杜邦 (DD) 2022 Q2 法說會逐字稿

Good morning, and welcome to DuPont 2Q 2022 Earnings Conference Call. (Operator Instructions) Thank you.

早上好，歡迎參加杜邦 2022 年第二季度收益電話會議。 （操作員說明）謝謝。

Chris Mecray, you may begin your conference.

Chris Mecray，你可以開始你的會議了。

Good morning, everyone. Thank you for joining us for review of DuPont's Second Quarter 2022 Financial Results. Joining me today are Ed Breen, Chief Executive Officer; and Lori Koch, Chief Financial Officer.

大家，早安。感謝您與我們一起審查杜邦 2022 年第二季度的財務業績。今天加入我的是首席執行官 Ed Breen；和首席財務官 Lori Koch。

We prepared slides to supplement our comments during this review, which are posted on the Investor Relations section of DuPont's website and through the webcast link. Please read the forward-looking statement disclaimer contained in the slides.

我們準備了幻燈片來補充我們在審查期間的評論，這些幻燈片發佈在杜邦網站的投資者關係部分和網絡廣播鏈接上。請閱讀幻燈片中包含的前瞻性聲明免責聲明。

During this financial review, we'll make forward-looking statements regarding our expectations or predictions about the future. Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward-looking statements. Our 2021 Form 10-K, as updated by current and periodic reports, includes detailed discussion of principal risks and uncertainties which may cause such differences.

在本次財務審查期間，我們將就我們對未來的預期或預測做出前瞻性陳述。由於這些陳述基於當前的假設和涉及風險和不確定性的因素，我們的實際業績和結果可能與我們的前瞻性陳述存在重大差異。我們的 2021 年 10-K 表（根據當前報告和定期報告進行了更新）包括對可能導致此類差異的主要風險和不確定性的詳細討論。

Unless otherwise specified, all historical financial measures presented today exclude significant items. We'll also refer to other non-GAAP measures. A reconciliation to the most directly comparable GAAP measures are included in our press release and posted to the Investor page of our website.

除非另有說明，今天提出的所有歷史財務指標均不包括重要項目。我們還將參考其他非公認會計原則措施。與最直接可比的 GAAP 措施的對賬包含在我們的新聞稿中，並發佈到我們網站的投資者頁面。

I'll now turn the call over to Ed.

我現在把電話轉給 Ed。

Good morning. Thank you for joining our second quarter financial review. We posted strong quarterly results above expectations in a difficult environment. Our top line revenue growth of 7% versus the year ago period included solid organic growth of 9%.

早上好。感謝您加入我們的第二季度財務審查。在困難的環境中，我們發布了超出預期的強勁季度業績。與去年同期相比，我們的收入增長 7%，其中包括 9% 的穩健有機增長。

Overall, customer demand remained strong across our key end markets as E&I delivered a 6% volume increase, driven by ongoing strength in Semiconductor Technologies and Industrial Solutions.

總體而言，由於半導體技術和工業解決方案的持續實力推動，E&I 的銷量增長了 6%，因此我們主要終端市場的客戶需求仍然強勁。

In terms of inflation, our pricing actions continue to fully offset higher costs associated with raw materials, logistics and energy. Early in the quarter, our expectation for full year 2022 was about $600 million of increased costs, and that number has now risen to over $700 million, mainly due to higher energy and logistics costs. We still expect to remain price/cost-neutral in the second half and for the full year based on pricing actions we have taken.

在通貨膨脹方面，我們的定價行動繼續完全抵消與原材料、物流和能源相關的更高成本。本季度初，我們對 2022 年全年的預期成本增加約 6 億美元，而現在這一數字已上升至超過 7 億美元，主要是由於能源和物流成本增加。根據我們已採取的定價行動，我們仍預計下半年和全年將保持價格/成本中性。

Overall, our second quarter results reflect year-over-year and sequential earnings growth. These results highlight the strength of our end markets and our team's efforts to successfully navigate a challenging macro environment, which was further complicated by China's COVID lockdowns during the quarter. We were very pleased with the lockdowns alleviated by mid-June and that our China-based colleagues who operated diligently under difficult circumstances have been able to return to some form of normalcy. More broadly, our focus on execution continues to drive results as we increase our use of digital tools and other plant site investments to drive additional productivity and capacity release.

總體而言，我們的第二季度業績反映了同比和連續盈利增長。這些結果突顯了我們終端市場的實力以及我們團隊成功應對充滿挑戰的宏觀環境的努力，而中國在本季度的 COVID 封鎖使情況進一步複雜化。我們對 6 月中旬解除的封鎖感到非常高興，我們在困難情況下勤奮工作的中國同事能夠恢復某種形式的正常狀態。更廣泛地說，隨著我們增加對數字工具和其他工廠現場投資的使用以推動額外的生產力和產能釋放，我們對執行的關注繼續推動結果。

Finally, with regards to sustainability, I am pleased to highlight that last month, we announced our commitment to setting targets to reduce greenhouse gas emissions, in line with the Paris Accord Science-Based Targets initiative, or SBTi. This is an important step toward reducing our overall climate impact, and it builds on our existing commitment to protect the planet by reducing the carbon footprint across our value chain in partnership with customers and suppliers.

最後，關於可持續性，我很高興地強調，上個月，我們宣布承諾根據《巴黎協定》基於科學的目標倡議 (SBTi) 制定減少溫室氣體排放的目標。這是減少我們整體氣候影響的重要一步，它建立在我們現有的承諾之上，即通過與客戶和供應商合作減少整個價值鏈中的碳足跡來保護地球。

Turning to Slide 4. I'd like to update you on key initiatives for 2022 stakeholder value creation, namely our portfolio transformation and our balanced approach to capital allocation. In addition, I will highlight our continued focus on growth execution on the following slide.

轉到幻燈片 4。我想向您介紹 2022 年為利益相關者創造價值的關鍵舉措，即我們的投資組合轉型和平衡的資本配置方法。此外，我將在下一張幻燈片中強調我們對增長執行的持續關注。

First, as it relates to the Rogers acquisition, the progress is being made on the required regulatory reviews, with China being the last jurisdiction outstanding. We expect the deal to close during the third quarter. Regarding Rogers' first quarter 2022 performance, we were satisfied with top line progress for the business, with growth in the high single digits, and we're especially pleased to see new wins and ongoing growth in the electric vehicle space. Rogers' business in the period was impacted by a price/cost gap and several operational challenges that held back full earnings potential, but we remain confident in the actions that the Rogers team is taking, and we expect improvement as we move forward.

首先，由於涉及羅傑斯的收購，所需的監管審查正在取得進展，中國是最後一個未完成的司法管轄區。我們預計該交易將在第三季度完成。關於羅傑斯 2022 年第一季度的業績，我們對業務的頂線進展感到滿意，實現了高個位數的增長，我們特別高興地看到電動汽車領域的新勝利和持續增長。羅傑斯在此期間的業務受到價格/成本差距和一些阻礙全部盈利潛力的運營挑戰的影響，但我們對羅傑斯團隊正在採取的行動仍然充滿信心，並且我們預計隨著我們的前進，我們會有所改善。

For the M&M transactions, we are on track regarding timing associated with the M&M divestiture to Celanese, with a completion anticipated around year-end. We continue to make the necessary progress to separate the business, and we were pleased to see Celanese secure permanent financing in the last few weeks. We also continue to move forward with plans to divest the Delrin business and affirm our expectation for completion around midyear 2023.

對於 M&M 交易，我們正在確定將 M&M 剝離給塞拉尼斯的相關時間安排，預計將在年底左右完成。我們繼續在分離業務方面取得必要進展，我們很高興看到塞拉尼斯在過去幾週獲得了永久融資。我們還繼續推進剝離 Delrin 業務的計劃，並確認我們預計在 2023 年年中左右完成。

This past July 1 marked the 1-year anniversary of our acquisition of Laird Performance Materials. I've commented previously on how successful this acquisition has been for us, including overall financial performance ahead of plan on both the top and bottom lines. We also continue to advance commercial synergy opportunities on top of cost synergies previously noted.

剛剛過去的 7 月 1 日是我們收購 Laird Performance Materials 一周年紀念日。我之前評論過這次收購對我們來說是多麼成功，包括在頂線和底線方面的整體財務業績超出計劃。除了先前提到的成本協同效應，我們還將繼續推進商業協同效應的機會。

Finally, we completed the sale of the Biomaterials business at the end of May, which was the last of our previously announced noncore business divestitures. Since 2019, we generated gross proceeds of over $2.2 billion by divesting 8 noncore businesses, which collectively produced lower growth, lower margins and overall higher volatility in earnings. We received solid value for these divestitures, selling them at a low double-digit EBITDA multiple.

最後，我們在 5 月底完成了生物材料業務的出售，這是我們之前宣布的最後一次非核心業務剝離。自 2019 年以來，我們通過剝離 8 項非核心業務產生了超過 22 億美元的總收益，這些業務共同導致較低的增長、較低的利潤率和整體較高的收益波動性。我們從這些資產剝離中獲得了可觀的價值，以兩位數的低 EBITDA 倍數出售它們。

Shifting to capital allocation. We continue to pursue a balanced strategy that includes prioritizing the return of excess capital to shareholders as well as bolt-on M&A. During the second quarter, we repurchased $500 million of shares, bringing our year-to-date total to $875 million, which represents 2.5% of total shares outstanding. We anticipate completing the $500 million of authorization remaining on our existing share repurchase program during the remainder of this year.

轉向資本配置。我們繼續追求平衡戰略，包括優先向股東返還多餘資本以及加強併購。在第二季度，我們回購了 5 億美元的股票，使我們年初至今的總額達到 8.75 億美元，佔已發行股份總數的 2.5%。我們預計在今年剩餘時間內完成現有股票回購計劃中剩餘的 5 億美元授權。

As I noted during our last earnings call, given the magnitude of anticipated proceeds from the M&M divestitures, we expect there will be room to execute substantial, incremental share buybacks while disciplined M&A will also remain a key deployment priority over time as we continue to seek accretive and opportunistic transactions that can leverage our existing growth even further.

正如我在上次財報電話會議上指出的那樣，鑑於 M&M 剝離的預期收益規模，我們預計將有空間執行大量的增量股票回購，而隨著時間的推移，隨著時間的推移，有紀律的併購也將仍然是關鍵部署優先事項，因為我們將繼續尋求增值和機會交易，可以進一步利用我們現有的增長。

Finally, our balance sheet remains strong. And this remains a key priority, particularly in uncertain, volatile macro environment.

