Core Molding Technologies Inc (CMT) 2025 Q3 法說會逐字稿

Good morning everyone. Welcome to the core molding technologies third quarter 2025 financial results conference call. (Operator Instructions)

大家早安。歡迎參加核心模塑技術公司2025年第三季財務業績電話會議。（操作說明）

As a reminder, this conference call is being recorded. I will turn the call over to Sandy Martin, 3PAR Advisors. Please go ahead.

再次提醒，本次電話會議正在錄音。我將把電話轉給 3PAR Advisors 的 Sandy Martin。請繼續。

Thank you and good morning everyone. We appreciate your joining us for the Core Molding Technologies conference call to review our third quarter 2025 results. Joining me on the call today are the company's President and CEO David Duvall, as well as COO, Eric Palomaki and CFO Alex Panda.

謝謝大家，大家早安。感謝您參加 Core Molding Technologies 的電話會議，共同回顧我們 2025 年第三季的業績。今天與我一起參加電話會議的有公司總裁兼執行長大衛·杜瓦爾，以及營運長埃里克·帕洛馬基和財務長亞歷克斯·潘達。

This call is being webcast and can be accessed through coremt.com via an audio link on the investor relations events and presentations page.

本次電話會議將進行網路直播，可透過 coremt.com 網站投資者關係活動和演示頁面上的音訊鏈收聽。

Today's conference call, including the Q&A session will be recorded. Please be advised that any time sensitive information may no longer be accurate as of the date of any replay or transcript reading. I would also like to remind you that the statements made in today's discussion.

今天的電話會議，包括問答環節，將會被錄音。請注意，任何有時效性的信息在重播或文字稿朗讀之日可能不再準確。我還想提醒各位，今天討論中提出的論點。

That are not historical facts, including statements or expectations or future events or future financial performance are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

除歷史事實外，包括對未來事件或未來財務表現的陳述或預期均為前瞻性陳述，並根據 1995 年《私人證券訴訟改革法案》的安全港條款作出。

Forward-looking statements are uncertain and outside the company's control. Actual results may differ materially from those expressed or implied. Please refer to today's earnings release for our disclosures on forward-looking statements.

前瞻性陳述具有不確定性，且超出公司控制範圍。實際結果可能與明示或暗示的結果有重大差異。有關前瞻性聲明的披露信息，請參閱今天的盈利報告。

These factors and other risks and uncertainties are described in detail in the company's filings with the Securities and Exchange Commission. Poor molding technology assumes no obligation to update or revise any forward-looking statements publicly.

這些因素以及其他風險和不確定性在公司向美國證券交易委員會提交的文件中均有詳細描述。糟糕的成型技術公司不承擔公開更新或修改任何前瞻性聲明的義務。

Management will refer to non-GAAP measures including adjusted EPS, adjusted EBITDA the debts trailing 12 month EBITDA ratio, free cash flow, and return on capital employed. Reconciliations to the nearest GAAP measure are available at the end of our earnings release.

管理階層將參考非GAAP指標，包括調整後每股盈餘、調整後EBITDA、債務與過去12個月EBITDA比率、自由現金流量及已動用資本報酬率。與最接近的 GAAP 指標的調整表可在我們的獲利報告末尾找到。

Our earnings release has been submitted to the SEC on Form 8-K, and now we would like to turn the call over to the company's President and CEO Dave Duval.

我們的獲利報告已以 8-K 表格的形式提交給美國證券交易委員會，現在我們想把電話會議交給公司總裁兼執行長戴夫·杜瓦爾。

Thank you, Sandy, and thank you all for joining us today. The positive momentum we've highlighted last quarter has continued to build and remains firmly in place. The only change from our Q2 update relates to the timing of our tooling revenue, which has shifted into the fourth quarter.

謝謝你，桑迪，也謝謝今天所有到場的各位。我們上個季度強調的正面動能持續增強，並保持穩固。與第二季更新相比，唯一的變化是工具收入的確認時間已調整至第四季。

As a reminder, tooling is an in process involving fabrication, testing, and ultimately customer final sign-off, making it inherently challenging to predict the exact timing of revenue recognition.

需要提醒的是，模具製造是一個持續的過程，涉及製造、測試，最終需要客戶最終驗收，因此很難預測收入確認的確切時間。

With the vendor trucking industry, several projects remain on hold pending greater clarity around the administration's policy direction. That said, we have continued to make significant progress this year and this quarter across our next largest verticals.

由於政府的政策方向尚不明朗，供應商運輸業的多個項目仍處於擱置狀態。儘管如此，今年和本季度，我們在其他幾個最大的垂直領域也繼續取得了顯著進展。

During the third quarter, sales on our power sports, building products, and industrial and utilities markets grew year over year, reflecting the continued traction of our invest for growth initiatives and the gradual improvement in market conditions.

第三季度，我們在動力運動、建築產品以及工業和公用事業市場的銷售額年增，這反映出我們投資成長計畫的持續成效以及市場狀況的逐步改善。

Power Sports, a major sales category for core, achieved its first year over year growth in eight quarters, marking a return to growth after two full years of declines. We believe this momentum is being fueled by a combination of new product introductions and our continual wallet share growth. As an example, we are now in full production for the UTV skid plates.

動力運動產品是核心產品的主要銷售類別，在經歷了八個季度的下滑後，終於實現了同比增長，標誌著在連續兩年下滑後恢復了增長。我們認為，這一發展勢頭是由新產品的推出和我們不斷增長的市場份額共同推動的。例如，我們目前正在全面生產UTV底盤護板。

In the third quarter, we successfully launched the UTV skid plate program we've discussed on prior calls. We're seeing signs of recovery in demand for power sports helped by expectations for continued lower interest rates and new launches.

第三季度，我們成功推出了先前電話會議上討論過的UTV防滑板計畫。我們看到，在利率持續走低和新產品上市的推動下，動力運動產品的需求出現了復甦跡象。

That combination is creating a more active demand environment across both water and land power sports as we head into 2026. Regarding the skid plate program specifically, we expect it to generate approximately $8 million dollars in annual run rate revenue once fully ramped.

展望 2026 年，這種組合將為水上和陸地動力運動創造更活躍的需求環境。具體來說，就防滑板計畫而言，我們預計一旦全面投產，其年運行收入將達到約 800 萬美元。

While this category remains somewhat seasonal, we believe Power Sports' position for a stronger rebound in 2026, particularly in a more favorable interest rate environment following recent cuts and new program launches. Last quarter, we highlighted $46.7 million in new business wins this year, 99% of which is incremental.

雖然這個類別仍具有一定的季節性，但我們相信，在最近的降息和新項目推出後，尤其是在利率環境更加有利的情況下，動力運動產業將在 2026 年出現更強勁的反彈。上個季度，我們重點介紹了今年新增的 4,670 萬美元業務，其中 99% 為增量業務。

This builds on the $45 million in wins from last year. We are pleased with the momentum and excited about our known future growth and continue to see additional opportunities in a robust sales pipeline of over $250 million.

