Commercial Metals Co (CMC) 2015 Q3 法說會逐字稿

Hello, and welcome, everyone, to today's Commercial Metals Company third-quarter FY15 earnings call.

大家好，歡迎大家參加今天的商業金屬公司 2015 財年第三季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

(Operator Instructions)

（操作員說明）

I would like to remind all participants that during the course of this conference call, the Company will make statements that provide information other than historical information and will include expectations regarding economic conditions, US construction activity, scrap metal pricing, expected segment volumes, future legislation, the Company's future operations, the Company's future results of operations and capital spending.

我想提醒所有與會者，在本次電話會議期間，公司將發表聲明，提供歷史信息以外的信息，並將包括對經濟狀況、美國建築活動、廢金屬定價、預期細分市場數量、未來立法的預期、公司未來的經營、公司未來的經營績效及資本支出。

These statements are considered forward-looking and may involve speculation, and are subject to risks and uncertainties that could cause actual results to differ materially from these expectations.

這些陳述被認為是前瞻性的，可能涉及猜測，並受到風險和不確定性的影響，可能導致實際結果與這些預期有重大差異。

These statements reflect the Company's beliefs based on current conditions, but are subject to certain risks and uncertainties, including those that are described in the Risk Factors section of the Company's latest 10-K.

這些陳述反映了公司基於當前情況的信念，但受到某些風險和不確定性的影響，包括公司最新 10-K 的風險因素部分中描述的風險和不確定性。

Although these statements are based on management's current expectations and assumptions, CMC offers no assurance that events or facts will happen as expected.

儘管這些陳述是基於管理層當前的預期和假設，但 CMC 不保證事件或事實將按預期發生。

All statements are made only as of this date.

所有聲明僅截至當日作出。

Except as required by law, CMC does not assume any obligation to update these statements in connection with future events, new information or otherwise.

除法律要求外，CMC 不承擔因未來事件、新資訊或其他原因更新這些聲明的任何義務。

Some numbers presented will be non-GAAP financial measures, and reconciliations for such numbers can be found in the Company's earnings release or on the Company's website.

提供的一些數據將是非公認會計原則財務指標，這些數據的調節表可以在公司的收益報告或公司網站上找到。

And now for opening remarks and introductions, I will turn the call over to the Chairman of the Board, President and Chief Executive Officer of Commercial Metals Company, Mr. Joe Alvarado.

現在，我將向商業金屬公司董事會主席、總裁兼執行長喬·阿爾瓦拉多 (Joe Alvarado) 先生致開幕詞和介紹。

Thank you, Jamie.

謝謝你，傑米。

Good morning, and welcome to everyone joining us to review CMC's results for the third quarter of FY15.

早安，歡迎大家與我們一起回顧 CMC 2015 財年第三季的業績。

First I will cover highlights from the third quarter.

首先，我將介紹第三季的亮點。

Barbara will then provide further financial details.

芭芭拉隨後將提供進一步的財務細節。

And I will conclude our prepared remarks with a discussion on our outlook for the fourth quarter of FY15, after which we will open the call to questions.

我將透過討論 2015 財年第四季的前景來結束我們準備好的發言，之後我們將開始提問。

As described in our earnings release this morning, we reported net sales of $1.5 billion for the third quarter of FY15 compared to $1.7 billion for the third quarter of FY14.

正如我們今天早上發布的財報中所述，我們報告 2015 財年第三季的淨銷售額為 15 億美元，而 2014 財年第三季的淨銷售額為 17 億美元。

Earnings from continuing operations for our FY15 third quarter were $67.1 million or $0.58 per diluted share, an increase of $0.37 per diluted share when compared to the same quarter in our prior fiscal year.

2015 財年第三季的持續經營收益為 6,710 萬美元，即稀釋後每股收益 0.58 美元，與上一財年同期相比，稀釋後每股收益增加 0.37 美元。

Also noted in our earnings release this morning, I am pleased to report here that the Board of Directors declared a dividend of $0.12 per share for stockholders of record on July 9, 2015.

在我們今天早上的財報中還提到，我很高興在此報告，董事會於 2015 年 7 月 9 日宣布向登記在冊的股東派發每股 0.12 美元的股息。

The dividend will be paid on July 23, 2015.

股利將於2015年7月23日支付。

Next I will discuss current trends and conditions in the markets in which we operate.

接下來我將討論我們經營所在市場的當前趨勢和狀況。

The positive momentum of the US economy continued through our FY15 third quarter.

美國經濟的正面勢頭持續到 2015 財年第三季。

In April 2015, construction spending reached its fastest pace in more than six years, with non-residential construction leading the way with a 17% increase in spending year over year.

2015 年 4 月，建築支出達到六年多來最快的增速，其中非住宅建築支出較去年同期成長 17% 領先。

Furthermore, in May 2015, non-residential construction starts improved 8%, and non-building construction starts improved 123% year over year.

此外，2015年5月，非住宅建築開工量成長8%，非建築開工量較去年同期成長123%。

The forecast for non-residential and non-building construction starts for our FY15 has increased approximately 7% and 16%, respectively, compared to FY14.

與 2014 財年相比，我們對 2015 財年非住宅和非建築開工量的預測分別增加了約 7% 和 16%。

Although shipments from a number of our locations in the central and eastern regions of the US were delayed as a result of record amounts of rainfall -- particularly in Texas and the surrounding states in the latter part of our FY15 third quarter -- we expect these shipments to be fulfilled during the fourth quarter of FY15.

儘管由於創紀錄的降雨量（尤其是 2015 財年第三季後期的德克薩斯州和周邊州），我們位於美國中部和東部地區的許多地點的發貨被推遲，但我們預計這些出貨量將於2015 財年第四季完成。

As we enter our FY15 fourth quarter, our backlogs remain strong.

隨著我們進入 2015 財年第四季度，我們的積壓訂單依然強勁。

And we are confident in our expectation that US construction activity will continue to improve during the summer months, translating into strong activity levels for our domestic businesses.

我們對美國建築活動將在夏季繼續改善的預期充滿信心，這將轉化為我們國內企業的強勁活動水平。

For our FY15 third quarter, the average cost of the ferrous scrap consumed for our US minimills declined approximately 30% per short ton compared to the same period in FY14.

