Carlisle Companies Inc (CSL) 2024 Q3 法說會逐字稿

Good afternoon.

午安.

My name is Nicole, and I will be your conference call operator for today.

我叫妮可，我將擔任今天的電話會議接線生。

At this time, I would like to welcome everyone to the Carlisle Companies third quarter 2024 earnings conference call.

現在，我歡迎大家參加卡萊爾公司 2024 年第三季財報電話會議。

(Operator Instructions) I would like to turn the call over to Mr. Mehul Patel, Carlisle's Vice President of Investor Relations.

（操作員指示） 我想將電話轉給卡萊爾投資者關係副總裁 Mehul Patel 先生。

Mehul, please go ahead.

梅胡爾，請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Welcome to Carlisle's third quarter 2024 earnings call.

歡迎參加卡萊爾 2024 年第三季財報電話會議。

I'm Mehul Patel, Vice President of Investor Relations for Carlisle.

我是卡萊爾投資者關係副總裁 Mehul Patel。

We released our third quarter 2024 financial results today, and you can find both our press release and presentation for today's call in Investor Relations section of our website.

我們今天發布了 2024 年第三季財務業績，您可以在我們網站的投資者關係部分找到我們今天電話會議的新聞稿和簡報。

On the call with me today are Chris Koch, our Board Chair, President and CEO; along with Kevin Zdimal, our CFO.

今天與我通話的是我們的董事會主席、總裁兼執行長 Chris Koch；以及我們的財務長 Kevin Zdimal。

Today's call will begin with Chris providing key highlights of our third quarter results and some commentary on our progress towards our Vision 2030 goal of $40 of EPS.

今天的電話會議首先由 Chris 介紹我們第三季業績的主要亮點，以及我們在實現 2030 年每股收益 40 美元的願景目標方面取得的進展的一些評論。

Kevin will follow Chris and provide an overview on our third quarter and year-to-date financial performance and give an update on our most current outlook for the remainder of 2024.

Kevin 將跟隨 Chris 概述我們第三季和年初至今的財務業績，並更新我們對 2024 年剩餘時間的最新展望。

Following our prepared remarks, we'll open up the line for questions.

在我們準備好的發言之後，我們將開放提問熱線。

Before we begin, please refer to slide 2, of our presentation where we note that comments today will include forward-looking statements based on current expectations.

在開始之前，請參閱我們簡報的幻燈片 2，其中我們注意到今天的評論將包括基於當前預期的前瞻性陳述。

Actual results could differ materially from these statements due to a number of risks and uncertainties which are discussed in our press release and SEC filings.

由於我們的新聞稿和 SEC 文件中討論的許多風險和不確定性，實際結果可能與這些陳述有重大差異。

As Carlisle's provide non-GAAP financial information.

由於卡萊爾提供非公認會計準則財務資訊。

We provided reconciliations between GAAP and non-GAAP measures in our press release and in the appendix of our presentation materials, which are available on our website.

我們在新聞稿和簡報資料的附錄中提供了 GAAP 和非 GAAP 衡量標準之間的調整表，這些資料可在我們的網站上找到。

And with that, I will turn the call over to Chris.

這樣，我會將電話轉給克里斯。

Thank you, Mehul.

謝謝你，梅胡爾。

Good afternoon, everyone, and thank you for joining us today on Carlisle's third quarter 2024 earnings call.

大家下午好，感謝您今天參加卡萊爾 2024 年第三季財報電話會議。

To start, I'd like to direct your attention to slide 3 of the presentation.

首先，我想請您注意簡報的第 3 張投影片。

I'm pleased to share the Carlisle continued to demonstrate the outstanding performance we've seen in 2024 into the third quarter, despite facing increased headwinds in the quarter, which negatively impacted sales primarily in our residential end markets.

我很高興與大家分享，儘管本季面臨的阻力加大，主要對我們住宅終端市場的銷售產生了負面影響，但卡萊爾在 2024 年第三季繼續展現了我們所看到的出色表現。

Despite these challenges and the additional impact of two major hurricanes, the Carlisle team delivered record third quarter results in both EBITDA margin and earnings per share.

儘管存在這些挑戰以及兩次重大颶風的額外影響，卡萊爾團隊第三季的 EBITDA 利潤率和每股盈餘均創下了創紀錄的業績。

Carlisle performance throughout this year, underscores the resilience of our business model, the robustness of our key initiatives and the perseverance of our team and the effective execution of our Vision 2030 strategies.

卡萊爾今年的表現突顯了我們業務模式的彈性、關鍵舉措的穩健性、團隊的毅力以及 2030 年願景策略的有效執行。

The record achievements and profitability in the third quarter are even more rewarding and that our team has delivered a record third quarter results in an environment that, as mentioned, saw weakening residential market when compared to our second quarter outlook, as well as disruption is tied to weather related the port strike events.

第三季創紀錄的成就和獲利能力更加值得回報，我們的團隊在如上所述的環境中交付了創紀錄的第三季業績，與我們第二季的前景相比，住宅市場疲軟，中斷也與此相關。

In the third quarter, Carlisle delivered sales of $1.3 billion, representing growth of 6% on a year over year basis.

卡萊爾第三季銷售額達13億美元，較去年成長6%。

Despite the negative sales impact of CWT.

儘管 CWT 對銷售產生了負面影響。

Across both CCM and CWT, we maintained our strong focus on pricing discipline on driving a superior customer interface through the Carlisle experience and continued to deliver operating efficiencies through our well-known approach to driving continuous improvement and the Carlisle operating system.

在 CCM 和 CWT 中，我們始終高度重視定價紀律，透過 Carlisle 經驗推動卓越的客戶介面，並透過我們眾所周知的推動持續改進的方法和 Carlisle 作業系統繼續提高營運效率。

These factors combined to deliver third quarter record bottom line result, it's with adjusted EPS growing 24% to $5.78 and adjusted EBITDA margin expanding 60 basis points year-over-year to 27.6%, highlighting our commitment to continued margin expansion in both CCM and CWT.

這些因素結合在一起，實現了第三季度創紀錄的利潤，調整後每股收益增長24%，達到5.78 美元，調整後EBITDA 利潤率同比增長60 個基點，達到27.6%，凸顯了我們對CCM 和CWT 利潤率持續擴張的承諾。

CCM continued the positive momentum generated in the first half of 2024 into the second half of the year with revenue growth of 9% and an impressive 110 basis points expansion in adjusted EBITDA margin, setting a new third quarter record of 32.8%.

CCM 將 2024 年上半年產生的正面動能延續到下半年，營收成長 9%，調整後 EBITDA 利潤率大幅成長 110 個基點，創下 32.8% 的第三季新紀錄。

This growth was driven by the continued strength in reroofing demand, along with the benefits from inventory normalization in the channel and the acquisition of MTL.

這一成長是由翻修屋頂需求的持續強勁以及通路庫存正常化和收購 MTL 帶來的好處所推動的。

As we discussed throughout the year, we anticipated a significant positive impact from inventory normalization in 2024, and we are pleased that have materialized as expected and in the order of magnitude we had forecasted at the start of the year.

正如我們全年討論的那樣，我們預計 2024 年庫存正常化將產生重大積極影響，我們很高興這一影響已按預期實現，並且達到了我們年初預測的數量級。

In the third quarter, in line with our original projections, we saw an approximately $50 million benefit of sales from CCM inventory normalization, which now completes the lapping benefit we expected this year and that was tied to the prior year's inventory destock.

在第三季度，根據我們最初的預測，我們看到 CCM 庫存正常化帶來了約 5000 萬美元的銷售收益，現在完成了我們今年預期的研磨收益，這與去年的庫存去庫存有關。

As a reminder, when we entered 2024, we had anticipated $375 million from a return to normal inventory levels.

提醒一下，當我們進入 2024 年時，我們預計恢復正常庫存水準將帶來 3.75 億美元的收入。

Now turning to CWT, while we were pleased with the progress of our new product introductions, retail channel expansion and overall share gains within CWT, higher interest rates and affordability challenges resulted in a further slowing in new housing activity and repair and remodel during the quarter.

現在轉向 CWT，雖然我們對新產品推出、零售通路擴張以及 CWT 內整體份額增長的進展感到滿意，但較高的利率和負擔能力挑戰導致本季度新住房活動以及維修和改造進一步放緩。

This negative factors drove a sales decline of 3% year-over-year and CWT, including an expected low single digit price declines.

這一負面因素導致銷售額同比和 CWT 下降 3%，其中包括預期的低個位數價格下降。

That said, our long-term positive outlook for CWT is unchanged given the well-known need for additional housing, a forecasted return to a better interest rate environment and success in key growth initiatives across commercial waterproofing, new product introductions and expansion in the home center channel.

儘管如此，鑑於眾所周知的額外住房需求、預期將恢復到更好的利率環境，以及商業防水、新產品推出和住宅擴張等關鍵增長舉措的成功，我們對 CWT 的長期積極前景沒有改變中央通道。

Overall, pricing in the third quarter remained relatively stable and in line with our expectations for both the CCM and CWT segments.

整體而言，第三季的定價保持相對穩定，符合我們對 CCM 和 CWT 細分市場的預期。

Much of this was driven by our proactive approach, pricing discipline and our commitment to value based pricing.

這在很大程度上是由我們積極主動的方法、定價紀律以及我們對基於價值的定價的承諾所推動的。

Furthermore, the team's focus on operational excellence and strategic growth initiatives leaves us well positioned to capitalize on market opportunities as they arrive.

此外，該團隊對卓越營運和策略性成長計劃的關注使我們能夠在市場機遇到來時充分利用它們。

Now let's turn to Vision 2030.

現在讓我們轉向2030年願景。

Our Vision 2030 strategy continues to guide our focus on key growth drivers, including energy efficiency, labor-saving solutions and capturing a larger share of the expanding reroofing market.

我們的 2030 年願景策略繼續指導我們專注於關鍵成長動力，包括能源效率、節省勞動力的解決方案以及在不斷擴大的屋頂翻新市場中佔據更大份額。

We're doubling down on organic investments in innovation, more than tripling our historical R&D investments to bring more energy efficient and labor saving products to market faster.

