Graco Inc (GGG) 2025 Q4 法說會逐字稿

Good morning and welcome to the fourth 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 a PowerPoint slide presentation which is available as part of the webcast player.

早上好，歡迎參加格雷科公司第四季財報電話會議。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。格雷科公司還提供了一份 PowerPoint 幻燈片演示文稿，其中包含更多信息，該演示文稿已整合到網路直播播放器中。

At the request of the company, we will open the conference up for questions and answers after the opening prepared remarks from management.

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.

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。

Actual results may differ materially from those indicated as a result of various risk factors, including those identified as item 1A of the company's 2024 annual report on Form 10-K and on item 1A of the company's most recent quarterly report on Form 10-Q.

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。

These reports are available on the company's website at www.graco.com and the SEC's website at www.sec.gov. 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.

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。前瞻性陳述反映了管理階層目前的觀點，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。

I'll now turn the conference over to Chris Knutson, Vice President, Controller, and Chief Accounting Officer.

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 am 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 fourth quarter sales of $593 million, an increase of 8% from the same quarter last year. Acquisitions contributed 4%; currency translation, 2%; and organic sales, another 2% to growth in the quarter.

昨天，格雷科公司公佈第四季銷售額為 5.93 億美元，比去年同期成長 8%。收購貢獻了 4% 的成長；匯率變動貢獻了 2% 的成長；有機銷售額又貢獻了 2% 的成長。

Reported net earnings increased 22% to $133 million or $0.79 per diluted share. Excluding the impact of excess tax benefits from stock option exercises, a non-recurring tax benefit, and the prior year business reorganization charges, adjusted non-GAAP net earnings were $0.77 per diluted share, an increase of 20%. The gross margin rate increased 80 basis points compared to the same quarter last year.

報告顯示，淨利潤成長 22% 至 1.33 億美元，即每股攤薄收益 0.79 美元。剔除股票選擇權行使帶來的超額稅收優惠、非經常性稅收優惠以及上一年業務重組費用的影響，調整後的非GAAP淨收益為每股攤薄收益0.77美元，增長20%。毛利率較去年同期成長80個基點。

The effects of our targeted interim pricing actions more than offset higher product costs resulting from lower factory volume, unfavorable effects of lower margin rates from acquired operations, and incremental tariffs Tariffs affected product cost by $4 million in the quarter, resulting in a 70 basis point decline in a gross margin rate. For the full year, tariffs of $14 million had an unfavorable impact of 60 basis points on the gross margin rate.

我們採取的有針對性的中期定價措施的效果，足以抵消因工廠產量下降、收購業務利潤率降低以及關稅增加而導致的產品成本上升。關稅在本季使產品成本增加了 400 萬美元，導致毛利率下降了 70 個基點。全年來看，1,400萬美元的關稅對毛利率產生了60個基點的不利影響。

Operating expenses decreased $1 million or 1% in the quarter. The decline was driven primarily by business reorganization costs of $7 million and litigation cost of $9 million from the prior year that did not recur. Offsetting these costs were incremental expenses of acquired operations of $7 million and higher incentive-based costs.

本季營運費用減少了100萬美元，降幅為1%。下降的主要原因是前一年未發生的業務重組成本 700 萬美元和訴訟成本 900 萬美元。抵銷這些成本的是收購業務的額外支出 700 萬美元和更高的激勵成本。

Contractor segment operating margin rate for the quarter was 24% and was consistent for the same period last year, excluding business reorganization charges and litigation spending. Expansion markets segment operating margin was 28% compared to 20% for the same quarter last year. Expansion markets had upfront electric motor license fee revenue of $5 million in the quarter and $7 million for the full year.

本季承包商業務部門的營業利潤率為 24%，與去年同期持平，不包括業務重組費用和訴訟支出。擴張市場部門的營業利益率為 28%，而去年同期為 20%。擴張市場本季電動馬達許可證預付收入為 500 萬美元，全年為 700 萬美元。

These upfront license fees increased the operating margin rate for the quarter by 9 percentage points and 3 percentage points for the full year. Total company adjusted operating earnings increased $21 million or 15% during the quarter. Adjusted operating earnings at the percentage of sales was 27% for the quarter, compared to 25% for the same period last year.

這些預付許可費使該季度的營業利潤率提高了 9 個百分點，全年營業利潤率提高了 3 個百分點。本季公司調整後營業利潤總額增加2,100萬美元，增幅達15%。本季經調整後的營業利潤率（佔銷售額的百分比）為 27%，而去年同期為 25%。

The full year adjusted effective tax rate was 20.5%, which is consistent with our expected full year and prior year tax rate on an as-adjusted basis. Cash provided by operations totaled $684 million for the year, an increase of $62 million or 10%. Excluding acquisitions, inventory was $336 million, down $46 million for the full year and down $140 million from its peak of $476 million at the end of 2022. Inventory is currently at its lowest level since June 2021.

全年調整後實際稅率為 20.5%，這與我們預期的全年及上一年調整後的稅率一致。本年度經營活動產生的現金總額為 6.84 億美元，較上年增加 6,200 萬美元，增幅達 10%。不計收購，庫存為 3.36 億美元，比全年減少了 4,600 萬美元，比 2022 年底的峰值 4.76 億美元減少了 1.4 億美元。目前庫存處於2021年6月以來的最低水準。

Cash provided by operations as a percentage of adjusted net earnings was 153% for the quarter and 137% for the year-to-date. Significant year-to-date uses of cash include share repurchas of 5.1 million shares, totalling $423 million, dividends of $183 million, acquisitions of $135 million, and capital expenditures of $46 million. These cash uses were offset by share issuances of $37 million.

本季經營活動產生的現金流量佔調整後淨收益的 153%，年初至今的營業活動現金流量佔調整後淨收益的 137%。今年迄今，現金的主要用途包括回購股票 510 萬股，總計 4.23 億美元；支付股利 1.83 億美元；收購 1.35 億美元；以及資本支出 4,600 萬美元。這些現金支出被 3,700 萬美元的股票發行所抵銷。

A few comments as we move forward to 2026. Based on current exchange rates, assuming similar volumes, mix of products, and mix of business by currency as in 2025, movement in foreign currencies would have a 1% favorable impact on net sales and net earnings for the full year 2026. The effective tax rate is expected to be 20% to 21%, excluding any impact from excess tax benefits related to stock option exercises and other one-time items.

展望2026年，我有幾點看法。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 2025 年相似，外幣匯率的波動將對 2026 年全年的淨銷售額和淨利潤產生 1% 的有利影響。預計實際稅率為 20% 至 21%，不包括與股票選擇權行使和其他一次性項目相關的超額稅收優惠的影響。

Projected unallocated corporate expenses and capital expenditures are projected to be $40 million to $43 million and $90 million to $100 million, excluding approximately $50 million for facility expansion projects for the full year respectively.

預計全年未分配的公司支出和資本支出分別為 4,000 萬美元至 4,300 萬美元和 9,000 萬美元至 1 億美元，其中不包括全年約 5,000 萬美元的設施擴建項目費用。

Finally, 2027 will be 23-week year with an extra week occurring in the fourth quarter.

最後，2027 年將是 23 週的一年，第四季將多出一週。

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 record sales in both the fourth quarter and for the full year. Sales were up 8% in the fourth quarter with acquisitions contributing 4% of the growth. Organic sales at constant currency were up 2% from growth in both the Industrial and Contractor segments.

謝謝你，克里斯。各位早安。我很高興地宣布，第四季和全年銷售額均創歷史新高。第四季銷售額成長了 8%，其中收購貢獻了 4% 的成長。以固定匯率計算，有機銷售額成長了 2%，這得益於工業和承包商業務部門的雙雙成長。

Despite continued sluggish conditions in core construction markets, improved performance in the Home Center Channel, and double-digit growth in the Corob business allowed contractors to achieve organic growth in every region this quarter.

儘管核心建築市場持續低迷，但家居中心通路的業績有所改善，Corob 業務實現了兩位數的成長，使得承包商在本季度在每個地區都實現了有機成長。

Our Industrial business had 11% growth in the quarter with strong organic performance in both the Americas and EMEA due to broad-based market improvement and the timing of completion and acceptance of systems-based projects.