2015 財年第三季度，美國短噸鋼廠消耗的黑色金屬廢鋼的平均成本比 2014 財年同期下降了約 30%/短噸。

However, in June 2015, the Chicago shredded auto scrap price increased $30 per ton.

然而，2015年6月，芝加哥碎汽車廢鋼價格上漲了30美元/噸。

We expect scrap pricing to continue to more closely correlate with iron ore pricing, and we do not anticipate significant scrap price recovery in the near-term.

我們預計廢鋼定價將繼續與鐵礦石定價更加密切相關，我們預計廢鋼價格短期內不會大幅回升。

The US market continued to attract foreign-produced steel as a result of the strong US dollar and weaker demand abroad.

由於美元堅挺和海外需求疲軟，美國市場持續吸引外國生產的鋼鐵。

Imports of reinforcing bar from Turkey increased 96% for our FY15 third quarter over the same period of the prior year.

2015 財年第三季度，從土耳其進口的鋼筋比去年同期成長了 96%。

In addition, during our FY15 third quarter, imports of merchant products increased approximately 9% for our FY15 third quarter over the same period of the prior year.

此外，2015 財年第三季度，商業產品進口量較上年同期成長約 9%。

Although imports are pressuring finished steel prices, our domestic mills continued to benefit from expanding metal margins as a result of lower raw material prices, when compared to one year ago.

儘管進口對成品鋼價格構成壓力，但與一年前相比，由於原材料價格下降，我們的國內鋼廠繼續受益於金屬利潤的擴大。

Likewise, the lower prices of finished steel coming out of our US mills started to translate into improved metal margins for our US fabrication operations during our FY15 third quarter, compared to the same period of the prior year.

同樣，與去年同期相比，2015 財年第三季美國鋼廠出產的成品鋼材價格較低，開始轉化為美國製造業務金屬利潤率的提高。

In May 2015, a short two-month extension of temporary funding measures for the Highway Trust Fund was passed, and the fund is now set to expire in July 2015.

2015年5月，公路信託基金臨時融資措施短暫延長兩個月通過，該基金現定於2015年7月到期。

We remain optimistic that lawmakers will pass a long-term bill.

我們仍然樂觀地認為立法者將通過一項長期法案。

In fact, there was a positive development in committee yesterday.

事實上，昨天委員會取得了積極的進展。

However, it is becoming increasingly more likely that such a decision may not be made until after the 2016 elections.

然而，越來越有可能要到 2016 年選舉之後才能做出這樣的決定。

We believe a long-term bill is necessary to create an environment where state and local governments are confident to undertake major infrastructure improvement projects, which will in turn spur increased steel consumption.

我們認為，有必要製定一項長期法案，以創造一個讓州和地方政府有信心開展重大基礎設施改善項目的環境，從而刺激鋼鐵消費的增加。

With that, I will now turn to comments regarding our international market segments.

說到這裡，我現在將談談我們的國際市場領域的評論。

During our fiscal third quarter, the pace of the growth picked up for the eurozone economy, loosened by lower energy prices which led companies to cut their prices on consumer goods.

第三財季，歐元區經濟成長步伐加快，能源價格下跌導致企業降低消費品價格，進而放緩了經濟成長步伐。

Despite the upturn in eurozone, manufacturing growth in Germany slowed -- a primary market for our Polish operations.

儘管歐元區經濟好轉，但德國（我們波蘭業務的主要市場）的製造業成長放緩。

Specifically related to the Polish economy, we saw consistent economic activity through our fiscal third quarter.

特別與波蘭經濟相關的是，我們在第三財季看到了持續的經濟活動。

We believe that continued expansion in the Polish economy will hinge on the recovery of the eurozone, and Germany in particular.

我們認為，波蘭經濟的持續擴張將取決於歐元區，特別是德國的復甦。

From an operations perspective, the new state-of-the-art electric arc furnace we commissioned in the third quarter of last year is operating at levels better than manufacturers' guarantees.

從營運角度來看，我們去年第三季調試的最先進的新型電弧爐的運作水準優於製造商的保證。

And has yielded returns on this project well-above our original expectations.

該項目的回報遠高於我們最初的預期。

The strong US dollar, depressed oil prices and excess global capacity for steel and commodity products continue to challenge our International Marketing and Distribution segment.

美元走強、油價低迷以及全球鋼鐵和大宗商品產能過剩繼續對我們的國際行銷和分銷部門構成挑戰。

We expect this trend to continue for the remainder of our FY15.

我們預計這一趨勢將在 2015 財年剩餘時間內持續下去。

With that as an overview, I will now turn the discussion over to Barbara Smith, Senior Vice President and Chief Financial Officer.

以此作為概述，我現在將討論轉交給資深副總裁兼財務長芭芭拉史密斯 (Barbara Smith)。

Barbara?

芭芭拉？

Thanks, Joe, and good morning, everyone.

謝謝喬，大家早安。

As Joe mentioned, for the third quarter of FY15, we reported earnings from continuing operations of $67.1 million or $0.58 per diluted share, which compares to earnings from continuing operations of $24.5 million or $0.21 per diluted share for the third quarter of the prior year.

正如Joe 所提到的，2015 財年第三季度，我們報告的持續經營收益為6,710 萬美元，即稀釋後每股收益0.58 美元，而上一年第三季度持續經營收益為2,450 萬美元，即稀釋後每股收益0.21 美元。

Results from continuing operations for this year's third quarter included after-tax LIFO income of $24.1 million or $0.21 per diluted share.

今年第三季的持續經營業績包括稅後 LIFO 收入 2,410 萬美元，即稀釋後每股收益 0.21 美元。

The increased LIFO income during this quarter and the first nine months of our FY15 is largely due to the dramatic decline in scrap pricing during our FY15 second quarter.

本季和 2015 財年前九個月的後進先出收入增加主要是由於 2015 財年第二季廢鋼價格大幅下降。

This compares with after-tax LIFO income from continuing operations of $5.3 million or $0.04 per diluted share for last year's third-quarter.

相比之下，去年第三季持續經營業務的稅後後進先出收入為 530 萬美元，即稀釋後每股收益 0.04 美元。

Looking at results by segment, our Americas Recycling segment recorded adjusted operating loss of $2 million for the third quarter of FY15 compared to adjusted operating loss of $1.1 million for the third quarter of FY14.

