Fortune Brands Innovations, Inc. (FBIN) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Fortune Brands Innovation's first-quarter 2026 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.

各位好，歡迎參加 Fortune Brands Innovations 2026 年第一季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now like to turn the conference over to Curt Worthington, Vice President, Finance and Investor Relations.

現在我想把會議交給財務與投資人關係副總裁 Curt Worthington。

Thank you. You may begin.

謝謝。您可以開始了。

Good afternoon, everyone, and welcome to the Fortune Brands Innovations first-quarter 2026 earnings call. Hopefully, everyone has had a chance to review our earnings release. The earnings release, earnings presentation, and audio replay of this call can be found on the Investors section of our fbin.com website.

各位下午好，歡迎參加 Fortune Brands Innovations 2026 年第一季財報電話會議。希望各位都已經有機會閱讀我們的財報新聞稿。財報新聞稿、財報簡報，以及本次電話會議的音訊重播，都可在我們 fbin.com 網站的「投資人」專區找到。

I want to remind everyone that the forward-looking statements we make on the call today, either in our prepared remarks or in the associated question-and-answer session, are based on current expectations and market outlook and are subject to certain risks and uncertainties that may cause actual results to differ materially from those currently anticipated. These risks are detailed in our various filings with the SEC.

我想提醒各位，我們今天在電話會議中所做的前瞻性陳述，無論是在準備好的講稿或隨後的問答環節，皆係基於目前的預期與市場展望，並受某些風險與不確定性影響，可能導致實際結果與目前預期有重大差異。這些風險已在我們向美國證券交易委員會（SEC）提交的各項文件中詳述。

The company does not undertake any obligation to update or revise any forward-looking statements, except as required by law. Any references to operating profit or margin, earnings per share, or free cash flow on today's call will focus on our results on a before charges and gains basis unless otherwise specified. Please visit our website for our reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures.

除法律要求外，本公司不承擔更新或修訂任何前瞻性陳述之義務。除非另有說明，今天電話會議中提及的營業利益或利潤率、每股盈餘或自由現金流，將以扣除費用與收益前（before charges and gains）的基礎呈現。請造訪我們的網站，查閱這些非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節表。

With me on the call today are Susan Kilsby, Chairwoman of the Board; Dave Barry, our Interim Chief Executive Officer; and Ashley George, our Interim Chief Financial Officer. Following our prepared remarks, we have allowed time to address questions.

今天與我一同參與電話會議的有董事會主席 Susan Kilsby、臨時執行長 Dave Barry，以及臨時財務長 Ashley George。在我們的準備發言之後，我們也預留時間回答問題。

I will now turn the call over to Susan, who will make a few comments on leadership and strategy. Susan?

接下來我將把電話會議交給 Susan，她將就領導團隊與策略發表幾點看法。Susan？

Thanks, Curt. Before we begin, I'd like to take a few moments on behalf of the Board to address the recent leadership and governance changes. Our Board values direct constructive engagement with our shareholders. Over the last few months, we have engaged extensively with shareholders to gather their feedback on the CEO succession process, ensuring the Board is well informed on this important decision.

謝謝你，Curt。在開始之前，我想代表董事會花幾分鐘說明近期的領導與公司治理變動。我們董事會重視與股東之間直接且具建設性的互動。過去幾個月，我們與股東進行了廣泛交流，以蒐集他們對執行長接班流程的回饋，確保董事會在這項重要決策上充分掌握資訊。

As you are aware, we have reopened the search for Fortune Brands permanent CEO. We are focused on identifying a leader with proven ability to instill focus and drive execution, particularly across global supply chains and complex routes to market. Just as importantly, we are seeking a leader who can build on Fortune Brands' proud legacy rooted in its iconic brands, history of innovation, and strong customer relationships. Ideally, this leader will have a strong knowledge of the building products industry with a proven track record of driving leadership accountability and delivering sustainable sales and margin growth over time. We are very pleased with the high-quality candidates we have seen in the process as we move with pace to select the next CEO.

如各位所知，我們已重新啟動 Fortune Brands 永久執行長的遴選。我們專注於尋找一位具備經驗、能夠建立聚焦並推動落實執行的領導者，尤其是在全球供應鏈與複雜的市場通路（routes to market）方面。同樣重要的是，我們也在尋找一位能在 Fortune Brands 引以為傲的傳承基礎上再接再厲的領導者；這份傳承根植於我們的指標性品牌、創新歷史，以及與客戶之間深厚的關係。理想情況下，這位領導者將對建築產品產業具備深厚知識，並有經驗證明其能推動領導責任制，並在時間推移中實現可持續的營收與利潤率成長。隨著我們加速推進以選出下一任執行長，我們對目前流程中所見到的高品質候選人感到非常滿意。

The Board is excited to have Dave Barry serve as the company's interim CEO. Dave is an experienced, thoughtful and decisive leader with more than a decade of experience at Fortune Brands, including prior service as CFO and most recently as President of Security and Connected Products. Dave is intimately familiar with our strategic priorities, our business and our investor expectations. He has the full support of the Board to act decisively, drive meaningful progress in underlying business performance, and ensure Fortune Brands continues to build momentum while the search for a permanent CEO is underway.

董事會很高興由 Dave Barry 擔任公司臨時執行長。Dave 是一位經驗豐富、深思熟慮且果斷的領導者，在 Fortune Brands 擁有超過十年的資歷，曾任財務長，最近則擔任安全與連網產品事業群總裁。Dave 對我們的策略重點、業務以及投資人期待都非常熟悉。在尋找永久執行長期間，董事會全力支持他果斷行動、推動核心營運表現取得實質進展，並確保 Fortune Brands 持續累積動能。

I would also like to welcome Ashley George as interim CFO. Ashley brings nearly a decade of experience with Fortune Brands and has extensive knowledge of the company's financial operations, supply chain and commercial functions and has a strong understanding of our systems, processes and commercial drivers.

我也要歡迎 Ashley George 擔任臨時財務長。Ashley 在 Fortune Brands 擁有近十年的經驗，對公司的財務營運、供應鏈與商務職能具備深厚了解，並對我們的系統、流程與商業驅動因素有很強的掌握。

At this important moment for the company, strong and steady leadership is critical, and Dave and Ashley are well positioned to provide that stability. I also want to recognize our Fortune Brands associates. The Board recognizes that the company is in a period of meaningful change, and we sincerely appreciate your commitment and the pride you take in delivering on our strategic priorities.

在公司這個關鍵時刻，強而穩健的領導至關重要，而 Dave 與 Ashley 具備提供這份穩定性的良好條件。我也要肯定我們 Fortune Brands 的全體同仁。董事會理解公司正處於一段重要變革期，我們由衷感謝各位的投入，以及各位在落實我們策略重點時所展現的自豪感與承諾。

Turning to the Board of Directors. I would like to welcome Ed Garden, who joined the Board in March. Ed's extensive investment and financial expertise, coupled with his significant public company Board experience, brings a valuable perspective. We are looking forward to continuing our collaboration with Ed as we take action to improve our performance, enhance transparency, and drive shareholder value. As part of our normal succession process, we are also conducting a comprehensive director search as we have two longer-tenured directors who we expect to retire prior to our 2027 Annual Meeting.

接著談談董事會。我要歡迎 Ed Garden，他已於三月加入董事會。Ed 深厚的投資與財務專業，加上其豐富的上市公司董事會經驗，帶來了寶貴的觀點。我們期待在採取行動改善績效、提升透明度並推動股東價值的過程中，持續與 Ed 合作。作為我們正常的接班流程之一，我們也正在進行全面的董事遴選，因為我們預期有兩位任期較長的董事將在 2027 年股東常會之前退休。

In closing, I want to reiterate the Board's confidence in Fortune Brands strategy, its people, and importantly, the strength of our brands. We have put in place experienced, decisive interim leadership who know this business intimately and are empowered to act. The Board is actively partnering with Dave and the entire leadership team, and we are confident that the steps we are taking today will serve our shareholders, our customers and our employees well. We look forward to sharing more on our progress in the months ahead.

最後，我想再次重申董事會對 Fortune Brands 策略、人才，以及更重要的是我們品牌實力的信心。我們已安排具備經驗且果斷的臨時領導團隊，他們對這項業務非常熟悉，並被授權採取行動。董事會正積極與 Dave 及整個領導團隊合作，我們相信今天所採取的步驟將能很好地服務我們的股東、客戶與員工。我們期待在未來幾個月與各位分享更多進展。

With that, let me turn it over to Dave.

接下來，讓我把時間交給 Dave。

Thanks, Susan, and good afternoon, everyone. Thank you for joining our call. I'll start by sharing my initial observations and priorities as interim CEO and then briefly discuss our current market outlook. I'll conclude with a preview of our updated 2026 guidance and a recap of our consolidated results for the quarter. Ashley will then cover our segment financial results and updated guidance in more detail.

謝謝你，Susan，各位下午好。感謝各位參加我們的電話會議。我將先分享我作為臨時執行長的初步觀察與優先事項，接著簡要談談目前的市場展望。最後，我會預告我們更新後的 2026 年財測指引，並回顧本季的合併業績。之後 Ashley 將更詳細說明各事業部的財務結果與更新後的指引。

First, I would like to share that I am energized and humbled to step into the interim CEO role and lead our talented teams. While we have a lot of work ahead, we have clear direction and objectives backed by strong internal and external alignment. The support I've received gives me confidence in our collective ability to deliver. I'm also extremely proud of all of our associates who have remained focused in the face of recent leadership transitions and have responded to a volatile market backdrop to serve our customers, drive performance, and make progress against our strategic priorities.

首先，我想分享的是，能夠接任臨時執行長並帶領我們優秀的團隊，我感到振奮且謙卑。雖然前方仍有許多工作要做，但我們有清晰的方向與目標，並獲得內部與外部高度一致的支持。我所獲得的支持，讓我對我們共同交付成果的能力充滿信心。我也為所有同仁感到非常自豪；在近期領導交接之際，各位仍保持專注，並在波動的市場環境下服務客戶、推動績效，並在我們的策略重點上持續取得進展。

I want to be clear, this leadership team has the Board's full mandate and alignment to act decisively now. We have strong brands and a solid strategic foundation, but our recent execution and current level of profitability is not where it needs to be. Our immediate, near-term priorities are centered around increasing our operational rigor and discipline, optimizing our structure to drive efficiencies, and focusing our resources on the highest return opportunities. We expect that accomplishing these goals will allow us to accelerate sales growth, strengthen margins, and improve cash generation.

我想說清楚，這個領導團隊已獲得董事會充分授權與一致支持，現在就能果斷行動。我們擁有強大的品牌與穩固的策略基礎，但我們近期的執行表現與目前的獲利水準仍未達到應有水準。我們當前、近期的優先事項，聚焦於提升營運嚴謹度與紀律、優化組織架構以提升效率，並將資源集中於報酬率最高的機會。我們預期達成這些目標將使我們能加速營收成長、強化利潤率，並改善現金創造能力。

Turning to slide 5. Before I dive deeper into my priorities as interim CEO, I want to share a few of my early observations on the company since assuming the role and how these are shaping our near-term focus. When I think about what differentiates Fortune Brands relative to our competitors, two things immediately come to mind: our leading brands and our talented workforce.

