Griffon Corp (GFF) 2025 Q3 法說會逐字稿

Greetings, and welcome to Griffon Corporation's fiscal third-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Griffon Corporation 2025 財年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the call over to Griffon Corporation's CFO, Brian Harris. Please go ahead, sir.

現在我想將電話轉給 Griffon Corporation 的財務長 Brian Harris。先生，請繼續。

Thank you. Good morning, and welcome to Griffon Corporation's third-quarter fiscal 2025 earnings call. Joining me for this morning's call is Ron Kramer, Griffon's Chairman and Chief Executive Officer. Our press release was issued earlier this morning and is available on our website at www.griffon.com. Today's call is being recorded, and the replay instructions are included in our earnings release.

謝謝。早安，歡迎參加 Griffon Corporation 2025 財年第三季財報電話會議。參加今天早上電話會議的還有 Griffon 董事長兼執行長 Ron Kramer。我們的新聞稿已於今天早上發布，可在我們的網站 www.griffon.com 上查閱。今天的電話會議已錄音，重播說明已包含在我們的收益報告中。

Our comments will include forward-looking statements about Griffon's performance. These statements are subject to risks and uncertainties that can change as the world changes. Please see the cautionary statements in today's press release and in our SEC filings. Finally, some of today's remarks will be adjusted for items that affect comparability between periods. These items are explained in our non-GAAP reconciliations included in our press release.

我們的評論將包括有關 Griffon 業績的前瞻性陳述。這些聲明受風險和不確定性的影響，並且會隨著世界的變化而變化。請參閱今天的新聞稿和我們向美國證券交易委員會提交的文件中提出的警告聲明。最後，今天的一些發言將針對影響時期間可比性的項目進行調整。這些項目在我們的新聞稿中的非公認會計準則對帳表中進行了解釋。

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

說完這些，我會把電話轉給羅恩。

Thanks, Brian. Good morning, everyone, and thanks for joining us. During the third quarter, our Home and Building Products segment continued its strong performance. For the first nine months, HBP profitability has exceeded our expectations with an EBITDA margin of 31.4%, driven by favorable price and mix. In the third quarter, our Consumer and Professional Products segment was significantly impacted by weak demand, coupled with increased tariffs disrupting historical customer ordering patterns, particularly at Hunter Fan.

謝謝，布萊恩。大家早安，感謝大家的收看。第三季度，我們的家居和建築產品部門持續保持強勁表現。前九個月，受有利的價格和產品組合的推動，HBP的獲利能力超出了我們的預期，EBITDA 利潤率達到 31.4%。第三季度，我們的消費品和專業產品部門受到需求疲軟的嚴重影響，加上關稅上調擾亂了歷史客戶訂購模式，尤其是在 Hunter Fan。

Notwithstanding the decrease in sales volume for the first nine months, CPP EBITDA margin has improved 270 basis points year over year. This profitability improvement reflects the hard work of our AMES US team, who successfully transitioned our manufacturing operations to an asset-light business model, thus increasing our flexibility and reducing our operating costs through leveraging our global sourcing capabilities.

儘管前九個月的銷售量有所下降，但 CPP EBITDA 利潤率比去年同期提高了 270 個基點。獲利能力的提升體現了 AMES 美國團隊的辛勤工作，他們成功地將我們的製造業務轉變為輕資產業務模式，從而透過利用我們的全球採購能力提高了我們的靈活性並降低了營運成本。

We've also seen solid performance from our team in Australia, including the contribution from our acquisition of Pope in July of 2024. Given our overall year-to-date performance, we are reaffirming full-year EBITDA guidance of $575 million to $600 million, while reducing our revenue expectations by $100 million to $2.5 billion as a result of the ongoing consumer weakness at CPP.

我們也看到了澳洲團隊的穩健表現，包括我們在 2024 年 7 月收購 Pope 的貢獻。鑑於我們今年迄今的整體業績，我們重申全年 EBITDA 指引為 5.75 億美元至 6 億美元，同時由於 CPP 持續的消費疲軟，我們將營收預期下調 1 億美元至 25 億美元。

Turning now to capital allocation, during the third quarter, we repurchased $40 million of our stock or 581,000 shares at an average price of $69.28 per share. At June 30, $320 million remained outstanding under the repurchase authorization. Since April 2023 and through June, we've repurchased $538 million of stock or 10.5 million shares at an average price of $51.15. These repurchases have reduced Griffon's outstanding shares by 18.4% relative to the total shares outstanding at the end of the second quarter of fiscal 2023.

