Eagle Materials Inc (EXP) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to Eagle Materials' first quarter fiscal 2025 earnings conference call. Today's event is being recorded. At this time, I'd like to turn the floor over to Eagle's President and Chief Executive Officer, Mr. Michael Haack. Mr. Haack, please go ahead. Thank you,

大家好，歡迎參加 Eagle Materials 2025 財年第一季財報電話會議。今天的事件正在被記錄。現在，我想請 Eagle 總裁兼執行長 Michael Haack 先生發言。哈克先生，請繼續。謝謝你，

Thank you Jamie. Good morning. Welcome to Eagle Materials' conference call for our first quarter of fiscal year 2025. This is Michael Haack. Joining me today are Craig Kesler, Chief Financial Officer and [Alex Haddock] Senior Vice President, Investor Relations Strategy and Corporate Development. There will be a slide presentation made in connection with this call.

謝謝傑米。早安.歡迎參加 Eagle Materials 2025 財政年度第一季的電話會議。今天和我一起的還有財務長克雷格·凱斯勒 (Craig Kesler) 和投資者關係策略和企業發展部高級副總裁 [亞歷克斯·哈多克 (Alex Haddock)]。將進行與本次電話會議相關的投影片簡報。

To access it, please go to eaglematerials.com and click on the link to the webcast. While you're accessing the slides, please note that the first slide covers our cautionary disclosure regarding forward-looking statements made during this call. These statements are subject to risks and uncertainties that could cause results to differ for those from those discussed during the call. For further information, please refer to this disclosure, which is also included at the end of our press release.

要存取它，請訪問 eaglematerials.com 並點擊網路廣播的連結。當您存取投影片時，請注意，第一張投影片涵蓋了我們對本次電話會議期間所做的前瞻性陳述的警告性揭露。這些陳述存在風險和不確定性，可能導致結果與電話會議期間討論的結果有所不同。欲了解更多信息，請參閱本披露，該披露也包含在我們的新聞稿末尾。

Today, I'm pleased to discuss a good start to our 2025 fiscal year. The first quarter results include record revenue of $609 million and a 16% increase in earnings per share. Our performance this quarter reflects our consistent disciplined approach to managing and operating our businesses through shifting conditions, we achieved our positive results during the quarter characterized by challenging weather conditions in our solid performance was largely led by operational efforts of our employees.

今天，我很高興與大家討論我們 2025 財年的好開始。第一季業績包括創紀錄的 6.09 億美元營收和每股收益成長 16%。我們本季的業績反映了我們在不斷變化的條件下管理和運營業務的一貫紀律方法，我們在本季度取得了積極的成果，其特點是充滿挑戰的天氣條件，而我們的穩健業績主要歸功於我們員工的營運努力。

At Eagle, we maintain our consistent approach to running our businesses. Regardless of the challenges presented. Our approach revolves around several aspects that we hold the standards. The first focus area is on safety. It is our belief that a safe operation leads to superior operational and financial results. As I travel to our facilities across country, it is always impressive to see our employees across all of our businesses stay committed to maintaining the safest possible working environment.

在 Eagle，我們維持一貫的業務經營方式。無論面臨什麼挑戰。我們的方法圍繞著我們所持有的標準的幾個方面。第一個重點領域是安全。我們相信，安全營運可以帶來卓越的營運和財務表現。當我前往全國各地的工廠時，看到我們所有企業的員工致力於維護最安全的工作環境，總是令人印象深刻。

Their efforts are demonstrated through our safety statistics, which are consistently below industry averages, but also most importantly through their interactions with one other ensuring each job can be done safely.

他們的努力透過我們的安全統計數據得到了證明，這些統計數據始終低於行業平均水平，但最重要的是，透過他們之間的互動，確保每項工作都能安全完成。

Second, we are relentlessly focused on operating as efficiently as possible. We are always proactive with our maintenance programs to keep our facilities and like-new condition, enabling us to perform with high efficiency and support our customers. This proactive approach regarding maintenance last quarter benefited us this quarter. We are able to navigate the weather challenges well and manage our costs accordingly.

其次，我們堅持不懈地致力於盡可能有效率地運作。我們始終積極主動地實施維護計劃，以保持我們的設施如新狀態，使我們能夠有效運作並為我們的客戶提供支援。上季度這種積極主動的維護方法使我們本季受益。我們能夠很好地應對天氣挑戰並相應地管理我們的成本。

Third, we continuously maintain our focus on sustainability. This quarter, like others have several highlights. I want to mention, We continue to make progress on several organic investments, including our joint venture, Texas Lehigh slag grinding facility, which is nearing completion and will have meaningful economic and environmental benefits by providing flag to our customers in Texas.

第三，我們持續關注永續發展。與其他季度一樣，本季度有幾個亮點。我想提一下，我們在幾項有機投資上繼續取得進展，包括我們的合資企業德克薩斯州利哈伊礦渣研磨設施，該設施即將竣工，通過為德克薩斯州的客戶提供標誌，將產生有意義的經濟和環境效益。

We also recently announced the expansion and upgrade of our Mountain Cement facility. This upgrade will make this plant more efficient, aligning not only with our focus on sustainability by doing more with less, but also expanding our low cost producer position. Their work on this project has begun, and we will continue to provide updates on this project. As we reach other milestones. Another area we are focused on with regards to sustainability is around the products we produce.

我們最近也宣布擴建和升級我們的山地水泥工廠。此次升級將使該工廠更加高效，不僅符合我們對永續發展的關注，以更少的資源做更多的事情，而且還擴大了我們的低成本生產商地位。他們對該專案的工作已經開始，我們將繼續提供該專案的最新資訊。當我們達到其他里程碑。我們在永續發展方面關注的另一個領域是我們生產的產品。

A few highlights regarding our work in this area are, we continue our transition department, limestones met or PLC and other blended products to reduce our CO2 intensity. Currently 90% of our production is PLC or blended cement. We are also in process of installing two alternative fuel systems to expand the usage of these fuels. Our capital project at our paper mill to cut our water usage and half continues and is scheduled to be completed mid next year. Now let me turn to some financial observations for the quarter.

我們在這一領域工作的一些亮點是，我們繼續使用過渡部門、石灰石或 PLC 和其他混合產品來降低我們的二氧化碳強度。目前，我們 90% 的產品是 PLC 或混合水泥。我們也正在安裝兩個替代燃料系統，以擴大這些燃料的使用。我們的造紙廠將用水量削減一半的資本項目仍在繼續，並計劃於明年年中完成。現在讓我談談本季的一些財務觀察。

Regarding our demand outlook for our businesses, we see the cadence and timing of our business. Demand drivers vary, but we also see the outlook for each business continuing to skew to the upside. In cement demand. Visibility picture remains strong. CBO data shows years of public infrastructure spend ahead, largely driven by the IIJA. bill.

