Graco Inc (GGG) 2025 Q3 法說會逐字稿

Good morning, and welcome to the third-quarter conference call for Graco Inc. If you wish to access the replay for this call, you may do so by visiting the company website at www.graco.com. Graco has additional information available in the PowerPoint slide presentation, which is available as part of the webcast player. At the request of the company, we will open the conference up for questions and answers after the opening remarks from management.

早安，歡迎參加格雷科公司第三季財報電話會議。如果您想收聽本次電話會議的錄音回放，請造訪本公司網站 www.graco.com。格雷科公司在 PowerPoint 簡報中提供了更多信息，該簡報已整合到網路直播播放器中。應公司要求，在管理層致開幕詞後，我們將開放問答環節。

During this call, various remarks may be made by management about their expectations, plans and prospects for the future. These remarks constitute forward-looking statements for the purposes of the safe harbor provisions of the Private Securities Litigation Reform Act. Actual results may differ materially from those indicated as a result of various risk factors, including those identified in Item 1A of the company's 2024 annual report on Form 10-K and in Item 1A of the company's most recent quarterly report on Form 10-Q. These reports are available on the company's website at www.graco.com, and the SEC's website at www.sec.gov.

在這次電話會議中，管理層可能會就他們對未來的期望、計劃和前景發表各種評論。這些言論構成《私人證券訴訟改革法案》安全港條款所指的前瞻性聲明。由於各種風險因素，實際結果可能與所示結果有重大差異，這些風險因素包括公司 2024 年 10-K 表格年度報告第 1A 項和公司最新 10-Q 表格季度報告第 1A 項中確定的風險因素。這些報告可在公司網站 www.graco.com 和美國證券交易委員會網站 www.sec.gov 上查閱。

Forward-looking statements reflect management's current views and speak only as of the time they are made. The company undertakes no obligation to update these statements in light of new information or future events. I will now turn the conference over to Chris Knutson Vice President, Controller and Chief Accounting Officer.

前瞻性陳述反映了管理階層目前的觀點，並且僅代表其作出時的觀點。本公司不承擔因新資訊或未來事件而更新這些聲明的義務。現在我將把會議交給副總裁、財務總監兼首席會計官克里斯·克努森。

Good morning, everyone, and thank you for joining our call. I'm here today with Mark Sheahan and David Lowe. I will provide a brief overview of our quarterly results before turning the call over to Mark for more commentary.

各位早安，感謝各位參加我們的電話會議。今天我和馬克·謝漢以及大衛·洛一起來到這裡。在將電話會議交給馬克進行更詳細的評論之前，我將簡要概述我們的季度業績。

Yesterday, Graco reported third quarter sales of $543 million, an increase of 5% from the same quarter last year. Excluding acquisitions, which contributed 6% growth and currency translation, which contributed another 1% growth, organic sales declined 2% in the quarter. Reported net earnings increased 13% to $138 million or $0.82 per diluted share. During the quarter, we recognized a $14 million noncash gain from a reduction in the fair value of contingent consideration related to last year's acquisition of COROB. This gain is an unallocated corporate operating expense, excluding the impact of excess tax benefits from stock option exercises and this contingent consideration fair value gain, adjusted non-GAAP net earnings was $0.73 per diluted share, an increase of 3%.

昨天，格雷科公司公佈第三季銷售額為 5.43 億美元，比去年同期成長 5%。剔除收購（貢獻了 6% 的成長）和匯率變動（貢獻了 1% 的成長）的影響，本季有機銷售額下降了 2%。報告顯示，淨利潤成長 13% 至 1.38 億美元，即每股攤薄收益 0.82 美元。本季度，我們確認了 1,400 萬美元的非現金收益，這是由於去年收購 COROB 相關的或有對價的公允價值減少所致。這項收益是未分配的公司營運費用，不包括股票選擇權行使帶來的超額稅收優惠和這項或有對價公允價值收益的影響，調整後的非GAAP淨收益為每股攤薄收益0.73美元，增長3%。

The gross margin rate was flat compared to the same quarter last year. The effects of our targeted interim pricing actions started to be realized during the quarter, offsetting higher product costs resulting from lower factory volume, unfavorable effects of lower margin rates from acquired operations and incremental tariffs. Tariffs affected product costs by $5 million in the quarter, resulting in a 100 basis point decline in gross margin rate. Operating expenses decreased $6 million or 5% in the quarter. The decline was driven primarily by the recognition of the noncash gains related to the fair value contingent consideration reduction.

毛利率與去年同期持平。本季度，我們採取的有針對性的中期定價措施開始顯現效果，抵消了因工廠產量下降導致的產品成本上升、收購業務利潤率下降帶來的不利影響以及關稅增加等因素。關稅導致本季產品成本增加 500 萬美元，毛利率下降 100 個基點。本季營運支出減少了 600 萬美元，降幅為 5%。下降的主要原因是確認了與公允價值或有對價減少相關的非現金收益。

Excluding this gain, total operating expenses increased $8 million or 6%, driven by incremental expenses from acquisitions of $10 million. Excluding expenses of acquired operations, operating expenses declined $2 million.

除去這筆收益，總營運支出增加了 800 萬美元，增幅達 6%，主要原因是收購帶來的 1,000 萬美元增量支出。不計入收購業務的費用，營運費用減少了 200 萬美元。

Adjusted operating earnings increased $5 million or 3% during the quarter. Operating earnings as a percent of sales was 28% for the quarter and consistent with the same period last year. The adjusted effective tax rate was 20%, which is consistent with our expected full year tax rate of 19.5% to 20.5% on an as-adjusted basis. Cash provided by operations totaled $487 million for the year, an increase of $51 million or 12%.

本季調整後營業利潤增加 500 萬美元，增幅為 3%。本季營業利潤佔銷售額的28%，與去年同期持平。調整後的實際稅率為 20%，這與我們預期全年經調整後的稅率 19.5% 至 20.5% 相符。本年度經營活動產生的現金總額為 4.87 億美元，較上年增加 5,100 萬美元，增幅達 12%。

Improved inventory management from consolidating operations under One Graco and lower sales and earnings-based incentive payments drove the increase. Cash provided by operations as a percentage of adjusted net earnings was 146% for the quarter and 132% for the year-to-date. Significant year-to-date uses of cash include share repurchases of 4.4 million shares, totaling $361 million, dividends of $138 million and capital expenditures of $34 million. These cash uses were offset by share issuances of $32 million.

透過整合運營，Graco 提高了庫存管理水平，同時降低了銷售額和基於收益的激勵性付款，從而推動了成長。本季經營活動產生的現金流量佔調整後淨收益的 146%，年初至今的營業活動現金流量佔調整後淨收益的 132%。今年迄今，現金的主要用途包括回購 440 萬股股票，總計 3.61 億美元；支付股利 1.38 億美元；以及資本支出 3,400 萬美元。這些現金支出被 3,200 萬美元的股票發行所抵銷。

A few comments as we look forward to the rest of the year. Based on current exchange rates, assuming the same volumes, mix of products and mix of business by currency, as in 2024, movement in foreign currencies would have a 1% favorable impact on net sales and net earnings for the full year. Finally, projected unallocated corporate expenses and capital expenditures are $35 million to $38 million and $50 million to $60 million for the full year, respectively.

展望今年剩下的日子，我有幾點感想。根據目前的匯率，假設銷售量、產品組合和按貨幣劃分的業務組合與 2024 年相同，外匯波動將對全年淨銷售額和淨利潤產生 1% 的有利影響。最後，預計全年未分配的公司支出和資本支出分別為 3,500 萬美元至 3,800 萬美元和 5,000 萬美元至 6,000 萬美元。

I will now turn the call over to Mark for further segment and regional commentary.

現在我將把電話交給馬克，讓他對節目和地區情況進行進一步評論。

Thank you, Chris. Good morning, everyone. I'm pleased to report that sales were up 5% this quarter, with acquisitions contributing a strong 6% growth. This more than offset a modest 2% decline in organic revenue.

謝謝你，克里斯。各位早安。我很高興地報告，本季銷售額成長了 5%，其中收購貢獻了強勁的 6% 的成長。這足以抵銷有機收入2%的小幅下滑。

Our Contractor segment continues to face headwinds from subdued construction activity and cautious consumer sentiment in North America. The Industrial segment delivered a 1% sales increase, supported by acquisitions and favorable exchange rates. While growth occurred in many product categories, overall sales were set back by the timing of Powder Finishing System sales compared to last year. Expansion markets performed well, led by momentum in the semiconductor space. Third quarter order activity increased mid-single digits across all segments, driven by strategic pricing and steady demand.

