Eagle Materials Inc (EXP) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to Eagle Materials second quarter of fiscal 2025 earnings conference call.

大家好，歡迎參加 Eagle Materials 2025 財年第二季財報電話會議。

This call is being recorded.

此通話正在錄音。

At this time, I'd like to turn the floor over to Eagle's President and Chief Executive Officer, Mr. Michael Haack.

現在，我想請 Eagle 總裁兼執行長 Michael Haack 先生發言。

Hi, Mr. Haack.

你好，哈克先生。

Please go ahead.

請繼續。

Thank you, Jamie.

謝謝你，傑米。

Good morning.

早安.

Welcome to Eagle Materials' conference call for our second quarter of fiscal year 2025.

歡迎參加 Eagle Materials 2025 財政年度第二季的電話會議。

This is Michael Haack.

這是邁克爾哈克。

Joining me today are Craig Kesler, our Chief Financial Officer; and Alex Haddock, Senior Vice President of Investor Relations, Strategy and Corporate Development.

今天加入我的是我們的財務長 Craig Kesler；以及投資者關係、策略和企業發展資深副總裁 Alex Haddock。

There will be a slide presentation made in connection with this call.

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.

要存取它，請訪問 eaglematerials.com 並點擊網路廣播的連結。

While you're accessing the slides, please note that the first slide covers our cautionary disclosure regarding forward-looking statements made during this call.

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。

These statements are subject to risks and uncertainties that could cause results to differ from those discussed during the call.

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不同。

For further information, please refer to this disclosure, which is also income traded at the end of our press release.

欲了解更多信息，請參閱本披露，這也是我們新聞稿末尾的交易收入。

Let me start my comments by highlighting a very important meeting conducted a few weeks ago at Eagle Materials that being our annual health, safety and environment conference or what we term HSE.

讓我先強調幾週前在 Eagle Materials 舉行的一次非常重要的會議，這是我們的年度健康、安全和環境會議，或者我們所說的 HSE。

Each year, I have the pleasure of spending two days with approximately 90 leaders in our organizations across the US to discuss health, safety and environmental items facing Eagle Materials.

每年，我都有幸與美國各地組織的大約 90 名領導者一起度過兩天時間，討論 Eagle Materials 面臨的健康、安全和環境問題。

We get to share best practices across the organization, discuss how we strengthen our safety culture and how we make a difference in our operations for all employees.

我們可以在整個組織內分享最佳實踐，討論如何加強我們的安全文化以及如何為所有員工改變我們的營運。

We always prefer to look at leading indicators to eliminate items before they happen, but is also a time to reflect on the progress we have made in our lagging indicators.

我們總是更喜歡查看領先指標，以便在專案發生之前消除它們，但也是反思我們在落後指標中取得的進展的時候。

This progress has highlighted in our sustained below industry average TRIR rate for safety.

這一進展突顯在我們的安全 TRIR 率持續低於行業平均。

Our enhanced sustainability report we released last year, showing our continued progress and reduce CO2 emissions per ton of cementitious product and highlights investments in projects that not all a financial return but environmentally return benefits to Eagle.

我們去年發布了增強型永續發展報告，展示了我們在減少每噸水泥產品二氧化碳排放量方面所取得的持續進展，並強調了對專案的投資，這些專案不僅為Eagle 帶來了經濟回報，而且也為環境帶來了回報。

Some of the projects highlighted in this conference include we started commissioning our joint venture, Texas Lehigh Slag Grinding facility in Houston.

本次會議重點介紹的一些項目包括我們開始調試位於休士頓的合資企業德克薩斯州利哈伊礦渣研磨廠。

This plan will provide the local market with over 500,000 tons of low-carbon intensity slag.

該計劃將為當地市場提供超過50萬噸低碳強度爐渣。

We have commissioned in the district additional alternative fuels theater and expanded another facilities feeder to reduce our use of coal and coke at these facilities.

我們在該地區啟用了更多替代燃料劇院，並擴大了另一個設施支線，以減少這些設施對煤炭和焦炭的使用。

We reduced the water usage at Republic paperboard facility by approximately 40% through engineering, redesign of an on-site water facility.

透過對現場供水設施進行工程和重新設計，我們將 Republic 紙板工廠的用水量減少了約 40%。

Our blended cement production surpassed 90% of our sales.

我們的混合水泥產量超過了銷售額的 90%。

These items would not happen if we did not have the best people in the industry.

如果我們沒有業內最優秀的人才，這些計畫就不會發生。

I want to thank all Eagle employees who contributed to the success of another great HSE conference and to their continued leadership on safety, efficiency and sustainability.

我要感謝所有 Eagle 員工，他們為另一場偉大的 HSE 會議的成功做出了貢獻，並感謝他們在安全、效率和可持續性方面的持續領導。

Now let me move on to the financial results for the quarter.

現在讓我談談本季的財務表現。

In our fiscal second quarter of 2025, we again achieved record revenue, reaching $624 million, an increase in cash flow from operations by 35%.

在 2025 財年第二季度，我們再次實現了創紀錄的收入，達到 6.24 億美元，營運現金流增加了 35%。

Craig will go through the financial results in his comments, but I wanted to specifically address a few items in my comments.

克雷格將在他的評論中詳細介紹財務業績，但我想在評論中具體討論一些項目。

Our heavy side of the business was down 5% on a volumetric basis.

我們的重型業務按數量計算下降了 5%。

While our concrete and aggregates locations had a larger volume impact during this quarter across our network, but most dramatically in two locations, Denver and Kansas City.

雖然我們的混凝土和骨材地點在本季對我們整個網路的產量產生了較大的影響，但最顯著的是丹佛和堪薩斯城兩個地點。

Denver was enacted from reduced demand across the Board, but more dramatically impacted by our aggregate supplied oilfield services customers.

丹佛法案是由於全面需求減少而製定的，但更嚴重的是受到我們整體供應的油田服務客戶的影響。

This demand has not recovered.

這種需求還沒有恢復。

So the team has been diligently working on cost control measures and securing new customers.

因此，該團隊一直在努力製定成本控制措施並爭取新客戶。

In Kansas city, our concrete union operation has been in a work stoppage situation as we were negotiating the current contract.

在堪薩斯城，我們的具體工會業務在談判當前合約時一直處於停工狀態。

This has been resolved but impacted our volumes sold during the quarter.

該問題已解決，但影響了我們本季的銷售量。

Our drivers in this operation are no longer union.

我們這次行動中的司機不再是工會了。

So this operation will be right-sized and focused on the non-union market in the future.