按部門查看業績，我們的美洲回收部門 2015 財年第三季調整後營運虧損為 200 萬美元，而 2014 財年第三季調整後營運虧損為 110 萬美元。

During the third quarter of FY15, ferrous volumes declined 23% on flat average ferrous metal margins compared to the same period in the prior year.

2015 財年第三季度，黑色金屬銷量下降 23%，黑色金屬平均利潤率與去年同期持平。

On the non-ferrous side during the third quarter of FY15, we experienced a squeeze in metal margins of 16% compared to the third quarter of FY14.

在有色金屬方面，2015 財年第三季度，我們的金屬利潤率比 2014 財年第三季壓縮了 16%。

Our Americas Mills segment recorded adjusted operating profit of $84.2 million for the third quarter of FY15 compared to adjusted operating profit of $74.1 million for the corresponding period in the prior fiscal year.

我們的美洲工廠部門 2015 財年第三季調整後營業利潤為 8,420 萬美元，而上一財年同期調整後營業利潤為 7,410 萬美元。

During the third quarter of FY15, metal margins expanded by approximately 10% compared to the third quarter of FY14, as finished steel prices declined at a slower rate than scrap prices.

2015 財年第三季度，金屬利潤率比 2014 財年第三季成長約 10%，因為成品鋼價格下降速度慢於廢鋼價格。

Additionally, this segment benefited from a $13.9 million favorable change in pretax LIFO compared to the third quarter of FY14.

此外，與 2014 財年第三季相比，該部門受惠於稅前 LIFO 1,390 萬美元的有利變化。

Our Americas Fabrication segment recorded adjusted operating profit of $22.9 million for the third quarter of FY15, and represented this segment's best quarter since the first quarter of FY09.

我們的美洲製造部門 2015 財年第三季調整後營業利潤為 2,290 萬美元，是該部門自 2009 財年第一季以來最好的季度。

This compares to adjusted operating profit of $1.2 million for the third quarter of FY14.

相較之下，2014 財年第三季調整後營業利潤為 120 萬美元。

The increase in adjusted operating profit for the third quarter of FY15 was partially due to an increase in the average composite selling price, coupled with a 3% decrease in average composite material cost, which resulted in a 24% increase in average metal margin compared to the same period of the prior year.

2015 財年第三季調整後營業利潤的成長部分歸因於平均綜合售價的上漲，加上平均複合材料成本下降 3%，導致平均金屬利潤率比去年同期增長 24%。去年同期。

Heavy rainfall during May 2015 delayed construction activity in the central and eastern regions of the US, and pushed scheduled shipments into our FY15 fourth quarter and beyond.

2015 年 5 月的強降雨推遲了美國中部和東部地區的建築活動，並將原定發貨時間推遲到 2015 財年第四季及以後。

As a result, we expect to see an increase in this segment's volumes, as these shipments will be fulfilled during the fourth quarter of FY15.

因此，我們預計該細分市場的銷售量將會增加，因為這些出貨量將在 2015 財年第四季完成。

Our International Mill segment recorded adjusted operating profit of $6.1 million for the third quarter of FY15, compared to adjusted operating profit of $2 million for the corresponding period in the FY14, and $819,000 for the second quarter of FY15.

我們的國際工廠部門 2015 財年第三季調整後營業利潤為 610 萬美元，而 2014 財年同期調整後營業利潤為 200 萬美元，2015 財年第二季調整後營業利潤為 819,000 美元。

As Joe stated, we continued to realize the benefits of the commissioning of a new state-of-the-art electric arc furnace in the third quarter of FY14.

正如 Joe 所說，我們在 2014 財年第三季繼續認識到新的最先進電弧爐的調試帶來的好處。

For the third quarter of FY15, the continued strengthening of the US dollar had minimal impact on adjusted operating profit, however, foreign currency changes decreased this segment's net sales by $36 million.

2015 財年第三季度，美元持續走強對調整後營業利潤的影響微乎其微，但外匯變動使該部門的淨銷售額減少了 3,600 萬美元。

Our International Marketing and Distribution segment recorded adjusted operating profit of $37.7 million for the third quarter of FY15 compared to adjusted operating profit of $2 million for the same period in the prior fiscal year.

我們的國際行銷和分銷部門 2015 財年第三季調整後營業利潤為 3,770 萬美元，而上一財年同期調整後營業利潤為 200 萬美元。

The increase in adjusted operating profit for the third quarter of FY15 compared to the third quarter of FY14 was attributed to an increase in volumes for one of our trading divisions headquartered in the US.

與 2014 財年第三季相比，2015 財年第三季調整後營業利潤的成長歸因於我們總部位於美國的一個貿易部門的交易量增加。

Additionally, this segment recorded a $36.4 million net benefit as a result of a termination of a contract with a customer, partially offset by inventory write-downs, in the third quarter of FY15.

此外，該部門在 2015 財年第三季因與客戶終止合約而錄得 3,640 萬美元的淨收益，部分被庫存減記所抵銷。

In addition, for the third quarter of FY15, one of our trading divisions headquartered in the US benefited from a favorable change in pretax LIFO of $9 million compared to the corresponding period in FY14.

此外，2015 財年第三季度，我們總部位於美國的貿易部門之一受益於稅前 LIFO 與 2014 財年同期相比有利的 900 萬美元變化。

Turning to our balance sheet and liquidity, as of May 31, 2015, cash and short-term investments totaled $381 million, and total liquidity was approximately $1 billion.

談到我們的資產負債表和流動性，截至2015年5月31日，現金和短期投資總計3.81億美元，總流動性約10億美元。

For the third quarter of FY15, we experienced a significant improvement in cash flows from operating activities of $198.1 million, resulting from an expected release of working capital due to improved inventory turnover.

2015 財年第三季度，我們的營運活動現金流量顯著改善，達到 1.981 億美元，這是由於庫存週轉率改善而預計將釋放營運資金。

During the third quarter of FY15, we repurchased approximately 139,000 shares of our common stock for $2.2 million.

2015 財年第三季度，我們以 220 萬美元回購了約 139,000 股普通股。

To date, total purchases are approximately $41.8 million.

迄今為止，採購總額約為 4,180 萬美元。

Capital expenditures were $26.5 million for the third quarter of FY15 compared to $31.5 million in the prior year's third quarter.