這比去年贏得的 4500 萬美元獎金又增加了一筆。我們對目前的勢頭感到滿意，對已知的未來成長感到興奮，並且繼續看到超過 2.5 億美元的強勁銷售管道中蘊藏著更多機會。

But we know we still have many opportunities to leverage the execution improvements we have made, and therefore, we are continuing to invest and aggressively refine our sales systems.

但我們知道，我們仍然有很多機會利用我們已取得的執行力提升，因此，我們將繼續投資並積極改進我們的銷售系統。

This has always been the last phase of the core molding transformation, and it is our current must-win battle as we drive to leverage all the business execution improvements and unlock the earnings potential of our improved capabilities.

這始終是核心成型轉型的最後階段，也是我們目前必須贏得的戰役，因為我們正在努力利用所有業務執行方面的改進，並釋放我們改進能力帶來的獲利潛力。

To accelerate growth further, we have implemented a value selling program, and we're adding 3 new business development roles that are focused on and incentivized to expand wallet share with key partners and drive lead development for our new sheet molding compound opportunities.

為了進一步加速成長，我們實施了價值銷售計劃，並新增了 3 個業務拓展職位，這些職位專注於擴大與主要合作夥伴的錢包份額，並推動我們新的片狀模塑料機會的潛在客戶開發，同時激勵這些職位的人員拓展。

On last quarter's call, we discussed the completion of a market analysis to determined the total addressable market for SMC in North America.

在上個季度的電話會議上，我們討論了完成市場分析，以確定 SMC 在北美的潛在市場規模。

During the thirdrd quarter, we partnered with four potential customers who completed molding trials of our material and provided positive feedback.

第三季度，我們與四家潛在客戶建立了合作關係，他們完成了我們材料的成型試驗並提供了積極的回饋。

Based on the successful product trials with the initial customers, we are optimistic about our current market potential, as we've stated earlier, we see the the cash cycle for this product in the 6 month range versus our fully designed product being in the 12 to 18 month range.

根據與首批客戶的成功產品試用，我們對目前的市場潛力持樂觀態度。正如我們之前所說，我們認為該產品的現金週期在 6 個月左右，而我們完全設計的產品的現金週期則在 12 到 18 個月左右。

We're pleased with the level of end market diversification represented in these trials, which includes electrical boxes, multi-family commercial doors, buses, and roof and hoods for truck customers.

我們對此試驗所反映的終端市場多元化程度感到滿意，其中包括電箱、多戶住宅商業門、巴士以及卡車客戶的車頂和引擎蓋。

We remain focused on broadening our sales and marketing work to promote core's proprietary SMC product as raw material for key customers. We estimate the total addressable market for this product exceeds about $200 million.

我們將繼續專注於擴大銷售和行銷工作，以推廣Core專有的SMC產品作為主要客戶的原料。我們估計該產品的潛在市場總額超過 2 億美元。

Our focus on operational improvements and key investments in our SMC operations has significantly improved our capacity, consistency, and performance, which we are seeing as key value propositions as we engage with customers in this market.

我們專注於營運改善和對 SMC 營運的關鍵投資，顯著提高了我們的產能、一致性和績效，我們認為這是我們與該市場的客戶互動時的關鍵價值主張。

We have always viewed our advanced formulations as a deep competitive differentiator for core, and now working directly with SMC customers, we clearly see our product and service advantages versus the current suppliers.

我們一直將我們先進的配方視為核心產品的強大競爭優勢，現在透過與 SMC 客戶直接合作，我們清楚地看到了我們產品和服務相對於現有供應商的優勢。

Specifically, core has more consistent material, expertise in modifying SMC formulations to meet specific molded part requirements, and core is significantly shorter lead times.

具體來說，Core 的材料更加穩定，在修改 SMC 配方以滿足特定模塑零件要求方面擁有專業知識，而且交貨週期明顯更短。

All these factors create significant value for our customers, particularly for customers whose end products are built around core's sheet molding compound, as is always the case with SMC.

所有這些因素都為我們的客戶創造了巨大的價值，特別是對於那些最終產品以片狀模塑料為核心的客戶而言，SMC 總是如此。

Work continues on our strategic $25 million investment, and layouts are complete for the Matamoros expansion and the new greenfield build in Monterey, Mexico.

我們2500萬美元的戰略投資項目正在繼續推進，馬塔莫羅斯擴建項目和墨西哥蒙特雷新建項目的佈局已經完成。

Monterey has been designed to provide additional capacity for future growth in low pressure injection molding and DCPD processes.

Monterey 的設計旨在為未來低壓射出成型和 DCPD 製程的成長提供額外的產能。

Additionally, we are adding topcoat paint capabilities to this facility as customers have specifically asked for this capability, especially in the construction and agricultural machine market.

此外，由於客戶特別要求，特別是建築和農業機械市場的客戶，我們正在為該工廠增加面漆塗裝能力。

We believe the Monterey region will continue to grow and has significant long-term potential for us.

我們相信蒙特雷地區將繼續發展，並對我們具有巨大的長期潛力。

We have also ordered two new state of the art 4,500 ton compression molding presses, and we have completed the automation design and plant layout for a sleeper route program in our Mata Morris facility.

我們還訂購了兩台最先進的 4,500 噸壓縮成型機，並且完成了我們在馬塔莫里斯工廠的枕木路線項目的自動化設計和工廠佈局。

The tooling revenue from these programs is anticipated to be approximately $35 million and is expected to be recognized in 2027.

這些項目帶來的工具收入預計約為 3,500 萬美元，預計將於 2027 年確認。

Organic growth remains our top priority in our capital allocation strategy, and this investment not only supports the launch of a major truck program, but also adds DCPD molding and topcoat paint capabilities to our Monterey business, serving growing industries, including the con agg market.

有機成長仍然是我們資本配置策略中的首要任務，這項投資不僅支持啟動一項重要的卡車計劃，而且還為我們在蒙特雷的業務增加了 DCPD 成型和麵漆能力，服務於不斷增長的行業，包括農產品市場。

The addition of DCPD molding positions us closer to key customers that highly value this process. Additionally, our new topcoat paint capabilities enables us to deliver final topcoat paint products that are ready to install by our customers.

DCPD成型製程的加入，使我們更接近那些高度重視此製程的關鍵客戶。此外，我們新的面漆生產能力使我們能夠為客戶提供可直接安裝的最終面漆產品。

This is a significant value add for our customers, which reduces overall cost and makes the process from order to finished product more efficient. Together these investments expand our technical capabilities and create new durable revenue streams.