現在談到資本配置，在第三季度，我們以每股 69.28 美元的平均價格回購了價值 4,000 萬美元的股票或 581,000 股。截至 6 月 30 日，根據回購授權，尚未償還的金額為 3.2 億美元。自2023年4月起至今年6月，我們已回購價值5.38億美元的股票，共1,050萬股，平均回購價格為51.15美元。這些回購使Griffon的流通股數量相對於2023財年第二季末的總流通股數減少了18.4%。

Also yesterday, the Griffon Board authorized a regular quarterly dividend of $0.18 per share, payable on September 16 to shareholders of record on August 29. This is our 56th consecutive quarterly dividend to shareholders. Our dividend has grown at an annualized compound rate of more than 18% since we initiated dividends in 2012. These actions reflect the strength and resiliency of our businesses as well as our continued confidence in our strategic plan and outlook.

此外，昨天，Griffon 董事會批准派發每股 0.18 美元的定期季度股息，將於 9 月 16 日支付給 8 月 29 日登記在冊的股東。這是我們連續第56個季度向股東派發股利。自 2012 年開始派發股利以來，我們的股利年複合成長率超過 18%。這些行動反映了我們業務的實力和彈性，以及我們對策略計畫和前景的持續信心。

I'll turn it over to Brian for more details of the financial results.

我將把財務結果的更多細節轉交給布萊恩。

Thank you, Ron. Third-quarter revenue of $614 million decreased 5% and adjusted EBITDA before unallocated amounts of $148 million increased 5%, both in comparison to the prior-year quarter. EBITDA margin before unallocated amounts was 24.1%, an increase of 240 basis points. Gross profit on a GAAP basis for the quarter was $265 million compared to $249 million in the prior-year quarter.

謝謝你，羅恩。第三季營收 6.14 億美元，下降 5%，調整後未分配金額前的 EBITDA 1.48 億美元，成長 5%，均與去年同期相比有所下降。未分配金額前的 EBITDA 利潤率為 24.1%，增加了 240 個基點。以 GAAP 計算，本季毛利為 2.65 億美元，去年同期為 2.49 億美元。

Excluding items that affect comparability from prior-year period, gross profit of $265 million was consistent with the prior year. Normalized gross margin increased year over year by 230 basis points to 43.2%. During the third quarter, we recorded a pretax charge of $244 million for impairment on goodwill and indefinite-lived intangible assets related to the acquisition of Hunter Fan. This charge was caused by ongoing weak consumer demand, coupled with the impact of increased tariff disrupting historical customer ordering patterns.

剔除影響與去年同期可比較的項目，2.65億美元的毛利與去年持平。標準化毛利率年增230個基點至43.2%。第三季度，我們記錄了與收購 Hunter Fan 相關的商譽和無限期無形資產減損的 2.44 億美元稅前費用。此項收費是由於持續疲軟的消費者需求，加上關稅上調擾亂了歷史客戶訂購模式的影響所造成的。

Third-quarter GAAP selling, general, and administrative expenses were $391 million. Excluding items that affect comparability from the current and prior-year quarters, SG&A expenses were $147 million or 23.9% of revenue compared to the prior year of $155 million, which also reflected 23.9% of revenue. Third-quarter GAAP net loss was $120 million or $2.65 per share compared to net income of $41 million in the prior-year quarter or $0.84 per share. Excluding items that affect comparability from both periods, current quarter adjusted net income was $69 million or $1.50 per share compared to the prior year of $61 million or $1.24 per share.

第三季 GAAP 銷售、一般及行政費用為 3.91 億美元。不包括影響本季和去年同期可比性的項目，銷售、一般和行政費用為 1.47 億美元，佔收入的 23.9%，而去年同期為 1.55 億美元，也佔收入的 23.9%。第三季 GAAP 淨虧損為 1.2 億美元，即每股 2.65 美元，去年同期淨收入為 4,100 萬美元，即每股 0.84 美元。排除兩個時期影響可比性的項目，本季調整後淨收入為 6,900 萬美元或每股 1.50 美元，而去年同期為 6,100 萬美元或每股 1.24 美元。

Corporate and unallocated expenses, excluding depreciation in the quarter, were $13 million compared to $15 million in the prior-year quarter. Free cash flow during the quarter was $115 million compared to $120 million in the prior-year quarter. During the quarter, capital expenditures were $9 million compared with $15 million in the prior-year quarter.

