Carlisle Companies Inc (CSL) 2025 Q2 法說會逐字稿

Good afternoon. My name is Andrew, and I will be your conference call operator today. At this time, I would like to welcome everyone to the Carlisle Companies second-quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, we will conduct a question-and-answer session.

午安.我叫安德魯，今天我將擔任您的電話會議接線生。現在，我歡迎大家參加卡萊爾公司 2025 年第二季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，我們將進行問答環節。

I would like to turn the call over to Mr. Mehul Patel, Carlisle's Vice President of Investor Relations. Mehul, please go ahead.

我想將電話轉給卡萊爾投資者關係副總裁 Mehul Patel 先生。Mehul，請繼續。

Thank you, and good afternoon, everyone. Welcome to Carlisle's second-quarter 2025 earnings call. I'm Mehul Patel, Vice President of Investor Relations for Carlisle. We released our second-quarter financial results today, and you can find both our press release and the presentation for today's call in the Investor Relations section of our website.

謝謝大家，下午好。歡迎參加卡萊爾 2025 年第二季財報電話會議。我是卡萊爾投資者關係副總裁 Mehul Patel。我們今天發布了第二季度的財務業績，您可以在我們網站的投資者關係部分找到我們的新聞稿和今天電話會議的簡報。

On the call with me today are Chris Koch. He's our Board Chair, President, and CEO, along with Kevin Zdimal, who is our CFO. Today's call will begin with Chris providing key highlights of the second quarter. Kevin will follow Chris and provide an overview of our Q2 financial performance and our outlook for the full year of 2025. Following our prepared remarks, we will open up the line for questions.

今天與我一起通話的是克里斯·科赫 (Chris Koch)。他是我們的董事會主席、總裁兼首席執行官，Kevin Zdimal 是我們的財務長。今天的電話會議將以克里斯介紹第二季的重點開始。凱文將跟隨克里斯概述我們第二季度的財務業績以及對 2025 年全年的展望。在我們準備好發言之後，我們將開放提問熱線。

Before we begin, please refer to slide two of our presentation, where we note that the comments today will include forward-looking statements based on current expectations. 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. As Carlisle provides non-GAAP financial information, we've 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.

在我們開始之前，請參閱我們簡報的第二張投影片，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。由於我們的新聞稿和美國證券交易委員會文件中討論的一系列風險和不確定性，實際結果可能與這些聲明有重大差異。由於卡萊爾提供的是非 GAAP 財務信息，我們在新聞稿和演示材料的附錄中提供了 GAAP 和非 GAAP 指標之間的對賬，這些對賬可在我們的網站上找到。

With that, I will turn the call over to Chris.

說完這些，我會把電話轉給克里斯。

Thank you, Mehul. Good afternoon, everyone, and thank you for joining us for Carlisle's second-quarter 2025 earnings call.

謝謝你，梅胡爾。大家下午好，感謝您參加卡萊爾 2025 年第二季財報電話會議。

To start, I'd like to direct your attention to slide three of the presentation. Carlisle is pleased to announce another quarter of solid performance and deliver a message of thanks to our outstanding Carlisle team for achieving a record adjusted EPS of $6.27 amidst the dynamic and evolving US building products landscape in the second quarter.

首先，我想請大家注意簡報的第三張投影片。卡萊爾很高興地宣布又一個季度的穩健業績，並向我們出色的卡萊爾團隊表示感謝，在第二季度美國建築產品市場充滿活力和發展變化的背景下，實現了創紀錄的 6.27 美元調整後每股收益。

Carlisle revenues, while less than we had planned for in Q2, held steady at $1.4 billion year over year, and we continue to drive margins above our Vision 2030 targets, showcasing the resilience and strength of our focused pure-play building products model. Our second-quarter performance underscores the enduring strength of our re-roofing business at CCM, backed by a substantial multi-year backlog, enabling us to achieve top-tier industry margins despite challenges in new construction. The commercial re-roofing market continues to align with our long-term growth expectations, reinforcing its role as a reliable and recurring revenue stream, accounting for approximately 70% of CCM's commercial roofing business. This momentum is driven by the aging commercial building stock, energy efficiency mandates, and the trust our customers place in the Carlisle experience and our premium solutions.

卡萊爾的營收雖然低於我們第二季的計劃，但同比穩定在 14 億美元，而且我們繼續將利潤率推高至 2030 願景目標之上，展現了我們專注於純建築產品模式的韌性和實力。我們第二季的業績凸顯了 CCM 翻修屋頂業務的持久實力，這得益於多年積壓的大量訂單，使我們在新建築領域面臨挑戰的情況下仍能實現行業頂級利潤率。商業屋頂翻修市場繼續符合我們的長期成長預期，鞏固了其作為可靠且經常性收入來源的作用，約佔 CCM 商業屋頂業務的 70%。這一勢頭的推動因素包括商業建築存量的老化、能源效率要求以及客戶對卡萊爾經驗和優質解決方案的信任。

While CCM's performance remains strong, we faced some challenges at CWT due to well-known factors such as higher interest rates and negative builder sentiment, impacting new and remodel residential markets. Nevertheless, we have continued to prioritize our capital allocation strategies, returning $343 million to shareholders through dividends and share repurchases, investing in innovation, and strategically acquiring Bonded Logic to enhance our position in the sizable and growing market for insulation.

儘管 CCM 的業績依然強勁，但由於利率上升和建築商情緒低落等眾所周知的因素影響了新建和改建住宅市場，CWT 也面臨一些挑戰。儘管如此，我們仍繼續優先考慮我們的資本配置策略，透過股利和股票回購向股東返還 3.43 億美元，投資於創新，並策略性地收購 Bonded Logic，以增強我們在規模龐大且不斷增長的絕緣市場中的地位。

As we approached the end of the second quarter, building product markets and new construction failed to gain the momentum we had anticipated, including an anticipated return to a more historically normal inventory load-in by distribution to prepare for the construction season. We had previously outlined the risks to our full-year outlook that were present and emerging in April, such as tariffs, interest rate cuts, and builder sentiment. Despite those risks, we maintained our confidence that improved conditions would materialize in the second half of the year. Our optimism was supported by positive contractor sentiment, anticipated policy resolutions, and strong backlogs, promising robust activity aligned with historic norms.

隨著第二季接近尾聲，建築產品市場和新建築未能獲得我們預期的勢頭，包括預期透過分銷恢復到更為歷史正常的庫存裝載以準備迎接建築季節。我們之前曾概述了 4 月出現和即將出現的對全年前景構成影響的風險，例如關稅、降息和建築商情緒。儘管有這些風險，我們仍然相信下半年情況會有所改善。我們的樂觀情緒得到了承包商積極情緒、預期的政策決議和大量積壓訂單的支持，預示著強勁的活動將符合歷史規範。

Although some of the external risks materialized and influenced market activity, our teams diligently addressed the challenges and focused on factors within our control. They also remained committed to our key strategic actions to deliver on our goal of $40 of adjusted EPS by 2030. We remain optimistic about our strong re-roofing performance, balancing the macroeconomic pressures in new construction. We remain confident in the fact that many of the headwinds are merely delays, as repair and remodel and new construction continue to have strong underlying drivers of long-term growth, as has been exhibited by our re-roofing business in CCM. Carlisle is committed to Vision 2030 and continues to invest in initiatives that will ensure our long-term success.

儘管一些外部風險已經實現並影響了市場活動，但我們的團隊仍努力應對挑戰並專注於我們能夠控制的因素。他們也將繼續致力於我們的關鍵策略行動，以實現到 2030 年調整後每股收益達到 40 美元的目標。我們仍然對強勁的屋頂翻修業績持樂觀態度，平衡了新建築的宏觀經濟壓力。我們仍然相信，許多不利因素只是延遲，因為維修和改造以及新建築繼續具有長期增長的強勁潛在驅動力，正如我們在 CCM 的翻修屋頂業務所展示的那樣。卡萊爾致力於實現 2030 年願景，並將繼續投資於確保我們長期成功的舉措。

On slide 4, the July Carlisle market survey results showcased the continued resilience of the commercial re-roofing market, with full-year mid-single-digit growth expectations remaining robust. Our commitment to leadership in the re-roofing sector is supported by our comprehensive product portfolio, strong specifications, full warranties, superb contractor training programs, cutting-edge product innovations, and unparalleled service capabilities.

在第 4 張投影片上，7 月卡萊爾市場調查結果顯示了商業屋頂翻修市場的持續彈性，全年中等個位數成長預期依然強勁。我們致力於成為屋頂翻修領域的領導企業，這得益於我們全面的產品組合、強大的規格、全面的保固、卓越的承包商培訓計劃、尖端的產品創新以及無與倫比的服務能力。

In the residential segment, while repair and remodel activity is showing signs of stabilization, expectations have shifted slightly from previous growth projections for 2025. Nevertheless, we continue to see substantial opportunity for increased sales and profitability when residential markets rebound. Our focus now is squarely on our efforts and strategies to enhance our manufacturing cost position, strengthen our innovation and launch of new products, and enhance our product portfolio to continue to drive to complete building envelope solutions.

在住宅領域，雖然維修和改造活動顯示出穩定的跡象，但預期與先前 2025 年的成長預測略有不同。儘管如此，當住宅市場反彈時，我們仍然看到銷售額和獲利能力大幅提升的巨大機會。我們現在的重點是努力和製定策略，以提高我們的製造成本地位，加強我們的創新和新產品的推出，並增強我們的產品組合，以繼續推動完整的建築圍護結構解決方案。

The new construction market has softened somewhat for both commercial and residential segments since our April Carlisle Market Survey. On the residential front, although the survey indicates a mid-single-digit decline in new construction activity, our resilient approach and adaptable strategies prepare us to navigate these changes effectively. Despite recent headlines noting challenges such as record-high home prices and elevated mortgage rates, we remain optimistic about our strategic pathways to growth.