由於北美建築活動低迷和消費者情緒謹慎，我們的承包商業務板塊持續面臨不利影響。工業板塊銷售額成長1%，這得益於收購和有利的匯率。雖然許多產品類別都實現了成長，但由於粉末塗裝系統銷售的時間表與去年相比，整體銷售額有所下降。擴張型市場表現良好，其中半導體領域的成長勢頭尤為強勁。受策略定價和穩定需求的推動，第三季所有細分市場的訂單活動均實現了中等個位數的成長。

Last year's third quarter had a nearly $25 million backlog reduction. Excluding this reduction, organic sales grew 4%, aligning with third quarter order rates. Backlog levels are stable and no significant challenges are expected for the rest of the year. Details on backlog reduction by segment are included in the conference call slide deck.

去年第三季積壓訂單減少了近 2,500 萬美元。剔除此次減產，有機銷售額成長了 4%，與第三季訂單成長率一致。積壓訂單量維持穩定，預計今年剩餘時間不會面臨重大挑戰。會議簡報中包含了按部門劃分的積壓訂單減少詳情。

We announced targeted price increases during the third quarter, and those efforts are gaining traction. These actions are helping to offset the impact of tariffs, which added $5 million in cost for third quarter and $9 million year-to-date. While pricing has not fully covered these costs yet, we expect this by the end of the year. Turning to segment performance.

我們在第三季宣布了有針對性的價格上漲計劃，這些措施正在取得成效。這些措施有助於抵消關稅的影響，關稅在第三季增加了 500 萬美元的成本，今年迄今增加了 900 萬美元的成本。雖然目前的定價尚未完全覆蓋這些成本，但我們預計到年底前將能夠實現。接下來分析細分市場表現。

The Contractor segment sales increased 8% for the quarter with acquisitions contributing 11%, more than offsetting a 3% decline in organic sales. Affordability concerns have continued to affect the North American construction market with declines in both the Pro Paint and the Home Center channels. Channel partners are managing inventory tightly in response to current conditions.

本季承包商業務部門銷售額成長 8%，其中收購貢獻了 11%，足以抵銷有機銷售額 3% 的下降。價格承受能力問題持續影響北美建築市場，專業油漆通路和家居中心通路均下滑。通路合作夥伴正在嚴格管理庫存，以應對當前情況。

On a positive note, Protective Coatings equipment sales had their best performance of the year. And Pavement products saw increased demand supported by infrastructure investments. Incoming orders grew low single digits in the quarter, giving us confidence heading into the fourth quarter.

值得一提的是，防護塗料設備的銷售表現達到了今年最佳水準。受基礎設施投資的推動，路面產品需求增加。本季新訂單量實現了個位數低成長，這讓我們對第四季充滿信心。

Industrial segment sales increased 1% in the quarter, with acquisitions and currency offsetting a 2% organic revenue decline. The Americas grew 3% organically, led by good demand in vehicle service and automotive OEM projects, particularly in Liquid Finishing Systems and Sealants and Adhesives. In EMEA, gains in Process Manufacturing were not enough to offset a drop in Vertical Powder Coating Systems due to project timing.

本季工業部門銷售額成長 1%，收購和匯率波動抵銷了 2% 的內生性收入下降。美洲地區有機成長 3%，主要得益於車輛服務和汽車 OEM 專案的良好需求，尤其是液體塗裝系統、密封劑和黏合劑的需求。在歐洲、中東和非洲地區，由於專案進度安排，流程製造領域的成長不足以抵消垂直粉末塗裝系統領域的下滑。

In Asia Pacific, there was solid demand in mining, which was not enough to offset lower solar and EV investments. Despite lower organic sales overall, profitability was extremely strong with incremental margins of 220% year-to-date. Expansion market sales were up 3% with good activity in semiconductor products, partially offset by declines in the Environmental business. While semiconductor has grown this year, we are still below peak revenue and continue to face some challenges in China. Margins have been strong throughout the year, though they may be volatile quarter-to-quarter due to fluctuating volumes.

在亞太地區，採礦業需求強勁，但這不足以抵消太陽能和電動車投資的減少。儘管整體有機銷售額有所下降，但獲利能力卻非常強勁，年初至今的增量利潤率達到了 220%。擴展市場銷售額成長 3%，半導體產品市場表現良好，但環境業務的下滑部分抵消了這一成長。雖然半導體產業今年有所成長，但我們的收入仍低於峰值，並且在中國市場繼續面臨一些挑戰。儘管由於銷量波動，季度利潤率可能有所波動，但全年利潤率一直保持強勁。

Moving on to our outlook. Year-to-date sales are up 5%, supported by the 6% increase from acquisitions, which have more than offset a slight organic revenue decline of 1%. Heading into the fourth quarter, order rates are satisfactory and year-over-year comparisons in the Contractor segment are becoming easier. As a result, we're keeping our full year revenue guidance of low single-digit growth on an organic constant currency basis. That concludes our prepared remarks.

接下來談談我們的展望。今年迄今的銷售額成長了 5%，這得益於收購帶來的 6% 的成長，足以抵消 1% 的輕微有機收入下降。進入第四季度，訂單率令人滿意，承包商領域的同比比較也變得越來越容易。因此，我們維持全年營收預期，即以固定匯率計算，達到低個位數成長。我們的發言稿到此結束。

Operator, we're ready for questions.

接線員，我們已準備好回答問題。

(Operator Instructions) Deane Dray, RBC.

（操作員說明）迪恩·德雷，RBC。

Maybe we can start with since macro overlay and expectations is so important. Kind of -- can you zip through the end markets and regions. Just the performance of what stands out versus expectations up or down? And then any kind of the forward look, the leading indicators day rates, what you saw the first -- the last six weeks of orders too, please?

或許我們可以從宏觀疊加和預期開始，因為宏觀疊加和預期非常重要。差不多——你能快速瀏覽終端市場和地區嗎？僅比較哪些方面表現突出，與預期相比是超出還是低於預期？那麼，能否提供一些前瞻性數據，例如領先指標的日利率，以及您最初看到的——還有過去六週的訂單數據？

Yes. So I think it's a continuation really, a lot of the themes that we've been talking about all year. I think that in terms of like the Industrial end markets, I wouldn't characterize the demand is robust, but I would also say that people are still ordering products, and there's targeted opportunities in some of the areas that we talked about, like vehicle service and our Process Pump segment, which have been pretty good.

是的。所以我認為這其實是對我們今年一直在討論的許多主題的延續。我認為就工業終端市場而言，我不會說需求強勁，但我也會說人們仍在訂購產品，而且在我們談到的一些領域，例如車輛服務和我們的工藝泵部門，存在一些有針對性的機會，這些領域一直都相當不錯。

And also, our Liquid Finishing segment is a lot of customers are looking at converting from air operated to electric. That's created some opportunities for us as well. So it's kind of hit-and-miss depending upon the customer type, the end market that we're in.

此外，我們液體塗裝領域的許多客戶都在考慮從氣動式改為電動式。這也給我們創造了一些機會。所以，這取決於客戶類型和我們所處的終端市場，結果有好有壞。

The North America market has probably been the one where we've unfortunately seen more caution from customers just because the changing landscape with respect to the tariff situation. I think it has created some caution in some of the end markets and some of the customers. We're hopeful that, that kind of cleans up. But if I were to put my hat on from the end of last year, when we were putting our plans together, I think we were more hopeful that we would have a more stable environment in North America than what we've experienced. Our teams are still working really hard.

不幸的是，由於關稅情況的變化，北美市場可能是我們看到客戶更加謹慎的市場。我認為這在一些終端市場和一些消費者中引起了一些謹慎情緒。我們希望這樣能把事情清理乾淨。但如果我回到去年年底，當我們制定計劃的時候，我認為我們當時更有希望在北美擁有一個比現在所經歷的更穩定的環境。我們的團隊仍在努力工作。

They're still executing. There's still opportunities out there. But again, the environment is not what I would characterize as robust. China has really actually held up pretty well for us this year, which after a couple of years of declines there, it's been nice to see.