本季公司及未分配費用（不含折舊）為 1,300 萬美元，去年同期為 1,500 萬美元。本季自由現金流為 1.15 億美元，去年同期為 1.2 億美元。本季資本支出為 900 萬美元，而去年同期為 1,500 萬美元。

Regarding our segment performance, revenue for Home and Building Products of $400 million increased 2% from the prior year, driven by favorable price and mix of 3%, partially offset by decreased volume of 1%. Adjusted EBITDA for HBP of $129 million increased by 9% compared to the prior-year quarter, driven by increased revenue and reduced material costs, partially offset by increased labor costs.

關於我們的分部業績，家居和建築產品部門的收入為 4 億美元，較上年增長 2%，這得益於有利的價格和 3% 的產品組合增長，但銷量下降 1% 部分抵消了這一增長。HBP 的調整後 EBITDA 為 1.29 億美元，較去年同期成長 9%，這得益於收入增加和材料成本降低，但被勞動成本增加部分抵銷。

Consumer and Professional Products revenue of $213 million decreased 16% compared to the prior-year quarter, primarily driven by decreased volume of 19% due to reduced consumer demand across all geographic regions, except Australia, and disrupted historical customer ordering patterns in the US due to increased tariffs.

消費品和專業產品收入為 2.13 億美元，與去年同期相比下降了 16%，主要原因是除澳洲以外所有地區的消費者需求減少導致銷售下降 19%，以及由於關稅提高導緻美國歷史客戶訂購模式被打亂。

CPP benefited from price and mix of 2%, and incremental revenue from the Pope acquisition contributed 1%. CPP-adjusted EBITDA decreased by 14% from the prior-year quarter to $19 million, primarily due to the revenue decrease noted above, partially offset by the benefits from the US global sourcing expansion initiative, improved margins across all geographic regions, and reduced administrative expenses. Foreign currency had a 1% unfavorable impact.

CPP 受益於價格和產品組合 2%，而 Pope 收購帶來的增量收入貢獻了 1%。CPP 調整後的 EBITDA 較去年同期下降 14% 至 1,900 萬美元，主要由於上述收入減少，但被美國全球採購擴張計劃帶來的好處、所有地理區域利潤率的提高以及管理費用的減少部分抵消。外幣產生了1%的不利影響。

Regarding our balance sheet and liquidity, as of June 30, 2025, we had net debt of $1.3 billion and net debt-to EBITDA leverage of 2.5 times as calculated based on our debt covenants compared to 2.7 times leverage at the end of last year's third quarter. Our net debt and leverage are less than our year-end September 2024, even after returning $145 million to shareholders through dividends and stock buybacks during the first three quarters of the year.

關於我們的資產負債表和流動性，截至 2025 年 6 月 30 日，我們的淨債務為 13 億美元，根據債務契約計算的淨債務與 EBITDA 槓桿率為 2.5 倍，而去年第三季末的槓桿率為 2.7 倍。即使今年前三個季度透過股息和股票回購向股東返還了 1.45 億美元，我們的淨債務和槓桿率仍低於 2024 年 9 月底的水平。

Regarding our outlook, we now expect revenue to be $2.5 billion versus the prior expectation of $2.6 billion. The $100 million reduction is attributable to our CPP segment, which reflects ongoing weak consumer demand, coupled with the impact of increased tariffs disrupting historical customer ordering patterns, in particular for Hunter.

關於我們的展望，我們現在預期營收為 25 億美元，而先前的預期為 26 億美元。1 億美元的減少歸因於我們的 CPP 部門，這反映了持續疲軟的消費者需求，再加上關稅上調對歷史客戶訂購模式的影響，尤其是對 Hunter 而言。

We are reaffirming segment-adjusted EBITDA guidance of $575 million to $600 million, with the upper end of the range reflecting potential incremental volume. We now expect HBP segment margin in excess of 31% versus prior guidance of in excess of 30%. For CPP, we now expect margin of approximately 8% versus our prior guidance of an excess of 9% due to the reduction in volume impacting revenue and the related effect on overhead absorption.