自從我們四月進行卡萊爾市場調查以來，商業和住宅領域的新建築市場均已疲軟。在住宅方面，儘管調查顯示新建築活動出現了中等個位數的下降，但我們的彈性方法和適應性策略使我們能夠有效應對這些變化。儘管最近的頭條新聞指出了房價創歷史新高和抵押貸款利率上升等挑戰，但我們仍然對我們的策略成長途徑持樂觀態度。

In new commercial construction, while expectations have adjusted to a low-single-digit decline, it is important to note the potential positive impact of recent political developments such as the reinstatement of the 100% bonus depreciation and a renaissance of US manufacturing, which could invigorate demand. This is especially true in burgeoning sectors like data centers and manufacturing facilities, where Carlisle is strategically positioned to capitalize on growth opportunities. Our readiness to capture investments in these areas remains strong, and we are optimistic about the future.

在新商業建築方面，雖然預期已適應低個位數下降，但值得注意的是近期政治發展可能帶來的正面影響，例如恢復 100% 獎金折舊和美國製造業的復興，這些都可能刺激需求。在資料中心和製造設施等新興產業尤其如此，卡萊爾在這些產業中具有策略優勢，可以利用成長機會。我們仍然願意在這些領域進行投資，並且對未來充滿樂觀。

Moving to slide 5, I'm excited to highlight our recent strategic acquisition of Bonded Logic, which perfectly embodies our commitment to innovation and strategic acquisitions as growth drivers. Bonded Logic, based in Phoenix, Arizona, brings to Carlisle and the Henry brand an innovative approach to energy efficiency with its recycled denim insulation technology through the UltraTouch brand. This acquisition strengthens our commitment to comprehensive building envelope solutions and aligns seamlessly with our sustainability goals and Vision 2030 objective of generating 25% of revenue from new products introduced within the past five years.

轉到第 5 張投影片，我很高興地強調我們最近對 Bonded Logic 的策略性收購，這完美地體現了我們對創新和策略收購作為成長動力的承諾。Bonded Logic 總部位於亞利桑那州鳳凰城，透過 UltraTouch 品牌，利用其再生牛仔布絕緣技術為 Carlisle 和 Henry 品牌帶來創新的能源效率方法。此次收購加強了我們對綜合建築圍護結構解決方案的承諾，並與我們的永續發展目標和 2030 願景目標完美契合，即從過去五年內推出的新產品中產生 25% 的收入。

Though currently generating approximately $35 million in revenue, Bonded Logic operates in an estimated market for insulation of $14 billion and specifically within the rapidly growing segment focused on sustainable insulation products. We see tremendous potential for double-digit revenue CAGR in the insulation market as we integrate Bonded Logic’s unique material platform with Henry’s extensive retail distribution network and customer relationships. We anticipate this acquisition to reach run-rate EBITDA margins that support our Vision 2030 objectives.

儘管目前 Bonded Logic 的營收約為 3,500 萬美元，但其所在的絕緣市場規模估計為 140 億美元，並且特別關注快速成長的可持續絕緣產品領域。隨著我們將 Bonded Logic 獨特的材料平台與 Henry 廣泛的零售分銷網絡和客戶關係相結合，我們看到了絕緣市場兩位數收入複合年增長率的巨大潛力。我們預計此次收購將達到支持我們 2030 願景目標的運行率 EBITDA 利潤率。

From a market expansion standpoint, we are uniquely poised to leverage the benefits of denim insulation to penetrate the large fiberglass and mineral wool markets. Market feedback and our retail success have been exceedingly positive. Currently, Henry UltraTouch insulation is available at over 400 Home Depot stores, with Home Depot serving as our exclusive big-box retail distributor. We are thrilled to announce that Henry has been selected as a finalist for The Home Depot’s 2025 Merchandising Innovation Award for the Henry UltraTouch product. This prestigious award recognizes products that have significantly transformed the home improvement landscape. This recognition also underscores and validates our commitment to innovation as a key driver of Vision 2030 and highlights the significant growth opportunities that Bonded Logic offers through their cutting-edge denim insulation capabilities.

從市場擴張的角度來看，我們具有獨特的優勢，可以利用牛仔布絕緣材料的優勢來打入大型玻璃纖維和礦棉市場。市場反饋和我們的零售成功都非常正面。目前，Henry UltraTouch 隔熱材料已在 400 多家 Home Depot 商店有售，其中 Home Depot 是我們的獨家大型零售經銷商。我們很高興地宣布，Henry 憑藉 Henry UltraTouch 產品入圍家得寶 2025 年商品創新獎決賽。這項享有盛譽的獎項旨在表彰那些為家居裝修領域帶來重大改變的產品。這項認可也強調並證實了我們致力於創新作為「2030願景」關鍵驅動力的承諾，並凸顯了 Bonded Logic 透過其尖端牛仔布絕緣能力提供的巨大成長機會。

Now turning to slide six. Innovation is at the heart of our Vision 2030 goals and serves as a key differentiator for Carlisle. Our robust pipeline of new products is focused on delivering energy savings, labor efficiencies, and integrated building envelope solutions. Our unwavering commitment to innovation is evident in the significant strides we've made in 2024 and 2025, including the refinement and implementation of our advanced stage-gate and voice-of-the-customer processes. These initiatives ensure our teams deliver straightforward innovations that meet the evolving needs of building owners, contractors, architects, and other stakeholders. We aim for our products to offer measurable outcomes such as a solid return on investment, providing value to users and allowing us to price based on the value created, ultimately creating the opportunity for substantial returns for Carlisle’s shareholders.

現在翻到第六張幻燈片。創新是我們 2030 願景目標的核心，也是卡萊爾的關鍵差異化因素。我們強大的新產品線專注於提供節能、勞動效率和整合建築圍護結構解決方案。我們對創新的堅定承諾體現在我們在 2024 年和 2025 年的重大進步中，包括改進和實施我們先進的階段門和客戶之聲流程。這些措施確保我們的團隊提供直接的創新，滿足建築業主、承包商、建築師和其他利害關係人不斷變化的需求。我們的目標是讓我們的產品提供可衡量的成果，例如可觀的投資回報、為用戶提供價值並允許我們根據所創造的價值定價，最終為卡萊爾的股東創造豐厚回報的機會。

This quarter, we've advanced several product development initiatives aimed at capturing emerging market opportunities, enhancing labor savings, and improving energy efficiency for our customers. As previously mentioned, our acquisition of Bonded Logic brings revolutionary denim insulation technology to tap into a vast addressable market. Organically, products like the new dual-tank Flexible FAST Adhesive, our expanding Blueskin portfolio with innovations such as ZeroFlash and VP Tech, along with larger 12-inch Insulbase Flat Polyiso panels, position us to meet the increasing demand for integrated building envelope solutions. These solutions enable contractors to work more efficiently while delivering superior building performance.

本季度，我們推進了多項產品開發計劃，旨在抓住新興市場機會、節省勞動力並提高客戶的能源效率。如前所述，我們對 Bonded Logic 的收購帶來了革命性的牛仔布絕緣技術，從而進入了廣泛的潛在市場。有機地，像新型雙罐柔性快速黏合劑這樣的產品、我們不斷擴大的 Blueskin 產品組合（包括 ZeroFlash 和 VP Tech 等創新產品）以及更大的 12 英寸 Insulbase Flat Polyiso 面板，使我們能夠滿足對整合建築圍護結構解決方案日益增長的需求。這些解決方案使承包商能夠更有效率地工作，同時提供卓越的建築性能。

Looking to the second half of the year, we are proactively addressing market headwinds by implementing measures such as reducing CWT’s footprint and gaining efficiencies through automation. We anticipate our COS initiatives, combined with acquisition synergies, to generate over $30 million in savings, contributing to more than 200 basis points of margin improvement for CWT. While some benefits will take time to fully materialize, we are confident in our ability to drive significant margin expansion over the Vision 2030 timeframe.

展望下半年，我們將積極應對市場逆風，採取措施減少 CWT 的足跡並透過自動化提高效率。我們預計，我們的 COS 計劃加上收購協同效應將可節省超過 3,000 萬美元，為 CWT 的利潤率提高超過 200 個基點。雖然一些好處需要時間才能完全實現，但我們有信心在「2030 願景」期間推動利潤率大幅擴張。

Looking ahead, we remain optimistic about our long-term strategic positioning. The key drivers of our businesses, including aging building stock, energy efficiency requirements, and infrastructure investment needs continue to be strong. In residential markets, the ongoing housing shortage supports longer-term growth opportunities. Our strong balance sheet provides the flexibility for continued strategic investments while we maintain our commitment to returning capital to our shareholders.

展望未來，我們對我們的長期策略定位仍然持樂觀態度。我們業務的關鍵驅動因素，包括老化的建築存量、能源效率要求和基礎設施投資需求，持續保持強勁。在住宅市場，持續的住房短缺支持了長期成長機會。我們強勁的資產負債表為持續的策略投資提供了靈活性，同時我們仍致力於向股東返還資本。

And with that, I’ll turn it over to Kevin to provide additional financial details and color on our outlook for 2025. Kevin?

接下來，我將把時間交給 Kevin，讓他提供更多財務細節以及我們對 2025 年前景的展望。凱文？

Thank you, Chris. Moving on to slide 7, I’ll review our second-quarter financial results. During the quarter, we achieved revenue of $1.4 billion, essentially flat compared to the second quarter of 2024. The acquisitions of MTL, Plasti-Fab, and Thermafoam contributed $39 million of revenue in the second quarter. While strong re-roofing activity provided some stability, we experienced lower volumes resulting from slower new construction across both residential and commercial segments, lower residential repair and remodel, and an increase in weather-related disruptions.