由於市場整體改善以及系統性項目的完成和驗收，我們的工業業務在本季度實現了 11% 的成長，美洲和歐洲、中東及非洲地區的有機成長表現強勁。

For the year, acquisitions contributed $113 million of revenue or 5% growth. We have successfully integrated Corob while also completing the acquisitions of Radia and Color Service. Together, these businesses are expected to generate nearly $190 million in full year revenue. They have extended our market reach, provided new product lines and innovation, and expanded our manufacturing footprint.

本年度，收購貢獻了 1.13 億美元的收入，成長了 5%。我們已成功整合 Corob，同時完成了對 Radia 和 Color Service 的收購。預計這些企業全年總收入將接近 1.9 億美元。他們拓展了我們的市場覆蓋範圍，提供了新的產品線和創新，並擴大了我們的生產規模。

Our acquisition pipeline is strong, and we are committed to generating one-third of our long-term revenue growth through executing smart and disciplined strategic acquisitions.

我們的收購管道強大，我們致力於透過執行明智且有紀律的策略性收購，實現長期收入成長的三分之一。

In 2025, operating cash flow of $684 million was up 10% from 2024, and was 137% of our adjusted net earnings for the year. This impressive cash flow has allowed us to invest $135 million in acquisitions, deploy nearly $50 million in capital expenditures, and return over $600 million to shareholders in dividends and share repurchases. We finished the year in a net cash position of $600 million. In summary, our balance sheet is strong, providing us with the flexibility to achieve our long-term objectives.

2025 年，營運現金流為 6.84 億美元，比 2024 年成長 10%，佔當年調整後淨收益的 137%。如此可觀的現金流使我們能夠投資 1.35 億美元用於收購，投入近 5,000 萬美元用於資本支出，並透過股息和股票回購向股東返還超過 6 億美元。年底時，我們的淨現金部位為 6 億美元。總而言之，我們的資產負債表穩健，為我們實現長期目標提供了靈活性。

Turning to segment performance. Contractors segment sales increased 8% in the fourth quarter with acquisitions contributing 5%, currency translation 2%, and organic sales another 1% of the growth. The biggest driver of the organic growth was Corob, which grew 25% in the quarter.

接下來分析細分市場表現。第四季承包商業務銷售額成長 8%，其中收購貢獻 5%，匯率變動貢獻 2%，有機銷售額貢獻 1%。有機成長的最大驅動力是 Corob，該公司本季成長了 25%。

Sales volume improved with this being Corob's largest fourth quarter in the past three years. The Corob acquisition has performed as expected. And the Radia acquisition brings any capabilities to this attractive and growing space.

銷售額有所成長，這是 Corob 近三年來第四季業績最好的一個季度。Corob的收購表現符合預期。收購 Radia 將為這個充滿吸引力且不斷發展的領域帶來各種能力。

The Home Center channel had growth in the quarter, however, foot traffic in the channel is still light. The Propaint channel grew sequentially despite slower sales compared to last year. The overall market for contractor equipment is flat with affordability concerns keeping activity subdued. Despite flat conditions, we've been investing in new products, which along with our pricing actions and the acquisitions previously mentioned, are having a positive impact on our outlook this year.

家居中心通路在本季度實現了成長，但是該通路的客流量仍然偏低。儘管與去年相比銷售速度放緩，但 Propaint 通路仍實現了環比成長。承包商設備整體市場表現平淡，價格承受能力問題導致市場活動低迷。儘管市場環境平淡，但我們一直在投資新產品，加上我們先前提到的定價策略和收購，對我們今年的前景產生了積極影響。

Turning to the Industrial segment. We delivered a strong fourth quarter with sales up 11% driven by a combination of solid organic performance and contributions from the Color Service acquisitions. Organic growth of 5% was primarily the result of project completions in powder finishing systems, as well as good growth in the Americas and EMEA offsetting declines in the Asia Pacific, particularly China.

接下來我們來看工業領域。第四季業績強勁，銷售額成長 11%，這得益於穩健的內生成長和 Color Service 收購帶來的貢獻。5% 的有機成長主要得益於粉末塗裝系統專案的完成，以及美洲和歐洲、中東及非洲地區的良好成長抵消了亞太地區（尤其是中國）的下滑。

For the full year, China grew in both revenue and bookings. Incremental margins for this segment were remarkably strong at 76% for the quarter and 117% for the full year, reflecting the benefits of One Graco. Expansion markets declined 6% in the quarter but grew for the full year with high single-digit full year sales growth in our semiconductor business.

全年來看，中國市場的收入和預訂量均有所成長。該業務部門的增量利潤率在本季度達到了驚人的 76%，全年達到了 117%，這反映了「一個 Graco」策略帶來的好處。本季擴張市場下滑了 6%，但全年成長，半導體業務全年銷售額實現了接近兩位數的成長。

During the quarter, we had declines in our semiconductor, high pressure valve, and environmental businesses as compared to last year when we saw increased activity in all regions. Despite the quarterly decline, we had sequential revenue growth, with this being our largest revenue quarter of the year.

本季度，我們的半導體、高壓閥門和環保業務與去年同期相比有所下滑，而去年同期所有地區的業務活動均有所增長。儘管季度業績有所下滑，但我們實現了環比營收成長，這是我們今年營收最高的一個季度。

As Chris mentioned, our electronic motor business recognized upfront license fees resulting from the work our team has done to introduce this technology to OEMs and motor manufacturers. This proven technology is in Graco products today. And while we're optimistic about opportunities for signing more license agreements in the coming years, our revenue outlook does not include any estimates for upfront license fees in 2026.

正如克里斯所提到的那樣，我們的電子電機業務獲得了預付許可費，這是我們團隊為將這項技術引入OEM廠商和電機製造商所做的工作所帶來的回報。這項成熟的技術目前已應用於 Graco 的產品。雖然我們對未來幾年簽署更多授權協議的機會持樂觀態度，但我們的收入展望不包括 2026 年的任何預付許可費估算。

Moving on to our outlook. As we reflect on the past year, we are pleased that revenue grew in each segment and region. Both the Industrial and Expansion Market segments grew organically for the full year. And we are optimistic about the growth in Contractor during in the fourth quarter. Also pleased with the performance and contributions made by Corob, Color Service, and Radia this year, and we're hopeful that we will continue to see actionable opportunities in 2026.

接下來談談我們的展望。回顧過去一年，我們很高興看到各個業務板塊和地區的收入都實現了成長。工業市場和擴張市場兩個細分市場全年均實現了有機成長。我們對承包商業務在第四季度的成長持樂觀態度。我們對 Corob、Color Service 和 Radia 今年的表現和貢獻也感到滿意，並希望在 2026 年繼續看到可行的合作機會。

Graco has engaged employees that are focused on our key initiatives of product innovation, pursuing strategic acquisitions, and advancing the One Graco operating model. We're offering 2026 revenue guidance of low single-digit organic growth on a constant currency basis and mid single-digit growth after factoring in expected incremental sales from the Color Service and Radia acquisitions.

Graco 的員工專注於我們的產品創新、策略性收購和推動「一個 Graco」營運模式等關鍵措施。我們預計 2026 年的營收將以固定匯率計算實現低個位數自然成長，在計入 Color Service 和 Radia 收購帶來的預期增量銷售額後，將實現中等個位數成長。

In closing, as we enter our 100th year, I would like to thank our employees, suppliers, distributor partners, and customers around the world for their contributions. While the last few years have been challenging for manufacturers like Graco, we navigated the obstacles and delivered meaningful value to our customers and shareholders. There are many things that contribute to our confidence in the future, but none more than our loyal and hardworking employees.

最後，在我們邁入百年華誕之際，我要感謝世界各地的員工、供應商、經銷合作夥伴和客戶所做的貢獻。儘管過去幾年對像 Graco 這樣的製造商來說充滿挑戰，但我們克服了重重困難，為我們的客戶和股東創造了有意義的價值。有很多因素讓我們對未來充滿信心，但最重要的莫過於我​​們忠誠勤奮的員工。

That concludes our prepared remarks. Operator, we're ready for questions.

我們的發言稿到此結束。接線員，我們已準備好回答問題。

(Operator Instructions) Deane Dray, RBC Capital Markets.