我們正在加倍創新的有機投資，是我們歷史研發投資的三倍多，以便更快地將更節能、更節省勞動力的產品推向市場。

We also remain committed to our pivot to a pure play building products platform and focused almost exclusively on the opportunities presented in the North American markets.

我們也仍然致力於轉向純粹的建築產品平台，並幾乎完全專注於北美市場提供的機會。

Furthermore, we remain driven to be a superior capital allocator and demonstrated our commitment to returning capital to shareholders in the third quarter through our balanced approach of dividends and share repurchases.

此外，我們仍然致力於成為卓越的資本配置者，並透過平衡的股利和股票回購方式在第三季向股東返還資本。

During quarter three, we repurchased $1.1 million shares for $466 million, bringing our year-to-date total to $1.2 billion.

第三季度，我們以 4.66 億美元回購了 110 萬美元的股票，使年初至今的總額達到 12 億美元。

These third quarter purchases put us well on track to achieve our plan goal of $1.4 billion in share repurchases in 2024.

這些第三季的購買使我們預計將實現 2024 年 14 億美元股票回購的計畫目標。

Additionally, we paid out $46 million in dividends this quarter and declared an 18% increase to our dividend in August, representing the 48th consecutive annual increase in dividends for Carlisle shareholders.

此外，我們本季支付了 4,600 萬美元的股息，並宣布 8 月份的股息增加 18%，這是 Carlisle 股東的股息連續 48 年增加。

These actions underpin our ongoing dedication to creating shareholder value and reflect our confidence and Carlisle's growth trajectory.

這些行動鞏固了我們持續致力於創造股東價值的努力，並反映了我們的信心和卡萊爾的成長軌跡。

Our robust cash flow generation and pristine balance sheet continued to provide us with the flexibility to reinvest in our businesses and the ability to deploy capital to drive organic growth, continuously improve our operations, pursue strategic acquisitions and actively returning capital to our shareholders, All while maintaining our focus on driving long-term value creation.

我們強勁的現金流產生和原始的資產負債表繼續為我們提供了對業務進行再投資的靈活性，以及​​部署資本以推動有機成長、不斷改進我們的營運、尋求策略性收購並積極向股東返還資本的能力。

To close out slide 3.

結束投影片 3。

While we are slightly lowering our full year 2024 outlook to 10% revenue growth for Carlisle, reflecting the ongoing challenges in the residential markets and the impact of the previously mentioned weather and strike events, we are pleased to reaffirm our expectation to achieve approximately 150 basis points of adjusted EBITDA margin expansion.

雖然我們將卡萊爾2024 年全年收入成長預期小幅下調至10%，反映出住宅市場持續面臨的挑戰以及前面提到的天氣和罷工事件的影響，但我們很高興重申我們的預期將實現約150 個基點調整後 EBITDA 利潤率擴張點。

I will now speak briefly to slides 4 through eight as I discuss our recent progress against our Vision 2030 goals.

現在，我將簡要介紹投影片 4 至 8，討論我們在實現 2030 年願景目標方面的最新進展。

As a reminder, our Vision 2030 strategy builds on the success of Vision 2025 and gives us a clear roadmap to drive value creation in the next chapter of Carlisle's ongoing story of success.

謹此提醒，我們的 2030 年願景策略建立在 2025 年願景的成功基礎上，為我們提供了清晰的路線圖，以推動卡萊爾持續成功故事的下一章的價值創造。

Under Vision 2030, we are creating value for our shareholders through our portfolio of high-performing building envelope businesses with attractive secular trends.

根據 2030 年願景，我們透過具有有吸引力的長期趨勢的高性能建築圍護結構業務組合為股東創造價值。

We are focusing on delivering the most innovative, energy-efficient and labor-saving products and solutions to our customers through investment in our ever improving Carlisle experience.

我們致力於透過投資不斷改進的卡萊爾體驗，為客戶提供最具創新性、節能性和節省勞動力的產品和解決方案。

Delivering well understood and consistent value for price, leveraging a strong leadership focus and operating with a relentless focus on flawless execution driven by our COS culture.

提供易於理解且一致的價格價值，利用強大的領導力重點，並在我們的 COS 文化驅動下不懈地專注於完美執行。

As a reminder, Vision 2030 focuses on six pillars.

提醒一下，2030 年願景重點在於六大支柱。

The first is the Carlisle operating system.

第一個是卡萊爾作業系統。

Under Vision 2030, we will continue to drive our continuous improvement culture through the consistent application of COS across every function in the enterprise, with a goal to drive savings of 1% to 2% of sales of annually through operation efficiencies.

根據 2030 年願景，我們將透過在企業各個職能部門一致應用 COS，繼續推動我們的持續改進文化，目標是透過提高營運效率，每年節省 1% 到 2% 的銷售額。

Second is the Carlisle experience.

其次是卡萊爾的經驗。

The Carlisle experience has established us as a premium brand with a recognized value proposition backed by high-quality products and exceptional service.

卡萊爾的經驗使我們成為一個優質品牌，擁有公認的價值主張，並以高品質的產品和卓越的服務為後盾。

Our commitment to our customers is embodied in the Carlisle experience, which means delivering the right products to the right place at the right time.

我們對客戶的承諾體現在卡萊爾的體驗中，這意味著在正確的時間將正確的產品交付到正確的地點。

We understand that we win with customers through superior products and solutions, exceptional service and labor savings efficiencies.

我們深知，我們透過卓越的產品和解決方案、卓越的服務以及勞動力節省效率贏得客戶。

And we price our products to reflect that value.

我們對產品進行定價以反映此價值。

Third is innovation.

三是創新。

We plan to increase our spend on R&D to 3% of sales by 2030 to accelerate the creation of new products and solutions that add value to our customers through advancements in sustainability, energy savings in labor efficiency.

我們計劃在 2030 年將研發支出增加到銷售額的 3%，以加速新產品和解決方案的開發，透過永續發展、節能和勞動效率的進步為我們的客戶增加價值。

We will pursue innovation based on an intimate knowledge of our markets and a focus on innovation that responds to our customers needs and opportunities to improve their businesses.

我們將基於對市場的深入了解來追求創新，並專注於響應客戶需求和改善其業務的機會的創新。

Fourth is M&A, we will focus on existing and adjacent categories that allow us to enhance our building envelope portfolio.

第四是併購，我們將專注於現有和相鄰類別，這使我們能夠增強我們的建築圍護結構組合。

We will seek opportunities to acquire assets that meet our well understood criteria of an embedded organic growth story and opportunity to deliver hard cost synergies, talented management team and the ability to deploy our Carlisle integration playbook.

我們將尋求機會收購符合我們熟知的嵌入式有機成長故事標準的資產，以及提供硬成本協同效應、才華橫溢的管理團隊和部署我們的卡萊爾整合策略的能力的機會。

This is our disciplined approach to capital allocation.

這是我們嚴格的資本配置方法。

Ultimately, a superior capital allocators.

最終，成為卓越的資本配置者。

We seek to create value for our shareholders and deliver benefits for all our stakeholders.

我們致力於為股東創造價值，為所有利害關係人帶來利益。

In line with our track record, we will continue to invest our cash responsibly into the highest ROIC opportunities.

根據我們的往績記錄，我們將繼續負責任地將現金投資於投資報酬率最高的機會。

And lastly, and perhaps more importantly, our six goal is attracting, motivating and retaining top performers to ensure we have the best talent to execute our strategic initiatives and drive above market growth.

最後，也許更重要的是，我們的六個目標是吸引、激勵和留住頂尖人才，以確保我們擁有最優秀的人才來執行我們的策略計劃並推動市場成長。

By executing on our clearly stated initiatives and strategies reinforced by the progress we've made this year.

透過執行我們明確提出的措施和策略，我們今年的進展強化了這項措施和策略。

We are on target to deliver our goal of $40 of EPS by 2030, while achieving over 25% ROIC and generating free cash flow margins in excess of 15%.

我們的目標是到 2030 年實現每股收益 40 美元的目標，同時實現超過 25% 的投資回報率並產生超過 15% 的自由現金流利潤率。

Our M&A strategy, a key pillar of Vision 2030 continues to progress as expected.

我們的併購策略是 2030 年願景的關鍵支柱，並繼續如預期取得進展。

We have a healthy pipeline of opportunities that can contribute to our Vision 2030 goal to grow and be a leading supplier of building envelope products and solutions.

我們擁有大量機會，可以為 2030 年的願景目標做出貢獻，即成長並成為建築圍護結構產品和解決方案的領先供應商。

With the sale of CIT completed in May.

CIT 的出售於 5 月完成。

I am pleased to report that we've been able to deploy capital from the sale proceeds into meaningful acquisitions, demonstrating our ability to execute on our strategic plans and create value through M&A.

我很高興地向大家報告，我們已經能夠將銷售收益中的資本部署到有意義的收購中，這證明了我們執行戰略計劃並透過併購創造價值的能力。

As part of Vision 2030.

作為 2030 年願景的一部分。

This rapid and strategic deployment of capital underscores our commitment to strengthening and growing our positions within the building envelope.

這種快速、策略性的資本部署凸顯了我們對加強和發展我們在建築圍護結構內的地位的承諾。

With our solid balance sheet and robust cash flow, we are well positioned to capture additional value through M&A over the Vision 2030 timeframe.

憑藉穩健的資產負債表和強勁的現金流，我們有能力在 2030 年願景期間透過併購獲取額外價值。

We see opportunities in both existing and complementary categories, including architectural metals, insulation, underlayment, [sealants] and the many whether proofing categories within CWT.

我們在現有類別和補充類別中都看到了機會，包括建築金屬、絕緣材料、墊層、[密封劑]以及 CWT 內的許多是否打樣類別。

As a reminder, our M&A playbook is built on four core criteria and embedded organic growth story, hard cost synergies, a strong management team and the deployment of our Carlisle integration playbook.

提醒一下，我們的併購策略建立在四個核心標準和嵌入式有機成長故事、硬成本協同效應、強大的管理團隊和卡萊爾整合策略的部署之上。

Our acquisition of MTL earlier this year and our recently announced agreement to acquire Plasti-Fab are recent examples of this strategy in action and the steady progress in M&A, we are making against our Vision 2030 goals.