謝謝你，克里斯。轉到第 7 張投影片，我將回顧我們的第二季財務表現。本季度，我們實現了 14 億美元的收入，與 2024 年第二季度相比基本持平。MTL、Plasti-Fab 和 Thermafoam 的收購為第二季貢獻了 3,900 萬美元的收入。雖然強勁的屋頂翻修活動提供了一定的穩定性，但由於住宅和商業領域的新建築速度放緩、住宅維修和改造減少以及天氣相關幹擾增加，導致我們的交易量下降。

Adjusted EBITDA for the quarter came in at $389 million, with a margin of 26.9%, a decline of 190 basis points from last year. This decline was mainly due to volume deleverage and softer market conditions at CWT, higher operating costs related to preparing for a strong construction season and the load-in that Chris mentioned at CCM, and our ongoing strategic investments in innovation and enhancements to the Carlisle experience. Adjusted EPS hit a record $6.27, up from $6.24 in the prior year. Share repurchases and accretive acquisitions more than offset lower organic earnings, which faced pressures from the previously mentioned end-market challenges.

本季調整後的 EBITDA 為 3.89 億美元，利潤率為 26.9%，較去年下降 190 個基點。下降的主要原因是 CWT 的產量去槓桿和市場環境疲軟、為強勁的建築季節做準備的運營成本上升以及 Chris 在 CCM 提到的裝載量，以及我們對創新和增強卡萊爾體驗的持續戰略投資。調整後的每股盈餘達到創紀錄的 6.27 美元，高於去年的 6.24 美元。股票回購和加值收購足以抵銷有機收益的下降，而有機收益的下降又面臨著前面提到的終端市場挑戰所帶來的壓力。

Now, let’s turn to our segment performance, beginning with CCM on slide 8. The Construction Materials segment reported second-quarter revenues of $1.1 billion, growing approximately 1% year over year, with the increase coming from the positive contribution from the MTL acquisition. Organic revenue was effectively flat in the quarter, with re-roofing growth offset by a decline from new construction headwinds and unfavorable weather. Also, as a reminder, CCM’s second-quarter revenue was negatively impacted by approximately $15 million as Canadian customers accelerated purchases in the first quarter of 2025 in anticipation of tariff-related price increases.

現在，讓我們來看看各部門的表現，從投影片 8 上的 CCM 開始。建築材料部門報告第二季營收為 11 億美元，年成長約 1%，成長主要來自 MTL 收購帶來的正面貢獻。本季有機收入基本持平，屋頂翻修業務的成長被新建築逆風和不利天氣造成的下滑所抵消。另外，需要提醒的是，由於加拿大客戶預期關稅相關價格上漲，在 2025 年第一季加快了購買速度，CCM 第二季的營收受到約 1,500 萬美元的負面影響。

Adjusted EBITDA for CCM was $346 million, down 5% compared to last year, with a margin of 31.6%. Adjusted EBITDA margin declined by 180 basis points due to the previously mentioned higher operating costs as we anticipated stronger second-half volumes and investments in innovation and enhancements to the Carlisle Experience. Pricing and raw materials were flat on a year-over-year basis in the quarter. The MTL acquisition continues to exceed expectations, creating substantial value through additional content per square foot in our broader warrantied system offering and strategic account expansions, offering comprehensive building envelope solutions.

CCM 的調整後 EBITDA 為 3.46 億美元，較去年下降 5%，利潤率為 31.6%。由於我們預計下半年銷售將更加強勁，並且對卡萊爾體驗的創新和改進將進行投資，因此調整後的 EBITDA 利潤率下降了 180 個基點，原因是前面提到的營運成本上升。本季價格和原料與去年同期持平。MTL 收購繼續超出預期，透過我們更廣泛的保固系統產品和策略帳戶擴展中每平方英尺的額外內容創造了巨大的價值，提供了全面的建築圍護結構解決方案。

Turning to slide 9, our CWT segment reported second-quarter revenues of $354 million, a 2% decline from the prior year, with organic revenue down 10%, largely due to softer residential end markets, roof coatings demand, and new commercial construction. CWT’s adjusted EBITDA was $71 million, a 13% year-over-year decline, with an adjusted EBITDA margin of 19.9%, a decrease of 260 basis points. This margin compression was primarily due to volume deleverage. However, we are encouraged by the investments we are making in automation and COS initiatives, which we expect to yield an incremental $12 million of annualized EBITDA.

轉到投影片 9，我們的 CWT 部門報告第二季營收為 3.54 億美元，比前一年下降 2%，有機收入下降 10%，這主要是由於住宅終端市場疲軟、屋頂塗料需求和新商業建築。CWT 調整後的 EBITDA 為 7,100 萬美元，年減 13%，調整後的 EBITDA 利潤率為 19.9%，下降 260 個基點。利潤率壓縮主要是因為交易量去槓桿所致。然而，我們對自動化和 COS 計劃的投資感到鼓舞，我們預計這些投資將產生 1200 萬美元的年度 EBITDA 增量。

Integration of our recent acquisitions, including MTL, Plasti-Fab, and ThermaFoam, are ahead of plan, and we expect year-three synergies to exceed $34 million annually. We are leveraging our broader building envelope systems approach to drive cross-selling opportunities, illustrating the effectiveness of our M&A playbook.

我們最近收購的 MTL、Plasti-Fab 和 ThermaFoam 等公司的整合工作正在提前完成計劃，我們預計三年的協同效應每年將超過 3400 萬美元。我們正在利用更廣泛的建築圍護系統方法來推動交叉銷售機會，這說明了我們的併購策略的有效性。

Moving to slide 11, our balance sheet remains strong with $68 million in cash and a net debt-to-EBITDA ratio of 1.4 times. We have $1 billion available under our revolving credit facility, offering significant flexibility for strategic investments.

轉到第 11 張投影片，我們的資產負債表依然強勁，擁有 6,800 萬美元的現金，淨負債與 EBITDA 比率為 1.4 倍。我們的循環信貸額度為 10 億美元，為戰略投資提供了極大的彈性。

As shown on slide 12, during the quarter we generated free cash flow of $258 million, maintaining a balanced approach to capital deployment. We repurchased 800,000 shares, bringing our share repurchases to $700 million, in line with our 2025 share repurchase target of $1 billion. We expect to generate approximately $1 billion of free cash flow in 2025, which would be our fourth consecutive year of delivering over $1 billion in operating cash flow. This strong, consistent cash generation provides us with the financial flexibility to facilitate continued investment in capital expenditures, innovation, synergistic acquisitions, share buybacks, and dividends, and drive toward our $40 of adjusted EPS goal.

如投影片 12 所示，本季我們產生了 2.58 億美元的自由現金流，維持了平衡的資本配置方式。我們回購了 80 萬股，使我們的股票回購額達到 7 億美元，與我們 2025 年 10 億美元的股票回購目標一致。我們預計 2025 年將產生約 10 億美元的自由現金流，這將是我們連續第四年實現超過 10 億美元的營運現金流。這種強勁、持續的現金產生為我們提供了財務靈活性，以促進對資本支出、創新、協同收購、股票回購和股息的持續投資，並推動我們實現 40 美元的調整後每股收益目標。

Turning to slide 13, our updated outlook for the full year of 2025 reflects low single-digit revenue growth at both CCM and CWT, as we expect contributions from recent acquisitions will be substantially offset by persistent end-market challenges related to interest rate pressures, housing affordability, and lack of buyer confidence. We expect commercial re-roofing demand will remain strong; however, we reduced our expectations for commercial and residential new construction and residential repair and remodel. We also expect second-half pricing to be flat year-over-year at both CCM and CWT.

轉到投影片 13，我們對 2025 年全年的最新展望反映出 CCM 和 CWT 的營收成長均為低個位數，因為我們預計近期收購帶來的貢獻將被與利率壓力、住房負擔能力和缺乏買家信心相關的持續終端市場挑戰所抵消。我們預計商業屋頂翻修需求將保持強勁；然而，我們降低了對商業和住宅新建以及住宅維修和改造的預期。我們也預期 CCM 和 CWT 下半年的定價將與去年同期持平。

As a result, we now anticipate a 150 basis point decline in our full-year adjusted EBITDA margin due to the lower volume expectations and limited traction on the price increases announced earlier this year. We continue to expect our free cash flow margin to exceed 15% for the year.

因此，由於銷售預期較低以及今年稍早宣布的價格上漲的動力有限，我們現在預計全年調整後的 EBITDA 利潤率將下降 150 個基點。我們繼續預計今年的自由現金流利潤率將超過 15%。

In conclusion, while we navigate these challenging end markets, our strong fundamentals support long-term growth. We remain focused on executing our Vision 2030 initiatives and delivering our Vision 2030 financial goals.

總之，雖然我們正在應對這些充滿挑戰的終端市場，但我們強勁的基本面支持著長期成長。我們將繼續專注於執行我們的「2030 願景」計畫並實現我們的「2030 願景」財務目標。

Thank you, Kevin. Turning to slide 14, I am pleased to highlight the team’s proactive approach, focusing on the factors within our control, positioning Carlisle for an even stronger future margin profile while staying true to our strategic priorities outlined in our Vision 2030 plans.

謝謝你，凱文。翻到第 14 張投影片，我很高興地強調團隊的積極主動態度，專注於我們控制範圍內的因素，使卡萊爾在未來獲得更強勁的利潤率，同時堅持我們在 2030 年願景計劃中概述的戰略重點。

In our CCM business, we are maintaining our market leadership and have robust margin recovery strategies in place. Despite current market challenges, our business model remains strong and resilient. We anticipate margin expansion through volume leverage, ongoing MTL synergy realization, operational improvements via our Carlisle Operating System, disciplined pricing through the Carlisle Experience, and the adoption of emerging AI technologies. Our innovation pipeline is strong, featuring products like FLEXFAST solutions, which offer customers premium labor savings and energy efficiency enhancements.

在我們的 CCM 業務中，我們保持市場領先地位，並制定了強有力的利潤恢復策略。儘管當前市場面臨挑戰，但我們的商業模式仍然強勁且富有彈性。我們預計利潤率將透過數量槓桿、持續實現 MTL 協同效應、透過我們的卡萊爾作業系統實現營運改進、透過卡萊爾體驗實現嚴格的定價以及採用新興的人工智慧技術來擴大。我們的創新管道非常強大，以 FLEXFAST 解決方案等產品為特色，為客戶提供優質的勞動力節省和能源效率提升。

For CWT, our self-help initiatives are pivotal during this period and are set to drive higher margins in 2026, leading to significant long-term margin expansion toward our Vision 2030 goal of achieving 30% adjusted EBITDA margins for CWT. We’re harnessing automation benefits, optimizing our facility footprint, and capitalizing on synergies from our Plasti-Fab and ThermaFoam acquisitions. Additionally, we are fostering growth through our innovative new products like UltraTouch and expanding our Home Depot relationship to include single-ply roofing, insulation, flashing, and air barriers.