接著看第 5 頁投影片。在我更深入說明我作為臨時執行長的優先事項之前，我想先分享自我接任以來對公司的一些初步觀察，以及這些觀察如何形塑我們近期的工作重點。當我思考 Fortune Brands 相較於競爭對手的差異化之處時，立刻想到兩點：我們的領先品牌，以及我們才華洋溢的員工團隊。

Starting with our brands. Our flagship water brand, Moen, is a category leader built on decades of innovation, reliability, and trust with both consumers and pros. We have continued to build upon that foundation and enhance the brand positioning with our new brand campaign, Must Be a Moen, which just launched in April. It is the first major branding campaign for Moen since 2018 and reflects our commitment to focus our investments behind our leading brands. This campaign is expected to reinforce Moen's positioning in the market and allow us to win a larger share of wallet with younger consumers by focusing advertisements where we see increasing engagement.

先從我們的品牌談起。我們的旗艦用水品牌 Moen，是品類領導者，建立在數十年的創新、可靠性，以及在消費者與專業人士之間累積的信任之上。我們持續在此基礎上深化，並透過全新的品牌活動「Must Be a Moen」強化品牌定位，該活動已於 4 月正式推出。這是 Moen 自 2018 年以來首個大型品牌行銷活動，反映我們致力於將投資聚焦在領先品牌之後的承諾。預期此活動將強化 Moen 在市場中的定位，並透過將廣告投放在我們看到互動度提升的渠道，聚焦年輕消費者，以協助我們取得更高的錢包份額。

Early feedback on impressions and earned media shows the campaign is off to a great start. In our Outdoor segment, our Therma-Tru brand is backed by 60 years of innovation and performance and is the number one fiberglass entry door among builders. Today, the brand is known for its durability, energy efficiency and lasting style. I'm proud to share that our Therma-Tru Veris Modern Grain Entryway system recently won a most valuable product award from the National Association of Homebuilders.

從初期的曝光與口碑媒體回饋來看，這項活動開局表現非常亮眼。在我們的 Outdoor（戶外）事業部門，Therma-Tru 品牌擁有 60 年的創新與性能積累，是建商最青睞的玻璃纖維入戶門第一品牌。目前，該品牌以耐用性、能源效率與持久風格著稱。我也很自豪地分享，Therma-Tru Veris Modern Grain Entryway 系統近期獲得美國全國住宅建築商協會（National Association of Homebuilders）頒發的「最具價值產品」獎。

And in our Security segment, Master Lock is the clear category leader, ranking number one in both awareness and purchase intent with consumers. The Master Lock brand also scores over 90% in durability, quality and trust. This reputation for reliability and performance has built strong awareness and credibility with Pro customers, driving consistent preference and repeat usage.

而在我們的 Security（安防）事業部門，Master Lock 是明確的品類領導者，在消費者的品牌認知度與購買意向兩項指標上皆排名第一。Master Lock 品牌在耐用性、品質與信任度方面的評分也超過 90%。這種可靠與高性能的口碑，已在專業客戶（Pro）中建立強大的認知與公信力，帶動穩定的偏好與重複使用。

We see significant untapped potential in the Master Lock brand, and I am excited about the momentum we are building, including the launch of our innovative Master Lock Elite Padlock in April and the growing enthusiasm behind our Master It brand campaign. We are committed to investing behind this iconic brand in a way that reflects its true potential.

我們看到 Master Lock 品牌仍有顯著尚未開發的潛力，我也對我們正在累積的動能感到振奮，包括 4 月推出的創新產品 Master Lock Elite 掛鎖，以及「Master It」品牌活動所帶動的日益高漲的熱度。我們承諾將以能反映其真正潛力的方式，持續加大對這個經典品牌的投資。

Now let's talk about the strength of our people. We are making meaningful progress in coming together as a cohesive unified team in Deerfield. While the move of our headquarters did result in the loss of some valued team members, the move also allowed us to attract a number of talented individuals with deep industry expertise and fresh perspectives. Combining the caliber of our new talent with our experienced legacy teams, we are creating a stronger organization with a powerful foundation that balances new thinking with institutional knowledge.

接下來談談我們人才的實力。我們在迪爾菲爾德（Deerfield）整合為一個凝聚、統一的團隊方面，正取得實質進展。雖然總部搬遷確實造成部分珍貴團隊成員的流失，但同時也讓我們得以吸引多位具備深厚產業專業與新觀點的優秀人才加入。結合新加入人才的水準與我們資深的既有團隊，我們正在打造一個更強健的組織，以兼具新思維與制度性知識的堅實基礎為支撐。

As we continue to work through our transformation and bring our teams together, we are creating an environment that fosters greater collaboration, faster decision-making, and more effective sharing of best practices across the organization. I believe our long-term strategy is sound. We will be able to leverage our enduring strength to reinvigorate profitable growth.

隨著我們持續推進轉型並整合各團隊，我們正在打造一個能促進更高程度協作、更快速決策，以及在全組織更有效分享最佳實務的環境。我相信我們的長期策略是健全的。我們將能運用我們持久的優勢，重新點燃獲利性成長。

That leads us to our immediate near-term priority to improve performance, which fall into three key areas: first, increase our operational rigor and discipline; second, optimize our structure to drive efficiencies; and third, focus our resources on the highest return opportunities.

這也引出我們近期最直接的優先事項：提升績效，主要聚焦三個關鍵領域：第一，提高營運嚴謹度與紀律；第二，優化組織結構以提升效率；第三，將資源聚焦在報酬率最高的機會上。

Starting with our operational rigor and discipline. Recently, we have fallen behind on two fronts that are critical to our success, the pace and quality of new product development and our ability to consistently serve our customers at a high level. Our team has recognized these challenges and has taken definitive steps to improve. We are reinvigorating our new product development pipeline with a clear focus on accelerating speed to market and delivering features that align with evolving consumer and Pro preferences.

先從營運嚴謹度與紀律談起。近期我們在兩個對成功至關重要的面向落後：新產品開發的速度與品質，以及我們持續以高水準服務客戶的能力。我們的團隊已認知到這些挑戰，並採取明確行動加以改善。我們正重新活化新產品開發管線，清楚聚焦於加速上市速度，並提供符合不斷演變的消費者與專業客戶（Pro）偏好的功能。

By sharpening our new product development around what matters most and delivering it to our customers faster, we expect to strengthen our value proposition with channel partners and drive incremental market share. While we are at the early stages of rebuilding momentum, we already have some recent wins that are worth highlighting.

透過將新產品開發更聚焦於最重要的事項，並更快交付給客戶，我們預期能強化對通路夥伴的價值主張，並帶動額外的市占率提升。雖然我們仍處於重建動能的早期階段，但已經有一些近期成果值得特別指出。

In Outdoors, Therma-Tru recently launched a new line of 3.5 inch shaker-style fiberglass entry doors. These new products are targeted at the fastest-growing portion of the entry door market, and we are already seeing momentum with first quarter sales for this product coming in at approximately 125% of our plan. Just as impressive, we were able to go from concept to design to production in only nine months, essentially cutting our historical commercialization time line in half.

在戶外事業方面，Therma-Tru 近期推出全新 3.5 吋 Shaker 風格玻璃纖維入戶門產品線。這些新產品鎖定入戶門市場中成長最快的區塊，我們已看到動能：第一季該產品銷售約達成我們計畫的 125%。同樣令人印象深刻的是，我們僅用 9 個月就完成從概念、設計到量產，等於將過往的商業化時程縮短一半。

In Security, we launched the Yale Pro 2 product line in February, adding a suite of products engineered for multifamily facilities, providing a fully integrated smart access experience. Backed by the shortest lead time in the industry, Pro 2 ensures faster deployment so property managers can upgrade access control solutions without delay.

在安防事業方面，我們於 2 月推出 Yale Pro 2 產品線，新增一系列為多戶型（multifamily）設施所設計的產品，提供完整整合的智慧門禁體驗。在業界最短交期的支援下，Pro 2 可確保更快速部署，讓物業管理者能不延誤地升級門禁控制解決方案。

Turning to our Customer Service Levels. Our sales and operations planning processes have not been as consistent or as responsive as needed to keep pace with the changing market conditions, which has contributed to inventory imbalances and service challenges in certain areas of the business. We have made this a priority and are moving quickly to implement a more robust sales, inventory and operations planning process that will improve agility, streamline working capital, and enhance service to our customers.

接著談我們的客戶服務水準。我們的銷售與營運規劃流程在一致性與反應速度上未達所需，難以跟上市場環境的變化，進而在部分業務領域造成庫存失衡與服務挑戰。我們已將此列為優先事項，並正迅速導入更健全的銷售、庫存與營運規劃流程，以提升敏捷性、精簡營運資金，並強化對客戶的服務。

Turning to optimizing our structure. We are taking action to flex our cost base down in the face of continued challenging market dynamics while also balancing capacity to capture growth when market conditions improve. This will happen in two key areas: operating costs and SG&A. On the operating cost side, we are evaluating our footprint and overall capacity utilization across our network.

接著談優化組織結構。面對持續具挑戰性的市場動態，我們正採取行動下調成本基礎，同時也在市場條件改善時保留足夠產能以掌握成長。這將發生在兩個關鍵領域：營運成本與 SG&A（銷售、一般及行政費用）。在營運成本方面，我們正在評估整體據點布局，以及我們網絡中各項產能的整體利用率。

In recent years, we have made targeted investments to increase capacity and improve efficiency. But in light of the market environment, we have an opportunity to scale our assets more effectively and optimize our fixed costs in the process. Within SG&A, we are actively reducing duplicative costs that have occurred as part of our recent transformation. At the same time, we're taking action to ensure that our shared functions are as cost effective as possible while still supporting the scale and best practice sharing that is critical to our future success.

近年來，我們進行了有針對性的投資，以提升產能並改善效率。但在目前的市場環境下，我們有機會更有效地調整資產規模，並在過程中優化固定成本。在 SG&A 方面，我們正積極降低近期轉型過程中產生的重複性成本。同時，我們也採取行動，確保共享職能在支持未來成功所需的規模與最佳實務分享之際，仍能盡可能具成本效益。

We believe these actions will allow us to flex our operating costs more effectively and streamline our SG&A, which better enables our goal of being a BU-led organization supported by lean COEs. Based on the additional work we have done, we are increasing the annualized run rate of our cost savings estimates from the $35 million that we discussed last quarter to $70 million, and we now expect to capture $15 million of these savings in 2026. The $70 million annualized run rate savings represents over 150 basis points of annual margin improvement before any strategic reinvestment, and we are actively looking for additional opportunities throughout the business.

我們相信，這些行動將使我們能更有效地調整營運成本彈性並精簡 SG&A，從而更好地支持我們成為「以 BU（事業單位）為主導、由精實 COE（卓越中心）支援」的組織目標。基於我們已完成的進一步工作，我們將年度化成本節省估算的執行率（run rate）從上季討論的 3,500 萬美元提高至 7,000 萬美元，且目前預期在 2026 年可實現其中 1,500 萬美元的節省。7,000 萬美元的年度化執行率節省，在未進行任何策略性再投資之前，代表每年超過 150 個基點的毛利率改善，我們也正積極在全公司尋找更多機會。

That brings us to the third priority, focusing resources on our highest return opportunities. While the overall Fortune Brands long-term strategy is sound, we recognize some parts of the business have not met our expectations. Our teams are undertaking a comprehensive review of those targeted areas to determine the best path forward, focusing on growth profile, strategic positioning, capital requirements, and overall value creation potential.

