純正零件 (GPC) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Genuine Parts Company third-quarter 2025 earnings conference call. Today's call is being recorded. (Operator Instructions)

女士們、先生們，大家好。歡迎參加 Genuine Parts 公司 2025 年第三季財報電話會議。本次通話正在錄音。 （操作員指示）

At this time, I would like to turn the conference over to Tim Walsh Vice President of Investor Relations. Please go ahead, sir.

此時，我謹將會議交給投資人關係副總裁提姆‧沃爾許先生。請繼續，先生。

Thank (technical difficulty) Company's third-quarter 2025 earnings call. Joining us on the call today are Will Stengel, President and Chief Executive Officer; and Bert Nappier, Executive Vice President and Chief Financial Officer.

感謝（技術困難）公司 2025 年第三季財報電話會議。今天參加電話會議的有總裁兼執行長威爾·斯坦格爾，以及執行副總裁兼財務長伯特·納皮爾。

In addition to this morning's press release, a supplemental slide presentation can be found on the Investors page of the Genuine Parts Company website. Today's call is being webcast, and a replay will also be made available on the company's website after the call. Following our prepared remarks, the call will be open for questions, the responses to which will reflect management's views as of today, October 21, 2025. If we're unable to get to your questions, please contact our Investor Relations department.

除了今天早上發布的新聞稿外，還可以在 Genuine Parts Company 網站的投資者頁面上找到補充幻燈片簡報。今天的電話會議將進行網路直播，會後公司網站上也會提供回放。在我們發表準備好的演講之後，電話會議將開放提問環節，答覆將反映管理階層截至 2025 年 10 月 21 日的觀點。如果我們未能解答您的問題，請聯絡我們的投資者關係部門。

Please be advised this call may include certain non-GAAP financial measures, which may be referred to during today's discussion of our results as reported under generally accepted accounting principles. A reconciliation of these measures is provided in the earnings press release.

請注意，本次電話會議可能包含某些非公認會計準則財務指標，這些指標可能會在今天討論我們根據公認會計準則報告的績效時被提及。獲利新聞稿中提供了這些措施的比較資訊。

Today's call may also involve forward-looking statements regarding the company and its businesses as defined in the Private Securities Litigation Reform Act of 1995. The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest SEC filings, including this morning's press release. The company assumes no obligation to update any forward-looking statements made during this call.

今天的電話會議可能還會涉及有關公司及其業務的前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》定義的。由於本公司最新提交給美國證券交易委員會的文件（包括今天早上的新聞稿）中描述的幾個重要因素，本公司的實際業績可能與任何前瞻性聲明有重大差異。本公司不承擔更新本次電話會議中任何前瞻性陳述的義務。

With that, I'll turn it over to Will.

這樣，我就把麥克風交給威爾了。

Thank you, Tim. Good morning, everyone, and thank you for joining our third quarter 2025 earnings call. As always, I want to start by thanking our over 63,000 global GPC teammates. Our people are at the heart of everything we do, and our team's dedication and commitment to serving our customers is the core of our success.

謝謝你，提姆。各位早安，感謝各位參加我們2025年第三季財報電話會議。首先，我要像往常一樣感謝我們全球超過 63,000 名 GPC 團隊成員。我們所做的一切都以人為本，我們團隊對服務的奉獻和承諾是我們成功的核心。

Turning to our results for the third quarter. A few highlights include total GPC sales were $6.3 billion, an increase of approximately 5% versus the same period in the prior year with sequential improvement in comparable sales growth at both US Automotive and Motion.

接下來來看看我們第三季的業績。一些亮點包括：GPC 總銷售額為 63 億美元，比上年同期成長約 5%，美國汽車和運動控制業務的同店銷售額均較上季成長。

Gross margin expansion of 60 basis points versus the same period last year, reflecting the ongoing benefits from our strategic pricing, sourcing initiatives, and acquisitions. Adjusted EBITDA up 10% year over year with improvement in EBITDA margins in both our automotive and industrial segments for the quarter, and adjusted diluted earnings per share of $1.98, an increase of 5% from the same period last year.

與去年同期相比，毛利率成長了 60 個基點，反映了我們策略定價、採購措施和收購帶來的持續效益。經過調整的 EBITDA 年成長 10%，汽車和工業部門的 EBITDA 利潤率均有所提高；經調整的稀釋每股收益為 1.98 美元，比去年同期成長 5%。

Our third quarter results were in line with our expectations and reflect the ongoing execution of our growth and productivity initiatives. Our end markets remain muted, most notably in Europe, but we're working around the world to earn business with existing new customers. Globally, customers remain cautious and looking for the best value as they make purchasing decisions.

第三季業績符合預期，反映了我們持續推進的成長和生產力提升計畫。我們的終端市場仍然低迷，尤其是在歐洲，但我們正在世界各地努力與現有和新的客戶建立業務關係。在全球範圍內，消費者在做出購買決定時仍然保持謹慎，並尋求最佳性價比。

Tariffs, trade uncertainties, elevated interest rates, a cautious consumer, and muted industrial spending are familiar challenges. But the teams have adapted to working in dynamic environments and remain resilient and determined. We have also been proactively managing the business to offset an inflationary cost environment and will stay disciplined. As it relates to tariffs, we continue to leverage our strategic supplier partnerships and collaborative GPC global approach.

關稅、貿易不確定性、高利率、謹慎的消費者和疲軟的工業支出都是我們熟悉的挑戰。但各團隊已經適應了在動態環境中工作，並保持了韌性和決心。我們也一直在積極主動地管理業務，以抵消通貨膨脹帶來的成本壓力，並將繼續保持自律。在關稅方面，我們將繼續利用我們的策略供應商合作夥伴關係和 GPC 全球協作方法。

As we expected, the sales benefit from inflation was slightly more pronounced in the third quarter relative to the second quarter. In 2025, we've performed in line with our expectations for the last three quarters and are narrowing and updating our guidance range for the remainder of the year. Bert will share additional color on the impact of tariffs and financial considerations as we push to close the year. We'll remain agile and focused on what we can control.

正如我們預期的那樣，與第二季度相比，第三季通貨膨脹帶來的銷售成長更為明顯。2025 年，過去三個季度我們的業績符合預期，我們正在縮小並更新今年剩餘時間的業績指引範圍。隨著年底臨近，伯特將進一步闡述關稅和財務因素的影響。我們將保持靈活，專注於我們能夠控制的事情。

Turning to our results by business segment. During the third quarter, total sales for Global Industrial were $2.3 billion, an increase of approximately 5% versus the same period in the prior year, with comparable sales up approximately 4%. Sales inflation during the third quarter was approximately 3%. We're encouraged by the sequential improvement in the third quarter sales performance and believe we're performing in excess of the market growth.