我們今年稍早對 MTL 的收購以及最近宣布的收購 Plasti-Fab 的協議是這項策略付諸實踐的最新例子，也是我們在實現 2030 年願景目標的同時，在併購方面取得穩步進展的例子。

Let's focus on Plasti-Fab for a moment.

讓我們暫時關注 Plasti-Fab。

The rationale for the acquisition of Plasti-Fab is straight forward.

收購 Plasti-Fab 的理由很簡單。

It aligns perfectly with our Vision 2030 strategy to enhance our best in class building envelope product portfolio.

它與我們的 2030 年願景策略完美契合，旨在增強我們一流的建築圍護結構產品組合。

It establishes Carlisle as a leading manufacturer within the $1.5 billion North American expanded polystyrene insulation market and strategically provides vertically integrated polystyrene capabilities to our Insulfoam business, sliding scale, supporting retail channel growth and filling key geographic gaps in the US and Canada.

它使Carlisle 成為價值15 億美元的北美擴展聚苯乙烯絕緣市​​場中的領先製造商，並策略性地為我們的Insulfoam 業務提供垂直整合的聚苯乙烯能力，擴大規模，支持零售通路成長並填補美國和加拿大的關鍵地理空白。

We expect this acquisition to generate approximately $14 million in annual cost synergies and be accretive to our adjusted EPS by approximately $0.30 in 2025.

我們預計此次收購將產生約 1,400 萬美元的年度成本協同效應，並使我們的調整後每股收益在 2025 年增加約 0.30 美元。

Recently, our M&A strategy gained recognition and a Harvard Business Review article titled, a better approach to mergers and acquisitions.

最近，我們的併購策略獲得了認可，《哈佛商業評論》發表了題為「更好的併購方法」的文​​章。

Carlisle has built a detailed integration playbook with clear milestones and goals.

Carlisle 制定了詳細的整合手冊，其中包含明確的里程碑和目標。

This approach, coupled with our rigorous due diligence process, gives us a competitive advantage and M&A execution.

這種方法加上我們嚴格的盡職調查流程，為我們帶來了競爭優勢和併購執行力。

We were pleased to be able to share our approach to M&A through a well distributed and well respected periodical and hope it helps provide shares orders with more insight into our approach.

我們很高興能夠透過發行良好且備受推崇的期刊分享我們的併購方法，並希望它有助於為股票訂單提供更多關於我們方法的見解。

Our success in M&A complements our intensified focus on innovation, another key driver in our Vision 2030 strategy, we're significantly increasing our R&D investment to $1 billion over the Vision 2030 timeframe, aiming to derive 25% of our revenue from new products, up from 15% today.

我們在併購方面的成功補充了我們對創新的高度重視，這是我們2030 年願景策略的另一個關鍵驅動力，我們將在2030 年願景期間將研發投資大幅增加至10 億美元，目標是從新產品中獲得25% 的收入，從今天的 15% 開始。

Our approach categorizes innovation into three types, business lifecycle, evolutionary and revolutionary, each receiving equal focus and investment of about 1% of sales.

我們的方法將創新分為三種類型：業務生命週期創新、漸進式創新和革命性創新，每種類型都受到同等關注，並投入約佔銷售額 1% 的投資。

Business life cycle innovation is currently 80% of our efforts, focus on ongoing product improvements and cost reductions.

業務生命週期創新目前是我們80%的努力，專注於持續的產品改進和成本降低。

Evolutionary innovations address specific and real current unmet customer needs.

漸進式創新解決了目前未滿足的具體且真實的客戶需求。

A great example is our new 16 foot TPO line, by doubling the width of the traditional a flip TPO role.

一個很好的例子是我們新的 16 英尺 TPO 生產線，其寬度是傳統翻轉 TPO 角色的兩倍。

We reduced seems in the roof, which reduces the opportunities for leaks over the life of the roof.

我們減少了屋頂的縫隙，從而減少了屋頂使用壽命期間發生洩漏的機會。

It also reduces labor by significantly increasing the square foot applied by the contractors installation team.

它還透過顯著增加承包商安裝團隊所使用的平方英尺來減少勞動力。

Revolutionary innovations drive dramatic business inflections with longer term development time lines.

革命性的創新透過更長期的開發時間線推動了巨大的業務變化。

New reroofing insulation, like our recently introduced denim based ultra touch product that's available at home Depot's is an example of a revolutionary product development idea.

新的屋頂翻新隔熱材料，例如我們最近推出的基於牛仔布的超觸感產品（在家得寶有售），就是革命性產品開發理念的一個例子。

Our innovation efforts are already yielding results with products like SeamShield and Blueskin VPTech gaining rapid market acceptance.

我們的創新努力已取得成果，SeamShield 和 Blueskin VPTech 等產品迅速獲得市場認可。

SeamShield reduces cleaning time by 70% while increasing weld strength directly addressing contractor pain points.

SeamShield 將清潔時間縮短 70%，同時提高焊接強度，直接解決承包商的痛點。

Blueskin VPTech combines multiple components into a single product, improving energy efficiency and cutting installation time by 30%.

Blueskin VPTech 將多個組件整合到一個產品中，提高了能源效率並將安裝時間縮短了 30%。

I'm particularly excited to highlight another innovative product that exemplifies our commitment to sustainability and customer value.

我特別高興地強調另一款創新產品，它反映了我們對永續發展和客戶價值的承諾。

Henry Roof Guarding, was recently named a finalist for Home Depot's innovative product of the Year award.

Henry Roof Guarding 最近入圍家得寶年度創新產品獎決賽。

This recognition not only showcases our progress in innovation, but also reinforces the strength of our relationships with key channel partners like Home Depot.

這項認可不僅展示了我們在創新方面的進步，也加強了我們與家得寶 (Home Depot) 等主要通路合作夥伴的關係。

And it was another example of delivering value to our customers based on extensive market input.

這是基於廣泛的市場投入為客戶提供價值的另一個例子。

Roof Guard represents our next-generation acrylic waterproof roof coatings, enhanced with urethane for improved performance.

Roof Guard 代表我們的下一代丙烯酸防水屋頂塗料，透過聚氨酯增強以提高性能。

It's premium hybrid formula offers better weather protection, solar, reflectivity and longevity compared to standard acrylic reflective roof coatings.

與標準丙烯酸反光屋頂塗料相比，其優質混合配方可提供更好的天氣保護、太陽能、反射率和使用壽命。

This innovation not only addresses our customers needs for energy efficiency, but also aligns perfectly with our sustainability goals.

這項創新不僅滿足了客戶對能源效率的需求，而且與我們的永續發展目標完美契合。

The success of products like Roof Guard have contributed to CWT's Henry brand being awarded Home Depot's building materials Vendor of the Year for the second time since 2022.

Roof Guard 等產品的成功促使 CWT 旗下 Henry 品牌自 2022 年以來第二次榮獲家得寶年度建築材料供應商獎。

This accolade underscores our commitment to innovation and customer satisfaction serving as a prime example of the Carlisle experience in action, and we are very proud of the Henry team for being recognized by Home Depot again.

這項榮譽強調了我們對創新和客戶滿意度的承諾，成為卡萊爾行動經驗的典範，我們為亨利團隊再次獲得家得寶的認可感到非常自豪。

These innovations not only enhance the Carlisle experience for our customer, but also drive margin expansion through pricing to value.

這些創新不僅增強了客戶的卡萊爾體驗，還透過定價到價值推動利潤率擴張。

They demonstrate how our focus on innovation is directly contributing to our Vision 2030 goals, positioning us to meet evolving market needs while driving sustainable growth and profitability.

它們展示了我們對創新的關注如何直接促進我們的 2030 年願景目標，使我們能夠滿足不斷變化的市場需求，同時推動永續成長和獲利能力。

I'm extremely proud of our team's performance year to date as we progress towards our Vision 2030 goals.

我對我們團隊今年迄今在實現 2030 年願景目標方面的表現感到非常自豪。

I am confident in our ability to continue delivering value for all our stakeholders.

我對我們繼續為所有利害關係人創造價值的能力充滿信心。

Our focus remains on demonstrating the strength of our margin resiliency through the Carlisle experience and driving superior returns on capital through our strategic initiatives.

我們的重點仍然是透過卡萊爾的經驗展示我們的利潤彈性的實力，並透過我們的策略舉措推動卓越的資本回報。

With that, I'll turn it over to Kevin to provide additional financial details.

這樣，我會將其轉交給凱文，以提供更多財務詳細資訊。

Kevin?

凱文？

Thank you, Chris.

謝謝你，克里斯。

Our third quarter financial results continue to demonstrate Carlisle strength and our effective execution.

我們第三季的財務表現繼續證明了卡萊爾的實力和我們有效的執行力。

As shown on slide 9, we delivered a solid third quarter on both the top and bottom lines.

如投影片 9 所示，我們第三季的營收和淨利潤均表現強勁。

We grew sales to $1.3 billion, up 6% year over year, driven by robust reroofing activity, the return to normalization of inventory levels and our channels and the acquisition of MTL.

在強勁的屋頂翻修活動、庫存水準和通路恢復正常化以及收購 MTL 的推動下，我們的銷售額成長至 13 億美元，年增 6%。

Which more than offset the negative impact from the slower residential end markets.

這足以抵消住宅終端市場放緩的負面影響。

We leveraged our top-line performance to expand EBITDA margins by 60 basis points year over year to a record third quarter 27.6%.

我們利用營收業績，將 EBITDA 利潤率年增 60 個基點，第三季達到創紀錄的 27.6%。

Furthermore, we grew adjusted EPS by 24% to a record third quarter $5.78, reflecting the strong operating results, margin expansion and the benefits of our ongoing share repurchase program.

此外，第三季調整後每股收益成長 24%，達到創紀錄的 5.78 美元，反映出強勁的經營業績、利潤率擴張以及我們正在進行的股票回購計劃的好處。

Looking at our segment highlights, starting with CCM on slide 10.

看看我們的細分亮點，從幻燈片 10 上的 CCM 開始。

CCM delivered third-quarter revenues of $998 million, up 9% year over year, reflecting pent-up re-roof demand, the benefit of inventory normalization and the acquisition of MTL.