關於我們業務的需求前景，我們看到了我們業務的節奏和時機。需求驅動因素各不相同，但我們也看到每項業務的前景繼續偏向上行。在水泥需求方面。能見度依然強勁。美國國會預算辦公室 (CBO) 數據顯示，未來數年公共基礎設施支出將在很大程度上受到 IIJA 的推動。帳單。

As it relates to heavy manufacturing projects should continue to remain at elevated levels. Both infrastructure and non-residential projects are typically multi-year projects that provide confidence around our visibility over the coming years. We also benefit from our geographic footprint in our markets generally outperform the national average, while weather impacted our all our regions.

由於涉及重型製造項目，應繼續保持在高水準。基礎設施和非住宅項目通常都是多年期項目，這為我們未來幾年的知名度提供了信心。我們也受益於我們市場的地理足跡總體上優於全國平均水平，而天氣影響了我們所有地區。

It did so at different magnitudes and pushed out the construction season to varying degrees. If the demand fundamentals we see do stay in place. We think the cement business will continue to see strong performance, especially given the US manufacturing supply response is more limited than in any other cycle.

其程度不同，並不同程度地推遲了施工季節。如果我們看到的需求基本面確實保持不變。我們認為水泥業務將繼續表現強勁，特別是考慮到美國製造業的供應反應比任何其他週期都更為有限。

Regarding the wallboard side of our business in the near term. Frankly, the demand cycle is harder to predict right now and much will depend on how the economy fares as well as how our policymakers to react in response to the economic data. As we've said many times, we continue to believe in the structural characteristics of our wallboard business, especially who supply has continued to come online over the last several years.

關於我們近期業務的牆板方面。坦白說，目前需求週期更難預測，很大程度上取決於經濟表現以及我們的政策制定者如何對經濟數據做出反應。正如我們多次所說的，我們仍然相信我們牆板業務的結構特徵，尤其是過去幾年供應持續增加。

Some key facts, that led us to believe we have been under building housing against underlying demand in the US for a long time. This under building has led to a shortage of homes while household formations expand.

一些關鍵事實使我們相信，長期以來我們一直在根據美國的潛在需求建造住房。這種在建情況導致住房短缺，而家庭規模卻在擴大。

In addition, the US existing housing stock continues to age and is older than ever, giving us further confidence in the medium and long term demand profile for our wallboard business. But as this cycle has already proven now, we believe both demand and supply fundamentals of the wallboard industry creating appealing performance backdrop for our business.

此外，美國現有房屋存量持續老化，且比以往任何時候都更舊，這讓我們對牆板業務的中長期需求狀況更加充滿信心。但正如這個週期現在已經證明的那樣，我們相信牆板行業的需求和供應基本面為我們的業務創造了有吸引力的業績背景。

As we look forward, even with some of the uncertainties I mentioned, we are confident we can continue our track record of superior margin performance, setting the industry benchmark for our low cost producer position .

展望未來，即使存在我提到的一些不確定性，我們仍然有信心能夠繼續保持卓越利潤表現的記錄，為我們的低成本生產商地位樹立行業基準。

To that, end I'll conclude with some remarks that largely mirror my opening comments on the consistency of our approach to running our businesses exceptionally well and shifting economic conditions. As we look forward to the quarters years and even cycles ahead, we are committed to looking for opportunities to strengthen our core businesses across both the Heavy and Light Materials segments through investments, both organically and through M&A.

最後，我將發表一些評論，這些評論在很大程度上反映了我的開場評論，即我們在經營業務和改變經濟狀況方面所採取的方法的一致性。當我們展望未來幾季甚至未來的周期時，我們致力於透過有機投資和併購尋找機會來加強我們在重質材料和輕質材料領域的核心業務。

Our consistent strategy has led to superior shareholder returns over the history of our company. And we believe these unique investments, coupled with our strict strategic and financial investment criteria, will generate similar outstanding returns in the future.

在我們公司的歷史上，我們一貫的策略為股東帶來了豐厚的回報。我們相信，這些獨特的投資，加上我們嚴格的策略和財務投資標準，將在未來產生類似的優秀回報。

Another key tenant to maintaining a strong core is keeping our balance sheet healthy. We have generally kept our leverage at or below 1.5 times through the last several years. This allows us to execute on investment opportunities, but also gives us the flexibility to return our excess free cash flow to shareholders, mostly through share buybacks.

保持強大核心的另一個關鍵因素是保持我們的資產負債表健康。過去幾年，我們的槓桿率普遍保持在 1.5 倍或以下。這使我們能夠抓住投資機會，同時也使我們能夠靈活地將多餘的自由現金流返還給股東，主要是透過股票回購。

Finally, but equally important will make our core business stronger by executing operationally, as our long track record of performance shows, we will achieve this while keeping our people safe and being excellent environmental stewards and the communities we operate in.

最後，但同樣重要的是，透過執行運營，使我們的核心業務變得更加強大，正如我們長期的業績記錄所表明的那樣，我們將實現這一目標，同時保證我們的員工的安全，並成為優秀的環境管理者和我們所在的社區。

With that, I'll turn it over to Craig for more details on our financials.

這樣，我會將其交給克雷格，以獲取有關我們財務狀況的更多詳細資訊。

Thank you, Michael. As mentioned, Q4 revenue was a record $609 million, an increase of 1%. The increase primarily reflects higher cement and wallboard sales prices and record paperboard sales volume, partially offset by lower cement sales volume, which I'll comment on during the segment discussion. First quarter earnings per share was a record $3.94. That's a 16% increase from the prior year.

謝謝你，麥可。如前所述，第四季營收達到創紀錄的 6.09 億美元，成長 1%。這一增長主要反映了水泥和牆板銷售價格的上漲以及創紀錄的紙板銷量，部分被水泥銷量的下降所抵消，我將在分部討論中對此進行評論。第一季每股收益創紀錄的 3.94 美元。比前一年增加了 16%。

The increase was driven by higher earnings and a 4% reduction in fully diluted shares due to our share buyback program. Turning now to segment performance on the next slide. In our Heavy Materials sector, which includes our Cement and Concrete and Aggregates segment's revenue, was up 1%, driven primarily by cement sales. Price increases implemented earlier this year.

這一增長是由於收益增加以及我們的股票回購計劃導致完全稀釋股票減少 4% 推動的。現在轉向下一張投影片的效能細分。在我們的重材料部門，包括水泥、混凝土和骨材部門的收入成長了 1%，這主要是由水泥銷售推動的。今年稍早實施了價格上漲。

Higher cement prices were partially offset by lower cement sales volume as weather delayed construction projects and bring cement concrete and aggregates volume during the quarter.