對於 CWT 而言，我們的自助舉措在此期間至關重要，並將在 2026 年推動更高的利潤率，從而實現長期利潤率的顯著擴大，朝著我們的 2030 願景目標邁進，即實現 CWT 30% 的調整後 EBITDA 利潤率。我們正在利用自動化優勢，優化我們的設施佈局，並利用我們收購 Plasti-Fab 和 ThermaFoam 所帶來的協同效應。此外，我們還透過 UltraTouch 等創新新產品促進成長，並擴大與家得寶 (Home Depot) 的合作關係，涵蓋單層屋頂、隔熱材料、防水層和空氣屏障。

Company-wide, we’re focused on seamlessly integrating our strategic acquisitions while accelerating innovation through new product development. Our Vision 2030 targets remain firmly on track despite near-term challenges. We are committed to more than doubling adjusted EPS to $40-plus by 2030, maintaining industry-leading ROIC of 25%, and achieving free cash flow margins exceeding 15%, with a target organic revenue CAGR of over 5%, and anticipated cumulative free cash flow exceeding $6 billion. We have multiple pathways to achieve our $40 of adjusted EPS as committed to in Vision 2030.

在整個公司範圍內，我們專注於無縫整合我們的策略性收購，同時透過新產品開發加速創新。儘管面臨近期挑戰，我們的 2030 願景目標仍穩步推進。我們致力於在 2030 年將調整後的每股盈餘增加一倍以上，達到 40 美元以上，保持業界領先的 25% 的 ROIC，實現超過 15% 的自由現金流利潤率，目標有機收入複合年增長率超過 5%，預計累計自由現金流超過 60 億美元。我們有多種途徑來實現「2030願景」中承諾的40美元調整後每股盈餘。

The actions we're taking today ranging from operational improvements and strategic acquisitions to innovation investments position Carlisle to bridge current performance to these long-term objectives, all the while maintaining a disciplined approach to capital allocation.

我們今天所採取的行動包括營運改善、策略性收購和創新投資，使卡萊爾能夠將當前業績與這些長期目標結合起來，同時保持嚴謹的資本配置方式。

In conclusion, the second quarter showcased the robust strength of our business model and strategic positioning. Our emphasis on the recurring re-roofing revenue stream, strategic investments in innovation, and disciplined capital deployment are driving solid performance. I extend my gratitude to our Carlisle employees for their unwavering dedication. Their commitment to excellence is the foundation of our success and will continue to propel our outperformance.

總之，第二季展現了我們商業模式和策略定位的強勁實力。我們重視經常性的屋頂翻修收入流、創新的策略投資以及嚴格的資本部署，從而推動穩健的績效。我向卡萊爾員工的堅定奉獻精神表示感謝。他們對卓越的承諾是我們成功的基礎，並將繼續推動我們取得優異的績效。

That concludes our formal comments. Operator, we are now ready for questions.

我們的正式評論到此結束。接線員，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

Just starting off, I was wondering if you could provide a little bit more color on how we should be thinking about EBITDA margins by segment in the second half of the year given the new outlook.

首先，我想知道您是否可以提供一些關於在新的前景下我們應該如何考慮下半年各部門的 EBITDA 利潤率的詳細資訊。

Yes, Garik, this is Kevin. As we look at margins overall from Q2 to Q3, I’ll start with CCM. The revenue in Q3 is lower than Q2, so some of that volume carries over to that will challenge the margin a bit, so we expect to be around 31% in Q3, and then Q4, as you know, being a lighter quarter for us overall, we expect margins to be down around 29%.

是的，加里克，這是凱文。當我們查看第二季到第三季的整體利潤率時，我將從 CCM 開始。第三季度的收入低於第二季度，因此部分銷售額將延續下降趨勢，這將對利潤率造成一定挑戰，因此我們預計第三季度的利潤率將在 31% 左右，而第四季度，正如您所知，對於我們來說，整體而言是一個較輕鬆的季度，我們預計利潤率將下降約 29%。

For CWT, we expect both Q3 and Q4 margins to be right around 20%. Some of that improvement is due to lighter revenue in Q4, but also because that’s when some of the synergies begin to kick in from the Plasti-Fab acquisition as well as some of the automation we've done in the factories.

對於 CWT，我們預計第三季和第四季的利潤率都將在 20% 左右。這種改善的部分原因是第四季度的收入減少，但也因為那時收購 Plasti-Fab 以及我們在工廠中實施的一些自動化措施開始產生一些協同效應。

Great, that’s helpful. My follow-up question is, could you speak in a little more detail on some of the actions you're taking in CWT, the footprint rationalization, the automation? How should we think about the timing of these cost savings? I think you mentioned two figures in the prepared remarks, I think they're $12 million and $30 million. Just wanted to be clear on these amounts. Are these run-rate figures? Are these the expected expected savings in the second half? A little more handholding on the actions you're taking there. Then maybe also if there are any plans for CCM just given the weaker demand environment.

很好，這很有幫助。我的後續問題是，您能否更詳細地談談您在 CWT 中採取的一些行動，例如足跡合理化和自動化？我們該如何考慮這些成本節約的時機？我認為您在準備好的發言中提到了兩個數字，我認為它們是 1200 萬美元和 3000 萬美元。只是想清楚這些金額。這些是運行率數字嗎？這些是下半年預期的節省嗎？對您在那裡採取的行動給予更多的指導。那麼，考慮到較弱的需求環境，也許還會有針對 CCM 的任何計劃。

Garik, I'll take the breakdown on CWT. So overall, to your point on the earnings call, Chris and Kevin mentioned there's $12 million total synergies in CWT from automation projects that we implemented for Fernley and Kingman. There's also some additional plants that we're looking at to implement automation. And in addition to that, with those automation projects, the next phase is looking at some footprint consolidation. So you add those together, that's $12 million, and those are annualized savings.

加里克，我將對 CWT 進行細分。總的來說，正如您在收益電話會議上提到的，Chris 和 Kevin 提到，我們為 Fernley 和 Kingman 實施的自動化項目為 CWT 帶來了總計 1200 萬美元的協同效應。我們也正在考慮對一些其他工廠實施自動化。除此之外，除了這些自動化項目之外，下一階段還將考慮一些足跡整合。所以你把這些加在一起，就是 1200 萬美元，這就是年度節省。

So we'll get a portion of that in the second half of '25, and then we'll get the remaining amount in '26. So we'll continue to see margin expansion there going into next year.

因此，我們將在 25 年下半年獲得其中的一部分，然後在 26 年獲得剩餘的金額。因此，明年我們將繼續看到利潤率的擴大。

And then lastly, on the synergies from the Plasti-Fab and ThermaFoam acquisitions, there's a total of roughly $14 million of synergy. So you have those together, that's how you get to the roughly $30 million of opportunities for CWT.

最後，就 Plasti-Fab 和 ThermaFoam 收購產生的協同效應而言，總計約 1,400 萬美元。所以，把這些結合起來，CWT 就獲得了大約 3000 萬美元的機會。

And then on the CCM side, yes, we continue to -- one, we had some expenses in the second quarter that we will not have repeat in the third quarter and the fourth quarter. Those were expenses that we added for the buildup for what we expected to be a strong season that didn't pan out. So those costs will be removed. And then, of course, we're working on COS as well at CCM and there's opportunities there to improve margins.

然後在 CCM 方面，是的，我們會繼續 - 首先，我們在第二季度有一些支出，但在第三和第四季度不會重複。這些都是我們為了籌備原本預計會很強勁的賽季而增加的費用，但結果卻不理想。因此這些成本將被消除。當然，我們也在 CCM 上研究 COS，這有機會提高利潤率。

Bryan Blair, Oppenheimer.

布萊恩布萊爾，奧本海默。

I was hoping you could offer a little more detail on monthly order and revenue phasing through Q2 by segment and what you're seeing in the month of July relative to the Q2 run rates and how that perhaps influences the guide.

我希望您能提供更多關於第二季度各部門月度訂單和收入分階段的詳細信息，以及您看到的七月份相對於第二季度運行率的情況，以及這可能如何影響指南。

Yes. Bryan, similar to how we exited, I don't see a lot of change from June to July. Of course, July has the holiday and some other things in it. So usually, it's not a terribly a robust month or what we have high expectations for. But as we went through the first quarter, obviously, when we were at the end of April, we did our Carlisle market survey, and we looked at where we were on what I'll call our political macro front, I think we are more optimistic.

是的。布萊恩，與我們退出的情況類似，我認為從六月到七月不會有太大的變化。當然，七月有假期和一些其他的事情。因此通常來說，這不是一個非常強勁的月份，也不是我們期望很高的月份。但當我們經歷第一季時，顯然，在四月底，我們做了卡萊爾市場調查，我們研究了我們所處的我稱之為政治宏觀前沿的位置，我認為我們更加樂觀。

And as we got through the quarter, I think more anxiety crept in, which really we saw [indiscernible] today say the housing market was still weak on his report. And from the commercial side for us, I think a few contractors that I talked to, about a week ago, characterize it as healthy activity. But the activity has changed and that a reduction in bids to a certain degree, especially on the new side.