這為我們的客戶帶來了顯著的附加價值，降低了整體成本，並使從下單到成品的整個過程更有效率。這些投資將共同擴大我們的技術能力，並創造新的、可持續的收入來源。

We have good visibility into the truck and power sports industry recovery, which gives us confidence in the potential for over $300 million in total revenue in 2027. These long-term programs are expected to generate approximately $150 million in revenue over the next seven to 10 years.

我們對卡車和動力運動產業的復甦前景有很好的預見性，這使我們有信心在 2027 年實現超過 3 億美元的總收入。這些長期項目預計將在未來七到十年內產生約 1.5 億美元的收入。

Based on our current projections across truck, power sports, and other growing end markets, we expect annual product revenue to exceed $325 million within the next two years.

根據我們目前對卡車、動力運動和其他不斷增長的終端市場的預測，我們預計未來兩年內年度產品收入將超過 3.25 億美元。

Turning to our Q3 financial results, revenue was $58.4 million, which is down 19.9% from the prior year, with over half of the sales decline coming from the known Volvo transition and the remaining due to declines in other truck demand.

再來看我們第三季的財務業績，營收為 5,840 萬美元，比上年下降了 19.9%，其中超過一半的銷售額下降是由於已知的沃爾沃轉型造成的，其餘部分是由於其他卡車需求的下降造成的。

Gross margin was 17.4%, which is within our targeted range of 17% to 19%, adjusted even a margin of 11%. That's up 70 basis points from a year ago.

毛利率為 17.4%，在我們設定的 17% 至 19% 的目標範圍內，即使毛利率調整為 11% 也仍然在目標範圍內。比一年前上升了70個基點。

Cash flow from operations for the 1st 9 months of the year of over $14 million which continues to exceed our year-to-date net earnings.

今年前 9 個月的營運活動現金流超過 1,400 萬美元，繼續超過我們今年迄今的淨收益。

We again delivered stable growth margins this quarter within our projected range and positive year-to-date free cash flow. Sales declined in the third quarter were more than we expected.

本季我們再次實現了預期範圍內的穩定成長利潤率，今年迄今的自由現金流為正。第三季銷售額下降幅度超出預期。

But the new business wins are there, and we continue to ramp up our invest for growth efforts. We expect fourth quarter sales to be up year over year, primarily due to a significant increase in to sales.

但我們已經贏得了新的業務，並將繼續加強投資以促進成長。我們預計第四季銷售額將年增，主要原因是銷售額大幅成長。

Regarding the ongoing succession plan execution, Eric and I are working closely in all facets of the role as we continue to progress towards the CEO succession plan for May of 2026.

關於正在進行的繼任計畫執行，艾瑞克和我正在各個方面密切合作，繼續推進 2026 年 5 月的 CEO 繼任計畫。

As I've discussed in the past, we have robust systems for organizational development and succession planning throughout all levels of our organization.

正如我之前討論過的，我們擁有完善的組織發展和繼任計畫體系，涵蓋組織的各個層面。

In conjunction with our succession plan for we have developed a strong bench under A, including an executive Vice President of Mexico operations, Arnold Alanis, who has worked for Corps for over 13 years, and our executive Vice President of US and Canada operations, Mike Gayford.

配合我們的繼任計劃，我們在 A 的領導下培養了一批強大的後備人才，其中包括在公司工作超過 13 年的墨西哥營運執行副總裁 Arnold Alanis，以及美國和加拿大營運執行副總裁 Mike Gayford。

Arnold and Mike have been a part of the entire leadership transition over the last year, and I appreciate their increased engagement in our business, allowing Eric time to focus on transitioning to CEO.

在過去一年中，Arnold 和 Mike 一直參與整個領導過渡工作，我感謝他們更多地參與我們的業務中，讓 Eric 有時間專注於過渡到 CEO 的職位。

I believe that our culture is a competitive advantage, and a key benefit of that strategy is our ability to develop and grow leaders from within core molding, as demonstrated by our ability to promote new executive leaders from within the organization.

我認為我們的企業文化是一種競爭優勢，而這項策略的關鍵優勢在於我們能夠從核心層面培養和發展領導者，正如我們能夠從組織內部提拔新的高階主管領導者所證明的那樣。

I think it's a testament to the effectiveness of our organizational development and succession process. Now I'll hand the call over to A to share comments on our new production and operational efficiency efforts.

我認為這證明了我們組織發展和繼任流程的有效性。現在我將把電話交給 A，讓他分享我們對新的生產和營運效率提升措施的看法。

Thank you, Dave, and good morning. One of our newest program opportunities is a large Canadian rail infrastructure project. The cable railway containment trough system replaces concrete systems, and its installations were labor intensive, slow, and costly.

謝謝你，戴夫，早安。我們最新的專案機會之一是加拿大的大型鐵路基礎設施項目。索道鐵路護軌槽系統取代了混凝土護軌系統，但其安裝過程勞動密集、速度慢、成本高。

Under the traditional installation process, crews excavate a shallow trench and use a crane to lift and position each concrete section. The benefits of our proprietary polymer and composite troughing are that they are lightweight, nonconductive, easier to install, and made from recycled materials, reducing both installation labor and lifetime maintenance costs.

按照傳統的安裝流程，施工人員會挖一條淺溝，然後用起重機吊起並放置每個混凝土構件。我們專有的聚合物和複合材料槽的優點是重量輕、不導電、易於安裝，並且由回收材料製成，從而降低了安裝人工和終身維護成本。

I'd also like to share an update on footprint optimization initiative launched at the end of the second quarter, which we expect to be completed by year end.

我還想分享我們在第二季末啟動的足跡優化計劃的最新進展，我們預計該計劃將在年底前完成。

As part of our ongoing focus on product level profitability, the current softness in the truck demand created an opportunity to consolidate our RTM or resin transfer molding process by purposefully relocating select programs to another one of our facilities.

作為我們持續關注產品層面盈利能力的一部分，目前卡車需求疲軟，這為我們整合 RTM（樹脂傳遞模塑）工藝創造了機會，我們將部分項目特意轉移到我們的另一家工廠。

This strategic move will streamline operations at the originating site and is expected to deliver further margin improvement.

這項策略舉措將簡化原產地的運營，並有望進一步提高利潤率。

Lastly, I wanted to call out our operational teams for their 99% on-time deliveries and excellent 62 ppm performance. PPM, which measures the number of defective parts per million produced, is used by our customers to measure quality performance. The rate below 0.01% indicate.

最後，我要表揚我們的營運團隊，他們的準時交貨率高達 99%，每分鐘交付量達到 62 件，表現出色。PPM（每百萬件產品中的缺陷零件數）被我們的客戶用來衡量品質性能。低於 0.01% 的比率表明。

A high level of quality and demonstrates the precision of our quality processes. We have also maintained industry low safety incident rates and employee turnover rates, which we take pride in.