他們仍在執行任務。機會依然存在。但話說回來，這裡的環境並稱不上穩健。今年中國經濟表現確實相當不錯，考慮到中國經濟連續幾年下滑，這著實令人欣慰。

And again, it really depends on the end markets that you're in, the mining industry, in particular, in Asia Pacific and maybe to a lesser extent China, has held up pretty well. And some of the traditional industrial markets, including Adhesives, Sealants and Liquid Finishing and the Powder business have actually held up pretty well in China. So I would say that China has been a positive surprise maybe for us after a couple of years of tough business over there.

而且，這真的取決於你所處的終端市場，特別是亞太地區的採礦業，以及可能程度較輕的中國，都表現得相當不錯。而包括黏合劑、密封劑、液體塗料和粉末業務在內的一些傳統工業市場在中國實際上表現得相當不錯。所以我覺得，在經歷了過去幾年在中國艱難的經營之後，中國市場或許為我們帶來了一個正面的驚喜。

And probably the other big surprise is just the uncertainty in some of the end markets with our Industrial business. Contractor, I mean, I know we'll get into it on this call. But the issue there, again, is just affordability. Home affordability issues primarily in North America. Nothing too surprising.

另一個令人意外的情況可能是，我們工業業務的一些終端市場存在不確定性。我是說，承包商，我知道我們這通電話肯定會談到這個問題。但問題仍在於價格負擔能力。住房負擔能力問題主要集中在北美地區。沒什麼特別出乎意料的。

We're hopeful that we get a little bit of a break on that with rates coming down. The environment has been tough. Last year, as you know, we had the lowest level of housing sales in this country since 1995, and this year is even lower than that. So turnover is good for us. Houses need to sell.

我們希望利率下降能在這方面為我們帶來一些緩解。環境十分惡劣。如你所知，去年我國的房屋銷售量是自 1995 年以來最低的，而今年的銷售量甚至更低。所以人員流動對我們來說是好事。房子需要賣出去。

When houses sell, they hire contractors to paint and they fix up and they remodel and it's just good for the overall health of our Contractor business. It will get better. We're very well positioned once things firm up on the demand side and we get some volume growth. The P&L is in great shape. Profitability is super high.

當房子出售時，業主會僱用承包商進行粉刷、修繕和改造，這對我們承包商業務的整體健康發展大有裨益。情況會好起來的。一旦需求方面走強，銷量實現成長，我們就處於非常有利的地位。損益表狀況良好。獲利能力極高。

Incremental margins look good. Cash flow is extremely strong. So it's really just making sure that we're all set up for what will be better volume days ahead in Contractor.

增量利潤率看起來不錯。現金流非常強勁。所以，這其實只是為了確保我們為承包商未來更大的業務量做好準備。

And the leading indicator look, day rates, October, et cetera.

還有領先指標，例如日利率、10 月等等。

When we look at the rates and what we see coming out from some of those indicators, pretty flat, I would say, on -- in terms of housing starts, with a 30-year interest rate is now at 6.1%, which is lower than it's been in quite some time. So we're hoping that as those rates start to trend downwards, that will see some improvements come with housing movement, as Mark had previously talked about.

當我們觀察利率以及從一些指標中看到的情況時，我認為情況相當平穩——就房屋開工量而言，30 年期利率目前為 6.1%，這是相當長一段時間以來的最低水平。所以我們希望，隨著這些利率開始呈下降趨勢，房屋市場也會隨之出現一些改善，正如馬克之前談到的那樣。

Yes, still a pretty sluggish environment, Dean, and we're hopeful it's going to get better, but I don't think our results are really all that bad. When you look at how hard this housing and construction industry has been hit. I never -- I don't like the fact that we're down a little bit organically in Contractor. But given the pain that's gone on in that market for a while here, it's been -- a challenge to the team, has dealt with an admirable way.

是的，迪恩，目前情況仍然相當低迷，我們希望情況會好轉，但我認為我們的結果其實並沒有那麼糟。看看住房和建築業遭受的打擊有多嚴重就知道了。我從來不——我不喜歡我們在承包商方面自然而然地略有下滑的事實。但考慮到這個市場一段時間以來的困境，這對球隊來說是一個挑戰，而球隊以一種令人欽佩的方式應對了這一挑戰。

Yes, I would just add that a fairly significant portion of that market, as Mark touched on, with resale acting so slow is remodeling activity. That's one of the areas that affects both our Pro Paint side and our -- our Home Center side of our business. That actually, this was the first year that the group that does forecasting around that Harvard University, projected that category to grow that activity to grow this year that really hasn't happened. So I think that, that holds us back and we hear some of our channel partners talk about the same things, both on the Home Center side and as well as on the Paint Materials side of the business.

是的，我還要補充一點，正如馬克所提到的，由於二手房交易市場行情低迷，相當大一部分市場需求來自房屋翻新活動。這是影響我們專業油漆業務和家居中心業務的領域之一。事實上，今年是哈佛大學相關預測小組首次預測該類別活動將在今年成長，但這種情況並沒有真正發生。所以我認為，這阻礙了我們的發展，我們也聽到一些通路夥伴在談論同樣的事情，無論是在家居中心方面還是在油漆材料業務方面。

And then just a follow-up. I know it's a rare event for you to do a second price increase in September. But just kind of give us some color about how it was introduced? Are they all sticking and you expect this to fully offset the tariffs? What's the time frame there?

然後還有一個後續問題。我知道你們在九月第二次提價是很罕見的。但能否為我們介紹一下它是如何引入的？它們都能堅持下去嗎？你認為這足以完全抵銷關稅嗎？那裡的時間跨度是多久？

Yes. Good question. We did announce price increases in the early third quarter. We'd like to give our channel partners enough time to digest those before we actually implement them. So we didn't actually start to really have those take effect until late in the third quarter.

是的。問得好。我們在第三季初宣布了漲價。我們希望在實際實施這些措施之前，給我們的通路夥伴足夠的時間來消化這些內容。所以直到第三季末，這些措施才真正開始生效。

But I would say sort of low to mid-single-digit kinds of increases across all business units, in all of the regions with the exception of the Pro Paint channel in North America and the Home Center channel in North America, and those are queued up to go in January.

但我認為，除北美專業油漆渠道和北美家居中心渠道外，所有業務部門在所有地區的增幅都將達到個位數的低到中等水平，而北美專業油漆渠道和北美家居中心渠道的增幅預計將在 1 月份實現。

Mike Halloran, Baird.

麥克哈洛蘭，貝爾德。

Can you unpack what you're implying for the fourth quarter here. If I -- is this mainly through the pricing that hasn't come in fully being more ramped in the fourth quarter comp. Is it something you're fundamentally seeing in the demand outlook, like you be a bit more confidence in the fourth quarter. Because the inflection of growth is above normal seasonality. And so I just want to make sure I understand what those puts and takes are, to get you to that positive fourth quarter number that's implied with the guide?

能詳細解釋一下你對第四季的暗示嗎？如果我——這主要是因為定價尚未完全到位，第四季同店銷售額還在逐步提高。您是否從根本上看到了需求前景的變化，例如您對第四季更有信心？因為成長拐點高於正常的季節性波動。所以我想確保我理解這些買賣操作是什麼，才能達到指南中隱含的第四季正收益目標？

Yes. I think we're -- we kept the guide. I think that, obviously, you'll do the math, and you guys can figure out that it looks like we're going to be on the low end of the guide when we get there. We're not likely to get all the way up to the high end of the low single-digit guidance. But despite where we're at year-to-date, we're down about 1%.

是的。我想我們——我們保留了指南。我認為，很明顯，你們會算一算，然後就會發現，當我們到達目的地時，行程安排似乎會比較靠後。我們不太可能完全達到預期的個位數低成長率的上限。但儘管我們今年迄今的業績表現良好，但仍下降了約 1%。

We think with our incremental pricing actions that we put in, the order rates have been stable, that somewhat better in the third quarter than what we had seen earlier in the year. Obviously, there's some areas of business that are doing better than others. And then we also have a fairly easy comparison in Q4 with the Contractor business. So you sort of put all that together and our team, our forecasts are rolling up to hitting in somewhere in that low single-digit range.

我們認為，隨著我們採取的逐步定價措施，訂單率一直保持穩定，第三季的情況比今年稍早要好一些。顯然，有些商業領域比其他領域發展得更好。此外，第四季與承包商業務的比較也相當容易。所以，綜合所有因素來看，我們團隊的預測結果顯示，最終的降幅將在個位數低點。

So to be clear, it's not like you're assuming there's something fundamentally getting better in the fourth quarter. It's more steady and then you put the other factors in play and then that's how you get to that guide?