2015 財年第三季的資本支出為 2,650 萬美元，而去年第三季的資本支出為 3,150 萬美元。

We estimate that our capital spending for FY15 will be in the range of $110 million to $130 million.

我們預計 2015 財年的資本支出將在 1.1 億至 1.3 億美元之間。

Thank you very much, and I'll now turn it back to Joe for the outlook.

非常感謝您，我現在將其轉回給喬以了解前景。

Thank you, Barbara.

謝謝你，芭芭拉。

As we enter our fiscal fourth quarter, we believe that our key market indicators point toward a strong finish to our FY15.

隨著我們進入第四財季，我們相信我們的關鍵市場指標表明我們的 2015 財年將取得強勁的業績。

Based on recent reports and historical trends, we believe that scrap prices are beginning to stabilize.

根據最近的報告和歷史趨勢，我們認為廢鋼價格開始穩定。

We expect reduced volatility in scrap prices, and we also expect scrap prices to more closely correlate with iron ore pricing.

我們預計廢鋼價格的波動性將減少，我們也預期廢鋼價格與鐵礦石定價的相關性將更加緊密。

Our steel minimills continue to benefit from the lower input costs, as a result of our vertical integration model.

由於我們的垂直一體化模式，我們的小型鋼鐵廠繼續受益於較低的投入成本。

In spite of recent heavy rainfall affecting our operations in the central and eastern regions of the US, demand for our products remain strong.

儘管最近的強降雨影響了我們在美國中部和東部地區的業務，但對我們產品的需求仍然強勁。

Primarily from an increase in the pace of growth of non-residential construction.

主要來自非住宅建設成長速度的加快。

We anticipate the recent surge in non-residential construction activity will continue to boost demand for fabricated steel products, and continue to support increased margin for our fabrication operations in the near-term.

我們預計近期非住宅建築活動的激增將繼續刺激對鋼鐵產品的需求，並繼續支持我們的製造業務在短期內增加利潤。

Elevated levels of imports into the US and Poland, supported by a strong US dollar, continue to pressure our volumes and margins.

在美元堅挺的支撐下，美國和波蘭的進口水準不斷上升，繼續對我們的銷售和利潤率構成壓力。

Lastly, we continue to monitor trade case activity, both in the US and abroad, and the related impact to our product offerings and end-market pricing.

最後，我們持續監控美國和國外的貿易案例活動，以及對我們的產品供應和終端市場定價的相關影響。

Thank you for your attention.

感謝您的關注。

At this time, we will now open the call to questions.

現在，我們將開始提問。

(Operator Instructions)

（操作員說明）

Luke Folta, Jefferies.

盧克·福爾塔，傑弗里斯。

Good morning, Joe and Barbara.

早安，喬和芭芭拉。

Good morning.

早安.

Firstly, on the fabrication business, it's encouraging to see such a big step-up in profitability there.

首先，在製造業務方面，令人鼓舞的是，利潤率有瞭如此大的提升。

Can you talk to some extent on how much of that improved margin you think was structural, just due to the fact that non-res improving demand is better and you've got more pricing power in this business?

您能否在某種程度上談談您認為利潤率的提高有多少是結構性的，僅僅是因為非資源需求的改善以及您在這項業務中擁有更大的定價能力？

Versus the fact that steel prices and scrap prices have pulled back, and you tend to sell a bit more forward in that business, versus what substrate costs do?

與鋼鐵價格和廢鋼價格回落的事實相比，您傾向於在該業務中多賣出一點，而不是基板成本？

Any color there?

那裡有什麼顏色嗎？

And it sounds like you have a pretty positive outlook into the next quarter in terms of margins.

聽起來您對下一季的利潤率前景非常樂觀。

I just wanted to get some [comment from you]?

我只是想得到一些[你的評論]？

Yes, Luke, let me take that question.

是的，盧克，讓我回答這個問題。

This is something that -- we've been a little bit befuddled by the expectations of the street that non-res wasn't picking up, or that the economy in the Sun Belt would be impacted particularly negatively by falling oil prices.

我們對外界的預期感到有點困惑，即非資源沒有回升，或者陽光地帶的經濟將受到油價下跌特別負面的影響。

We've tried to share our insights and information to the diversification of markets such that, and still see very strong construction activity, even in spite of the falling oil prices.

我們試圖與市場多元化分享我們的見解和訊息，因此，即使油價下跌，建築活動仍然非常強勁。

And more recently, unemployment jobless claims in Texas, specifically, have abated and started to reverse themselves.

最近，特別是德州的失業救濟申請人數有所減少，並開始出現逆轉。

So whatever affect there might have been, already seems to be abating itself.

因此，無論可能產生什麼影響，似乎都已經在減弱。

This is just a continuation of the strength that we've seen across the board in our markets.

這只是我們在市場上全面看到的強勁勢頭的延續。

And as we've said before, it's not broad-based to the point where it's hitting all markets.

正如我們之前所說，它的基礎並不廣泛，不足以影響所有市場。

But certainly in Texas and the Beltway and the West Coast, in Florida, we've seen good, strong construction activity.

但可以肯定的是，在德州、環城公路以及佛羅裡達州西海岸，我們看到了良好、強勁的建築活動。

And that continues.

這種情況還在繼續。

And our order backlog reflects that continued, strong demand.

我們的積壓訂單反映了持續強勁的需求。

Even without the delayed shipments, we still have a very strong order backlog carrying into the fourth quarter.

即使沒有延遲發貨，我們在第四季度仍有非常強勁的積壓訂單。

Which is typical of this time of year, and reflective of why we have some confidence in fourth-quarter numbers.

這是每年這個時候的典型現象，也反映了我們對第四季數據有信心的原因。

So there's always the timing element associated with movements in rebar pricing and fab pricing, and it all ties back to scrap.

因此，螺紋鋼定價和工廠定價的變動總是存在時間因素，而這一切都與廢鋼有關。

There's no doubt that at least in the third quarter, we benefited from that.

毫無疑問，至少在第三季度，我們從中受益。

And there has been no price increase, however, in our fiscal fourth quarter, concurrent with the price -- with the increase in scrap of about $30 a ton that was announced earlier this month.

然而，在我們的第四財季，價格並沒有上漲，與本月稍早宣布的廢鋼價格上漲約每噸 30 美元有關。

There'll be a little bit of pressure there, but we still expect to maintain strong margins.