接下來，我們按業務板塊來看業績。第三季度，全球工業總銷售額為 23 億美元，比上年同期成長約 5%，同店銷售額成長約 4%。第三季銷售額通膨率約為 3%。第三季銷售業績的環比改善令我們倍感鼓舞，我們相信我們的業績成長超過了市場平均。

During the quarter, industrial activities metrics like industrial production and PMI remained soft since the trade and tariff uncertainty started in March. We've seen PMI below 50 for the last seven months although there's been some sequential improvement with the most recent reading slightly below 50.

本季度，自 3 月貿易和關稅不確定性開始以來，工業生產和 PMI 等工業活動指標一直疲軟。過去七個月以來，PMI 一直低於 50，儘管最近一段時間有所改善，讀數略低於 50。

Despite the market conditions, we're bullish on the outlook for Motion as their size and scale, competitive positioning, and customer value proposition or differentiators. We see emerging industrial opportunities develop like onshoring as trade policies shift and our Motion team is taking advantage of those opportunities as they present themselves.

儘管市場環境不佳，但我們對 Motion 的前景依然看好，因為他們的規模、競爭定位以及客戶價值主張或差異化優勢。隨著貿易政策的轉變，我們看到新興的產業機會正在湧現，例如製造業回流到國內，我們的運動控制團隊正抓住這些機會。

Looking at the performance across our end markets, we saw growth in 7 of our 14 end markets, which is up from 5 in the second quarter with strength in iron and steel, food products, and fabricated metals. We're also pleased with the traction with our data center initiative, which continues to build momentum. This growth was partially offset by softer demand in pulp and paper, lumber and wood, and oil and gas.

從我們各個終端市場的表現來看，14 個終端市場中有 7 個實現了成長，高於第二季的 5 個，其中鋼鐵、食品和金屬製品市場表現強勁。我們對資料中心計劃的進展也感到滿意，該計劃正持續發展壯大。這一增長被紙漿和造紙、木材和木製品以及石油和天然氣需求的疲軟部分抵消。

Our core MRO and maintenance business, which accounts for approximately 80% of Motion sales was up mid-single digits during the quarter with shared strength in both our small and medium-sized and corporate account businesses. In 2025, our corporate account customer renewal rate is 98%, and we've won over 30 new contract relationships year to date. The remaining 20% of Motion sales, which originates for more capital-intensive projects, was up slightly during the quarter as customers continue to selectively pursue larger projects. However, customer sentiment continues to improve, and our large dollar order backlog has increased sequentially throughout the year, now up approximately 20% versus the start of the year.

我們的核心MRO和維護業務（約佔Motion銷售額的80%）在本季度實現了中等個位數的成長，這得益於我們的中小型企業和企業客戶業務的共同強勁表現。2025 年，我們的企業客戶續約率達到 98%，今年迄今為止，我們已經贏得了 30 多個新的合約關係。剩餘的 20% 的運動控制銷售額來自資本密集型項目，由於客戶繼續有選擇地追求更大的項目，該季度銷售額略有增長。然而，客戶情緒持續改善，我們的大額訂單積壓量在今年內逐年增加，目前比年初增長了約 20%。

Switching to Industrial profit. During the third quarter, segment EBITDA was approximately $285 million and 12.6% of sales representing a 30 basis point increase from the same period last year. The Motion team continues to operate with discipline as they both manage a sluggish demand environment and offset pressure from inflation in costs. Motion's organization and cost structure is set up for the eventual rebound in industrial demand, and we would expect to see good operating leverage once the market influx.

轉向工業利潤。第三季度，該部門的 EBITDA 約為 2.85 億美元，佔銷售額的 12.6%，比去年同期成長了 30 個基點。在應對疲軟的需求環境和抵消成本通膨壓力的同時，Motion 團隊繼續保持嚴謹的運作。Motion 的組織和成本結構已為工業需求的最終反彈做好準備，我們預計一旦市場需求回升，就會出現良好的營運槓桿效應。

Turning to the Global Automotive segment. Sales in the third quarter increased approximately 5% with comparable sales growth up approximately 2%. During the quarter, the automotive segment saw inflation in pricing of approximately 2%. Global Automotive segment EBITDA in the third quarter was $335 million, which was 8.4% of sales, representing a 10 basis point increase from the same period last year. The improvement year over year reflects stronger top line growth as well as benefits from restructuring and cost actions to offset ongoing inflationary cost pressures from wages, healthcare, rent, and freight.

接下來我們來看全球汽車產業板塊。第三季銷售額成長約 5%，同店銷售額成長約 2%。本季汽車業的價格通膨率約為 2%。第三季全球汽車業務部門的 EBITDA 為 3.35 億美元，佔銷售額的 8.4%，比去年同期成長了 10 個基點。與去年相比，業績的改善反映了營收的強勁成長，以及重組和成本控制措施帶來的收益，這些措施抵消了薪資、醫療保健、租金和運費等持續的通膨成本壓力。

Now let's turn to our Automotive business performance by geography. Starting in the US, total sales for the third quarter were up approximately 4% with comparable sales up approximately 2%. We saw quarterly sequential improvement in sales growth from both our company-owned and independently owned stores with comps for our company-owned stores up approximately 4% and independent purchases up approximately 1%. Our focus on operating better company-owned stores is a key priority and advancing very well.

現在讓我們來看看我們汽車業務按地理劃分的業績表現。從美國市場來看，第三季總銷售額成長約 4%，同店銷售額成長約 2%。我們看到公司自營店和獨立門市的銷售成長均實現了季度環比改善，其中公司自營店的同店銷售額增長約 4%，獨立門市的同店銷售額增長約 1%。我們把重點放在提升公司自營門市的營運效率上，這是一項關鍵優先事項，進展非常順利。

As an additional and important data point, when we look at the comparable sales performance of NAPA to the end customer, which includes our company-owned store sales as well as the sales out from the independent owned stores to the end customer. The total NAPA system delivered end customer sales growth of approximately 3%. This metric also sequentially improved from the second quarter, which was approximately 1%.