（操作員說明）迪恩‧德雷，加拿大皇家銀行資本市場。

Thank you. Good morning, everyone.

謝謝。各位早安。

Good morning, Deane.

早上好，迪恩。

Good morning.

早安.

Hey. I'd start off with a clarification. We haven't seen one of this get called out before the upfront licensing fee associated with the electric pumps. And there's been some inbound questions about is this a one timer, or is this just in the nature of this new product. And so just give us some background here. y=You said it's going to OEs and to motor manufacturers. Is this going to be a lumpy type of revenue stream and just some color there to start, please?

嘿。我先想澄清一下。在電動水泵預付許可費之前，我們還沒有看到有人指出這個問題。目前已經有一些用戶詢問，這種情況是一次性的，還是這款新產品的固有特性。所以請您先介紹一下背景狀況。您說過，這款產品將面向原始設備製造商和汽車製造商。這是否會是波動較大的收入來源？請先提供一些背景資訊作為參考。

Yeah. I can start and, a handful of years ago, we bought a company called ETM And we bought the company because they make a high torque, quiet, compact motor that we thought would fit pretty well within some of the Graco product lines. We actually wound up buying the company because we like the technology so much.

是的。我可以先從幾年前說起，我們收購了一家名為 ETM 的公司。我們收購這家公司是因為他們生產高扭矩、安靜、緊湊的電機，我們認為這種電機非常適合 Graco 的一些產品線。我們最終收購了這家公司，因為我們非常喜歡他們的技術。

We also recognize that there was potential that we could introduce that technology to other OEMs. And so we had a team that was really looking to work with those OEM manufacturers to sell motors to them. Long story short, that didn't play out real well.

我們也意識到，我們有可能將這項技術引入其他原始設備製造商（OEM）。因此，我們組建了一支團隊，致力於與這些 OEM 製造商合作，向他們銷售馬達。簡而言之，結果並不理想。

So a couple years ago, we pivoted to a team now that's really focused on licensing the technology to OEMs and motor manufacturers that are non-competitive with Graco, that see the benefits of having a compact, high torque, quiet motor for their types of applications that they've got.

所以幾年前，我們轉型組建了一支團隊，現在這支團隊真正專注於將這項技術授權給與 Graco 沒有競爭關係的 OEM 和電機製造商，這些製造商看到了擁有緊湊、高扭矩、靜音電機對其應用類型的好處。

So it's probably going to be lumpy. I'm really happy with the work that the team has done and getting some upfront agreements. There will be royalties on the back end that we'll talk about when they're meaningful enough, and of course, we'll highlight any other lumpy payments as they as they come in throughout the year.

所以它可能會有些凹凸不平。我對團隊的工作成果以及達成的一些前期協議感到非常滿意。後期會有版稅，我們會在版稅金額夠大的時候再討論，當然，我們也會在這一年中陸續公佈其他大額款項。

We wanted to make sure though, Deane, that you didn't feel like you needed to model it in in terms of our outlook for the full year on the organic constant currency, so we really have not factored in any of these upfront fees into that analysis.

不過，迪恩，我們想確認一下，你是否覺得在以有機固定匯率計算的全年展望中，不需要將這些前期費用納入模型，所以我們實際上並沒有將這些前期費用計入該分析中。

The motors are in Graco products today. You can find them in our Contractor products. They're very well received in the marketplace. You also find them in our diaphragm pumps that go into the process industries, and in our Industrial markets where we're using electric motors to move paints around in factories. So it's a proven technology. We're excited about it and it's nice to see that some of the benefits of what we did on the M&A front are paying off there.

這些馬達目前應用於 Graco 產品。您可以在我們的承包商產品中找到它們。它們在市場上非常受歡迎。你也可以在我們的隔膜泵中找到它們，這些隔膜泵用於流程工業，以及在我們的工業市場中，我們使用電動馬達在工廠裡輸送油漆。所以這是一項成熟的技術。我們對此感到興奮，很高興看到我們在併購方面所做的一些努力正在取得成效。

Yeah. I would just add to that that because we already have it successfully implemented in several of our products in the specific applications, part of the process of an agreement with an OEM or another party is they will be used for what are defined as very specific applications.

是的。我還要補充一點，因為我們已經在幾款產品的特定應用中成功實現了這一點，所以與 OEM 或其他方達成協議的一部分內容是，它們將用於定義的非常具體的應用。

That's all good to hear and I appreciate that color. It's a little bit unique, but our bias would be just to include that in your operating results and not try to strip it out, but if you could highlight for us if there's any lumpiness in the future quarters, that it'd be helpful.

聽到這些真是太好了，我很喜歡這個顏色。這有點特殊，但我們傾向於將其納入您的經營業績中，而不是試圖將其剔除。但是，如果您能指出未來幾季是否存在任何波動，那將對我們很有幫助。

And then second question is more on the forward-look. No surprise to us and the low single-digits organic guide, that's where we were looking. What can you say in terms of the geographic conditions that you're looking at in '26? Interesting the traffic light slide only has the rearview mirror of 2025, not the forward look. So what would be the broad-brush changes any that you would highlight there and anything about the last five weeks or so of inbound orders would be helpful, too.

第二個問題更多是關於未來展望。這並不讓我們感到意外，有機產品指南的數值也只有個位數，這正是我們所關注的。就您目前所關注的2026年的地理條件而言，您能說些什麼？有趣的是，交通號誌幻燈片只展示了 2025 年的後視鏡，而沒有展示未來的景象。那麼，您會重點介紹哪些整體變化呢？另外，關於過去五週左右的入庫訂單情況，也請您提供一些資訊。

Okay, Deane, when you said we hadn't -- we hadn't updated it, I took personal offense. We did review the process, and we did review the things. And the way I would characterize it is in the markets, especially the yellowish markets, the order rates h ave been steady and remained steady for the most part where we stand.

好吧，迪恩，你說我們沒有——我們沒有更新它，我感到受到了個人冒犯。我們審查了流程，也審查了相關事項。我個人認為，在市場中，尤其是在市場疲軟的情況下，訂單率一直保持穩定，而且在我們目前所處的位置，訂單率在很大程度上也保持穩定。

I would say that the data is, while not in any sense deteriorating, the upward momentum, the catalyst for coloring a little bit more green, I think is, in our discussions, in our analysis is a bit premature. So I feel pretty good about where we stand today, and yes, it does look like what we presented to you in the fourth quarter. And stay tuned and I'm hopeful that we'll be able to cover some of those dots green in the months to come.

我認為，雖然數據並沒有惡化，但上升勢頭，也就是推動市場向更樂觀方向發展的催化劑，在我們目前的討論和分析中，還為時過早。所以我對我們目前的處境感覺相當不錯，是的，這看起來確實和我們在第四季向你們展示的一樣。敬請關注，我希望在接下來的幾個月裡，我們能夠將其中一些目標變為現實。

Yeah. I'd probably say that we had a low single-digit guide last year. We're coming out with a low single-digit guide. So top level looking at it doesn't really surprise me a whole lot that the dots didn't change colors meaningfully.

是的。我估計去年我們的指導色溫只有個位數。我們將發布一份個位數低位的指導方針。所以從宏觀角度來看，這些點的顏色沒有顯著變化，這並沒有讓我感到非常驚訝。

I'd characterized the geographic conditions as we see them as low single-digit up into crazy on the upside, certainly, hopefully we're not going to experience another leg down. We're not anticipating that. So I would characterize our overall outlook, Deane, is pretty cautious at this point, but we feel pretty confident that we can deliver a low single-digit growth in 2026.

我認為我們所看到的地理條件是，上漲幅度可能在個位數以內，甚至可能非常驚人，當然，希望我們不會再經歷一輪下跌。我們並沒有預料到這種情況。因此，迪恩，我對我們目前的整體前景持相當謹慎的態度，但我們很有信心在 2026 年實現個位數低成長。

And the recent order trends?

最近的訂單趨勢如何？

Yeah. The recent order trends would support that outlook.

是的。近期的訂單趨勢也印證了這個觀點。

Got it. Thank you.

知道了。謝謝。

Mike Halloran, Baird.