因此，未來該業務將適當調整規模，並專注於非工會市場。

A few items I want to mention for the upcoming quarter are we currently are in process of replacing our clinker cooler at Texas Lehigh.

我想在下個季度提及的幾件事是，我們目前正在更換德克薩斯州利哈伊的熟料冷卻器。

As I mentioned in several previous earnings calls, we have some maintenance to do at this facility and it was planned for this timeframe.

正如我在之前的幾次財報電話會議中提到的，我們需要在這個設施上進行一些維護，並且計劃在這個時間範圍內進行。

We are currently wrapping up in the 40 plus day outage to do this extensive work.

目前，我們正在結束 40 多天的停電，以完成這項廣泛的工作。

We'll have further work at this facility in a few months as we address our mills, all the work is going as planned.

幾個月後，我們將在工廠進行進一步的工作，所有工作都按計劃進行。

We also have a planned outage at our Tulsa cement facility to address an issue we had with our kiln.

我們的塔爾薩水泥廠也計劃停電，以解決窯爐的問題。

This work is going well and will be completed ahead of schedule.

此項工作進展順利，將提前完成。

Both projects will add additional maintenance costs to our upcoming quarter.

這兩個項目都將為我們即將到來的季度增加額外的維護成本。

We have been working with our customers to minimize the impact of sales volumes during these outages.

我們一直在與客戶合作，盡量減少停電期間銷售的影響。

It also should be noted that both projects are one-off in nature and will make the plants more reliable after completions.

還應該指出的是，這兩個項目本質上都是一次性的，建成後將使工廠更加可靠。

Turning now to what we see ahead for our businesses and the demand outlook more broadly.

現在轉向我們對業務的展望以及更廣泛的需求前景。

I'll start with the infrastructure, where we've been talking for a couple of years about the demand visibility afforded by us by both [$1 trillion] Federal infrastructure bill, IIJA and the health of State and local budgets.

我將從基礎設施開始，幾年來我們一直在討論 [1 兆美元] 聯邦基礎設施法案、IIJA 以及州和地方預算的健康狀況所提供的需求可見度。

For a variety of reasons from weather-related days to labor constraints, the level of IIJA spending has been slower to materialize than previously anticipated.

由於天氣相關天數和勞動力限制等多種原因，IIJA 支出水準的實現速度比之前預期的要慢。

Nearly 75% of IIJA funding remains to be spent.

IIJA 資金的近 75% 仍有待支出。

However, we believe it will continue to be spent beyond the bills expiration date in 2026.

然而，我們認為這筆錢將在 2026 年帳單到期日之後繼續支出。

Turning to non-residential construction, demand has varied depending on the subsector.

至於非住宅建築，需求因子產業而異。

While certain sub tech sectors such as warehousing have been softer.

而倉儲等某些子科技業則表現疲軟。

We remain optimistic that announced large scale, manufacturing and industrial projects will continue to be strong as they are still benefiting from federal government bills.

我們仍然樂觀地認為，已宣布的大型製造和工業項目將繼續強勁，因為它們仍然受益於聯邦政府法案。

Lastly, residential construction has held up relatively well in a tepid housing starts environment, and several factors suggested should rebound.

最後，在房屋開工不溫不火的環境下，住宅建設表現相對較好，有幾個因素顯示住宅建設應該會反彈。

Underlying builder demand and lower rates as the US Federal Reserve moves toward more accommodative monetary policy are just a couple of factors that support a favorable residential construction landscape.

隨著聯準會轉向更寬鬆的貨幣政策，潛在的建築商需求和較低的利率只是支持有利的住宅建設前景的幾個因素。

Against this end market backdrop, let me provide some observation on our specific businesses.

在這樣的終端市場背景下，我會對我們的具體業務進行一些觀察。

In our heavy materials business, project delays and weather continued to affect both cement and concrete and aggregate volumes.

在我們的重型材料業務中，工程延誤和天氣繼續影響水泥、混凝土和骨材產量。

In calendar 2024, our heavy materials volumes have not played out in the way we anticipated when we began the year.

到 2024 年，我們的大量材料產量並沒有像我們年初預期的那樣發揮作用。

In fact, industry association forcast originally projected cement volumes in calendar 2024 to be up by 1% to 2% in the now and are now forecasting a year-over-year decline across the industry.

事實上，產業協會最初預測 2024 年水泥產量將成長 1% 至 2%，現在預測整個產業將年減。

While that view is consistent with what we're seeing within our own footprint, we believe the demand tailwinds will bounce back given the high level of IIJA funds yet to be spent in the anticipated rebound in non-residential and residential construction.

雖然這一觀點與我們在自己的足跡中看到的情況一致，但我們認為，鑑於 IIJA 資金尚未用於預期的非住宅和住宅建設反彈，需求順風將會反彈。

Our strong position in the US heartland markets supports our outlook to an even greater extent as these markets currently have higher demand than the national average and are generally insulated from imports.

我們在美國中心地帶市場的強勢地位在更大程度上支持了我們的前景，因為這些市場目前的需求高於全國平均水平，並且通常不受進口影響。

Considering these favorable conditions, we announced a price increase for early January 2025 across most of our markets and look forward to speaking more about them in the next quarter's call.

考慮到這些有利條件，我們宣布 2025 年 1 月初在大多數市場上調價，並期待在下一季的電話會議中更多地討論這些問題。

Turning to our light materials segment, residential construction and more specifically single family building activity is, as you know, the most important driver of wallboard demand.

談到我們的輕質材料領域，如您所知，住宅建築，更具體地說，單戶建築活動是牆板需求的最重要驅動力。

As you can see from our sales volumes, the wallboard business has kept its consistent demand pace despite one of the most more restrictive rate environments we've seen in quite some time.

正如您從我們的銷售中看到的那樣，儘管我們在相當長一段時間內看到了最嚴格的費率環境之一，但牆板業務仍保持了穩定的需求增長速度。

In some ways, current demand levels have played out as expected, since decades of underbuilding have created the need for new housing construction to keep pace with household formations.

在某些方面，當前的需求水準已經達到預期，因為幾十年來的建設不足導致需要新住房建設以跟上家庭形成的步伐。

Also homeowners with low mortgage rates are tending to stay in their homes longer, which in turn created better than expected new home construction resulting in better than expected wallboard demand.

此外，抵押貸款利率較低的房主往往會在自己的房屋中停留更長時間，這反過來又創造了好於預期的新房建設，導致牆板需求好於預期。

What has not been a surprise to us is the overall steadiness of our margins, given significant cost pressures and constrained capacity brought about by the synthetic gypsum shortage for the rest of the industry.