作為一項重要的補充數據，當我們查看 NAPA 面向最終客戶的可比銷售業績時，其中包括我們公司自有門市的銷售額以及獨立門市面向最終客戶的銷售。NAPA 系統整體實現了終端客戶銷售額成長約 3%。該指標也比第二季度有所改善，第二季約為 1%。

We're also pleased with the sequential improvement in the buying behavior of our independent owners, but we'll remain diligent to ensure we're partnering with owners in a challenging market. We do this with defined initiatives that help our owners manage their operations and be more successful. We believe the work we're doing to better partner with our independents is having a positive impact and this effort will remain a high priority for the team going forward.

我們也對獨立業主購買行為的持續改善感到滿意，但我們將繼續努力，確保在充滿挑戰的市場中與業主建立夥伴關係。我們透過明確的措施來幫助業主管理他們的營運並取得更大的成功。我們相信，我們為更好地與獨立合作夥伴開展合作所做的工作正在產生積極影響，這項工作將繼續是團隊今後工作的重中之重。

By customer type, comparable sales to our commercial customers were up low to mid-single digits while sales to our retail customers decreased low single digits. We saw sequential improvement with Auto Care and major accounts, which were both up mid- to high single digits. Our priority is to earn more share of wallet with our Auto Care and major account customers, and the team is building solid momentum. Looking at our product categories, we've seen sequential improvement in both our nondiscretionary repair and maintenance and service categories, which were both up mid-single digits in the third quarter.

按客戶類型劃分，我們面向商業客戶的可比銷售額實現了低至中等個位數的成長，而面向零售客戶的銷售額則出現了低個位數的下降。我們看到汽車保養和主要客戶業務均有所改善，兩者均實現了中高個位數的成長。我們的首要任務是提高汽車保養和重要客戶的客戶錢包份額，團隊正在穩步推進這項工作。從我們的產品類別來看，非必需維修保養和服務類別均實現了環比增長，第三季度均實現了中等個位數的增長。

In these categories, which account for approximately 85% of our US automotive business, we continue to see brake/fix demand fundamentals despite higher prices driven by tariffs. Discretionary categories were again flat driven by specific category initiatives in our tool and equipment offering. Customers are using discretion and looking for value, however, deferred maintenance will ultimately need to be addressed. Additionally, we continue to strengthen our relative footprint in strategic priority markets acquiring over 85 locations from independent owners and competitors in the US year to date.

在這些類別中（約占我們美國汽車業務的 85%），儘管關稅推高了價格，我們仍然看到煞車/維修需求的基本面保持穩定。受我們工具和設備產品中特定品類措施的推動，非必需消費品類再次保持平穩。顧客會謹慎選擇並追求性價比，但是，延遲維護最終還是需要解決的。此外，我們繼續加強在戰略重點市場的相對影響力，今年迄今已從美國獨立業主和競爭對手手中收購了 85 多個地點。

Turning to Canada. Total sales increased approximately 3% in local currency versus the same period last year, with comparable sales increasing approximately 2%. Both our automotive and heavy-duty businesses are performing well with heavy-duty outperforming in the quarter. The economic conditions in Canada have weakened through the course of the year, but our team continues to outperform the market.

轉向加拿大。以當地貨幣計算，總銷售額比去年同期成長約 3%，同店銷售額成長約 2%。我們的汽車和重型設備業務都表現良好，其中重型設備業務在本季表現尤為突出。今年以來，加拿大的經濟狀況惡化，但我們的團隊仍跑贏大盤。

We're pleased to share we've signed a definitive agreement to acquire Benson Auto Parts one of the largest independent aftermarket players in Canada, operating approximately 85 stores in Ontario and Quebec. This is an attractive strategic transaction that adds talent, store footprint in priority markets, and a diversified product offering to better serve our customers in Canada. We expect the transaction to close in the fourth quarter and is subject to customary closing conditions.

我們很高興地宣布，我們已簽署最終協議，收購加拿大最大的獨立售後市場企業之一 Benson Auto Parts，該公司在安大略省和魁北克省經營約 85 家門市。這是一項極具吸引力的策略交易，它將為我們在加拿大的客戶帶來人才、在重點市場擴大門市規模以及多元化的產品供應，從而更好地服務我們的客戶。我們預計交易將於第四季完成，但需滿足慣例成交條件。

In Europe, total sales were flat in local currency with comparable sales down approximately 2%, consistent with what we saw in the second quarter. These results were below our expectations. The team continues to navigate a soft market that has moderated further in the second half versus our expectation. The team is managing inflationary cost pressures with a fluid political landscape. Despite this, we believe we're performing in line with the market with strength driven by the NAPA brand and key account customer growth offset by generally cautious spending and deferred maintenance.

在歐洲，以當地貨幣計算的總銷售額持平，可比銷售額下降約 2%，與我們在第二季度看到的情況一致。這些結果低於我們的預期。與我們的預期相比，下半年疲軟的市場情況進一步緩和，球隊仍在努力應對。團隊正在應對通膨帶來的成本壓力，同時也要應對瞬息萬變的政治環境。儘管如此，我們認為我們的業績與市場表現一致，NAPA 品牌和重點客戶成長帶來的強勁勢頭被普遍謹慎的支出和延遲維護所抵消。

Rounding out automotive, our team in Asia Pacific continues to post solid results and win market share. Our team delivered another quarter of double-digit growth in local currency driven by both organic initiatives and contributions from acquisitions. Total sales increased approximately 10% with comparable sales growth of approximately 5%. Both trade and retail businesses put up strong numbers during the quarter with retail continuing a strong run of standout performance.

在汽車領域，我們的亞太團隊繼續取得穩健的業績並贏得市場份額。在內生成長和收購帶來的貢獻的推動下，我們的團隊又實現了以當地貨幣計算的兩位數成長。總銷售額成長約 10%，其中可比銷售額成長約 5%。本季貿易和零售業務均取得了強勁的業績，其中零售業務繼續保持了優異的業績表現。

Retail sales were up again high single digits in the quarter, and showing strength relative to the competition in all other local retail segments. Our in-flight initiatives are working well and the local team is energized to build on the strong momentum. It's also appropriate to formally comment on the recent press coverage associated with First brands.

本季零售額再次實現高個位數成長，並且在所有其他本地零售領域都展現出相對於競爭對手的強勁勢頭。我們的機上服務措施進展順利，當地團隊也充滿幹勁，準備在此強勁勢頭的基礎上再接再厲。此外，也必須對近期與第一集團旗下品牌相關的媒體報導發表正式評論。

Genuine Parts Company has a commercial relationship with First brands, predominantly across our global automotive business. Our relationship represents approximately 3% of global automotive sales. We're coordinated as a global GPC team and engaged in ongoing discussions with First brands to partner as they navigate their situation. Service levels, product availability, and brand quality currently remains strong and alternate sources of products are expected to be available if needed. There was no negative impact to our third quarter performance.