最後，我們的資產負債表依然強勁。這仍然是一個關鍵的優先事項，特別是在不確定、動蕩的宏觀環境中。

Turning to Slide 5. Another key value driver for us is innovation-led growth. Greater focus on secular high-growth end markets in electronics, water, protection, industrial technologies and next-generation automotive will serve as a sound basis for our organic growth execution. We continue to invest actively in both advancing the technology within our existing product portfolio and also introducing new products around the pillars highlighted here, with an overall R&D investment rate of around 4% of total sales, in line with best-in-class peers. This investment is coupled with substantial application engineering focus where our technical personnel have a seat at our customers' table in the design phases of their products.

轉到幻燈片 5。我們的另一個關鍵價值驅動因素是創新驅動的增長。更加關注電子、水、保護、工業技術和下一代汽車領域的長期高增長終端市場，將為我們的有機增長執行奠定良好的基礎。我們將繼續積極投資於推進現有產品組合中的技術，並圍繞此處強調的支柱推出新產品，總體研發投資率約為總銷售額的 4%，與同類最佳同行持平。這項投資與大量的應用工程重點相結合，我們的技術人員在其產品的設計階段可以在客戶的餐桌旁佔有一席之地。

This past quarter, we had a number of highlights, which we note on the slide, but I'd emphasize that we are proud to have won 4 Edison Awards across different technology platforms, and we continue to make progress in introducing new technologies, such as applications and EV batteries, which have strong growth potential.

上個季度，我們有許多亮點，我們在幻燈片上註明，但我要強調的是，我們很自豪能夠在不同的技術平台上贏得 4 項愛迪生獎，並且我們在引入新技術方面繼續取得進展，例如作為應用和電動汽車電池，具有強大的增長潛力。

With that, let me turn it to Lori to discuss the details of the quarter as well as our financial outlook.

有了這個，讓我轉向 Lori 討論本季度的細節以及我們的財務前景。

Thanks, Ed, and good morning, everyone. As Ed mentioned, we saw continued strong demand during the quarter in key end markets, with volumes higher than our expectations coming into the quarter. Cost inflation intensified further compared to previous estimates, but additional pricing actions are anticipated to fully offset these higher costs. These factors, along with our team's continued strong execution focus, contributed to both top and bottom line results well above expectations for the quarter. We also delivered a consistent operating EBITDA margin on both a year-over-year and sequential basis.

謝謝，Ed，大家早上好。正如 Ed 所說，我們看到本季度主要終端市場的需求持續強勁，本季度的銷量高於我們的預期。與之前的估計相比，成本通脹進一步加劇，但預計額外的定價行動將完全抵消這些較高的成本。這些因素，再加上我們團隊對執行力的持續關注，使本季度的頂線和底線業績遠高於預期。我們還在同比和環比基礎上實現了一致的經營 EBITDA 利潤率。

Focusing on financial highlights for the quarter on Slide 6. Net sales of $3.3 billion increased 7% as reported versus the second quarter of 2021 and increased 9% on an organic basis. The acquisition of Laird, partially offset by noncore divestitures, provided a 1% net tailwind in net sales, while currency was a 3% headwind during the quarter as the U.S. dollar strengthened against key currencies, including the euro and the yen.

在幻燈片 6 上關注本季度的財務亮點。據報導，淨銷售額為 33 億美元，與 2021 年第二季度相比增長了 7%，有機增長了 9%。收購 Laird 部分被非核心資產剝離所抵消，為淨銷售額帶來了 1% 的淨順風，而由於美元兌歐元和日元等主要貨幣走強，本季度貨幣逆風為 3%。

Organic sales growth included 8% pricing gains and 1% higher volume. Volume growth reflects continued strong demand in key end markets, namely semiconductor, general industrial, water and construction, muted primarily by lower volumes for protective garments within Safety Solutions. These factors resulted in organic sales growth during the quarter, up 9% for W&P, 8% for E&I and 15% for the retained businesses of the former M&M segment they report in corporate, which predominantly reflects our adhesive portfolio tied to next-generation auto.

有機銷售增長包括 8% 的定價收益和 1% 的銷量增長。銷量增長反映了半導體、一般工業、水和建築等關鍵終端市場的持續強勁需求，主要受到安全解決方案中防護服銷量下降的影響。這些因素導致本季度的有機銷售增長，W&P 增長 9%，E&I 增長 8%，他們在公司報告的前 M&M 部門的保留業務增長 15%，這主要反映了我們與下一代汽車相關的粘合劑產品組合.

On a regional basis, we delivered organic sales growth in all 4 regions globally, including volume increases in Asia Pacific, North America and Latin America. In China, organic sales growth was up slightly versus the year ago period, and volumes in China were up low single digits sequentially from first quarter despite government-mandated lockdowns in parts of the country into early June.

在區域基礎上，我們在全球所有 4 個區域實現了有機銷售增長，包括亞太、北美和拉丁美洲的銷量增長。在中國，有機銷售增長與去年同期相比略有上升，儘管中國部分地區政府強制實施封鎖至 6 月初，但中國的銷量較第一季度環比增長低個位數。

From an earnings perspective, operating EBITDA of $829 million was up 6% versus the year ago period, and adjusted EPS of $0.88 per share increased 11%. The increase in operating EBITDA was driven by pricing actions, stronger earnings contribution from the Laird acquisition and volume gains, which more than offset higher inflationary cost pressures.

從盈利角度來看，營業 EBITDA 為 8.29 億美元，同比增長 6%，調整後每股收益 0.88 美元，增長 11%。運營 EBITDA 的增長是由定價行動、收購萊爾德的盈利貢獻更大以及銷量增長推動的，這足以抵消更高的通脹成本壓力。

Operating EBITDA margin of 25% was slightly better than our expectations set earlier this quarter and flat on both a year-over-year and sequential basis. Our pricing actions have fully offset cost inflation on a dollar basis but have impacted EBITDA margins.

25% 的經營 EBITDA 利潤率略好於我們本季度早些時候設定的預期，同比和環比持平。我們的定價行動完全抵消了按美元計算的成本通脹，但影響了 EBITDA 利潤率。

Our operating EBITDA margin adjusted to exclude price/cost with 26.6% or 150 basis points higher than the year ago, driven by productivity and higher volume. Our incremental margin was 22% on an as-reported basis. Excluding the impact of price/cost, incremental margin for our core businesses was almost 60%, demonstrating strong cost discipline and operational productivity.

在生產力和銷量增長的推動下，我們的經營 EBITDA 利潤率經調整以排除價格/成本，比去年同期高 26.6% 或 150 個基點。根據報告，我們的增量利潤率為 22%。排除價格/成本的影響，我們核心業務的增量利潤率接近 60%，顯示出強大的成本紀律和運營生產力。

From a cash perspective, cash flow from operations during the quarter of $86 million and capital expenditures of $135 million resulted in a free cash outflow of $49 million. Working capital was an additional headwind during the quarter as we continue to secure inventory given tight supply chains and incur higher inventory costs related to inflation. We expect improvement in free cash flow during the second half of the year, consistent with our typical pattern and factoring in a reduction of working capital level. As we separate the M&M business, we continue to encourage transaction-related expenses, with over $100 million of transaction costs incurred during the second quarter and about $700 million in costs related to the M&M separations expected in full year 2022. These costs, combined with higher working capital related to the M&M business that we are divesting, are significant headwinds to our 2022 cash flow.

從現金的角度來看，本季度運營現金流為 8600 萬美元，資本支出為 1.35 億美元，導致自由現金流出 4900 萬美元。營運資金是本季度的另一個不利因素，因為由於供應鏈緊張，我們繼續確保庫存，並導致與通貨膨脹相關的更高庫存成本。我們預計下半年自由現金流會有所改善，這與我們的典型模式一致，並考慮到營運資金水平的下降。隨著我們分離 M&M 業務，我們繼續鼓勵與交易相關的費用，第二季度產生了超過 1 億美元的交易成本，預計 2022 年全年將產生約 7 億美元與 M&M 分離相關的成本。這些成本，加上與我們正在剝離的 M&M 業務相關的更高營運資金是我們 2022 年現金流的重大不利因素。

Turning to Slide 7. Adjusted EPS of $0.88 per share increased 11% compared to $0.79 per share in the year ago period. Higher volumes and earnings from Laird provided a benefit to adjusted EPS in the quarter of $0.11 per share. These gains were partially offset by weaker mix in W&P related to lower garment production and Kapton's plant start-up costs totaling $0.03 per share. A lower share count from ongoing share repurchases provided a $0.04 benefit to adjusted EPS, while other below-the-line items, including a higher tax rate and exchange gains, netted to a $0.03 headwind.

轉到幻燈片 7。調整後的每股收益為 0.88 美元，與去年同期的每股 0.79 美元相比增長了 11%。萊爾德更高的銷量和收益使該季度調整後的每股收益為 0.11 美元。這些收益被與服裝產量下降和 Kapton 工廠啟動成本總計每股 0.03 美元相關的 W&P 組合疲軟部分抵消。正在進行的股票回購減少的股票數量為調整後的每股收益提供了 0.04 美元的收益，而其他線下項目，包括更高的稅率和匯兌收益，淨額為 0.03 美元。

Our base tax rate for the quarter was 22.6%, up slightly from 21.8% in the first quarter and up notably from the year ago period given certain discrete tax benefits recorded in the prior year, resulting from tax law changes. We are maintaining an expected base tax rate range for the full year 2022 of 21% to 23%.

我們本季度的基礎稅率為 22.6%，略高於第一季度的 21.8%，並且由於稅法變化導致上一年記錄了某些離散的稅收優惠，因此明顯高於去年同期。我們維持 2022 年全年 21% 至 23% 的預期基本稅率範圍。

Turning to segment results, beginning with E&I on Slide 8. E&I delivered net sales growth of 16%, including 8% organic growth, an 11% portfolio benefit from Laird and a 3% headwind from currency.

轉向細分結果，從幻燈片 8 上的 E&I 開始。E&I 實現了 16% 的淨銷售額增長，其中包括 8% 的有機增長、11% 的投資組合受益於萊爾德和 3% 的貨幣逆風。

Organic growth for E&I included a 6% increase in volume and a 2% increase in pricing. The line of business view, organic sales growth was led by Semiconductor Technologies, which increased mid-teens as strong demand continued, led by the ongoing transition to more advanced node technologies and ongoing high semiconductor fab utilization, along with growth in 5G communications and data centers.

E&I 的有機增長包括 6% 的銷量增長和 2% 的定價增長。業務線來看，有機銷售增長由半導體技術公司引領，隨著強勁需求的持續增長，在不斷向更先進節點技術的過渡和持續的高半導體工廠利用率以及 5G 通信和數據的增長的帶動下中心。

Within Industrial Solutions, organic sales growth was up high single digits, led by continued demand for OLED materials for displays, ongoing strength for Kalrez semi CapEx-related product offerings, Vespel products serving recovering aerospace markets and for health care applications such biopharma tubing.