考慮到業界其他公司合成石膏短缺帶來的巨大成本壓力和產能限制，我們的利潤率整體穩定並不令人意外。

When demand turns higher, these pressures will become increasingly difficult for others to manage, and we feel Eagle is well positioned to capture future opportunities for our wallboard businesses.

當需求上升時，其他人將變得越來越難以應對這些壓力，我們認為 Eagle 處於有利地位，可以為我們的牆板業務抓住未來的機會。

With these supply demand dynamics, we have announced a wallboard price increase for early November, but most likely, this increase will be delayed to the first part of 2025.

鑑於這些供需動態，我們已宣佈在 11 月初上調牆板價格，但這一上漲很可能會推遲到 2025 年上半年。

All in all, we're excited about what's ahead, especially given our history of executing win and where it matters.

總而言之，我們對未來感到興奮，特別是考慮到我們執行勝利的歷史以及它的重要性。

At Eagle, we're always looking for ways to improve our businesses and ensure they are sustainable for multiple generations of employees and investors.

在 Eagle，我們一直在尋找改善我們業務的方法，並確保它們能夠為多代員工和投資者帶來永續發展。

This can be demonstrated by several factors that makes us different.

這可以透過使我們與眾不同的幾個因素來證明。

We have long been a low cost producer in our industry because of the long track record of strategic decisions that has created structural advantages that are hard to replicate.

我們長期以來一直是產業中的低成本生產商，因為長期的策略決策記錄創造了難以複製的結構性優勢。

We are relentless in our operational focus to consistently improve our assets and footprint.

我們堅持不懈地專注於運營，不斷改善我們的資產和足跡。

Our businesses have high barriers to entry are process our necessities for the growth in renewables America.

我們的企業有很高的進入壁壘，正在處理美國再生能源成長的必需品。

Our healthy balance sheet gives us the flexibility to invest in growing our core businesses and finding inorganic growth opportunities.

我們健康的資產負債表使我們能夠靈活地投資發展核心業務並尋找無機成長機會。

Our acquisitions for and internal investments are designed to strengthen our current network, extend our healthy reserves position and to continuously for refresh chart infrastructure to keep it like new.

我們的收購和內部投資旨在加強我們現有的網絡，擴大我們健康的儲備狀況，並不斷更新圖表基礎設施，使其保持新的狀態。

For example, this quarter, we acquired a small bolt-on aggregates business to help extend the customer each of our Battletown materials aggregate business in Louisville, Kentucky.

例如，本季度，我們收購了一家小型螺栓固定骨材業務，以幫助客戶擴展我們位於肯塔基州路易斯維爾的 Battletown 材料骨材業務。

Our cash flow generation also means we can execute on these opportunities while still returning excess cash to flow to shareholders.

我們產生的現金流也意味著我們可以抓住這些機會，同時仍將多餘的現金流回饋給股東。

We have a long-term horizon when we think about where best to invest our capital, our businesses have been in some communities for nearly 100 years.

當我們考慮將我們的資本投資到哪裡最好時，我們有長遠的眼光，我們的企業已經在一些社區開展了近 100 年。

Our investments are designed to help us maintain the viability of our assets for another 50 years or more.

我們的投資旨在幫助我們將資產的生存能力再維持 50 年或更長時間。

This can be best seen with our recently announced upgrade to our Mountain Cement plant.

這一點可以從我們最近宣布的山地水泥廠升級中得到最好的體現。

I'm pleased to say that we broke ground on this project with several foundations being put in place before the winter hits us.

我很高興地說，我們在這個項目上破土動工，在冬天來臨之前，幾個基礎已經就位。

Our pipeline of M&A opportunities remains robust, and our commitment to continuously upgrading our current asset base remains resolute.

我們的併購機會依然強勁，我們對不斷升級現有資產基礎的承諾依然堅定。

As such, I'm confident we can sustain industry-leading margins and invest our cash flows to create value for our shareholders.

因此，我相信我們能夠維持業界領先的利潤率，並投資現金流為股東創造價值。

With that, I'll turn it over to Craig for some more details on our financial performance last quarter.

這樣，我將把它交給克雷格，以了解有關我們上季度財務業績的更多詳細資訊。

Thank you, Michael.

謝謝你，麥可。

Second quarter revenue was a record $624 million, a slight uptick from the prior year.

第二季營收達到創紀錄的 6.24 億美元，較前一年略有上升。

The increase was driven by higher cement sales prices and higher wallboard sales prices and sales volume, partially offset by lower cement sales volumes.

這一增長是由水泥銷售價格上漲以及牆板銷售價格和銷售上漲所推動的，但部分被水泥銷售下降所抵消。

Second quarter earnings per share was $4.26, even with the prior year.

第二季每股收益為 4.26 美元，與去年持平。

The quarterly EPS reflects lower earnings, offset by 5% reduction in fully diluted shares through our share buyback program.

季度每股收益反映了較低的收益，但被我們的股票回購計劃完全稀釋後的股票減少 5% 所抵消。

As we highlighted in the press release, we had two nonroutine expense items during the quarter.

正如我們在新聞稿中強調的那樣，我們在本季度有兩個非常規費用項目。

First, $1.6 million of costs associated with selling acquired inventory after it's markup to fair value was a part of acquisition accounting plus related business development costs; and second, a litigation loss of $700,000.

首先，以公允價值加價後出售所購買庫存的相關成本為 160 萬美元，這是購置會計加上相關業務開發成本的一部分；第二，訴訟損失70萬美元。

Turning now to us, our segment performance highlighted on the next slide.

現在轉向我們，下一張投影片突顯了我們的細分市場表現。

In our heavy materials sector, which includes our cement and concrete and aggregates segment's revenue declined 2%, primarily because of lower cement sales volume, partially offset by cement sales price increases we implemented earlier this year.

在我們的重材料部門，包括水泥、混凝土和骨材部門，收入下降了 2%，主要是因為水泥銷售下降，但部分被我們今年稍早實施的水泥銷售價格上漲所抵消。

Operating earnings were down 9%, primarily because of lower cement sales volume in addition to higher maintenance costs.

營業利潤下降 9%，主要是由於水泥銷量下降以及維修成本上升。

Moving to light materials sector on the next slide.

下一張投影片轉向輕質材料領域。

Revenue in the sector increased 5%, reflecting higher wallboard and recycled paperboard sales volume and a 1% increase in wallboard sales prices.