接著來到第三項優先事項：將資源聚焦在報酬率最高的機會上。雖然 Fortune Brands 整體長期策略是健全的，但我們也認知到，業務中的某些部分未達我們的預期。我們的團隊正對這些目標領域進行全面檢視，以決定最佳前進路徑，並聚焦於成長輪廓、策略定位、資本需求，以及整體價值創造潛力。

This work does not happen in isolation. It is directly enabled by the execution improvements and cost structure discipline we discussed earlier. By driving greater operational efficiency and removing unnecessary costs from the business, we expect to free up the resources and organizational bandwidth needed to invest behind our strongest brands. Regardless of the external environment, we will be positioned to deploy capital with precision, supporting the areas of highest potential and ensuring our brands have the investment they need to compete, win, and scale.

這項工作並非孤立進行。它直接受益於我們先前討論的執行改善與成本結構紀律。透過提升營運效率並移除業務中不必要的成本，我們預期可釋放資源與組織量能，以便加大對我們最強勢品牌的投資。不論外部環境如何，我們都將具備精準部署資本的能力，支持最具潛力的領域，並確保我們的品牌獲得其競爭、勝出與擴張所需的投資。

Turning to slide 6. Macro headwinds and inflation have intensified, which have impacted consumer confidence and housing affordability. This is driving increased market uncertainty, especially for single-family new construction and has resulted in an uncertain start to the spring selling season.

接著看第6頁投影片。總體經濟逆風與通膨加劇，已影響消費者信心與住房可負擔性。這正推升市場不確定性，特別是獨棟住宅新建市場，並導致春季銷售季開局不明朗。

In addition, the increase in inflation is causing raw material and commodity prices to rise, with the biggest impact to us being in aluminum, copper and freight. The cost reduction efforts that I just spoke about, coupled with additional commercial and operational levers, are expected to offset the higher input costs that we are seeing. Despite these near-term pressures, our view of the long-term fundamentals remain unchanged. The US housing market continues to be underbuilt, home equity levels remain elevated, and repair and remodel demand is supported by an aging housing stock. These factors, combined with the strength of our brands and our advantaged market positions continue to give us confidence in our ability to drive above-market growth over time.

此外，通膨上升正推動原物料與大宗商品價格走高，對我們影響最大的是鋁、銅以及運輸費。我剛才提到的降本措施，加上其他商業與營運槓桿，預期可抵銷我們所見的較高投入成本。儘管短期面臨這些壓力，我們對長期基本面的看法仍未改變。美國住房市場仍持續供給不足，房屋淨值水準仍然偏高，而修繕與翻新需求則受老舊房屋存量支撐。這些因素，加上我們品牌的實力與具優勢的市場地位，持續讓我們對長期推動高於市場的成長能力充滿信心。

Now turning to our consolidated results. In the first quarter, total company sales were $1 billion, down 2%. Excluding the impact of China, sales were down 1%, driven by lower volume, which was partially offset by price. Our first quarter results reflect a US housing market that continues to remain soft. While we continue to make progress in our retail and e-commerce channels, this was offset by weak new construction activity, which weighed on our wholesale channel.

現在轉到我們的合併業績。第一季公司總銷售額為10億美元，年減2%。若排除中國的影響，銷售額年減1%，主要由銷量下滑所致，部分被價格因素抵銷。我們第一季的結果反映美國住房市場仍然疲弱。儘管我們在零售與電商通路持續取得進展，但新建活動疲弱抵銷了這些成果，並對我們的批發通路造成壓力。

Consolidated operating income was $112 million, down 18%, largely due to lower sales volume, higher raw material and freight costs, and the flow-through of peak tariff rates from the third quarter of 2025. As a result, operating margin decreased 200 basis points to 11.1%. Earnings per share were in line with our expectations at $0.53, down 20%, primarily due to the decline in operating income.

合併營業利益為1.12億美元，年減18%，主要因銷售量較低、原物料與運輸成本較高，以及2025年第三季關稅稅率高峰的遞延影響。因此，營業利益率下降200個基點至11.1%。每股盈餘為0.53美元，符合我們預期，年減20%，主要由營業利益下滑所致。

Before I turn the call over to Ashley, I would like to spend a moment discussing the update to our 2026 guidance, which incorporates a measured reset for the remainder of the year in light of the increased market uncertainty. First and most notably, we are reducing sales for the full year to be in line with our market outlook. While outperforming our end markets and driving share gains through the cycle remain core elements of our strategy, we believe we must address the near-term action items that I outlined earlier to accelerate our level of outperformance over time.

在把電話會議交給Ashley之前，我想花點時間說明我們對2026年指引的更新；鑑於市場不確定性升高，該更新納入了對今年剩餘期間的審慎調整。首先也是最重要的一點，我們下調全年銷售預期，使其與我們的市場展望一致。雖然在整個景氣循環中跑贏終端市場並推動市占提升仍是我們策略的核心要素，但我們認為必須先處理我先前概述的短期行動項目，才能隨時間加速我們的超越幅度。

Next, we are incorporating the impact of higher commodity and freight costs into our outlook while also taking decisive commercial and operational actions across the P&L to offset these cost headwinds, including the $15 million of 2026 cost savings that I highlighted. Ashley will discuss the changes to our 2026 outlook in more detail later in the call.

接著，我們在展望中納入較高的大宗商品與運輸成本影響，同時也在損益表（P&L）各面向採取果斷的商業與營運行動以抵銷這些成本逆風，其中包括我強調的2026年1,500萬美元成本節省。Ashley稍後將在電話會議中更詳細說明我們對2026年展望的變更。

With that, I will now turn the call over to Ashley.

接下來，我把電話會議交給Ashley。

Thank you, Dave. As a reminder, my comments will focus on results before charges and gains, unless otherwise noted, and comparisons will be made against the prior year. I'll start on slide 8 with first quarter results for Water.

謝謝你，Dave。提醒一下，除非另有說明，我的評論將聚焦於扣除費用與收益前的結果，並且比較基準為去年同期。我將從第8頁投影片開始，說明Water事業第一季的結果。

Sales for the quarter were flat at $564 million. Excluding China, sales increased 2%. The increase was driven by sales growth in both Moen and House of Rohl with pricing offsetting lower volume. In the quarter, Moen returned to sales growth in the retail and e-commerce channels, partially offset by declines in wholesale, which was impacted by weaker new construction-related demand. We also benefited from momentum in House of Rohl, which we expect to continue given its positioning with higher-income consumers.

本季銷售額持平，為5.64億美元。若排除中國，銷售額成長2%。成長來自Moen與House of Rohl兩者的銷售成長，價格提升抵銷了較低的銷量。本季Moen在零售與電商通路恢復銷售成長，但批發通路下滑部分抵銷了該成長；批發通路受到新建相關需求轉弱影響。我們也受益於House of Rohl的動能；鑑於其在高收入消費者中的定位，我們預期該動能將延續。

Channel inventories in Water were stable in the quarter, but lapped a large inventory drawdown in first quarter 2025. Water's operating income was $106 million, down 6%. Operating margin was 18.8%, down 120 basis points, primarily due to lower overall volume and higher tariff and freight costs, which were partially offset by price realization.

Water事業的通路庫存本季維持穩定，但去年2025年第一季曾出現大幅去庫存。Water的營業利益為1.06億美元，年減6%。營業利益率為18.8%，下降120個基點，主要因整體銷量較低以及關稅與運輸成本較高，部分被價格實現所抵銷。

Turning to Outdoors. Sales for the quarter were $294 million, down 3%, driven largely by Fiberon, partially offset by strong demand in Therma-Tru. Channel inventories remained at historically low levels and were a modest headwind in the quarter as customer seasonal builds were below prior year, most notably with Larson. Outdoors operating income was $22 million, down 31%. Operating margin was 7.4%, a decrease of 300 basis points. These results reflect the impact of lower volume, higher tariff costs and higher commodity costs, particularly for Larson.

接著看Outdoors事業。本季銷售額為2.94億美元，年減3%，主要由Fiberon所致，部分被Therma-Tru的強勁需求抵銷。通路庫存仍處於歷史低位，本季形成小幅逆風，因客戶的季節性備貨低於去年，最明顯的是Larson。Outdoors營業利益為2,200萬美元，年減31%。營業利益率為7.4%，下降300個基點。這些結果反映銷量較低、關稅成本較高以及大宗商品成本較高的影響，尤其是Larson。

In Security, sales for the quarter were $153 million, down 6%, reflecting volume declines, partially offset by price. The commercial channel experienced sales growth in the quarter, which was offset by weaker demand in retail and e-commerce. From a timing standpoint, we have a number of new product launches in Yale and Master Lock, as well as a full retail packaging refresh for Master Lock that have occurred or will be occurring in the second quarter, and we expect those to benefit the remainder of the year.

在Security事業方面，本季銷售額為1.53億美元，年減6%，反映銷量下滑，部分被價格因素抵銷。商用通路本季銷售成長，但被零售與電商需求轉弱所抵銷。就時點而言，我們在Yale與Master Lock有多項新產品上市，且Master Lock也進行了完整的零售包裝更新，這些已在第二季發生或將於第二季發生；我們預期將有利於今年剩餘期間。

Channel inventories in Security declined low-single-digits as channel partners managed working capital in the quarter. Security operating income was $22 million, down 7%. Operating margin was 14.2%, flat on a percentage basis. The decline in operating income was a result of lower volume and higher tariff costs, partially offset by price realization.

Security事業的通路庫存本季小幅下降（低個位數百分比），因通路夥伴在本季管理營運資金。Security營業利益為2,200萬美元，年減7%。營業利益率為14.2%，以百分比計持平。營業利益下滑係由銷量較低與關稅成本較高所致，部分被價格實現所抵銷。

Turning to the next slide. Free cash flow for the quarter was negative $140 million compared to negative $113 million last year. As expected, the first quarter is our lowest cash flow quarter given seasonal inventory builds ahead of the spring construction season and the timing of interest payments. We remain focused on reducing our working capital levels as part of a multiyear initiative to optimize our inventory position across the business. We expect these actions will have a positive impact on inventory levels and working capital in the coming quarters.

接著看下一頁投影片。本季自由現金流為負1.40億美元，去年為負1.13億美元。如預期，第一季是我們現金流最低的季度，原因在於春季施工季前的季節性庫存備貨，以及利息支付時點的影響。作為一項多年期計畫的一部分，我們仍專注於降低營運資金水準，以優化全公司庫存配置。我們預期這些行動將在未來幾季對庫存水準與營運資金帶來正面影響。

We ended the quarter with net debt of approximately $2.5 billion and a net debt-to-EBITDA ratio of 2.9 times. We remain focused on reducing net leverage to under 2.5 times in the near term. We also maintained strong liquidity with over $900 million available, including approximately $695 million of undrawn revolver capacity. Further reinforcing the strength of our balance sheet, both Fitch and Moody's affirmed our BBB credit rating during the first quarter.