在工業解決方案中，有機銷售額增長高達個位數，這主要得益於對顯示器 OLED 材料的持續需求、Kalrez 半資本支出相關產品供應的持續強勁、服務於復甦的航空航天市場的 Vespel 產品以及生物製藥管材等醫療保健應用。

Interconnect Solutions sales decreased low single digits on an organic basis as expected due to a slight volume decline. Volume gains for films and laminates in certain industrial end markets were more than offset by lower smartphone volumes due to the anticipated return to more normal seasonal order pattern compared to last year and the including softness in China smartphones. The business was also impacted somewhat by lower global PC and tablet demand and continued constraints in automotive production.

由於銷量略有下降，互連解決方案的銷售額如預期的那樣自然下降了個位數。某些工業終端市場的薄膜和層壓板銷量增長被智能手機銷量下降所抵消，原因是與去年相比，預計將恢復更正常的季節性訂單模式，包括中國智能手機的疲軟。該業務還受到全球個人電腦和平板電腦需求下降以及汽車生產持續受限的影響。

Looking forward, we expect similar growth patterns for Semiconductor Technologies and Industrial Solutions to continue into the second half of 2022. Within interconnect, we expect to return to positive organic growth in the second half given seasonal strength and added capacity from our Kapton expansion.

展望未來，我們預計半導體技術和工業解決方案的類似增長模式將持續到 2022 年下半年。在互連領域，鑑於季節性強勁和 Kapton 擴張帶來的產能增加，我們預計下半年將恢復正的有機增長。

For the full year, we expect Interconnect Solutions to be up low to mid-single digits on an organic basis. This reflects a slight decline from our previous expectations as supply chain constraints and softer consumer demand are expected to mute volumes for smartphones, PCs and tablets.

對於全年，我們預計互連解決方案將有機地增長到低到中個位數。這反映出我們之前的預期略有下降，因為供應鏈限制和消費者需求疲軟預計將抑制智能手機、個人電腦和平板電腦的銷量。

Operating EBITDA for E&I of $480 million increased 13% as strong earnings from Laird, volume gains and pricing actions were partially offset by higher raw material and logistics costs.

E&I 的運營 EBITDA 為 4.8 億美元，增長 13%，原因是萊爾德的強勁收益、銷量增長和定價行動被較高的原材料和物流成本部分抵消。

Operating EBITDA margin of 31.4% reflects sequential improvement of 40 basis points. On a year-over-year basis, operating EBITDA margin was down 70 basis points due primarily to a 100-basis-point headwind from price/cost.

31.4% 的經營 EBITDA 利潤率反映了 40 個基點的連續改善。與去年同期相比，營業 EBITDA 利潤率下降了 70 個基點，主要是由於價格/成本帶來了 100 個基點的逆風。

Turning to Slide 9. W&P delivered net sales growth of 6% as organic sales growth of 9% was partially offset by a 3% headwind from currency. Organic growth for W&P reflects a 12% increase in price and a 3% volume headwind. Pricing gains reflect broad-based actions across the segment, most notably in Shelter and Safety Solutions. Volume declines were driven by Safety Solutions.

轉到幻燈片 9。W&P 實現了 6% 的淨銷售額增長，因為 9% 的有機銷售額增長被貨幣 3% 的逆風部分抵消。 W&P 的有機增長反映了 12% 的價格上漲和 3% 的銷量逆風。價格上漲反映了整個細分市場的廣泛行動，尤其是在避難所和安全解決方案方面。銷量下降是由安全解決方案推動的。

From a line of business view, organic sales growth was led by Shelter Solutions, which increased high teens, driven by pricing actions and continued robust demand in North America residential construction as well as ongoing growth in commercial construction and strength in repair- and remodel-related demand during the quarter.

從業務角度來看，有機銷售增長由 Shelter Solutions 引領，受定價行為和北美住宅建築持續強勁需求以及商業建築持續增長以及維修和改造實力的推動，該公司增加了青少年。本季度的相關需求。

Within Safety Solutions, sales were up mid-single digits on an organic basis as pricing actions were partially offset by lower Tyvek volumes, given the shift from garments to other end market applications and the resulting negative impact of increased manufacturing line changeovers on overall production.

在安全解決方案中，由於從服裝轉向其他終端市場應用以及生產線轉換增加對整體生產產生的負面影響，定價行動被特衛強銷量下降部分抵消，因此銷售額在有機基礎上增長了中個位數。

Sales for Water Solutions were up mid-single digits on an organic basis on pricing gains and continued steady demand for water filtration technologies, muted by supply chain constraints in Asia Pacific due to COVID lockdowns in China and an earthquake in Japan impacting our production.

由於價格上漲和對水過濾技術的持續穩定需求，Water Solutions 的銷售額在有機基礎上增長了中個位數，但由於中國 COVID 封鎖和日本地震影響了我們的生產，亞太地區的供應鏈受到限制。

Operating EBITDA for W&P of $348 million declined 1% versus last year as pricing actions taken to offset higher costs are more than offset by volume declines.

W&P 的運營 EBITDA 為 3.48 億美元，與去年相比下降了 1%，因為為抵消較高成本而採取的定價行動被銷量下降所抵消。

Operating EBITDA margin of 23.2% was 170 basis points below the year ago period as the impact of price/cost was an approximate 200-basis-point headwind to margins. Excluding the price/cost impact, operating EBITDA margin was over 25%.

營業 EBITDA 利潤率為 23.2%，比去年同期低 170 個基點，因為價格/成本的影響對利潤率造成了大約 200 個基點的逆風。排除價格/成本影響，經營 EBITDA 利潤率超過 25%。

I'll close with a few comments on our financial outlook on Slide 10. We are still seeing solid demand, and our order book is sound in most of our end markets. However, future uncertainties continue to exist in the macro environment driven by inflationary pressure, challenging supply chain and U.S. dollar strength. Our teams remain focused keenly on execution, and we are concentrated on a leverage within our control in order to continue to drive value for our shareholders.

最後，我將在幻燈片 10 上對我們的財務前景發表一些評論。我們仍然看到強勁的需求，我們的大多數終端市場的訂單都很好。然而，在通脹壓力、供應鏈挑戰和美元走強等宏觀環境下，未來不確定性繼續存在。我們的團隊仍然專注於執行，我們專注於我們控制範圍內的槓桿作用，以繼續為我們的股東創造價值。

For the full year 2022, we are narrowing our adjusted EPS range while maintaining the midpoint of our previous range. We now expect full year adjusted EPS in the range of $3.27 to $3.43 per share versus our previous range of $3.20 to $3.50 per share.

對於 2022 年全年，我們正在縮小調整後的每股收益範圍，同時保持之前範圍的中點。我們現在預計全年調整後每股收益在每股 3.27 美元至 3.43 美元之間，而我們之前的範圍為每股 3.20 美元至 3.50 美元。

We are updating our full year '22 net sales guidance range to be between $13 billion and $13.4 billion reflecting a $200 million of incremental foreign currency headwinds, along with the removal of about $120 million in net sales related to the Biomaterials business, given its divestiture at the end of May. We continue to expect organic sales growth for the year to be up high single digits.

我們正在將我們的 22 年全年淨銷售額指導範圍更新為 130 億美元至 134 億美元之間，這反映了 2 億美元的增量外匯逆風，以及與生物材料業務相關的約 1.2 億美元的淨銷售額，因為其剝離在五月底。我們繼續預計今年的有機銷售增長將達到個位數。

After adjusting the high end of our operating EBITDA guidance primarily for incremental currency headwinds and the removal of the Biomaterials business, we now expect full year 2022 operating EBITDA to be between $3.25 billion and $3.35 billion.

在調整了我們主要針對增加的貨幣逆風和取消生物材料業務的運營 EBITDA 指導的高端之後，我們現在預計 2022 年全年運營 EBITDA 將在 32.5 億美元至 33.5 億美元之間。

For third quarter 2022, we expect net sales to be between $3.17 billion and $3.37 billion and operating EBITDA to be about $810 million. We expect third quarter net sales and operating EBITDA to be slightly weaker than the second quarter as sequential volume increases are expected to be offset by further foreign currency headwinds and the absence of the Biomaterials business. We are also expecting impact during the third quarter on operating EBITDA of approximately $15 million from unplanned downtime at our W&P screw-in site in Virginia associated with an unforeseen utility disruption from a third-party supplier.

對於 2022 年第三季度，我們預計淨銷售額將在 31.7 億美元至 33.7 億美元之間，營業 EBITDA 約為 8.1 億美元。我們預計第三季度淨銷售額和運營 EBITDA 將略低於第二季度，因為連續銷量增長預計將被進一步的外匯逆風和缺乏生物材料業務所抵消。我們還預計，第三季度我們在弗吉尼亞州的 W&P 旋入式工廠的計劃外停機與第三方供應商意外的公用事業中斷有關，對運營 EBITDA 的影響約為 1500 萬美元。

On a year-over-year basis, we expect third quarter net sales to be up 2% at the midpoint and up high single digits on an organic basis. We expect third quarter 2022 adjusted EPS of approximately $0.81 per share.

與去年同期相比，我們預計第三季度淨銷售額將在中點增長 2%，並在有機基礎上增長高個位數。我們預計 2022 年第三季度調整後每股收益約為 0.81 美元。

With that, we are pleased to take your questions, and let me turn it back to the operator to open the Q&A.

有了這個，我們很高興接受您的問題，讓我把它轉回給運營商打開問答。

(Operator Instructions) Your first question comes from Jeff Sprague from Vertical Research.

（操作員說明）您的第一個問題來自 Vertical Research 的 Jeff Sprague。

Ed or Lori, could you just comment on kind of the visibility on the top line in the back half kind of around some of the economic worry points, right, the U.S. resi, some of the consumer electronic, cell phone and the like? Just what you're seeing from your customer and channel partners there and your comfort level that that's all dialed now properly relative to the guidance.

Ed 或 Lori，你能否評論一下後半部分頂線上的可見性，圍繞一些經濟擔憂點，對，美國 resi，一些消費電子產品，手機等？正是您從那裡的客戶和渠道合作夥伴那裡看到的，以及您現在相對於指導正確撥打的舒適度。

Yes, Jeff. So we looked over the weekend at our order rates as of the end of last week, and across the board, our order rates are hanging right in there where we would expect them to be. The only softness that we've seen, which we've mentioned before, is smartphones in China. Demand is down, and I don't know how much of that is because of the lockdowns versus just true demand down. And we're seeing some lightness on the PCB board side, which is really for PCs, tablets, things like that, not significant but a little bit of a downdraft there. And besides that, everything, at least in our order rate, is holding in.