該行業收入成長 5%，反映出牆板和再生紙板銷量增加以及牆板銷售價格上漲 1%。

Operating earnings in the sector were also up 5% to $98 million, driven by the higher wallboard and recycled paperboard sales volume and higher wallboard sales prices.

由於牆板和再生紙板銷量增加以及牆板銷售價格上漲，該行業的營業利潤也增加了 5%，達到 9,800 萬美元。

Looking now at our cash flow.

現在看看我們的現金流。

We continue to generate strong cash flow and allocate capital in a disciplined way in line with our strategic priorities and rigorous financial return criteria.

我們繼續產生強勁的現金流，並根據我們的策略重點和嚴格的財務回報標準以嚴格的方式分配資本。

During the second quarter, operating cash flow increased 35% to $233 million, reflecting strong working capital management.

第二季度，營運現金流量成長 35% 至 2.33 億美元，反映出強勁的營運資本管理。

Capital spending increased to $66 million.

資本支出增加至 6,600 萬美元。

As Michael mentioned, during the quarter, we began construction on our modernization and expansion project at our Laramie, Wyoming cement plant.

正如麥可所提到的，本季度，我們開始在懷俄明州拉勒米水泥廠建造現代化和擴建計畫。

This construction project accounted for approximately $27 million of the total capital spending this quarter.

該建設項目佔本季總資本支出約 2,700 萬美元。

We also acquired a small areas business for $25 billion.

我們也以 250 億美元收購了一家小型企業。

The acquired operation is complementary to our existing aggregates business in Kentucky.

收購的業務是我們在肯塔基州現有骨材業務的補充。

And finally, we repurchased 253,000 shares of our common stock for $61 million in addition to paying our quarterly dividends, returning a total of $69 million to shareholders during the quarter.

最後，除了支付季度股息外，我們還以 6,100 萬美元回購了 253,000 股普通股，在本季度向股東返還了總計 6,900 萬美元。

We have approximately 5.3 million shares remaining under our current repurchase authorization.

根據我們目前的回購授權，我們剩餘約 530 萬股。

Finally to look at our capital structure, which continues to give us significant financial flexibility.

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。

At September 30, our net debt to cap ratio was 41%, and our net debt to EBITDA leverage ratio was 1.2 times.

截至9月30日，我們的淨負債與上限比率為41%，淨負債與EBITDA槓桿率為1.2倍。

We end the quarter with $94 million of cash on hand.

本季結束時，我們手頭上有 9,400 萬美元現金。

Total committed liquidity at the end of the quarter was approximately $679 million, and we have no meaningful near-term debt maturities giving us substantial financial flexibility.

本季末承諾的流動資金總額約為 6.79 億美元，我們沒有有意義的短期債務到期日，這給我們帶來了巨大的財務靈活性。

Thank you all for attending today's call.

感謝大家參加今天的電話會議。

Jamie will now move to the question-and-answer session.

傑米現在將進入問答環節。

Ladies and gentlemen, at this time, we'll begin the question-and-answer session.

女士們、先生們，現在我們開始問答環節。

(Operator Instructions)

（操作員說明）

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

Hey, good morning, everyone.

嘿，大家早安。

So obviously, weather impacted cement and aggregates in the September quarter.

很明顯，天氣影響了九月季度的水泥和骨材。

So first off, was there any negative impact from the hurricane earlier this month on either the wallboard or the heavy business?

首先，本月稍早的颶風對牆板或重型企業有任何負面影響嗎？

And then how has the volume been trending over the last, two or three weeks maybe or some since the weather's been cooperating, particularly in the heavy business?

那麼，自從天氣好轉以來，過去（可能是兩三週）成交量的趨勢如何，尤其是在重磅業務方面？

Yes, it's a straight fortunately, the hurricanes that impacted our operations in terms of any of the equipment, but some certainly some of the heavy rainfall that even in the southeast did impact volumes, some of our eastern markets even really.

是的，幸運的是，颶風影響了我們任何設備的運營，但即使在東南部，一些強降雨也確實影響了銷量，我們的一些東部市場甚至確實影響了銷量。

And that's the case for cement and wallboard do a certain degree.

水泥和牆板在某種程度上也是如此。

But then in terms of deal, post the quarter, October has been a little bit drier across new, certainly the middle of the country and have been very happy with the volumes here in October.

但就交易而言，本季後，十月在新地區（當然是中部地區）有點乾燥，並且對十月份的交易量非常滿意。

Good.

好的。

Good.

好的。

That's encouraging.

這令人鼓舞。

And then, so on the wallboard pricing, it was up slightly year over year, down just a little bit sequentially.

然後，牆板價格比去年同期略有上漲，環比略有下降。

It seems like we can have these small fluctuations like this product mix, geographic mix, those types of things moving around.

看起來我們可以有這些小小的波動，像是產品組合、地理組合、這些類型的東西的移動。

But you also pushed that November increase out.

但你也推遲了 11 月的成長。

So are you seeing any real like-for-like pricing pressure or anything like that in wallboard?

那麼，您是否在牆板中看到任何真正的同類定價壓力或類似情況？

And I guess what's the status there and maybe outlook for the near-term pricing there in wallboard maybe until demand gets a little bit better.

我猜想那裡的狀況如何，也許在需求好轉之前，牆板的近期定價前景可能會如此。

Yes.

是的。

As we talked, we did implement a price increase in March, which is really driving this year-over-year improvement in pricing.

正如我們所說，我們確實在三月實施了價格上漲，這確實推動了定價的同比改善。

As you said, sequentially, I think pricing is down less than 1%.

正如您所說，我認為價格連續下降不到 1%。

So you have product mix, you have regional changes, those type of things.

所以你有產品組合，你有區域變化，諸如此類的事情。

I've been very happy with the performance of that business, the resilience of pricing, in what, for the last 24 months has been a pretty tepid housing environment.

我對業務的表現以及定價的彈性感到非常滿意，在過去 24 個月裡，住房環境相當不溫不火。

And so as we look forward, as we mentioned, should be a more accommodative monetary policy, which should help continue to spur some single-family construction activity and that's generally the formula for future pricing.

因此，正如我們所提到的，我們展望未來，應該採取更寬鬆的貨幣政策，這應該有助於繼續刺激一些單戶建築活動，這通常是未來定價的公式。

Yeah.

是的。

Got it.

知道了。

I just got a couple of questions about and want to make sure that we were on the same page there, but that's what I fully expected.