CCM 第三季營收為 9.98 億美元，年增 9%，反映出被壓抑的屋頂改造需求、庫存正常化和收購 MTL 的好處。

CCM's adjusted EBITDA increased 13% year over year to $328 million, and adjusted EBITDA margin expanded an impressive 110 basis points year over year to a record third quarter 32.8%, reflecting strong volume leverage on sales growth, favorable raw materials, and continued operational improvements driven by the Carlisle Operating System.

CCM 調整後EBITDA 年成長13%，達到3.28 億美元，調整後EBITDA 利潤率年增110 個基點，第三季達到創紀錄的32.8%，反映出銷售成長帶來的強勁銷售槓桿、有利的原材料以及持續的營運改善由 Carlisle 作業系統驅動。

Moving to slide 11.

轉到投影片 11。

Revenues at CWT were down 3% year over year to $335 million, primarily due to softer residential end markets and expected price declines in selected product categories.

CWT 的營收年減 3% 至 3.35 億美元，主要是由於住宅終端市場疲軟以及選定產品類別的預期價格下降。

Partially offset by growth in our commercial business share gain initiatives and the acquisition of Polar Industries.

部分被我們商業業務份額增益計劃的成長和收購 Polar Industries 所抵消。

CWT's adjusted EBITDA decreased 14% year over year to $69 million.

CWT 調整後 EBITDA 年減 14% 至 6,900 萬美元。

Adjusted EBITDA margin contracted $270 basis points year over year to 20.7% attributable to strategic investments in the business to support longer term growth initiatives as well as lower sales in the quarter as a result of broader residential market weakness from higher interest rates as consumers take a wait and see approach to home purchases and R&R.

調整後的EBITDA 利潤率年減270 美元至20.7%，原因是為支持長期成長計畫而進行的業務策略投資，以及由於消費者採取更高的利率而導致更廣泛的住宅市場疲軟，導致本季度銷售額下降。

For your reference, slide 12 provides a year over year third quarter adjusted EPS bridge.

供您參考，投影片 12 提供了第三季調整後每股收益橋的年比情況。

Moving to slide 13, our cash flow performance remained strong.

轉向幻燈片 13，我們的現金流表現仍然強勁。

Free cash flow from continuing operations for the first nine months of 2024 was $597 million, up $22 million year over year, reflecting robust earnings growth and disciplined working capital management.

2024 年前 9 個月持續營運產生的自由現金流為 5.97 億美元，年增 2,200 萬美元，反映出強勁的獲利成長和嚴格的營運資本管理。

We have invested $64 million in capital expenditures year to date.

年初至今，我們已投資 6,400 萬美元的資本支出。

Moving to slide 14, our balance sheet remains solid, with $1.5 billion in cash and $1 billion available under our revolving credit facility as of quarter end.

轉到投影片 14，我們的資產負債表依然穩健，截至季末，我們擁有 15 億美元現金和 10 億美元循環信貸額度。

This solid liquidity, along with a net leverage ratio of 0.5 times, gives us the flexibility to invest in value-creating opportunities while staying committed to delivering returns to our shareholders.

這種堅實的流動性以及 0.5 倍的淨槓桿率使我們能夠靈活地投資於創造價值的機會，同時致力於為股東帶來回報。

Moving to slide 15.

轉到投影片 15。

In line with our Vision 2030 capital allocation strategy.

符合我們的 2030 年願景資本配置策略。

We're reinvesting in our high ROIC building product businesses through growth CapEx and strategically deploying capital towards synergistic M&A opportunities to grow and enhance our building envelope portfolio while also returning significant capital to shareholders.

我們正在透過成長資本支出對我們的高投資回報率建築產品業務進行再投資，並策略性地部署資本以實現協同併購機會，以發展和增強我們的建築圍護結構投資組合，同時向股東返還大量資本。

In the third quarter, we paid $46 million in dividends and repurchased $466 million shares, bringing our year-to-date share repurchases to $1.2 billion.

第三季度，我們支付了 4,600 萬美元的股息，並回購了 4.66 億美元的股票，使我們年初至今的股票回購額達到 12 億美元。

We have $4.5 million shares remaining under our current repurchase program.

目前的回購計畫還剩 450 萬美元的股票。

Carlisle's financial strength, underpinned by consistent cash flow generation and prudent capital management remains a key competitive advantage.

卡萊爾的財務實力以持續的現金流量產生和審慎的資本管理為基礎，仍然是關鍵的競爭優勢。

It enables us to balance investments and organic growth, strategic M&A and shareholder returns, while maintaining the flexibility to navigate evolving market dynamics.

它使我們能夠平衡投資和有機成長、策略併購和股東回報，同時保持應對不斷變化的市場動態的靈活性。

This financial resilience, combined with our operational excellence that's driven by the Carlisle Operating System, reinforces our confidence in achieving our Vision 2030 objectives.

這種財務彈性，加上卡萊爾作業系統推動的卓越運營，增強了我們實現 2030 年願景目標的信心。

Now moving to our full year financial outlook on slide 16.

現在轉向幻燈片 16 上的全年財務展望。

As Chris previously noted, we now expect our full year 2024 outlook for revenue to grow approximately 10% over the prior year, and we are reaffirming our expectation for adjusted EBITDA margins to expand by approximately 150 basis points.

正如克里斯先前指出的，我們現在預計 2024 年全年營收將比上年增長約 10%，並且我們重申調整後 EBITDA 利潤率將擴大約 150 個基點的預期。

This outlook includes an expectation for fourth quarter revenue to grow low single digit with an adjusted EBITDA margin of approximately 25% in the fourth quarter.

這項展望包括預計第四季營收將成長低個位數，調整後的 EBITDA 利潤率約為 25%。

As such, we expect record full year EPS in 2024, with growth in excess of 25% compared to the prior year.

因此，我們預計 2024 年全年每股收益將創歷史新高，較上一年增長超過 25%。

Additionally, we maintain our expectation to deliver free cash flow margins of at least 15% and ROIC in excess of 25%.

此外，我們維持自由現金流利潤率至少 15% 和投資回報率超過 25% 的預期。

This is directly aligned with the objectives outlined in our Vision 2030 strategy.

這與我們 2030 年願景策略中概述的目標直接一致。

To provide a tighter band on the outlook, I will provide outlook by segment for the fourth quarter.

為了提供更嚴格的展望範圍，我將按部門提供第四季度的展望。

For CCM, we expect revenue to grow mid single digit through a combination of volume growth and the benefit from the MTL acquisition offsetting slightly lower pricing on year over year comps.

對於 CCM，我們預計，透過銷售成長和 MTL 收購帶來的收益抵消年比略低的定價，營收將實現中個位數成長。

For CWT, we expect Q4 revenue to decline low single digit versus a fourth quarter of 2023.

對於 CWT，我們預計第四季營收將較 2023 年第四季下降低個位數。

The main drivers for CWT is key growth initiatives, partially off offsetting the software residential end markets.

CWT 的主要驅動力是關鍵的成長舉措，部分抵消了軟體住宅終端市場的影響。

In summary, our third quarter results of revenue up 6% and adjusted EPS up 24% year-over-year to a record third quarter $5.78 demonstrate the strength and resilience of our business model as well as our ability to execute effectively an idea, dynamic market environment.

總而言之，我們第三季的營收年增6%，調整後每股盈餘年增24%，達到創紀錄的第三季5.78 美元，證明了我們業務模式的實力和彈性，以及我們有效執行動態想法的能力。

The progress we have made year to date reinforces the momentum we're building towards our Vision 2030 goals.

我們今年迄今的進展增強了我們實現 2030 年願景目標的勢頭。

As we look ahead, we are excited about the opportunities to further leverage our operational excellence, drive innovation and win in our end markets.

展望未來，我們對有機會進一步利用我們的卓越營運、推動創新並贏得終端市場感到興奮。

With our strong financial position, disciplined capital allocation strategy and commitment to continued improvement through the Carlisle operating system.

憑藉我們強大的財務狀況、嚴格的資本配置策略以及透過卡萊爾作業系統持續改進的承諾。

We believe we are well equipped to deliver long-term value creation.

我們相信我們有能力創造長期價值。

With that, I'll turn it over to Chris for closing remarks.

接下來，我將把它交給克里斯做總結發言。

Thank you, Kevin.

謝謝你，凱文。

In conclusion, I want to reiterate our confidence in Carlisle strategic direction under Vision 2030.

最後，我想重申我們對卡萊爾 2030 年願景策略方向的信心。

As we move forward, our ability to innovate with a focus on energy efficiency and labor saving solutions puts us on the right path to drive above market growth and superior financial results.

隨著我們的前進，我們專注於能源效率和勞動力節省解決方案的創新能力使我們走上了推動高於市場成長和卓越財務業績的正確道路。

Our record third quarter results cash flow generation and overall 2024 performance continue to give us confidence that we are firmly on track towards our Vision 2030 goals of $40 of EPS, 25% ROIC, 15% free cash flow margins, 25% EBITDA margins and mid single digit organic growth.

我們創紀錄的第三季業績現金流產生和2024 年整體業績繼續讓我們充滿信心，我們堅定地朝著2030 年願景目標邁進，即每股收益40 美元、投資回報率25%、自由現金流利潤率15%、息稅折舊攤銷前利潤率25% 和中期利潤率個位數的有機成長。

The pivot of Carlisle's business model to an easier to understand and higher returning building products portfolio continues to provide many strong catalyst for growth.

卡萊爾的商業模式轉向更容易理解和更高回報的建築產品組合，繼續為成長提供許多強大的催化劑。

When combined with our robust free cash flow engine, strong balance sheet, enhanced phone focus on innovation, a robust pipeline of potential acquisitions and a proven M&A integration playbook.

與我們強大的自由現金流引擎、強大的資產負債表、增強的手機創新關注度、強大的潛在收購管道以及經過驗證的併購整合策略相結合。

Carlisle is clearly positioned to create significant additional value for all our shareholders and reach our goal of $40 of EPS under Vision 2030.

卡萊爾的明確定位是為我們所有股東創造顯著的附加價值，並實現我們在 2030 年願景下每股收益 40 美元的目標。

I would also like to take this opportunity to express my continued thanks to all of Carlisle's employees for their exceptional efforts and perseverance in this challenging environment.

我也想藉此機會向卡萊爾的所有員工表示持續的感謝，感謝他們在這個充滿挑戰的環境中所做出的卓越努力和堅持不懈。

And once again, let me extend my sincere congratulations to the Henry team on their Home Depot award.