Genuine Parts Company 與 First 品牌建立了商業關係，主要涉及我們的全球汽車業務。我們的合作關係約佔全球汽車銷售額的3%。我們作為一個全球 GPC 團隊進行協調，並與 First 品牌進行持續的討論，以便在他們應對當前情況時與他們建立合作關係。目前服務水準、產品供應和品牌品質依然強勁，如有需要，預計會有其他產品來源。第三季業績未受到負面影響。

Before I close, I want to briefly touch on our operational and strategic review announced in September as part of our Board evolution and in-flight strategic planning process. We continue to make good progress on the internal work and are on track to provide an update in 2026 at an Investor Day as we previously disclosed. We're turning over all stones and asking hard questions as we analyze how to differentiate in an evolving landscape. This involves an assessment of both our operational plans and our business structure. We're excited about the value creation potential of Genuine Parts Company and looking forward to providing an update next year.

在結束演講之前，我想簡要地談談我們在 9 月宣布的營運和策略審查，這是我們董事會變革和策略規劃進程的一部分。我們繼續在內部工作方面取得良好進展，並有望按計劃在 2026 年的投資者日上提供最新進展，正如我們之前披露的那樣。我們正在翻遍所有資料，提出各種難題，分析如何在不斷變化的環境中脫穎而出。這包括對我們的營運計劃和業務結構進行評估。我們對 Genuine Parts Company 的價值創造潛力感到興奮，並期待明年提供最新進展。

In closing, as we look at our performance year to date, our results have been in line with our expectations despite less favorable market conditions versus our expectations to start the year. We're focused on what we can control and working to finish 2025 strong.

最後，回顧今年迄今的業績，儘管市場狀況不如年初預期那麼有利，但我們的業績符合預期。我們專注於我們能夠控制的事情，並努力在2025年取得佳績。

Our operating discipline and actions to proactively manage the business in an inflationary environment, have been appropriate and our strategic initiatives and investments are making a positive difference in our ability to better serve customers. The near and long-term fundamentals of our markets are attractive, and we're well positioned to build on our momentum.

我們在通貨膨脹環境下採取的營運紀律和積極主動的業務管理措施是恰當的，我們的策略性舉措和投資正在提高我們更好地服務客戶的能力，並產生了積極的影響。我們市場的近期和長期基本面都很有吸引力，我們已做好充分準備，繼續保持成長動能。

Thank you to our shareholders, customers, owners, and supplier partners for your continued trust and support. I want to reaffirm my sincere gratitude to our GPC teammates for your tireless effort and commitment to serving our customers.

感謝各位股東、客戶、業主和供應商合作夥伴一直以來的信任與支持。我再次衷心感謝GPC團隊成員們為服務客戶所付出的不懈努力和堅定承諾。

I'll now turn the call over to Bert.

現在我將把電話交給伯特。

Thanks, Will, and thanks to everyone for joining the call. Our third quarter results reflect continued discipline and strong execution while navigating weak market conditions, particularly in Europe, the tariff environment, and a cautious customer. Against this backdrop, our third quarter performance was highlighted by mid-single-digit sales growth, double-digit adjusted EBITDA growth twice the rate of our sales growth, EBITDA margin expansion in both segments, and a return to earnings growth.

謝謝威爾，也謝謝所有參加電話會議的朋友們。第三季業績反映了我們在應對疲軟的市場環境（尤其是歐洲市場）、關稅環境以及謹慎的客戶時，依然保持的嚴謹作風和強勁的執行力。在此背景下，我們第三季度的業績亮點包括：銷售額實現中等個位數增長，調整後 EBITDA 實現兩位數增長（是銷售額增長速度的兩倍），兩個業務部門的 EBITDA 利潤率均有所提高，並且恢復了盈利增長。

In July, we shared that we expected third quarter earnings to increase 5% to 10% and we finished the quarter with adjusted EPS of $1.98, up 5.3% to prior year due to stronger top line growth and our restructuring and cost actions, which are offsetting known headwinds from lower pension income and higher depreciation and interest expense. Those headwinds cumulatively totaled a $0.25 negative impact to earnings per share.

7 月份，我們曾表示預計第三季度收益將增長 5% 至 10%，而本季度調整後每股收益為 1.98 美元，比上年同期增長 5.3%，這主要得益於盈利的強勁增長以及我們的重組和成本控制措施，這些措施抵消了養老金收入下降以及折舊和利息支出增加等已知不利因素。這些不利因素累積對每股盈餘造成了 0.25 美元的負面影響。

As it relates to tariffs, our teams are continuing to manage the tariff environment, leveraging our capabilities and expertise through a dynamic landscape. For the third quarter, we experienced a low single-digit benefit to sales growth from tariffs and a low single-digit increase to cost of goods sold, in line with our expectations. The net impact of the tariffs on the quarter was a slight benefit to our results.

在關稅方面，我們的團隊將繼續管理關稅環境，在不斷變化的環境中充分利用我們的能力和專業知識。第三季度，關稅對銷售額成長帶來的收益為個位數百分比，銷售成本也出現了個位數百分比的成長，這與我們的預期相符。關稅對本季業績的淨影響略微利好我們的業績。

Turning to our detailed results. My comments this morning around our third quarter performance and outlook will focus primarily on adjusted results, which exclude the nonrecurring costs related to our global restructuring program. During the third quarter, these costs totaled $67 million of pretax adjustments or $49 million after tax. With that, let's get into the quarterly results.

接下來我們來看詳細結果。今天上午，我將主要就我們第三季的業績和展望發表評論，重點關注調整後的業績，其中不包括與我們的全球重組計劃相關的非經常性成本。第三季度，這些成本稅前調整總額為 6,700 萬美元，稅後調整總額為 4,900 萬美元。接下來，讓我們來看看季度業績。

Total GPC sales increased 4.9% in the third quarter, which included a 230 basis point improvement in comparable sales, a benefit from acquisitions of 180 basis points, and a foreign currency tailwind of 70 basis points. We delivered sequential improvement in comparable sales growth at both US Auto and Industrial, with industrial comparable sales growing approximately 4% year over year, despite PMI remaining in contractionary territory throughout the quarter.