我剛剛收到幾個問題，想確保我們意見一致，但這正是我所期望的。

So thank you for that, Craig, and I'll pass it on.

謝謝你，克雷格，我會把它轉達給你。

Thank you.

謝謝。

Thank You.

謝謝。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼，D.A.戴維森。

Hey, thanks.

嘿，謝謝。

Good morning.

早安.

I just want to follow up on not just the comment around the wallboard price increase missed most likely delayed into next year.

我只想跟進的不僅僅是關於牆板價格上漲的評論，很可能會推遲到明年。

Is it your sense center that is also due to some of the disruptions from weather seen so far this year?

你的感覺中心是否也受到了今年迄今為止天氣的一些幹擾？

And I guess going to continue and in Denmark incident where that is simply the fact the end histories and waiting a little more momentum in new home construction in the next spring?

我想丹麥事件會繼續下去，這就是歷史的終結，等待明年春天新房建設的更多動力？

Yes, Trey, look, there's -- I'm sorry, Brent, there's lots of in factors that influence pricing and timing and magnitude.

是的，特雷，你看，有——對不起，布倫特，有很多因素會影響定價、時機和幅度。

And so as we look at our wallboard business and pricing going forward, it is driven by single-family construction activity that's by far and away the largest driver of activity there.

因此，當我們審視未來的牆板業務和定價時，它是由單戶建築活動推動的，而單戶建築活動無疑是那裡活動的最大驅動力。

Interest rates have moved around over the last several months.

過去幾個月，利率發生了變化。

So yeah, clarity on the demand side.

所以，是的，需求方面的明確性。

But again, over a broader time period, we think there's some structural reasons why pricing and therefore, our margin should remain higher.

但同樣，在更廣泛的時期內，我們認為定價存在一些結構性原因，因此我們的利潤率應該保持在較高水準。

Just a matter of timing is the only question.

唯一的問題只是時間問題。

Okay.

好的。

And then maybe just on that and taking all your opening comments around the cement side, we haven't seen yet the full effects of IIJA yet here.

也許就這一點而言，考慮到你們所有關於水泥方面的開場評論，我們還沒有看到 IIJA 的全部影響。

Can you talk around -- do you qualitatively your backlogs and visibility cost used cement platform?

你能談談－你對水泥平台使用的積壓訂單和可見度成本進行了定性嗎？

Is it any worse than it was six months ago?

與六個月前相比，情況是否更糟？

Is it better?

是不是更好了？

I mean, how does it look Q2 and into kind of calendar 2025?

我的意思是，第二季和 2025 年曆怎麼樣？

Any initial comments there would be helpful just in terms of how that's evolved?

就其如何演變而言，任何初步評論都會有幫助嗎？

Yes, with high looking at Brent, looking at our backlog, we really don't carry backlog as much on the cement side.

是的，由於對布蘭特原油的高度關注，請看看我們的積壓訂單，我們在水泥方面確實沒有那麼多積壓訂單。

We know projects and discussions with customers and stuff.

我們了解專案以及與客戶的討論等等。

Nothing has fundamentally changed there.

那裡沒有發生根本性的改變。

We still have, as I mentioned in my opening comments, a lot of, heavy industrial projects going on.

正如我在開場白中提到的，我們仍然有許多重工業項目正在進行中。

We have the IIJA and that should be hidden.

我們有 IIJA，應該隱藏它。

I you know, overall, we see a very positive demand picture across every market that we operate in.

我知道，總的來說，我們在我們經營的每個市場都看到了非常積極的需求前景。

We were down a few percentage points and mostly affected by, as we said, weather and some delays in these projects, but these projects are going to go.

我們的業績下降了幾個百分點，正如我們所說，主要受到天氣和這些項目的一些延誤的影響，但這些項目將會繼續。

So we think that, over this next time horizon be at six months period, nine months with at these projects are queued up to start off.

因此，我們認為，在下一個時間範圍內，即六個月期間，這些項目將排隊等待九個月開始。

Brent, there's no doubt the 2024 construction season got off to a very slow start across much of the country, and then we've continued to face some of these weather headwinds even into the summer and fall.

布倫特，毫無疑問，2024 年的建築季節在全國大部分地區開局非常緩慢，然後我們甚至在夏季和秋季仍繼續面臨一些天氣逆風。

And it's a relative comparison from the prior year.

這是與前一年的相對比較。

I think, if you point to the Portland Cement Association, some other industry views, they continue to see growth, not only next year, but in several years post that as these projects get going in earnest.

我認為，如果你指出波特蘭水泥協會和其他一些行業觀點，他們不僅在明年，而且在這些項目認真開展後的幾年內都會繼續看到成長。

Got it.

知道了。

Appreciate that.

很欣賞這一點。

And just last one on Texas Lehigh.

德克薩斯州利哈伊大學的最後一篇。

Should the investments, I guess they had the big outage and the investments you're making here, lack of better word to recover you here for a while.

如果是投資的話，我猜他們發生了大停電，而你在這裡進行的投資，缺乏更好的詞彙來讓你在這裡恢復一段時間。

Maybe we should kind of get back to your normal maintenance cycle after this quarter.

也許我們應該在本季之後恢復正常的維護週期。

Yes, this is a project we talked about for quite some time.

是的，這是一個我們討論了很長時間的專案。

The timing was always a little bit of question when equipment showed up and when contractors could be on size.

設備何時出現以及承包商何時能夠達到規模總是存在一些問題。

But as Michael mentioned, that's been done here in October and so yes, these are -- this is a 50 year old plants.

但正如邁克爾所提到的，這是 10 月在這裡完成的，所以是的，這些是——這是一棵有 50 年歷史的植物。

This is a 50-year old project.

這是一個有50年歷史的項目。

You're going to replace that clinker cooler once every 50 years.

您將每 50 年更換一次熟料冷卻器。

And so these are the investments that you make into a facility that age and the reliability should significantly improve.

因此，這些是您對設施老化和可靠性應顯著提高的投資。

Got it.

知道了。

Okay.

好的。

Thank you.

謝謝。

Anthony Pettinari, Citigroup.

安東尼佩蒂納裡，花旗集團。

This is Asher Sohnen on for Anthony.

我是阿舍爾·索南 (Asher Sohnen) 替補安東尼。

Thank you for taking my questions.

感謝您回答我的問題。

Is there a way to think about the magnitude of increased maintenance costs that you're expecting in the upcoming quarter?

有沒有辦法考慮您預計下一季維護成本增加的幅度？

And then just generally the cadence of cement margins over the balance of the year?