本季末我們的淨負債約為25億美元，淨負債對EBITDA比率為2.9倍。我們仍專注於在短期內將淨槓桿降至2.5倍以下。我們也維持強勁流動性，可用資金超過9億美元，其中包括約6.95億美元未動用的循環信貸額度。進一步強化我們資產負債表的實力，Fitch與Moody's在第一季均確認我們BBB信用評等。

We returned $75 million to shareholders through the combination of share repurchases and our quarterly dividend payout. Overall, we believe our balance sheet provides flexibility to execute our strategy, support disciplined capital deployment, and continue investing in long-term growth.

我們透過股票回購與季度股利發放的組合，向股東返還了7,500萬美元。整體而言，我們相信資產負債表具備彈性，可支持我們執行策略、支援審慎的資本配置，並持續投資於長期成長。

Turning to our outlook for the remainder of 2026. As Dave mentioned, we have reduced sales for the full year to be in line with our market outlook. In addition, we have updated our guidance and assumptions to include the impact of higher commodity and freight costs as well as the commercial and operational actions we are taking to offset these costs.

接著談談我們對2026年剩餘期間的展望。如Dave所提到，我們已下調全年銷售預期，使其與我們對市場的展望一致。此外，我們也更新了指引與假設，納入大宗商品與運輸成本上升的影響，以及我們為抵銷這些成本所採取的商業與營運行動。

Beginning with our updated sales and EPS guidance for the year, we now expect full year net sales to be down low-single-digits and full year EPS is now expected to be in the range of $3 to $3.30. Our updated sales and EPS guidance assumes operating margin of 13.5% to 14.5%. We are also reducing assumptions around our full year free cash flow to reflect our revised guidance. Finally, I would note that our updated guidance includes $15 million of 2026 cost savings, which are part of the $70 million annualized run rate target that Dave referenced earlier, and our teams continue to look for more.

先從我們更新後的全年銷售與每股盈餘（EPS）指引談起，我們目前預期全年淨銷售將呈現低個位數百分比下滑，全年EPS預期落在3美元至3.30美元區間。我們更新後的銷售與EPS指引假設營業利益率為13.5%至14.5%。我們也下調了全年自由現金流的假設，以反映修訂後的指引。最後我要指出，我們更新後的指引包含2026年1,500萬美元的成本節省，這是Dave先前提到的年化7,000萬美元目標的一部分，而我們的團隊也持續尋找更多節省空間。

Commodity pressures remain elevated, particularly in aluminum and copper alongside continued volatility in freight costs. At the same time, recent changes to IEPA, Section 122 and Section 232 tariffs are expected to have a roughly neutral impact compared to our original guidance. We originally expected the combination of these headwinds to be approximately $140 million and now see them closer to $180 million.

大宗商品壓力仍然偏高，尤其是鋁與銅，同時運費成本也持續波動。與此同時，近期對IEPA、第122條與第232條關稅的變更，預期相較於我們原先的指引，整體影響大致中性。我們原先預期這些逆風合計約為1.4億美元，現在則認為更接近1.8億美元。

Taking a closer look at the impact from tariffs, the carryover effect of peak tariff rates from the second half of 2025 is expected to result in a price cost headwind in the first half of 2026. As year over year tariff-related comparisons normalize in the second half, we expect price cost to be favorable, including the increase in commodity and freight costs. We are leveraging our revenue management, sourcing and productivity capabilities to mitigate these pressures and maintain a disciplined approach to cost management. As a result, we expect second half margins to be up approximately 300 basis points compared to the first half.

更深入看關稅的影響，2025年下半年關稅稅率處於高峰所帶來的遞延效應，預期將在2026年上半年造成價格/成本的逆風。隨著下半年與關稅相關的年對年比較趨於正常化，我們預期價格/成本將轉為有利，並涵蓋大宗商品與運費成本的上升。我們正運用收益管理、採購與生產力能力來緩解這些壓力，並維持對成本管理的紀律化作法。因此，我們預期下半年毛利率將較上半年提升約300個基點。

While we do not formally provide quarterly guidance, I want to offer a few points to help frame the cadence of the year. Based on our updated full year outlook, we expect sales to be weighted close to 50% between the first half and second half, consistent with our historical performance. For EPS, we expect the first half of the year to be in the low 40% range and the second half of the year to be in the high 50% range, primarily due to a more favorable price cost relationship in the second half of the year and the $15 million of 2026 cost savings.

雖然我們不正式提供季度指引，但我想提出幾點，協助大家理解全年節奏。根據我們更新後的全年展望，我們預期銷售在上半年與下半年之間的比重接近各占50%，與我們過往表現一致。就EPS而言，我們預期上半年約落在低40%區間、下半年約落在高50%區間，主要是因為下半年價格/成本關係更為有利，以及2026年1,500萬美元的成本節省。

In closing, we remain confident in our ability to navigate the current environment through disciplined execution while continuing to invest in our strategic priorities and position the business to deliver long-term value for our shareholders. With that, I'll turn the call back to Curt.

最後，我們仍對自身在嚴謹執行下因應當前環境的能力充滿信心，同時持續投資於策略重點，並讓公司處於能為股東創造長期價值的位置。接下來我把電話交回給Curt。

Thanks, Ashley. That concludes our prepared remarks. We will now begin the question-and-answer session. (Event Instructions) Operator, can you open up the line for questions? Thank you.

謝謝你，Ashley。以上是我們事先準備的發言。接下來我們將開始問答環節。（活動指示）接線員，請開放提問線路。謝謝。

(Operator Instructions)

（接線員指示）

Susan Maklari, Goldman Sachs.

Susan Maklari，高盛。

Thank you. Good afternoon, everyone. And Dave and Ashley, congrats on the new positions.

謝謝。各位下午好。另外也恭喜Dave與Ashley升任新職。

Thank you, Sue.

謝謝你，Sue。

Thank you.

謝謝。

My first question is, Dave, as you come back -- as you get into the CEO role and you sort of have looked across the different segments of the business, can you talk about what you're finding in there, where you're sort of seeing relative opportunities and what your priorities are as you sort of think across Fortune and the current slate of businesses?

我的第一個問題是，Dave，當你回來——當你進入CEO角色並檢視公司各個事業部門時，你能談談你在其中看到什麼嗎？你在哪些地方看到相對的機會？以及當你從Fortune以及目前的業務組合整體來思考時，你的優先事項是什麼？

Yes, Sue, happy to touch on that. And I think I'd start by reiterating our foundation of the business is stable. Our brands are healthy, and our strategy is sound. And I actually feel really good about the engagement and focus of our associates.

可以的，Sue，我很樂意談談。我想先重申，我們業務的基礎是穩健的。我們的品牌很健康，我們的策略也很正確。而且我對同仁的投入度與專注度其實感到非常放心。

So I think we're coming from a good place on all that front. But we recognize our performance needs to improve. And so we've been working very closely with the Board on these efforts and really focusing on growth and profitability levers that are within our control.

所以我認為在這些面向上，我們是站在一個不錯的起點。但我們也認知到，我們的績效需要改善。因此我們一直與董事會非常密切地合作推動這些工作，並真正聚焦在我們可控的成長與獲利槓桿上。

And so in the prepared remarks, I touched on things like increasing our operational rigor and discipline. This really to me is refocusing on our core growth. NPD is a piece of that, commercialization excellence, both online and offline is a piece of that. Fixing our sales and operations planning process, really get best-in-class in service and inventory levels is a piece of that. And so renewed focus, I think, just on the rigor and discipline in those areas that will help drive performance over time.

在事先準備的發言中，我提到像是提升營運的嚴謹度與紀律。對我而言，這其實是重新聚焦於核心成長。新品開發（NPD）是其中一部分，線上與線下的商業化卓越也是其中一部分。修正我們的銷售與營運規劃流程（S&OP），真正做到同級最佳的服務水準與庫存水位，也是其中一部分。因此，我認為重新聚焦在這些領域的嚴謹度與紀律，將有助於隨時間推動績效提升。

And as I talk about optimizing structure, to me, this is really about margin management and something that this company, fortune has been really good at through the cycle over time. I think we've gotten away from that a bit recently. But it's getting back to regardless of what's happening in the external environment, how are we controlling costs? How are we getting to the right asset base? How are we improving margins over time regardless of the macro.

至於我談到的結構最佳化，對我而言，這主要是關於利潤率管理，而這家公司——Fortune——長期以來在景氣循環中一直做得很好。我認為我們最近有點偏離了這點。但重點是回到：不論外部環境發生什麼，我們如何控管成本？我們如何達到合適的資產基礎？我們如何在不受總體環境影響的情況下，隨時間改善利潤率？

And then the final point around focusing resources on the highest returning opportunities. This to me is prioritization and focus around our investments and where are we going to put those next dollars to drive the most value over time and how do we continue to simplify and focus on our biggest brands and our best brands.

最後一點是把資源聚焦在報酬率最高的機會上。對我而言，這是關於投資的取捨與聚焦：我們接下來要把新增的資金投入到哪裡，才能隨時間創造最大價值？以及我們如何持續簡化，並聚焦在我們最大的品牌與最好的品牌上。

I guess I'd close by saying we didn't get to this position overnight, and we're not going to get out of it overnight either. as you all know, we have been driving a lot of transformation in the business. And along our way, we've lost some of that key execution fundamentals that's required to be successful. So since moving into this role and partnering with Ashley, we've identified root causes. We're driving actions to correct. So I think what's encouraging is all these problems are fixable and the work is underway to get after it.

我想最後補充的是，我們不是一夕之間走到現在的位置，也不可能一夕之間走出來。各位都知道，我們一直在推動公司內部許多轉型。而在這個過程中，我們流失了一些成功所需的關鍵執行基本功。因此，自從我接任這個角色並與Ashley合作以來，我們已找出根本原因。我們正在推動修正行動。所以我覺得令人鼓舞的是，這些問題都是可以解決的，而且相關工作已經在進行中。

Okay. That's great color. And then maybe just following up on that. As you do think about the portfolio, can you talk about where you're seeing opportunities to perhaps really kind of drive that growth or hone in on things? And is there anything within the portfolio that is perhaps not core and maybe -- require more change down the road?

好的。這些說明很有幫助。接著可能再追問一下。當你思考投資組合時，你能談談你在哪些地方看到機會，或許可以真正推動成長或更聚焦於某些事項嗎？另外，投資組合中是否有任何部分可能並非核心，並且——未來可能需要更大的調整？

Yeah. I'm happy to talk about the positive momentum areas. And I'd say as I've touched on, really a lot of near-term focus right now, but a passion point of mind, especially coming out of the prior role is to do a better job of leveraging our customer and channel strength to sell our full portfolio of brands together.

是的。我很樂意談談那些正向動能的領域。而且我想，正如我先前提到的，眼下確實有很多短期重點，但我個人非常重視的一點——尤其是從上一個職務走出來之後——就是要更好地運用我們在客戶與通路上的優勢，把我們完整的品牌組合一起銷售。

And this is not something that Fortune has really focused on in the past for various reasons. But I really believe it's an untapped revenue opportunity, and we're in the early stages of developing the strategy, but I can share a few proof points where it started to pay off. So one area, leveraging our strength and share position with single-family builders at Moen and Therma-Tru to win door hardware and connected locks, really sell that full portfolio into builders.