高品質，體現了我們品質控制流程的精準性。我們也維持了業內較低的安全事故率和員工流動率，我們為此感到自豪。

These favorably trending metrics reflect well on our culture and commitment to excellence across all our people and our plants. With that, I would like to turn the call over to Alex to run through the financials.

這些正面的指標趨勢很好地反映了我們企業文化以及我們全體員工和工廠對卓越的承諾。接下來，我想把電話交給 Alex，讓他來介紹一下財務狀況。

Thank you, Eric, and. Good morning, everyone. For the third quarter, net sales totaled $58.4 million. As Dave stated, product sales were primarily down due to the known Volvo transition.

謝謝你，埃里克。各位早安。第三季淨銷售額總計5,840萬美元。正如戴夫所說，產品銷售下降主要是由於眾所周知的沃爾沃轉型所致。

Including the Volvo transition, sales were down 8.7% from prior year due to lower demand, primarily in the medium and heavy duty truck verticals. This was partially offset by new product sales to customers in power sports, building products, and industrial and utilities markets.

包括沃爾沃的過渡在內，由於需求下降，主要集中在中型和重型卡車領域，銷量比前一年下降了 8.7%。部分損失被面向動力運動、建築產品以及工業和公用事業市場客戶的新產品銷售所抵消。

Despite the operating leverage experienced in the third quarter, we maintain a gross margin of $10.1 million or 17.4% of sales.

儘管第三季經歷了經營槓桿效應，但我們仍維持了 1,010 萬美元的毛利，佔銷售額的 17.4%。

Over the past 12 months, we have executed a series of initiatives focused on improving operational efficiency, optimizing raw material costs, and enhancing overall margin performance. These efforts have helped offset the fixed cost deleveraging associated with the planned Volvo transition.

在過去的 12 個月裡，我們實施了一系列旨在提高營運效率、優化原材料成本和提升整體利潤率的措施。這些努力有助於抵消與計劃中的沃爾沃轉型相關的固定成本去槓桿化。

We continue to expect our gross margin to remain within our targeted range of 17% to 19% for the year.

我們預計全年毛利率將維持在 17% 至 19% 的目標範圍內。

SG&A expenses for the third quarter were $7.6 million or 13% of sales compared to 12% in our prior year period.

第三季銷售、一般及行政費用為 760 萬美元，佔銷售額的 13%，而上年同期為 12%。

Excluding the $220,000 in footprint optimization costs, our SG&A rate would have been 12.6% for the quarter. As Eric discussed, our footprint optimization project is underway.

若扣除 22 萬美元的場地優化成本，我們本季的銷售、一般及行政費用率為 12.6%。正如埃里克所說，我們的佔地面積優化項目正在進行中。

We have invested $500,000 so far and plan to invest $1.5 million by the end of 2025. Again, this project involves relocating production to a different plant to generate cost savings of over $1 million each year, beginning in January of 2026.

我們目前已投資 50 萬美元，並計劃在 2025 年底投資 150 萬美元。同樣，該項目涉及將生產轉移到另一家工廠，從 2026 年 1 月開始，每年可節省超過 100 萬美元的成本。

Operating income for the quarter was $2.6 million or 4.4% of sales, down from $3.6 million or 4.9% of sales in the same period in the prior year. The third quarter's interim effective tax rate was 29.3% compared to 18.7% in the prior year quarter.

本季營業收入為 260 萬美元，佔銷售額的 4.4%，低於去年同期的 360 萬美元，佔銷售額的 4.9%。第三季中期實際稅率為 29.3%，去年同期為 18.7%。

The increase was due to taxable income being generated in higher tax rate jurisdictions this quarter.

成長的原因是本季在較高稅率地區產生了應稅收入。

Net income for the third quarter was $1.9 million or diluted income per share of $0.22 compared to net income of $3.2 million or diluted EPS of $0.36 in the comparable year period. Excluding the impact of footprint optimization costs, our third quarter diluted EPS would have been $0.24.

第三季淨利為 190 萬美元，稀釋後每股收益為 0.22 美元，去年同期淨利為 320 萬美元，稀釋後每股收益為 0.36 美元。如果排除佔地面積優化成本的影響，我們第三季稀釋後每股盈餘將為 0.24 美元。

The Third quarter adjusted EBITDA was $6.4 million or 11% of sales. We generated $14.2 million in GAAP cash from operations. And after capital expenditures of $9.3 million our free cash flow was $4.9 million for the first nine months of 2025.

第三季調整後 EBITDA 為 640 萬美元，佔銷售額的 11%。我們透過經營活動產生了 1,420 萬美元的 GAAP 現金流。在 2025 年前九個月的資本支出為 930 萬美元之後，我們的自由現金流為 490 萬美元。

We continue to expect the 2025 capital expenditures to be approximately $18 million to $22 million, including investments for the Mexico expansion.

我們仍預期 2025 年的資本支出約為 1,800 萬美元至 2,200 萬美元，其中包括對墨西哥擴張的投資。

As we previously announced with the award of the Volvo Mexico business, the company will invest approximately $25 million over the next 18 months.

正如我們之前宣布獲得沃爾沃墨西哥業務時所宣布的那樣，該公司將在未來 18 個月內投資約 2500 萬美元。

As of September 30th, our balance sheet was strong, with a total liquidity position of $92.4 million comprising of $42.4 million in cash, plus $50 million available under the revolver and capital credit lines.

截至 9 月 30 日，我們的資產負債表穩健，總流動性為 9,240 萬美元，其中包括 4,240 萬美元現金，以及循環信貸和資本信貸額度下的 5,000 萬美元可用資金。

The company's term debt was $20.3 million at the end of the quarter, and our debt to EBITDA ratio for the trailing 12 months remains less than one time. Our return on capital employed was 6.5%, and excluding cash, the rate was 8.7%.

截至季末，公司長期負債為 2,030 萬美元，過去 12 個月的負債與 EBITDA 比率仍低於 1 倍。我們的資本回報率為 6.5%，若不計現金，則回報率為 8.7%。

As we continue to launch new business, we expect this metric to improve by better leveraging top-line performance and driving better asset utilization.

隨著我們不斷推出新業務，我們預計透過更好地利用營收成長和提高資產利用率，這項指標將會得到改善。

Both Rosi metrics are computed using the trailing 12 months of operating income in total capital employed, a pre-tax metric. Please see our earnings release for the GAAP to non-GAAP reconciliation tables.

Rosi 的兩項指標均採用過去 12 個月的總資本營運收入計算得出，這是一個稅前指標。請參閱我們的獲利報告，以了解 GAAP 與非 GAAP 財務指標的調整表。

Our capital allocation strategy remains flexible with a significant focus on organic growth, as well as discipline, management of debt and working capital, and share repurchases.