所以說清楚點，這並不是說你認為第四季情況會從根本上好轉。它更穩定一些，然後你把其他因素考慮進去，這樣就能得出那個指南了？

Exactly. Yes. I think that's fair.

確切地。是的。我覺得很公平。

And if you think about kind of the second part of the second question, Dean asked there. When does price cost be positive for you guys? So when does that drag-in? Is it with those price increases that you said were coming in the first quarter. When you hit the fourth quarter here, does that dynamic normalize out?

如果你仔細想想迪恩提出的第二個問題的第二部分，你會發現…對你們來說，價格成本什麼時候是正數？那麼，這種情況什麼時候會發生呢？是指您之前提到的第一季即將到來的價格上漲嗎？到了第四節比賽，這種局面會恢復正常嗎？

Yes. I think we'll definitely see it here in Q4. Actually, if you look at Q3 gross margin, if you were to back out the impact of the COROB acquisition, our margins were actually up in Q3. So we are doing okay on the price cost. We'll see that roll through here in Q4 as well.

是的。我認為我們肯定會在第四季度看到它。實際上，如果你看一下第三季的毛利率，剔除 COROB 收購的影響，我們的毛利率在第三季實際上是上升的。所以，我們在價格成本方面做得還可以。我們也會在第四季看到這種趨勢持續發展。

Saree Boroditsky, Jefferies.

Saree Boroditsky，傑弗里斯。

You alluded to this just a second ago on the price, but it looks like Contractor was the only segment to have a large headwind from product cost. I think you mentioned putting in price increases in North America in January. Just maybe talk to your ability to push through price in that segment versus the others?

您剛才在價格方面也提到了這一點，但看起來只有承包商細分市場受到了產品成本的較大不利影響。我想你之前提到過一月份北美地區的物價上漲。或許可以談談你在這個細分市場與其他市場相比，在價格上擁有什麼樣的談判優勢？

Yes, it's good, but we are respectful of the fact that we deal with large channel partners and conversations happen around this time of the year. They start at that level, we intentionally did not try to push price midyear with them, I think is appreciated because some of our competitors did. So we fully expect that we'll be able to realize some pricing starting at the beginning of the year with our larger channel partners. We did raise prices in Contractor in the Spray Foam category and the High-performance Coatings category and in our Line Striping and Texture businesses. So it's not like we didn't raise prices at all in Contractor.

是的，這很好，但我們尊重這樣一個事實：我們與大型通路合作夥伴打交道，而洽談通常會在每年的這個時候進行。他們的產品起價就是這個水平，我們特意沒有在年中對他們進行價格調整，我認為他們很欣賞這一點，因為我們的一些競爭對手確實這樣做了。因此，我們完全有信心從年初開始，與我們的主要通路夥伴實現一些定價目標。我們提高了承包商噴塗泡棉產品、高性能塗料產品以及劃線和紋理產品的價格。所以並不是說我們在 Contractor 專案中完全沒有漲價。

We did hit those categories with the other industrial categories in the September timeframe.

我們在9月份也和其他工業類別一起達到了這些類別。

And you will see in our international locations, the product lines, especially we're talking about the Pro Paint line, which, of course, is largely sold through some of these big channel partners here in North America. Price adjustments will be processed there now, and we'll see some benefit even before the end of the quarter in that category, too.

您將在我們的國際銷售點看到我們的產品線，特別是我們所說的專業塗料系列，當然，該系列產品主要透過北美的一些大型通路合作夥伴進行銷售。價格調整現在就會在那裡處理，我們甚至會在本季結束之前看到該類別的一些好處。

Appreciate the color. It looks like you turned a little less negative APAC in expansion. Just maybe some -- an update on what you're seeing there and the key driver of that decision to update that pie chart?

欣賞這種顏色。看來你們在亞太地區的擴張中扭轉了頹勢。或許可以更新一下你看到的情況，以及促使你決定更新餅圖的關鍵因​​素？

Yes. I think that the Asia Pacific region, as I said earlier, I think overall, the China business has actually held up better than maybe what we thought. The comments that I made during the opening remarks were targeted at the semiconductor space, where despite decent levels of demand, there's still some challenges in getting licenses and getting products into China, which we are hopeful, we'll get cleaned up at some point. That's really, I think, part of the reason why we moved a little bit to a less optimistic view in that region overall. I wouldn't call it a dramatic change, but just kind of a fine-tuning of where we see things at here as we make our way through the year.

是的。我認為，正如我之前所說，亞太地區整體而言，中國業務實際上比我們預想的要好。我在開幕致詞中發表的評論主要針對半導體領域，儘管該領域的需求水平相當不錯，但在獲得許可證和將產品引入中國方面仍然存在一些挑戰，我們希望這些問題能在某個時候得到解決。我認為，這確實是我們對該地區整體前景持較悲觀態度的部分原因。我不會稱之為劇烈的變化，而只是在這一年中，我們對當前情況進行的一些微調而已。

Bryan Blair, Oppenheimer.

布萊恩布萊爾，奧本海默。

So you're a few quarters in now with the new organizational structure. And obviously, you've been navigating a pretty choppy-sluggish backdrop. To date, how is the more market and customer-centric framework helped your teams to navigate this volatility in better position for recovery? And then on the side of M&A strategy, has there been a noticeable difference in funnel development? Just curious what, quote unquote, proof points you could call out?

現在你們的新組織架構已經實施好幾個季度了。顯然，你一直處於一個相當動盪緩慢的環境。到目前為止，以市場和客戶為中心的框架是如何幫助您的團隊應對這種波動，並更好地為復甦做好準備的？那麼在併購策略方面，通路開發方面是否有明顯的差異？我只是好奇，你能列舉哪些所謂的「證據點」？

Thanks for asking. On the One Graco side of the house, I think that it's still fairly early days. But for sure, we're seeing a lot of margin improvement from some of the cost initiatives that we took last year, just look at the industrial incremental margins, it's probably a good benchmark for you in terms of what we've done there. And we're on track with the targeted number that we had given you last year. Those things are moving forward quite well.

謝謝你的提問。就 One Graco 這邊而言，我認為現在還為時過早。但可以肯定的是，我們去年採取的一些成本控制措施確實帶來了很大的利潤率提升，看看工業領域的增量利潤率就知道了，這或許可以作為衡量我們在這方面所做工作的一個很好的基準。我們正朝著去年設定的目標數字穩步前進。這些事情進展得相當順利。

Commercially, the teams are really starting to gel with respect to having distributors be able to carry multiple product lines that they weren't in the past. So we're seeing like upticks in some of the MRO business because those are broad-ranging distributors that carry multiple products, and they're very interested in being able to get access to some things like our lubrication products, for example.

在商業方面，各團隊正在真正開始融合，使得經銷商能夠銷售過去無法銷售的多條產品線。因此，我們看到一些MRO業務有所成長，因為這些是業務範圍廣泛的分銷商，銷售多種產品，他們非常有興趣獲得一些產品，例如我們的潤滑產品。

We're also getting, I would say, better penetration in some of the international markets like down in Mexico, where historically maybe we're a little bit more protective in terms of who would get access to products like our Quantum Pumps which are going into a lot of different applications on the process and sanitary side. Well, now we've opened that up a bit, and we're seeing some traction there as well. The teams are working well, but it is still early days. I mean, there's growing pains that happen whenever you put multiple business units together, and then you also put the regions together.

我想說，我們在一些國際市場，像是墨西哥，也獲得了更好的滲透率。從歷史上看，我們在墨西哥可能對誰能獲得像我們的量子泵這樣的產品（這些產品在工藝和衛生方面有很多不同的應用）方面更加謹慎。現在我們已經稍微放寬了限制，也看到了一些成效。各隊目前運作良好，但現在下結論還為時過早。我的意思是，當你把多個業務部門合併在一起時，就會出現成長的煩惱，更何況你還要把各個地區合併在一起。

But I'm very happy with what I'm seeing and what I'm hearing from the teams. When I meet with customers, distributors, they're really happy. Because they view this as us taking down a lot of the walls that maybe prevented them from being able to sell different product categories that they walk by applications every day and they weren't able to have access to, let's say, for example, lubrication products.

但我對目前所見所聞，以及從各隊聽到的情況，都非常滿意。當我與客戶、經銷商見面時，他們都非常高興。因為他們認為我們拆除了許多可能阻止他們銷售不同產品類別的壁壘，而這些產品類別他們每天都會接觸到，例如，他們無法獲得潤滑產品。

Well, now they have that. So it's really a matter of getting them trained, making sure that they've got the opportunities. And then if they do and they're trained, we're going to open up those channels for them. So I'm very happy.