而這並不是 Fortune 過去因各種原因真正著力的事情。但我確實相信這是一個尚未被開發的營收機會；我們正處於策略制定的早期階段，不過我可以分享幾個已開始見到成效的佐證。其中一個領域是：運用我們在 Moen 與 Therma-Tru 對單戶住宅建商的優勢與市占地位，拿下門用五金與連網鎖的業務，真正把完整的產品組合賣進建商端。

And I'd share that with Yale, we recently won a portion of business with a top 10 homebuilder. It's our first win in that space. The team has learned a lot going through that bid process, and we'll continue to refine our approach. But it gave us confidence that, hey, we can win here and we can sell this portfolio and leverage these deep relationships that we have.

另外我也想分享，透過 Yale，我們最近在一家前十大建商那裡贏得了一部分業務。這是我們在該領域的首次勝出。團隊在投標流程中學到了很多，我們也會持續精進我們的方法。但這讓我們更有信心：我們可以在這裡取勝、可以銷售這個產品組合，並且運用我們所擁有的深厚關係。

Another area of focus that's starting to show some early results is our partnership with the Pro arms of our big retailers and really being focused on selling our brands at Pro-focused events that is helping us reach a different part of the market that otherwise we didn't play in or have access to.

另一個開始展現初步成果的重點領域，是我們與大型零售商的 Pro（專業客戶）部門合作，並且真正聚焦在 Pro 導向的活動上銷售我們的品牌；這正在幫助我們觸及市場中不同的區塊，而過去我們並未參與或無法接觸到。

And then the final example I give here is we recently had the first ever really Fortune Brands Wide strategy sessions with two major e-commerce platforms. And they both came away incredibly excited about the cross-brand bundling opportunities that we have and what we can do together to really enhance the digital shelf.

最後一個例子是：我們最近首次與兩個主要電商平台舉行了真正的 Fortune Brands 全品牌策略會議。他們雙方都對我們跨品牌組合（bundling）的機會，以及我們能共同做些什麼來真正強化數位貨架（digital shelf），感到非常興奮。

And so we see all these opportunities is where the power of this portfolio starts to drive incremental value, and it's not something that we've really tackled before. So I'm excited to spearhead this initiative going forward.

因此我們看到所有這些機會，正是這個產品組合的力量開始帶來增量價值的地方，而這並不是我們過去真正著手處理的事情。所以我很期待未來能帶頭推動這項計畫。

Okay, that's great color. Thank you, and good luck with the quarter.

好的，這些補充很有幫助。謝謝你，也祝本季順利。

Mike Dahl, RBC Capital Markets.

RBC Capital Markets 的 Mike Dahl。

Dave, Ashley, clearly, a lot of moving pieces, both with the macro and within Fortune Brands. I appreciate some of the high-level color you just gave on kind of first half, second half. Can you walk us through that full year cadence for the guide in a little bit more detail, especially since there's a step-up in margins assumed in the second half? And maybe help us understand on a segment level basis, how that plays out?

Dave、Ashley，很明顯，不論是總體環境或 Fortune Brands 內部，都有很多變動因素。我很感謝你們剛才提供了上半年、下半年的一些高層次說明。能否請你們更詳細地帶我們走一遍全年指引的節奏（cadence），尤其是因為假設下半年毛利率/利潤率會有一個上台階的提升？也許也能幫助我們從事業部（segment）層級理解這會如何展開？

Yes, Mike, it's Dave. And I'll start and give some context and then Ashley get into some of the detail. But just contextually, if I step back as we assessed, I think our recent performance trajectory coupled with the external environment, we view this as a measured reset of guidance where simply we've taken our sales performance, our overperformance out and now expect in the guide to grow in line with market.

好的，Mike，我是 Dave。我先提供一些背景脈絡，接著 Ashley 會補充一些細節。就背景而言，如果我退一步看，在我們評估時，我認為我們近期的績效走勢加上外部環境，使我們把這次視為一次審慎的指引重設：也就是我們把先前銷售表現的超預期部分拿掉，並在指引中改為預期成長與市場一致。

Clearly, our ambition is to beat the market over time, but just being realistic about where we are today and the identified issues we have to work through, we thought this was the prudent path. I'd say on the top line, importantly, this guidance doesn't rely on the second half ramp in the market.

很明顯，我們的企圖心是隨時間推進要跑贏市場，但就今天的位置以及我們已識別、需要解決的問題而言，我們認為這是較為審慎的路徑。在營收端很重要的一點是：這份指引並不依賴下半年市場的加速上行。

So anything that might have been in there, it has been removed from that as well. And on the margin side, and Ashley can give some color, simply, the step-up first half to second half is an improving price cost dynamic that we have line of sight to, given our inventory positions and the price we have in market, coupled with the cost reduction outlines that -- cost reduction efforts that I've outlined that will start to ramp across the second half. So it's really those two things driving margin. And I'll let Ashley provide some color on the cadence.

因此，任何原本可能包含在其中的下半年市場拉升假設，也都已經從中移除。而在利潤率方面，Ashley 可以補充一些說明：上半年到下半年的上台階提升，主要來自我們可見度很高的「價格—成本」動態改善（考量到我們的庫存水位以及市場上的定價），再加上我先前提到的成本降低方案——這些降本措施將在下半年逐步放量。所以利潤率主要由這兩項因素驅動。我把節奏的部分交給 Ashley 補充。

Sure. Mike, maybe let me start with 2 points on the full year, and then I'll talk a little bit about the phasing. The first point I'd make is in as simple as terms, I think about the change as being driven by roughly 2.5 to 3 points of sales out at the midpoint.

好的。Mike，讓我先就全年提兩點，然後再談一下分期（phasing）。第一點我想說的是，用最簡單的方式來看，這次變動在中位數大約是由 2.5 到 3 個百分點的銷售下修所驅動。

So that gets us to sales performance roughly in line with the market at down low single digits. The second point I'll make on full year is just the incremental in-year inflation. So the $40 million we talked about in the prepared comments, that is offset in the guide by commercial and operational levers across the P&L, which does include the $15 million of in-year cost out we talked about.

因此，我們的銷售表現大致會與市場一致，落在低個位數下滑。第二點是全年層面的「當年度新增通膨」。也就是我們在事先準備的發言中提到的 4,000 萬美元；在指引中，這部分會透過損益表（P&L）上的商業與營運槓桿來抵銷，其中也包含我們提到的當年度 1,500 萬美元降本。

From a phasing perspective, we do expect net sales to be down low single digits, both first half and second half aligned with market, although I will add that we do expect to see some slight improvement in that year-over-year growth rate from first half to second half.

就分期而言，我們預期淨銷售在上半年與下半年都會是低個位數下滑、與市場一致；不過我會補充，我們確實預期從上半年到下半年，年對年成長率會有些微改善。

As we said, revenue expected to be split 50-50 first half, second half. That is consistent with what we've seen in the last three years historically. Worth maybe reiterating a point Dave made, I think, that uplift I talked about from first half to second half is mostly due to improved volumes from favorable year on year comps and midyear initiatives.

如同我們所說，營收預期上半年、下半年各占 50%。這與我們過去三年的歷史表現一致。也值得重申 Dave 提到的一點：我剛才說的上半年到下半年的改善，主要來自於在有利的年對年比較基期以及年中措施帶動下，出貨量（volume）有所改善。

It does not rely on any inflection in the market in the second half. We talked about OI margin, margins improving about 300 basis points first half to second half. That is price cost relationship, primarily just timing of tariffs from Q3, second half last year hitting majority in the first half this year.

它並不依賴下半年市場出現任何轉折向上。我們也談到營業利益率（OI margin）上半年到下半年大約改善 300 個基點。這主要是價格與成本關係的因素，尤其是關稅的時點：去年下半年自第三季起的關稅影響，多數會在今年上半年反映。

And then again, full year EPS split low 40% in the first half, high 50% in the second half. I'd add, we do expect a slight sequential improvement throughout the year there as well. From a segment standpoint, I'd say it's probably best to apply similar logic down to each of the three segments. So all three down about 2.5 to 3 points in revenue and then similar margin profile across the year from first half to second half.

另外，全年 EPS 的分布大約是上半年低 40% 占比、下半年高 50% 占比。我也補充：我們預期全年在這方面也會逐季小幅改善。從事業部角度來看，我認為把相同邏輯套用到三個事業部可能最合適。也就是三個事業部的營收都下修約 2.5 到 3 個百分點，且全年從上半年到下半年的利潤率走勢也大致相似。

Yes. And Mike, maybe I'll put a finer point on the second quarter, given the first half -- second half trends we shared -- we see the second quarter ramping seasonally, but still seeing the impact of weaker new construction and some of our near-term performance challenges.

是的。Mike，鑑於我們分享的上半年—下半年趨勢，我或許再把第二季說得更具體一些：我們看到第二季會有季節性的拉升，但仍會受到新建案走弱以及我們一些短期績效挑戰的影響。

So at the midpoint of the guide, it implied second quarter sales down in that mid-single-digit range. We do see sequential margin improvement, though, probably in the range of 200 to 250 basis points first quarter to second quarter. This is the normal seasonal volume uptick. It's a minor improvement in price cost.

因此，在指引中位數下，意味著第二季銷售將在中個位數下滑的區間。不過，我們確實看到利潤率將呈現環比改善，第一季到第二季大概改善 200 到 250 個基點。這是正常的季節性出貨量上升。同時價格—成本也會有小幅改善。

But as Ashley said, we expect price cost to still be negative as we move through the year. I do think importantly, though, to reiterate, as we move through the year and get to the fourth quarter, we expect actually to drive year over year operating margin improvement because we've comped the price cost headwind fully, and we've comped some of the share challenges from the past year and then the initiatives that we have underway will start to deliver.

但正如Ashley所說，隨著我們走過今年，我們預期價格/成本差仍將為負。不過我認為重要的是要再次強調，隨著今年推進並進入第四季，我們預期實際上能推動營業利潤率的年對年改善，因為我們已完全消化價格/成本逆風的比較基期，也消化了過去一年部分市占挑戰的比較基期，接著我們正在推進的各項措施將開始帶來成效。

Okay. I appreciate the very thorough response there. And just as my follow-up question, maybe specifically drilling down on the cost saves, and it's good to hear kind of the doubling of the cost saves.

好的。我很感謝你剛才非常詳盡的回覆。作為我的追問，想更具體地深入談談成本節省；也很高興聽到成本節省大幅加倍。

From a realization standpoint, can you just talk through -- it still seems like it's going to take some time to get those actions into the P&L. Can you walk through kind of why the prolonged timing and if there's any opportunity to accelerate any parts of those?

從落實實現的角度來看，你能否說明一下——看起來這些行動要反映到損益表（P&L）上仍需要一些時間。你能否解釋一下為何時程會拉長，以及是否有機會加速其中任何部分？

Yeah. So what I'd share, I'd expect to have the full annualized $70 million realized by the first quarter of '27. So it will start to ramp. We're doing the work now. It will start to ramp across the second half of the year.

是的。我想分享的是，我預期到27年第一季時，全年化的7,000萬美元將可全部實現。因此它會開始逐步爬升。我們現在正在做相關工作。它會在今年下半年開始加速體現。

I would frame it as opportunities across the P&L. So it's not just SG&A focused. So we know there's opportunity in SG&A. There's opportunity in our manufacturing base to better align variable and fixed costs with our level of demand.