那麼今年剩餘時間水泥利潤率的整體節奏是怎麼樣的呢？

And then, stepping back kind of maybe what could the cement business margins kind of look like in the long term?

然後，退一步思考，長遠來看，水泥業務的利潤率會是什麼樣子？

Yes, it's a good question.

是的，這是一個好問題。

I'll handle the last part of that first.

我會先處理最後一部分。

We've talked about for many quarters and years now, the cement industry has fundamentally changed over the last decade or more with some of the regulations that have been put in place that has really restricted new capacity from being added.

我們已經討論了很多季度和很多年了，水泥行業在過去十年或更長時間裡發生了根本性的變化，一些已經實施的法規確實限制了新產能的增加。

It's been over a decade -- well over a decade since really the last greenfield cement plant was built in the US.

距離美國最後一座新建水泥廠建成已經十多年了。

And so you have some significant supply constraints.

因此，存在一些重大的供應限制。

And today's demand environment is materially below where we've been in prior peaks.

今天的需求環境大大低於之前的峰值。

And so as we think about this industry over a cycle and over several cycles, we think the margin profile and the resiliency of those margins should be much higher than what we've seen in prior cycles.

因此，當我們考慮這個行業的一個週期和幾個週期時，我們認為利潤率狀況和這些利潤率的彈性應該比我們在之前的周期中看到的要高得多。

And more specifically to our footprint, we've more than tripled our cement capacity over the last decade plus.

更具體地說，就我們的足跡而言，在過去十多年裡，我們的水泥產能增加了兩倍以上。

And so the quality of the assets that we operate today are in a much higher position.

因此，我們今天營運的資產品質處於更高的位置。

You think about the investment we're making at our Mountain Cement facility, again, that will lower the cost structure of that facility, make it more resilient.

你再想想我們在山地水泥工廠所做的投資，這將降低該工廠的成本結構，使其更具彈性。

So we've positioned the business very well.

所以我們對業務的定位非常好。

And in the industry at large, I think from a -- just the supply and demand dynamics would favor a better margin business over the next -- over the cycle.

在整個產業中，我認為，從整個週期來看，僅供需動態就會有利於下一個利潤率更高的業務。

And then as you think about just this next quarter, look, between what Michael mentioned, the Texas Lehigh facility and then the Tulsa facility that we're also working on the kiln that will have a $6 million to $8 million type of impact here in the third quarter, but then those projects will be complete.

然後，當您考慮下個季度時，請看看邁克爾提到的德克薩斯州利哈伊工廠和塔爾薩工廠，我們也在建造窯爐，該窯爐將產生600 萬至800 萬美元的影響。

Okay, great.

好的，太好了。

Thanks.

謝謝。

That's really helpful.

這真的很有幫助。

And then just a second one on cement.

然後是水泥上的第二個。

I mean, it sounds like last quarter basically mid-tiers were kind of taken off the table.

我的意思是，聽起來上個季度基本上中層的產品已經被淘汰了。

So just looking forward to 2025, around the timing of potential cement high.

因此，我們只期待 2025 年，即水泥潛在高點的時機。

Is that -- do you think that's more of a January or in April?

你認為那是一月還是四月？

Just kind of how those conversations are going so far?

到目前為止這些對話進展如何？

As Michael mentioned, we've put out price increases in most of our markets for early 2025 in January.

正如 Michael 所提到的，我們已在 1 月宣布 2025 年初大部分市場的價格上漲。

Okay.

好的。

Thank you.

謝謝。

I'll turn it over.

我會把它翻過來。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Yes, hi.

是的，嗨。

Good morning, everyone.

大家早安。

I just wanted to follow up on the disclosure about the slag capacity addition in Texas.

我只是想跟進有關德克薩斯州新增爐渣產能的披露情況。

Can you just take a step back for us and just update us on cement additives mix across your footprint?

您能否為我們退後一步，向我們介紹您足跡中的水泥添加劑混合物的最新情況？

Where do we stand now in, as you look at other potential additives, anything else that we should be on the lookout from an Eagle standpoint over the next three to five years in terms of other cement additives could make sense?

當您考慮其他潛在的添加劑時，我們現在處於什麼位置，從 Eagle 的角度來看，我們在未來三到五年內應該關注的其他水泥添加劑是否有意義？

Yes.

是的。

Great question, Jerry.

好問題，傑瑞。

We announced the slag cement facility in early '24 earlier this year.

我們在今年稍早於 24 年初宣布了礦渣水泥設施。

It's through our joint venture.

這是透過我們的合資企業實現的。

It's down in the port of Houston.

它位於休士頓港。

We'll be receiving slag granules over by freight -- ocean freight.

我們將透過海運接收礦渣顆粒。

And that's similar to a business that we already operate and have operated for quite some time in the Chicago area.

這與我們已經在芝加哥地區經營並經營了一段時間的業務類似。

Slag is improves the durability of the concrete and will be very complementary to our cement business here in Texas.

礦渣可以提高混凝土的耐久性，對我們在德州的水泥業務非常有利。

And we continue to explore those opportunities.

我們將繼續探索這些機會。

We announced, again, several months ago a partnership with Terra CO2 as it relates to some alternative cementitious materials as well.

幾個月前，我們再次宣布與 Terra CO2 建立合作夥伴關係，因為它也涉及一些替代水泥材料。

That's a little more out in front of us in terms of the opportunity, whereas the slag cement facility in Texas is being commissioned here in October.

就機會而言，擺在我們面前的機會還多一點，而德州的礦渣水泥廠將於 10 月在這裡投入使用。

But we continue to look to ways to grow our footprint and excited about that.

但我們仍在繼續尋找擴大足跡的方法，並對此感到興奮。

Super.

極好的。

And then in terms of just the cadence of cement demand over the course of the quarter, can you just comment on what the year-over-year performance looks like by month, just to give us a flavor?

然後，就本季水泥需求的節奏而言，您能否按月評論一下同比表現，以便讓我們了解一下？

I know you mentioned weather was an issue.

我知道你提到天氣是一個問題。

Can we just to expand them how that played out?

我們可以擴展它們的結果嗎？

Yes, Jerry, for example.

是的，例如傑瑞。

So the volumes are down for the whole group, down 5% in Texas.

因此，整個集團的銷量都下降了，德克薩斯州下降了 5%。

We had a hurricane in July.

七月我們經歷了一場颶風。

So your market to market, you face different headwinds, some of those weather and so that as Michael mentioned, we've just seen projects get pushed out.