麥克哈洛蘭，貝爾德。

Hey. Good morning, everyone.

嘿。各位早安。

Good morning.

早安.

And so maybe just a question on the fourth quarter and then reverting back to some 3Q commentary. Did you see any signs of pull forward demand in the fourth quarter, particularly in the Contractor side? And then also in third quarter, you referenced green shoots. Any thoughts on whether you're still seeing signs of green shoots or to David's more recent comments, is it just pretty steady out there at this point and maybe specifically refer to some of the green shoots you were seeing before and maybe an update on that side?

所以，或許可以先問一個關於第四季的問題，然後再回顧一下第三季的情況。您是否看到第四季度有任何提前需求的跡象，尤其是在承包商方面？而且在第三季度，你也提到了「萌芽」。對於您是否仍然看到復甦的跡象，或者針對大衛最近的評論，目前情況是否相當穩定？能否具體提及您之前看到的復甦跡象，以及這方面的最新進展？

Yeah. I don't think there was any pull forward. I think it was normal fourth quarter from that to a point. I mean, there's always stuff that happens at the end of the year, but there's nothing out of the ordinary that comes to mind.

是的。我認為沒有任何向前推進的跡象。我認為從那之後，第四節比賽就恢復正常了。我的意思是，年底總是會發生一些事情，但一時想不出有什麼特別不尋常的事情。

The one thing that we did highlight is that there was a little bit of a pickup in the Home Center channel, whether that's sustainable or not, where that goes from here, none of us really knows, but that was encouraging to us because that has been a headwind for us for a number of quarters now. So hopefully, we're starting to see some signs of life there.

我們重點強調的一點是，家居中心通路略有回暖，至於這種回暖是否可持續，以及未來的發展趨勢，我們誰也不知道，但這確實令人鼓舞，因為在過去的幾個季度裡，家居中心渠道一直是我們的一大阻力。所以，希望我們能開始看到一些復甦的跡象。

I was just with our global sales team over the weekend for a meeting that they held. And we've been looking at data and talking with a lot of people. But I think there's a sense that at least here in North America, a flattish outlook again on residential housing. So not like any a dramatic shift there, as I said in my opening comments, being held back a little bit by affordability.

我上週末剛和我們的全球銷售團隊一起參加了一個會議。我們一直在研究數據，並與許多人溝通。但我認為，至少在北美，人們普遍認為住宅市場前景再次趨於穩定。所以，正如我在開場白中所說，這並沒有帶來任何劇烈的變化，只是受到經濟能力的限制。

Commercial is actually -- the team is pretty bullish about commercial opportunities really throughout the country, multifamily and some of the infrastructure things that are going on. So I felt like most of our salespeople were upbeat on what's going on on the commercial front. Of course, those are more expensive, higher-margin products. So that's good.

商業方面—團隊對全國各地的商業機會、多戶住宅以及一些正在進行的基礎設施項目都相當樂觀。我覺得我們大多數銷售人員對目前的商業狀況都很樂觀。當然，這些都是價格更高、利潤更高的產品。那很好。

And then surprisingly, talking with some of the manufacturers -- paint manufacturers, they're actually starting to see some hope on residential repaint, which would be great for us. As you know, the turnover in homes has been anemic the last couple of years. And to the extent that we get houses turning over again, there is a little bit more of a renewed bullishness on the residential repaint side.

然後出乎意料的是，與一些油漆製造商交談後，他們實際上開始對住宅重新粉刷抱有一些希望，這對我們來說將是件好事。如您所知，近幾年房屋週轉率一直很低迷。隨著房屋翻新數量的增加，住宅重新粉刷市場也出現了一些復甦的樂觀。

Of course, we've got new products coming out, too, that the team is excited about. So all in all, I would say that going into this year, feel a little bit better about Contractor, maybe those are green shoots, than we would have a year ago.

當然，我們也有新產品即將推出，團隊對此感到非常興奮。總而言之，我認為進入今年，我對 Contractor 的前景感覺好一些，也許這些跡象表明情況正在好轉，比一年前要好一些。

Yeah. And I think that the only thing I would add is a number that we all track. Mortgage rates right now are somewhere around [6% or 10%], which I think is the lowest that we've seen in this last cycle over several years. Going back to Q4 of '23, rates, I think, peaked out at [7%, 8%, or 7.9%]. So it's still not that five handle that we'd like to see, but it's getting pretty dog-gone close.

是的。我覺得唯一需要補充的就是一個我們所有人都在關注的數字。目前的抵押貸款利率在 6% 到 10% 左右，我認為這是近年來我們所看到的最低水準。回顧2023年第四季度，我認為利率在…達到峰值[7%、8%或7.9%]。所以，雖然離我們想要看到的五把手柄還差得很遠，但已經非常接近了。

And with the pent-up demand that Mark touched on, I won't say it's a green shoot, but it's certainly something that could be an extremely positive development as the spring rolls along.

至於馬克提到的被壓抑的需求，我不會說這是一個好兆頭，但隨著春天的到來，這肯定是一個非常積極的發展趨勢。

Thanks for that. And then on the pricing side of things, what is the price assumption embedded in that low single digit? In other words, is there a volume growth assumption in that low single-digit organic growth number? And then also, could you just remind us when the pricing was implemented by segment? I know some of it was in that late 3Q timeframe. Is there any that's coming in to start this year?

謝謝。那麼，在定價方面，這個低個位數價格背後隱含的價格假設是什麼呢？換句話說，這個個位數低有機成長率背後是否隱含著銷售成長的假設？另外，您能否提醒我們一下，按細分市場定價是什麼時候開始實施的？我知道其中一些事件發生在第三季末期。今年有新人加入嗎？

Yeah. I think we're hoping to realize about 1.5% to -- 1% to 1.5% on the pricing front this year. Of course, it's mix dependent and timing dependent. And then on the pricing rollouts, as you know, we did accelerate some of the 2026 price adjustments in the third and fourth quarter of 2025. So there wasn't -- and there haven't been a lot of price changes on Graco here in 2026.

是的。我認為我們希望今年在價格方面實現 1% 到 1.5% 的成長。當然，這取決於混合物的種類和使用時機。至於價格調整方面，正如您所知，我們在 2025 年第三季和第四季加快了一些 2026 年的價格調整。所以，2026 年 Graco 的價格並沒有太大變動。

The timing of some of our larger customers and their price increases is more on a midyear basis. So we did see some benefit from those increases that we did in mid-2025, and we expect that being able to do that, those kinds of increases throughout 2026 as our normal cadence.

我們的一些大客戶的價格上漲時間通常在年中。因此，我們在 2025 年年中進行的那些增長確實帶來了一些好處，我們預計，能夠做到這一點，將這種增長作為我們正常的節奏貫穿整個 2026 年。

Yeah. So I would just -- yeah, especially here in North America, by midyear, we hope to have price adjustments made for key channel partners and across all the legacy product families.

是的。所以我想說的是——是的，尤其是在北美，我們希望到年中時，能夠對主要通路合作夥伴和所有傳統產品系列進行價格調整。

Great. Really appreciate it, gentlemen. Thank you.

偉大的。非常感謝各位先生。謝謝。

Yeah. Thanks, Mike.

是的。謝謝你，麥克。

Saree Boroditsky, Jefferies.

Saree Boroditsky，傑弗里斯。

Hi. Thanks for taking the question. Maybe just starting out at high level, could you just update us on your One Graco initiative, and how we should think about any benefit to sales or margin performance for this year?

你好。感謝您回答這個問題。或許我們可以先從宏觀層面入手，您能否簡要介紹一下您的「一個格雷科」計劃，以及我們應該如何看待該計劃對今年的銷售或利潤率帶來的好處？

Yeah. So I think one of the things I would point to is the inventory reductions that we've been seeing in our factories as a result of One Graco are pretty significant once we put all the operations under one leadership team. And we looked at knocking down some of the silos that were amongst our operation units, we really identified some areas where we could make some changes, do some consolidations of different facilities, and do a better job of managing inventory than we've ever done, I think, as a company. So I'm pretty happy about that.