是的，傑夫。因此，我們在周末查看了截至上週末的訂單率，總體而言，我們的訂單率一直保持在我們預期的水平。我們之前提到過的唯一軟弱是中國的智能手機。需求下降了，我不知道其中有多少是因為封鎖而不是真正的需求下降。我們在 PCB 板方面看到了一些亮度，這確實適用於個人電腦、平板電腦等類似的東西，並不重要，但有一點下降趨勢。除此之外，至少在我們的訂單率方面，一切都在堅持。

And now remember, we have a really solid look, I would say, on our orders out about 30 days and the bulk of the businesses, some of them longer than that. Like, the water business is actually some months. So we're a little bit shorter cycle on the order rate. But as we sit today, it looks like things are hanging in there.

現在請記住，我們有一個非常可靠的外觀，我想說，我們的訂單大約需要 30 天，大部分業務，其中一些比這更長。就像，水業務實際上是幾個月。所以我們在訂單率上的周期有點短。但是當我們今天坐下來時，看起來事情已經掛在那裡了。

We have seen no downdraft to your specific point on the construction side. Both the resi was -- order rates are good in the last week. The commercial was good, and the do-it-yourself piece of that business was still good.

我們在施工方面沒有看到您的具體點的下降。兩者都是 - 上週的訂單率很好。商業廣告很好，該業務中自己動手做的部分仍然很好。

By having said that, Jeff, we're not naive. We see data points out there. And obviously, we're doing recession planning, just to be ready if things do soften up. But at this point in time, I'm not seeing it.

話雖如此，傑夫，我們並不天真。我們在那裡看到了數據點。顯然，我們正在製定經濟衰退計劃，只是為了在情況有所緩和時做好準備。但在這個時間點，我沒有看到它。

Great. And then just wondering back to the ultimate deployment of cash, particularly as it comes to the M&M proceeds. Is it still your bias to wait until that cash is in the door? Or now that Celanese has secured funding and maybe we're a little bit further down the kind of regulatory path, perhaps there's some comfort to get a running start on some of that.

偉大的。然後只是想知道現金的最終部署，尤其是在 M&M 收益方面。等到現金到賬時，您仍然有偏見嗎？或者現在塞拉尼斯已經獲得了資金，也許我們在監管道路上走得更遠一些，也許在其中一些方面有一些安慰。

Yes, Jeff. So we're talking to the Board about it, and just to reiterate the prepared comments we made, we're clearly thinking heavy on a share repurchase here with the amount of cash available. But -- and I wouldn't say the cash has to be in the door. I just want to see kind of -- I'd use the term green lights through town that the timing is what we think we're going to be ready to do this by November 1 with all the internal work, both we're doing and Celanese is doing. But my gut is by the time you get through regulatory, we and -- our comment was kind of end of the year right at the first of the year 2023. So -- but you never know with regulatory and if there's COVID lockdowns, you just -- you don't know for sure. So I just want to get closer, and then we'll make a final decision.

是的，傑夫。因此，我們正在與董事會討論此事，只是為了重申我們準備好的評論，我們顯然正在考慮用可用現金量回購股票。但是 - 我不會說現金必須在門口。我只是想看看——我會用“綠燈”這個詞來表示，時間是我們認為我們將在 11 月 1 日之前準備好完成所有內部工作的時間，我們都在做塞拉尼斯正在這樣做。但我的直覺是，當你通過監管時，我們和——我們的評論是在 2023 年初的年底。所以——但你永遠不知道監管，如果有 COVID 鎖定，你只是——你不確定。所以我只想靠近一點，然後我們再做最後的決定。

Your next question comes from Scott Davis from Melius Research.

您的下一個問題來自 Melius Research 的 Scott Davis。

Ed, you mentioned in your remarks, Rogers is having kind of a challenging price/cost, I think you said, GAAP. Is it off the deal model then for '22? Is it materially off or it impacts kind of your '23 look at it?

Ed，您在講話中提到，羅傑斯的價格/成本具有挑戰性，我想您說的是 GAAP。那麼對於 22 年，它是否脫離了交易模式？它是實質性關閉還是會影響您對 23 年的看法？

Yes. So the night -- there's a good and a bad. I guess I'll just put it that way. The good is the revenue line is right on what the planning assumptions were, and the win rate is looking really, really nice. The EBITDA is off the planning model, and by the way, I'd say it's for -- putting price/cost aside, which you can catch up on, which will happen, there were 4 or 5 operational issues that have been hitting them that are really impacting the EBITDA percent. By the way, all fixable, all within the control of the team to fix those. So we expect improvement to come.

是的。所以晚上——有好有壞。我想我就這麼說吧。好處是收入線與計劃假設相符，而且獲勝率看起來非常非常好。 EBITDA 超出了計劃模型，順便說一句，我想說它是為了 - 將價格/成本放在一邊，你可以趕上，這將會發生，有 4 或 5 個運營問題一直在打擊他們這確實影響了 EBITDA 百分比。順便說一句，所有可修復的，都在團隊的控制範圍內來修復這些。因此，我們預計會有所改善。

And by the way, I'll just give you 2. One of them is not really even something they can control. They're being shorted as the whole industry is on the silicon side, and it's a very high-margin application for them. So obviously, we're trying to -- they're trying to secure more silicon supply. And at some point here, that'll even out, but that's off.

順便說一句，我只給你2個。其中一個甚至不是他們可以控制的東西。他們被做空，因為整個行業都在矽片方面，這對他們來說是一個非常高利潤的應用程序。所以很明顯，我們正在努力——他們正在努力確保更多的矽供應。在這裡的某個時候，這會平息，但那是關閉的。

And then just to give you one other example, they used more contract manufacturing because they're bringing up a facility that they -- that had a fire in it that they're bringing that back up online. But in the meantime, to satisfy the customers, they're using contract manufacturing, which is really eating into the margin of that business. So that's 2 examples, but there's 3 other ones.

然後再舉一個例子，他們使用了更多的合同製造，因為他們正在建立一個他們的設施——那裡著火了，他們正在把它恢復到網上。但與此同時，為了滿足客戶的需求，他們正在使用合同製造，這確實侵蝕了該業務的利潤。所以這是 2 個示例，但還有 3 個其他示例。

So those things, that's being worked on, and they're getting ready to launch that facility again and bring the production back in-house. So it's items like that. We'll work through that. My hope and gut is we'll be in good shape going into 2023 as we get these operational issues fixed.

因此，這些事情正在處理中，他們正準備再次啟動該設施並將生產帶回內部。所以就是這樣的項目。我們會解決這個問題的。我的希望和直覺是，隨著我們解決這些運營問題，我們將在 2023 年保持良好狀態。

Yes, I think to Ed's point too just on the top line, one of the areas that we're really impressed with is their penetration in EV. And so they've seen really nice growth there. We'll continue to take advantage of the opportunity, especially the combined opportunity in DuPont when we put it together with our EV applications. I think we've mentioned, in the past, the 2 portfolios generate about $400 million of revenue today. So we're excited to get those 2 together and see what we can do.

是的，我認為 Ed 的觀點也只是在頂線上，我們真正印象深刻的領域之一是他們在 EV 中的滲透。所以他們在那裡看到了非常好的增長。我們將繼續利用這個機會，特別是當我們將杜邦與我們的 EV 應用程序結合在一起時的合併機會。我想我們在過去提到過，這兩個投資組合今天產生了大約 4 億美元的收入。所以我們很高興能把這兩個放在一起，看看我們能做些什麼。

Right. And then just on Laird, I assume based on what I see in the slides here that Laird is a little ahead of its steel model?

正確的。然後就在 Laird 上，根據我在幻燈片中看到的內容，我假設 Laird 比它的鋼製模型領先一點？

Yes. Both revenue and earnings are ahead. And we got good synergies out of that. We're getting -- we're probably about 80% through that. We've identified real solidly $63 million in synergies. But what I'm more excited about on Laird, and I think the same is going to play out with Rogers, is really the revenue opportunities between the 2 as Lori was sort of just alluding to. We just had another one in European auto, customer who Laird had a direct relationship with and we were able to use some of our existing DuPont technology and an application to resolve an issue for them. And it seems like a nice new revenue stream with that customer. So that's really exciting with the kind of putting this tool kit together.

是的。收入和收益都領先。我們從中獲得了很好的協同效應。我們得到了——我們可能已經完成了大約 80%。我們已經確定了 6300 萬美元的協同效應。但我對 Laird 更興奮的是，我認為 Rogers 也會出現同樣的情況，這實際上是 Lori 所暗示的 2 人之間的收入機會。我們剛剛在歐洲汽車領域有另一個客戶，與 Laird 有直接關係的客戶，我們能夠使用我們現有的一些杜邦技術和一個應用程序來為他們解決問題。與該客戶一起，這似乎是一個不錯的新收入來源。因此，將這個工具包放在一起真的很令人興奮。

Your next question comes from Steve Tusa from JPMorgan.

您的下一個問題來自摩根大通的 Steve Tusa。

On this -- the price/cost side, what's your estimate for the year now? I think you had $350 million in raw material headwind prior. This quarter, obviously, inflation is tough, but this quarter seemed a little bit higher than I was expecting. And then also, are you including logistics in that? And if not, I think you had given like a $225 million headwind prior. Maybe just an update on those 2.

在這方面——價格/成本方面，你對今年的估計是多少？我認為你之前有 3.5 億美元的原材料逆風。很明顯，本季度通脹很艱難，但本季度似乎比我預期的要高一些。然後，您是否將物流包括在內？如果沒有，我認為你之前已經給出了 2.25 億美元的逆風。也許只是對那些 2 的更新。

Yes. So we're now expecting between raw materials, logistics and higher energy costs about $700 million. So it's about a $100 million increase from where we were sitting when we did the prior earnings call. But we still expect to fully cover that with price increases. So we'll be net-neutral on the bottom line. It just creates the headwinds on the margin profile as we have telegraphed. It was about 150 basis points in total this quarter. So underlying -- we held flat on margins year-over-year. But if you take out that delta, we were actually up about 140, 150 basis points, a nice leverage through the P&L.

是的。因此，我們現在預計原材料、物流和更高的能源成本約為 7 億美元。因此，與我們之前召開財報電話會議時所處的位置相比，這大約增加了 1 億美元。但我們仍然希望通過價格上漲來完全覆蓋這一點。因此，我們將在底線上保持淨中性。正如我們所電報的那樣，它只會在利潤率概況上造成不利影響。本季度總共約為 150 個基點。所以基本 - 我們的利潤率同比持平。但如果你去掉那個增量，我們實際上上漲了大約 140 到 150 個基點，這是通過損益表的一個很好的槓桿作用。

Steve, I'll breakdown for you because you were just using raws. The breakdown of the inflation is about 60% is raws, 20% is logistics, and 20% is energy. Just to give you kind of a feel for it. And by about 70% of our inflation is in the W&P segment, where you can see we got phenomenal pricing.