我會把它定位為遍及整個損益表（P&L）的機會。所以不只是聚焦在SG&A（銷售、一般及行政費用）。我們知道SG&A有機會。我們的製造基地也有機會，能更好地讓變動與固定成本與我們的需求水準對齊。

I think there's opportunity through our trade spend and gross to net spend to be more efficient with promotions. And so the team is just taking a sharper view of where we're spending, where we need to get leaner, where we need to get more efficient. I'd also say we're not cutting muscle, and we're preserving investments to drive the performance change that we've outlined, but this is really about complexity reduction, improving speed, reducing duplicative costs and aligning the cost base to our current levels of volume.

我認為在通路費用（trade spend）以及從毛額到淨額（gross-to-net）的支出上，也有機會透過更有效率的促銷來提升效率。因此團隊正以更敏銳的角度檢視我們把錢花在哪裡、哪裡需要更精簡、哪裡需要更有效率。我也想說，我們不是在削弱核心能力，我們會保留投資以推動我們所概述的績效轉變；但這主要是關於降低複雜度、提升速度、減少重複成本，並讓成本基礎與我們目前的出貨量水準對齊。

John Lovallo, UBS.

John Lovallo，瑞銀（UBS）。

Maybe the first question, I'll start with Susan, if I can. There's obviously been a lot of changes at the top, and they're still kind of in the works. I'm curious if you could sort of elaborate on the new Board dynamics as they stand today.

第一個問題，如果可以的話我先問Susan。顯然高層發生了很多變動，而且仍在進行中。我想請你進一步說明一下，目前新的董事會互動/運作動態是什麼樣子。

There's been a couple of notable changes there. Why you think this positions the company more favorably? And then what you're looking for in the two new directors that you're currently seeking?

那裡有幾項值得注意的變化。你為何認為這會讓公司處於更有利的位置？另外，你們目前正在尋找的兩位新董事，你們希望他們具備哪些特質？

Sure. Thank you. Well, since Ed Garden joined the Board in March, we've had a very constructive engagement with him. He's been very actively involved both at the Board level and also with the management team, getting to know them and learning about the business.

當然。謝謝。自從Ed Garden在3月加入董事會以來，我們與他有非常具建設性的互動。他在董事會層級以及與管理團隊之間都非常積極參與，認識團隊並了解業務。

He brings a thoughtful value creation perspective. He's asking him all the right questions around performance, capital allocation, execution. He's integrated extremely well with the Board. The dialogue has been collaborative.

他帶來了深思熟慮的價值創造觀點。他提出了關於績效、資本配置與執行等各方面的正確問題。他與董事會的整合非常順利。對話是協作式的。

There's many more things we agree on than we disagree on. We're all focused on driving the best outcomes for the company and for the shareholders. And we're all focused on strengthening performance enhancing accountability and unlocking value of Fortune Brands.

我們認同的事情遠多於分歧。我們都專注於為公司與股東帶來最佳結果。我們也都專注於強化績效導向的問責機制，並釋放Fortune Brands的價值。

So I look very much forward to continuing the partnership. On the new Board members that you've asked about, we're looking for -- we're losing two long-tenured Board members who have deep Board experience, deep experience with Fortune Brands and are wise, I would say.

因此我非常期待持續這樣的合作關係。至於你問到的新董事會成員，我們將失去兩位任期很長的董事，他們擁有深厚的董事會經驗、對Fortune Brands也非常熟悉，我會說他們很睿智。

And so what I'm looking for and what we are looking for are Board members who can add that deep perspective, financial expertise, CEO expertise and certainly building products expertise. So we are in that process right now as we continue to evaluate candidates for the Board.

因此我在尋找、以及我們在尋找的是，能夠補上那種深度視角、財務專業、CEO經驗，當然也包括建材（building products）專業的董事。我們目前正在進行這個流程，持續評估董事候選人。

Yeah. And John, I would build on that a bit, Susan, and we came out of a Board meeting earlier this week. and can say that the Board is highly engaged and collaborative and really been a great thought partner for me and for the leadership team as we navigate this interim period, knowing that we need to make progress on our priorities.

是的。John，我也想在Susan的基礎上補充一點。我們本週稍早剛開完董事會會議，可以說董事會高度投入、協作良好，在我們度過這段過渡期、並且知道我們必須在優先事項上取得進展之際，對我和領導團隊而言一直是很好的思考夥伴。

I'd also add, really enjoyed getting to know Ed and working with him and his team. They bring a great deal of experience and a fresh perspective about what we can do better to drive value creation. And so we're all aligned to work together to do that.

我也想補充，我很享受認識Ed並與他及其團隊合作。他們帶來了豐富的經驗，以及對於我們如何做得更好以推動價值創造的全新觀點。因此我們都一致認同要一起合作來達成這件事。

Got it. Okay. That's helpful. And then I wanted to dig into just kind of the share dynamics in the water segment. I think the water segment to you guys ex China was up about 1.5% year over year.

了解。好的。這很有幫助。接著我想深入談談淨水（water）事業部的市占動態。我想你們的淨水事業部（不含中國）年對年約成長1.5%。

Your closest peer was up, I think, 7% year over year in local currency. I mean what would you sort of attribute the difference there to? And how are you guys addressing this?

你們最接近的同業年對年成長，我記得以當地貨幣計算大約是7%。你會把這個差異歸因於什麼？你們正在如何因應？

Yeah. Happy to touch on that, John. So first, as you kind of alluded to, we do have two different businesses, and you called out the China mix. I'd also highlight the single-family new construction mix that we had, which is probably a 200 to 300 basis point headwind in the quarter given where starts and completions were last year that we're now feeling in the business.

是的。很樂意談這點，John。首先，正如你提到的，我們確實有兩種不同的業務，而你也點出了中國的組合影響。我也要強調我們在獨棟住宅新建（single-family new construction）的組合占比，考量到去年開工與完工的水準，這在本季大概帶來200到300個基點的逆風，而我們現在在業務上正感受到這點。

But that said, we need to improve our performance. And I think the gap from the business mix to our peers' performance is really driven by our focus in retail and e-commerce and our need to drive better share recovery through those channels. And while I outlined some of the initiatives that are underway, we're not -- it's not broad-based enough to drive meaningful performance improvement, but this is where we're focused in the near term.

但即便如此，我們仍需要改善表現。我認為，從業務組合到同業表現之間的差距，主要來自我們在零售與電商的聚焦，以及我們需要透過這些通路推動更好的市占回升。雖然我已概述一些正在進行的措施，但我們目前——它還不夠全面，尚不足以帶來有意義的績效改善；但短期內這就是我們的重點。

Trevor Allinson, Wolfe Research.

Trevor Allinson，Wolfe Research。

I want to follow up on your views on pricing here. I think previously, the communication was that your pricing was fully in place to cover tariffs. You've got some moving parts now on tariffs and also some other inflationary pressures.

我想追問你們對定價的看法。我記得先前的溝通是，你們的定價已完全到位以涵蓋關稅。但現在關稅有一些變動因素，另外也有其他通膨壓力。

So are you taking incremental price here? And maybe just to quantify, what are you expecting in terms of pricing tailwinds for the full year across your business?

所以你們是否會再進一步調價？另外若能量化一下，你們預期全年在各項業務上，定價帶來的順風會是多少？

Yeah. Trevor, I'll start and then let Ashley provide some color. If I take a step back, this business has faced a lot of inflation like others in our space, tariffs and others. And we led with the gross price last year, additional gross price this year. my view of it, I think we've had overreliance on gross price, and it's cost us some share position, especially when you couple it with our lack of kind of meaningful new product innovations.

是的。Trevor，我先回答，然後讓Ashley補充一些細節。如果我先退一步看，這項業務和我們產業中的其他公司一樣，面臨了很多通膨，包括關稅等。我們去年先以調升表定價格（gross price）領先，今年也再度調升表定價格。就我的看法，我認為我們對表定價格的依賴過高，這讓我們失去了一些市占，尤其當你把它與我們缺乏足夠有意義的新產品創新結合起來看時更是如此。

We have to get back to executing the playbook that is using all levers at our disposal to offset inflation. And so in addition to price, we need to continue to negotiate with suppliers, continue to push on incremental continuous improvement, drive cost out of the business. And then where possible and where elasticities permit, take price.

我們必須回到執行作戰手冊，也就是運用我們手上所有可用的槓桿來抵銷通膨。因此，除了調價之外，我們也需要持續與供應商協商，持續推動增量式的持續改善，將成本從業務中移除。然後在可能且需求彈性允許的地方，進行調價。

A couple of examples, I think, that you'll see as we move through the second half of the year, House of Roll continues to perform well and those higher-end consumers continue to show inelastic price demand. And so there's opportunity to push some price there.

我想舉兩個例子，隨著我們進入下半年，你會看到 House of Roll 持續表現良好，而那些高端消費者仍然呈現價格需求缺乏彈性。因此，那裡有機會再推一些價格。

There's opportunity in our Outdoors business where inflation has been especially acute, especially in aluminum with LARSON that we look at pushing some price. And then in our security business, especially on the commercial B2B side, which is actually now our largest channel in that security business, there's opportunity to take price again because you're dealing with more inelastic demand. So I think you could expect our pricing for the balance of the year to be more surgical and in areas where we believe we'll have much higher realization, but then get back to working the full playbook to offset inflation as it comes.

在我們的戶外（Outdoors）業務也有機會，因為通膨特別嚴重，尤其是 LARSON 的鋁材，我們會考慮推動一些調價。另外在我們的安防業務，特別是在商用 B2B 端（其實現在已是該安防業務最大的通路），也有機會再次調價，因為面對的是較缺乏彈性的需求。所以我認為，你可以預期我們今年剩餘期間的定價會更精準、更具外科手術式，在我們相信能有更高實現率的領域調價；同時也會回到運用完整作戰手冊，在通膨出現時加以抵銷。

And I'll let Ashley provide some additional color.

我讓 Ashley 再補充一些細節。

Trevor, let me -- yes, let me just add a little bit from a P&L perspective and put some numbers around what Dave was saying. So first thing I'll say is on a full year basis, we are offsetting inflation with price on a dollar basis, but we do expect some margin dilution in the short term.

Trevor，讓我——是的——我從損益表（P&L）的角度再補充一點，並把 Dave 所說的用一些數字具體化。首先我要說的是，以全年來看，我們在金額（dollar）層面是用價格來抵銷通膨，但短期內我們確實預期會有一些毛利率稀釋。

I'd say we're not recovering fully in every quarter, just timing disconnects between tariffs hitting the P&L and price taken last year. But to your question on price for the full year, we do expect price to be up mid-single digits.

我會說我們並不是每一季都能完全回收，主要是關稅進入損益表的時間點，與去年採取的調價之間存在時間落差。但就你問的全年價格而言，我們確實預期價格將上升中個位數百分比。

And I see it's fairly consistent at that level, both across the quarters sequentially as well as each of the segments. It might be helpful just to talk phasing a little bit. I know we touched on it earlier, but first half price cost headwind we talked about mostly tariffs, those higher peak rates coming off from last year, second half tailwind, although I want to clarify, most of that tailwind does come in Q4 when the comps on tariffs ease.

而且我看到這個水準相當一致，不論是各季的連續變化，或是各個事業部門都是如此。或許談一下節奏（phasing）會有幫助。我知道我們先前有提到，但上半年我們談到的價格/成本逆風主要是關稅，也就是去年較高的峰值稅率逐步消退；下半年則是順風，不過我想澄清，這個順風大多會在第四季出現，因為關稅的比較基期（comps）會變得較容易。

It's worth distinguishing too between timing of inflation on the P&L, right? We have that tariff impact almost all being felt in the first half, whereas the inflation, both commodities and freight is about one-third in the first half and two-thirds in the second half.