因此，從市場到市場，你面臨著不同的阻力，其中一些是天氣，因此正如邁克爾所提到的，我們剛剛看到項目被推遲。

Some of it is just a bureaucratic process to get money through the governmental system.

其中一些只是透過政府系統獲取資金的官僚程序。

In other cases, jobs get pushed further out reasons.

在其他情況下，工作崗位被進一步推離。

But I was I wouldn't necessarily highlight the unique month because each market is very independent of each other.

但我不一定會強調這個獨特的月份，因為每個市場彼此都非常獨立。

So but certainly I think that's pretty much in line with what the Portland Cement Association has seen for calendar 2024 as well as you think about the national average,

所以，但我當然認為這與波特蘭水泥協會對 2024 年日曆的預測以及你對全國平均水平的看法非常一致，

Got it.

知道了。

Super.

極好的。

And if we were to just apply normal seasonality to December volumes, and I think that would yield December, cement shipments are down something like, kind of 11% year-over-year.

如果我們對 12 月的銷售量應用正常的季節性因素，我認為這會導致 12 月的水泥出貨量比去年同期下降 11% 左右。

Is that where we should be thinking about the cadence based on what you're seeing so far?

根據您目前所看到的情況，我們應該在這方面考慮節奏嗎？

Just trying to understand that makes, Craig, in terms of what's push out versus weather?

克雷格，只是想了解什麼是推出與天氣的關係？

Typically, look, especially for those northern markets, this December quarter is dependent upon when winter shows up.

通常情況下，特別是對於北方市場來說，這個十二月季度取決於冬季何時出現。

We've seen years where winter doesn't show up until mid-December.

我們已經看到冬天直到十二月中旬才出現的年份。

And then there have been other years that by Thanksgiving, Chicago and Kansas City or winter is hit.

還有其他一些年份，到了感恩節，芝加哥和堪薩斯城或冬天就會來臨。

So it's somewhat weather-dependent.

所以這在某種程度上取決於天氣。

As you think about the rest of the second half of our fiscal year, we also faced some pretty unique headwinds in our fourth quarter last year, especially in the Midwest.

當你想到我們財年下半年的剩餘時間時，我們在去年第四季也面臨一些非常獨特的阻力，尤其是在中西部。

So there is some adverse weather that was faced last year, assuming we don't face that, you should have a better result this year.

去年遇到了一些不利的天氣，假設我們沒有遇到這種情況，今年應該會有更好的結果。

Appreciate the discussion.

感謝討論。

Thank you.

謝謝。

Adam Thalhimer, Thompson Davis.

亞當·塔爾希默、湯普森·戴維斯。

Hey, good morning, guys.

嘿，早上好，夥計們。

Just a couple of quick ones that have been asked the on the aggregates acquisition you did.

只是被問到關於您所做的聚合收購的幾個快速問題。

Can you give a little more color on that?

你能對此多加一點顏色嗎？

Do we break anything into volumes there?

我們在那裡將任何東西分成幾卷嗎？

Is that more long-term positioning.

是不是更長遠的定位。

So it certainly contributed to come to the business.

所以它肯定對這項業務做出了貢獻。

The aggregate side with volume in terms of the quarter, it's a little over 100,000 tons that came from that business.

從本季的總量來看，該業務的產量略高於 10 萬噸。

Longer term, we -- it will fit very nicely with the existing business.

從長遠來看，我們——它將非常適合現有業務。

I think in the quarter, revenue from that business was about $1.7 million.

我認為該季度該業務的收入約為 170 萬美元。

So it didn't close until the middle of the quarter.

所以直到本季中期才關閉。

And so we see a better benefit as we go forward.

因此，隨著我們的前進，我們會看到更好的好處。

Great.

偉大的。

And then these $6million to $8 million impact from Texas and Tulsa.

然後來自德克薩斯州和塔爾薩的 600 萬至 800 萬美元的影響。

Was that an all-in number for Q3, Craig?

克雷格，這是第三季的全部數字嗎？

There's incremental relative to those two projects.

相對於這兩個項目有增量。

Got it.

知道了。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

Phil Ng, Jefferies.

菲爾·吳，杰弗里斯。

This is [Jessie Baron] on for Phil.

我是菲爾的[傑西·巴倫]。

Just two quick ones for me.

對我來說只有兩個快速的。

First, could you give us kind of just an update on the cost structure for both the cement and wallboard business, specifically on the energy side, kind of what you're hedged out?

首先，您能否向我們介紹水泥和牆板業務的成本結構的最新情況，特別是在能源方面，即您所規避的成本結構？

And then I have a quick follow-up.

然後我會進行快速跟進。

Yeah.

是的。

So on the cost structure within wallboard, again, for us, we're very fortunate that we either own or control our gypsum sources.

因此，就牆板內的成本結構而言，對我們來說，我們非常幸運，我們擁有或控制我們的石膏來源。

So that's not a significant cost component for us, and we have good surety around that.

因此，這對我們來說並不是一個重要的成本組成部分，我們對此有充分的保證。

So the other large pieces are paper, which again, is sourced generally internally and then natural gas.

因此，其他大件是紙張，同樣，紙張通常來自內部，然後是天然氣。

And in terms of kind of the hedge position across all of Eagle for natural gas, we're right around 50% for the year, and that's about today's levels.

就整個 Eagle 天然氣的對沖頭寸而言，我們今年的水平約為 50%，這大約是今天的水平。

So feel good about where we are from that perspective.

因此，從這個角度來看，我們對我們所處的位置感到滿意。

They haven't seen a lot of volatility in natural gas prices recently.

他們最近沒有看到天然氣價格太大波動。

On the cement side, the larger components for costs or maintenance and energy and in the energy side of things, it's a portion of that is fuels, which as we've talked about, we generally have at least one to two year contracts for those prices.

在水泥方面，成本或維護和能源的較大組成部分，在能源方面，其中一部分是燃料，正如我們所討論的，我們通常與這些燃料簽訂至少一到兩年的合約價格。

So they're relatively stable throughout the year.

所以他們全年相對穩定。

And then, you do have electricity costs, which are subject to market fluctuations.

然後，你確實有電費，這會受到市場波動的影響。

Got it.

知道了。

Thanks.

謝謝。

And then just last follow-up, just anything more that you can give on the impact from the KC and Denver issues that you had in the quarter?

最後的後續行動，對於本季堪薩斯城和丹佛問題的影響，您還能提供更多資訊嗎？

Thanks.

謝謝。

I'm sorry, you broke up on the that second part of that question.