史蒂夫，我會為你分解，因為你只是在使用原始數據。通貨膨脹的細分約為 60% 是原材料，20% 是物流，20% 是能源。只是為了給你一種感覺。大約 70% 的通貨膨脹發生在 W&P 部分，你可以看到我們得到了驚人的定價。

Yes. That energy cost, was that previously recorded through the raw materials line? I don't recall you guys kind of breaking that out explicitly. Had that been running through that raw materials number in prior quarters? Or is that new line item?

是的。那個能源成本，是之前通過原材料線記錄的嗎？我不記得你們明確地打破了這一點。前幾個季度的原材料數量是否一直如此？還是那個新的訂單項？

It would have been in the raw -- yes, it wouldn't have been in the raws, but it would have been in the total $600 million. So it's not new in total. But the increase from the prior $600 million to the current $700 million is really primarily the increase in energy costs and then the knock-on effect to logistics as we see higher fuel costs.

它本來應該是原始的——是的，它不會是原始的，但它應該是總計 6 億美元。所以它總體上並不新鮮。但從之前的 6 億美元增加到目前的 7 億美元，實際上主要是能源成本的增加，然後是我們看到更高的燃料成本對物流的連鎖反應。

Yes. Okay. That makes a lot of sense. And then just one last one on the W&P business, I guess, how do you see that performing through -- let's say, you have kind of a consumer recession where housing takes a bit of a hit. I mean can that business grow through that on a volume basis? Or is there kind of too much cyclical exposure in that business? How do you look at that business through that type of recession?

是的。好的。這很有意義。然後是關於 W&P 業務的最後一個，我猜，你如何看待它的表現——比如說，你有一種消費衰退，住房受到了一點打擊。我的意思是，該業務可以通過數量增長嗎？還是該業務存在過多的周期性風險？您如何看待這種經濟衰退中的業務？

Well, remember, Steve, one of the -- first of all, it just depends how deep recession is. So far, it's a hard one to answer. But remember that the Tyvek product line, which is one of the biggest segments in there, that's a sold-out asset. So we can divert product to other end markets. For instance, we are shorting right now, unfortunately, the medical market -- medical packaging market. We're trying to work through that backlog as we speak. So we have other applications for it in the sold-out asset. And by the way, I think the water business -- just to use W&P, I think the water business would hold in there pretty well in a recession.

好吧，請記住，史蒂夫，其中之一——首先，這取決於經濟衰退的程度。到目前為止，這是一個很難回答的問題。但請記住，Tyvek 產品線是其中最大的部分之一，它是一種售罄的資產。所以我們可以將產品轉移到其他終端市場。例如，不幸的是，我們現在正在做空醫療市場——醫療包裝市場。在我們發言時，我們正在努力解決積壓的問題。因此，我們在售罄的資產中還有其他應用程序。順便說一句，我認為水務業務——僅使用 W&P，我認為水務業務在經濟衰退期間會很好地維持下去。

So yes, we'll see some effect of it. Nomex would probably go down a little bit. Kevlar might go down a little bit, but I think we can hang in there pretty well.

所以是的，我們會看到它的一些效果。 Nomex 可能會下跌一點。 Kevlar 可能會下降一點，但我認為我們可以很好地堅持下去。

And I think you know the statistics, just to be sure. So the residential piece of construction is about 40%. The rest is 40% commercial and then about 20% repair and remodel. In the commercial, the largest end markets underneath there are more on the health care side and the restaurant side. So those are -- they make up the bulk of the commercial opportunity for us.

我想你知道統計數據，只是為了確定。所以住宅建築約佔40%。剩下的 40% 是商業化的，然後是大約 20% 的維修和改造。在商業方面，下面最大的終端市場更多是在醫療保健方面和餐飲方面。所以這些是 - 它們構成了我們的大部分商業機會。

Your next question comes from John Walsh from Crédit Suisse.

您的下一個問題來自瑞士信貸的 John Walsh。

Just following up to Steve's question there, maybe we could talk a little bit on the pricing side. You highlighted strong pricing there in W&P. But as you look forward, where do you think you have the most structural pricing? And then where might you have to give back as potentially we see some material deflation in the future?

只是跟進史蒂夫的問題，也許我們可以談談定價方面的問題。您在 W&P 中強調了強勁的定價。但是，當您展望未來時，您認為您在哪裡擁有最具結構性的定價？那麼，由於未來我們可能會看到一些實質性的通貨緊縮，你可能需要在哪裡回饋？

Yes. Well, John, that is a great question. We talk about it all the time. So we made a, I'd say, strategic decision that all the price increases we did were all baked into the product price. So we did not do surcharges that are tied to some index or something like that. So I feel good about the approach that we took. And obviously, our goal, if a recession hits and commodity costs come down, would be to then get a gap, maintain a gap going forward where obviously, we're maintaining more price than the decrease on the commodity.

是的。好吧，約翰，這是一個很好的問題。我們一直在談論它。所以我們做出了一個戰略決策，我們所做的所有價格上漲都包含在產品價格中。所以我們沒有做與某個指數或類似的東西相關的附加費。所以我對我們採取的方法感覺很好。顯然，我們的目標是，如果經濟衰退來襲並且商品成本下降，那麼我們的目標將是獲得一個缺口，並在未來保持一個缺口，顯然，我們維持的價格高於商品的下降。

And we're -- by the way, we've been working on these scenarios for the last month with our teams like where do we feel and how much can we hold in each of our end markets. But our goal is going to clearly be to hold a gap so that we can help our EBITDA margin percent, which is -- as Lori just mentioned, obviously, has been hit the other way with the price/cost thing but where we can benefit from it. So I won't get into each end market, but I think we have the opportunity to do what I just said. To what extent, we'll see as it plays out.

而且我們 - 順便說一句，上個月我們一直在與我們的團隊一起研究這些場景，比如我們的感受以及我們在每個終端市場中可以持有多少。但我們的目標顯然是保持差距，以便我們可以幫助我們的 EBITDA 利潤率百分比，正如 Lori 剛才提到的，顯然，價格/成本問題已經受到了相反的影響，但我們可以從中受益從中。所以我不會進入每個終端市場，但我認為我們有機會做我剛才所說的事情。到什麼程度，我們將拭目以待。

But that -- by the way, that's interesting. And this -- if a recession hits, that's the one thing that is very, very different for companies like ours and many others, where in the past, you didn't have this dynamic. You had a recession, you were cutting your costs or whatever you did. And this time, you have -- this is probably the single biggest dynamic that improved financial performance that clearly we have and many, many global companies have.

但是——順便說一句，這很有趣。這 - 如果經濟衰退來襲，對於像我們這樣的公司和許多其他公司來說，這是非常非常不同的一件事，在過去，你沒有這種動態。您遇到了經濟衰退，您正在削減成本或您所做的任何事情。而這一次，你有 - 這可能是改善財務業績的最大動力，顯然我們和許多全球公司都有。

No, that's a very interesting perspective. And then the $15 million headwind that you're going to see in W&P in Q3, does that fully reverse out in Q4? And kind of what's the confidence level that, that third party can get beyond their disruption?

不，這是一個非常有趣的觀點。然後你將在第三季度在 W&P 看到 1500 萬美元的逆風，這會在第四季度完全逆轉嗎？第三方可以超越他們的破壞的信心水平是多少？

So we're already getting past the disruption. We've been bringing lines up this week. This problem hit 1.5 weeks ago. And it's just -- it's a safety issue, by the way. We have to methodically go through, look at all the lines, what ended up being cogs just caught stuck in them when it went down. So it's a little bit of a process. But we're bringing some lines up a day ago, and later today, we bring a line up again. So we know we're out of the problem here over the next few days. But we don't make that up. Because for instance, Tyvek is one of the products -- big products there. It's a sold-out asset. So we can only make so much, and we're sold out.

所以我們已經克服了中斷。這週我們一直在排隊。這個問題發生在 1.5 週前。順便說一句，這只是一個安全問題。我們必須有條不紊地進行檢查，查看所有線路，最終成為齒輪的東西在它下降時卡在它們中。所以這是一個小過程。但是我們在一天前推出了一些線路，今天晚些時候，我們再次推出了線路。所以我們知道在接下來的幾天裡我們已經解決了這個問題。但我們不彌補。因為例如，Tyvek 是其中一種產品——那裡的大產品。這是一個售罄的資產。所以我們只能做這麼多，而且我們都賣光了。

But by the way, just to give you a sequence from the third to the fourth quarter, you see a little bit of a lift, which is not necessarily the seasonal pattern. But what's happening there is we have the Spruance not being down, so we don't have that third quarter to fourth quarter problem. We'll be running full tilt there. We have a new water line that we've been telling you about that's coming up at Edina, which will give us incremental volume. On a sold-out business, also our reverse osmosis product line.

但順便說一下，只是給你一個從第三季度到第四季度的序列，你會看到一點點的提升，這不一定是季節性模式。但是那裡發生的事情是我們的 Spruance 沒有倒下，所以我們沒有第三季度到第四季度的問題。我們將在那裡全力以赴。我們有一條新的水線，我們一直在告訴你，它即將在 Edina 出現，這將增加我們的水量。在售罄的業務中，還有我們的反滲透產品線。

And then remember, we have the Kapton line coming up in our electronics business and our Circleville facility, and they all hit in the fourth quarter and give us the incremental volume. And Kapton's also a sold-out asset. So we're not expecting a sequential third to fourth necessary change in demand in the marketplace. They just happen to be the sold-out assets where we start getting some production out of them.

然後請記住，我們的電子業務和 Circleville 工廠都出現了 Kapton 產品線，它們都在第四季度出現，並為我們帶來了增量。 Kapton 也是一個售罄的資產。因此，我們預計市場需求不會出現連續第三到第四次必要的變化。它們恰好是售罄的資產，我們開始從中獲得一些生產。

Your next question comes from John McNulty from BMO Capital Markets.

您的下一個問題來自 BMO Capital Markets 的 John McNulty。

I believe about 20% of your sales come from the EMEA region. Can you give us a little bit of color as to your exposure to Germany and any precautions that you're taking or any levers that you can pull if there are any issues with regard to gas and power as we kind of progress through the rest of the season?

我相信你們大約 20% 的銷售額來自歐洲、中東和非洲地區。您能否就您在德國的接觸情況以及您正在採取的任何預防措施或您可以拉動的任何槓桿（如果在我們在其餘部分取得進展時出現任何關於天然氣和電力的問題）給我們一點顏色本賽季？

Yes. Right now, we're not expecting any material impact as they start to ration energy in Germany. There's one plant site in our existing go-forward portfolio that doesn't use it, so we don't see an impact there. It's in the businesses that we retained from M&M. M&M does have a plant in Germany so that they could be impacted minimally if there were some rationing going on there. But as we see it right now, we don't see a headwind from a utilization perspective. We'll obviously continue to watch the European natural gas prices, which have an impact on primarily W&P and the Remainco portfolio. They've got a few plant sites in Europe. So they're up again. I think they were EUR 210 or so as of the last couple of days. So we'll continue to keep an eye on those to see where that moves.