是的。所以我認為，我想指出的一點是，由於「一個格雷科」計劃，我們工廠的庫存減少了相當顯著，因為我們把所有業務都放在了一個領導團隊的領導下。我們著手打破營運部門之間的一些壁壘，我們確實確定了一些可以進行一些改變的領域，對不同的設施進行一些整合，並且我認為，作為一家公司，我們在庫存管理方面做得比以往任何時候都更好。所以對此我相當滿意。

We also did obviously reduce expenses pretty significantly. Here, and you saw that show up in 2026. So I think the number that we gave last year of around $15 million, if I'm remembering correctly, Chris is nodding. We did realize that maybe even a little bit more. So we did drive quite a bit of efficiencies in the company as a result of that.

顯然，我們也大幅削減了開支。你看，這在 2026 年就出現了。所以，如果我沒記錯的話，我們去年給的數字大約是 1500 萬美元，克里斯點點頭。我們確實意識到，或許還要更多。因此，我們確實提高了公司的效率。

The first year, when you go through a reargue, you're always going to have some growing pains, both on the internal side of the house and externally, I would say they've been minimal.

第一年，當你經歷爭吵時，總是會遇到一些成長的煩惱，無論是在家庭內部或外部，但我認為這些煩惱微乎其微。

I think that we've worked through any of the internal issues that we've had with sales and marketing teams, in particular. And I think that as we go into 2026, these teams are fired up and ready to go. I mean, sales people that now have access to multiple product lines gives them a lot more to talk to customers about. Same thing with channel partners where we had restrictions in the past.

我認為我們已經解決了所有內部問題，特別是與銷售和行銷團隊相關的問題。我認為，進入 2026 年，這些球隊都士氣高昂，蓄勢待發。我的意思是，銷售人員現在可以接觸到多種產品線，這讓他們有更多的話題可以和客戶談論。通路夥伴的情況也一樣，我們過去也對他們有所限制。

So it's hard for us to put a dollar value on the revenue impact in 2025 of the initiatives of One Graco, but we all feel very strongly as a management team that was the right thing to do, and it should give us some tailwind in 2026 and beyond.

因此，我們很難用金錢來衡量「一個格雷科」計畫在 2025 年對收入的影響，但作為管理團隊，我們都強烈地認為這是正確的做法，它應該會在 2026 年及以後給我們帶來一些助力。

And do you have a cost saving number then for 2026?

那麼，你們有2026年的成本節約預期數據嗎？

Well, because we rolled it out right at the end of last year and we hit the ground running in 2025, the full year benefit of One Graco, as I said, was around $15 million. There's no ongoing restructuring that we're doing costs that we're taking out related to One Graco. Of course, we're watching expenses and managing things as we always do here. But there's no ongoing cost out happening at the company.

正如我所說，因為我們在去年年底就推出了這項計劃，並在 2025 年迅速啟動，所以 One Graco 的全年收益約為 1500 萬美元。目前沒有正在進行的重組，也沒有與 One Graco 相關的成本削減。當然，我們會像往常一樣控制開支、管理事務。但公司目前並沒有持續的成本削減。

Got it. I appreciate that. And then I think last quarter, you talked about orders coming in at low single digits. Just curious how orders performed into year-end and then so far in January.

知道了。我很感激。然後，我想上個季度，您提到訂單量只有個位數。我只是好奇年底前的訂單表現如何，以及1月至今的訂單狀況。

Yeah. I think what I would say is that we factor all that into the guide, right, that we're doing here for 2026. And what we've seen so far, it's early days. We're just getting through January here. We're not concerned at all on where the guide is in relation to the order rates that we're seeing from our business units.

是的。我認為我們應該把所有這些因素都考慮進我們正在製定的 2026 年指南中，對吧。而就目前來看，一切都還處於早期階段。我們這裡才剛度過一月。我們完全不擔心該指南與我們業務部門看到的訂單率之間的關係。

Okay. I appreciate the color. Thanks so much.

好的。我喜歡這個顏色。非常感謝。

Yeah.

是的。

Bryan Blair, Oppenheimer.

布萊恩布萊爾，奧本海默。

Thanks. Good morning, everyone.

謝謝。各位早安。

Hey, Bryan.

嘿，布萊恩。

Hey, Bryan.

嘿，布萊恩。

I was wondering we could level set a little bit more on the upfront licensing agreements that Graco team has won. You're very clear in that there are noncompetitive customers or at least applications and very specific there in. What are the markets or applications where you're winning that are outside of Graco exposures?

我想我們能否更全面地了解 Graco 團隊贏得的前期授權協議。您非常明確地指出，存在非競爭性客戶，或至少有非常具體的應用情境。除了 Graco 的業務範圍之外，您在哪些市場或應用領域取得了成功？

Yeah. I've been reluctant to share any specifics on customers without getting their clarification or clearance that it's okay. I would just mention that we're licensing the technology to motor manufacturers as well as some OEMs.

是的。在沒有得到客戶澄清或許可之前，我一直不願透露任何關於客戶的具體資訊。我只想提一下，我們正在向汽車製造商以及一些汽車原始設備製造商 (OEM) 授權這項技術。

So with respect to the motor manufacturers, it's limited in terms of the scope of the motors that they're actually putting ETM technology into. But once they're in, they can go into multiple different applications anything from the process industries to ag industry to robotics, in some cases, where they want a small compact motor that will fit better than what they currently have available today.

因此，就電機製造商而言，他們實際應用 ETM 技術的電機範圍是有限的。但一旦安裝到位，它們就可以應用於多種不同的領域，從流程工業到農業工業再到機器人領域，在某些情況下，他們需要比目前可用的小型緊湊型馬達更合適的馬達。

So it's really up to them to make sure that once it's introduced as they launch it to their customers. And with respect to specific OEMs, again, I'm not at liberty to speak to the names. But I will tell you that when we get in front of people, and we show them a Graco product that has the motor in it, that's functioning and working, it goes a long way toward building confidence with an OEM to say, okay, no, I would need to redesign the product that I have to put those motor technology into.

所以，一旦產品推出並面向客戶，就真的要由他們自己來確保這一點。至於具體的原始設備製造商，我再次聲明，我不方便透露他們的名字。但我可以告訴你，當我們向人們展示一款裝有馬達、功能正常且運作良好的 Graco 產品時，這對於建立 OEM 廠商的信心大有幫助，讓他們會說，好吧，不，我需要重新設計我必須安裝這些馬達技術的產品。

It saves energy. It's quieter. It's more compact, it's lighter weight, all features that seem to resonate well with those OEM customers.

它能節約能源。這裡更安靜了。它體積更小，重量更輕，這些特點似乎都引起了OEM客戶的共鳴。

Okay. That certainly makes sense. And then your team drove a pretty solid inorganic growth in '25. Messaging remains pretty favorable there. You obviously have abundant dry powder. I was just curious if you can offer any finer points on the overall size or scale of your funnel composition of the pipeline actionability. And what, if anything, has changed on those fronts over recent tests?

好的。這確實很有道理。然後，你們團隊在 2025 年實現了相當穩健的非內生性成長。那裡的訊息傳遞仍然相當有利。你顯然有很多乾粉。我只是好奇，您能否就通路可操作性的整體規模或漏斗組成提供一些更細緻的見解。那麼，在最近的測試中，這些方面發生了哪些變化（如果有的話）？

I think what's changed is our confidence in being able to identify strategic companies that make sense for Graco. We've been really encouraged with the handful of ones that we've done here recently. They've all been hand-in-glove deals for us.

我認為改變的是我們對識別對 Graco 有意義的策略公司的信心。最近我們在這裡完成的幾個項目都讓我們備受鼓舞。對我們來說，這些交易都非常契合。

There's mutual benefits on both sides. There's excitement amongst our teams when they actually see how a business that's acquired can fit with their customer base or with their channel. And so I think there's some momentum within Graco, is probably building with respect to M&A.

雙方都有利可圖。當我們的團隊真正看到被收購的企業如何與他們的客戶群或管道契合時，他們都會感到非常興奮。所以我認為 Graco 內部正在形成一定的併購動能。

Of course, we're going to stay disciplined. I think that that's the most important element of any deal that you do. You want to make sure that you're creating shareholder value and that the companies are -- there's mutual benefit on both sides. So I'm encouraged by that.