我們重申分部調整後的 EBITDA 指引為 5.75 億美元至 6 億美元，範圍的上限反映了潛在的增量。我們現在預計 HBP 部門利潤率將超過 31%，而先前的預期是超過 30%。對於 CPP，由於銷售量減少影響了收入以及對間接費用吸收的相關影響，我們現在預期利潤率約為 8%，而我們先前的預測為超過 9%。

Regarding the remaining elements of our 2025 guidance, we now expect net interest expense to be $95 million versus our prior guidance of $102 million, capital expenditures of $60 million versus our prior guidance of $65 million. We continue to expect free cash flow to exceed net income, depreciation of $42 million, amortization of $23 million, and a normalized tax rate of approximately 28%.

關於我們 2025 年指引的其餘部分，我們現在預計淨利息支出為 9,500 萬美元，而我們先前的指引為 1.02 億美元，資本支出為 6,000 萬美元，而我們先前的指引為 6,500 萬美元。我們繼續預期自由現金流將超過淨收入、折舊 4,200 萬美元、攤提 2,300 萬美元以及約 28% 的正常稅率。

Now I'll turn the call back over to Ron.

現在我將把電話轉回給羅恩。

Thanks Brian. We continue to generate solid profitability and free cash flow through three quarters despite CPP seeing weak consumer demand and tariff-related disruptions and customer buying patterns. With respect to our capital allocation, we remain committed to using the strong operating performance and free cash flow of our businesses to drive a capital allocation strategy that delivers long- term value for our shareholders.

謝謝布萊恩。儘管 CPP 的消費者需求疲軟、關稅相關中斷以及客戶購買模式出現問題，但我們在三個季度中繼續保持穩健的獲利能力和自由現金流。關於我們的資本配置，我們仍然致力於利用我們業務的強勁經營業績和自由現金流來推動為股東帶來長期價值的資本配置策略。

This portion of our strategy includes investing in our businesses, opportunistically repurchasing shares, and reducing debt. So far this year, we've returned $145 million to shareholders in the form of dividends and share repurchases while simultaneously reducing debt by $76 million and reducing our overall leverage to 2.5 times.

我們的策略的這一部分包括投資我們的業務、機會性地回購股票和減少債務。今年到目前為止，我們已以股息和股票回購的形式向股東返還了 1.45 億美元，同時減少了 7,600 萬美元的債務，並將整體槓桿率降低至 2.5 倍。

As I reiterate that we continue to expect to generate a total of over $1 billion of free cash flow during this fiscal year and the next two, we're encouraged by the strong momentum in key growth areas and remain optimistic about the opportunities that lie ahead. We view our stock as a compelling value. Finally, I'd like to express my appreciation to our Griffon team around the world who have been able to remain focused on executing our strategy while competing in this challenging and dynamic environment.

我重申，我們預計本財年和未來兩個財年將產生總計超過 10 億美元的自由現金流，關鍵成長領域的強勁勢頭令我們感到鼓舞，我們對未來的機會保持樂觀。我們認為我們的股票具有極高的價值。最後，我要向世界各地的 Griffon 團隊表示感謝，他們能夠在這個充滿挑戰和活力的環境中競爭的同時，始終專注於執行我們的策略。

Operator, we're now ready for questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Bob Labick, CGS Securities.

（操作員指示）CGS 證券的 Bob Labick。

Hi, it's actually Lee Jagoda for Bob this morning.

大家好，今天早上我是 Lee Jagoda，為 Bob 主持的。

Good morning, Lee.

早安，李。

Good morning. Ron, can you start just on CPP and maybe talk to your pricing strategy there and whether price has gone in for tariffs and how the retailers have reacted?

早安.羅恩，您能否從 CPP 開始，談談您的定價策略，以及價格是否已納入關稅，以及零售商的反應如何？

Yeah, I'll take it. Yeah, we have, in certain instances, put through price. However, given the sensitive nature of ongoing customer discussions and our mitigation actions, we're not in a position to really give much more detail.