是的。目前，我們預計不會有任何實質性影響，因為他們開始在德國進行能源供應。在我們現有的前進投資組合中有一個廠區沒有使用它，因此我們看不到那裡的影響。這是我們從 M&M 保留下來的業務。 M&M 在德國確實有一家工廠，因此如果那裡進行一些配給，它們可能受到的影響最小。但正如我們現在所看到的，從利用率的角度來看，我們並沒有看到逆風。我們顯然會繼續關注歐洲天然氣價格，這主要對 W&P 和 Remainco 投資組合產生影響。他們在歐洲有幾個工廠。所以他們又起來了。我認為他們在過去幾天是 210 歐元左右。因此，我們將繼續密切關注這些情況，以了解其發展方向。

Got it. Okay. And then just in the Tyvek garment business, I guess how far back to normal or reversing kind of that big surge would you say we are? And it sounds like you had some incremental headwinds that aren't just on the mix shift but also on the line shifting. I guess can you break that out in terms of how much of a hit that might have been on the margin and how we should be thinking about that going forward through the rest of the year?

知道了。好的。然後就在 Tyvek 服裝業務中，我猜你會說我們恢復到正常水平或逆轉那種大幅增長有多遠？聽起來你遇到了一些增加的逆風，這些逆風不僅在混音轉變上，而且在線路轉變上。我想你能不能根據可能會受到多少打擊以及我們應該如何考慮在今年剩下的時間裡繼續前進來打破這一點？

Yes. So in the second quarter, garment volumes were down about $40 million. So we were able to make up a little of that with increasing sales in the medical and other end markets. But in total, garments were down $40 million. We expect that to be a hit again in 3Q on a year-over-year basis. And then in the fourth quarter, we start to get out of that year-over-year comp headwind.

是的。因此，在第二季度，服裝銷量下降了約 4000 萬美元。因此，我們能夠通過增加醫療和其他終端市場的銷售額來彌補這一點。但總的來說，服裝減少了 4000 萬美元。我們預計這將在第三季度同比再次受到打擊。然後在第四季度，我們開始擺脫同比增長的逆風。

The piece too on the production side, you -- not so much a demand because you can shift the demand to other end markets from the garments. It's more around the product produced that you net out to a headwind. And so when we were making garments, we were able to just run garments the entire time and minimize the changeovers on the lines. Now that we're back to a more normal product mix, we're having to have more changeovers than we had last year, so therefore, translating to lower pounds produced.

這件作品也在生產方面，你 - 不是需求，因為你可以將需求從服裝轉移到其他終端市場。更多的是圍繞所生產的產品，您會遇到逆風。因此，當我們製作服裝時，我們能夠一直運行服裝並最大限度地減少生產線上的轉換。現在我們回到了更正常的產品組合，我們不得不進行比去年更多的轉換，因此，轉化為生產的磅數減少。

Your next question comes from Christopher Parkinson from Mizuho.

您的下一個問題來自瑞穗的 Christopher Parkinson。

Just pretty much a corollary of the last 2.5 questions or so. Can you just give us your updated thoughts on the intermediate- to long-term margin outlook for W&P, just given the question about structural price increases, improving reliability across the asset base, product mix and so on and so forth? Just any updated color there and your confidence in those numbers would be very helpful.

幾乎是最後 2.5 個問題的必然結果。就結構性價格上漲、提高資產基礎、產品組合等方面的可靠性等問題，您能否就 W&P 的中長期利潤率前景向我們提供您的最新想法？那裡的任何更新顏色以及您對這些數字的信心都會非常有幫助。

Yes. I'll give you really both of the bigger businesses here. I think E&I, and you've seen us do this ex the price cost, we should be able to run that 32%, 33% EBITDA margin. And this quarter, we weren't far off of that and then a little bit of price/cost there. And I think that's about where that will run and pretty consistently have been there.

是的。我會在這裡給你兩個更大的業務。我認為 E&I，你已經看到我們在不考慮價格成本的情況下這樣做，我們應該能夠運行 32%、33% 的 EBITDA 利潤率。而本季度，我們離那個不遠了，然後是那裡的一點價格/成本。我認為這就是它將運行的地方，並且一直在那裡。

In the W&P business, we really think we can get that over time to kind of more of a 27%, 28% business. Now by the way, we're planning on getting some of that as commodities at some point here, drift down, and we maintain, as I mentioned a minute ago, some incremental pricing above that. But then internally, in our own control is really capacity release at our facilities. And that would be specifically on Tyvek, our water assets, and our Nomex product line would be the big ones for continued capacity release.

在 W&P 業務中，我們真的認為隨著時間的推移我們可以將其提高到 27%、28% 的業務。現在順便說一句，我們計劃在這裡的某個時間點將其中的一些作為商品，逐漸下降，正如我在一分鐘前提到的，我們維持一些高於此的增量定價。但在內部，我們自己控制的是我們設施的產能釋放。這將特別針對 Tyvek、我們的水資產和我們的 Nomex 產品線，這將是持續釋放產能的重要因素。

And in our prepared remarks, Chris, one of the things you see we've been working heavily on is working on a lot of digital tools that we're implementing on our facilities that are helping us on the reliability side. These are big heavy assets on the W&P side, so you get a 1% improvement. You get quite a bit of throughput. So we're really spending our time working kind of our operational excellence playbook. And that's what will really help us on the W&P to keep incrementing that up.

在我們準備好的評論中，克里斯，你看到我們一直在大力研究的一件事是開發大量數字工具，我們正在我們的設施上實施這些工具，這些工具有助於我們提高可靠性。這些是 W&P 方面的重磅資產，因此您可以獲得 1% 的改進。你得到了相當多的吞吐量。所以我們真的把時間花在了我們的卓越運營手冊上。這將真正幫助我們在 W&P 上不斷增加它。

Yes. I think as we look towards the second half, we don't see any material margin movement in the second half versus the first half. We were around 23%, more like 25%, 26% when you take away the price/cost headwinds in the first half. And so as we look to the second half, we would expect that same 23% roughly underlying and then you have 25-ish, 26% when you take away the price/cost headwind.

是的。我認為當我們展望下半場時，我們看不到下半場與上半場相比有任何實質性的邊際變動。當您消除上半年的價格/成本不利因素時，我們約為 23%，更像是 25%、26%。因此，當我們展望下半年時，我們預計相同的 23% 大致是潛在的，然後你有 25%，當你消除價格/成本逆風時，你有 26%。

That's very helpful. And just as a very quick follow-up. To the extent you can, can you just give us a little bit more color on the expectations for Delrin versus your commentary over the past few quarters in terms of price, number of suitors and so on and so forth?

這很有幫助。就像一個非常快速的跟進。在可以的範圍內，您能否就過去幾個季度在價格、追求者數量等方面對 Delrin 的期望與您的評論多談一點？

Yes, Chris. So what we've been doing on Delrin is we've been working on standing it up. It was a division in a division. So it was a little extra of work for us. We finished up the data room. We're going to actually really launch the process here in the early fall. We're just waiting to get through the summer. So I can't give you any color commentary on detailed number of people. But I would think it's more strategics that are going to be interested in this asset. By the way, it's a business that has 30% EBITDA margins. It's doing very well still in this environment. So that's probably the timing of it. And that's why we said, so if that's the timing, by the time you get to the -- to close the deal, you're probably about the middle of 2023. And that would really be the end of the kind of the divestiture and getting the portfolio where we want it. But now remember that asset is already in discontinued operations.

是的，克里斯。所以我們在 Delrin 上所做的就是我們一直在努力讓它站起來。這是一個部門中的一個部門。所以這對我們來說是一個額外的工作。我們完成了數據室。實際上，我們將在初秋真正啟動該流程。我們只是在等待度過夏天。所以我不能給你任何關於詳細人數的顏色評論。但我認為對這項資產感興趣的是更多的戰略。順便說一句，這是一家擁有 30% EBITDA 利潤率的企業。在這種環境下，它仍然做得很好。所以這可能是它的時機。這就是我們說的原因，所以如果是時候，到你完成交易的時候，你可能大約是 2023 年年中。那真的是那種剝離和將投資組合放在我們想要的地方。但現在請記住，該資產已經停止運營。

Your next question comes from Steve Byrne from Bank of America.

您的下一個問題來自美國銀行的 Steve Byrne。

I wanted to ask you a little bit about your semiconductor business and a couple of potential longer-term drivers, one being whether the product mix is potentially shifting with any of the semiconductor fabs that you support where they are shifting to other products. Is that possible? Is that a way for those businesses to remain pretty robust? And then the other driver being the new semiconductor fabs under construction, do you have already some awarded business for fabs that are coming online in the intermediate term?

我想問你一些關於你的半導體業務和幾個潛在的長期驅動因素，一個是產品組合是否可能隨著你支持的任何半導體工廠轉移到其他產品。那可能嗎？這是讓這些企業保持相當穩健的一種方式嗎？然後另一個驅動因素是在建的新半導體工廠，您是否已經為中期上線的工廠獲得了一些中標業務？

Yes. I think as to your first part of your question, I don't see them changing the product mix that they make on the fabs, but they can kind of shift around the end markets. And so we've seen them move away as there's been some weakness in the consumer electronics space to more of the data center applications, where the demand remains very, very robust, which is favorable to our portfolio, just given the higher advanced technologies associated with those end market data center applications. And so you can see in our results in the second quarter, we continue to post very strong results. And we're well positioned as we go forward to take advantage of the increase in the fabs through the construction that's taking place.

是的。我認為關於你問題的第一部分，我認為他們不會改變他們在晶圓廠生產的產品組合，但他們可以在終端市場上有所轉變。因此，我們已經看到它們逐漸消失，因為消費電子領域存在一些弱點，轉向更多的數據中心應用，這些應用的需求仍然非常非常強勁，這對我們的產品組合有利，只是考慮到相關的更高先進技術與那些終端市場數據中心應用程序。因此，您可以在我們第二季度的業績中看到，我們繼續發布非常強勁的業績。我們處於有利地位，因為我們正在通過正在進行的建設來利用晶圓廠的增加。

And so right now, I believe, over the next few years, we'll bring on an incremental about 7% capacity when it comes to wafer starts, and we're very well positioned. We've got great relationships with the majority of those fabs that are putting in capacity. And so while it's hard to say if you want any new capacity from those new lines coming on, I don't know if they actually have had all that in place, but we'll continue to maintain very strong relationships with those large players that are putting in capacity.