當然，我們會保持自律。我認為這是任何交易中最重要的因素。你要確保你為股東創造價值，而公司也確實如此——這樣雙方都能從中受益。我因此受到了鼓舞。

We have well over 100 names in our pipeline at any given point in time. Some are actionable at different levels. Some are out there quite a ways. I will say that as I look into early 2026, there are opportunities that will come along and to the extent that it makes sense for us to be active and purchase them, we'll be ready to go.

我們任何時候都有超過 100 個候選名字。有些事情可以在不同層面採取行動。有些地方離得相當遠。我想說的是，展望 2026 年初，將會出現一些機會，如果積極參與並收購這些機會對我們來說有意義，我們將做好準備。

Understood. Thank you for the color.

明白了。謝謝你提供的色彩。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

Yeah. Hi. Good morning.

是的。你好。早安.

Hey, Jeff.

嘿，傑夫。

Good morning, Jeff.

早安，傑夫。

Just back on the Home Center, as you talk to those customers, did you get the sense of like did inventories get too low, or they're getting ahead of a price increase, or if it's underlying demand is actually getting better? Just a little more color on that.

回到家居中心，當你和顧客交談時，你是否感覺到庫存太低，或者他們是為了應對價格上漲而提前囤貨，又或者潛在需求實際上正在好轉？再補充一點顏色。

Yeah. I mean, the foot traffic is still pretty light there. So I don't think they've seen a big uptick in foot traffic. It may have been some channel activity there where they just felt like they needed to get things in better shape with their inventory. We didn't launch any new products or anything significant that really impacted our business.

是的。我的意思是，那裡的人流仍然很少。所以我認為他們並沒有看到客流量大幅成長。這可能是通路方面的一些活動，他們覺得需要更好地整理庫存。我們沒有推出任何新產品，也沒有進行任何真正對我們業務產生重大影響的事情。

So it's a nice dynamic. It's -- we haven't seen it for a while. I don't have a lot of -- unfortunately, I don't have a lot of color to provide that would give you anything more than maybe what you'd get if you spoke with them.

所以這是一種很好的動態關係。我們已經很久沒見過它了。很遺憾，我沒有太多資訊可以提供，這些資訊或許能讓你比直接和他們交談獲得更多。

Yeah. I just would underline Mark's last point. It was a bounce in a business. It was meaningful, but it follows three really depressing years. So I would be getting ahead of myself if I thought -- concluded that it suggest a major change. However, these people are good merchandisers. And when they order products, they usually know what their needs are.

是的。我只想強調馬克最後一點。這是業務上的一次反彈。雖然很有意義，但這之前經歷了三年非常令人沮喪的時光。所以，如果我就此斷定它預示著重大變化，那就太操之過急了。然而，這些人都是優秀的推銷員。而且當他們訂購產品時，通常都清楚自己的需求。

Okay. Great. And then, I think you had indicated after '24, a lot of our big capital projects are done, but I think in CapEx, you have a tick up. Can you just talk about what's in the growth capital plans in 2016 to drive that?

好的。偉大的。然後，我想您曾指出，在 2024 年之後，我們的許多大型資本項目都已完成，但我認為在資本支出方面，您們有所增長。您能否談談2016年的成長資本計畫中有哪些內容將推動此目標的實現？

Well, in addition to our maintenance CapEx, which I think over the years, we talk a number in 40% to 50% range. We're going to be starting in a couple of months, the construction of our new corporate headquarters building in the French Lake campus, where we already have two existing structures. And I think that the planned number for that, I think we've communicated. It is about $50 million, and most of that money will be spent in '26.

嗯，除了我們的維護資本支出之外，我認為這些年來，我們談論的數字在 40% 到 50% 之間。我們將在幾個月後開始在法蘭西湖園區建造新的公司總部大樓，那裡我們已經有兩座現有的建築。我認為我們已經溝通過計劃中的數字了。大約需要 5000 萬美元，其中大部分資金將在 2026 年花掉。

Yeah. And we're also vacating our campus here in Northeast Minneapolis, which we will sell, which will offset that, but we haven't factored that into the numbers that we've given you. We will disclose that if and when happens, but it will be a noticeable reduction in the overall CapEx spend when we exit this facility.

是的。我們還要騰空位於明尼阿波利斯東北部的校園，我們會把它賣掉，這可以抵消一部分損失，但我們還沒有把這部分損失計入我們之前給出的數字中。如果這種情況發生，我們會予以揭露，但當我們退出專案時，整體資本支出將會顯著減少。

Okay. Thanks so much.

好的。非常感謝。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾，D.A.戴維森。

Yes. Thanks. I was hoping you could do a little bit of an end market around the horn in the industrial business, what you're seeing from your larger end market exposures and then maybe contrast that across the three regions? And then I have a follow-up. Thank you.

是的。謝謝。我希望您能稍微分析一下工業領域的終端市場，從您較大的終端市場敞口來看，您看到了什麼，然後或許可以對比一下這三個地區的情況？然後我還有一個後續問題。謝謝。

Okay. Well, I will take this one on. I made a list of end markets and a couple of areas I call out some regions. So bear with me here. This might be a useful list or less useful.

好的。好吧，我會接受這個挑戰。我列出了一些終端市場，並重點提及了其中的一些地區。請各位稍等片刻。這份清單可能很有用，也可能沒什麼用。

On the positive side, we have seen steady activity in the automotive space, both with EVs and with legacy companies, both in the quarter and for the full year. It was really one of the business areas where we continue to see investments here in North America and in other markets, including Asia.

從積極的方面來看，我們看到汽車領域，無論是電動車還是傳統汽車公司，在本季和全年都保持著穩定的活躍度。這確實是我們在北美和其他市場（包括亞洲）持續看到投資的業務領域之一。

Our famous dealer service market, think lubrication equipment, remains strong for the full year and had another positive quarter. So that was -- this is several years in a row where we've seen the dealer business perform satisfactorily.

我們著名的經銷商服務市場（例如潤滑設備）全年保持強勁，並且迎來了一個積極的季度。所以，這已經是連續好幾年經銷商業務表現令人滿意了。

Despite some of the lumpiness in our semiconductor space, and especially here in North America around the timing of projects, the business showed some firmness in the Asia region.

儘管半導體領域，尤其是北美地區的專案進度方面，存在一些波動，但亞洲地區的業務表現卻相當穩健。

And in our Process Equipment segment, some of our channel partners, especially some of the MRO companies have called out seeing pretty good performance in the food and beverage space. Mark already touched on the balance we've seen in home center, and I would add the foam insulation to that, but also it's the same thing off a very low level compared to where we were at a few years ago.

在我們的製程設備領域，一些通路夥伴，特別是部分MRO公司，表示在食品飲料領域取得了相當不錯的業績。馬克已經提到了我們在家居中心看到的平衡問題，我想補充一點，那就是泡沫隔熱材料，但與幾年前的情況相比，現在的水平要低得多。

On the flat or downside, the Tier 1 automotive has been a mixed picture for us, and that's typically a steady business. With some ups and down, mining has been soft, and that's one of the larger end user markets for our automatic and industrial lubrication equipment. And Asia is, of course, a very big market for mining.

總體而言，一級汽車供應商的情況對我們來說喜憂參半，而這通常是一個穩定的行業。儘管採礦業經歷了一些起伏，但整體而言較為疲軟，而採礦業是我們自動和工業潤滑設備的主要終端用戶市場之一。當然，亞洲是一個非常大的採礦市場。

Solar CapEx was down, although one of our sales executives just returned from Asia, and he says, well, the activity is down today or down in the prior quarter. Outside of China, the Asian manufacturers are seeing panel volume increases, and that probably bodes better things for us sometime in the future.

太陽能資本支出有所下降，儘管我們的一位銷售主管剛從亞洲回來，他說，嗯，今天的業務活動有所下降，或者說上個季度的業務活動有所下降。除中國以外，亞洲製造商的面板產量正在成長，這或許預示著未來對我們來說會有更好的前景。

And then, I would add just a couple of other things. Certainly, here in North America, the construction-related industrial markets, furniture, cabinetry, white goods, window and door, for the most part, are depressed.