隨著我們度過這個季度，我認為更多的焦慮悄然出現，事實上我們看到[音頻不清晰]今天的報告稱房地產市場仍然疲軟。從商業角度來看，我認為大約一周前我與之交談過的一些承包商都認為這是健康的活動。但活動已經發生了變化，出價在一定程度上有所減少，尤其是在新方面。

And then something that was interesting was this idea that there were a lot of pending but yet be awarded or decisions were just not being made. It wasn't that it wasn't going to happen, but the interest rate environment and the economic outlook and the anxiety over tariffs and that were causing people to have a more difficult time making decisions. So I think that progressed through the quarter. And that was a definite tone for maybe where we were more optimistic in April. And I think that tone is still here, and you heard some of the questions that the Fed chair got today around even some conflict on the Fed Board there, I think, to the centers about where we are.

然後有趣的是，有很多懸而未決但尚未授予或尚未做出決定。這並不是說它不會發生，而是利率環境、經濟前景以及對關稅的擔憂等導致人們在做決定時更加困難。所以我認為這個季度取得了進展。這或許是我們在四月更加樂觀的明確基調。我認為這種基調仍然存在，你聽到了聯準會主席今天提出的一些問題，這些問題甚至涉及聯準會理事會內部的一些衝突，我認為，這些問題的核心在於我們現在所處的位置。

So I think that's causing some anxiety, which are making people delay things. It doesn't mean that we're not having activity. It doesn't mean that activity isn't planned or the economy isn't going well. It's just creating marina. So that's kind of where we sit.

所以我認為這會引起一些焦慮，從而導致人們拖延事情。這並不意味著我們沒有活動。這並不意味著活動沒有計劃或經濟不景氣。這只是在創建碼頭。這就是我們現在的處境。

And then in June, I think we also saw in some regions some weather impact about a day or 2 that had an impact there as well. So kind of a little bit of more degradation, I would say, in the quarter. And then from June to July, as you asked, pretty consistent with each other.

然後在六月，我想我們也看到一些地區受到了大約一兩天的天氣影響。所以我想說，本季的情況會稍微惡化一些。然後從六月到七月，正如你所問的，彼此相當一致。

Okay. That's very helpful. And maybe offer a little more, I guess, big picture color on how your team is thinking about the impact or catalysts of, One Big Beautiful Bill on construction markets going forward and how tax incentives may influence your own investment planning. You're obviously never been shy of investing in the business, there's incentive to do more.

好的。這非常有幫助。我想，也許可以提供更多一些宏觀訊息，說明您的團隊如何看待「一項美麗的大法案」對未來建築市場的影響或催化劑，以及稅收優惠如何影響您自己的投資計畫。顯然，您從不羞於對業務進行投資，並且有動力去做更多的事情。

Yes. I think first on the -- I'll talk about the Beautiful Bill, Kevin can talk about the investing. But one thing I'd remind everyone and I think we called it on is that we're still generating a lot of cash flow. Over the last years, it's $1 billion a year. So you're right, we've never been shy about investing in innovation or investing in our manufacturing facilities to drive that, be the low-cost producer in the industry, and we're going to continue to do that.

是的。我認為首先——我將談論《美麗的比爾》，凱文可以談論投資。但有一件事我想提醒大家，而且我認為我們也提到了這一點，那就是我們仍在產生大量現金流。過去幾年，每年都是 10 億美元。所以你說得對，我們從不羞於投資創新或投資我們的製造設施來推動這一點，成為產業中的低成本生產商，我們將繼續這樣做。

We're also seeing more investment in things like AI that we didn't have five years ago, but we're seeing some opportunities there that Kevin can get into as well.

我們也看到對人工智慧等領域的投資越來越多，而五年前我們還沒有這樣的投資，但我們也看到了凱文可以參與的一些機會。

As far as the Big Beautiful Bill from a nontax side from just generating of potential revenue, obviously, the biggest one for us is this idea that we bring manufacturing back to the US, right, and what that means and reinvestment in the U.S. When we looked at the sectors or verticals, as DOGE produced them, I think, recently, in '23, manufacturing was down 1.5%; in '24, I think 23%, 24%; and then even in '25 now by 19%. So if we could see that bill have a reinvestment in America, and we can see the tariffs have any action of driving some manufacturing back, I think it would be very positive for us.

就《美麗大法案》而言，從非稅收方面來看，僅僅從產生潛在收入的角度來看，對我們來說最大的好處顯然是將製造業帶回美國，對吧，這意味著對美國的再投資。當我們觀察 DOGE 生產的各個產業或垂直產業時，我認為，最近，在 2023 年，製造業下降了 1.5%；在 2024 年，我認為下降了 23%、24%；甚至在 2025 年，現在也下降了 19%。因此，如果我們看到該法案對美國進行了再投資，並且我們可以看到關稅對推動一些製造業復甦有任何作用，我認為這對我們來說將是非常積極的。

When you couple it up with the fact that our dollar per square foot on new construction and on reroofing is higher than it was 5 years ago and 10 years ago and 15 years ago based upon additional demands for energy efficiency and labor savings, so I think it could put us in a good position as we move forward.

由於對能源效率和勞動力節省的額外需求，我們在新建築和翻修屋頂上每平方英尺的成本比 5 年前、10 年前和 15 年前都要高，所以我認為這可以讓我們在未來的發展中處於有利地位。

And Kevin, why don't you pick up the tax and how Carlisle won't change our investment.

還有凱文，你為什麼不承擔稅收，卡萊爾為什麼不改變我們的投資？

Yes. The first thing we look at for on a capital investment is going to be ROIC. So certainly, having depreciation in year 1 versus over multiple years. That helps the return, so higher ROIC, and that only impacts manufacturing facilities, R&D, new facilities. So I don't think it will be the #1 driver for us adding anything with new facilities, but certainly, it will have a positive impact on ROIC as we're looking at those projects.

是的。在資本投資中我們首先要考慮的是投資報酬率 (ROIC)。因此，可以肯定的是，第一年就會出現折舊，而不是經過多年出現折舊。這有助於提高回報，從而提高投資資本回報率 (ROIC)，並且只會影響製造設施、研發和新設施。因此，我認為這不會成為我們增加新設施的首要驅動力，但當我們考慮這些項目時，它肯定會對 ROIC 產生積極影響。

All makes sense. A quick little fitting questions on Bonded Logic. You had mentioned run rate sales and that EBITDA margins will be supportive of Vision 2030. What should we think about as normalized growth for the asset? And where are margins currently?

一切都有道理。關於 Bonded Logic 的一些簡短而合適的問題。您曾提到運行率銷售額和 EBITDA 利潤率將支持「2030 願景」。我們該如何看待資產的正常成長？目前的利潤率是多少？

And what kind of profitability are you targeting over time?

那麼您長期的目標獲利能力是怎麼樣的呢？

Well, for targeting over time, we would ideally like to see something north of 50% gross margin. I mean that's one of the things that we talk about on new products that that's -- and why we get there is that we want to see value-add. We want to price the value, and gross margin is a good indicator of price and value to market and also how efficiently we're producing the product. So I think from a big picture perspective, that's what we like to see Bonded Logic add up.

嗯，就長期目標而言，我們理想情況下希望看到毛利率達到 50% 以上。我的意思是，這是我們在談論新產品時所討論的事情之一——我們之所以這樣做，是因為我們希望看到增值。我們希望對價值進行定價，毛利率是衡量價格和市場價值以及我們生產產品效率的一個很好的指標。因此我認為從宏觀角度來看，這就是我們希望看到的 Bonded Logic 的成果。

Yes. And it's a new product, that's really what we're looking at is almost picking up, buying a new product and the CAGR is going to be very high from a revenue standpoint, and it's going to be, I mean, well into the double digits. As far as what we're looking at, it will take a year or two before it really starts ramping. But even in those initial years, that's what we're looking at. And yes, I would agree with Chris on the gross margins and EBITDA margins above where we stand today.

是的。這是一種新產品，我們真正關注的是購買新產品，從收入的角度來看，複合年增長率將會非常高，我的意思是，它將達到兩位數。據我們所知，它還需要一兩年的時間才能真正開始發展。但即使在最初幾年，我們也關注的是這些。是的，我同意克里斯對我們目前毛利率和 EBITDA 利潤率的看法。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

Can you hear me?

你聽得到我嗎？

Sue, we've got you.

蘇，我們抓住你了。

My first question is speaking about the opportunities that you do see in a more challenging environment. You talked in your prepared remarks about investing in innovations and the Carlisle experience. Can you help us understand how you can further those initiatives to perhaps even gain market share or maintain market share in this kind of situation and what you're seeing in terms of the competition out there and what that could perhaps mean for Carlisle in the upcoming quarters?

我的第一個問題是談談您在更具挑戰性的環境中看到的機會。您在準備好的演講中談到了對創新的投資和卡萊爾的經驗。您能否幫助我們了解您如何進一步推進這些舉措，以在這種情況下獲得市場份額或保持市場份額，以及您所看到的競爭情況以及這對卡萊爾在未來幾個季度可能意味著什麼？

Sue, I think this idea of investing in the Carlisle experience, and one of the things we're looking at and there is how can we use obviously AI to help facilitate that, how can we use mobile devices to provide more information quicker. One of the big discussions I had, and I talked to contractors quite a bit, and one of the big discussions we had was around trucking, right? And it was very interesting that one of the contractors said to us it's been a problem for a long time, our biggest issue trucking. It's not that the trucks are hard to get. It's not that we don't have them coming in, but if they're supposed to be there at 8 AM, they'll call us at noon and then they won't show up until the next day, right?

蘇，我認為投資卡萊爾體驗的想法，以及我們正在研究的事情之一就是我們如何利用人工智慧來幫助實現這一點，我們如何利用行動裝置更快地提供更多資訊。我和承包商進行過多次重要討論，其中一次重要討論是關於卡車運輸的，對嗎？有趣的是，其中一位承包商告訴我們，這是一個長期存在的問題，也是我們卡車運輸最大的問題。並不是說卡車很難獲得。並不是說我們不讓他們來，但如果他們應該在早上 8 點到達，他們會在中午給我們打電話，然後直到第二天才會出現，對嗎？

So that's kind of a direct club. So how can we apply technology? How can we make investments in our Carlisle experience to help provide better information, better real-time information, better tracking, coordinate better with trucking companies, maybe even invest in our own certain assets to enhance that, so that once again, we get back to that key pillar of labor efficiency, right? Even for the contractor, it's not on the roof, but it's no use having a crew at a job site at 8 AM and not being able to begin work, right?