讓我再次對亨利團隊獲得家得寶獎表示誠摯的祝賀。

Thank you all as well for your continued support investment and interest in Carlisle.

也感謝大家對卡萊爾的持續支持、投資與興趣。

That concludes our formal comments.

我們的正式評論到此結束。

Operator, we are now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions)

（操作員說明）

Timothy Wojs, Baird.

提摩西‧沃伊斯，貝爾德。

Hi guys, good afternoon.

哈嘍，大家下午好。

Thanks for the time.

謝謝你的時間。

So maybe just on volumes on in the CCM business, if you could maybe kind of take a step back and tried to give us some color on where you think maybe either industry sales are or kind of where industry volumes are kind of in the third quarter and maybe a year to date.

因此，也許只是關於 CCM 業務的銷量，如果您可以退後一步，嘗試向我們提供一些您認為第三季度行業銷售情況或行業銷量情況的信息迄今為止可能已經一年了。

And I guess as you look at next year, I mean, I know it's early, but how do you think about the volume and kind of puts and takes in to next year with with new construction.

我想，當你展望明年時，我的意思是，我知道現在還為時過早，但你如何看待明年新建築的數量和類型。

And then it seems like re-risk continues to have some some decent momentum.

然後，重新風險似乎繼續有一些不錯的勢頭。

Yeah, I think you're right, Tim, on the I'll just take a look at into '25 for those who don't want to stay about Q3, but I think '25, we continue to be optimistic on that from a couple of perspectives.

是的，我認為你是對的，提姆，對於那些不想留在第三季的人，我只會看看 25 年，但我認為 25 年，我們繼續對此保持樂觀幾個觀點。

I think obviously a lot of economic uncertainty going into the elections.

我認為選舉中顯然存在著許多經濟不確定性。

Obviously, there is a hope for more of interest rate cuts you didn't materialize.

顯然，人們希望進一步降息，但並未實現。

I think people may be sitting on the sidelines there.

我認為人們可能會坐在場邊。

We also were going in the fourth quarter after just having, basically got back to normal on the inventory restocking and know what it was going to really a restock into the like quarters a year to heavily, Than we had a little bit of weather.

我們也在第四季度進行了庫存補貨，基本上恢復了正常狀態，並且知道每年類似季度的補貨量會比我們遇到的天氣要嚴重。

I think things stabilize after the election industry because we think there may be some opportunity for some pricing.

我認為選舉行業之後情況會趨於穩定，因為我們認為可能會有一些定價的機會。

Obviously, you still see inflation and labor medical costs these things, as well as more innovation that we have coming out, the effects of some positive things on acquisitions, some new channel opportunities for us.

顯然，你仍然會看到通貨膨脹和勞動力醫療成本這些事情，以及我們推出的更多創新，一些積極的事情對收購的影響，以及我們的一些新通路機會。

So I think '25 for us, we would say it looks good.

所以我認為 25 對我們來說，我們會說它看起來不錯。

And then last, I say we haven't had a load into the construction season and in quite a while and as possible is it accurate.

最後，我說我們已經很長一段時間沒有進入施工季節了，這可能是準確的。

But I would say probably hasn't been since COVID and that used to be a nice boost to the year.

但我想說，自從新冠疫情以來，可能還沒有出現過這種情況，這對今年來說是一個很好的推動。

So I think there's some opportunities for some inventory improvements was people have confidence in the in the economy again.

因此，我認為，當人們再次對經濟充滿信心時，庫存就有可能會改善。

So with that, I'll turn the Kevin and see it would be like similar to third quarter volumes.

因此，我將轉動凱文，看看它會類似於第三季的捲。

Yeah, in Q3 I would say the industry was up about 30%, which would have been the same for our CCM business.

是的，在第三季度，我想說該行業增長了約 30%，這對我們的 CCM 業務也是如此。

There was some things at the end of the quarter, as you know, with some of the weather events with the hurricanes as well as the port strike that impacted us a little more than 1% in the quarter.

如您所知，本季末發生了一些事情，包括颶風以及港口罷工等天氣事件，本季對我們的影響略高於 1%。

So that would have been against that 30% volume that we would have seen.

因此，這與我們所看到的 30% 的成交量是相反的。

(multiple speakers)

（多個發言者）

Just one thing, if I look across the verticals, you know warehouse as educational office, that kind of things really when we look in '24 the big one, that's been a drag and it was kind of that way and '23 as well as data warehouses.

只是一件事，如果我縱觀整個垂直領域，你知道倉庫是教育辦公室，當我們在 24 年看到大型辦公室時，這種事情確實是一種拖累，而且也是這樣，而 23 以及資料倉儲。

Everything else is not too bad a shape as far as how the volumes getting distributed, I think you can you're probably already aware that we've seen that.

就體積的分佈方式而言，其他一切的形狀都還不錯，我想你可以，你可能已經意識到我們已經看到了這一點。

Yeah, I mean, to your point, like new construction is down this year, right?

是的，我的意思是，就你的觀點而言，今年新建築即將停工，對嗎？

So I mean, a lot of it essential, a lot of it is kind of center on the warehouse vertical, right?

所以我的意思是，很多都是必不可少的，很多都是倉庫垂直的中心，對嗎？

Yeah.

是的。

(multiple speakers)

（多個發言者）

So that's why that's totally fine.

所以這就是為什麼這完全沒問題。

And then just on just the M&A kind of funnel and the pipeline and I guess, kind of pace.

然後就只是併購漏斗和管道，我想，是一種節奏。

I mean, you've done kind of a few acquisitions or through tuck-in acquisitions here in the last couple of quarters.

我的意思是，在過去的幾個季度中，您已經進行了一些收購或透過內部收購進行了收購。

Is there a pretty sizable pipeline of these tuck-in type acquisitions at pretty attractive financial profile is because if you're able to do a couple of years here, I mean, you can really start to get some momentum on that.

是否有相當大的此類收購的管道，並且財務狀況相當有吸引力，是因為如果你能夠在這裡工作幾年，我的意思是，你真的可以開始獲得一些動力。

The synergies and the capital deployment?

協同效應和資本部署？

Yes, actually, you know, I still think prices are a little bit high versus what they were a few years ago.

是的，實際上，你知道，我仍然認為價格與幾年前相比有點高。

But after we get our synergies, synergies adjusted numbers, they've been looking really good.

但在我們獲得協同效應、協同效應調整後的數字後，它們看起來非常好。

It goes back to before things we're looking for renal and liver, that organic growth story.

這可以追溯到我們尋找腎臟和肝臟之前，有機生長的故事。

We're looking for hard synergies, good management team we've got those both in MTL and Plasti-Fab.

我們正在尋找強有力的協同效應和良好的管理團隊，我們在 MTL 和 Plasti-Fab 都有這樣的團隊。

The other thing is, you said at the tug you have that ability to get the synergies but also added dimension to the two businesses.

另一件事是，您在拖船上說，您有能力獲得協同效應，同時也為兩家公司增加了規模。

And I think it's really nice that entails a good acquisition for our existing CCM business are under excellent person, got a great manager and Tony manager and things through bringing efficiencies are bringing to the existing business by adding MTL.

我認為，對我們現有的 CCM 業務進行一次良好的收購是非常好的，我們有優秀的人，有一位出色的經理和托尼經理，透過增加 MTL 可以提高現有業務的效率。

And then you have a good Plasti-Fab, and it really real forces that Frank raised systems built around national distribution on being a national brands and really enhancing the Carlisle experience.

然後你就有了一個很好的 Plasti-Fab，弗蘭克提出了圍繞全國分銷建立的系統，成為全國品牌，並真正增強了卡萊爾的體驗，這確實是真正的力量。

I mean, part of is a core competency to Home Depot is a 24-hour delivery anywhere in the countries to really get Plasti-Fab, will begin to build out that EPS network as well.

我的意思是，Home Depot 的核心競爭力之一是在各個國家/地區的任何地方提供 24 小時送貨服務，以真正獲得 Plasti-Fab，也將開始建立 EPS 網路。

So they're real the good fits, and we do see more of those.

所以它們確實很合適，而且我們確實看到了更多這樣的產品。

We do see more RFPs around the building envelope.

我們確實在建築圍護結構周圍看到了更多的徵求建議書。

And I think you'll see more of that from us certainly in '25 and beyond.

我認為您肯定會在 25 年及以後從我們身上看到更多這樣的內容。

Yes, it's been great at the scale, the scale and size of them, we would expect that to continue to deploy about $3 million to $500 million into these bolt-on acquisitions a year for the next few years.

是的，它們的規模、規模和規模都很棒，我們預計未來幾年將繼續每年在這些補強收購中投入約 300 萬至 5 億美元。

Okay, great.

好的，太好了。

And then, Kevin, just a clarification.

然後，凱文，我需要澄清一下。

That's 3% industry volume number that you quoted, you guys were closer to mid-single digits, just to make sure the math works.

這是你們引用的 3% 的行業銷售數字，你們接近中個位數，只是為了確保數學有效。

Yeah.

是的。

When you take into account some of the destocked that is a higher and there was excluding FX impact.

當你考慮到一些去庫存的情況時，這個數字會更高，並且不包括外匯影響。

Got you.

明白你了。

Sounds good.

聽起來不錯。

I'll head back in queue.

我會回去排隊。

Thanks guys.

謝謝你們。

Saree Boroditsky, Jefferies.

薩雷·博羅迪茨基，傑弗里斯。

Hi, good evening.

嗨，晚上好。

And so maybe just turning to he see our margins, I think, is very strong performance in the quarter.

因此，我認為，也許只是讓他看到我們的利潤率是本季非常強勁的表現。

You said it's compositive raw material environment.

你說的是整合的原料環境。

Could you just talk about the price contribution to margins for the quarter and anything else that drove expansion?

您能否談談價格對本季利潤率的貢獻以及其他推動擴張的因素？

Yes.

是的。

So price cost was neutral in the quarter for CCM.

因此，CCM 本季的價格成本是中性的。

And as you said, it was a very good margins, up over 100 basis points to a record.

正如您所說，這是一個非常好的利潤率，上漲超過 100 個基點，創歷史新高。

And for us that really demonstrates the power of the business where we can get these record margins, expand the margin without getting price.