是的，我會接受的。是的，在某些情況下，我們會定價。然而，考慮到正在進行的客戶討論和我們的緩解措施的敏感性，我們無法提供更多細節。

Okay. And then obviously, given the guidance, it's impacting the sell in. Can you talk to the sell-through trends that you're seeing at retail?

好的。顯然，根據指導，它會影響銷售。您能談談您在零售業看到的銷售趨勢嗎？

Yes. Retail continues to see reduced POS. During this past quarter, certainly in the Northeast, weather was a bit of a factor, along with the ongoing weak consumer and also people pulling back further from the concerns about tariffs and inflation.

是的。零售業 POS 持續減少。在過去的一個季度，尤其是在東北地區，天氣是一個影響因素，此外消費持續疲軟，人們也進一步淡化了對關稅和通膨的擔憂。

Robert Schultz, Baird.

羅伯特舒爾茨，貝爾德。

Hey, guys, thanks for taking questions. Just wanted to first ask on HBP. I saw that you called out price/mix was positive. And I think you guys have put some price increases there. But just curious how price realization is tracking relative to your initial expectations.

嘿，夥計們，感謝你們回答問題。我只是想先詢問一下 HBP。我看到您說價格/組合是積極的。我認為你們已經提高了一些價格。但我只是好奇價格實現情況相對於您最初的預期如何。

Generally, it's tracking in line. In that business, when we put price increases through, they are generally taken by the market.

一般都是線上跟蹤。在該行業，當我們提高價格時，市場通常會接受。

Got it. And then on HBP demand, what are you seeing between the different end markets there just on the residential, commercial, and then new construction side?

知道了。那麼，就 HBP 需求而言，您在住宅、商業和新建築方面的不同終端市場之間看到了什麼？

Sure. New construction is a small part of our business, less than 10% of HBP. And we play mostly in the higher end of the market and in the repair and remodel side. Generally, commercial continues to be soft compared to years past. But our business overall, if you look at it from pre-pandemic until now, is up significantly. On the residential side, the high-end consumer continues to be active, and our products continue to do well, where the lower end and the new construction side is somewhat weaker.

當然。新建築只是我們業務的一小部分，不到 HBP 的 10%。我們主要涉足高端市場以及維修和改造領域。總體而言，與過去幾年相比，商業活動持續保持疲軟。但如果從疫情前到現在來看，我們的業務整體來說是大幅成長的。在住宅方面，高端消費者繼續活躍，我們的產品繼續表現良好，而低端和新建築方面則略顯疲軟。

Trey Grooms, Stephens Inc.

Trey Grooms，Stephens 公司

Hey, good morning, everyone. Thanks for taking the questions. So the CPP business, we were kind of thinking, I guess, as we entered this year anyway that maybe we could start to see some pickup at least in consumer and the consumer weakness maybe shifting a little bit towards the back half of this year. Clearly, that's been extended for everybody for understood reasons. And I know it's tough to have any kind of a crystal ball at this point, but how are you guys thinking about timing of maybe a potential rebound on the CPP side of the business from a -- just from a demand standpoint?

嘿，大家早安。感謝您回答這些問題。因此，對於 CPP 業務，我想，無論如何，當我們進入今年時，我們可能會開始看到至少消費者業務有所回升，而消費者業務的疲軟可能會在今年下半年有所轉變。顯然，出於可以理解的原因，這一期限已延長至所有人。我知道現在很難有任何水晶球，但從需求的角度來看，你們如何看待 CPP 業務可能出現反彈的時機？

It's hard to really project when the consumer will come back, I would say, once tariffs settle into a more known area, which we're slowly getting more information. But we don't have complete information yet that the consumer will see and start to feel more confident and come back to spending again. But to give you an exact time is not realistic for me to do.

我想說，一旦關稅穩定在一個更為人所知的範圍內，很難真正預測消費者何時會回來，我們正在慢慢獲得更多資訊。但我們還沒有掌握消費者將會看到並開始感到更有信心並再次消費的完整資訊。但對我來說，給你一個確切的時間是不切實際的。

Yeah, Trey, it's Ron. I'll just add to it that we have the best brands, and we're committed to our global sourcing asset-light model, which we think gives us flexibility. So we have a business that -- particularly, the Hunter side is at a low point. It will recover. How long it will take to recover, your guess is as good as ours. But these are solid brands and businesses that, over time, we expect to generate significantly more revenue and profitability from.