由於天氣推遲了建設項目並帶來了本季度的水泥混凝土和骨料銷量，水泥銷量下降部分抵消了水泥價格的上漲。

In addition, June of 2024 had two fewer shipping days than last June. Operating earnings were up 14%, primarily because of increased cement prices, lower fuel costs within the cement business and lower maintenance costs during our planned annual maintenance outages.

此外，2024 年 6 月的出貨天數比去年 6 月減少了兩天。營業利潤成長了 14%，主要是由於水泥價格上漲、水泥業務燃料成本降低以及我們計劃的年度維護停運期間維護成本降低。

In addition, last year's quarterly results included approximately $2.8 million of costs associated with the step-up in inventory values related to the terminals, Stockton acquisition. Moving to the lightweight materials sector on the next slide. Revenue in the sector increased 2%, reflecting higher wallboard sales prices and record recycled paperboard sales volume. Operating earnings in the sector increased 5% to $102 million, reflecting higher net sales prices and lower input costs, primarily for freight and energy.

此外，去年的季度業績還包括約 280 萬美元的成本，這些成本與收購斯托克頓碼頭相關的庫存價值增加有關。下一張投影片轉向輕質材料領域。該產業營收成長 2%，反映出牆板銷售價格上漲和再生紙板銷售創紀錄。該行業的營業利潤成長了 5%，達到 1.02 億美元，反映出淨銷售價格上漲和投入成本（主要是貨運和能源）下降。

Looking now at our cash flow, we continue to generate substantial cash flow and allocate capital in a disciplined way in line with our strategic priorities. The first quarter, operating cash flow decreased by 6% to $133 million, reflecting improved earnings, offset by increased working capital. Capital spending decreased to $33 million, and we repurchased 348,000 shares of our common stock for $85.5 million and paid our quarterly dividend returning $94 million to shareholders.

現在看看我們的現金流，我們繼續產生大量現金流，並根據我們的策略重點以嚴格的方式分配資本。第一季度，營運現金流下降 6% 至 1.33 億美元，反映出獲利的改善，但被營運資本的增加所抵銷。資本支出減少至 3,300 萬美元，我們以 8,550 萬美元回購了 348,000 股普通股，並支付了季度股息，向股東返還 9,400 萬美元。

We have 5.5 million shares remaining under our current repurchase authorization.

我們目前的回購授權還剩 550 萬股。

Finally, a look at our capital structure, which continues to give us significant financial flexibility. At June 30, 2024, our net debt to cap ratio was 44%, and our net debt to EBITDA leverage ratio remained at 1.3 times. We ended the quarter with $47 million of cash on hand. Total committed liquidity at the end of the quarter was approximately $607 million and we have no meaningful near-term debt maturities. Thank you for attending today's call. Will now move to the question and answer session. Jamie?

最後，看看我們的資本結構，它繼續為我們提供顯著的財務靈活性。截至2024年6月30日，我們的淨負債與上限比率為44%，淨負債與EBITDA槓桿比率維持在1.3倍。本季末，我們手頭現金為 4700 萬美元。本季末承諾的流動資金總額約為 6.07 億美元，我們沒有有意義的短期債務到期日。感謝您參加今天的電話會議。現在進入問答環節。傑米？

(Operator Instructions).

（操作員說明）。

Trey Grooms from Stephens, Inc.,

來自 Stephens, Inc. 的 Trey Grooms，

Hey good morning and thanks for taking my question. First off nice improvement on the margins in both cement and wallboard. I guess maybe first on wallboard, OCC costs have been rising. Paperboard margin saw a little bit of compression in the quarter. So given the timing differences, you know, between paperboard and then the wallboard business, how should we be thinking about the kind of directional impact maybe to wallboard here in the near term? And then also with nat gas pulling back again, still still pretty low. Could that help offset? And then, Craig, if you could maybe give us an update on where you stand with your hedging efforts there with nat gas?

嘿早上好，感謝您提出我的問題。首先，水泥和牆板的利潤都有很大改善。我想也許首先是在牆板上，OCC 成本一直在上升。本季紙板利潤率略有壓縮。因此，考慮到紙板和牆板業務之間的時間差異，我們應該如何考慮短期內可能對牆板產生的方向性影響？然後天然氣再次回落，但仍然相當低。這能幫助抵消嗎？然後，克雷格，您能否向我們介紹一下您在天然氣對沖方面的最新情況？

Yes, thanks, Trey. The from OCC recycled fiber fiber costs, which are the primary raw materials from the paper business. We saw those costs up significantly the second half of calendar '23 and into early calendar '24. I will tell you, April May and June OCC prices have been flat so that we will pass kind of the earlier part of the year through to the wallboard business here in the September quarter. But you know, given where prices have gone over, the last couple of months, it seems to stay right around that level. But you'll see a little bit of inflation there, wallboard, whereas the paper mill will pass that through and a little higher pricing. And you're right, natural gas again down lower than last few days.

是的，謝謝，特雷。來自 OCC 再生纖維的纖維成本，是造紙業務的主要原料。我們看到這些成本在 23 年下半年和 24 年初顯著增加。我會告訴你，四月、五月和六月 OCC 價格一直持平，因此我們將把今年早些時候的時間轉移到九月份季度的牆板業務。但你知道，考慮到過去幾個月價格的上漲，它似乎一直保持在這個水平附近。但是你會看到那裡有一點通貨膨脹，牆板，而造紙廠會通過它並提高一點價格。你是對的，天然氣價格再次低於前幾天。

We did see a nice benefit year over year, from lower gas prices were right around 40% hedged for the rest, the remainder of fiscal 2025. Just right around here at these market prices, keep in mind the forward curve isn't as low as the prompt month. But as you look at and then for curve or 40% hedge, right, right, in that area.

我們確實看到了逐年的良好效益，因為較低的天然氣價格對沖了 2025 財年剩餘時間的 40% 左右。但當你觀察曲線或 40% 對沖時，對，對，在那個區域。

Got it. All right. That's helpful. And then maybe kind of a little bit the same for cement, you know, could you could you give us a little bit more detail again, great margin improvement there? I think you mentioned the lower fuel costs. If you could maybe talk about kind of the sustainability of that. And then I think you also touched on maintenance, but if you could just kind of give us a rundown on kind of the cost outlook there with cement, given the nice margin improvement you've seen here in the quarter.

知道了。好的。這很有幫助。然後，對於水泥來說，情況可能有點相同，你能再次給我們更多細節嗎？我想你提到了較低的燃油成本。如果你可以談談這種可持續性。然後我認為您也談到了維護問題，但鑑於您在本季度看到的利潤率改善，您是否可以向我們簡要介紹水泥的成本前景。

Yes. The the fuel costs, we talked about it now for several quarters. We have good visibility into lower fuel costs around some of the solid fuels that we use. And that's largely purchased or committed for the for the remainder of the year. And then as we pointed out and you mentioned maintenance costs, our teams did a really good job this quarter. Of looking at projects, what needed to be done and found ways to get projects done that were needed. And given the weather that we experienced and I think well chronicled, we did a good job of managing managing those costs during the quarter.