現在他們有了這個。所以關鍵在於對他們進行培訓，確保他們有機會。如果他們做到了，並且接受了培訓，我們將為他們開闢這些管道。所以我很高興。

On the M&A front, it's kind of a continuation. I like the pipeline. We've got a lot of companies in there. We're talking with them regularly. We're on top of any of the targets that we're interested in.

在併購方面，這算是一種延續。我喜歡這條管道。裡面有很多公司。我們定期與他們溝通。我們對所有感興趣的目標都保持著高度關注。

We've had some success this year. Obviously, with the Color Service acquisition that we announced during the quarter. There's other things in the pipeline that we're also excited about. But it is a -- for sure, it is a secondary or secondary to our organic growth strategy. We want to execute on M&A.

我們今年取得了一些成功。顯然，這得益於我們在本季宣布的對 Color Service 的收購。還有其他一些正在籌備中的項目，我們也對此感到興奮。但它肯定是次要的，或者說是附屬於我們有機成長策略的。我們希望執行併購交易。

We like these businesses where they're technology based, where we think we can add some value or they're growing or we like the management team where we can add value, and we're continuing to push those types of opportunities pretty aggressively here at Graco. So hopefully, some stuff pops here over the next 6 to 12 months. But I think we're in a good spot.

我們喜歡那些以技術為基礎的企業，我們認為我們可以為它們增添價值，或者它們正在發展壯大，或者我們喜歡它們的管理團隊，我們可以為它們增添價值，在 Graco，我們將繼續積極推動這類機會。所以希望在接下來的 6 到 12 個月裡，這裡能湧現一些好東西。但我認為我們處境不錯。

I appreciate the color. It looks like top line contribution from your acquisitions has been pretty solid, at least in combination. Maybe offer a quick update on COROB and Color Service integration. I know the latter is still quite early stage. Just how they're performing relative to the deal model to-date?

我喜歡這個顏色。看起來你們收購帶來的營收貢獻相當穩健，至少整體而言是如此。或許可以簡單介紹 COROB 和色彩服務整合的最新進展。我知道後者仍處於相當早期的階段。到目前為止，它們相對於該交易模式的表現究竟如何？

Yes. I think that for sure, COROB is coming in right where we thought it would be, which was our expectation was that we wanted to make sure that we retained what we had seen from them previously in the earlier year in terms of the revenue. So we feel really good about where that one's at. No surprises, great business, great management team, super excited on how we can help them collaborate here better in North America, particularly with some of the larger channel partners like the Home Centers and the Pro Paint side where their penetration isn't as good as some of their competition. So very good there.

是的。我認為可以肯定的是，COROB 的表現完全符合我們的預期，我們原本希望確保能夠維持上一年從他們那裡獲得的收入水準。所以我們對目前的情況非常滿意。不出所料，公司業務出色，管理團隊也很棒，我們非常興奮能夠幫助他們在北美更好地開展合作，尤其是在與一些大型通路合作夥伴（如家居中心和專業塗料領域）合作方面，因為他們在這些領域的滲透率不如一些競爭對手。那裡非常好。

Color Service, a brand new, it is part of the Gema Powder business. It's being managed by a leadership team that is actually in charge of running our SAT vertical lines business. They're both in Italy. They are closely located to one another. Those teams are really early days, but they've got ideas as well on how to integrate and how to implement some of the best practices that the game organization has shown over the years into the Color Service business model.

Color Service 是一家全新的公司，隸屬於 Gema Powder 業務。它由一個領導團隊管理，該團隊實際上負責運營我們的SAT垂直線路業務。他們倆都在義大利。它們地理位置很近。這些團隊仍處於起步階段，但他們也有一些想法，探討如何將遊戲組織多年來展示的一些最佳實踐整合到 Color Service 商業模式中。

So we're excited about that one, too. It's a nice technology business. They're solving customers' problems. They're moving materials that people care about. It fits really well with what we're trying to do.

所以我們也對此感到興奮。這是一家不錯的科技公司。他們正在解決客戶的問題。他們運送的是人們關心的物資。它和我們正在做的事情非常契合。

Yes. And I would just add on the Color Service side. They take us into some large markets that historically we haven't had a lot of exposure to like the textile market, tire market, and those could be good learnings in addition to, as Mark referred to, their powder technology expertise that our Powder Equipment business is quite excited about.

是的。我還要補充一點色彩服務方面的內容。他們帶我們進入了一些我們歷史上接觸不多的大市場，例如紡織市場、輪胎市場，這些市場可以為我們帶來很好的學習機會。此外，正如馬克所提到的，他們的粉末技術專長也讓我們的粉末設備業務感到非常興奮。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

I just want to dig in on one comment you've been making in the last several quarters on Vehicle Service. First of all, how big is that? And then it just seems to be an interesting market that's bucking a lot of trends you're seeing across I guess, general automotive? And what are the dynamics there driving such good growth for you guys?

我只想深入探討您在過去幾季中就車輛服務發表的一條評論。首先，它有多大？而且，這似乎是一個很有趣的市場，它與你在整個汽車行業中看到的大部分趨勢背道而馳？是什麼因素推動了你們如此強勁的成長？

Yes. We don't break out the revenue on that, but it is a nice business for us. Actually, it was the business that Graco started with back in 1926. So we've been in it for quite a long time. I think that the teams would tell you that probably the biggest driver of the demand here more recently has been our focus on creating Fluid Management Systems that really track the information by vehicle in terms of the amount of fluids that are being dispensed.

是的。我們沒有單獨列出這部分的收入，但這對我們來說是一筆不錯的生意。事實上，這也是格雷科公司在 1926 年創立的初衷。所以我們已經在這個領域投入了相當長的時間。我認為各團隊會告訴你，最近推動這方面需求成長的最大因素可能是我們專注於創建流體管理系統，該系統能夠真正追蹤每輛車的流體分配量資訊。

So going back to these are materials that people care about. They're expensive, they matter, making sure that every single vehicle gets lubricated appropriately and that they're tracking the inventory of fluids that they need to be able to make sure that, that service is done correctly. And having that tie-in to the back office systems where they can do demand planning, order planning, schedule when the guy needs to come to take out the used oil, all those things. We bring a really nice package together for a lot of the larger fleets and auto dealerships and large users of this type of equipment, and that's really been a nice recurring theme for that group, but it started with the product and the technology.

所以，我們最後還是回到了這些人們關心的材料。它們價格昂貴，但至關重要，確保每輛車都得到適當的潤滑，並且追蹤所需的液體庫存，以確保服務正確完成。而且，它還能與後台系統連接，方便進行需求規劃、訂單規劃、安排人員何時來清理廢油等等。我們為許多大型車隊、汽車經銷商和此類設備的大型用戶提供了一套非常好的方案，這對該群體來說一直是一個很好的反覆出現的主題，但這一切都始於產品和技術。

And I would just add that motivating these dealers that Mark mentioned, is the fact that along with your used car activity, this is a service -- is a very profitable area for them, and anything they can do to expand the share of wallet of either the customers or the manufacturers during the early years of a new car service period is very interesting to them.

我還要補充一點，馬克提到的這些經銷商之所以有這樣的動力，是因為除了二手車業務之外，售後服務——對他們來說是一個非常有利可圖的領域——任何能夠幫助他們在新車服務初期擴大客戶或製造商錢包份額的事情，對他們來說都非常有吸引力。

Okay. And your free cash flow, it's been delivering really strong conversion lately. You guys probably should do over 100% free cash flow conversion this year. I think that's the second year in a row now, and you're typically historically more like an 80% to 90% converter. Is this kind of the new normal going forward? And what is behind that? And how sustainable is that going forward?

好的。而你的自由現金流，最近轉換率一直非常強勁。你們今年的自由現金流轉換率應該會超過100%。我想這已經是連續第二年了，而你們歷來都是轉換率在 80% 到 90% 之間。這會成為未來的新常態嗎？這背後又隱藏著什麼？這種做法在未來能持續下去嗎？

Yes. I don't know that I would -- I don't know if I have a view on whether it's a new normal or not, but I would tell you that it is something that we're focused on. Cash matters. We know that. We are challenging our teams to make sure that we're not overutilizing the balance sheet when it comes to things like inventory and accounts receivable.