是的，特雷，我是羅恩。我只想補充一點，我們擁有最好的品牌，我們致力於全球採購輕資產模式，我們認為這為我們提供了靈活性。因此，我們的業務——尤其是 Hunter 業務——正處於低谷。它會恢復的。需要多長時間才能恢復，你的猜測和我們的一樣好。但這些都是可靠的品牌和企業，隨著時間的推移，我們預計它們將產生更多的收入和獲利能力。

Yeah, fair enough. And I guess on that point, could you give us an update kind of where we are on the global sourcing initiative as far as timing? Is that still on track with your expectations? And CPP margins, clearly showing some signs of improvement, but any update on how you're thinking about the longer-term margin targets there and maybe the timing as far as hitting those targets on CPP?

是的，很公平。我想就這一點而言，您能否向我們介紹一下我們在全球採購計劃方面的最新進展？這是否仍然符合您的期望？CPP 利潤率明顯顯示出一些改善的跡象，但您對長期利潤率目標的看法如何，以及實現 CPP 目標的時機如何？

Yes, we're committed to the global sourcing. All of the actions are behind us. We have optionality on where we're going to be sourcing from. And long term, our target is 15% margins in that business.

是的，我們致力於全球採購。所有的行動都已過去。我們可以選擇從哪裡採購。從長遠來看，我們的目標是該業務的利潤率達到 15%。

(technical difficulty)

（技術難度）

(inaudible) On HBP, you called out that material cost tailwind in the press release, I believe. Can you just talk about what drove that, sort of how those costs are tracking to the fiscal fourth quarter and maybe give a little bit of extra color on the impact of steel here? And then with the updated guide, just how should we think about the long-term EBITDA margin in the HBP business?

（聽不清楚）關於 HBP，我相信您在新聞稿中提到了材料成本順風。您能否談談造成這現象的原因，這些成本如何追蹤到財政第四季度，並稍微解釋一下鋼鐵的影響？那麼，根據更新後的指南，我們應該如何看待 HBP 業務的長期 EBITDA 利潤率？

Sure. From a material standpoint, yes, we did have a tailwind this quarter compared to last year's quarter. Right now, steel, we believe from here forward, we will be roughly stable from a pricing standpoint. And if you look at steel over the last three years on average, in each year, though there's been ups and downs during that time, steel has actually been in a pretty tight band. As far as margins in the business, we have a long-term target of better than 30%. We don't see any change to that. In the shorter term, for the remainder of this year, we see 31% or better. (multiple speakers)

當然。從實質角度來看，是的，與去年同期相比，本季我們確實遇到了順風。目前，我們相信從現在開始，鋼鐵的價格將大致保持穩定。如果你看一下過去三年的平均鋼鐵價格，你會發現，雖然每年都有起伏，但鋼鐵價格實際上一直處於相當緊張的區間。就業務利潤率而言，我們的長期目標是超過 30%。我們沒有看到任何變化。從短期來看，今年剩餘時間內，我們預計成長率將達到 31% 或更高。（多位發言者）

Imagine what the business will be like when the housing market gets good.

想像一下，當房地產市場好轉時，生意會是什麼樣子。

Exactly, okay. And then I guess pivoting to the CPP side, I mean, the demand obviously or environment is obviously weak. But I think it would be helpful just to understand if margins can expand from the 9% levels you just reported and maybe the 8% you're expecting for the full year, if you don't see improvements in the demand backdrop. I guess I'm just trying to get a sense of how much of the global supply chain initiatives that you've taken is already in margins versus how much more is to come, just given sort of changes in inventory and things like that.

確實，好的。然後我想轉向 CPP 方面，我的意思是，需求或環境顯然很弱。但我認為，如果您沒有看到需求背景的改善，那麼了解利潤率是否可以從您剛剛報告的 9% 水平以及您預期的全年 8% 水平擴大將會很有幫助。我想我只是想了解一下，你們所採取的全球供應鏈措施中有多少已經實現了利潤，以及考慮到庫存等因素的變化，還有多少可以實現利潤。

Yeah, there's still benefits to be had as we diversify the supply chain itself. But to get to our 15%, we're going to need the consumer to come back.

是的，當我們實現供應鏈本身的多樣化時，我們仍然可以獲得好處。但為了達到 15% 的目標，我們需要消費者的回歸。

Josh Wilson, Raymond James.