第三季 GPC 總銷售額成長 4.9%，其中包括同店銷售額成長 230 個基點，收購帶來的收益 180 個基點，以及外匯匯率帶來的 70 個基點。美國汽車和工業的同店銷售額均實現了環比增長，其中工業同店銷售額同比增長約 4%，儘管 PMI 在整個季度仍處於收縮區間。

For the quarter, our gross margin was 37.4%, an increase of 60 basis points from last year. The improvement in our gross margin was primarily driven by the ongoing execution of our strategic sourcing and pricing initiatives. As expected, the benefit to gross margin expansion from acquisitions in the quarter was more muted as we have now cycled the one-year anniversary of both the MTech and Walker transactions.

本季度，我們的毛利率為 37.4%，比去年同期成長了 60 個基點。毛利率的提高主要得益於我們持續推進的策略採購和定價措施。正如預期的那樣，由於 MTech 和 Walker 交易都已過去一年，本季收購對毛利率擴張的益處較為微弱。

Turning to our costs. Our SG&A as a percentage of sales for the third quarter was 28.8%, flat versus the prior year and demonstrates continued improvement in the rate of deleverage across the business through the course of 2025. On an adjusted basis, SG&A grew year over year in absolute dollars by $88 million, driven by a few key factors: first, approximately $40 million in SG&A growth from acquisitions, however, our acquisitions continue to have a positive impact to net operating profit margin.

接下來談談我們的成本。第三季銷售、一般及行政費用佔銷售額的 28.8%，與去年同期持平，顯示到 2025 年，公司整體去槓桿化速度將持續改善。經過調整後，銷售、一般及行政費用年增 8,800 萬美元，主要受以下幾個關鍵因素驅動：首先，約 4,000 萬美元的銷售、一般及行政費用增長來自收購；然而，我們的收購繼續對淨營業利潤率產生正面影響。

Second, approximately $45 million or 2.7% growth in core SG&A. The growth of our core SG&A continues to be primarily due to inflation-driven increases in salaries and wages and rent. The growth of our core SG&A was mitigated by a $36 million benefit in the quarter related to our restructuring and cost initiatives as they work to mitigate cost inflation.

其次，核心銷售、一般及行政費用成長約 4,500 萬美元，增幅為 2.7%。我們核心銷售、一般及行政費用的成長主要還是由於通貨膨脹導致薪資和租金上漲。本季度，由於我們的重組和成本控制措施旨在緩解成本通膨，因此獲得了 3,600 萬美元的收益，從而抵消了核心銷售、一般及行政費用的增長。

For the quarter, total adjusted EBITDA margin was 8.4%, up 40 basis points year over year. Both our automotive and industrial segments expanded EBITDA margins for the quarter as sales growth, gross margin expansion, and the benefits of our restructuring program more than offset core SG&A inflation.

本季調整後 EBITDA 利潤率為 8.4%，較去年同期成長 40 個基點。本季度，由於銷售成長、毛利率擴張以及重組計劃帶來的收益超過了核心銷售、管理及行政費用的通膨，我們的汽車和工業部門的 EBITDA 利潤率均有所提高。

Turning to our cash flows. For the first nine months of 2025, we generated approximately $510 million in cash from operations and $160 million of free cash flow. Our year-to-date operating cash flow in 2025 has been impacted by a few key factors: lower year-over-year earnings of approximately $100 million, accelerated tax payments of $90 million, and higher interest payments of $50 million.

接下來我們來看看現金流。2025 年前九個月，我們從經營活動中產生了約 5.1 億美元的現金，自由現金流約 1.6 億美元。2025 年至今，我們的營運現金流量受到以下幾個關鍵因素的影響：年比收益減少約 1 億美元，加速繳稅 9,000 萬美元，以及利息支出增加 5,000 萬美元。

The remaining year-over-year decrease is driven by working capital changes associated with the commercial activity that was occurring in the first half of 2024, in connection with inventory investments made at NAPA. This activity and the associated build of accounts payable and receipt of supplier incentives did not repeat in 2025, creating a tough year-over-year comparison. This headwind was concentrated in the first half of the year and our cash generation accelerated in the third quarter.

剩餘的同比下降是由於 2024 年上半年商業活動相關的營運資本變化所致，這些變化與 NAPA 的庫存投資有關。2025 年，這項活動以及相關的應付帳款增加和供應商激勵款項的收到並沒有重現，導致同比比較變得困難。這一不利因素主要集中在上半年，而我們的現金流在第三季加速成長。

In 2025, we have invested approximately $350 million in CapEx as we continue to invest to modernize our supply chain and create a better customer experience with our investments in IT. Our investments in supply chain modernization with our new DCs and our international businesses, alongside enhancements to our search and catalog capabilities are driving enhanced productivity and returns.

到 2025 年，我們已在資本支出方面投入約 3.5 億美元，我們將繼續投資以實現供應鏈現代化，並透過在 IT 領域的投資創造更好的客戶體驗。我們在供應鏈現代化方面進行的投資，包括新建配送中心和國際業務，以及搜尋和目錄功能的改進，正在推動生產力和回報的提高。

We have also invested $182 million year-to-date in the form of strategic acquisitions, and we are excited about the continued expansion of our market-leading business in Canada with the Benson acquisition. We continue to make good progress on our long-term strategic investments to properly grow our business with discipline and a strong focus on returns from these investments. And finally, through the first nine months of 2025, we've returned $421 million to our shareholders through our dividend.

今年迄今為止，我們還以策略性收購的形式投資了 1.82 億美元，我們對透過收購 Benson 繼續擴大我們在加拿大市場領先的業務感到興奮。我們繼續在長期策略投資方面取得良好進展，以嚴謹的態度和對投資回報的高度重視，並穩步發展業務。最後，在 2025 年的前九個月裡，我們透過分紅向股東返還了 4.21 億美元。

Now turning to our outlook. As we detailed in our press release this morning, we are updating our outlook for 2025. For the full year, we expect diluted earnings per share, which includes the expenses related to our restructuring efforts to be in the range of $6.55 to $6.80 and our adjusted diluted earnings per share to be in the range of $7.50 to $7.75, narrowing our outlook from our previous range of $7.50 to $8.

現在談談我們的展望。正如我們今天早上發布的新聞稿中所詳述的那樣，我們正在更新 2025 年的展望。全年來看，我們預計稀釋後每股收益（包括與重組工作相關的費用）將在 6.55 美元至 6.80 美元之間，調整後的稀釋後每股收益將在 7.50 美元至 7.75 美元之間，較之前的 7.50 美元至 8 美元的預期範圍有所縮小。

While we delivered third quarter results that were in line with our expectations, market conditions through the third quarter did not improve. The narrowing of our guidance range is based on our expectation that current market conditions persist for the remainder of 2025 and remain relatively consistent with what we experienced in the third quarter.