對我們來說，這真正展示了業務的力量，我們可以獲得這些創紀錄的利潤，在不提高價格的情況下擴大利潤。

Because that's been a lot of that story in past years is we needed the price to get the margins.

因為過去幾年的許多故事都是我們需要價格來獲得利潤。

But now with utilizing the Carlisle operating system throughout CCM, that's driving these higher margins.

但現在，隨著在整個 CCM 中使用 Carlisle 作業系統，這推動了更高的利潤率。

And then you guys don't usually talk a ton of storm activity, but just given some of the recent hurricanes and ahead of thinking about the potential for additional construction demand?

然後，你們通常不會談論大量的風暴活動，而是考慮到最近發生的一些颶風，並提前考慮額外建設需求的潛力？

Very having though I gave on the rails in the short term.

儘管我在短期內放棄了，但還是很開心。

Probably neutral, I would say I think we definitely had some impact at the end of someday.

可能是中立的，我想說我認為我們在某一天結束時肯定會產生一些影響。

I think, we definitely had some impact again in September and then in October are factors primarily forwarded around the gulf.

我認為，我們肯定在 9 月再次產生了一些影響，然後在 10 月，這些因素主要在海灣地區傳播。

But obviously, get some pickup from that.

但顯然，從中得到一些好處。

I mean, we hope people recover quickly.

我的意思是，我們希望人們盡快康復。

There was a lot of damage.

有很多損壞。

And that's I think, more importantly than if we talk about whether the bigger impact is, those washout is probably around what tend to be no November, December, we have across the country history and whether we get a nice a dry warm fall or we get wet weather and more snow early in the north.

我認為，比我們談論是否有更大的影響更重要的是，這些沖刷可能是在十一月、十二月左右，我們有全國各地的歷史，以及我們是否會經歷一個乾燥溫暖的秋天，或者我們是否會受到影響。

So that's always a factor.

所以這始終是一個因素。

But I think for the most part, the opportunity and the impact kind of washed each other out the fourth quarter.

但我認為在大多數情況下，機會和影響在第四季度相互抵消了。

Appreciate.

欣賞。

And I would just add one more.

我只想再增加一個。

You've talked about the ramping of the R&D and investments of 3% of sale view.

您談到了研發和投資佔銷售額 3% 的成長。

Can you talk about how we see that spending step up and maybe what the contribution will be for next year?

您能否談談我們如何看待支出的增加以及明年的貢獻是什麼？

Thank you.

謝謝。

Yeah, we would expect to increase at around 50 basis points a year as we move forward to 2030.

是的，隨著我們邁向 2030 年，我們預計每年會增加 50 個基點左右。

So we're not going to get the 3% next year or even the following year.

所以我們明年甚至後年都拿不到3%。

It's more of this steady increase of that throughout the next five years.

更多的是在未來五年內穩定成長。

Appreciate the color.

欣賞顏色。

Thank you.

謝謝。

Susan Maklari.

蘇珊·馬克拉里.

Thank you.

謝謝。

Good afternoon, everyone.

大家下午好。

My first question is are digging into the right side of things again.

我的第一個問題是再次挖掘事物正確的一面。

Can you talk a little bit about what the latest survey of your contractors has shown.

您能談談對您的承包商的最新調查顯示的情況嗎？

Has that changed any over the last quarter?

上個季度情況有變化嗎？

And how you're thinking about their positioning as they look to the fall and year end?

在展望秋季和年底時，您如何考慮他們的定位？

And then how do you all also within that, think about the opportunity to capture some of that business given the MTL and the other acquisitions?

然後，在 MTL 和其他收購的情況下，你們如何考慮抓住部分業務的機會？

Right.

正確的。

Well, there a way that we do really reflected everything I think you've written and others have written about more pressure on new and more pressure on the revenue side of the business.

好吧，我們確實有一種方式確實反映了我認為您所寫的以及其他人所寫的關於新業務的更大壓力以及業務收入方面的更大壓力的所有內容。

And obviously, that's been reflected in more numbers and just ours.

顯然，這已經反映在更多的數字中，而且只有我們的數字。

And I think it's pretty well understood.

我認為這很好理解。

Very kind of positive on reroofing, you know, as we look out and we kind of bifurcate this into a near term, look at what reroofing is doing.

你知道，對屋頂翻修非常積極，當我們展望未來時，我們將其分為短期，看看翻修屋頂正在做什麼。

But on the long term, all those routes that we've seen and we've talked about this before that are put on in the 2008, 2009 and 2010 does as well, you know, these all come back in the higher price.

但從長遠來看，所有我們所見過的、我們之前討論過的、在 2008 年、2009 年和 2010 年開通的航線也同樣如此，你知道，這些都會以更高的價格回歸。

And then after we reverts within 20 years.

然後我們在20年內恢復。

So outlook for the Q4 has been positive across the board, as we've talked about, the impact will weather can do and there can be some impact on the margins.

因此，第四季度的前景全面樂觀，正如我們所討論的，天氣的影響可能會產生，並且可能會對利潤率產生一些影響。

And then going into 25, I was actually surprised that the kind of initial indicators we're positive both on return to volume.

然後進入 25 月份，我實際上感到驚訝的是，我們對恢復成交量的初步指標都持積極態度。

And I think, again, I spoke to the uncertainty now and the macroeconomic conditions that are here, uncertainty, people being concerned.

我想，我再次談到了現在的不確定性和宏觀經濟狀況，不確定性，人們感到擔憂。

But the '25 look more positive in this surprisingly, there was some positive expectation around price that would be a positive as we headed into '25.

但令人驚訝的是，25 年看起來更加積極，人們對價格有一些積極的預期，當我們進入 25 年時，這將是積極的。

So early days, these are projections is that across a wide group books, contractors.

在早期，這些預測是跨廣泛的團體書籍、承包商的。

But I think good news on that commercial side.

但我認為商業方面的好消息。

Okay.

好的。

And it can you talk about your inventory within CCM, how those are going into the end of the year?

您能談談您在 CCM 內的庫存嗎？

And any thoughts on your production?

對你的製作有什麼想法嗎？

Yeah.

是的。

And see before you to the interest, we you asked about MTL and what's happening.

請注意，在您感興趣之前，我們詢問了 MTL 以及正在發生的事情。

You know, MTL continues to make great strides to integrate into the specifications at CCM.

您知道，MTL 在融入 CCM 規範方面不斷取得長足進步。

As a reminder, MTL has patents and things like this, and we're bringing those into our warranty.

提醒一下，MTL 擁有專利和類似的東西，我們將這些納入我們的保固中。

We're bringing our sales force teams together.

我們正在將我們的銷售團隊聚集在一起。

I mean, it's a little bit about six months, but we're getting good traction there.

我的意思是，大約有六個月的時間，但我們在那裡獲得了良好的牽引力。

We're seeing places where even Henry now is getting into the game, we're a little bit on a national chain, and we'll certainly see that Henry might be in there and they're bringing MTL and are bringing CCM or vice versa.

我們看到亨利現在也加入了遊戲，我們有點在全國範圍內，我們肯定會看到亨利可能會在那裡，他們正在帶來 MTL 並帶來 CCM 或 Vice反之亦然。

So there's really good synergies there.

所以這確實有很好的綜效。

And I'm really pleased with how quickly Brian and his team, the of integrated and really just started to push the whole idea of the building envelope platform that we want.

我對 Brian 和他的團隊整合的速度如此之快感到非常滿意，並且真正開始推動我們想要的建築圍護結構平台的整個想法。

On inventories, inventory turns have been better, we're fine.

在庫存方面，庫存週轉率更好，我們很好。

Our deliveries continue to increase in terms of an on-time delivery rate.

我們的交貨準時率不斷提高。

It's always been good, but it has gotten better as we move through the quarter.

它一直都很好，但隨著本季度的進展，情況變得更好。

And you know, that's OTD to promise and then for central rate.

你知道，這是 OTD 的承諾，然後是中央利率。

So I think we'll continue to have pretty good service and it continues to get better in the quarter.

因此，我認為我們將繼續提供相當好的服務，並且在本季繼續變得更好。

Okay.

好的。

All right.

好的。

Thanks for all the color and good luck with everything.

感謝所有的顏色，祝一切順利。

David MacGregor, Longbow Research.

大衛‧麥格雷戈，長弓研究中心。

Yeah, good afternoon and thanks for taking my questions.

是的，下午好，感謝您回答我的問題。

Hey Chris, can you just talk about the [polyisol] market, and it seems as though you've got a lot of new capacity, that's a lot of relatively large increase, I guess in the amount of new capacity come to market last year, it seems like pricing has been a little sloppy.

嘿克里斯，你能談談[聚醚醚酮]市場嗎？ 。

How you are thinking about that market right now and how it can absorb that capacity over the next year or so?

您現在如何看待該市場以及它如何在未來一年左右吸收該產能？

Well, I think you know, when we look at additions or maybe we take it into two different groups, you know, we look at the big three that you know us and our two big competitors who've been here for a long time and use it as part of an integrated system.

好吧，我想你知道，當我們考慮增加人員時，或者也許我們將其分為兩個不同的組時，你知道，我們會關注你認識的三巨頭以及我們已經在這裡很長時間的兩個主要競爭對手，將其用作整合系統的一部分。

I mean, we look at the reroofing volumes over the coming years.

我的意思是，我們會關注未來幾年的屋頂翻修量。

We look at North America, getting some relief, assuring we look at what we're doing with the need for energy efficiency.

讓我們看看北美，鬆了一口氣，確保我們專注於我們正在做的事情，以滿足能源效率的需要。

I think we'll be fine with with what's been added some.

我想我們只要添加一些內容就可以了。

We do have others that have announced they're going to come in.

我們確實還有其他人宣布他們將加入。

I think this is an interesting statement.

我認為這是一個有趣的說法。

I think it's going to be polyisol in the market, but it's not the same type of capacity is, I would say, out of those players that have a fully warranty system, national coverage in our training centers, tying it together with, as I just mentioned, I assume, you know, bringing in the metal and that kind of stuff.

我認為市場上將是聚醚醚酮，但我想說的是，在那些擁有完整保固系統的球員中，我們的培訓中心涵蓋全國，將其與我聯繫在一起，這不是同一類型的能力。剛才提到，我想，你知道，引進金屬和類似的東西。

So we still are looking to be the provider, the building envelope solution.