是的。我不知道我是否會——我不知道我是否對這是否是一種新常態有自己的看法，但我可以告訴你，這是我們目前關注的重點。現金很重要。我們知道這一點。我們正在督促團隊確保在庫存和應收帳款等方面不會過度使用資產負債表。

I will say that One Graco initiative helped clean some of that stuff up. Where in the past, you've had multiple factories, every division has their own factory. Every division had their own warehouse and operations around that. So being able to put that all under one organization has really driven a lot of improvements.

我想說，「一個格雷科」計畫幫助清理了其中的一些問題。過去，你們有多家工廠，每個部門都有自己的工廠。每個部門都有自己的倉庫和營運系統。因此，將所有這些工作整合到一個組織下，確實推動了許多改進。

It's early days for us in terms of what we think we have available to us and improvements, but it is getting a lot of attention and focus on our end because we all know that it is a very important metric, and it is a value creator, for the company. And that's not something that we take lightly and it's not something that we have lost sight of. And I feel like we're in a really good spot to continue to drive improvements going forward. David, I don't know if you have anything else to add?

就我們目前所掌握的資訊和改進措施而言，還處於早期階段，但它正在受到我們高度關注，因為我們都知道這是一個非常重要的指標，也是公司的價值創造者。我們絕不會輕視這件事，也絕對不會忘記這件事。我覺得我們現在處於非常有利的位置，可以繼續推動未來的改進。大衛，你還有什麼要補充的嗎？

No. I think that even on the -- I think an important point is the One Graco point is that the -- we didn't take the steps as a strategy to drive operations. But as we talk to our operating team sort of quarter-by-quarter, they're finding opportunities where they can eliminate duplication activities, have these center of excellence that we've talked about before. And not only can it improve quality, it includes service levels. There's really money to be saved on the factory floor by eliminating those.

不。我認為即使在——我認為一個重要的點是，Graco 的觀點是——我們並沒有將這些步驟作為推動營運的策略。但是，當我們與營運團隊按季度溝通時，他們發現有機會可以消除重複活動，建立我們之前討論過的卓越中心。它不僅可以提高質量，還可以提高服務水平。如果取消這些工序，工廠車間確實可以省下不少錢。

Yes. The only other thing I might add, too, just as I was thinking about it is over the last five years, we've added a lot of production capability here at Graco. We've expanded multiple facilities. We broke ground on a bunch of new ones. We're in really good shape, brick-and-mortar wise.

是的。我還要補充一點，就在我思考這個問題的時候，過去五年裡，我們在格雷科公司增加了大量的生產能力。我們擴大了多個設施。我們開工了一系列新項目。從實體資產的角度來看，我們的狀況非常好。

We did announce earlier in the year that we're going to be consolidating operations out of our Minneapolis factory into currently existing Graco facilities, both here in Minnesota, as well as in South Dakota, and down in Ohio. So being able to do that, those types of things, again, kind of lines up with One Graco. It might have been harder to do that, under the old regime, but now being able to really close a factory here and move all the production into these new state-of-the-art facilities is pretty exciting. Plus all the overhead cost infrastructure, things of keeping a factory up and running will go away.

今年早些時候，我們宣布將把明尼阿波利斯工廠的業務整合到目前格雷科在明尼蘇達州、南達科他州和俄亥俄州的現有工廠中。所以能夠做到這一點，這類事情，再次與 One Graco 的理念不謀而合。在舊體制下，這樣做可能更難，但現在能夠真正關閉這裡的一家工廠，並將所有生產轉移到這些全新的現代化設施中，真是令人興奮。此外，所有維持工廠正常運作所需的基礎設施等間接成本將不復存在。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛集團。

I was curious around the additional disclosure you guys gave this quarter on backlog. Because I historically just never thought of you guys as a backlog company. And so I just wanted to get into better understanding as to what you were trying to, I don't know, signal, not signal by providing that information?

我對你們本季就積壓訂單情況額外披露的資訊感到好奇。因為我一直以來都沒把你們當成一家積壓訂單過多的公司。所以，我只是想更好地理解你提供這些資訊的目的是什麼，或者說，是想表達什麼，還是不想表達什麼？

Yes, we thought it would be helpful, and that's why we put it in there. You're right. We don't normally talk about it. But when you just look at the third quarter in and of itself, last year, we did have a significant amount of backlog that flowed through the top line to the tune of about $25 million, $30 million, something like that. Some of that was in our Industrial business, on the Gema Powder side, on some of the Sealants Adhesive Systems that were being sold during that time period. And then part of it too is on the Contractor side as well, where they had some new products that were a little bit late on the launch cycle last year. So they had built up some orders and got those shipped out in Q3.

是的，我們認為這會有幫助，所以我們把它放進去了。你說得對。我們通常不談論這件事。但如果你單獨看去年第三季度，你會發現我們確實有大量的積壓訂單計入了營收，金額大約為 2500 萬美元、3000 萬美元左右。其中一部分發生在我們的工業業務中，在 Gema 粉末方面，在當時銷售的一些密封劑黏合劑系統中。部分原因也出在承包商方面，他們去年的一些新產品上市時間稍晚了一些。所以他們累積了一些訂單，並在第三季將這些訂單出貨了。

What I'll say is that right now, our backlog is about where it was at the beginning of the year, and we feel like that is a really good place to be in. We don't have any more headwinds. Our backlog is in the neighborhood of $225 million, $230 million. I'm looking at Chris, he's nodding his head. At one time, our backlog was $500 million at Graco, and that was obviously when the supply chain crisis happened and all those orders come flying in and inflations hit and then everyone's put their orders in ahead of time.

我想說的是，目前我們的積壓訂單量與年初時差不多，我們覺得這是一個非常好的狀態。我們不再遇到逆風了。我們的積壓訂單大約有 2.25 億美元到 2.3 億美元。我看著克里斯，他正在點頭。格雷科公司一度積壓了 5 億美元的訂單，顯然，當時正值供應鏈危機爆發，所有訂單紛至沓來，通貨膨脹也隨之而來，然後每個人都提前下了訂單。

So we've really unwound that now over the last two and a half three years, and we're at a point now where it's really back to a more or less a book-and-ship business with the exception of maybe the Gema Powder business, which is more project-based.

所以在過去的兩年半到三年裡，我們已經徹底擺脫了這種模式，現在我們已經基本恢復到以預訂和發貨為主的業務模式，除了 Gema Powder 業務，它更側重於項目制。

That's super helpful. And do appreciate that context. And I know, look, I know that you guys don't give guidance outside of our expectations for growth for the entire year. But as you kind of think about maybe kind of like an early framework for 2026. What's interesting to me is that you look across your different businesses and look outside of expansion, of late, you really hadn't seen a lot of growth across Contract or Industrial, but your margin expansion in Industrial, particularly has been notable.

這太有幫助了。請務必理解其中的背景。我知道，我知道你們不會給出超出全年成長預期之外的任何指導。但你可以想像一下，這或許可以作為 2026 年的早期框架。令我感興趣的是，縱觀您不同的業務，除了擴張之外，最近您在合約業務或工業業務方面並沒有看到太多增長，但您在工業業務方面的利潤率擴張尤其值得關注。

I'm just trying to get a sense for how to think about maybe segment margins going forward into 2026? And so any kind of qualitative or quantitative comment would be helpful.

我只是想了解一下，展望2026年，我們該如何看待各個細分市場的利潤率？因此，任何定性或定量的評論都將有所幫助。

Well, I think the key -- the key to margins in our business model is going to be the volumes. I think that we believe one of our sort of bedrock way, as we think about our business is in all of our businesses, we have opportunities to improve margins. And I've demonstrated I'm not much of a forecaster in terms of when the business is going to turn. But I do believe with some volume growth, moderate volume growth in Industrial and in Contractor, when that happens, it can carry these margins that aren't bad today, I think, is your point to an even higher level.

我認為，我們商業模式中利潤的關鍵在於銷售量。我認為，我們相信，在我們思考業務時，我們所有業務的一個基本原則是，我們有機會提高利潤率。我已經證明，我不太擅長預測企業何時會好轉。但我相信，如果工業和承包商的銷售能夠適度成長，那麼目前的利潤率（我認為你的觀點正是如此）就能進一步提高。

Yes, I would just say it too, that we're really good operators at Graco. I think we do a great job in terms of getting our teams oriented around making sure that we're not spending resources that we don't need to spend. And as we add into next year, I think that that's going to be the go in mantra that we're really going to keep a close eye on our expenses, manage that well.