那裡會有一點壓力，但我們仍然期望保持強勁的利潤率。

Okay.

好的。

And then just a couple points of clarification.

然後澄清幾點。

The income, the $37 million or so that was called out in the fab business, is that inclusive of the impact of inventory write-downs?

晶圓廠業務的收入約為 3,700 萬美元，是否包含庫存減記的影響？

Or were the inventory write-downs a separate piece?

或者庫存減記是一個單獨的部分？

And if so, are you able to quantify that?

如果是這樣，你能量化嗎？

And then also on the shipment impact from the weather, in terms of the Americas Mills and Fabrication group, can you give us some sense of what the magnitude of that was?

然後，就美洲工廠和製造集團而言，天氣對出貨的影響，您能給我們一些影響的程度嗎？

Let me take the first one.

讓我拿第一個。

The contract settlement within the International Marketing and Distribution segment, I just wanted to clarify that first.

關於國際行銷和分銷部門的合約結算，我只是想先澄清這一點。

Luke.

路克.

If you look at the cash flow statement, you will see the impact of inventory write-downs, and it gets a little over $11 million.

如果您查看現金流量表，您會看到庫存減記的影響，其金額略高於 1100 萬美元。

The lion's share of that also hit the M&D segment.

其中最大的份額也涉及 M&D 領域。

And as for the impact of shipments in the third quarter, we were particularly hard-hit in Texas, where it rained 28 out of 31 days in May.

至於第三季出貨量的影響，我們在德州受到的影響尤其嚴重，5月份31天中有28天下雨。

And the result was that our fab shipments fell off.

結果是我們晶圓廠的出貨量下降了。

Fabricating was being done; we were not able to ship it out the door.

正在製作；我們無法將其運送出去。

So we had a lot of steel on the ground and trailers that were loaded, waiting for delivery to job sites.

因此，我們地面上有大量鋼材，拖車已裝載完畢，等待運送到工地。

That backed up into the system such that we had to adjust operations, and the [cideen] operation in particular.

這會備份到系統中，因此我們必須調整操作，特別是 [cideen] 操作。

We expect all that to be freed up.

我們期望所有這些都能夠被釋放。

But the estimate of lost tons -- and I'll use the central region -- hovered around 25%, 30% of what have been projected for the month.

但損失噸數的估計——我將使用中部地區——徘徊在本月預計損失量的 25% 至 30% 左右。

So we thought we were going to have a good, strong month, and the rain kept us from shipping that.

所以我們以為我們會度過一個美好、強勁的月份，但下雨使我們無法發貨。

Okay.

好的。

But just to clarify, Barbara, so if you wanted to normalize the results in the M&D segment, we're going to strip out the $37 million of contract income that's non-recurring.

但芭芭拉，我想澄清一下，如果您想讓 M&D 部門的業績正常化，我們將剔除 3700 萬美元的非經常性合約收入。

But then we're also going to be adding back, I think you said, $10 million or so for the write-downs?

但我想你說過，我們還會增加 1000 萬美元左右的減記費用？

Is that right?

是對的嗎？

The $37 million is a net number.

3700萬美元是一個淨數字。

It's net of the --

它扣除了——

Got it.

知道了。

Okay, that's what I was trying to get at.

好吧，這就是我想要表達的意思。

All right, thank you.

好吧。謝謝。

All right, thanks, Luke.

好的，謝謝，盧克。

I think you got more than two in there though.

我認為你那裡有不只兩個。

Phil Gibbs, KeyBanc Capital Markets.

Phil Gibbs，KeyBanc 資本市場。

Good morning.

早安.

Good morning.

早安.

I had a question just on the conversion costs for the mill side looked a bit high.

我有一個問題，就是工廠方面的轉換成本看起來有點高。

I think spreads were okay, maybe a little light, with what we were looking for, but the underlying cost structure was a little bit higher.

我認為利差還可以，可能有點小，符合我們的要求，但潛在的成本結構有點高。

Did that have to do with some of the moving around of material, or was there some outages in the quarter?

這是否與一些材料的移動有關，或者本季是否出現了一些停電？

Anything there?

那裡有什麼嗎？

Am I thinking about it right?

我想的對嗎？

Phil, we're looking at the numbers.

菲爾，我們正在看數字。

But we were impacted operationally, and had to cut back on some operations in steel manufacturing because of the rain-related issues.

但我們的營運受到了影響，由於與降雨相關的問題，我們不得不削減鋼鐵製造的一些業務。

So our production levels were below where we would have expected them to be.

因此，我們的生產水準低於我們的預期。

Whenever volume falls off, it does have an impact on conversion costs.

每當銷售量下降時，都會對轉換成本產生影響。

That's my quick and gut response.

這是我快速而直覺的反應。

We'll come back to you (multiple speakers)

我們會盡快回覆您（多位發言者）

We'll come back to you on the outages in the quarter, Phil.

菲爾，我們會就本季的停電情況與您聯繫。

But you're anticipating Q4 to pick up from a production standpoint, given the visibility that you have right now in the order book?

但考慮到您目前在訂單簿中的可見度，您預計第四季度生產會有所回升嗎？

Yes.

是的。

As long as skies stay sunny like they are right now.

只要天空像現在一樣晴朗。

We hate to emphasize the weather -- it's not a really good excuse for not hitting our targets.

我們討厭強調天氣——這並不是沒有達到目標的好藉口。

But it does stop construction activity, and when it backs up in the system as it does, it has an operational impact.

但它確實會停止施工活動，並且當它在系統中備份時，會對運作產生影響。

Okay.

好的。

And it seems like the imports right now are probably a bit more disruptive to fabrication prices potentially, versus rebar prices, because we've seen rebar hold up relatively well.

與螺紋鋼價格相比，目前的進口可能對製造價格更具破壞性，因為我們已經看到螺紋鋼的表現相對較好。

What are you seeing now?

你現在看到了什麼？

And what are you expecting in terms of the import situation, domestically?

您對國內進口情況有何預期？

And how is that impacting things moving forward?

這對事情的發展有何影響？

Your assumption is pretty good that [inboard] prices are impacting the fab business and continue to pressure fab bidding activity.