是的。關於燃料成本，我們已經討論了幾個季度了。我們對我們使用的一些固體燃料的燃料成本降低有很好的了解。這大部分是在今年剩餘時間內購買或承諾的。然後，正如我們指出的和您提到的維護成本，我們的團隊本季做得非常好。查看項目，需要做什麼，並找到完成所需項目的方法。考慮到我們經歷過的天氣（我認為記錄得很詳細），我們在本季度的這些成本管理方面做得很好。

Yes. Good work with all that. And then last one for me. As you mentioned, the pricing in wallboard that you guys put up some nice sequential improvement as you guys had talked about on the prior call. Is there can you give us kind of the ending number for the quarter, maybe relative to the reported today? ASP.?

是的。這一切都做得很好。然後是我的最後一張。正如您所提到的，正如您在之前的電話中談到的那樣，您對牆板的定價進行了一些不錯的連續改進。您能為我們提供本季的最終數字嗎？ ASP。

Yes, the average for the quarter was pretty consistent. Throughout the quarter. We implemented a March price increase, which we hadn't seen the full benefit of during the March quarter. But the average was pretty consistent throughout the quarter.

是的，本季的平均值非常穩定。整個季度。我們在三月實施了漲價，但在三月季度我們還沒有看到其全部好處。但整個季度的平均值相當穩定。

Great. Thanks. I'll pass it on.

偉大的。謝謝。我會把它傳遞下去。

Stanley Elliott from Stifel.

來自斯蒂菲爾的斯坦利·埃利奧特。

Hey good morning, everyone, and nice work kind of a very tough operating environment that I guess starting off. You mentioned kind of on the resi side being a little less certain in terms of how that's going to be playing up. I am curious, did you guys see yield to what extent residential product projects getting pushed out because of the financing costs?

嘿大家早安，工作環境很好，我想這是一個非常艱難的工作環境。你提到，在後備賽方面，對於將如何發揮作用，有點不太確定。我很好奇，你們是否看到住宅產品專案因融資成本而被擠出的程度？

And then I guess secondly, will you briefly in any of your builder customers concerned about rising inventory levels in any of the market to operate?

然後我想其次，您是否會向您的任何建築商客戶簡要介紹一下任何市場運營中庫存水平上升的擔憂？

I've have always said as it relates to wallboard inventory, in particular, it's a perishable product. So you don't see a tremendous amount of inventory either at the manufacturer level or at the distribution level. You can't store it outside in a meaningful way. So, it comes and goes up. And look, I think we've said whether more than once this morning, especially you get into the South Texas market, that amount of rain, we don't we think of wallboard is up as an indoor sport, but there's no doubt we've seen on South Texas a delay because of the rain and extreme wet weather that market has faced.

我一直說，因為它與牆板庫存有關，特別是它是一種易腐爛的產品。因此，無論是在製造商層面還是在分銷層面，您都看不到大量的庫存。您無法以有意義的方式將其儲存在室外。所以，它來了又上升。聽著，我想我們今天早上已經不止一次說過，特別是你進入德克薩斯州南部市場，那麼大的雨量，我們不認為牆板是一項室內運動，但毫無疑問我們由於市場面臨降雨和極端潮濕天氣，德州南部出現了延誤。

So again, maybe a little bit of inventory build here and there, but it's not significant, and in terms of the residential outlook yes, it's there's obviously a lot of factors that influence that interest rates are one of them. They come down nicely here in the last four to six weeks, and we'll see you again tomorrow what tomorrow brings. But yes, the overall given the low supply of homes in the country, that has continued to support a pretty resilient level of construction activity.

再說一次，也許到處都會增加一些庫存，但這並不重要，就住宅前景而言，是的，顯然有很多影響因素，利率就是其中之一。在過去的四到六週裡，他們在這裡表現得很好，明天我們會再次見到你，明天會發生什麼。但是，是的，總體而言，鑑於該國房屋供應量較低，這繼續支持了相當有彈性的建築活動水平。

I guess one more on either of you would to what extent you see the weather impacting in the quarter? I mean, obviously, pricing was very nice. You do you think that has any impact on pricing pressures later in the year or maybe even into? Yes, I guess it's too early to think about '25, but just any sort of disruptions and some of the pricing momentum that we've seen seen because of the weather?

我想你們中的任何一個人都認為天氣對本季的影響有多大？我的意思是，顯然，定價非常好。您認為這對今年稍後甚至以後的定價壓力有什麼影響嗎？是的，我想現在考慮 25 年還為時過早，但我們所看到的由於天氣原因而出現的任何形式的干擾和一些定價勢頭？

I mean, no doubt the construction season got off to a very slow start in several markets, some of the with the extended rainfall, et cetera. So yes, that does maybe change timing and cadence a little bit. But some of the grand scheme of things, the cement business continues to be a fairly tight position, and you know exactly when and how prices go through will be determined over a cycle.

我的意思是，毫無疑問，幾個市場的施工季節開始得非常緩慢，其中一些市場的降雨量較長，等等。所以，是的，這確實可能會稍微改變時間和節奏。但從一些宏偉的計劃來看，水泥業務仍然處於相當緊張的地位，並且您確切地知道價格何時以及如何變化將在一個週期內確定。

And then lastly, I mean, balance sheet very manageable. You do have the larger Wyoming project coming up in 2016, starting started on it. It's a plan to kind of continue to build cash ahead of that to support that or still remain opportunistic on the M&A front or even the share repurchases?

最後，我的意思是，資產負債表非常容易管理。 2016 年確實有一個更大的懷俄明州計畫即將啟動，並開始啟動。計劃是繼續提前累積現金以支持這一計劃，還是在併購甚至股票回購方面仍然保持機會主義？

So absolutely, we've put the position the balance sheet in a position. I think Michael said it well, so that we can continue to make good investments, whether that's organic, as we've talked about with Mountain Cement monetization and expansion. But that doesn't preclude us, even though it is a sizable doesn't preclude us from continuing to return capital to shareholders and being active in the M&A market. There's a good pipeline of activity there, and we have the balance sheet and the free cash flow to continue to make good investments.

所以絕對，我們已經將資產負債表放在一個位置了。我認為麥可說得很好，這樣我們就可以繼續進行良好的投資，無論是有機投資，正如我們在山地水泥貨幣化和擴張方面所討論的那樣。但這並不妨礙我們，儘管規模相當大，但這並不妨礙我們繼續向股東返還資本並積極參與併購市場。那裡有良好的活動管道，我們有資產負債表和自由現金流來繼續進行良好的投資。

Perfect. Thanks so much. Congrats and best of luck.

