilizations are a function of supply and demand. And so the supply side and the western mature markets, there's been no material adds. So nothing's changed there. And then on the demand front, it's certainly a volume impact from tire imports. But at this stage, we're starting to see that settle out and the expectation as we go forward and look at commentary from some of the tire majors is they expect that the tire import levels will begin to turn here. And so I think it's really a question of how ultimately the trade situation plays out in the coming months.

嗯，當然，利用率是供給與需求的函數。因此，供應方面和西方成熟市場並沒有實質成長。所以那裡什麼都沒有改變。而在需求方面，輪胎進口量肯定會產生影響。但在這個階段，我們開始看到這種情況穩定下來，隨著我們繼續前進並查看一些輪胎巨頭的評論，我們預計輪胎進口水平將開始轉變。所以我認為這實際上是一個關於未來幾個月貿易狀況最終如何發展的問題。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

I'm showing no further questions at this time. I would now like to turn it back to Sean Keohane for closing remarks.

我目前沒有其他問題。現在我想請肖恩·基歐漢 (Sean Keohane) 致最後總結。

Great. Thank you very much for joining us today, and we look forward to speaking with you again next quarter, and thank you for your support of Cabot. Have a great day.

偉大的。非常感謝您今天加入我們，我們期待下個季度再次與您交談，並感謝您對卡博特的支持。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。