抱歉，你們在這個問題的第二部分分手了。

Just anything more that you can give on the Denver and KC issues that you guys called out in the quarter?

關於你們在本季提出的丹佛和肯塔基問題，你們還能提供更多資訊嗎？

Yeah.

是的。

So yeah, on the Denver issue, basically, what we had is -- we had an acquisition in that market.

所以，是的，在丹佛問題上，基本上，我們所擁有的是——我們在該市場進行了收購。

So this is a newer business with us.

所以這對我們來說是一項較新的業務。

We're probably a little overweighted in one sector.

我們在某一領域的比重可能有點偏高。

So we -- when that sector went down, we had the pivot and move to other sectors.

因此，當該行業下滑時，我們轉向了其他行業。

And there are more residential and some other consumers of aggregates.

還有更多的住宅和其他一些骨材消費者。

So we're in the process of doing that now.

所以我們現在正在這樣做。

We're setting up that business to be a little bit more diverse than the previous owners had it.

我們正在使該業務比以前的所有者更加多元化。

In the Kansas city situation, that's pretty much resolved.

在堪薩斯城的情況下，這個問題已經基本解決了。

And now we're just refocusing that business on the non-union work in that market, and we'll be working to rightsize that business and get that business back up and running with more volume here as we speak.

現在我們只是將該業務重新集中在該市場的非工會工作上，我們將努力調整該業務的規模，並使該業務恢復正常並以更大的數量運作。

Thanks

謝謝

(inaudible)

（聽不清楚）

Tyler Brown, Raymond James.

泰勒布朗，雷蒙德詹姆斯。

Hey, good morning, guys.

嘿，早上好，夥計們。

Craig, just can you just talk a little bit more about the wallboard unit costs?

克雷格，您能多談談牆板的單位成本嗎？

And maybe specifically about OCC.

也許特別是關於 OCC。

I know OCC kind of rose early in the year and it's kind of rolled back over, but can you just talk about how big paper is of that Wallboard cost structure?

我知道 OCC 在今年早些時候有所上漲，但現在有所回落，但您能談談 Wallboard 成本結構的紙張大小嗎？

And just any comments, is OCC a headwind right now?

順便提一下，OCC 現在是逆風嗎？

And will it be a building headwind?

這會是建築業的逆風嗎？

And then maybe in a couple of quarters, it actually becomes a tailwind again or just any color there?

然後也許在幾個季度後，它實際上再次成為順風或只是任何顏色？

Yeah.

是的。

As I mentioned, paper is the largest component of our cost structure.

正如我所提到的，紙張是我們成本結構中最大的組成部分。

And it fluctuates in terms of where OCC pricing is.

它會隨著 OCC 定價的變化而波動。

It's a market-based price, not too dissimilar to natural gas or something along those lines.

這是一個基於市場的價格，與天然氣或類似價格沒有太大不同。

And you're right, OCC has been elevated.

你是對的，OCC 已經提升了。

It's for really the first half of this year.

這確實是今年上半年的事。

And so we've talked about that.

我們已經討論過這個問題了。

It does take a little bit of time to flow through into the Wallboard business.

進入牆板業務確實需要一點時間。

I will tell you here in October, OCC prices were down.

我會在這裡告訴你，十月份，OCC 價格下降了。

Again, the market was down.

市場再次下跌。

Now that benefit takes a little bit of time to also flow through the business.

現在，這種好處也需要一點時間才能在業務中流動。

But yeah, I would say it's relatively elevated, but it hasn't changed a whole lot over the last several months.

但是，是的，我想說它相對較高，但在過去幾個月並沒有太大變化。

Okay.

好的。

No, that's helpful.

不，這很有幫助。

And then just my last one here.

然後就是我在這裡的最後一個。

Just any update on CapEx for '25?

'25 的資本支出有更新嗎？

And I know '26 is still a ways away.

我知道 26 歲還有很長的路要走。

But with Laramie I mean, should we think about CapEx being north of $300 million, again in '26, just maybe for a placeholder?

但對於 Laramie，我的意思是，我們是否應該考慮一下 26 年的資本支出超過 3 億美元，也許只是一個佔位符？

Yeah, that's not a bad place to be.

是的，那不是一個壞地方。

So we had previously given some guidance, it was north of $300 million for FY '25, just based on timing and flowing of payments.

因此，我們之前給了一些指導，僅根據付款時間和流程，25 財年的指導金額就超過 3 億美元。

My guess is that number is somewhere between $280 million to $310 million for fiscal '25.

我的猜測是，25 財年這個數字在 2.8 億美元到 3.1 億美元之間。

Obviously, that increase from the prior year is associated with the investment we're making in Laramie, for that modernization project.

顯然，與前一年相比的成長與我們在拉勒米的現代化專案投資有關。

So a good place to start is something and that is a multiyear construction project that will continue through fiscal '26.

因此，一個好的起點是一個多年期的建設項目，該項目將持續到 26 財年。

And so a good place to start is a pretty similar number.

因此，一個很好的起點是一個非常相似的數字。

We can refine that as we get down the road, but that's not a bad place to start.

當我們走上這條路時，我們可以對其進行完善，但這並不是一個糟糕的起點。

Okay, cool.

好吧，酷。

Thank you.

謝謝。

And I'm showing no additional questions at this time.

目前我沒有提出任何其他問題。

We'll conclude today's question-and-answer session.

我們將結束今天的問答環節。

I'd like to turn the floor back over to Michael Haack for any closing remarks.

我想請邁克爾·哈克（Michael Haack）發表結束語。

Thank you, Jamie.

謝謝你，傑米。

Thanks to everyone who joined us on the call today.

感謝今天加入我們電話會議的所有人。

This past quarter continued to highlight the strength of our operational execution in our ability to capitalize on opportunities for our businesses.

上個季度繼續凸顯了我們利用業務機會的營運執行力的實力。

It was great to showcase our operational initiatives on today's call and in our annual HSC. conference.

很高興在今天的電話會議和年度 HSC 中展示我們的營運舉措。會議。

Thank you again to every Eagle employee for their continued -- contribution to our success.

再次感謝每一位 Eagle 員工為我們的成功做出的持續貢獻。

We look forward to discussing our results again with everyone next quarter.

我們期待下個季度再次與大家討論我們的結果。

Ladies and gentlemen, that concludes today's conference call and presentation.

女士們先生們，今天的電話會議和演講到此結束。

We do thank you for joining.

我們非常感謝您的加入。

You may now disconnect your lines.

現在您可以斷開線路。