因此，我們仍然希望成為建築圍護結構解決方案的提供者。

We're looking to add features like Plasti-Fab, which is an installation company, obviously.

我們正在尋求添加像 Plasti-Fab 這樣的功能，顯然這是一家安裝公司。

And so I think there's been some capacity added and or at least talking about being added.

因此，我認為增加了一些容量，或至少正在談論增加容量。

And I don't understand how that might integrate into the markets we serve.

我不明白這將如何融入我們所服務的市場。

We've had this happened where the three years ago, maybe four years ago, we had a competitors with Canada come down and put a facility in Maryland and it was a TPL polyisol facility.

三年前，也許四年前，我們的加拿大競爭對手在馬裡蘭州建立了一家工廠，這是一家 TPL 聚醚工廠。

And I think it's a time we'd had some questions around what's that going to do the market.

我認為這是我們對這會對市場產生什麼影響產生一些疑問的時候。

Obviously, we don't ever talk about that on our calls.

顯然，我們在電話中從不談論這一點。

And I would say the impact was negligible.

我想說，影響可以忽略。

So obviously, there's a lot more to being in this building envelope business is showing up with the TPL line, and I polyisol aligns well, that's a great certain for someone.

顯然，TPL 生產線在建築圍護結構業務中的作用還有很多，而且我的聚異醇配合得很好，這對某人來說是一個很大的確定。

We've got a lot of years of relationships and other things.

我們有很多年的關係和其他事情。

It's again, I'd like to think about a middle and Frank talks about this to be PTX, a great idea.

再說一次，我想考慮一個中間層，弗蘭克說這是 PTX，一個好主意。

That's so I'd just add in the piece of Blue scanner, the labor barrier, the EPS for the Board is putting all together and then selling through a highly talented sales network architects and contractors, some builders.

因此，我只需添加藍色掃描器、勞動力障礙、董事會的 EPS 將所有內容放在一起，然後透過才華橫溢的銷售網路建築師和承包商、一些建築商進行銷售。

And I think we've got a great outlook for North American construction markets.

我認為北美建築市場前景看好。

And so I think what we've added well seems to be quite a bit compared to what we're used to it, I think we will be okay with that.

所以我認為我們添加的內容與我們習慣的內容相比似乎相當多，我認為我們會接受這一點。

Good.

好的。

Thank you for that detail.

謝謝你的詳細資料。

Let's agree to answer.

我們同意回答吧。

Can you just walk us through your outlook for each, your principal raw material inputs, just in terms of price trends and what you're seeing there?

您能否向我們介紹一下您對每種主要原料投入的展望，包括價格趨勢和您所看到的情況？

Yeah.

是的。

I think we had talked about MBI for the year.

我想我們今年已經討論了 MBI。

I'm being a little bit on I know our TPL resins were a little bit of EPDM resins or I should say farmers down.

我有點誇張了，我知道我們的 TPL 樹脂有一點 EPDM 樹脂，或者我應該說農民失望了。

So when we look overall, that's where we're getting to some savings, that those that are down or overwhelming at that, the most participants have been stable through the year and much we expected.

因此，當我們總體來看時，這就是我們節省一些資金的地方，那些在這方面表現不佳或壓倒性的人，大多數參與者在這一年中一直保持穩定，正如我們所期望的那樣。

I think some of it obviously depends on demand.

我認為其中一些顯然取決於需求。

And in the rising markets obviously has been down, but overall was relatively stable.

而在上漲的市場中明顯有所回落，但整體還是比較穩定的。

Last question for me is just on the CWT and you talked about EBITDA, adjusted EBITDA being down 14%.

我的最後一個問題是關於 CWT，你談到了 EBITDA，調整後的 EBITDA 下降了 14%。

Can you just bifurcate for us the investments that were made there versus the volume deleverage?

您能否為我們將在那裡進行的投資與交易量去槓桿化一分為二？

Yeah.

是的。

When we looked at we've tried to break it into something that we all get there's a lot of moving parts.

當我們觀察時，我們試圖將其分解為我們都知道的東西，其中有很多活動部件。

But basically about a third of that was the deteriorate continued deterioration in the ROCI markets.

但基本上，其中約三分之一是 ROCI 市場的持續惡化。

You know, both the ROIC of the new in the R&R were both down about mid-single digits.

您知道，R&R 中新產品的投資報酬率都下降了約個位數。

Obviously, I'll say a majority note, it's interest rates, portability election uncertainty.

顯然，我要說的是大多數人的觀點，那就是利率、可移植選舉的不確定性。

And then we had a little bit of an impact from the spray foam side of the business where a little bit of irrational pricing from some competitors that a bit of an impact.

然後，我們受到了噴塗泡沫業務方面的一些影響，一些競爭對手的不合理定價帶來了一些影響。

But let's say that made up of third and then the second third really was the investments.

但我們可以說，第三個和第二個三分之一實際上是投資。

And maybe I'll let my whole go into what those investments or is there our residential or I should say, CWT expert.

也許我會全心投入這些投資，或者我們的住宅，或者我應該說，CWT 專家。

Thanks, Chris.

謝謝，克里斯。

Hey, Dave, how are you?

嘿，戴夫，你好嗎？

So you've heard us talk about share gain initiatives within CWT across our expansion in the Home Depot retail side of the business, as well as expanding into the national builders are therefore system offerings and then advanced waterproofing penetration.

因此，您已經聽到我們談論 CWT 內的份額增益計劃，包括我們在家得寶 (Home Depot) 零售業務方面的擴張，以及向全國建築商的擴張，因此我們提供系統產品，然後是先進的防水滲透。

So those are areas where we're in investing into sales organization, adding people as well as equipment to drive our strategy there.

因此，我們正在對這些領域的銷售組織進行投資，增加人員和設備來推動我們的策略。

In addition to that, we've had additional marketing and ad co-op programs at the retail channel as we expand into additional categories.

除此之外，隨著我們擴展到更多類別，我們還在零售通路推出了額外的行銷和廣告合作計畫。

And then you hear us talk about R&D as part of Vision 2030.

然後你會聽到我們談論研發作為 2030 年願景的一部分。

So on CWT, you heard about the products like Blueskin VPTech, we're investing in that in R&D.

在 CWT 上，您聽說過 Blueskin VPTech 等產品，我們正在對其進行研發投資。

And then lastly, as part of our of cross-selling and sign a pull system across the defense CWT businesses, and we've been investing in IT and systems and tools to make it a better customer experience.

最後，作為我們跨國防 CWT 業務交叉銷售和簽署拉動系統的一部分，我們一直在 IT、系統和工具方面進行投資，以提供更好的客戶體驗。

So that kind of gives you an idea of, we're spending additional money and it's going to support further long-term growth, as we continue to beginning to grow.

因此，這讓您知道，我們正在花費額外的資金，隨著我們繼續開始成長，它將支持進一步的長期成長。

We should get a good return and see margins improve going forward.

我們應該會獲得良好的回報，並看到利潤率不斷提高。

Great.

偉大的。

Thanks for the detail.

謝謝你的詳細資料。

Good luck.

祝你好運。

Bryan Blair, Oppenheimer.

布萊恩布萊爾，奧本海默。

Good afternoon guys.

各位下午好。

Chris, you mentioned likely neutral Q4 impact from the hurricanes.

克里斯，您提到颶風對第四季的影響可能是中性的。

Obviously, there's some headwind from the first when that hit in Q3.

顯然，從第三季開始出現一些阻力。

Just to level set, what was the total impact between the port strikes and the initial impact of the first hurricane, that top line and margin to the extent that can be quantified?

就水平而言，港口罷工和第一次颶風的初始影響之間的總影響是多少，可以量化的頂線和利潤是多少？

Yeah.

是的。

The top-line it's about $10 million to $15 million of impact in the third quarter.

最重要的是，第三季的影響約為 1,000 萬至 1,500 萬美元。

And to the bottom line you can do or incremental for that to 40%, is the impact there for the third quarter.

最重要的是，您可以將其增加到 40%，這就是對第三季的影響。

And then as Chris said, we don't see it coming back in the fourth quarter getting that pick up.

然後，正如克里斯所說，我們認為第四季不會出現回升。

But 2025 is when you will see more of the recovery of that piece that was slowed down due to the hurricanes right now.

但到 2025 年，您將看到目前因颶風而放緩的那塊土地的更多恢復。

Obviously in the Southeast, the focus is on the essential jobs and the repairs.

顯然，在東南部，重點是基本工作和維修。

They're not doing as much work on new projects, but that's what we think will kick in 2025.

他們在新項目上沒有做那麼多工作，但我們認為這將在 2025 年開始。

Okay.

好的。

Understand.

理解。

And Chris, you'd walk through some of the puts and takes for CCM looking into 2025, maybe do the same with the CWT.

Chris，您將了解 CCM 展望 2025 年的一些做法，也許對 CWT 也做同樣的事情。

How are you thinking about recovery prospects, continue to watch items related swing factors, et cetera?

您如何看待復甦前景，繼續關注與波動因素相關的項目等等？

Yeah.

是的。

Well, I think you've got a lot of really positive things.

嗯，我認為你有很多非常積極的事情。

The whole mentioned a couple of them.

整體提到了其中的幾個。

We've obviously expanded our retail channel.

我們顯然擴大了零售通路。

That was a great synergy that we don't build into the $30 million of synergies that we can had in the Henry deal that came as a bonus facility expansion into the retail channel has been good.

這是一個巨大的協同效應，我們沒有將其納入我們在亨利交易中可以獲得的 3000 萬美元的協同效應，因為零售通路的獎金設施擴張一直很好。

We've talked about some of the different products, like I mentioned, the whole ultra touch, denim insulation.

我們討論了一些不同的產品，就像我提到的，整體超觸感、牛仔布保暖。

We've got some other projects that are going on.

我們還有一些其他項目正在進行中。

So I like that Frank's VPTech, really this this new product, the whole innovation pipeline thing and I might because in the CWT that team has done a pretty good job is even indicated by the Supplier Recognition at Home Depot.