雖然我們第三季的業績符合預期，但第三季的市場狀況並未改善。我們縮小業績指引範圍是基於這樣的預期：目前的市場狀況將在 2025 年剩餘時間內持續，並與我們在第三季所經歷的情況保持相對一致。

With respect to the full year, our outlook for 2025 includes the expected year-over-year headwinds from a loss of pension income as well as higher depreciation and interest expense. Collectively, these headwinds produce approximately $1 of EPS headwind in 2025 when compared to 2024. Our outlook also assumes foreign currency rates at current levels. In addition, as we've previously communicated, our outlook for GAAP diluted earnings per share currently excludes the charge we now expect to record in the fourth quarter with the termination of our US pension plan.

就全年而言，我們對 2025 年的展望包括退休金收入減少以及折舊和利息支出增加等預期年比不利因素。綜合來看，這些不利因素將導致 2025 年每股收益比 2024 年減少約 1 美元。我們的展望也假設外匯匯率維持在當前水準。此外，正如我們先前所溝通的，我們目前對 GAAP 稀釋後每股收益的預期不包括我們預計將在第四季度因終止美國退休金計劃而計入的費用。

The onetime noncash charge that would be recognized at settlement will be equal to the accumulated actuarial losses recorded on our balance sheet, which we currently estimate to be in a range of $650 million to $750 million. There are multiple variables that impact the charge, which will be finalized on/or before December 31, 2025. As a reminder, our US pension plan is overfunded and terminating the plan has been a long-term derisking strategy to further strengthen our balance sheet. We will share the final details when we report our fourth quarter earnings in February.

結算時確認的一次性非現金支出將等於我們資產負債表上記錄的累積精算損失，我們目前估計該損失在 6.5 億美元至 7.5 億美元之間。影響收費的因素很多，最終收費將在 2025 年 12 月 31 日或之前確定。再次提醒大家，我們的美國退休金計畫資金充足，終止計畫是我們為進一步加強資產負債表而採取的長期降低風險的策略。我們將在2月公佈第四季財報時分享最終細節。

Let me share a few additional considerations to frame our outlook. Our updated revenue guidance assumes total GPC sales growth in the range of 3% to 4% for 2025, up from our previous outlook of 1% to 3%. We are raising our outlook given our year-to-date results and recent momentum. By business segment, we are now guiding to the following: total sales growth of approximately 4% to 5% for the Automotive segment and total sales growth of approximately 2% to 3% for the Industrial segment. These updates reflect our expectations for continued solid revenue growth in the fourth quarter.

我想補充幾點，以幫助我們更好地理解這個問題。我們更新後的營收預期預計，2025 年 GPC 總銷售額將成長 3% 至 4%，高於我們先前 1% 至 3% 的預期。鑑於我們今年迄今的業績和近期的發展勢頭，我們上調了預期。按業務板塊劃分，我們目前的預期如下：汽車板塊總銷售額增長約 4% 至 5%，工業板塊總銷售額增長約 2% 至 3%。這些更新反映了我們對第四季營收持續穩健成長的預期。

In addition, in the fourth quarter, we expect to continue to expand gross margin. However, the rate of our margin expansion will moderate as expected as we've moved past the anniversary of our acquisitions in the US NAPA business. We expect SG&A leverage in the fourth quarter, building on the improvement we've experienced sequentially through 2025, driven by our ongoing cost and restructuring actions. For 2025, we expect to incur restructuring expenses in the range of $180 million to $210 million and an expected benefit of $110 million to $135 million.

此外，我們預計第四季毛利率將繼續擴大。然而，正如預期的那樣，隨著我們收購美國 NAPA 業務週年紀念日的過去，我們的利潤率擴張速度將會放緩。我們預計第四季度銷售、一般及行政費用槓桿率將有所提高，這得益於我們持續的成本控制和重組措施，並在此基礎上，到 2025 年將逐步改善。預計到 2025 年，我們將產生 1.8 億美元至 2.1 億美元的重組費用，並有望獲得 1.1 億美元至 1.35 億美元的收益。

When fully annualized in 2026, we expect our 2024 and 2025 restructuring efforts and cost actions to deliver over $200 million of cost savings. We remain on track to deliver our targeted benefits. Our outlook also includes expected interest expense of approximately $160 million in 2025. Collectively, these factors lead to our expectations for continued earnings growth in the fourth quarter.

我們預計，2024 年和 2025 年的重組工作和成本控制措施，到 2026 年完全按年計算，將節省超過 2 億美元的成本。我們仍有望按計劃實現既定目標。我們的展望還包括預計 2025 年約 1.6 億美元的利息支出。綜合以上因素，我們預期第四季獲利將持續成長。

As we progress through the quarter, we will continue to watch the fluid tariff environment, customer sentiment, industrial demand activity, and overall market conditions, particularly in Europe. Lastly, we expect to generate cash from operations in a range of $1.1 billion to $1.3 billion and free cash flow of $700 million to $900 million, with the narrowing of our outlook range around earnings, we would anticipate being at the lower end of these ranges.

隨著本季的推進，我們將繼續關注不斷變化的關稅環境、客戶情緒、工業需求活動以及整體市場狀況，尤其是在歐洲。最後，我們預期經營活動產生的現金流為 11 億美元至 13 億美元，自由現金流為 7 億至 9 億美元。隨著我們對獲利預期範圍的收窄，我們預期實際獲利將處於這些範圍的下限。

In closing, the external environment remains dynamic, marked by a fluid tariff landscape, heightened cost inflation, stagnant market conditions, and a cautious customer. As we look to finish 2025 strong, our focus remains on operating with agility and discipline while consistently delivering excellent service to our customers around the world. We remain confident in the supportive underlying fundamentals of our businesses and the strategic investments supporting our long-term growth.

總之，外部環境依然瞬息萬變，其特點是關稅環境不斷變化、成本通膨加劇、市場狀況停滯不前以及消費者謹慎。展望2025年，我們將持續保持靈活嚴謹的營運方式，並持續為全球客戶提供卓越的服務。我們對公司業務的基本面以及支撐我們長期成長的策略投資仍然充滿信心。

Thank you, and we will now turn it back to the operator for your questions.

謝謝，現在我們將把電話轉回給接線員，回答您的問題。

(Operator Instructions) Greg Melich, Evercore.