完美的。非常感謝。恭喜並祝你好運。

Brent Thielman from D.A. Davidson.

來自 D.A. 的布倫特·蒂爾曼戴維森。

Okay, thanks. Good morning. And just a question again on cement. Just maybe clarify, I mean, any plans for cement price increases in the calendar second half? And then, Craig, you had some markets with price increases for April with the realizations and those price increases have been impacted at all all by soon. And weather related issues that I'm just curious your thoughts there.

好的謝謝。早安.又是一個關於水泥的問題。也許澄清一下，我的意思是，下半年水泥價格上漲有什麼計畫嗎？然後，克雷格，隨著我們的認識，一些市場四月份的價格上漲了，這些價格上漲很快就受到了影響。和天氣相關的問題我只是好奇你的想法。

So yes, I think they moved forward as we had expected and some of them. We do have, again, Texas' faced extremely wet weather in April and May even into July here with the with the hurricane that came through. But the pricing in that market as excess ended out there is some here in the second part of the year. But that's that's about it for a second round of cement price increases as we sit here today.

所以，是的，我認為他們按照我們的預期和其中一些人的預期取得了進展。德州在四月和五月甚至到七月都面臨著極其潮濕的天氣，而且還經歷了颶風。但該市場的定價過剩最終在今年下半年出現了一些。但這就是我們今天坐在這裡的第二輪水泥價格上漲的情況。

Okay. And then just a follow up. I mean, Michael, in your comments, just about the momentum you've seen and some of the infrastructure projects in presumably going over the next few years.

好的。然後只是跟進。我的意思是，邁克爾，在您的評論中，您所看到的勢頭以及未來幾年可能進行的一些基礎設施項目。

You do you anticipate for your mix change and sector and market sector exposure to skew more heavily towards infrastructure in the coming years? And I know it's sort of 40 50%. Do you see it higher than that as we sort of move forward

您預計未來幾年您的組合變化以及行業和市場行業敞口將更加偏向基礎設施嗎？我知道大概是 40% 50%。當我們向前邁進時，你認為它會比這個更高嗎？

You know, it depends really regionally where you look at this. These items with it. You know, as we said in the comments to, you know, we see these as multi-year projects with us and the extending out give us great visibility. We're also kind of opportunistic when we take some of those projects with it. We have a customer base that we support and those projects we see as great projects to pickup. But, you know, certain aspects of them and keep our demand profile looking strong. We see this as a just a good visibility for the cement side of the business for multi-years to come.

你知道，這實際上取決於你在哪裡看待這個問題。這些物品都帶著它。你知道，正如我們在評論中所說，你知道，我們將這些視為我們的多年項目，並擴展給我們帶來了巨大的知名度。當我們進行其中一些專案時，我們也有點機會主義。我們擁有我們支持的客戶群，以及我們認為值得選擇的優秀項目。但是，你知道，它們的某些方面使我們的需求狀況看起來很強勁。我們認為這對於未來幾年水泥業務來說是一個良好的可見度。

Thank you.

謝謝。

Anthony Pettinari from Citi.

花旗銀行的安東尼‧佩蒂納裡。

Good morning. On cement. Is there a way to quantify the magnitude of volumes that were impacted by the weather in the quarter? And then just given kind of very poor weather in the first half of the calendar year to your customers, talk about an opportunity to maybe make some of that up in the second half of the year. Is that something that could be maybe a tailwind volume just for you in the industry, which are not releasing a new you expect?

早安.在水泥上。有沒有辦法量化本季受天氣影響的交易量大小？然後，向您的客戶介紹上半年天氣非常惡劣的情況，討論是否有機會在下半年彌補這一情況。這對於行業中的您來說是否可能是一個順風車，而行業卻沒有發布您期望的新產品？

Hey, Anthony, to the first part of your question, it's really hard to quantify the exact impact that weather had. you know of no doubt there was significant, but really tough to quantify that in terms of the last is that is a little bit market to market because you've got certainly the northern markets that weather winter weather will start. You don't know if that November, December or into January.

嘿，安東尼，對於你問題的第一部分，很難量化天氣的確切影響。毫無疑問，這很重要，但真正難以量化的是，最後一點是，這是一個市場對市場的影響，因為北方市場肯定會開始適應冬季天氣。你不知道是十一月、十二月還是一月。

But I think your overall and then in the south where we don't have near the winter or you can get maybe a little bit more, but your point's still, right, you're being given that these projects were delayed, not canceled their just pushed out. It just means you're going to be real busy this fall and into the winter as long as you can. And so that is what you'll see. Can you make all look all that up.

但我認為你的整體情況，然後在南方，我們沒有接近冬天，或者你可能會得到更多一點，但你的觀點仍然是，對，你被認為這些項目被推遲，而不是取消剛剛推出來。這只是意味著今年秋天和冬天你會盡可能地忙碌。這就是您將看到的。你能讓大家看清楚嗎？

That remains to be seen, but but it should be a busy busy second half of the year.

這還有待觀察，但今年下半年應該會很忙。

Got it. Got it. And then just I guess one follow-up was your exit rate on cement prices in the quarter? Was that sort of subordinate to the quarter average or maybe a touch ahead or not?

知道了。知道了。然後我想一個後續行動是您本季水泥價格的退出率？這是否低於季度平均水平，或者是否領先？

Yes, pretty much in line with the average.

是的，與平均水平基本一致。

Got it. Got it. Okay. I'll turn it over.

知道了。知道了。好的。我會把它翻過來。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Yes, hi. Good morning, everyone, and congratulations on the strong performance. I wanted to ask to normal seasonality for your cement businesses. Margins are up about eight points in the September quarter from the June quarter.

是的，嗨。大家早安，恭喜你們的出色表現。我想詢問你們水泥業務的正常季節性。九月季度的利潤率比六月季度增加了約八個百分點。

And so as we think about that normal seasonality, anything that we need to keep in mind this year, Craig, relative to the really strong June quarter results ?

因此，當我們考慮正常的季節性時，克雷格，相對於真正強勁的六月季度業績，今年我們需要記住什麼？

Sitting here today, I don't expect to see anything unique that margin improvement and as you know, is mostly driven by our annual maintenance programs are completed during the June quarter. Those are quite heavy spends. And then that doesn't happen in the September and December quarters.

今天坐在這裡，我預計不會看到任何獨特的利潤率改善，正如您所知，這主要是由我們在六月季度完成的年度維護計劃推動的。這些都是相當大的支出。但在 9 月和 12 月季度，這種情況就不會發生。

Got it. So you do the full benefit from the improved energy costs and all the other moving pieces that are fully baked in there to be in a strong third quarter results.