所以我喜歡 Frank 的 VPTech，真的是這個新產品，整個創新管道，我可能是因為在 CWT 中，該團隊做得非常好，甚至家得寶的供應商認可也表明了這一點。

I think the bigger thing, for us are really just around the the economy and this affordability.

我認為對我們來說更重要的是經濟和負擔能力。

I think a couple of interesting because it will be needed will help.

我認為一些有趣的東西會有所幫助，因為它是需要的。

We've got to get people movie and that affordability is an issue.

我們必須讓人們看電影，而負擔能力是一個問題。

We do know there's a backlog and housing stock, so it's good to see that happen.

我們確實知道存在積壓和住房庫存，所以很高興看到這種情況發生。

CapEx is deployed.

資本支出已部署。

So I think that as well as CapEx, and we haven't talked about too much on this call, but we did invest a lot and automation into CWT, things like auto brief, autofill, taking really labor out of the equation, automating that and increasing both the quality, reducing the waste and increasing the efficiency of our factories and Frank's done a nice job there.

所以我認為，除了資本支出之外，我們在這次電話會議上沒有討論太多，但我們確實在 CWT 上投入了大量資金和自動化，例如自動簡報、自動填充，真正消除了勞動力，實現了自動化提高我們工廠的品質、減少浪費並提高效率，弗蘭克在那裡做得很好。

So again, to me, when we look at the quarter and we think about that two-thirds, I think that one-third of the beginning was to may not have been as impactful as these investments.

因此，對我來說，當我們審視本季並考慮三分之二時，我認為一開始的三分之一可能不會像這些投資那樣具有影響力。

Lastly, as the volume is there to run through the incrementals, we've been pretty good and we were on a good pace to do that before we saw that further deterioration.

最後，由於成交量足以貫穿增量，我們一直表現得很好，並且在看到進一步惡化之前我們已經以良好的速度做到這一點。

So usually for this rebound in the ROCI and repair and remodel markets, and I think it'll have a little bit there, whether it happens in the first quarter or not.

因此，通常情況下，對於 ROCI 以及維修和改造市場的反彈，我認為無論是否發生在第一季度，都會有一點反彈。

I think I would look more towards this second half of the year, but we're confident we'll be there.

我想我會更專注於今年下半年，但我們有信心我們會做到這一點。

Adam Baumgarten, Zelman.

亞當·鮑姆加滕，澤爾曼。

Hey, guys, good afternoon.

嘿，夥計們，下午好。

Just on price cost, any change to the outlook of flat for the year at this point?

僅就價格成本而言，今年的公寓前景有何變化？

No.

不。

Not on I assume you're targeting a on the CCM side.

不，我假設您的目標是 CCM 方面。

Yeah, just today, I'd say I think you said was flat, but you're right.

是的，就在今天，我想說我認為你說的是平的，但你是對的。

Yes.

是的。

Okay, cool.

好吧，酷。

And then just on CCM, specifically on pricing, just curious what you saw throughout the quarter, especially kind of later in the quarter and into 4Q and maybe what you're hearing from your distribution customers around price competition?

然後就 CCM 而言，特別是在定價方面，只是好奇您在整個季度中看到了什麼，特別是在本季度末和第四季度，也許您從分銷客戶那裡聽到了有關價格競爭的信息？

Yeah.

是的。

And I think it's been, I wouldn't say it's widely disseminated.

我認為它已經被廣泛傳播了。

But I think for pricing we're seeing relative stability, I mean, I think back to two years ago when there was no raw materials will go down and we would you see the pricing data, raw materials.

但我認為，就定價而言，我們看到相對穩定，我的意思是，我想回到兩年前，當時沒有原材料會下降，我們會看到定價數據、原材料。

And I think as we've pushed price discipline and as we push price to value, it's been pretty good.

我認為，隨著我們推動價格紀律，並將價格推向價值，這已經相當不錯了。

To see our competitors investing in new factories, investing in innovation, investing in their sales teams and really ensuring that they get paid for those investments they're making.

看到我們的競爭對手投資新工廠、投資創新、投資銷售團隊，並真正確保他們的投資獲得回報。

So again, I think just what we got as I said earlier in the call where we got out of our survey, was a relatively stable pricing environment throughout the year.

所以，我再次認為，正如我之前在電話會議中所說的那樣，我們從調查中得到的是全年相對穩定的定價環境。

I think Kevin said at the beginning of the year, we'd probably be down 2% for the year.

我想凱文在今年年初就說過，我們今年可能會下降 2%。

And I think we're pretty close to that.

我認為我們已經非常接近這個目標了。

Despite all the issues have gone out through the year.

儘管所有問題在這一年中都已解決。

And then I think going into '25, the feedback was that there might be some upside to pricing from our survey.

然後我認為進入 25 年，我們的調查回饋認為定價可能會有一些上行空間。

So we'll see how that plays out.

所以我們將看看結果如何。

But that is a good thing when our contractor base and our other expense in our value chain are thinking like that.

但當我們的承包商基礎和價值鏈中的其他費用都這樣思考時，這是一件好事。

Great.

偉大的。

Thanks a lot.

多謝。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

Good afternoon.

午安.

Thanks for squeezing me in.

謝謝你把我擠進去。

Just two questions on CWT.

關於CWT只有兩個問題。

Just first on pricing, it remain down your aggregate fairly consistent with what you saw earlier in the year.

首先在定價方面，它的整體價格仍然低於您今年早些時候看到的水平。

But just wondering maybe some more to the earlier question on CCM, if the pricing trading fees changed at all in CWT.

但只是想知道關於 CCM 的早期問題可能還有更多內容，CWT 中的定價交易費用是否發生了變化。

Yeah it's steadily improved throughout the year.

是的，全年都在穩定改善。

Where in the back half of the year is about 2% down.

今年下半年下降了約 2%。

First half of the year was a little bit higher than that at CWT.

上半年比CWT略高一些。

So it has improved, but we're expecting them couple of percent, both Q3, which we had as well as in Q4.

所以它有所改善，但我們預計它們會提高幾個百分點，無論是第三季還是第四季。

Garik, one thing I will add is going back to our last earnings call when we talked about additional pricing pressure on spray foam.

加里克，我要補充的一件事是回到我們上次的財報電話會議，當時我們談到了噴塗泡沫的額外定價壓力。

Outside of that, everything is in line.

除此之外，一切都井然有序。

There's no pricing pressure.

沒有定價壓力。

We're holding prices stable similar to CCM and declines that Kevin mentioned, that's pretty much in line with what we said in the last earnings call.

我們保持價格穩定，類似於凱文提到的 CCM 和下降，這與我們在上次財報電話會議中所說的非常一致。

Great.

偉大的。

Appreciate the color there.

欣賞那裡的顏色。

And then just on the trend in CWT during the quarter and the outlook, just given the disconnect on what you're looking for coming out of 2Q, and I think it implies maybe mid single digit type revenue growth in the back half of the year.

然後，就本季度 CWT 的趨勢和前景而言，考慮到您對第二季度的預期脫節，我認為這意味著下半年收入可能會出現中等個位數的成長。

I appreciate the residential remains weak.

我很欣賞住宅市場仍然疲軟。

But any more color and throughout or any specific product line or channels that I have just haven't materialized to the degree you expected?

但是我還沒有達到您預期的程度，還有更多的顏色和整體或任何特定的產品線或管道嗎？

Yeah.

是的。

I think, you know, when we look at each segment it's been pretty good, as (inaudible) said, I mean, relative to what our expectations were and come to the year and then even in the second quarter, and I really don't think we can underestimate the impact of the residential markets, affordability effect, people are moving.

我認為，你知道，當我們審視每個細分市場時，正如（聽不清楚）所說，我的意思是，相對於我們的預期，以及今年甚至第二季的預期，我真的不知道我們不能低估住宅市場的影響，負擔能力效應，人們正在搬家。

And I think earlier in the year, we had a lot of talk about even three interest rate cuts.

我認為今年早些時候，我們就甚至三次降息進行了很多討論。

And then we got one and that was it.

然後我們得到了一個，就是這樣。

And I think that has helped.

我認為這很有幫助。

But it's hurt people because they're saying, maybe I'll just stick around and wait and see if things get better in 2025.

但這傷害了人們，因為他們說，也許我會留下來，等著看 2025 年情況是否會好轉。

So why

那麼為什麼

[ag]?

[ag]？

Now when I can maybe do it later.

現在我也許可以稍後再做。

And then I think the bigger impacted from a product line perspective has just been probably a little more deterioration and spray foam than we thought.

然後我認為從產品線的角度來看，更大的影響可能是比我們想像的更多的惡化和噴塗泡沫。

And that one segment, and again, that's a tough one.

再說一遍，這是一個艱難的部分。

It's a very compelling market that's got a lot of energy efficiency benefits to it.

這是一個非常有吸引力的市場，具有許多能源效率優勢。

A much better product from and our value perspective from a vapor barrier perspective, we're seeing at the wide adoption and homebuilding, the sound bidding benefits units or it's a great product.

從防潮層的角度來看，這是一個更好的產品，我們的價值角度來看，我們看到了它的廣泛採用和住宅建設，良好的投標有利於單位，或者它是一個很棒的產品。

But we've had some industry changes over the last five years where there's been acquisitions by one group and some regional players that have maybe take us some different actions.

但在過去的五年裡，我們發生了一些行業變化，一個集團和一些區域性參與者進行了收購，這可能為我們帶來了一些不同的行動。

And so pricing has been a little bit worse there than we saw.

因此那裡的定價比我們看到的要差一些。

And I'd say that would be the one thing that are those two things are the things that really impacted that sort of beauty pricing in the third quarter and looking into the fourth.

我想說，這兩件事是真正影響第三季和第四季美容定價的一件事。

Okay.

好的。

I appreciate that.

我很欣賞這一點。

Thanks.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I'll hand on the call over to Chris Koch for closing remarks.

我將把電話轉交給克里斯·科赫 (Chris Koch) 作結束語。

Please go ahead.

請繼續。

Thanks, everybody.

謝謝大家。

This concludes the third quarter call for Carlisle.

卡萊爾第三季的電話會議到此結束。

Thanks for the participation is actually very questions.

感謝大家的參與，其實問題也很多。

Look forward to speaking with you all on our next call.

期待下次通話中與大家交談。

Thank you.

謝謝。

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

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。