您的假設非常好，即[船內]價格正在影響晶圓廠業務並繼續對晶圓廠投標活動施加壓力。

As for what we expect, the Turks have been pretty consistent in bringing material in.

至於我們的預期，土耳其人在引進材料方面一直相當一致。

They seem to be the most dominant player, with most of the increase, year on year basis, is almost completely attributable to Turkish imports.

他們似乎是最具主導地位的參與者，同比增長的大部分幾乎完全歸因於土耳其進口。

So we don't expect that to abate, particularly.

因此，我們預計這種情況不會特別減弱。

There's very small duties that they have to pay at the markets they continue to ship to -- and in particular, to the Gulf Coast.

他們必須在繼續運送到的市場上支付非常小的關稅，特別是運送到墨西哥灣沿岸。

So we don't see any major change in the level of activity.

因此，我們沒有看到活動水平有任何重大變化。

And lastly, what do you see in terms of differences in activity per region, in terms of activity moving forward, getting better, staying the same, getting stronger?

最後，您對每個地區的活動差異有何看法，在活動向前發展、變得更好、保持不變、變得更強方面有何不同？

What's the hierarchy, in terms of where you see the strongest activity?

就您看到最強的活動而言，層次結構是什麼？

Thanks.

謝謝。

Yes, I'll take that.

是的，我會接受的。

I've mentioned before that the Beltway around DC has always been strong as Texas has.

我之前提到過，華盛頓特區的環城公路一直像德州一樣強大。

The first markets to recover that we noticed were really in Florida, and then quickly followed by the West Coast.

我們注意到，最先復甦的市場實際上是在佛羅裡達州，然後很快是西海岸。

We've seen some improvement activity in Georgia, in the Atlanta area.

我們在喬治亞州的亞特蘭大地區看到了一些改進活動。

But probably the more significant pick-up in overall activity more recently has been in the New York Metropolitan area.

但最近整體活動更顯著的回升可能是在紐約都會區。

That's a market that we don't serve with fabricated product, but we sell rebar to independents that do, and there's a good level of activity.

我們不向這個市場提供預製產品，但我們向提供預製產品的獨立企業出售螺紋鋼，而且活動水平很高。

I'm sure you realize from your business there, there's just a lot of construction activity going on.

我相信您從那裡的業務中意識到，那裡正在進行大量的建築活動。

And a lot of it based around infrastructure, as well as new developments, particularly on the housing and office building side.

其中許多都是基於基礎設施以及新開發項目，特別是在住房和辦公大樓方面。

Andrew Lane, Morningstar.

安德魯萊恩，晨星公司。

Hi, good morning.

早安.

Good morning.

早安.

For your International Mill division, it looks like metal margins contracted in the third quarter to a level lower than we've seen for some time.

對於您的國際軋機部門來說，第三季的金屬利潤率似乎收縮至低於我們一段時間以來所見的水平。

But even so, margins and profitability per ton improved noticeably.

但即便如此，每噸的利潤和獲利能力仍顯著提高。

Could you provide some commentary as to what led to this outcome?

您能否對導致這一結果的原因提供一些評論？

And other than the new furnace, are there any other key projects or initiatives you've undertaken in Poland or plan to undertake to further boost profitability?

除了新熔爐之外，您還在波蘭開展或計劃開展其他重要項目或舉措以進一步提高盈利能力嗎？

Andrew, the volume was seasonally strong, as we're, again, moving into the construction heavy season.

安德魯，季節性強勁，因為我們再次進入建築旺季。

So volumes are pretty good in Poland.

因此，波蘭的銷量相當不錯。

And the results really reflect the actions that are being taken from a cost side.

結果確實反映了從成本方面採取的行動。

While the new furnace is certainly contributing, as Joe highlighted in his comments, we work on every line item on the P&L.

正如喬在評論中所強調的那樣，雖然新熔爐確實做出了貢獻，但我們仍致力於損益表上的每個項目。

Whether it's energy or yield or labor, we're always looking for productivity and cost improvements.

無論是能源、產量或勞動力，我們一直在尋求生產力和成本的改善。

In these difficult market conditions, you have to focus on the things within your control on the cost side.

在這些困難的市場條件下，您必須專注於成本方面您可以控制的事情。

Okay, great.

好的，太好了。

And are you still guiding to 2015 CapEx in the neighborhood of $150 million at the time being?

目前您是否仍將 2015 年資本支出指引在 1.5 億美元左右？

Could you provide an estimate as to your maintenance CapEx levels, please?

您能否提供有關維護資本支出水準的估計？

I think for the time being, $150 million is reasonable.

我認為目前1.5億美元是合理的。

It's probably going to be lower than that, based upon our experience the last few years.

根據我們過去幾年的經驗，它可能會低於這個數字。

We tend to plan more than we actually then ultimately authorize.

我們的計劃往往會超出我們最終授權的實際範圍。

Maintenance CapEx varies, but it's in the $80 million range, $80 million to $100 million.

維護資本支出各不相同，但都在 8,000 萬美元範圍內，8,000 萬美元到 1 億美元之間。

Great.

偉大的。

Congrats on a strong quarter.

恭喜季度表現強勁。

Thank you.

謝謝。

Thank you, Andrew.

謝謝你，安德魯。

I'd like to follow up right now and just answer Phil's question on the outages.

我現在想跟進並回答菲爾關於中斷的問題。

We did not have any major outages within the third quarter -- just normal, shorter maintenance outages.

第三季我們沒有發生任何重大停電——只是正常的、較短的維護停電。

John Tumazos, John Tumazos Very Independent Research.

約翰‧圖馬佐斯，約翰‧圖馬佐斯非常獨立的研究。

Congratulations on the very good results.

祝賀取得了非常好的結果。

I almost wish you reported on a June 30 period so people could see exactly how the results compare to our [sore] metal and US Steel and Nucor and steel dynamics, with fewer tons and fewer dollars invested.

我幾乎希望你能報道6 月30 日的情況，這樣人們就可以準確地看到結果與我們的[痛苦的]金屬、美國鋼鐵公司、紐柯鋼鐵公司和鋼鐵動態相比如何，投資更少的噸數和美元。

Congratulations.

恭喜。

Thank you, John.

謝謝你，約翰。

Thank you, John.

謝謝你，約翰。

We have that legacy in two of our reporting periods, so it's just unique.