知道了。因此，您可以從能源成本的改善和所有其他移動部件中充分受益，這些部件都已充分烘烤，以實現強勁的第三季度業績。

Right.

正確的。

Okay. And then in terms of the sequential price cadence. So over the past 2 years, your cement average selling prices were up 3% to 4% September quarter versus June quarter. I know part of that is mix where the volumes are coming from and contract rollovers.

好的。然後就連續價格節奏而言。因此，在過去 2 年中，9 月季度的水泥平均售價比 6 月季度上漲了 3% 至 4%。我知道其中一部分是交易量的來源和合約展期的混合。

But can you just give us an update on how you're thinking about the sequential move in average selling price from here given timing of contract rollovers and mix of business? How should that look this year, September versus June versus the 3 to 4 points we've seen over the couple of years?

但是，在考慮到合約展期和業務組合的情況下，您能否向我們介紹一下您如何看待平均售價從這裡開始的連續變動？今年 9 月與 6 月相比我們在過去幾年中看到的 3 到 4 個點應該如何？

Okay. And then in terms of the indications to customers of potential future price increases in both cement and wallboard, can you just talk about what the range of price increase discussions that you folks have had to the extent you can comment? I know in some markets, you're going to roll those out as time comes, but I wonder if you could just give us -- any additional color on how those conversations are headed, particularly in cement ahead of '25.

好的。然後，就向客戶提供的水泥和牆板未來可能漲價的跡象而言，您能否談談您所討論的漲價範圍是多少？我知道在某些市場，隨著時間的推移，您將推出這些內容，但我想知道您是否可以向我們提供有關這些對話的進展情況的任何其他信息，特別是在 25 年前的水泥領域。

Okay. And then in terms of the indications to customers potential future price increases in both cement and wallboard, can you just talk about what the range of them price increase discussions that you folks have had to the extent you can comment? I know in some markets you're going to roll those out as time comes. But I'm wondering if you just give us any additional color on how those conversations are headed, particularly in cement ahead of 25?

好的。然後，就向客戶提供的水泥和牆板未來可能漲價的跡象而言，您能否談談您已經進行的漲價討論的範圍，您可以發表評論嗎？我知道在某些市場，隨著時間的推移，你會推出這些產品。但我想知道您是否能就這些對話的進展（特別是 25 日前的水泥領域）向我們提供更多資訊？

Yes. Jerry, it's always hard to predict the exact timing and magnitude of price increases. That's certainly a discussion we'll be having with customers as we go over the next few weeks and months ahead of calendar '25. So I don't want to speculate too much on how much or when those price increases will be announced.

是的。傑瑞，總是很難預測價格上漲的確切時間和幅度。這肯定是我們在 25 年前的幾週和幾個月內與客戶的討論。因此，我不想過多猜測價格上漲的幅度或時間。

But look, I think as Michael has mentioned, and we've talked about now for several quarters, if not years, given the dynamics and the backdrop in both businesses, both in cement and Wallboard with supply being constrained, for a variety of reasons and pretty good outlooks around demand.

但是，我認為正如邁克爾所提到的，考慮到水泥和牆板這兩個業務的動態和背景，我們現在已經討論了幾個季度甚至幾年，由於各種原因供應受到限制以及需求前景相當不錯。

We do expect to see utilization rates remain high through the cycle which should lead to higher pricing this cycle than we've seen in prior cycles, both in different economic climates, just given the changes that have occurred in our industries. And so that without getting into specifics for timing, we just do continue to see pricing opportunity in front of us

我們確實預計，在整個週期中，利用率將保持在較高水平，這應該會導致本週期的定價高於之前週期的定價，無論是在不同的經濟環境下，還是考慮到我們行業發生的變化。因此，在不討論具體時間的情況下，我們只是繼續看到擺在我們面前的定價機會

Thank you.

謝謝。

Adam Thalhimer from Thompson Davis.

湯普森戴維斯的亞當塔爾希默。

Hey, good morning, guys. Congrats on the strong quarter. I want to start on wallboard margins. I think that was the best quarterly wallboard margin in something like 18 years. Just curious what drove that and what your thoughts are on sustainability?

嘿，早上好，夥計們。恭喜季度表現強勁。我想從牆板邊緣開始。我認為這是 18 年來最好的季度牆板利潤率。只是好奇是什麼推動了這一點以及您對永續發展的想法是什麼？

Yes. Adam, the environment that we've been in, certainly with lower natural gas prices contributed to that really managing the cost structure around maintenance projects and the need to spend. They did -- again, our teams did a fantastic job this quarter. Just like the cement group did as well. And look, our assets are well positioned. We've talked about that many times from a surety of raw materials.

是的。亞當，我們所處的環境，當然天然氣價格較低，有助於真正管理圍繞維護項目和支出需求的成本結構。他們做到了——我們的團隊本季做得非常出色。正如水泥集團所做的那樣。看，我們的資產定位良好。我們已經從原材料的保證上多次討論過這一點。

The primary raw material being gypsum and our long years worth of either raw material reserves or a supply contract for synthetic gypsum. And so we really positioned this business very, very well. And yes, it's a good margin performance, but that's been a hallmark of that business for many years now.

主要原料是石膏，我們擁有多年的原料儲備或合成石膏的供應合約。因此，我們確實非常非常好地定位了這項業務。是的，這是一個很好的利潤表現，但多年來這一直是該業務的標誌。

And Craig, it's a smaller business, but the paperboard volume jumped a little bit. And I know you did a capacity expansion there. What do you think your annual capacity is normalized now?

克雷格的業務規模較小，但紙板產量略有增加。我知道你們在那裡進行了產能擴張。您認為現在您的年產能是多少？

Yes. The 91,000 tons is a record quarter for the paper mill. We mentioned that we have gone through the expansion project a couple of years ago, really starting to see the benefit of that volume improvement. Again, the mill is running very well. That team is doing a fantastic job.

是的。 91,000 噸是造紙廠創紀錄的季度產量。我們提到，幾年前我們已經完成了擴建項目，並真正開始看到數量改善的好處。再次，工廠運作良好。該團隊做得非常出色。

We if you just annualize that, you could get a pretty decent run rate and we're always looking to de-bottleneck all of these facilities. And we've taken that mill when we acquired it many, many years ago, and we've just incrementally been able to get more output and the team is going to continue to do that.

如果你只是按年計算，你可以獲得相當不錯的運行率，而且我們一直在尋求消除所有這些設施的瓶頸。當我們在許多很多年前收購這家工廠時，我們已經擁有了它，我們只是逐漸能夠獲得更多的產量，團隊將繼續這樣做。

Phil Ng from Jefferies.