我們的資本配置策略保持靈活，專注於內生成長，以及紀律、債務和營運資本管理以及股票回購。

Year-to-date, we have spent $2.5 million on Mexico expansion projects and expect to spend a total of $7.5 million by the end of 2025 and $17.5 million in 2026.

今年迄今為止，我們已在墨西哥擴張項目上花費了 250 萬美元，預計到 2025 年底將總共花費 750 萬美元，2026 年將花費 1750 萬美元。

For the three months ended September '30, no shares were repurchased. And to date this year, we have repurchased 151,584 shares at an average price of $14.80.

截至 2030 年 9 月的三個月內，並未回購任何股份。今年迄今為止，我們已以平均每股 14.80 美元的價格回購了 151,584 股股票。

Our full year year sales expectations are down 10% to 12%. However, we have forecasted fourth quarter sales to increase, driven by new program launches and significantly higher tooling sales.

我們全年的銷售預期下降了10%至12%。然而，我們預測第四季度銷售額將有所成長，這主要得益於新項目的推出和工具銷售額的大幅成長。

As a reminder regarding tariffs, our products in both Canada and Mexico are USMCA compliant and are currently exempt from tariffs. We will continue to closely monitor how changes in trade policies affect our customers and their end markets.

關於關稅問題，再次提醒各位，我們在加拿大和墨西哥的產品均符合美墨加協定 (USMCA) 的規定，目前免關稅。我們將繼續密切關注貿易政策變化對我們的客戶及其終端市場的影響。

And with that, I would like to turn it back to Dave.

那麼，接下來我想把麥克風交還給戴夫。

Thank you, Alex. We're excited about new and existing customers and markets, as Eric mentioned, we are finalizing negotiations on a large Canadian project for the rail data line transmission troughs called TOR, which is worth about $15 million in annual revenue starting in the second half of 2026.

謝謝你，亞歷克斯。我們對新舊客戶和市場都感到興奮，正如艾瑞克所提到的，我們正在敲定一項名為 TOR 的大型加拿大鐵路數據線傳輸槽項目的談判，該項目從 2026 年下半年開始，每年可帶來約 1500 萬美元的收入。

We continue to see a strong pipeline of opportunities with over $250 million in business development potential in our pipeline.

我們持續看到大量潛在商機，目前我們的業務發展潛力超過 2.5 億美元。

We believe we can add over $40 million in new wins that would be awarded in the next three to six months. We're also excited about this year's wins because they are in new and emerging markets for core.

我們相信，未來三到六個月內，我們可以新增超過 4,000 萬美元的獎金。我們對今年的勝利也感到非常興奮，因為它們都來自核心業務的新興市場。

These new markets, which we strategically targeted, include new pickup box panels for small EV trucks, satellite tracking systems, and the truck applications.

我們策略性地瞄準了這些新市場，包括小型電動卡車的新型皮卡車廂面板、衛星追蹤系統和卡車應用。

We plan to expand our DCPD molding process for large OEMs in the areas we already serve and have added topcoat paint to our full service partner model.

我們計劃在已服務的地區為大型 OEM 擴大我們的 DCPD 成型工藝，並在我們的全方位服務合作夥伴模式中增加了面漆塗裝。

We continue to invest in our sales organization, and we're driving like hell to develop new customers who trust us with their long-term business.

我們將繼續投資於我們的銷售組織，並全力以赴地開發新客戶，以獲得對我們長期業務的信任。

Eric and I are highly focused on further scaling operations, leveraging our fixed cost base, and optimizing our portfolio footprint.

Eric 和我高度重視進一步擴大營運規模、利用我們的固定成本基礎以及優化我們的投資組合佈局。

Our commitment to continuous performance improvement, especially with the lower current demand, positions us to translate top-line growth into bottom line results.

我們致力於持續改善業績，尤其是在當前需求較低的情況下，這使我們能夠將營收成長轉化為利潤成長。

We're excited about the future and look forward to leveraging all the improvements with the addition of the $65 million in incremental wins we have achieved in the last 20 months.

我們對未來充滿期待，並希望利用過去 20 個月中取得的 6,500 萬美元增量收益所帶來的所有改進。

We will continue to strengthen our operations and take the necessary actions to drive long-term business capability and profitability.

我們將繼續加強運營，並採取必要措施，以提升長期業務能力和獲利能力。

We are pursuing the most promising opportunities in new markets and growing wallet share with our current long-term customers. We are confident this is only the beginning.

我們正在開拓新市場，尋求最有前途的機會，並努力提高現有長期客戶的市場份額。我們相信這只是個開始。

New areas are emerging, and we will continue to evolve in the construction sector, such as commercial windows and doors market.

新的領域正在湧現，我們將繼續在建築領域發展，例如商業門窗市場。

We focus on large diverse sectors such as construction, energy, industrial, aerospace, and medical markets, and we have proven we will win.

我們專注於建築、能源、工業、航空航太和醫療市場等大型多元化產業，我們已經證明我們會成功。

We are driving to engage our sales and technical teams earlier in the design cycle to expand wallet share and educate customers of our full range of value-added capabilities, including SMC formulation, large part molding, and topcoat painting.

我們正在努力讓銷售和技術團隊更早參與設計週期中，以擴大市場份額，並向客戶普及我們全方位的增值能力，包括 SMC 配方、大型零件成型和麵漆噴塗。

Customers desire a strategic partner like Core molding to handle design, fabrication, and completion with the topcoat paint.

客戶希望找到像 Core Molding 這樣的策略合作夥伴，來負責設計、製造和完成面漆塗裝。

Our teams are committed to maintaining our must-win battle excellence by one driving incremental sales growth into new markets, two, improving our margin profile through operational excellence and our innovation pipeline, and three, continually investing in growing a business that has proven it can execute well.

我們的團隊致力於維持我們必勝的卓越表現，具體措施包括：一、推動銷售成長進入新市場；二、透過卓越的營運和創新管道提高利潤率；三、持續投資發展已被證明能夠有效執行的業務。

Although the truck industry forecasts continue to look soft for Q4, ACT and customer forecasts indicate a truck build increase in the second half of 2026.

儘管卡車行業對第四季度的預測仍然疲軟，但 ACT 和客戶的​​預測表明，2026 年下半年卡車產量將會增加。

As we discussed last quarter, the great pause, as one customer put it, continues with delayed decisions and major markets still serving in a lower than expected demand environment.

正如我們上個季度討論的那樣，正如一位客戶所說，這種巨大的停滯仍在繼續，決策被推遲，主要市場的需求環境仍然低於預期。

Tariff concerns have caused companies to pause, and we've seen delays in demand and even more so in the decisions of launching new programs.