是的，我也想說，我們在格雷科的營運能力真的很強。我認為我們在引導團隊朝著確保我們不浪費資源的方向努力方面做得很好。展望明年，我認為我們將秉持的原則是，密切關注我們的開支，並做好管理。

We get some tailwind hopefully on some of the pricing actions that we've done. And if we get a little bit of help on the -- half of our business is tied in with commercial construction, housing, those end markets, contractor type markets, if we get any help on that. As David said, the volume will really, really help the equation.

希望我們採取的一些定價措施能帶來一些利多。如果我們能在這方面得到一些幫助——我們一半的業務都與商業建築、住房、這些終端市場、承包商類型的市場有關，如果我們能在這方面得到任何幫助。正如大衛所說，數量真的會對這個問題有很大的幫助。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

This is Mitch Moore on for Jeff. Maybe first, I know there's a lot of moving pieces with the macro right now, but how should we be thinking about the magnitude of the price increases for early 2026 in Contractor? And then more broadly for the segments, does the fact that this recent price -- you did this recent pricing action change your view on doing another price increase here in a couple of months?

這裡是米奇·摩爾，他代替傑夫發言。首先，我知道目前宏觀經濟情勢有很多變數，但我們該如何看待 2026 年初 Contractor 價格上漲的幅度呢？那麼更廣泛地來說，就各個細分市場而言，你們最近的這個價格調整是否會改變你們在幾個月後再次提價的看法？

Yes. So we're not going to comment on the level of the pricing with the Home Centers and the Pro Channel is because those negotiations are happening and our teams are working. I don't want to say anything that is -- we'll put them in a bad spot. So I would expect that we're going to get what we are proposing, which will be reasonable. It will be fact-based.

是的。因此，我們不會對家居中心和專業管道的定價水平發表評論，因為這些談判正在進行中，我們的團隊正在努力。我不想說任何會讓他們陷入困境的話。所以我認為我們會得到我們提出的方案，這應該是合理的。它將以事實為依據。

It will be based on what we're seeing for input costs. We're very transparent. We share all that information with them, and also based on what we view pricing in the market to look like. So we're expecting that those will kick in the January time frame.

這將取決於我們目前看到的投入成本狀況。我們非常透明。我們會與他們分享所有這些訊息，同時也會根據我們對市場定價的判斷來制定定價策略。因此，我們預計這些措施將在1月生效。

As of the rest of it, I think in terms of what else we might do in other business units, I'm going to leave that up to them. Obviously, to the extent that we think that we have the ability to raise prices again in 2026, we'll do that. But I think we are also cognizant of the fact that over the last three to five years, there's been a lot of pricing that's going on in our end markets.

至於其他方面，我認為我們其他業務部門還可以做些什麼，我會把這留給他們自己決定。顯然，如果我們認為在 2026 年我們有能力再次提價，我們就會這樣做。但我認為我們也意識到，在過去三到五年裡，我們的終端市場價格已經發生了很大的變化。

So it's really competitive based and there will likely be some targeted price increases. But we're aware of the fact that the market where because of all the activity on the pricing front, including the stuff that we just did my preference would be to not push quite as hard as what we have.

所以市場競爭非常激烈，很可能會出現一些針對性的價格上漲。但我們意識到，由於定價方面的所有活動，包括我們剛剛做的事情，市場現狀是，我傾向於不要像現在這樣用力過猛。

That's helpful. And then just maybe sticking with pricing and competition and tariffs. I was just wondering, particularly with the DIY and Pro Paint channels. Just wondering if there's been any evidence of share shift towards Graco versus some of your foreign competition?

那很有幫助。然後或許就應該繼續關注價格、競爭和關稅問題。我只是好奇，特別是關於 DIY 和 Pro Paint 頻道的內容。我想知道是否有任何證據表明 Graco 相對於你們的一些外國競爭對手，市場份額發生了轉移？

I don't think that, that's something that we can quantify because it's really difficult. But I will tell you that in the Home Center channel in North America, which is like really the primary channel for those types of products, their business is down pretty significantly. So are we down more than our competition? Are we down the left? It's really hard to know.

我認為這無法量化，因為它真的很難。但我可以告訴你，在北美的家居中心渠道（這實際上是這類產品的主要管道），他們的業務大幅下滑。所以我們的損失比競爭對手更大嗎？我們現在在左邊嗎？這真的很難知道。

I just know that it's down, and their foot traffic is down, their level of business activity is down. It ties back in with this whole turnover, affordability, remodeling those markets have just been pretty flat to down, and I think we're seeing that in that channel. So it's hard to know whether we're doing -- we're not as bad as our competitors, but I don't like the fact that we're down.

我只知道生意下滑了，客流量下降了，商業活動也減少了。這與整個房屋週轉率、可負擔性、房屋翻新等市場密切相關，這些市場一直處於平穩甚至下滑狀態，我認為我們已經在這個管道看到了這一點。所以很難判斷我們做得怎麼樣——我們雖然沒有競爭對手那麼糟糕，但我不喜歡我們落後的現狀。

Yes. Promise is, of course, everybody has a different -- somewhat different manufacturing footprint. And sometimes they go for price and sometimes they have to lump it, and I think that -- that applies really across most of our niche businesses is that we could be talking about Liquid Finishing too, and each of the major manufacturers have very different global footprint. So there's frequently a story behind the story.

是的。當然，承諾是每個人的生產佈局都略有不同。有時他們會選擇價格，有時他們必須接受價格因素，我認為——這實際上適用於我們的大多數細分業務，我們也可以說說液體塗料行業，而每個主要製造商的全球佈局都大相徑庭。所以，故事背後往往還有故事。

But Mark's underlying point is absolutely right-on. In the short term, there are switching costs, which tend to make our relationship sticky. But big picture long-term, products have to be priced as to what the market will bear.

但馬克的基本觀點完全正確。短期內，轉換成本會讓我們之間的關係變得黏性更大。但從長遠來看，產品定價必須符合市場所能負擔的範圍。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾，D.A.戴維森。

Just a couple of quick ones. Do you have an early read on what the Contractor kind of new product pipeline looks for 2026 is you think about maybe trying to use innovation to reinvigorate demand if we're going to be in this, I'll just call it, general housing malaise, for longer? Things maybe to help stimulate a replacement cycle? Or is that something maybe you've already done in the recent past?

就簡單問幾個問題。您對 2026 年承包商的新產品線有何初步看法？您是否考慮過，如果我們要長期處於這種，我姑且稱之為，普遍的住房低迷狀態，或許可以嘗試透過創新來重振需求？哪些方法可能有助於促進新陳代謝週期？或者，這是否是你最近已經做過的事情？

I would say the pipeline looks pretty similar to what we have experienced over the last few years. I'd call it more of a normal year. Some additions in the Paint category, some in the Line Striping category, and some of the Texture category. But it's a good pipeline. It should help drive some demand.

我認為這條管道看起來和我們過去幾年經歷的管道非常相似。我覺得今年更像是正常的年份。油漆類別新增了一些內容，線條條紋類別新增了一些內容，紋理類別新增了一些內容。但這的確是一條不錯的輸油管。這應該有助於刺激一些需求。

Yes. So I'd call it kind of a normal year next year in terms of what we're seeing.

是的。所以就我們目前所看到的情況來看，我認為明年會是比較正常的一年。

And then you'd mentioned in Contractor, I think it was in your prepared remarks that you're seeing both Home Center and Pro Paint customers tightly manage inventory. Do you expect inventories to further decline into calendar year end? Or are they running about as lean as you would expect them to run given the environment we're in?

然後，您在《承包商》雜誌上提到，我想是在您的準備好的演講稿中，您看到家居中心和專業油漆店的客戶都在嚴格管理庫存。您預計庫存會在年底前進一步下降嗎？或者說，考慮到我們所處的環境，他們的營運效率是否達到了預期水準？

Yes. I think they're pretty smart. And I think that they're -- I sense that they've got a lot of inventory that they got to get rid of or deal with here. I think that they're managing it to the levels of the business that they're seeing.

是的。我覺得他們蠻聰明的。而且我覺得——我感覺他們這裡有很多庫存需要處理或清倉。我認為他們目前的管理水平與他們所看到的業務水平相符。

Walter Liptak, Seaport Research.

Walter Liptak，海港研究公司。

I wanted to ask kind of similar to what Matt was just asking on 2026. I know you don't get a whole lot of visibility, but I wonder if you could comment a little bit about maybe in Industrial, some of those capital projects, is there a lot of quotes out there? Could they get released? And then when you think about 2026 in the One Graco and kind of the new go-to-market strategies. All things being equal, could you get another percent or so of organic growth just from your own kind of strategic changes?