來自 Jefferies 的 Phil Ng。

I had a question. How did cement volumes track intra-quarter, especially when weather cleared out in perhaps June, July? I know June has got 2 less shipping days. If you kind of look at it on a per day basis, was it up?

我有一個問題。季度內水泥產量走勢如何，尤其是在六月、七月天氣晴朗的情況下？我知道 6 月的出貨天數減少了 2 天。如果您每天查看一下，它已經完成了嗎？

And then qualitatively, I think, Michael, your outlook was stable volumes from there, certainly upbeat on infrastructure. Are you set up to kind of put up volume growth in the back half? I just want to get a little more color on how you're thinking about the volumes and how it's progressed since a very wet spring.

然後，從品質上講，邁克爾，我認為您的前景是穩定的銷量，對基礎設施肯定持樂觀態度。您是否準備好在下半年實現銷售成長？我只是想更多地了解您對銷量的看法以及自一個非常潮濕的春天以來它的進展。

Yes. Phil, good question. The first part of your question, and you look at our business, Texas, we're actually up this quarter versus last year. I would say that had more to do with the comparison of prior year. We had some issues last year around that. So hard to look at those volumes necessarily as a good barometer for the overall market, which is down just given some of the weather issues that we've dealt with.

是的。菲爾，好問題。你問題的第一部分，你看看我們德州的業務，我們本季實際上比去年有所成長。我想說這跟去年的比較有更多關係。去年我們在這方面遇到了一些問題。因此很難將這些交易量視為整個市場的良好晴雨表，考慮到我們已經處理過的一些天氣問題，整個市場就出現了下降。

And as you said, we saw much better weather in the month of June across most of the country, but we did have 2 less shipping days. So hard to get a real gauge when you're coming out of an April and May that we dealt with, but do feel good about the forward view of cement demand. And look, we have the inventory in the network. And as the opportunity presents itself, we're going to meet our customers' needs.

正如您所說，我們在 6 月看到全國大部分地區的天氣要好得多，但我們的運輸天數確實減少了 2 個。當你剛經歷過我們處理的四月和五月時，很難得到真正的衡量標準，但對水泥需求的前景確實感到滿意。看，我們在網路中有庫存。當機會出現時，我們將滿足客戶的需求。

And Craig, I mean, I think on earlier questions. There was a question about catch-up demand. Have you seen orders kind of snap back and some of your customers look to kind of recapture some of that deferred demand pushed out thus far, like in July and as we kind of look out to August?

克雷格，我的意思是，我思考了之前的問題。有一個關於追趕需求的問題。您是否看到訂單有所回升，而您的一些客戶希望重新獲得一些迄今為止被推遲的需求，例如 7 月和我們期待的 8 月？

Yes. To the extent they can, I know they're going to push as hard as they can. When you have that much weather, you do see a gist delay in the overall earth work that happens. And so I know they're gearing up for a busy second half of the year.

是的。在他們力所能及的範圍內，我知道他們會盡其所能地努力。當天氣如此惡劣時，您確實會看到發生的整體土方工作明顯延遲。所以我知道他們正在為今年下半年的繁忙做好準備。

Okay. And then from a margin standpoint, a really impressive quarter, both on wallboard and cement. You called out some good guys on energy and freight. Those feel pretty sticky unless things change materially here. Were there any other one-off costs that were that will roll off just because based on what you're putting up where pricing is trending as well. I would imagine you could build off of this accounting for seasonality. But how should we think about the margin cadence for the rest of the year and other wallboard course amount?

好的。從利潤率的角度來看，無論是牆板還是水泥，這個季度都令人印象深刻。你在能源和貨運方面召集了一些好人。除非事情發生重大變化，否則這些感覺很黏。是否有其他一次性成本會因為您在定價趨勢上發布的內容而下降。我想你可以根據季節性的這種解釋來建構。但是我們應該如何考慮今年剩餘時間的邊際節奏和其他牆板課程數量？

Yes. Look, sequentially, while natural gas is down, it's been down at these levels between [$2 million, $2.5 million] for quite some time. So sequentially, I don't see a significant change there. As I mentioned in the beginning of the call, OCC prices, we will see some upward tick here in the September quarter. So sequentially, that will be up a little bit higher.

是的。依序看，雖然天然氣價格下跌，但它已經在 [200 萬美元至 250 萬美元] 之間的水平下跌了相當長一段時間。因此，我沒有看到那裡有重大變化。正如我在電話會議開始時提到的，OCC 價格，我們將在 9 月季度看到一些上漲。所以依序來說，這個數字會更高一些。

So there's going to be some puts and takes where margins are concerned. In the Cement business, again, we're largely through the large maintenance programs. And with fuel costs being low, we'd expect to continue to see that business perform very well.

因此，在保證金方面，將會有一些看跌期權和看跌期權。同樣，在水泥業務中，我們主要透過大型維護計劃進行。由於燃料成本較低，我們預計該業務將繼續表現良好。

Okay. And just one last one for me. The commentary on Wallboard turns outlook was a little more contingent on the macro. And start has been a little choppier rates have kind of bounced around. But correct me if I'm wrong, Craig. I mean, your business tends to tie more to completion.

好的。對我來說只是最後一件。對 Wallboard 轉向前景的評論更多地取決於宏觀經濟。一開始利率有點波動，有所反彈。但如果我錯了，請糾正我，克雷格。我的意思是，你的業務往往與完成程度有更多的連結。

So with completions lagging start the next quarter, do you still see decent demand? Is that how we should think about wallboard? Because your volumes lagged the industry. I don't know if that was related, but any more perspective would be helpful.

那麼，由於完工時間落後於下一季的開始，您仍然認為需求良好嗎？我們應該這樣看待牆板嗎？因為你們的銷量落後於產業。我不知道這是否相關，但任何更多的觀點都會有所幫助。

Phil, I think we're trying to get away from guessing on the next quarter given, as you said, some of the volatility around rates and other things that impact the volume trend. But I think generally, we feel good about the demand environment given a lot of the factors that we've talked about and now with rates seemingly coming down a little bit, that should help. The exact timing of how that flows through is harder for us to gauge than -- and it's always hard to forecast, but certainly, the last 3 to 6 months have been even tougher.

菲爾，我認為我們正試圖擺脫對下個季度的猜測，正如您所說，鑑於利率和其他影響成交量趨勢的因素存在一些波動。但我認為，總的來說，考慮到我們討論過的許多因素，我們對需求環境感覺良好，而且現在利率似乎有所下降，這應該會有所幫助。對我們來說，這種流動的確切時間更難衡量——而且總是很難預測，但可以肯定的是，過去 3 到 6 個月的情況更加困難。

Thank you. Appreciate the color.