我們在兩個報告期都擁有這份遺產，因此它是獨一無二的。

Could you explain how the recycling business lost only $2 million, given how the ferrous and non-ferrous prices fell so much?

鑑於黑色金屬和有色金屬價格下跌如此之多，您能否解釋一下回收業務為何僅損失 200 萬美元？

Did you stop buying, for example, at an early stage of the price plunge?

例如，您是否在價格暴跌的早期階段停止購買？

And could you explain how the US mills earned so much, even excluding the LIFO credits, and presumably Europe stayed profitable because of the cost savings of the new investment furnaces, et cetera?

您能否解釋一下，即使不包括後進先出的信用，美國鋼廠如何賺取如此多的利潤，而歐洲由於新投資熔爐等的成本節約而保持盈利？

But Russia increased steel production, and China exports everywhere.

但俄羅斯增加了鋼鐵產量，而中國則向各地出口。

And it is extraordinary that your mill in Poland stayed in the black.

您在波蘭的工廠能夠獲利，這真是非同尋常。

Let me start with the first question on scrap.

讓我從關於廢料的第一個問題開始。

First and foremost, the volumes, as you'll note, are down significantly.

首先，正如您所注意到的，數量大幅下降。

It's not because we stopped [buy-and close] are just a little bit more challenged, and there's not a lot coming to market at the prices that have existed.

這並不是因為我們停止了[買入並平倉]，只是面臨更多的挑戰，而且以現有的價格進入市場的數量並不多。

And I wish I could tell you that we foresaw and stepped back from buying.

我希望我能告訴你，我們預見並不再購買。

But we're in the market every month, and we're consistent in our purchasing activity.

但我們每個月都會進入市場，我們的採購活動是一致的。

But that volume had to be offset by some sort of cost reduction.

但這數量必須透過某種成本降低來抵消。

And recognizing early on that there were challenges in maintaining profitability at the staffing levels, we reduced in each of our regions in Recycling, and moved pretty aggressively to down-size to the right level of operations.

我們很早就認識到在保持人員配置水平上的盈利能力方面存在挑戰，因此我們減少了每個地區的回收業務，並非常積極地將規模縮小到適當的運營水平。

Never a pleasant thing to do; it's painful and can be very disruptive.

這從來都不是一件令人愉快的事；這很痛苦，而且可能會造成很大的破壞。

But as with everything in our cost in Poland, as Barbara pointed out, we do the same with all of our operations domestically.

但正如芭芭拉所指出的那樣，正如我們在波蘭的所有成本一樣，我們對國內的所有業務也採取同樣的做法。

And I think we responded well to anticipated reduction in volume and revenue, by addressing the cost side of it.

我認為，透過解決成本方面的問題，我們對預期的銷售和收入減少做出了很好的反應。

As for the mills and their operating levels, one of the things that we've tried to highlight to the market is that we are principally a long product producer.

至於工廠及其營運水平，我們試圖向市場強調的一件事是，我們主要是一家長材生產商。

We are very dependent on non-residential construction, which is strong.

我們非常依賴非住宅建築，這種建築非常強大。

And our operating profile of only being an electric arc furnace producer gives us a lot of flexibility in our operations.

我們僅作為電弧爐生產商的經營概況為我們的營運提供了極大的靈活性。

I think that's a major contributing factor to our operational performance.

我認為這是影響我們營運績效的一個主要因素。

But being in long products and non-residential construction is to our advantage.

但長材產品和非住宅建築對我們來說是有利的。

And we have been consistent in saying it keeps getting better.

我們一直堅持說它正在變得更好。

We wish it would get better faster, but this is some of the continued general progress.

我們希望它能更快變得更好，但這只是持續的整體進展的一部分。

And quite honestly, John, the second half is always our stronger half, and we guided towards that at the end of the second quarter.

老實說，約翰，下半場始終是我們更強的一半，我們在第二節末引導了這個目標。

That's why we feel very strongly about the fourth quarter.

這就是為什麼我們對第四季的感受非常強烈。

And then lastly, in Europe, as Barbara has pointed out, we're very aggressive on attacking all phases of cost.

最後，正如芭芭拉所指出的，在歐洲，我們非常積極地攻擊各個階段的成本。

Energy cost, in particular, is something that we've been very aggressive on.

尤其是能源成本，我們一直非常積極地解決這個問題。

Which is why we installed the new electric arc furnace.

這就是我們安裝新電弧爐的原因。

It gives us much better energy efficiency, and higher throughput and productivity.

它為我們提供了更好的能源效率、更高的吞吐量和生產力。

Practically speaking, with our one-furnace operation in Poland, we're operating -- we're producing at a run rate level that's equal to our prior two-furnace operation.

實際上，透過我們在波蘭的一台熔爐運營，我們正在以與之前的兩台熔爐運營相同的運行率水平進行生產。

Which is why we made the investment.

這就是我們進行投資的原因。

I hope I've answered your questions.

我希望我已經回答了你的問題。

Thank you very much, and congratulations.

非常感謝，也恭喜。

Thank you, John.

謝謝你，約翰。

Alicia Johnson, D.A. Davidson.

艾莉西亞·約翰遜，D.A.戴維森。

Good morning.

早安.

Good morning.

早安.

I wanted to know if the fabrication backlog is still reflecting steel prices from three to six months ago?

我想知道積壓訂單是否仍然反映了三到六個月前的鋼材價格？

Or have you worked through most of that higher product -- higher priced work?

或者你已經完成了大部分更高產品——更高價格的工作？

There's always a mix of backlog, as there will be six months from now of things that we're booking today.

總是會有積壓的情況，因為我們今天預訂的東西將在六個月後出現。

I can't give you a precise figure as to what the total backlog is.

我無法給你確切的數字來說明總積壓是多少。

We're trying to pull that figure up.

我們正在努力提高這個數字。

We do track it, but there is a lag effect of some material jobs that were booked three to six months back that flows through in the third quarter.

我們確實對其進行了跟踪，但三到六個月前預訂的一些實質工作在第三季度流動存在滯後效應。

And we'll get that number here shortly.

我們很快就會在這裡得到這個號碼。

In terms of our backlog tons, as I think Joe indicated earlier, the tons remain quite healthy and strong and consistent.