關稅問題導致企業暫停行動，我們看到需求出現延遲，新專案啟動的決策更是受到阻礙。

However, recently we have seen signs of stabilization and rebounding demand in several of our key markets. We are finding ways to attract new customers and increase wallet share with current customers.

然而，最近我們在幾個主要市場看到了穩定和需求反彈的跡象。我們正在尋找吸引新客戶和提高現有客戶消費份額的方法。

Our must-win battle of invest for growth continues, which is reflected in our confidence to make significant investments in future growth.

我們為實現成長而必須贏得的這場投資之戰仍在繼續，這體現在我們有信心對未來的成長進行重大投資。

Developing a world class engineering and manufacturing solutions partner for large and ultra-large molded solutions is our goal.

我們的目標是成為世界一流的大型和超大型模塑解決方案工程和製造合作夥伴。

Again, I want to thank our team for their hard work and dedication to excellence, which has enabled us to achieve successes throughout our transformation journey.

再次感謝我們的團隊，感謝他們的辛勤工作和對卓越的不懈追求，正是他們的努力和奉獻精神，才使我們能夠在整個轉型過程中取得成功。

I also want to thank our customers, investors, and board for their belief in what we do every day at C Coming.

我還要感謝我們的客戶、投資者和董事會，感謝他們對 C Coming 每天所做工作的信任。

Finally, we will present our investment story and host one to one meetings at the Southwest Ideas Conference in Dallas on Wednesday, November '19. Please reach out if you would like to see us there in person or set up an investor call soon.

最後，我們將於 2019 年 11 月 19 日星期三在達拉斯舉行的西南創意大會上介紹我們的投資故事並安排一對一會議。如果您希望我們親自到場或盡快安排投資者電話會議，請與我們聯絡。

With that, let's open up the line for questions, operator.

那麼，接線員，我們現在開始接受提問。

(Operator Instructions)

（操作說明）

Your first question for today is from Chip Moore with Roth.

今天第一個問題來自羅斯公司的奇普摩爾。

Good morning. Thanks for taking the question. I wanted to a lot of noise around tariffs for trucking specifically, I think right there were some actions got pushed October to November, but just.

早安.感謝您回答這個問題。我想就卡車運輸關稅問題引起很多關注，我認為當時的一些行動被推遲到 10 月到 11 月，但只是。

Your updated thoughts around those tariffs specifically, any potential impacts or or you know what you're seeing from customers.

您對這幾項關稅有什麼最新看法？它們可能產生哪些潛在影響？或者您從客戶那裡了解到了哪些情況？

In regards to those.

關於那些。

Yeah, I mean, all of our products are USMCA compliant, so right now, we still, our understanding is we are exempt.

是的，我的意思是，我們所有的產品都符合美墨加協定 (USMCA) 的規定，所以目前，我們仍然認為我們是豁免的。

Our bigger concern is the impact that it could have on customer demand down the road, but right now we're not seeing the impact on tariffs just yet.

我們更擔心的是它可能對未來客戶需求的影響，但目前我們還沒有看到對關稅的影響。

Got it. Okay, no, that's helpful, and I guess.

知道了。好吧，不，這很有幫助，我想也是。

Overall.

全面的。

I think overall too from an operational standpoint we have both operations in the US and Canada and if need be it's not a short change to move but it's always possible to move.

我認為從營運角度來看，我們在美國和加拿大都有業務，如果需要的話，搬遷並不是什麼難事，而且搬遷總是可能的。

Yeah, and.

是的，而且。

And then the only other thing I would add is, we have RMA, raw material adjusters in our in our all of our contracts and so if we do get hit with a tariff and increased costs, we can pass that through to customers.

我還要補充一點，我們所有的合約中都有 RMA（退貨授權）和原材料調整條款，因此，如果我們受到關稅和成本增加的影響，我們可以將這些成本轉嫁給客戶。

Got it. That's helpful and I need to follow-up on, as you look out, it sounds like your line of sight to $300 million plus is quite strong. Just, if you think about 27, I guess what biggest risks to that or, upside to that and then what do you have built in around trucking as we look out, maybe the 2027.

知道了。這很有幫助，我需要跟進一下。就你目前的情況來看，你似乎很有希望獲得超過 3 億美元的收入。想想27年，最大的風險是什麼？最大的好處是什麼？展望未來，例如到2027年，卡車運輸業有哪些發展計畫？

That's a great question. So when I look at it from a high level, as we said, our quote to cash cycle time is 12 months to 18 months. So as we know, the Volvo program won't launch until 27 and we have $45 million of wins in prior year and $47 million of incremental wins this year that we see layering in over the next you know 18 months.

這是一個很好的問題。所以從宏觀角度來看，正如我們所說，我們的報價到收款週期為 12 到 18 個月。我們知道，沃爾沃項目要到 27 號才會啟動，而我們去年贏得了 4500 萬美元的訂單，今年又新增了 4700 萬美元的訂單，我們預計這些訂單將在接下來的 18 個月內陸續到位。

So that's where we're saying as they ramp up, you start out with a ramp and maybe you're ramping for six to seven months until you get into full volume. So that's where we start seeing the sales coming together. So we're pretty excited about that.

所以，我們想說的是，在產能提升的過程中，你會先經歷一個產能爬坡階段，可能需要六到七個月的時間才能達到滿載生產。所以，我們開始看到銷售額逐漸趨於穩定。所以我們對此感到非常興奮。

When we talk with truck customers right now, there's and looking at ACT, we're seeing that we believe truck or they believe truck will start coming back the second half of next year. Probably the biggest concern, we were talking with one customer.

我們現在與卡車客戶交談，並觀察 ACT 的情況，我們發現他們認為卡車市場將在明年下半年開始復甦。我們和一位客戶談話時，發現這可能是我們最關心的問題。

Yesterday and the rate of increase that they had going into the second half next year was significant.

昨天以及他們進入明年下半年的成長率都非常顯著。

So I would say after yesterday our biggest concern was really how fast will the truck market come up because they can come up pretty quick and being able to hire and meet all those demands on the upswing because it goes up as fast as it comes down and the further it goes down, probably more likely the more it's going to go up.

所以我想說，昨天之後，我們最關心的問題是卡車市場會以多快的速度回升，因為卡車市場可能會很快回升，而且能否在市場回暖時招聘並滿足所有這些需求也是個問題，因為市場回暖的速度和下跌的速度一樣快，下跌得越厲害，回暖的可能性就越大。

Perfect.

完美的。

If I could ask another one, just around sort of more near term, the tooling revenues, getting bumped to Q4, any sense of how to think about tooling revenues, maybe for Q4 and even over the next couple quarters just with all the the new programs you've got on the horizon.

如果我可以再問一個問題，就近期而言，模具收入被推遲到第四季度，你能否談談如何看待第四季度甚至未來幾個季度的模具收入，因為你們有很多新項目即將啟動。

Yeah, so for the full year of 2025 we anticipate tooling sales to be roughly 15% of our total sales in 2025.