喬許威爾森、雷蒙詹姆斯。

Good morning. Thanks for taking my questions.

早安.感謝您回答我的問題。

Good morning, Josh.

早安，喬希。

Just a couple of housekeeping ones for me. And sorry if I missed these earlier, but is your corporate guidance still $55 million for the year in the EBITDA calculation?

對我來說只是一些家事。如果我之前沒有註意到這些，請見諒，但貴公司今年的 EBITDA 計算指導金額是否仍為 5500 萬美元？

Yes, it is.

是的。

Okay. And then your inventory days picked up a fair amount year on year. How much of that was related to cost inflation versus buildup from the order patterns being disrupted or other factors?

好的。然後你的庫存天數逐年增加。其中有多少與成本上漲有關，有多少是與訂單模式被打亂或其他因素造成的成本增加有關？

Yeah, inventory is a little higher than we would really generally expect as the consumer has slowed down, which, of course, in turn, has our customers ordering less.

是的，由於消費放緩，庫存比我們普遍預期的要高一些，這當然反過來導致我們的客戶訂購量減少。

Julio Romero, Sidoti & Company.

胡里奧·羅梅羅，西多蒂公司。

Good morning. This is Alex on for Julio. Thanks for taking questions.

早安.這是 Alex 為 Julio 表演的。感謝您的提問。

Good morning, Alex.

早安，亞歷克斯。

First question was, just given the revised revenue guidance, could you talk about your confidence around the drivers of the full-year EBITDA guidance?

第一個問題是，鑑於修訂後的收入指引，您能否談談您對全年 EBITDA 指引驅動因素的信心？

Well, performance year-to-date is -- gives us the confidence, particularly in the Home and Building Products segment, which continues to perform well. Our margin in that business is ahead of our original guide of 30% or better. We now see 31% or better for the year, and that's a significant pickup. Conversely, on the CPP side, the weak demand is affecting our margin as well as our expected results.

嗯，今年迄今為止的表現給了我們信心，特別是在家居和建築產品領域，該領域繼續表現良好。我們在該業務中的利潤率超出了我們最初預期的 30% 或更高。我們現在預計今年的成長率將達到 31% 或更高，這是一個顯著的成長。相反，在CPP方面，疲軟的需求正在影響我們的利潤率以及預期結果。

Thank you, and as a follow up to that, are there any new cost optimization or automation initiatives underway that are kind of at work behind the scenes to protect margins?

謝謝，作為後續問題，是否有任何新的成本優化或自動化舉措正在進行中，以在幕後發揮作用以保護利潤率？

Yeah, well, it's really an ongoing process. We are regularly investing in automation and efficiency projects. We do have an ongoing project, in particular, on the Home and Building Products side that's been going on for about two years now, which involves automation and new equipment, preparing us for future demand.

是的，這確實是一個持續的過程。我們定期投資自動化和效率項目。我們確實有一個正在進行的項目，特別是在家居和建築產品方面，該項目已經進行了大約兩年，涉及自動化和新設備，為我們未來的需求做好準備。

And I'll just add that Clopay is the leader in the -- both residential and commercial door business. It's got innovation and technology in its pipeline. And its ability to continue to grow its products, its diversification, and expansion of its commercial business is ongoing. And the strength of our dealer network, positioning of the brand, we're nowhere near full peak earnings of that business.

我還要補充一點，Clo​​pay 是住宅和商業門業務的領導者。它擁有創新和技術。並且其產品不斷成長、商業業務多樣化和擴張的能力仍在持續增強中。而我們的經銷商網路的實力、品牌的定位，還遠遠未達到該業務的獲利高峰。

Thank you, sir. Ladies and gentlemen, we have reached the end of our question-and-answer session. And I would now like to turn the call back over to Ron Kramer for any closing remarks. Please go ahead.

謝謝您，先生。女士們、先生們，我們的問答環節已經結束。現在我想將電話轉回給 Ron Kramer 做結束語。請繼續。

Thank you. We look forward to working hard and continuing to deliver excellent results, and we'll speak to you this fall.

謝謝。我們期待努力工作並繼續取得優異的成績，我們將在今年秋天與您交談。

Thank you, sir. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your line.

謝謝您，先生。女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路了。