這是一種直接俱樂部。那我們該如何應用科技呢？我們如何投資於我們的卡萊爾經驗，以幫助提供更好的資訊、更好的即時資訊、更好的追蹤、與卡車運輸公司更好地協調，甚至投資於我們自己的某些資產來增強這一點，以便我們再次回到勞動效率這一關鍵支柱，對嗎？即使對於承包商來說，它不在屋頂上，但是早上 8 點在工作現場安排一隊人卻不能開始工作是沒有用的，對嗎？

That's just wasted time. So I think it gets to the investing in the Carlisle experience.

那隻是浪費時間。所以我認為這與投資卡萊爾的經驗有關。

Also helps with specifications. We've been looking at ways we can also -- another example would be on inspections. Before we can issue a warranty and before a contract could be paid, we do an inspection of the roof. And right now, typical inspections for us would be somewhere around 30 days at the outset at the longest. But how could we get those to be condensed into something like a day later or how could we have our contracts to be able to do their own inspection some way with technology through whatever it might be a video or something like that or using AI.

也有助於規範。我們一直在尋找方法——另一個例子就是檢查。在我們發出保固單和支付合約之前，我們會對屋頂進行檢查。目前，我們典型的檢查時間最長約為 30 天。但是，我們如何才能將這些時間壓縮到一天之內，或者我們如何讓我們的合約能夠透過技術（無論是視訊還是類似的東西，或者使用人工智慧）以某種方式進行自己的檢查。

So again, all these go back on that idea of how do we make the life of the contractor easier, how do we allow them to be more profitable. We can also do it through investments in innovation, which you know we're doing, where we're combining products into solutions that help them put the job up quicker. So all that points to share gains, hopefully, and it points to more profitability as we I would say, share that labor savings or share that efficiency with them, make them making more money and they'll be happier to buy Carlisle.

所以，所有這些都回到了我們如何讓承包商的生活更輕鬆、如何讓他們獲得更多利潤的想法。我們也可以透過投資創新來實現這一目標，正如你們所知，我們正在做的，我們將產品組合成解決方案，幫助他們更快地完成工作。因此，希望所有這些都指向共享收益，並指向更高的盈利能力，正如我們所說，與他們分享勞動力節省或分享效率，讓他們賺更多的錢，他們會更樂意購買卡萊爾。

The other thing it does, and you brought up competition, is it embeds us closer it creates a stickiness, right? Obviously, once you get something rolling out a trucking perspective or on a new product perspective, that makes your life easier. You want to use that product more and more. Also, you want to train your people, and we do a great job of training and providing training. And as these products get more technical, the better training we can do both in our locations like Carlisle PA, where we have a massive infrastructure around training, but also to ones where we can work with distribution to find on the field and we're at a contractor's job site just makes it stickier again for us and helps with competition.

它做的另一件事，正如您提到的競爭，是它使我們更加緊密地聯繫在一起，從而產生一種粘性，對嗎？顯然，一旦你從卡車運輸角度或新產品角度推出一些東西，你的生活就會變得更輕鬆。您想越來越多地使用該產品。此外，您希望培訓您的員工，我們在培訓和提供培訓方面做得很好。而且隨著這些產品的技術含量越來越高，我們可以在賓夕法尼亞州卡萊爾等地進行更好的培訓，在那裡我們擁有龐大的培訓基礎設施，也可以在我們可以與分銷商合作在現場找到的地點以及承包商的工作現場進行更好的培訓，這對我們來說更有吸引力，也有助於競爭。

I think when we get into competition, it probably begs the question around what's happening with some of the competitors we've talked about that might be foreign or otherwise. And I would say that, as we've always said, our US competition, the changes there with Ameris and Elevate to changes over GAF have been productive. I think the industry has certainly become more professional and is investing in the right things as an industry around innovation, manufacturing excellence. And then I think what that also does, it makes it more difficult for new competitors to enter as we larger organizations that are well established and have deep-seated roots in manufacturing and architecture relationships and contractor relationships.

我認為，當我們參與競爭時，我們可能會問，我們談到的一些競爭對手可能是外國的，也可能是其他國家的，他們的情況如何。我想說，正如我們一直所說的那樣，我們的美國競爭對手，從 Ameris 和 Elevate 到 GAF 的變革都是富有成效的。我認為該行業肯定已經變得更加專業，並且正在圍繞創新、製造卓越進行正確領域的投資。然後我認為這也會導致新的競爭者更難進入，因為我們是規模較大的組織，在製造、建築關係和承包商關係方面有著深厚的根基。

It makes it harder with all those things I talked about initially to displace us. So not much happening out of the ordinary on the competition front, a lot of talk out there but not much that we're seeing that's changed over the last six months.

我最初談到的所有這些事情使得取代我們變得更加困難。因此，在競爭方面並沒有發生太多異常情況，外界有很多討論，但我們並沒有看到過去六個月發生太大的變化。

Okay. That's very helpful color. And then can you talk a bit about what you're seeing in terms of the M&A environment given the macro and the housing backdrop that we're in? And I guess if there are any changes in that M&A pipeline, how are you thinking about capital allocation in this environment and your willingness to perhaps do more on the buybacks or other forms of shareholder return?

好的。這是非常有用的顏色。那麼，您能否根據我們所處的宏觀和住房背景，談談您對併購環境的看法？我想，如果併購管道發生任何變化，您如何考慮這種環境下的資本配置，以及您是否願意在回購或其他形式的股東回報方面做更多工作？

Yes. The M&A pipeline, it's been, I would say, good, robust as we've talked about. There are deals that are to be made. I think what I said probably in the last call, I've said before, has been this gap between sellers and buyers in terms of value. And I think it points back to this discussion we've had around increasing anxiety in the markets on people not wanting to take action because uncertainty or greater uncertainty.

是的。正如我們談到的，我想說，併購通路一直很好、很強勁。有一些交易需要達成。我認為我在上次通話中可能說過，我之前也說過，賣家和買家在價值方面有差距。我認為這又回到了我們之前討論的這個問題：市場焦慮情緒日益加劇，人們因為不確定性或更大的不確定性而不願採取行動。

So we've had a look, I could say, one example. We were in where it basically ended up being a failed process because the gap between seller and buyer was too big. And it wasn't just us, obviously, if a process fails, it was across the entire set of bidders. So I think that kind of typifies where we are where two parties can come together to be reasonable, there's probably going to be a transaction. Obviously, Bonded Logic is what we worked on for a while.

所以我們看了一個例子。由於賣家和買家之間的差距太大，我們最終發現這個過程基本上是失敗的。顯然，如果一個流程失敗了，那麼不僅僅是我們的問題，整個投標者的問題都會得到解決。所以我認為這代表了我們雙方能夠達成合理協議的典型情況，可能會進行交易。顯然，Bonded Logic 是我們研究了一段時間的課題。

We closed that one. Plasti-Fab was another one. But a great many of them don't ever get there. So that's kind of where we are. Capital allocation, Kevin?

我們關閉了那個。Plasti-Fab 是另一個例子。但其中很多人最終都沒能實現這個目標。這就是我們現在的狀況。資本配置，凱文？

Yes. Capital allocation, we've been fortunate to generate a lot of cash and be able to pick where we want to invest. So we look at each one of them, M&A, buybacks, dividends, CapEx independently. Each one of them, we're looking for -- we have return hurdles that we're looking for. So on M&A, as Chris said, we will remain a disciplined buyer.

是的。資本配置，我們很幸運地產生了大量現金，並且能夠選擇我們想要投資的地方。因此，我們會分別檢視併購、回購、股利和資本支出等每一個面向。我們正在尋找每一個——我們正在尋找回報障礙。因此，在併購方面，正如克里斯所說，我們將繼續成為一個自律的買家。

We're going to look for acquisitions that can be bolt-on acquisitions, to our current product lines or geography expansions, continue to do that, but at the right cost. And then same with buybacks. When we look at buybacks, we look at our intrinsic value, and that's how we base our buyback decisions. So we'll continue with that going forward.

我們將尋找可以作為附加收購的收購，以補充我們目前的產品線或地理擴張，並繼續這樣做，但要以合適的成本。回購也一樣。當我們考慮回購時，我們會考慮其內在價值，這就是我們做出回購決策的依據。因此我們將繼續這樣做。

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

Maybe just the first question, just on the lack of pricing traction. As you kind of step back and think about that, is it just the weaker volume environment? It doesn't sound competitive, but maybe there's some of that. Is it just lower raw materials and kind of lower raw material base? Just how do you kind of frame up just that kind of lack of pricing traction and the drivers of that?

也許只是第一個問題，只是關於缺乏定價吸引力。當您退一步思考這個問題時，這是否只是較弱的成交量環境？聽起來似乎沒什麼競爭力，但也許確實有競爭力。僅僅是原物料價格較低、原物料基礎較低嗎？您如何看待這種定價吸引力的缺乏以及背後的驅動因素？

Yes. I would say that, first of all, I think the pricing environment is pretty good, considering we may not have keep traction on the latest round of price increases, but we also haven't seen much degradation on pricing. And when we look at the bidding environment, I think, Tim, it relates just to the volume around new that, with new going down, obviously, competitors or contractors are out there looking at reroofing. Our reroofing contractors are very strong. We're seeing -- you could see that in there.

是的。我想說的是，首先，我認為定價環境相當不錯，考慮到我們可能沒有繼續推動最新一輪的價格上漲，但我們也沒有看到價格有太大的下降。當我們觀察投標環境時，我認為，蒂姆，這只與新建的數量有關，隨著新建數量的減少，顯然競爭對手或承包商都在考慮重新鋪設屋頂。我們的屋頂翻修承包商實力非常強大。我們看到──你可以在裡面看到。

But I think with the reduction in new, you're getting more bids on the jobs that are there. So I'm not unhappy with where we are in pricing. I think it's been pretty rational, and especially with the fact that raw materials are staying relatively flat, too. So not a lot there, I think just pretty much I'd just say it's volume related.