謝謝。欣賞顏色。

Tyler Brown from Raymond James.

雷蒙德·詹姆斯的泰勒·布朗。

Craig, I think you mentioned transportation was a good guy on the cost side on Wallboard. I get that it's largely a pass-through. But when the market is loosening and the truck market is certainly loosening, do you tend to make a little bit of money on transportation and would it move the other way in a tightened transportation environment?

克雷格，我想你提到交通在 Wallboard 的成本方面是一個好東西。我知道這很大程度是一種傳遞。但當市場鬆動且卡車市場確實鬆動時，你是否傾向於在運輸上賺一點錢，而在運輸緊張的環境下會反其道而行？

Yes. As freight adjusts, that can be a headwind or a tailwind for us, and it certainly been a tailwind in the last couple of quarters. And as you say, I don't expect that to change significantly in the trucking market.

是的。隨著運費的調整，這對我們來說可能是逆風，也可能是順風，在過去幾季中肯定是順風。正如您所說，我預計卡車運輸市場不會發生重大變化。

Okay. That's helpful. And then just so I have it, I'm just curious, but what is the truck to rail mix? I assume you're heavy truck versus rail.

好的。這很有幫助。然後我就得到了它，我只是很好奇，但卡車與鐵路的混合是什麼？我認為你是重型卡車與鐵路。

Yes. In wallboard, very little rail, pretty inefficient commodity to move on the rail.

是的。在牆板中，很少有軌道，在軌道上移動的商品效率相當低。

Okay. And then I think you're guiding to, call it, $310 million, $340 million in CapEx, but you spent under $40 million in the quarter. I'm just curious if you still feel good about spending the full allotment or is off to a slow start? Just any color there?

好的。然後我認為你的資本支出為 3.1 億美元、3.4 億美元，但本季的支出不到 4,000 萬美元。我只是好奇你是否仍然對花完全部配額感覺良好或開始緩慢？那裡有什麼顏色嗎？

Yes, I wouldn't say it's a slow search as timing of when payments are made. As Michael mentioned, we have started to do some dirt work. And so that construction site work will really start to pick up here the second part of the summer into the fall. So I would expect to see CapEx starting to tick up and the exact timing of that to be determined. But that's still our range for now, and we'll see as the year unfolds.

是的，我不會說這是一個緩慢的搜尋付款時間。正如邁克爾所提到的，我們已經開始做一些骯髒的工作。因此，建築工地工作將在夏季下半年到秋季真正開始恢復。因此，我預計資本支出將開始增加，具體時間待確定。但這仍然是我們目前的範圍，隨著今年的展開，我們將會看到。

Okay. Good. And then my last one, just a couple of small other modeling questions. But just -- any thoughts on how the tax rate pans out for the year. The corporate SG&A was up a bit. What was driving that? Was that bonus accruals. And then the other income was a good guide. Just curious if that was a gain, just how we should think about that line. Appreciate it.

好的。好的。然後是我的最後一個，只是幾個其他建模小問題。但只是 - 關於今年稅率如何變化的任何想法。公司SG&A略有上升。是什麼推動了這一點？那是應計獎金嗎？然後其他收入是一個很好的指導。只是好奇這是否是一種收穫，我們該如何看待這條線。欣賞它。

Yes. In terms of the corporate SG&A, that number has been in that same range for the last several quarters, call it, $16 million, plus or minus. I'd expect to see it continue to be in that range. In fact, I think 4Q was a little bit higher. So that's the range I would stick with.

是的。就公司 SG&A 而言，過去幾季該數字一直處於同一範圍內，即 1,600 萬美元，上下浮動。我預計它會繼續保持在這個範圍內。事實上，我認為第四季有點高。這就是我會堅持的範圍。

Tax rate, it ebbs and flows a little bit, but I would -- it may tick up a little bit here for the second part of the year, but again, pretty much range bound. And other income, that could be other asset sales, a little minor things that are hard to predict, but I don't expect it to continue to be at that same level for in the second, third and fourth quarter.

稅率，它會稍微波動，但我會——今年下半年它可能會稍微上升，但同樣，幾乎是在區間範圍內。其他收入，可能是其他資產銷售，一些難以預測的小事情，但我預計第二、第三和第四季不會繼續處於同一水平。

Keith Hughes from Truist.

《Truist》的基斯休斯。

Getting back to cement prices. I know you got a few increases you had mentioned earlier, but it doesn't sound like a lot. Do you think are your markets getting back to where you're increasing price just sort of once a year? Or what do you think the cadence is going to look like in the medium term?

回到水泥價格。我知道您之前提到過一些增加，但聽起來並不多。您認為您的市場是否會回到每年一次漲價的水平？或者您認為中期內的節奏會是什麼樣子？

Yes, Keith, I've always said, it's hard to predict that exact timing. There's a lot of factors that go into that. For the last couple of years, we've seen multiple increases given some of the delayed start to the construction season. I'm frankly not surprised to see a limited second round of increases normally if construction season starts in March, but this year just got extended. That doesn't mean or that doesn't preclude next year from being two increases. We just got to see how the year unfolds and how the second half of this year goes through. But remains to be seen in terms of exact timing.

是的，基思，我總是說，很難預測確切的時間。這有很多因素。在過去的幾年裡，由於施工季節開始延遲，我們看到了數倍的成長。坦白說，如果建築季節從三月開始，通常會出現有限的第二輪上漲，我對此並不感到驚訝，但今年只是延長了。這並不意味著或不排除明年會出現兩次成長。我們只是想看看這一年如何展開以及今年下半年如何度過。但具體時間仍有待觀察。

Okay, thank you. And ladies and gentlemen, with that will be concluding today's question and answer session. I'd like to turn the floor back over to Michael Haack for any closing comments.

好的謝謝。女士們、先生們，今天的問答環節到此結束。我想請邁克爾·哈克（Michael Haack）發表最後評論。

Thank you, Jamie. Looking back on our first quarter for fiscal year 2025, I want to conclude by thanking our employees directly for their resilience through the quarter. Superior execution and consistent steadfast operational focus once again set the industry standard and helped us achieve positive results to start our fiscal year. Thanks also to everyone joining us on the call today. We look forward to discussing our results again with you next quarter.

謝謝你，傑米。回顧 2025 財年第一季度，我想最後直接感謝我們的員工在整個季度的韌性。卓越的執行力和一貫堅定的營運重點再次樹立了行業標準，並幫助我們在財年伊始取得了積極成果。也感謝今天加入我們電話會議的所有人。我們期待下個季度再次與您討論我們的結果。

Ladies and gentlemen, with that will conclude today's conference call and presentation. Thank you for attending. You may now disconnect your lines.

女士們先生們，今天的電話會議和演講到此結束。感謝您的出席。現在您可以斷開線路。