也值得區分一下通膨在損益表上的時間點，對吧？關稅影響幾乎都在上半年反映；而通膨（包含大宗商品與運費）則約三分之一在上半年、三分之二在下半年。

So we're going to continue to action against all of our productivity initiatives, identify cost actions, which that $15 million is included, again, more weighted to fourth quarter. So going back to Dave's earlier point, we really start to see operating margin year-on-year improvement not until fourth quarter and we get through some of those dynamics.

因此我們會持續推進所有生產力提升計畫，找出降本措施，其中也包含那 1,500 萬美元，而且同樣更偏向在第四季反映。所以回到 Dave 先前的重點，我們要到第四季、並且度過其中一些動態因素之後，才會真正看到營業利益率的年對年改善。

The other thing, Trevor, I'd just add, just to be clear, the guidance assumes that the current tariff environment persists for the full year. So that any 122s are ultimately replaced by 301s in kind. And so there's no kind of tariff benefit coming in the back half of the year from a change in environment.

另外一點，Trevor，我再補充一下，為了說清楚：我們的指引假設目前的關稅環境會持續整個年度。也就是任何 122 最終都會以同等方式被 301 取代。因此，下半年不會因環境改變而帶來任何關稅上的好處。

Okay. That was extremely helpful. And then the second question is on the lower margin outlook for the year. You just walked through a lot of the moving parts on some of the inflationary impacts in the first half, second half dynamics.

好的。這非常有幫助。第二個問題是關於今年較低的毛利率展望。你剛剛已經說明了很多變動因素，包括上半年一些通膨影響、以及下半年的動態。

But you also -- in your prepared remarks, you called out a couple of new branding campaigns as well. So are you guys as part of that lower margin guidance also assuming some additional brand spend and investment back into the business here more so than you were previously anticipating?

但你也——在事先準備的發言中——提到幾個新的品牌行銷活動。所以你們在這個較低毛利率指引中，是否也假設會有額外的品牌支出與對業務的投資，比你們先前預期的更多？

Yeah. I'd say consistent levels, we will look to accelerate as we drive operational improvement, but we're preserving the levels and not reducing them even though the volume is coming down. So I think about the margin impact from the reduced guide really being the flow-through from volume and then us offsetting the incremental inflationary headwinds, but really preserving those investments in branding and product development where we need to accelerate.

是的。我會說維持一致的水準；隨著我們推動營運改善，我們會尋求加速，但即使銷量下滑，我們也會維持這些水準而不削減。所以我認為，調降指引對毛利率的影響主要來自銷量的傳導效應（flow-through），以及我們抵銷額外通膨逆風；但我們確實會保留在品牌與產品開發上的投資，因為那是我們需要加速的地方。

Appreciate all the color and good luck moving forward.

感謝你提供的所有細節，祝後續進展順利。

Michael Rehaut, JPMorgan.

Michael Rehaut，摩根大通（JPMorgan）。

First, I just wanted to better understand the -- some of the tariff dynamics. I believe you said that if I heard it right, the net impact of the changes this past year was to actually increase your exposure.

首先，我想更清楚了解——一些關稅動態。我相信你說的是，如果我沒聽錯的話，過去一年這些變動的淨影響其實是增加了你們的曝險。

I think that's in a little bit of contrast to some of the other building product companies that we cover. So I just want to understand if I heard that right and what the drivers are and if there's any points of distinction that maybe is creating this incremental headwind versus some other companies seeing a little bit of a net favorable impact?

我覺得這和我們所覆蓋的其他建材公司有些對比。所以我想確認我是否聽對了、驅動因素是什麼，以及是否有任何差異點，導致你們相較於其他公司（可能看到一些淨利多影響）出現額外的逆風？

Yeah. Let me -- you might be confusing, Mike, the tariff versus the total inflation. And so let me take that, and I can break it down simply. So total inflation, inclusive of tariffs now $180 million. Our prior guide was $140 million.

是的。讓我——Mike，你可能把關稅和總通膨混在一起了。所以我來回答這點，我可以簡單拆解。總通膨（包含關稅）現在是 1.8 億美元。我們先前的指引是 1.4 億美元。

In both of those guides, the tariff piece is $100 million. And so the net of all the change in tariffs between the 122 and the 232s and IEPA is effectively zero. So there's no incremental tariff exposure. The change in total inflation is driven by commodities and freight.

在這兩個指引中，關稅部分都是 1 億美元。因此，122、232 以及 IEPA 之間所有關稅變動的淨影響基本上為零。所以並沒有額外的關稅曝險。總通膨的變化是由大宗商品與運費所驅動。

Okay. And so then just to clarify then the difference between it being a net neutral versus versus other companies maybe seeing a little bit of a positive.

好的。那麼再澄清一下，為什麼你們是淨中性，而其他公司可能看到一些正面影響，這之間的差異是什麼。

Just kind of curious in terms of maybe what were the drivers of that. Before I cut off, I'll also throw out my second question. I just don't want to cut off, but it's more for Susan around the CEO search process.

我有點好奇，可能的驅動因素是什麼。在我被切斷之前，我也先提出第二個問題。我不想被切斷，但這題是要問 Susan，關於 CEO 搜尋流程。

I was just kind of curious if there's any way to kind of give us a sense of how far along the company is. She mentioned -- Susan, you mentioned that you've seen a lot of encouraging high-quality candidates. If this is something that we should expect 3Q, 4Q of 2027, if there's any type of framework we could be thinking about there?

我想了解是否有任何方式可以讓我們大概掌握公司目前進展到哪個階段。你提到——Susan，你提到你們看到很多令人鼓舞的高品質候選人。我們是否應該預期會在 2027 年第三季、第四季之類的時間點？是否有任何框架可以讓我們參考？

Yes. On the tariff piece, I think a couple of things. So one, as I mentioned, we're assuming current regime, current environment persists through the rest of the year.

是的。就關稅部分，我想有幾點。第一，如我提到的，我們假設目前的制度、目前的環境會持續到今年剩餘期間。

We also had some incremental headwind from the 232s, I'd say not a material amount, but it offset some of the benefits from IEPA, but I think that's probably the two main things around tariffs, just to clarify. The last piece there, I would say, important to note, we continue to progress with diversifying our supply chain out of China.

我們也受到 232 帶來的一些額外逆風；我會說金額不算重大，但它抵銷了 IEPA 的部分好處。我想關於關稅主要就是這兩點，特此澄清。最後一點我認為也很重要：我們仍持續推進供應鏈多元化，降低對中國的依賴。

By the end of this year, we'll be high single-digit sourced COGS from China with plans to be approaching 5% by the second half of '27. So really good progress by the team to reduce our China sourced exposure and pleased with progress on that front. And I'll turn it to Susan to talk about the search.

到今年年底，我們來自中國採購的COGS將降至高個位數百分比，並計畫在27年下半年接近5%。因此，團隊在降低我們對中國採購曝險方面取得了非常好的進展，我們也對這方面的進度感到滿意。接下來我把時間交給Susan談談搜尋進度。

Sure. Thanks, Dave. On the CEO search, unfortunately, I can't -- I'm not providing exact timing of the search right now, but I can assure you this is the top priority of the Board, and we expect the process to continue to move with pace. Importantly, though, we're focused on making sure we identify the right candidate and the right person for the job. So -- but again, moving with pace and focus.

好的。謝謝你，Dave。關於CEO的搜尋，很遺憾我目前無法——我現在不會提供搜尋的確切時間點，但我可以向各位保證，這是董事會的首要優先事項，我們預期流程將持續快速推進。不過更重要的是，我們專注於確保找到正確的候選人、也就是最適合這份工作的人選。所以——再次強調，會以速度與專注並進。

Stephen Kim, Evercore ISI.

Stephen Kim，Evercore ISI。

Appreciate all the color so far. I guess I just wanted to understand your new guidance, the reduction in the sales guide, is that primarily volume? Or is there a pricing offset in the net reduction of a couple of hundred basis points?

感謝目前為止提供的所有細節。我想我只是想了解你們新的指引，下調營收指引主要是因為銷量（volume）嗎？還是在下調幾百個基點的淨減幅中，有價格（pricing）抵銷的因素？

Hi, Steve. Yes, you're accurate. It is a volume reduction, no change in our pricing plans for the year.

嗨，Steve。是的，你的理解正確。這是銷量下修，我們今年的定價計畫沒有改變。

And so with respect to that, I know that you talked about the net impact of commodities plus tariffs, you were just talking about a modest increase. Is there expectation that you are ready to increase price? Is there a certain chain of events you're waiting for? Or should we regard this as really just conservatism? Or is there something that makes you think that this isn't really an environment to get price?

那就此而言，我知道你們談到大宗商品加上關稅的淨影響，你剛才說只是小幅增加。你們是否預期已準備好調漲價格？是否在等待某些事件的發生？或者我們應該把這視為只是保守預估？還是有什麼因素讓你們認為現在的環境不太適合漲價？

Yes. And Steve, as I touched on a little bit ago, I think there's opportunity for surgical price in areas where there's more inelastic demand, house of roll, some pieces of security. But I do go back to it, we've leaned on gross price a lot. I think it's really working our full playbook across the entire P&L all the levers that are available to offset inflation and really focus on how do we get our unit volume share back in the positive growth direction.

是的。Steve，正如我稍早提到的，我認為在需求較不具彈性的領域有機會做「精準式」調價，例如house of roll、以及部分安防（security）產品。但我也要回到一點：我們已經相當依賴提高名目價格（gross price）。我認為更重要的是在整個損益表（P&L）上運用完整的工具箱、動用所有可用的槓桿來抵銷通膨，並真正聚焦在如何讓我們的單位銷量市占回到正成長的方向。

Yes. You did mention that Dave. I guess where I was going with it is that I know that you -- in that environment, you've also talked about a reduction of costs and a focus on that. Maybe a better way to ask the question is, is there an opportunity here for you to address corporate level costs that could be taken out of the business? Is there a range of corporate expense, for example, that we might be thinking about for 2026 and a trajectory as we go through the year?

了解。你確實提到過這點，Dave。我想追問的是，我知道你們——在那樣的環境下，你們也談到要降成本並聚焦於此。或許換個方式問：你們是否有機會處理公司層級的成本，把一些費用從業務中移除？例如，對於2026年，我們應該如何看待公司費用（corporate expense）的區間，以及隨著年度推進的走勢？

Yeah. I think about it, Steve, as we look at the cost reduction efforts, I think about SG&A in total. corporates being a piece of that SG&A, but we look at SG&A in total and where do we need to take the cost out. And that's where the focus is right now. And some of that may show up in corporate, it likely will.

是的。Steve，我的看法是：在檢視降成本作為時，我會從整體SG&A來看；公司端（corporate）只是SG&A的一部分，但我們會看整體SG&A，找出需要在哪裡把成本降下來。這就是目前的重點。其中一部分可能會反映在公司端，而且很可能會。

Some of it will show up elsewhere in the business units, but it's really how do we get our structure to continue to be BU business unit led, supported by lean COEs. And I think there are areas where we haven't gone far enough yet to get to the desired outcome.