是的，我們預計 2025 年全年模具銷售額將佔 2025 年總銷售額的 15% 左右。

And then keep in mind, Chip, those sales will be at a lower margin than our product sales. And then in the future year, so 26, I mean. We're not really given any guidance from a number perspective for '26, but the Volvo Mexico tooling job will We'll close, it'll be close at the end of '26, maybe slips into '27, but it'd be December of '26, maybe January of '27.

還有一點要記住，Chip，這些銷售的利潤率會比我們的產品銷售低。然後到了未來的某一年，也就是26年，我的意思是。2026 年的具體數字方面我們還沒有得到任何指導，但是沃爾沃墨西哥的模具工作將會在 2026 年底完成，可能會推遲到 2027 年，但應該是 2026 年 12 月，也可能是 2027 年 1 月。

Got it. Okay, so a little negative mix impact Q4 on higher tooling revenues. Any way to think about.

知道了。好的，所以第四季度一些不利因素對工具業務收入的成長產生了影響。任何思考方式。

But yeah, so margins will take a little bit of a hit, but we still are, providing guidance that will be within that 17 % to 19% target that we've, put out there each quarter and for the full year. Yeah.

是的，利潤率會受到一些影響，但我們仍然會提供指引，確保利潤率保持在我們每個季度和全年設定的 17% 至 19% 的目標範圍內。是的。

That's what I was going to ask, and I was going to follow-up just sort of longer-term, as the tooling normalizes 17 to 19 still the right way to think about it, or do you think there's upside potential at some point, on higher volumes.

這正是我要問的，我還想進一步探討長期發展，隨著工具的正常化，17 到 19 仍然是正確的思考方式嗎？或者你認為在某個時候，隨著產量的增加，會有上漲的潛力嗎？

Yeah, I think you know when we start getting back into the $300 million, there's going to definitely be some upside. I mean, we'll start getting back some fixed leverage. We'll reverse, favorably, and so I think that'll be worth, anywhere I would say right around 200 basis points if you go.

是的，我想你知道，當我們重新回到 3 億美元的規模時，肯定會有一些上漲空間。我的意思是，我們會開始重新獲得一些固定槓桿。我們會扭轉局面，而且是有利的，所以我認為，如果真要扭轉局面，那大概會有 200 個基點左右。

Back and look at our previous quarters and see the lost leverage each quarter. Yeah, I think if we go back two years we're losing right around 200 basis points. So you could add 200 basis points, I think is a is a good way to look at it.

回顧前幾季度，看看我們每季損失了多少槓桿作用。是的，我認為如果我們回顧兩年前的數據，我們會損失大約 200 個基點。所以你可以加上 200 個基點，我認為這是一個很好的看待這個問題的方式。

Also the part that we believe is that on the new programs, the systems that we put in place and how we're quoting business, it's definitely incremental on the margin side.

我們也相信，在新項目、我們建立的系統以及我們報價業務的方式方面，利潤率肯定會有所提高。

Excellent. Okay. I don't want to give you a number on how much yet though.

出色的。好的。不過我現在還不想告訴你具體金額。

Yeah, understood. Yeah, I'll hop and let others. Thanks.

嗯，明白了。是的，我會跳過去，讓其他人跳。謝謝。

(Operator Instructions)

（操作說明）

You have a follow-up question coming from Chip. Your line is live.

Chip還有一個後續問題。您的線路已開通。

Thanks. I just want to make sure I wasn't hogging the line. I guess it's just one more for me on the new business opportunities that the Canadian rail project, that's a nice win.

謝謝。我只是想確認一下我有沒有長時間佔用排隊通道。我想這對我來說又是新商機，加拿大鐵路計畫就是個不錯的勝利。

Opportunity for similar type projects and then SMC, how is the reaction there? It sounds like it's going pretty well, but any more detail you can provide.

類似計畫的機會，以及SMC的反應如何？聽起來進展順利，但能否提供更多細節？

Yeah, two parts to that chip. So the first one on the on the rail Trojan troughs. We actually had that business in 2023. It tends to be a project based when a city or a municipality does a section of rail.

是的，那塊晶片由兩個部分組成。所以第一個是在鐵路上的特洛伊木馬槽。我們其實在 2023 年就開展了那項業務。這通常是指城市或市政當局修建一段鐵路的項目。

It's a big project for us for a couple of years, so we've had a couple of years without any, and we Another one of those currently building a test track for next summer, and that that would turn into that bigger multi-year program. So we're excited about it.

對我們來說，這是一個需要幾年時間才能完成的大項目，所以我們有幾年時間沒有進行任何相關工作，而我們目前正在建造一條測試跑道，準備在明年夏天投入使用，這將發展成為一個更大的多年項目。所以我們對此感到很興奮。

Can't say that we've 100% won it, but we are we're certainly there providing the test test track and believe that we are in a good position to win the whole installation.

不能說我們已經 100% 贏了，但我們肯定已經做好了準備，提供了測試場地，並且相信我們處於有利地位，能夠贏得整個安裝項目。

Your second question was around SMC. We put some comments in there. We have since last quarter four very specific customers that are trialing, actually molding parts, had some of our engineering teams working with them, and so it made a lot of progress with four of the 10 customers that we had focused on.

你的第二個問題是關於SMC的。我們在那裡添加了一些評論。自上個季度以來，我們有四位非常具體的客戶正在進行試用，實際上是在製作零件，我們的一些工程團隊與他們合作，因此在我們重點關注的 10 位客戶中，有 4 位取得了很大的進展。

And so we believe in the next quarter or so we'll be having awards or agreements with some of those customers to announce in our next earnings.

因此，我們相信在接下來的一個季度左右，我們將與其中一些客戶達成獎勵或協議，並在下一份財報中宣布。

Perfect. Okay. And they just la on the buyback, you didn't do any this quarter, but can you just remind us what your authorization is there.

完美的。好的。他們只是在股票回購方面拖延，你這季沒有進行任何回購，但你能提醒我們一下你的授權是什麼嗎？

Thank you.

謝謝。

Yeah, we have roughly about just over $2 million left in the buyback is, it's still in place as of today, and so, but yeah, we plan on still utilizing that as a way to use our capital.

是的，我們目前還剩下大約 200 多萬美元的股票回購資金，截至今天，這項回購計劃仍然有效，所以，是的，我們計劃繼續利用這筆資金來運作。

Great. Okay, thanks for all the call. I appreciate it.

偉大的。好的，謝謝大家的來電。謝謝。

Thanks. Thanks.

謝謝。謝謝。

Your next question is from Bill Dieselle with Titan Capital.