（操作說明）Greg Melich，Evercore。

I wanted to start on the -- where you ended Bert, on the fundamentals in the business in the fourth quarter guide. Besides the cycling of the business acquisitions, what would -- is anything else accounting for gross margins being up less in the fourth quarter, timing on tariff pass-through, vendor rebates, anything along those lines?

我想從你上次結束的地方開始——伯特，關於第四季業務基本面的指導。除了業務收購的周期性波動之外，還有什麼其他因素會導致第四季毛利率成長放緩？例如關稅轉嫁的時間、供應商回饋等等？

Greg, I would say, no. There's no other uniqueness to the gross margin expansion in the fourth quarter and the guide. It's really about just the continued great work we're doing on sourcing and pricing. And as you mentioned, the lapping of the acquisition benefit as we've gotten past the anniversary of the big US auto acquisitions last year.

格雷格，我的回答是，不。第四季毛利率擴張與預期並無其他獨特之處。這其實關乎我們在採購和定價方面持續取得的卓越成就。正如您所提到的，隨著去年美國大型汽車收購案週年紀念日的過去，收購帶來的好處也逐漸顯現。

Got it. And then I guess more strategically on the review, given that this is the first time we've had a call since the Board evolution, well, I'd just like to -- as you're looking at it, what do you think are the real benefits of having the businesses together today? And if you think that would change. Is there any reason to have them together as you think about the longer-term future?

知道了。然後，我想從更具策略性的角度來審視一下，鑑於這是董事會改組以來我們第一次進行電話會議，那麼，我想問的是——就您目前的情況來看，您認為將這些業務合併在一起的真正好處是什麼？如果你認為情況會改變的話。從長遠來看，將它們放在一起有什麼理由嗎？

Yes, Greg, thanks for the question. We've enjoyed very meaningful benefits over the last three to four years associated with being together. As I've talked about before, as we studied all of the investments that we put into the business and the strategies around our initiatives, they are very, very consistent. And so as you think about the benefits of the work that's happened in the last three to four years, it's really been an acceleration in the sum of the pieces that is better than the individual pieces.

是的，格雷格，謝謝你的提問。過去三、四年裡，我們在一起享受到了非常有意義的好處。正如我之前所說，當我們研究我們對業務的所有投資以及圍繞我們各項舉措的策略時，我們發現它們都非常非常一致。因此，當你思考過去三、四年所取得的成就所帶來的好處時，你會發現整體的進步比各個部分單獨取得的進步要好得多。

So whether it's sales effectiveness, technology investment, supply chain, we've really benefited from working as one team. And as I said in my prepared remarks, we've had the opportunity, as we do every year as part of our strategic planning process to evaluate all those initiatives, pressure test what's working, where we want to improve, what we want to do more of and how we think about the future.

因此，無論是銷售效率、技術投資或供應鏈，我們都從團隊合作中受益匪淺。正如我在準備好的發言稿中所說，我們有機會像每年戰略規劃流程的一部分那樣，評估所有這些舉措，對哪些方面有效、哪些方面需要改進、哪些方面需要加強以及我們對未來的思考進行壓力測試。

And so this is a very natural and -- process that we go through every year. And so we've done that with great rigor. I had my entire executive team plus another level out at an off-site later -- earlier this summer. And we've done really good work to ask tough questions, challenge each other, think about capital allocation. So it's a very healthy fulsome process.

所以，這是我們每年都會經歷的一個非常自然的過程。因此，我們非常嚴謹地完成了這項工作。今年夏天早些時候，我把整個高階主管團隊加上另一層管理人員組織了一次異地會議。我們做了很多卓有成效的工作，像是提出尖銳的問題，互相挑戰，思考資本配置。所以這是一個非常健康、充實的過程。

And again, as I said in my prepared remarks, we'll give everybody an update next year after we finish the work.

正如我在準備好的演講稿中所說，明年工作完成後，我們會向大家報告最新進展。

Chris Horvers, JPMorgan.

克里斯霍弗斯，摩根大通。

It's Christian Carlino on for Chris. What was -- can you talk about what was same-SKU inflation in US Napa? And how are you thinking about incremental pricing coming through over the next couple of quarters for both US NAPA and Motion? At what point will the full run rate tariffs show up in sales? And what level of inflation do you see that approaching?

克里斯蒂安·卡利諾代替克里斯上場。可以談談美國納帕谷同價位商品價格上漲的情況嗎？您如何看待未來幾季美國NAPA和Motion的逐步漲價？全額運行費率關稅何時才會反映在銷售上？你認為通貨膨脹率會接近什麼水準？

Yes, Christian, look, I think as we think about the full run rate of inflation. We're probably there as we look at how we exit the third quarter. We saw all of the tariff impacts start to build in the early part of the third quarter and kind of mature here at the end of the quarter. And really, honestly, with the stabilization of that, it's part of why we adjusted the revenue guide upward.

是的，克里斯蒂安，你看，我認為當我們考慮通貨膨脹的總體運行率時。我們或許已經達到了那個階段，因為我們需要回顧一下第三季末的情況。我們看到所有關稅影響在第三季初開始累積，並在季末趨於穩定。說實話，隨著這種情況的穩定，這也是我們上調收入預期的部分原因。

I'd say that the benefit to US automotive is 2.5-ish range, maybe a little stronger on the Motion side. And we'd expect it, as we said in our prepared remarks, to live in that kind of range for the rest of the year, low single digit on the top line, low single digit on cost of goods sold impact. It had a net benefit to the third quarter, and we expect a slight net benefit to the fourth quarter.

我認為對美國汽車產業來說，好處大概是續航力增加 2.5 倍左右，在 Motion 方面可能會更明顯一些。正如我們在準備好的發言稿中所說，我們預計今年剩餘時間裡，營收將維持在這個範圍內，銷售額和銷售成本的影響都將維持在個位數低點。它對第三季產生了淨收益，我們預計對第四季也會略有淨收益。

But as we look ahead, I think we'll exit assuming everything else stays stable. And the other dynamics around the fluid environment with China don't change too much. We'd expect to exit the year that way. And I think what would be a good thing for everyone is that we start 2026, with a lot of clarity around this issue and that can start to build back some confidence with our customers.

但展望未來，我認為如果其他一切保持穩定，我們將退出市場。而圍繞中國這種動態環境的其他因素並沒有太大變化。我們預計今年將以這種方式結束。我認為對所有人來說，最好的事情莫過於我們在 2026 年伊始，就對這個問題有更清晰的認識，這樣才能開始重建客戶的信心。

Got it. That's really helpful. And as you think about the right structure for GPC, how would you characterize any dissynergies if the two businesses operated separately both from a purchasing standpoint as well as shared corporate costs and any other explicit details you put around that.