然後，我還要補充幾點。當然，在北美，與建築相關的工業市場、家具、櫥櫃、白色家電、門窗等大部分都處於低迷狀態。

And I guess to maybe round it out and to give you a region, our protective coatings business was a little softer this year than it had been earlier in the year. We did see, I don't know, some project order decline or less project activity in the Middle East where the oil and gas infrastructure is a big driver in spend for that equipment.

最後，我想補充一點，並向您介紹我們地區的業務情況，今年我們的防護塗料業務比年初時略顯疲軟。我確實看到，我不知道，中東地區的一些專案訂單有所下降，或者專案活動有所減少，而石油和天然氣基礎設施是該設備支出的一大驅動力。

Great. Thank you. And then just maybe an update, having completed now three deals in the last 15 months or so, how you're thinking about the actionability of your M&A pipeline here looking over the course of 2026 and whether or not you're optimistic that we see a couple of additional deals it over the line. Thank you.

偉大的。謝謝。那麼，能否更新一下最新情況呢？鑑於您在過去 15 個月左右完成了三筆交易，您如何看待 2026 年併購專案的可行性？您是否樂觀地認為還能再完成幾筆交易？謝謝。

Yeah. I'd characterize it as pretty good, Matt. You never really know how things are going to shake out. But as we are going into the first quarter here, there's things that we're looking at like every other company is. As I said before, I think that the thing that's really changed for us is we're very confident that the companies that we're pursuing are ones that really make sense to us.

是的。我覺得它相當不錯，馬特。你永遠無法真正預知事情最終會如何發展。但隨著我們進入第一季度，我們和其他所有公司一樣，都在關註一些問題。正如我之前所說，我認為真正改變我們的是，我們現在非常有信心，我們正在追求的公司對我們來說是真正有意義的。

And I think we've got some momentum within our organization to be able to utilize as we look at future deals, where we actually are able to get some confidence that we can add value to those companies and they can bring value to us. So I'd say it's a good picture at this point.

我認為我們公司內部已經累積了一些勢頭，可以在未來的交易中加以利用，這樣我們就能更有信心為這些公司創造價值，而這些公司也能為我們帶來價值。所以我覺得目前來看，這是一張不錯的照片。

Thanks, Mark.

謝謝你，馬克。

Yes.

是的。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Hey. Good morning, guys.

嘿。各位早安。

Good morning.

早安.

A couple more maybe on the modeling front. So in Industrial, it seems like you're not quite turn in the corner, but maybe the North America and Europe data suggests that maybe things are getting a little bit better. But how about on the margin front. You had that mix headwind. I'm wondering how long if that continues into next year, or how do you see margins playing out with those dynamics?

或許在模特兒方面還會再增加幾個。所以，就工業領域而言，似乎還沒有完全走出困境，但北美和歐洲的數據可能表明情況正在好轉一些。但利潤率方面又如何呢？當時遇到了混合逆風。我想知道這種情況會持續到明年多久，或者在這種動態下，您認為利潤率會如何變化？

Yeah. I think that the quarters are always a little bit difficult because you do get some lumpy projects in there. In this quarter, we did have that with our powder finishing business systems. A couple of big ones that shipped out and just skewed the results. I mean, I think that the margins in industrial are fantastic.

是的。我認為季度總是有點困難，因為其中總是會遇到一些棘手的項目。本季度，我們的粉末塗裝業務系統確實出現了這種情況。有幾批大件貨物已經出貨，導致結果出現偏差。我的意思是，我認為工業領域的利潤空間非常可觀。

I've got no concerns whatsoever in terms of any kind of deterioration. If we can get volume rolling through the factories beyond this low single digit, there's plenty of upside. You've seen the incremental margins this year. A lot of that was due to One Graco, but also decent margin performance on volumes that have been, as you said, flattish here for a while.

我完全不擔心會出現任何形式的劣化。如果我們能讓工廠的產量突破目前的個位數低位，那麼上漲空間就很大。今年利潤率的提升你們已經看到了。這很大程度上要歸功於 One Graco，但也得益於銷量表現良好，而銷量正如你所說，已經持續一段時間沒有增長了。

So yeah, I feel good about where we're sitting on the profitability side in that business. It's really a volume story going forward.

所以，是的，我對我們在該業務的盈利狀況感到滿意。接下來，銷售量將成為關鍵因素。

Okay. Got it. Yeah. Similar question on the modeling front with the expansion markets. You guys have done a great job getting those margins up in a short amount of time. I'm wondering, are there maybe the confidence is a little bit lower on the top line.

好的。知道了。是的。在建模方面，擴張市場也存在類似的問題。你們在短時間內大幅提升了利潤率，做得非常好。我在想，是不是高層信心有點不足？

I'm just wondering, are the higher-margin subsegments or subsectors that if they were to return to growth could be pretty influential on those margins going forward?

我只是想知道，那些利潤率較高的細分市場或次產業，如果恢復成長，是否會對未來的利潤率產生相當大的影響？

Yeah. I mean, really all of the businesses within there are nice profitable businesses. So we don't really have any dogs in there. For sure, the semiconductor business has really high, nice margins as does our high-pressure business and our QED business. And then, of course, with the motor initiative that we've got going on there as well that just adds on to the top of it.

是的。我的意思是，裡面的所有企業都是獲利不錯的企業。所以裡面其實沒有狗。當然，半導體業務的利潤率非常高，我們的高壓業務和量子電動力學業務的利潤率也同樣可觀。當然，我們也在那裡開展了汽車運動項目，這無疑錦上添花。

So I would say it's similar to the industrial from the standpoint that we've got the infrastructure in place. We've got the teams. And when the volumes are higher than what they are today, you'll love the incremental margins.

所以我覺得從基礎建設到位的角度來看，它和工業領域類似。我們已經有了團隊。當銷售量高於現在的水平時，你會喜歡上由此帶來的額外利潤。

Got it. Thank you.

知道了。謝謝。

Yeah.

是的。

Brad Hewitt, Wolfe Research.

Brad Hewitt，Wolfe Research。

Hey. Good morning, guys. Thanks for taking my questions.

嘿。各位早安。謝謝您回答我的問題。

Good morning, Brad.

早安，布拉德。

So I'm curious how backlog trended in the quarter. It looks like you got the backlog conversion in the game of business as expected this quarter, but any additional color there would be helpful.

所以我很想知道本季積壓訂單的趨勢如何。看來你們本季在業務方面已經實現了預期的積壓訂單轉換率，但如果能提供更多細節資訊就更好了。

Yeah. I think we were -- we did a really good job in manufacturing in Q4. Again, I give some of the credit to One Graco and that team being organized and making sure that we're focused on getting products out to customers that wanted them by the end of the year. As we enter 2026, I think backlogs are at a decent level. No concerns there.

是的。我認為我們在第四季度的生產製造方面做得非常出色。再次強調，我要把部分功勞歸於 One Graco 及其團隊，感謝他們的組織安排，確保我們專注於在年底前將產品交付給想要這些產品的客戶。進入2026年，我認為積壓案件數量已經處於比較合理的水平。沒什麼問題。

And we're going to be pushing product out as as quickly as we can. The powder business that you referenced is part of our backlog, obviously. And that can be lumpy because at times, you'll have projects, particularly in our SAT business, which is those vertical lines that are used to coat things like windows, aluminum extrusions, those types of things. These can be projects that can go six months or more. So when we look out, we have more visibility on the powder side than any other.

我們將以最快的速度推出產品。您提到的粉末業務顯然是我們積壓訂單的一部分。這可能會出現波動，因為有時，你會遇到一些項目，尤其是在我們的 SAT 業務中，這些垂直線用於塗覆窗戶、鋁型材等物品。這些項目可能需要六個月或更長時間。所以當我們向外看時，我們在粉雪一側的視野比其他任何一側都好。

And we're -- again, we factor all that into our organic outlook for the full year, which is, I think, very achievable.

而且，我們——再次強調，我們將所有這些因素都納入了我們對全年有機成長的預期，我認為這是非常可實現的。

Okay. Great. And then curious if you could help us as we think about the phasing of organic growth throughout the year in 2026. Would you expect the lowest growth in Q1? And then, I know Q2 and Q3, you have easier comps. So could we be looking at maybe like mid-single-digit growth in Q2, Q3? Any thoughts there on the phasing?