下一個問題來自 Titan Capital 的 Bill Dieselle。

Thank you. A couple of questions. Would you please start by walking us through the tooling business that.

謝謝。幾個問題。請您先為我們介紹一下工具製造業務。

Shifted to Q4. From. The Q3, what the dynamics were behind that?

推遲到第四季。從。第三季背後的驅動因素是什麼？

So tooling in general, they've kind of walked through this on the call, but for us to recognize revenue, the customer has to accept tooling. So there's all kinds of different tests. You have to do full production run tests. You have to do quality tests. There's different specifications.

所以，關於模具方面，他們在電話會議上已經大致討論過了，但是要確認收入，客戶必須接受模具。所以有各種各樣的測試。必須進行完整的生產環境運作測試。你必須進行品質測試。規格各不相同。

And so, working with a customer at times, those tests get delayed for one reason or another. One could be because the customer decided to do engineering changes and so.

因此，在與客戶合作的過程中，有時由於這樣或那樣的原因，這些測試會被推遲。其中一個原因可能是客戶決定進行工程變更等等。

In this case, one of our bigger tooling jobs that we originally thought was going to close in Q3 got delayed into Q4. We are currently in the process of doing those tests.

在這種情況下，我們原本以為會在第三季完成的一項較大的模具製造專案被推遲到了第四季。我們目前正在進行這些測試。

I don't see that job specifically being pushed out any further at this moment, but that it's just that's kind of the nature of the toying. We don't have a ton of control.

目前我並不認為這項工作會被進一步推遲，但這只是這種嘗試的本質而已。我們並沒有太多的控制權。

We can push our customers as hard as we can and work with them. But there is still a risk from a from a job being delayed from a quarter to quarter, but at the end of the day it's not lost revenue, it's just a timing issue.

我們可以盡我們所能向客戶施壓，並與他們合作。但是，由於工作進度逐季度延遲，仍然存在一定的風險，但歸根結底，這不會造成收入損失，只是時間安排的問題。

Hey Bill, kind of a way that we look at it as well, usually if it's a lot of times it's not us, it's the entire product level is really what they're dealing with. And they're trying to really put everything together.

嘿，比爾，我們也是這麼看的，通常很多時候問題不在於我們，而在於整個產品層面，這才是他們真正面臨的問題。他們正努力把所有事情整合起來。

What the ideal case for them would be every supplier, every validation test, everything works, and then they get full approval. When one of those things doesn't work, the entire supply base is not PAP approved.

對他們來說，最理想的情況是所有供應商、所有驗證測試都正常進行，然後他們就能獲得全面批准。如果其中一項出了問題，整個供應體係就無法取得 PAP 認證。

So once we get PAP. Approved, we recognize the revenue, which is a signed off document. Now if that PAP is going to be pushed for a long period of time, we would certainly be in there talking with the customers saying, hey, we can't wait a quarter for this to be done.

所以一旦我們得到人民行動黨。經批准後，我們將確認收入，這是一份簽署確認的文件。如果這項 PAP 計劃要長期推進，我們肯定會與客戶溝通，告訴他們：“嘿，我們不能再等一個季度才能完成這項計劃了。”

But if it's weeks, it's probably not worth pushing that hard.

但如果時間長達數週，可能就不值得這麼努力了。

That's helpful.

那很有幫助。

Thank you. And then you referenced the footprint optimization.

謝謝。然後你提到了佔地面積優化。

That you were doing and that was going to have nice cost savings. Would you please walk us through physically what's what's moving from where to where and and why that's taking place besides just the money aspect and maybe it's as straightforward as the cost.

你之前做的那件事本來可以省下不少成本。請您實際地向我們解釋一下，除了金錢方面之外，究竟是什麼東西在從哪裡搬到哪裡，以及為什麼會發生這種情況，也許原因就和成本一樣簡單明了。

Savings.

節省。

Sure, Bill, if you remember the term resin transfer molding or RTM parts, we used to have a business in Batavia, Ohio a number of years ago that built almost only resin transfer products.

當然，比爾，如果你還記得樹脂傳遞模塑或 RTM 零件這個術語，我們幾年前在俄亥俄州巴達維亞市有一家公司，幾乎只生產樹脂傳遞產品。

We ultimately closed that plant and moved that product into our Matamoris facility and our Columbus facility, and ultimately what we've decided is to move what was left in our Columbus facility down to our Mata Morris facility. And our facility down there has, employees with 20 and 30 years of experience doing resin transfer molding.

我們最終關閉了那家工廠，並將產品轉移到了我們的馬塔莫里斯工廠和哥倫布工廠，最終我們決定將哥倫布工廠剩餘的產品轉移到我們的馬塔莫里斯工廠。我們那裡的工廠擁有20到30年樹脂傳遞模塑經驗的員工。

Over 300 of our employees in Mexico are a part of that business unit down there and so they are just they're skilled, capable, and engaged, and we've struggled in Ohio to produce those.

我們在墨西哥有 300 多名員工隸屬於當地的業務部門，他們技術嫻熟、能力出眾、積極投入，而我們在俄亥俄州卻很難培養出這樣的人才。

Heavy manual labor, difficult parts, very handwork with fiberglass, and so ultimately, we're just leaning into where our strength and skills are and there's some labor savings associated with it, but really it's about the technical expertise and the employee base that we have is capable of it.

繁重的體力勞動、複雜的零件、玻璃纖維的手工加工等等，所以最終，我們只是在發揮我們的優勢和技能，這樣做可以節省一些勞動力成本，但實際上，關鍵在於我們的技術專長，而我們擁有的員工隊伍能夠勝任這項工作。

That that is very helpful and the math behind this you said was you were going to spend about a million dollars on the transfer and it'll save you about a million dollars a year. Did I hear that correct earlier?

那非常有幫助，你剛才說的計算結果是，你大概要花一百萬美元進行轉賬，但每年可以節省大約一百萬美元。我剛才聽到的沒錯吧？

It'll be about 1.5% total investment.

總投資額約為1.5%。

So cost side and then a million dollars a year annual run rate ongoing so.

所以成本方面，然後每年持續一百萬美元。

Excellent. Okay.

出色的。好的。

Thank you both.

謝謝你們兩位。

We have reached the end of the question-and-answer session and I will now turn a call over to Dave Duva for closing remarks.

問答環節到此結束，現在我將把電話交給戴夫·杜瓦，請他作總結發言。

Thank you for your continued interest in our company. We look forward to providing an update on our progress when we report our 4th quarter results. Have a great day.

感謝您一直以來對我們公司的關注。我們期待在公佈第四季業績時，向大家報告我們的進度。祝你有美好的一天。

Thank you.

謝謝。

This concludes today's conference, and you may disconnect your lines at this time.

今天的會議到此結束，您可以斷開線路了。

Thank you for your participation.

感謝您的參與。