就我們的積壓噸數而言，正如我認為喬之前指出的那樣，這些噸數仍然相當健康、強勁且穩定。

There's been a little movement in the pricing, a little bit of downward pressure, with rebar pricing coming down, since the scrap decline earlier in the year.

自今年稍早廢鋼下降以來，價格出現了一些變動，有一些下行壓力，螺紋鋼價格下降。

But it's overall, not significant.

但總體而言，並不重要。

Perfect, thank you.

完美，謝謝。

Thank you, Alicia.

謝謝你，艾莉西亞。

Brian Yu, Citi.

布萊恩·餘，花旗銀行。

This is Dan sitting in for Brian.

這是丹（Dan）代替布萊恩（Brian）。

Just had a quick one on the contract termination.

剛剛快速了解了合約終止事宜。

Is there any way you can provide a little more detail in terms of that contract?

您有什麼辦法可以提供該合約的更多細節嗎？

Was it a long-term contract?

這是一份長期合約嗎？

And potentially what type of material was the contract covering?

合約可能涵蓋什麼類型的材料？

Yes, Dan, let me share with you -- as we've discussed before, we try to trade back to back as much as we can.

是的，丹，讓我與您分享 - 正如我們之前討論過的，我們嘗試盡可能多地進行背​​對背交易。

That's the nature of our business, that's how we try to reduce exposure.

這就是我們業務的本質，這就是我們努力減少風險的方式。

There are two sides to a contract.

合約有兩個面向。

And in this case, this is ongoing business that would have continued, and we'd have seen results in future periods, positive results from the contract.

在這種情況下，這是一項持續的業務，將繼續下去，我們將在未來的時期看到結果，從合約中看到積極的結果。

But the customer elected to terminate, and so this is the settlement that resulted from that.

但客戶選擇終止，所以這就是由此產生的和解。

This is the way we do all of our commodity product pricing.

這是我們所有商品定價的方式。

We don't get into product detail; it's not relevant.

我們不討論產品細節；這不相關。

It's basically the business model that we use.

這基本上是我們使用的商業模式。

There have been some unfavorable adjustments in the past, like with iron ore, and this is a more favorable adjustment.

過去有過一些不利的調整，例如鐵礦石，這是一個比較有利的調整。

Okay, thanks.

好的謝謝。

And then just one more quick one, on cash flow, in terms of working capital.

然後還有一個快速的問題，關於現金流、營運資金。

It looked like working capital has been a bit off this year.

看起來今年的營運資金有點減少。

Are you guys expecting a release in the fourth quarter at all this year?

你們期待今年第四季發布嗎？

Yes, Dan, I'll take this one.

是的，丹，我要這個。

We normally have cyclicality in our cash flow.

我們的現金流通常具有週期性。

We tend to build some inventory in the late fall/winter months leading into the busy season of the year.

我們傾向於在秋末/冬季進入一年中的旺季時建立一些庫存。

And we always generally see a nice working capital release in the back half of the year.

我們通常會在下半年看到良好的營運資金釋放。

So certainly that was reflected in the results for this quarter.

當然，這也反映在本季的業績上。

And we would anticipate that we would have some working capital release as well in the fourth quarter.

我們預計第四季也會釋放一些營運資金。

Okay, great, thanks.

好的，太好了，謝謝。

Thank you, Dan.

謝謝你，丹。

(Operator Instructions)

（操作員說明）

Phil Gibbs, KeyBanc Capital Markets.

Phil Gibbs，KeyBanc 資本市場。

Thanks, appreciate it.

謝謝，感激不盡。

The Recycling division, I think you said you did a pretty solid job of retrenching and taking costs out.

回收部門，我想你說過你在緊縮開支和削減成本方面做得非常紮實。

Going forward, does that involve taking out any feeder yards or shredders?

展望未來，這是否涉及拆除任何餵料場或碎紙機？

Or do you feel like it's mostly just headcount reduction?

還是你覺得這主要只是裁員？

Just trying to get a sense of what we could be looking at in terms of actions.

只是想了解我們可以在行動方面看到什麼。

We have exited some yards, even in the recent past, but nothing that I can think of right now that would be critical to our continued operation or managing our costs.

即使在最近，我們也已經退出了一些船廠，但我現在想不出對我們的持續營運或管理成本至關重要的東西。

So I'm not anticipating any major pull-backs.

因此，我預計不會出現任何重大回調。

Okay.

好的。

And the mix of rebar shipments is pretty high -- I think over 60%.

螺紋鋼出貨量的比例相當高——我認為超過 60%。

Is that something that we should expect to continue?

我們應該期待這種情況持續下去嗎？

Or is that merely a function of the challenged merchants or -- market strength in rebar, obviously.

或者這只是受到挑戰的商人的功能，或者——顯然是螺紋鋼的市場實力。

But does that mix come back into more normalized levels, or should we continue to expect this?

但這種混合是否會回到更正常化的水平，還是我們應該繼續期待這種情況？

Phil, for sure, our bill of shipments were about half what they've been for the previous few quarters.

菲爾，當然，我們的出貨量大約是前幾季的一半。

And with the strong dollar, there's just not a market for our billets at this time.

由於美元走強，我們的方坯目前沒有市場。

That's swing production -- if we have some excess mill capacity, and if we can make some margin on billet sales, we'll do that.

這就是搖擺生產——如果我們有一些過剩的軋機產能，如果我們能夠在方坯銷售上獲得一些利潤，我們就會這樣做。

That's one of the biggest factors that impacted our merchant and other shipment line.

這是影響我們的商家和其他運輸線的最大因素之一。

Okay, thank you.

好的謝謝。

And ladies and gentlemen, at this time, I'm showing no additional questions.

女士們先生們，此時我沒有提出其他問題。

I would like to turn the conference call back over for any closing remarks.

我想將電話會議轉回以供結束語。

Okay, well, thank you.

好的，好的，謝謝。

If there are no more questions, we'd just like to thank you all for joining us on today's conference call.

如果沒有其他問題，我們要謹感謝大家參加今天的電話會議。

And we look forward to speaking with many of you during our investor visits in the coming weeks.

我們期待在未來幾週的投資者訪問期間與你們中的許多人交談。

Thanks much, and have a safe Fourth of July next week.

非常感謝，祝下週七月四日安全。

Ladies and gentlemen, this concludes today's Commercial Metals Company conference call.

女士們先生們，今天的商業金屬公司電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。