但我認為，隨著新項目的減少，現有的工作會獲得更多的出價。所以我對我們的定價並不感到不滿。我認為這是相當合理的，尤其是考慮到原材料價格也保持相對穩定。所以那裡沒有太多，我認為只是與數量有關。

Okay. And then I guess on the delays and some of the kind of bidding pushes and things, is that strictly in new construction? And is it the whole building? Or is it -- obviously, if you're putting up a building, you need a roof. So I guess, is it just the overall new construction environment and that's kind of hitting you guys?

好的。然後我想，關於延誤和一些競標推動等事情，這嚴格來說是新建築的問題嗎？是整棟大樓嗎？或者是——顯然，如果你要建造一棟建築，你就需要一個屋頂。所以我想，是不是整體的新建築環境對你們造成了影響？

Or has that also kind of bled into any sort of like discretionary reroofing activity?

或者這也影響到了任何類似自由裁量的翻修屋頂活動？

No. It doesn't appear to have moved into reroofing. Reroofing has been strong, continues to be strong. We've said that. I think actually, in a way, this is a really good example of something that we've had concerns about, they're not us, but the market, I think, around what happen in a pullback as reroofing stay strong?

不。看起來它還沒有進入重新鋪設屋頂的階段。翻修屋頂的勢頭一直強勁，並且將繼續強勁。我們已經說過了。我認為實際上，在某種程度上，這是一個很好的例子，說明了我們一直擔心的事情，這不是我們的問題，而是市場的問題，我認為，在屋頂翻新保持強勁的情況下，回調會發生什麼？

Is there really backlog? And obviously, in the quarter, reroofing stayed strong. Labor is allocated to that. Pricing remained good, and we had good strength in reroofing. It's really related to new construction.

真的有積壓嗎？顯然，本季屋頂翻修業務依然保持強勁。勞動力被分配到那裡。定價仍然很好，而且我們在翻修屋頂方面實力雄厚。這確實與新建築有關。

And I think it's pretty much across the country, right, that whether we're up in Seattle and the Northwest or we're in LA, I think when we look at the marketing or the markets -- excuse me, the sectors, I mentioned the manufacturing being down, I think that's still the case. Warehousing has been down for now three years. Data centers are up, that's a popular one, we think somewhere between 30% and 40% year-over-year. But the ones I mentioned and then a little bit of retail being impacted, I think, this year, last year had some big growth, high single digits, and this year, it's pretty flat.

我認為這種情況幾乎遍布全國，無論我們是在西雅圖和西北地區，還是在洛杉磯，我認為當我們看行銷或市場時 - 對不起，是行業，我提到製造業下滑，我認為情況仍然如此。倉儲業務已經停業三年了。資料中心正在成長，這是一個熱門話題，我們認為同比成長率在 30％ 到 40％ 之間。但我提到的那些，以及零售業受到的一點影響，我認為，今年、去年都有很大的成長，高個位數，而今年則相當平穩。

So again, it gets back to that idea of -- I like the phrase of pending to be awarded, meaning it's there. And if I can wait 30 days to see what's happening, maybe that's a good decision, maybe something changed on the interest rates. And obviously, maybe it makes some things loosen up. But I think it really is just the statement around people being confused harder to make a comfortable decision and that anxiety. And obviously, it's on the margin, so yes.

所以，這又回到了那個想法——我喜歡「等待授予」這個短語，意思是它在那裡。如果我可以等待 30 天看看會發生什麼，也許這是一個不錯的決定，也許利率會發生一些變化。顯然，它可能會讓一些事情變得輕鬆。但我認為這其實只是關於人們感到困惑、難以做出舒適的決定和焦慮的說法。顯然，它處於邊緣，所以是的。

Okay. And then I just have sneak one last one in, just kind of a broader kind of open-ended question, but I think it's kind of topical for people. Just how should we think of Carlisle just kind of in the context of kind of what's going on in kind of a changing market. Two of your kind of larger distributors and roofing have been acquired by different entities. There's some larger M&A in the market.

好的。然後我偷偷地問最後一個問題，這是一個更廣泛的開放式問題，但我認為這對人們來說有點現實。我們應該如何看待卡萊爾，看看市場正在發生哪些變化。兩家較大的分銷商和屋頂商已被不同的實體收購。市場上有一些規模較大的併購交易。

You're seeing kind of maybe some contractor M&A that's kind of going on, too. So how does that all kind of piece together? And where does Carlisle kind of come out the other side of this?

您可能也看到了一些正在進行的承包商併購。那麼這一切是如何組合在一起的呢？那麼卡萊爾在這件事上又有何作為呢？

Yes. Tim, no question that -- I think I said to someone when I joined 17 years ago compared to today, who knew that roofing and building products was going to be such an interesting space. But obviously, the distribution changes. And by the way, that might have impacted things in the second quarter as well where we have a transaction occurring and they're working through the integration and things like that. So obviously, those changes, private equity getting in and buying contractors.

是的。提姆，毫無疑問——我想我 17 年前加入時就曾對某人說過，與今天相比，誰知道屋頂和建築產品將會成為一個如此有趣的領域。但顯然，分佈發生了變化。順便說一句，這可能也會對第二季的情況產生影響，因為我們正在進行交易，他們正在進行整合等工作。顯然，這些變化是私募股權進入並收購承包商。

There's been strong activity there. When I do talk to contractors, they will tell you that there is definitely activity, and they're being they're being talked to, like people are interested in rolling up that side of the industry. Manufacturing, we see more people wanting to get into the business. So it's an evolving environment.

那裡的活動十分活躍。當我與承包商交談時，他們會告訴你，肯定有活動，而且他們正在被談論，就像人們對捲起該行業的這一方面感興趣一樣。製造業，我們看到越來越多的人想要進入這個行業。所以這是一個不斷發展的環境。

But I think the key thing is that we still -- at least on the commercial roofing side, we think we're the leader there. We've got very strong competitive advantages in commercial roofing and building envelope solution. We've got scale. I mean, our margins, our cash flow generation are giving us tremendous opportunity to invest in things right now, whether it be our own stock or whether it be AI or customer excellence, whether it's innovation or driving costs produced down in our factories through automation and even through the AI there. Those margins, that cash flow sets Carlisle up to be able to make the investments we need to as we go forward and maintain our leadership position.

但我認為關鍵在於我們仍然——至少在商業屋頂方面，我們認為我們是領導者。我們在商業屋頂和建築圍護結構解決方案方面具有非常強大的競爭優勢。我們有規模。我的意思是，我們的利潤率、我們的現金流為我們提供了巨大的投資機會，無論是我們自己的股票，還是人工智慧或客戶卓越，無論是創新還是透過自動化甚至透過人工智慧降低工廠生產成本。這些利潤和現金流使卡萊爾能夠進行我們前進過程中所需的投資並保持我們的領導地位。

R&D and innovation is going to be key. I think one of the big things for us is going to be to be the preferred choice to do that sticky preferred choice to own the contractor, to make it through our customer service experience and customer intimacy, to our innovation to our operational excellence, the product of choice. And I think if we do that, everything else is going to work out. I think there will be changes around us, but I'd like to think of us as being the one place where people can come and get a consistent response from an organization that's been around for a long time. You know what you're going to get.

研發和創新將是關鍵。我認為，對我們來說最重要的事情之一就是成為首選，成為擁有承包商的首選，透過我們的客戶服務體驗和客戶親密度，透過我們的創新，透過我們的卓越運營，成為首選產品。我認為如果我們這樣做，其他一切都會順利。我認為我們周圍會發生變化，但我希望我們成為一個人們可以來並獲得來自長期存在的組織的一致回應的地方。你知道你將會得到什麼。

You're going to get high quality price to value, excellent customer service from our teams. And we've got good teams with good tenure. We've got a good workforce. We've invested over the years. So I think about that flywheel and you add M&A in there and you expand our product offering to the building envelope and I like where we end up.

您將從我們的團隊獲得高品質的價格和卓越的客戶服務。我們擁有優秀的團隊和任期長的團隊。我們擁有一支優秀的勞動力。我們多年來一直進行投資。因此，我考慮飛輪，並在其中添加併購，並將我們的產品範圍擴展到建築圍護結構，我喜歡我們最終的結果。

Tomohiko Sano, JPMorgan.

佐野智彥，摩根大通。

This is Tomo. My first question is, I like to have more color on pricing. And have stable commercial reroofing allowed you to sustain pricing power through innovation and the Carlisle experience compared to softer demand in other end markets and pricing competition? So that's my first question.

這是 Tomo。我的第一個問題是，我希望定價更詳細。與其他終端市場需求疲軟和價格競爭相比，穩定的商業屋頂翻修是否使您能夠透過創新和卡萊爾經驗保持定價能力？這是我的第一個問題。

Yes, we look at innovation. That's where we look to price to the value that we bring to. Whether it's a contractor or a building owner, if we can bring them opportunities to reduce labor for their costs, then we deserve a higher price for our product. We share some of that savings to the contractor. Similar for a building owner, if it's energy efficiency play, and the building owner is going to save money and energy, then we look to price our product higher there and share that savings with the building owner.

是的，我們專注於創新。這就是我們所期望的與我們所提供的價值相符的價格。無論是承包商還是建築業主，如果我們可以為他們帶來減少勞動成本的機會，那麼我們的產品就應該有更高的價格。我們將部分節省的資金分享給承包商。對於建築物業主來說也是類似的，如果是為了提高能源效率，並且建築物業主想要節省金錢和能源，那麼我們會考慮將我們的產品定價得更高，並與建築物業主分享節省下來的資金。

So overall, we have pricing this year. It's more about the volume that Chris talked about into the second half of the year, and we're looking at pricing being stable, both in the third and fourth quarters.