我想問的問題和 Matt 在 2026 年問的問題有點類似。我知道你不太受關注，但我很想知道你是否可以就工業領域的一些資本項目發表一下看法，目前有很多報價嗎？他們有可能被釋放嗎？然後，當你展望 2026 年，思考「一個 Graco」以及新的市場進入策略。若其他條件相同，僅透過自身的策略調整，能否再獲得百分之一左右的自然成長？

Yes. I think that -- I'll take the second one. That's what we're driving for is -- you don't go through all the work to do this without really expecting that your channel partners are going to get access to more products and sell more and have it easier to do business with. I think it translates into growth for us vis-a-vis what we would have had under the under the old regime. I haven't put a number to it. I don't know if it's a percentage thing, but that is definitely the reason why we did it.

是的。我想——我選第二個。這就是我們努力的目標——你費盡心思做這一切，不就是希望你的通路夥伴能夠獲得更多產品、銷售更多產品，並且更容易開展業務嗎？我認為，與舊體制下相比，這對我們來說意味著更大的發展。我還沒有給出具體數字。我不知道這是否與百分比有關，但這絕對是我們這樣做的原因。

I'll take a shot on the investment side, your first question. When we look around -- when we sell to so many different markets, it's always hard to generalize. And so we can always find three or four positive stories, a couple of disappointments. What I would say in terms of quotation activity and discussions around projects, which is while we're short cycle, we sometimes have an indication that major customer is working on, say, a new paint line or a new sealant line or something like that.

我先來嘗試回答關於投資方面的問題，也就是你的第一個問題。當我們環顧四周——當我們面對如此多不同的市場銷售產品時，總是很難進行概括。因此，我們總能找到三、四個正面的故事，以及幾個令人失望的故事。就報價活動和專案討論而言，雖然我們的週期很短，但有時我們會發現一些主要客戶正在開發新的油漆生產線或新的密封劑生產線之類的專案。

We have good quotation activity in traditional Graco markets like farm and construction equipment even throughout the, call it, the turbulent times of the last couple of years, automotive as a business, both in the legacy and the EV has been consistent in making investments.

即使在過去幾年動蕩的時期，我們在傳統的 Graco 市場（如農業和建築設備）的報價活動依然良好；汽車業務，無論是傳統汽車還是電動車，都一直在持續進行投資。

And when I talk about other -- some of the other niche markets that we serve, they get pretty small, so we can have a couple of orders, say from the commercial-aerospace market. There aren't that many manufacturers around the world, but we have heard of investment possibilities that are at least intriguing going into the coming year. But of course, there's markets that have been soft, as we've talked about late both on the construction and on the industrial side, especially those markets that serve the construction industry like window and door, furniture, some of the white goods, people that can swap over into a couple of -- two or three of our different business units.

而當我談到我們服務的其他一些小眾市場時，它們的規模就相當小，例如來自商業航空航太市場的訂單就很少。世界上的製造商不多，但我們聽說了一些投資機會，這些機會至少在未來一年頗具吸引力。當然，也有一些市場比較疲軟，就像我們最近討論過的建築業和工業市場一樣，尤其是那些服務於建築業的市場，例如門窗、家具、一些白色家電，以及那些可以轉到我們兩三個不同業務部門的人。

On the construction side, I would say our premise that you've heard us talk about Walt, over the last five years hasn't changed. We're still under-built. We have a generation of people that if we can see some improvement in affordability, and that does start with mortgage rates. That's why we track them probably as closely as you people do. We really believe that when we have a little bit better dynamics there, there's a lot of housing to be constructed. And as we've already touched on, a lot of remodeling re-paint work that will help us.

在建設方面，我想說，在過去五年裡，你們一直聽到我們談論沃爾特，而我們的前提並沒有改變。我們的基礎設施仍然不足。我們這一代如果能夠看到住房負擔能力有所改善，而這確實要從抵押貸款利率開始。所以，我們才會像你們一樣密切地關注他們。我們堅信，當那裡的局勢稍微好轉一些時，就會有很多住房可以建造。正如我們之前提到的，大量的翻新和重新粉刷工作將對我們有所幫助。

Great. I appreciate the kind of thoughts on that macro. Maybe another one that's on 2026. When you think about the One Graco -- is there a profit component over the margin components that you talked about as well as the organic growth component. Which one is easier, which one could you see the most benefits from in 2026? Is it more top line or is it more on the profit improvement?

偉大的。我很欣賞你對這個宏觀問題的思考。或許還有另一個，預定 2026 年。當你思考「一個 Graco」時——除了你提到的利潤率部分以及有機成長部分之外，是否存在利潤部分？哪個比較容易實現？到 2026 年，哪個方案能帶來最大的效益？是更關注營收成長還是更關注利潤提升？

Yes. I think for sure, if we can get volume on the top line, it's going to really be nice for us. So I'd say that one.

是的。我認為，如果我們能提高營收，對我們來說肯定是件好事。所以我會選那個。

(Operator Instructions) Brad Hewitt, Wolfe Research.

（操作說明）布拉德·休伊特，沃爾夫研究公司。

So as we think about Contractor margins, it looks like you've done about 28% margins year-to-date, excluding COROB. I guess how do you think about incremental margins for Contractor going forward? And how much volume recovery do you think is necessary to get back to kind of the 29% to 30% zone ex-COROB?

因此，當我們考慮承包商利潤率時，看起來你們今年迄今為止的利潤率約為 28%，不包括 COROB。我想問一下，您如何看待承包商未來的利潤成長？您認為需要恢復多少銷售量才能回到剔除 COROB 後的 29% 到 30% 的水平？

Yes. I don't think a lot of volume is needed. Obviously, the pricing is going to help us offset some of the tariff costs. Volume starts coming back, then you can -- you realize a lot of efficiencies in the factory that we're just not seeing when volumes are flat or even slightly down. So I have no concerns whatsoever in terms of them getting back up to those kinds of margin rates even with a very small amount of volume increase.

是的。我認為不需要很大的音量。顯然，定價將有助於我們抵消部分關稅成本。當產量開始回升時，你會發現——你會意識到工廠裡有很多效率提升的空間，而這些效率在產量持平甚至略微下降時是看不到的。因此，即使銷量只有很小一部分成長，我也完全不擔心他們無法恢復到那種利潤率。

Great. And then curious if you could provide a little more color on what you're seeing in the White Knight business from a growth perspective this year? And then from a medium-term perspective, is there potentially any change to your thoughts on the growth algorithm for that business? As a result of the proposed sectoral tariffs on semiconductors?

偉大的。那麼，您能否從成長的角度，更詳細地介紹一下您對今年 White Knight 業務的看法？那麼從中長期來看，您對該業務的成長演算法的看法是否有可能改變？擬議對半導體產業徵收關稅的後果是什麼？

Yes. I don't know that we are going to be able to give you like specifics on revenue for the White Knight business, but it has come back. Obviously, everyone knows that there was about a two-year period there where a lot of those investments were not happening, but it's a cyclical business, and we recognize that.

是的。我不知道我們能否提供白騎士業務的具體收入數據，但它已經恢復了。顯然，大家都知道，在那段時間裡，很多投資都沒有進行，但這是一個週期性的產業，我們也體認到這一點。

And things have picked up there, and they are getting orders; and we're happy about that. But I think as I said in the earlier comments, they're not back to the levels that they were at a couple of years ago. The macros still looks pretty favorable. There's still a lot of investment going on. I'm sure that we'll be able to get our fair share of that.

那裡的情況有所好轉，他們開始接到訂單了；我們對此感到高興。但我認為，正如我之前所說，他們還沒有恢復到幾年前的水平。巨集參數看起來仍然相當有利。目前仍有許多投資正在進行。我相信我們一定能得到我們應得的那份。

If there are no further questions, I will now turn the conference over to Mark Sheahan.

如果沒有其他問題，我現在將會議交給馬克·謝漢。

Okay. Well, I want to thank everyone for participating today, and I look forward to chatting with you down the road.

好的。感謝大家今天的參與，期待以後有機會再和大家交流。

This concludes our conference for today. Thank you all for participating and have a nice day. All parties may now disconnect.

今天的會議到此結束。感謝大家的參與，祝福大家有個美好的一天。所有參與者現在可以斷開連接。