所以現在，我相信，在接下來的幾年裡，我們將在晶圓啟動方面帶來約 7% 的增量產能，而且我們處於非常有利的位置。我們與大多數正在投產的晶圓廠建立了良好的關係。因此，雖然很難說您是否希望這些新產品線的任何新產能，但我不知道他們是否真的擁有所有這些，但我們將繼續與那些大型企業保持非常牢固的關係正在投入產能。

We've said in the past that we'll be about 200 to 300 basis points ahead of MSI growth. We're posting those results this year. So I don't see any reason why we wouldn't continue to do that. And I think it's important to know, the semi market and the revenue that's posted is a function of both price and volume. And our exposure is to the volume piece. And so price can be volatile in the semi market. That doesn't impact our results. It's really a focus on the wafer starts and the MSI so that the millions of square inches of wafer is produced.

我們過去曾說過，我們將領先 MSI 增長約 200 至 300 個基點。我們將在今年發布這些結果。所以我看不出我們有任何理由不繼續這樣做。我認為重要的是要知道，半成品市場和公佈的收入是價格和數量的函數。我們的曝光是體積片。因此，半成品市場的價格可能會波動。這不會影響我們的結果。它真正關注的是晶圓啟動和 MSI，以便生產數百萬平方英寸的晶圓。

And Ed, just curious if you can comment on any update on PFAS litigation settlement discussions.

Ed，只是想知道您是否可以評論有關 PFAS 訴訟和解討論的任何更新。

Yes. It's ongoing conversations. And as you know, the judge just encouraged that to go on. But I don't have anything new to say. We continue to have pretty consistent conversations to try to resolve the issues, and I'm still optimistic. But nothing new to say.

是的。這是正在進行的對話。如您所知，法官只是鼓勵繼續這樣做。但我沒有什麼新東西要說。我們繼續進行相當一致的對話以嘗試解決問題，我仍然很樂觀。但沒有什麼新東西可說。

Your next question comes from David Begleiter from Deutsche Bank.

您的下一個問題來自德意志銀行的 David Begleiter。

Just on your EV exposure with Rogers, how large will be and what type of growth are you looking forward to going forward?

僅就您在羅傑斯的電動汽車曝光而言，您期待未來的規模有多大以及您期待什麼樣的增長？

Yes. So we see the opportunity in EV between our portfolio and Rogers' portfolio to be about $250 a car. So a really nice content number. As I had mentioned earlier, today, we have about $400 million of revenue between the 2 portfolios. So about $200 million coming in from Rogers and about $200 million in our existing portfolio, which is predominantly made up of adhesives. And then we have a Nomex paper application for the e-motor piece. So a very nice opportunity, as I had mentioned for the 2 companies to come together to continue to drive opportunities in the space. It's a really high growth rate as we've mentioned before, too. So EV applications are, overall, growing in the mid-teens, ADAS applications even higher than that. We've got a nice ADAS portfolio today with the incoming Laird acquisition, so lots of opportunities for growth.

是的。因此，我們看到我們的投資組合和羅傑斯的投資組合之間的電動汽車機會約為每輛車 250 美元。所以一個非常好的內容編號。正如我之前提到的，今天，我們在這兩個投資組合之間有大約 4 億美元的收入。因此，大約 2 億美元來自羅傑斯，大約 2 億美元來自我們現有的投資組合，主要由粘合劑組成。然後我們有一份關於電動馬達的 Nomex 紙質申請。這是一個非常好的機會，正如我所提到的，這兩家公司可以聯合起來繼續推動該領域的機會。正如我們之前提到的，這也是一個非常高的增長率。因此，總體而言，EV 應用在青少年中期增長，ADAS 應用甚至更高。今天，隨著即將到來的 Laird 收購，我們擁有了一個不錯的 ADAS 產品組合，因此有很多增長機會。

Great. And just on tieback between now when Line 8 comes online, is there anything you can do to bring out more -- get more capacity or further improve the mix in this business to keep on growing earnings until the new capacity is on stream?

偉大的。從現在起，當 8 號線上線時，您是否可以採取任何措施來增加產能——獲得更多產能或進一步改善該業務的組合，以保持盈利增長，直到新產能投入使用？

Yes. That's a key opportunity for us is to continue to get capacity to release also sold-out assets. And so during a pandemic, recall that we brought Line 1 back up, so we were able to bring on a little bit of incremental capacity. Line 1 is the oldest line in the portfolio, so it doesn't have as much production as the newer lines, but it was incremental capacity for us. So we'll continue to try to get more pounds off of all the lines between both Spruance and Luxembourg as we await the new Tyvek asset, which we expect sometime around the end of 2023.

是的。對我們來說，一個關鍵的機會是繼續獲得釋放售罄資產的能力。因此，在大流行期間，回想一下我們恢復了 1 號線，因此我們能夠帶來一點點增量容量。 1 號線是投資組合中最老的一條線，因此它的產量不如新線那麼多，但它對我們來說是增量產能。因此，在等待新的 Tyvek 資產時，我們將繼續努力從 Spruance 和 Luxembourg 之間的所有線路中獲得更多的收益，我們預計在 2023 年底左右的某個時間。

Your next question comes from Vincent Andrews from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Vincent Andrews。

Ed, well articulated that your preference is for share buybacks with the proceeds, but you still mentioned bolt-on. So if you could just give us an update on what's out there and then maybe give us an update on -- I think in the past, you've sort of sized bolt-ons. So maybe you just want to redefine what a bolt-on could look like on a go-forward basis.

埃德，很好地表達了你的偏好是用收益回購股票，但你仍然提到了補強。因此，如果您可以向我們提供有關現有內容的最新信息，然後也許可以向我們提供最新信息-我認為在過去，您已經確定了大小。因此，也許您只是想重新定義螺栓固定在前進的基礎上的樣子。

Yes. Thanks for the question, Vincent. So any bolt-on that we would do, first of all, would be on 1 of the 5 pillars that we talk about. And we've been looking at things that are -- let me say, a bolt-on would be more like Laird, not as big as Rogers. That $1 billion, $2 billion type range, and it would be something that would bring additional technology to play in one of those pillars that was, back to the electronics example, just give us more tools in the toolkit to resolve issues for our customers because we're so strong in application engineering, and we're really seeing the benefit of that with Laird tied together with the DuPont electronics portfolio. I know we're going to see it with the Rogers one. So it would be something like that in one of those pillars that we would look at.

是的。謝謝你的問題，文森特。因此，我們首先要做的任何附加措施都將在我們談論的 5 個支柱之一上。我們一直在研究的東西——讓我說，一個螺栓連接會更像萊爾德，不像羅傑斯那麼大。這 10 億美元，20 億美元的類型範圍，這將帶來額外的技術在其中一個支柱中發揮作用，回到電子示例，只是在工具包中為我們提供更多工具來為我們的客戶解決問題，因為我們在應用工程方面非常強大，我們確實看到了將萊爾德與杜邦電子產品組合捆綁在一起的好處。我知道我們會和羅傑斯一起看到它。因此，在我們將要研究的其中一個支柱中，這將是類似的東西。

Okay. And then just may be less of an issue for your -- for the refined DuPont portfolio now. But in the past, when we've been in these tricky macro outlooks we'd get into 4Q, and customers could destock more than they typically do seasonally just sort of to manage uncertainty going into year-end. Are you picking up any whiff of that in your sort of C-level to C-level conversations or anything that we should be thinking about?

好的。然後對您來說可能不再是一個問題 - 現在對於精緻的杜邦產品組合而言。但在過去，當我們處於這些棘手的宏觀前景中時，我們會進入第四季度，客戶可能會比他們通常的季節性去庫存更多，只是為了管理進入年底的不確定性。您是否在 C 級到 C 級的對話或任何我們應該考慮的事情中聞到了這種味道？

No, we're not, and trust me, we're watching it closely. But no, we're not seeing that.

不，我們不是，相信我，我們正在密切關注它。但是不，我們沒有看到。

Your next question comes from Aleksey Yefremov from KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Aleksey Yefremov。

In your E&I segment overall and in semis in particular, is your outlook for third quarter kind of better or worse or about in line with normal seasonality?

在您的整個 E&I 部門，特別是在半成品中，您對第三季度的前景是好是壞還是與正常的季節性基本一致？

I would say it's in line with normal seasonality, so the -- with the one exception of we will start to return to posting growth within the Interconnect Solutions business on a year-over-year basis, just given that last year was a little odd with respect to the smartphone shipments of what they normally do this year. It's more on a normal pattern. So you saw the headwind in the first half as we posted volume declines. We expect to have volume increases in the second half within the Interconnect Solutions. That's a year-over-year basis, but sequentially, no, no material change to our usual pattern, with the one exception, as Ed had mentioned, that the Kapton line coming on, which will provide some incremental revenue in the back half of the year.

我會說這符合正常的季節性，所以——除了我們將開始恢復互連解決方案業務的同比增長外，因為去年有點奇怪關於他們今年通常做的智能手機出貨量。它更像是一個正常的模式。因此，當我們發布銷量下降時，您在上半年看到了逆風。我們預計下半年互連解決方案的銷量將會增加。這是與去年同期相比，但按順序，不，我們通常的模式沒有重大變化，除了一個例外，正如 Ed 提到的，Kapton 線即將推出，這將在下半年提供一些增量收入那一年。

Makes sense. And to follow up on W&P, your margin comments that margins would be similar in the back half compared to the first half, is this also a function of the outage that you see? Because I seem to remember you were expecting higher margins in the back half. Is this still an expectation maybe just delayed into fourth quarter or first quarter of '23?

說得通。為了跟進 W&P，您的保證金評論說，與上半年相比，後半部分的利潤率將相似，這是否也是您看到的中斷的函數？因為我似乎記得你期望後半部分的利潤率更高。這是否仍然是一種預期，可能只是推遲到 23 年第四季度或第一季度？

Yes. I mean I think maybe coming into the year, we had expected some margin improvement as we went into the back half, but the last quarter and this quarter, we've seen those more flatten out. It's a function of, one, the incremental price headwinds that we've seen. So a lot of it is that. So recall back when we originally gave guidance for the full year, we thought overall raw materials, logistics and energy would only be $350 million. That number has now went to $700 million as we have mentioned, and the majority of that increase is in W&P. So that creates as reported margin headwind for us.

是的。我的意思是，我認為也許進入今年，我們在進入後半段時預計利潤率會有所改善，但上個季度和本季度，我們看到這些情況更加趨於平緩。這是我們所看到的增量價格逆風的一個功能。所以很多都是這樣。所以回想一下，當我們最初給出全年的指導時，我們認為整體原材料、物流和能源只有 3.5 億美元。正如我們所提到的，這個數字現在已經達到 7 億美元，其中大部分增長來自 W&P。因此，這為我們創造了報告的利潤逆風。

Your next question comes from Josh Spector from UBS.