總的來說，我們今年已經有定價了。這更多的是關於克里斯談到的下半年的銷量，我們預計第三季和第四季的價格都將保持穩定。

Yes. Tomo, I would say that pricing is a reflection of how well we're delivering on our value proposition to the customers. So it also helps us preserve price because they can clearly see that if we deliver on time with the right product, if they don't have callbacks for warranty, if they have a smooth warranty inspection of the process, if their questions are answered quickly, if they have good training, then they can see the value in that, and then that helps us maintain pricing even in an environment where there may be more competition or new construction may be slowing.

是的。Tomo，我想說定價反映了我們向客戶的價值主張的實現程度。因此，它還可以幫助我們保持價格，因為他們可以清楚地看到，如果我們按時交付正確的產品，如果他們沒有保修回電，如果他們對流程進行了順利的保修檢查，如果他們的問題得到了迅速答复，如果他們接受了良好的培訓，那麼他們就可以看到其中的價值，這有助於我們即使在競爭加劇或新建築可能放緩的環境中也能保持價格。

Okay. And my last question is EPS forecast. And you mentioned record EPS for 2025. But compared to the prior comment of 10%-plus growth, so the tone this time seems slightly more tempered. But should we interpret your EPS outlook, including strong capital returns, as flat to slightly up year-over-year right now?

好的。我的最後一個問題是每股盈餘預測。您提到了 2025 年創紀錄的每股盈餘。但與之前10%以上的成長相比，這次的語氣似乎稍微緩和一些。但是，我們是否應該將您的每股盈餘前景（包括強勁的資本回報）解讀為與去年同期持平或略有上升？

Yes. We definitely, with our revised guidance, be at lower than what we talked about at the double-digit number. But we're still looking in the growth rate on our EPS. We don't do EPS-specific guidance. But yes, if you put the factors in, I think you should come up with something that's going to be, again, a record EPS year for us in 2025.

是的。根據我們修訂後的指引，我們的數字肯定會低於我們所說的兩位數。但我們仍在關注每股收益的成長率。我們不提供針對 EPS 的具體指導。但是的，如果你把這些因素都考慮進去，我認為你應該能得出一個結論，那就是 2025 年我們的每股盈餘將再次創下歷史新高。

David MacGregor, Longbow Research.

麥格雷戈（David MacGregor），長弓研究公司（Longbow Research）。

This is Joe Nolan on for David. On the CCM side, can you just talk about channel inventory levels for PPO, EPDM and polyiso, and just how you expect those to develop into the second half of the year?

喬諾蘭 (Joe Nolan) 代替大衛上場。在 CCM 方面，您能否談談 PPO、EPDM 和聚異氰酸酯的渠道庫存水平，以及您預計這些庫存在下半年將如何發展？

Yes. I think, obviously, we didn't get the load-in we wanted. So I would say that inventory levels have just been pretty consistent with what they were in the fall. And as we move through the spring, a little bit on the lighter side, I think, relative to what we would have expected, especially if the season had been more robust around new construction. But I don't see a big change in inventory levels at Carlisle.

是的。我認為，顯然我們沒有得到我們想要的裝載量。所以我想說庫存水準與秋季的水準相當一致。隨著春季的到來，我認為，相對於我們預期的情況，情況會稍微輕鬆一些，特別是如果這個季節新建築業務更加活躍的話。但我認為卡萊爾的庫存水準不會發生很大的變化。

Certainly, we have plenty of supply to keep our OTD up and to service all those. But no real change, I think, perhaps at the distribution level in a couple of cases where they're going through integrations and acquisitions, and that there may be some delay and maybe light in some areas, but nothing of note that I picked up. Kevin?

當然，我們有足夠的供應來保持我們的 OTD 並為所有這些提供服務。但我認為，並沒有真正的變化，也許在分銷層面，他們正在經歷整合和收購，並且在某些領域可能會有一些延遲和輕微的變化，但我沒有發現任何值得注意的地方。凱文？

I would agree with that analysis as well. Nothing to add.

我也同意這個分析。沒什麼好補充的。

Okay. And then just a follow on the pricing question. We heard that some manufacturers have announced the polyiso increase. Could you just talk about your confidence in that increase given the softer traction on the earlier increases?

好的。然後繼續討論定價問題。我們聽說一些製造商已經宣布提高聚異戊二烯的產量。鑑於先前升息的勢頭較弱，您能否談談對此次升息的信心？

Yes. I think that we've embodied that in our projection for really a flat second half on pricing. And as we mentioned, we didn't see a lot of traction occurring on those polyiso price increases. And I wouldn't anticipate -- without some change in demand on the new construction side, I wouldn't see that. Or the one other variable that would have happened or could happen is if there was some major action from a supplier of MDI that might relate to tariffs or otherwise, it might create some price issue there.

是的。我認為，我們在預測下半年價格將持平的預測中已經反映了這一點。正如我們所提到的，我們並沒有看到聚異戊二烯價格上漲出現太大的牽引力。我不會預期——如果新建築方面的需求沒有發生一些變化，我就不會看到這種情況。或者另一個可能發生的變數是，如果 MDI 供應商採取一些與關稅或其他方面有關的重大行動，則可能會引發一些價格問題。

But our forecast for that is no traction on those price increases and flat for the year.

但我們預測，今年的價格不會再上漲，而且價格將保持穩定。

Okay. Got it. And then if I could sneak one last one in. In the prepared remarks, you talked about a $20 million impact to volumes from weather in the second quarter. Should we expect that to be fully made up in the second half?

好的。知道了。然後如果我能偷偷地再進去最後一個。在準備好的發言中，您談到了第二季天氣因素對銷售造成的 2000 萬美元的影響。我們是否應該期待這一情況在下半年得到完全彌補？

And was there any incremental storm demand created from those? Or were these maybe to moderate storms to create that demand?

這些是否產生了增量風暴需求？或者這些可能是為了緩和風暴以創造這種需求？

I can't really comment on the storms. I think the storms have been getting worse. I know on the residential side, they talk about that a lot on the shingles. On the commercial construction side, our roofs are very robust. And I would say that any storms we had, they do impact future demand because obviously, where leaking occurs or some damage, that creates future demand.

我真的無法評論這些風暴。我認為風暴正在變得越來越嚴重。我知道在住宅方面，他們經常談論木瓦的問題。在商業建築方面，我們的屋頂非常堅固。我想說的是，我們遇到的任何風暴都會影響未來的需求，因為顯然，發生洩漏或損壞的地方就會產生未來的需求。

Will the demand that we saw from the weather show up in the third quarter? I imagine some of it. But remember, we think we're at a pretty full employment of contractor labor situation. So likely, that rolls into the backlog or pushes something else into the backlog while they repair that. So we're still a little bit constrained.

我們看到的天氣需求會在第三季出現嗎？我想像了其中的一些。但請記住，我們認為我們正處於承包商勞動力充分就業的狀況。因此，很有可能，當他們修復這個問題時，這個問題會被轉入積壓工作，或將其他問題推入積壓工作。所以我們仍然受到一些限制。

And it probably goes without saying that certain integration actions and things like that have also been affected. Contracts have been affected by that. So I wouldn't say there's surplus labor that can address that kind of weather-related demand and make it up in one quarter.

不言而喻的是，某些整合行動和類似的事情也受到了影響。合約受到了影響。因此，我不會說有剩餘勞動力可以解決這種與天氣有關的需求並在一個季度內彌補。

Keith Hughes, Truist.

基斯·休斯，Truist。

Question on some inputs, particularly MDI, we've seen some acceleration in that first half of the year. Are you expecting that to kind of flatten out as we go into the second half given this kind of flattish price environment you're talking about here at your end use products?

關於一些投入的問題，特別是 MDI，我們看到今年上半年有所加速。考慮到您所說的終端產品價格環境趨於平穩，您是否預期下半年這種情況會趨於平穩？

Yes, indeed, a little bit in '25 here in a rise from Q1 to Q2, couple of percent, but then flattening out through Q3 and Q4, Keith.

是的，確實如此，2025 年從第一季到第二季略有上升，上升了幾個百分點，但隨後在第三季和第四季趨於平穩，基斯。

Okay. That would still be some inflation in the second half.

好的。下半年仍會出現一定程度的通貨膨脹。

It would be, if you look from Q2 of '24 to Q2 of '25, but sequentially, not much inflation after Q1 of this year or really not much inflation actually since Q3 of '24.

如果從 2024 年第二季到 2025 年第二季來看，情況確實如此，但按順序來看，今年第一季之後的通貨膨脹並不多，或者說自 2024 年第三季以來通貨膨脹實際上並不多。

Okay. And if we look within CWT, we talked a lot about flat pricing on traction on price increases. Is there any product there that you're specifically struggling with to get price increases through and maybe alternately, something you're doing a little bit better than average?

好的。如果我們看一下 CWT，我們會發現我們討論了很多有關固定定價對價格上漲的牽引力的問題。有沒有哪款產品的價格上漲是你們特別頭痛的，或者說，哪款產品你們做得比平均好一點？

Yes. So overall, this is Mehul, for CWT, pricing is stable year-over-year, and it's pretty much across all the different segments. Keith, just I know last year, there was pricing pressure on that specific category. So that's bottomed out. Earlier this year, there was some price increase announcements.

是的。因此，總體而言，對於 CWT 而言，定價同比保持穩定，並且幾乎涵蓋所有不同細分市場。基思，據我所知，去年該特定類別面臨定價壓力。所以這已經觸底了。今年早些時候，曾有一些價格上漲的公告。

But I think given the challenges in residential, it's going to remain stable versus going up.

但我認為，考慮到住宅領域的挑戰，價格將保持穩定，而不是上漲。

There are no further questions at this time. Please proceed with closing remarks.

目前沒有其他問題。請繼續致結束語。

Well, thank you, Andrew. This concludes our second quarter earnings call for 2025. I want to thank everybody for your participation. And as usual, we look forward to speaking with you at the next earnings call. Thank you.

好吧，謝謝你，安德魯。這就是我們 2025 年第二季財報電話會議的結束。我要感謝大家的參與。像往常一樣，我們期待在下次財報電話會議上與您交談。謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。