好的。偉大的。然後，我們想請您幫忙考慮一下 2026 年全年有機成長的階段性安排。你認為第一季的成長會最低嗎？而且，我知道第二季和第三季的比較數據比較容易。那麼我們是否可以期待第二季和第三季實現個位數中段的成長呢？關於分階段實施的問題，大家有什麼想法嗎？

I would just say, Brad, I think that our seasonality will probably hold this year. There's nothing that we look at that would change that. Typically, the way that we think about it is that if we have good business on the contractor side that we should have a stronger second and third quarter. And typically, we have project completion realization in the fourth quarter similar to what we've had this year.

我只想說，布拉德，我認為我們今年的季節性規律應該不會改變。在我們觀察到的所有因素中，沒有哪一項會改變這一點。通常情況下，我們認為，如果承包商方面的業務發展良好，那麼第二季和第三季的業績應該會更加強勁。通常情況下，我們會在第四季度實現專案竣工，就像今年的情況一樣。

For Industrial?

用於工業領域？

For Industrial.

用於工業用途。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions) Walter Liptak, Seaport Research.

（操作說明）沃爾特·利普塔克，海港研究公司。

Hey. Thanks. Good morning, guys. I wanted to ask about, in 2025, you had that $100 million of incremental revenue. But in the profit walk, it was like $8 million in profits because of some extra costs. I wondered about like the delta there for 2026. Like how much revenue is going to be coming through with a normalized profit in 2026, if that makes sense?

嘿。謝謝。各位早安。我想問一下，到 2025 年，你們的增量收入將達到 1 億美元。但在利潤方面，由於一些額外成本，利潤約為 800 萬美元。我想知道2026年那裡的差額是多少。例如，如果這樣說你能理解的話，2026 年的正常化利潤率會是多少？

I would say, I think Mark referenced this in his script that from a revenue standpoint, if we get full year revenue from all of our acquisitions, that brings us to about $190 million of revenue related to what we would consider our acquisitions, which would be a Corob, Color Service, and Radia.

我認為，馬克在他的劇本中也提到了這一點，從收入的角度來看，如果我們從所有收購中獲得全年收入，那麼與我們所認為的收購相關的收入約為 1.9 億美元，這些收購包括 Corob、Color Service 和 Radia。

And then from a standpoint on the margin side, when we factor in all of our purchase accounting and everything as such. I think that what you're going to see is pretty typical from these earnings rates that we saw this year, at least as a percentage of the earnings.

然後從利潤率的角度來看，當我們把所有的採購會計處理等等都考慮進去的時候。我認為，你即將看到的情況與我們今年看到的利潤水平相當典型，至少從盈利百分比來看是這樣。

Yeah. I think the Corob acquisition banked at this point in terms of the numbers. We all got a full year in. So it's not really going to have a meaningful impact on contract. And that was obviously the biggest one that we did. Radia margins are really good.

是的。我認為從數字上看，Corob 的收購到現在已經穩賺不賠了。我們都滿一年了。所以它不會對合約產生實質影響。那顯然是我們做過的最大規模的專案。Radia 的邊緣非常好。

They're not going to be materially different than what the overall contractor margin rate is. And then Color Service, which is part of the powder business rolls up under Industrial, again, is in line with our profitability there as well.

它們與承包商整體利潤率不會有實質的不同。然後，作為粉末業務的一部分，色彩服務又歸入工業業務範疇，其獲利能力也與我們在該領域的獲利能力相符。

Okay. Great. And then so with the start of the year, maybe we could try a fun one. If we like roll everything up, and you look at the year for positives and negatives. What I'm hearing from you is that the things that could go well could be maybe the lower mortgage rates, help the resi market or maybe some of these factory CapEx projects get lose?

好的。偉大的。那麼，在新的一年伊始，或許我們可以嘗試一些有趣的事。如果我們把所有因素綜合起來，看看這一年有哪些正面和負面的方面。我從你那裡了解到，可能帶來好結果的事情包括：抵押貸款利率降低，這有助於提振住宅市場，或者一些工廠資本支出項目得以啟動？

And then maybe on the negative side, you didn't say it, but are tariffs done for like downside impact? I guess I wonder if you could just run through your thoughts on what could go well, what could be a problem for this year.

還有一點，雖然你沒說，但關稅的負面影響是不是也包括其他因素呢？我想問您能否簡單說說您對今年哪些方面可能進展順利、哪些方面可能出現問題的看法。

Well, the world is a -- we're reminded where we're headquartered, that the world is complicated, unpredictable place. And certainly, when we look at the things that could go well, yeah, I think you touched on a couple of them that are highly relevant here and including the fact that, once again, we're launching some new products in some of our most important markets.

嗯，世界是一個──我們時時提醒自己總部所在地，世界是一個複雜、難以預測的地方。當然，當我們展望那些可能進展順利的事情時，是的，我認為你提到了一些與此高度相關的方面，包括我們再次在一些最重要的市場推出一些新產品。

And hopefully, that will give us some lift. And manufacturers and contractor end users are -- when they're looking ahead, they make their decisions based on ROIs, and we continue to believe that's what our equipment generates.

希望這能帶給我們一些鼓舞。製造商和承包商最終用戶在展望未來時，會根據投資報酬率做出決策，而我們始終相信，我們的設備能夠帶來投資報酬率。

On the messy side, only the Good Lord knows about what the trade environment is going to be like in 2026. Certainly, tariffs were a headwind for us that we made a mid-course correction with price adjustments. And I guess we've demonstrated interim price adjustments.

混亂的一面是，只有上帝知道 2026 年的貿易環境會是什麼樣子。當然，關稅對我們來說是一個不利因素，我們透過價格調整進行了中期調整。我想我們已經展示了中期價格調整的可行性。

And we've demonstrated that we try to be nimble as well. If we see armed conflict in the Middle East or something, that could have repercussions that we don't understand today. But I think over our 100 years, the world has almost always been a turbulent, unpredictable place.

我們也證明了我們努力做到靈活應變。如果中東爆發武裝衝突或其他類似事件，可能會產生我們今天無法理解的後果。但我認為，在過去的100年裡，世界幾乎一直是個動盪不安、變幻莫測的地方。

Yeah. I think we're pretty well covered on the tariff front. We did our pricing actions. And as we're heading into '26, we don't expect headwind. You're going to -- obviously, they're baked into the numbers anyway.

是的。我認為我們在關稅方面已經考慮得很周全了。我們已經採取了定價策略。展望2026年，我們預計不會遇到逆風。你肯定會這麼做——顯然，這些因素無論如何都已經包含在數字裡了。

So -- and as David said, I mean, none of us is ever going to know what's going to happen. I think we demonstrated that we're willing to flex, and we need to do to drive value for our investors and our shareholders, and we're prepared to do that. These are uncertain markets. And Graco's in a good spot to be able to maneuver our way through them in a smart way.

所以——就像大衛說的那樣，我的意思是，我們誰也不會知道會發生什麼。我認為我們已經證明了我們願意靈活變通，而且為了給投資者和股東創造價值，我們也需要這樣做，我們已經準備好了。市場充滿不確定性。格雷科處於有利地位，能夠以巧妙的方式幫助我們應對這些挑戰。

Okay. Great. Thank you.

好的。偉大的。謝謝。

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

謝謝。由於沒有其他問題，我現在將會議交給馬克·謝漢主持。

Okay. Well, great. Thanks, everybody for participating. We're excited to wrap up '25 and get on to 2026. I think it's to be a great year for Graco. It is our 100-year anniversary. Not many companies make it 100 years, so we're super proud of that and, obviously, super proud of our employees for making sure that we're delivering good quality product every single day. So thank you so much. We're going to sign off. Have a great rest of the day.

好的。太好了。感謝大家的參與。我們很高興即將結束 2025 年，並​​邁向 2026 年。我認為今年對格雷科來說將是輝煌的一年。今年是我們的百年紀念日。能經營100年的公司不多，所以我們為此感到非常自豪，當然，我們也為我們的員工感到非常自豪，因為他們確保我們每天都能提供優質的產品。非常感謝。我們要下線了。祝您今天餘下的時間過得愉快。

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。