另外一些會出現在其他事業單位，但核心是：我們要如何讓組織架構持續以BU（business unit，事業單位）為主導，並由精實的COE（Centers of Excellence，卓越中心）支援。我認為在某些領域，我們目前做得還不夠，尚未達到期望的結果。

Phil Ng, Jeffries.

Phil Ng，Jefferies。

Dave, you talked about the desire to kind of improve service levels. Is that a function of you have to invest more head count? Is that just more focus, realigning incentive comp? And I think an earlier question, you talked about perhaps ceding some share or more to be done on water, particularly on the e-tail and the retail side of things. What exactly fell off and what you could actually improve on that side of the things to kind of restore share in that market?

Dave，你談到希望提升服務水準。這是因為需要投資更多人力（head count）嗎？還是只是更聚焦、重新調整獎酬激勵（incentive comp）？另外我想接續先前的問題，你提到在水（water）業務上可能讓出了一些市占，或在電商（e-tail）與零售端還有更多需要改善的地方。具體來說，是哪些地方出了問題？你們在那一端可以改善什麼，以在該市場恢復市占？

Yeah. I'll take both of those, Phil. Thanks. On the sales and operations planning question around service levels and inventory, the team has dug into it. It's really around process gaps, and we just weren't running a best-in-class process we actually have the team in place.

是的。Phil，我兩個問題都來回答。謝謝。關於銷售與營運規劃（S&OP）在服務水準與庫存上的問題，團隊已深入檢視。主要是流程上的缺口，我們沒有在執行真正同級最佳（best-in-class）的流程；其實我們已經把團隊配置到位了。

The investment has been made in the team. We have the tools in place. It's just putting the best-in-class process in place and following that rigorously. And so we've started down that path. It will take some time because these things are monthly cycles that you go through and you're working through the businesses, starting with water and going from there.

團隊的投資已經完成。工具也都到位。接下來就是建立同級最佳的流程並嚴格遵循。因此我們已經開始走這條路。這需要一些時間，因為這些是每月循環的作業，你要逐一在各個業務中推進，先從水業務開始，再往下延伸。

But it's really about process discipline and focus. And so which to me, gives me confidence we can get this thing fixed and sorted. And I think you've seen us in the past be able to drive inventory off the balance sheet when needed to do so, be able to serve our customers at high levels.

但本質上就是流程紀律與專注。因此，這讓我有信心我們可以把這件事修好並理順。我想大家也看過我們過去在需要時能把庫存從資產負債表上降下來，也能以高水準服務客戶。

So I think we can get back there. On the retail e-tail focus, I think it's a combination of a few things. So one, I touched a lot on new product development. We have to get better with our pace. We have to get better with our insights.

所以我認為我們可以回到那個狀態。至於零售與電商（e-tail）的聚焦，我認為是幾個因素的組合。第一，我談了很多新產品開發。我們必須提升推出節奏。我們必須更善用洞察（insights）。

And we have to get better using our entire supply base to do both of those things, get to market faster with better products that resonate with consumer and Pro. And on the e-tail side, the commercialization is a big opportunity, right? Do we have the right product display pages? Do we have the right content? Are we bundling effectively?

而且我們必須更善用整個供應基礎（supply base）來做到這兩點：以更快速度把更好的產品推向市場，並讓產品更能打動消費者與專業客群（Pro）。在電商端，商品化（commercialization）是一個很大的機會，對吧？我們是否有正確的產品展示頁？我們是否有正確的內容？我們是否有效地做組合銷售（bundling）？

Are we bringing e-commerce-specific SKUs effectively and really meeting that consumer where they are.

我們是否有效導入電商專屬SKU，並真正做到在消費者所在之處與其接觸、滿足其需求。

So I think it's -- again, it sounds like a lot of blocking and tackling, but it's things that we have done well in the past, and we'll continue to do well going forward as we get the team and the focus back in these areas.

所以我認為——再次強調，聽起來像是很多基本功與執行細節，但這些都是我們過去做得很好的事情；當我們把團隊與焦點重新拉回這些領域後，未來也會持續做得好。

Okay. On the security side of things, can you tease out how sellout trends looked in the quarter and progress? Because I think there was an element of destock that was weighing on the business. And when we kind of look at through the year. I believe you have some new products in working through some life cycle phase down. How should we think about the momentum in that business?

好的。在安防（security）方面，你能否拆解一下本季的終端銷售（sellout）趨勢與進展？因為我認為去庫存（destock）對業務造成了一些壓力。而當我們看全年走勢時，我相信你們有一些新產品，同時也在推進部分產品生命週期的下架（phase down）。我們應該如何看待該業務的動能？

Yeah. Happy to touch on that. So if you think about the down 6% in Security, I'd say it's partial inventory reductions coming out of the fourth quarter into the first quarter. And then a bit lower POS in retail and e-commerce. I attribute some of this to timing of those new product launches as they've moved from the first quarter into the second quarter.

是的。很樂意談談這點。如果你看安防業務下滑 6%，我會說部分原因是庫存從第四季到第一季有所去化。另外，零售與電商通路的 POS（銷售點）也略低。我把其中一部分歸因於新品上市時點的變動，因為它們從第一季延後到第二季。

Some of that investment to launch moved with it. So that's why the margin performance was in a pretty good spot. As I look forward, excited about the momentum we're building in Security. We have great brands there with Master Lock, SentrySafe and Yale.

部分用於上市的投資也隨之移動。所以這就是為什麼毛利表現仍處在相當不錯的位置。展望未來，我對我們在安防業務所建立的動能感到振奮。我們在那裡擁有很強的品牌，包括 Master Lock、SentrySafe 和 Yale。

You'll see new products coming with pace across all of those brands as we move into the second half. And we're launching a new commercialization of the entire Master Lock brand and shelf, which is going to make it much easier for consumers and pros to shop that category and get the security that they need. So excited about that momentum, and we'll see that continue to build as we get through the year.

隨著我們進入下半年，你會看到這些品牌都會以更快的節奏推出新品。而且我們正在對整個 Master Lock 品牌與貨架進行全新的商業化上市，這將讓消費者與專業人士更容易選購該品類，並獲得他們所需要的安全防護。因此對這股動能感到很興奮，並且隨著我們走過今年，會看到它持續增強。

Matthew Bouley, Barclays.

Matthew Bouley，巴克萊。

You have Elizabeth Langan on for Matt today. Just to start off, I think kind of similar to what you were speaking about with the channel on security. I was wondering if you could touch on that maybe in both outdoors and water, kind of what you're seeing? I know you mentioned that LARSON has seen lower inventory levels. If you could give any other commentary or details around that?

今天由 Elizabeth Langan 代替 Matt 上線。先從一個問題開始，我想這和你剛才談到安防通路的情況有點類似。我想請你也談談戶外與水務兩個業務，你們看到的情況是什麼？我知道你提到 LARSON 的庫存水位較低。你能否就此再提供一些評論或細節？

Yeah. Happy to. I'll start with outdoors because I think it's probably the most counter to what we would expect at this time of the year. I'd actually start with saying we saw growth in Therma-Tru, which was really nice to see. And that's despite the new construction headwinds and despite a very limited channel inventory build ahead of the spring season. And so inventory light in our Therma-Tru business.

是的。很樂意。我先從戶外業務談起，因為我認為在一年中的這個時點，它可能最不符合我們原本的預期。我會先說，我們看到 Therma-Tru 有成長，這點很令人欣慰。即便面臨新建住宅的逆風，而且在春季旺季前通路的庫存補建非常有限。因此，我們的 Therma-Tru 業務庫存偏輕。

And then in LARSON, we saw positive POS in the quarter, but we're lapping some pretty big load-ins of new products from last year as we reset the aisle at Lowe's. And we did not see that same level of inventory build. So it actually -- while sales were slightly down in LARSON, we had positive POS.

至於 LARSON，我們在本季看到 POS 為正，但我們正在對比去年在 Lowe's 進行走道重置時大量導入新品的高基期。而今年我們沒有看到同等程度的庫存補建。所以實際上——雖然 LARSON 的銷售略有下滑，但我們的 POS 是正的。

So in the outdoors business, we are winning share in doors and channel inventories remain lower than expected at this time of the year given the seasonal nature of things. In water, I'd say pretty similar. There has not been significant restocking in water across any of the channels. I think it's really a function of the demand environment and our customers not leaning into what is an uncertain spring season.

因此在戶外業務方面，我們在門類產品上正在搶占市占，而通路庫存也仍低於在這個季節性時點的預期。水務方面，我會說情況相當類似。在各個通路，水務業務都沒有出現顯著的補庫。我認為這主要反映需求環境，以及我們的客戶在面對不確定的春季銷售季時，並未積極加碼。

Okay. Thank you. And then I did have another question on fuel surcharges. Are you able to speak to your ability to maybe offset some of the freight impact that you're seeing? And if you could quantify, I think, of the incremental $40 million, how much of that is coming from freight versus inflated commodities?

好的。謝謝。我還有一個關於燃油附加費的問題。你能否談談你們是否有能力抵消目前看到的部分運輸影響？另外，如果可以量化的話，在新增的 4,000 萬美元中，有多少來自運費、又有多少來自大宗商品成本上漲？

Yeah. I think of the incremental $40 million, we're probably 1/4 or so coming from freight. And our guidance assumes that these elevated oil rates persist through the balance of the year given the geopolitical conflicts.

是的。我認為新增的 4,000 萬美元中，大概有四分之一左右來自運費。而我們的指引假設在地緣政治衝突的影響下，偏高的油價將在今年剩餘期間持續。

Freight surcharges are a lever we look at. It's interesting our customers tend to find them more cumbersome to implement. And so they prefer gross price increases, and that's where it's back to if we want to focus on driving volume and unit share, we need to use all the levers available to offset the inflation and not just price.

運輸附加費是我們會考量的一個槓桿。有趣的是，我們的客戶往往覺得它們在執行上更繁瑣。因此他們更偏好直接調升總體售價；而這也回到一點：如果我們要專注於推動銷量與單位市占，我們就需要運用所有可用的槓桿來抵消通膨，而不只是靠漲價。

This concludes our question-and-answer session for today. I will now turn the call back over to Dave Barry.

以上為我們今天的問答環節。我現在把電話交回給 Dave Barry。

Thank you. And I just want to thank everyone for your time today and just reiterate that we're taking decisive actions to strengthen our execution, optimize our structure and focus our resources on our highest returning opportunities. And we believe these steps, combined with the strength of our brands and our people will position us to drive improved performance over time. So we appreciate your continued support and look forward to updating you on our progress next quarter. Thank you.

謝謝。我也想感謝各位今天撥冗參與，並再次強調，我們正在採取果斷行動，以強化執行力、優化組織結構，並將資源聚焦在回報最高的機會上。我們相信，這些步驟結合我們品牌與團隊的實力，將使我們能在時間推進中帶動更佳的營運表現。因此我們感謝各位持續的支持，並期待在下個季度向各位更新我們的進展。謝謝。

Thank you, sir. Ladies and gentlemen, this does indeed conclude the conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines. Have yourselves a good evening.

謝謝您，先生。各位女士、先生，今天的電話會議到此確實結束。再次感謝各位出席。此刻也請各位掛斷電話線路。祝各位晚安。