您的下一個問題來自瑞銀的 Josh Spector。

I guess within Safety Solutions, can you comment on how the business, excluding Tyvek is running? I guess is there anything materially different there we should be thinking about from a volume perspective that might be better or worse relative to industrial production or any other metrics we should be looking out for?

我想在安全解決方案中，你能評論一下除了 Tyvek 之外的業務是如何運行的嗎？我想我們應該從數量的角度考慮是否有任何實質性的不同，相對於工業生產或我們應該尋找的任何其他指標可能更好或更差？

Yes. No, those are generally performing well. We had a little bit of a shortfall in the second quarter with access to raw materials within our Nomex. So it really wasn't a structural demand issue or an operational issue. It's we couldn't get access to some of the key inputs to make the Nomex product. But nothing to work through on the aramid side as far as asset utilization like we're seeing on the Tyvek side with the increased changeovers as we ride through the garment change.

是的。不，這些通常表現良好。在第二季度，我們在 Nomex 中獲得原材料的渠道略有不足。所以這真的不是結構性需求問題或運營問題。我們無法獲得製造 Nomex 產品的一些關鍵輸入。但是，就資產利用率而言，芳綸方面沒有什麼可解決的，就像我們在 Tyvek 方面看到的那樣，隨著服裝更換的增加，換裝次數增加。

I guess just on the demand side as well, anything changing through the quarter? Or are you seeing any weakening with customers may be pulling back on spending? Or is demand still relatively steady?

我想也只是在需求方面，整個季度有什麼變化嗎？或者您是否看到客戶的任何疲軟可能會導致支出減少？還是需求仍然相對穩定？

No, demand is still steady in different markets, yes.

不，不同市場的需求仍然穩定，是的。

Your next question comes from Mike Sison from Wells Fargo.

您的下一個問題來自富國銀行的 Mike Sison。

Nice quarter. In terms of Rogers, can you remind us what type of sales growth you expect in 2022? It sounds like it's coming on plan and looks pretty good. And then if there is a shortfall versus the $270 million in EBITDA, it sounds like, as you head into '23, the bulk of the shortfall will be somewhat within their control to close the gap?

漂亮的季度。就羅傑斯而言，您能否提醒我們您預計 2022 年的銷售增長類型？聽起來它正在按計劃進行，看起來還不錯。然後，如果 EBITDA 與 2.7 億美元相比存在缺口，聽起來，當您進入 23 年時，大部分缺口將在他們的控制範圍內縮小差距？

Yes, the items they're having operationally all are in their control, I would say, except for the silicon supply, which obviously we're having the same issues here, so we understand it.

是的，我想說，他們在運營上擁有的所有項目都在他們的控制之下，除了矽供應，顯然我們在這裡遇到了同樣的問題，所以我們理解這一點。

But yes, the others are in their control, so they can work through those. As you said, it hopefully tee up well for of 2023. The modeling, by the way, for them was for growth in the high single digits in 2022. And they hit that, obviously, in the first quarter. I can't say anything about the second quarter. I'm not allowed to, but we would expect them to perform high single digits this year on top line. So that's nice, and to Lori's point a few minutes ago, they're really seeing nice opportunities as we are on the EV side. So feeling good about that work through the operational issues.

但是，是的，其他人都在他們的控制之下，所以他們可以解決這些問題。正如你所說，它有望在 2023 年取得好成績。順便說一下，對他們來說，建模是為了在 2022 年實現高個位數的增長。顯然，他們在第一季度就達到了這一目標。關於第二季，我無話可說。我不允許這樣做，但我們希望他們今年能在頂線上取得高個位數的成績。所以這很好，幾分鐘前 Lori 指出，他們真的看到了很好的機會，因為我們在 EV 方面。因此，通過運營問題對這項工作感覺良好。

Got it. And as a quick follow-up, at the midpoint for your 2022 guidance would imply that the fourth quarter could be up sequentially versus the third quarter. That's seasonally difficult, I guess, when you look back historically. So any thoughts on why it could be better fourth quarter versus third, if you were to hit the midpoint?

知道了。作為快速跟進，在您 2022 年指導的中點將意味著第四季度可能會比第三季度環比上升。我想，當你回顧歷史時，這是季節性的困難。那麼，如果你達到中點，為什麼第四節比第三節更好？

Yes. So the math you're getting to is about a $30 million sequential increase from 3Q at approximately $810 million, and then you back into about $840 million. So it's really coming from 3 primary drivers. One is you don't have the headwind from the outage at Spruance. And so we had sized that at $15 million. So you're able to get that volume back in the fourth quarter. And then the other 2 key drivers are the capacity additions that we have from the water asset that we spoke about earlier and then Kapton getting production off that cap online. So no underlying change in market of those 3 items.

是的。所以你得到的數學是從第三季度開始連續增加大約 3000 萬美元，約為 8.1 億美元，然後你又回到了大約 8.4 億美元。所以它真的來自 3 個主要驅動因素。一是您沒有受到 Spruance 停電的不利影響。因此，我們將其定為 1500 萬美元。因此，您可以在第四季度恢復該數量。然後其他兩個關鍵驅動因素是我們從我們之前談到的水資產中增加的產能，然後是 Kapton 在線生產的上限。因此，這三個項目的市場沒有潛在的變化。

Your next question comes from P.J. Juvekar from Citi.

您的下一個問題來自花旗銀行的 P.J. Juvekar。

What do you see in terms of semiconductor shortages? And how quickly can automotive production come back? Do you think it's a snapback next year? Or is it more of an extended recovery in '23 and '24?

您對半導體短缺有何看法？汽車生產能以多快的速度恢復？你覺得明年會反彈嗎？還是在 23 年和 24 年更長時間的複蘇？

Yes. I mean I think the expectations right now are for 86 million cars produced next year. That's off of 80 million this year, so still well below the high 90s where we used to be. So there's still some opportunity. We see continued strength and growth heading into 2024. Obviously, it will all depend on is the semiconductor chip shortage resolving itself. But even beyond that, I mean, the third quarter is expected to be up 22% and 7% sequentially. So it feels like things are getting a little bit better there as we resolve some of the supply chain issues.

是的。我的意思是我認為現在的預期是明年生產 8600 萬輛汽車。今年是 8000 萬，因此仍遠低於我們過去 90 年代的最高水平。所以還是有機會的。我們看到到 2024 年將繼續保持強勁和增長。顯然，這完全取決於半導體芯片短缺問題的解決。但除此之外，我的意思是，第三季度預計將連續增長 22% 和 7%。因此，隨著我們解決了一些供應鏈問題，感覺那裡的情況正在好轉一些。

P.J., I had also mentioned, back to points Lori was talking about earlier too, we very much care about production on the EV side of things. The new portfolio -- new DuPont portfolio is very much weighted towards that and not the ICE engine. We are more ICE engine-related, I'll say, because of the M&M portfolio, which, by the way, M&M will also sell nice in the EVs. But this new portfolio was very EV-driven. So the growth rate of that becomes way more important. Obviously, we like the overall growth rate of autos to go up, but it's even very weighted towards that piece.

P.J.，我也提到過，回到 Lori 之前提到的觀點，我們非常關心 EV 方面的生產。新的產品組合——新的杜邦產品組合非常重視這一點，而不是 ICE 引擎。我會說，由於 M&M 產品組合，我們更多地與 ICE 發動機相關，順便說一下，M&M 也將在電動汽車中賣得很好。但這個新的投資組合非常受電動汽車驅動。因此，它的增長率變得更加重要。顯然，我們希望汽車的整體增長率上升，但它甚至非常重視這一點。

Great. And quickly, another question on China. You talked about slowdown in smartphones, but what about the property market there, which has been under pressure. And I know the government is trying to revive it. What are you seeing there? And what's your exposure to the property market in China?

偉大的。很快，關於中國的另一個問題。你談到了智能手機的放緩，但那裡的房地產市場一直處於壓力之下。我知道政府正試圖重振它。你在那兒看到什麼？您對中國房地產市場的了解程度如何？

Yes, we actually saw sequential improvement in China, 2Q over 1Q, and that was on top of that extended lockdown. So we were pleased with the results there. To your specific question on the construction market, we don't really have a construction footprint in China. So it wouldn't impact our overall business. The majority of our construction is in the U.S. and in Japan within Asia.

是的，我們實際上看到了中國的連續改善，第二季度超過第一季度，這是在延長封鎖的基礎上。所以我們對那裡的結果很滿意。對於您關於建築市場的具體問題，我們在中國並沒有真正的建築足跡。所以它不會影響我們的整體業務。我們的大部分建築在美國和亞洲的日本。

Your next question comes from our last caller for today, Frank Mitsch from Fermium Research.

您的下一個問題來自我們今天的最後一位來電者，來自 Fermium Research 的 Frank Mitsch。

Just a follow-up on China, actually. You did 6% organic growth in Asia. Obviously, the data on PMI that just came out was somewhat concerning. What are you actually seeing right now in the third quarter as you progress in that part of the world?

實際上，只是對中國的跟進。你們在亞洲實現了 6% 的有機增長。顯然，剛剛出爐的PMI數據有些令人擔憂。隨著您在世界的那個地區取得進展，您現在在第三季度實際看到了什麼？

Yes. We expect to see improvement in China again into the third quarter. And so while we still year-over-year, probably see the flat, we see sequential improvement as you go from 2Q to 3Q.

是的。我們預計中國在第三季度將再次出現改善。因此，雖然我們仍然與去年同期相比，可能會看到持平，但隨著您從第二季度到第三季度，我們看到了連續改善。

Great. And then overall, you expect volumes to be up 3Q versus 2Q. Is most of that -- is Kapton the big driver there? Or are there other businesses that you're seeing volumes materially pick up sequentially in 3Q?

偉大的。然後總體而言，您預計第三季度的銷量將比第二季度上升。大部分是 - Kapton 是那裡的大驅動力嗎？或者您是否看到其他業務在第三季度的銷量大幅增加？

No. I mean Kapton is a piece of it. It's that the smartphone seasonality as well. So usually, we see very high smartphone sales as we head into the Christmas season within the E&I segment and overall electronics, in general, as they prepare for the holidays.

不，我的意思是 Kapton 是其中的一部分。這也是智能手機的季節性。因此，通常情況下，當我們進入 E&I 部門和整體電子產品的聖誕節季節時，我們會看到智能手機銷量非常高，因為他們為假期做準備。

I will turn the call back over to Chris Mecray for closing remarks.

我將把電話轉回給 Chris Mecray 做結束語。

Okay. Thank you, everyone, for joining the call today. For your reference, a copy of this transcript will be posted on DuPont's website. This concludes our call. Thank you.

好的。謝謝大家今天加入電話會議。供您參考，這份成績單的副本將發佈在杜邦的網站上。我們的電話到此結束。謝謝你。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。