知道了。這真的很有幫助。在考慮 GPC 的正確結構時，如果這兩個業務從採購角度以及共享公司成本和其他任何你明確規定的細節來看都獨立運營，你會如何描述任何協同效應的缺失？

Yes, Christian, it's probably a little hypothetical to think about the split of the company and dissynergies and things like that. I'll build on Will's point. We have done a nice job in the last several years of leaning into one GPC, and we don't really think about it through the prism of allocating corporate to different segments or breaking things up at this moment. As Will said, when we think about where we've benefited, procurement is a place where we've been able to leverage capability, both direct procurement and indirect procurement. And that's just being smart, quite frankly.

是的，克里斯蒂安，考慮公司拆分、協同效應喪失之類的事情可能有點假設性。我將補充威爾的觀點。過去幾年，我們一直致力於打造一個統一的全球產品組合 (GPC)，目前我們還沒有真正考慮將公司資源分配到不同的細分市場或進行分割。正如威爾所說，當我們思考我們受益的地方時，採購是我們能夠利用自身能力的地方，包括直接採購和間接採購。坦白說，這只是聰明的做法。

We have a big business. We have a powerful portfolio of spend, and we can come out and be smart about how we do that and work really closely with our suppliers and our customers on that front to find the right balance. The other thing I would tell you is that with Naveen coming in a few years ago, we've really made meaningful strides in the investment in technology. I'll start with our Poland tech center, which is celebrating their three-year anniversary. The work we're doing in Krakow to benefit the entirety of the business is pretty spectacular.

我們是一家大型企業。我們擁有強大的支出組合，我們可以明智地運用這些支出，並在這方面與我們的供應商和客戶密切合作，以找到合適的平衡。我還要告訴你們的是，自從納文幾年前加入公司以來，我們在技術投資方面取得了實質的進展。我先從我們位於波蘭的技術中心說起，該中心正在慶祝成立三週年。我們在克拉科夫所做的工作，對整個公司都大有裨益，這非常了不起。

We're doing it at a high, high rate of quality and with great productivity. And these are initiatives that benefit everyone. So we're doing it one time rather than perhaps historical ways of doing it multiple times. And when you think about how that translates, there's a benefit to the entire business of doing it that way. And that cascades into every dimension of our investment profile.

我們以極高的品質和生產效率完成這項工作。這些舉措惠及所有人。所以我們只做一次，而不是像歷史上那樣做多次。當你思考這會帶來怎樣的後果時，你會發現這樣做對整個企業都有好處。而這會影響到我們投資組合的各個層面。

When we think about the automation of a DC, we're leveraging capabilities globally and thinking about how to do that smart and using our learnings and expertise to follow the best technology of the moment. And now as we've turned our attention to the transformation and work we're doing in the US Automotive business, we're seeing that cascade through with the two new DCs we're building this year in NAPA.

當我們考慮資料中心的自動化時，我們會利用全球資源，思考如何以智慧的方式自動化，並運用我們的經驗和專業知識來採用目前最好的技術。現在，隨著我們將注意力轉向美國汽車業務的轉型和工作，我們看到，今年我們在NAPA新建的兩個配送中心也帶來了這種轉變。

Jordan, Jefferies.

喬丹，杰弗里斯。

When you think about the factoring programs and obviously, the First Brands issue, have you seen any either increased risk spread pricing from the banks or any less willingness to participate on the payables model?

當你考慮保理計畫以及第一品牌事件時，你是否看到銀行提高了風險價差定價，或減少了參與應付帳款模式的意願？

No. I'll say it no, and then I'll give you a little bit more color on it. Look, we see the First Brands situation with respect to supply chain financing really isolated to First Brands. Those programs have been around for some time, and they've been through periods of disruption, broader disruption like COVID and have remained strong.

不。我會先說不，然後再給你詳細解釋。你看，我們看到 First Brands 在供應鏈融資方面的情況實際上僅限於 First Brands 一家公司。這些項目已經存在一段時間了，它們經歷過各種幹擾時期，包括像新冠疫情這樣的大範圍幹擾，但仍然保持強勁勢頭。

So our current view is that the programs are continuing to function normally across all of our other supplier partners. Our program is designed well. Our size and scale makes us an attractive partner for our suppliers. And we've got a great group of banking partners that help us work with the suppliers, five big platforms. And our utilization, while down year-to-date, really on the back of lower inventory replenishment, we don't see anything unusual.

因此，我們目前的看法是，這些項目在我們所有其他供應商合作夥伴中都繼續正常運作。我們的項目設計得很好。我們的規模和實力使我們成為供應商理想的合作夥伴。我們擁有一群優秀的銀行合作夥伴，他們幫助我們與供應商合作，其中包括五個平台。雖然今年迄今為止我們的利用率有所下降，這主要是由於庫存補充量減少所致，但我們沒有看到任何異常情況。

First Brands has been suspended in our programs, which you would expect. I can't speak to the others more broadly, but that's true for us globally. But we feel good about the program overall and I wouldn't call any question into the health of it more broadly for the automotive aftermarket in the industry.

正如您所預料的那樣，First Brands 已被暫停參與我們的專案。我無法代表其他人發言，但就我們全球而言，情況確實如此。但我們對該計劃的整體情況感到滿意，我不會對該計劃在整個汽車售後市場行業的健康狀況提出任何質疑。

Bret, I would just add another couple of thoughts, which is, we are coordinated as a global team. We're operating with a high level of coordination around the world. As I said in my prepared remarks, the commercial relationship with First Brands continues to be solid. Fill rates are high, and we're in active discussions. So we're cautiously optimistic that we're going to continue to build path to resolution on this one.

Bret，我還有幾點補充，那就是，我們是一個全球團隊，需要協調配合。我們在全球範圍內進行高度協調的行動。正如我在事先準備好的演講稿中所說，我們與First Brands的商業關係依然穩固。訂單完成率很高，我們正在積極洽談。因此，我們謹慎樂觀地認為，我們將繼續努力，最終解決這個問題。

Great. And then I think you commented that your sellout from independents and your company comp was a plus 3-ish. So maybe a little bit less inventory at the independents. And you mentioned that you were sort of helping them along the path of better in-stocks. Could you give us maybe a bit more color as to how you're helping the independents and sort of what level of industry are you seeing them at versus where you target them being?

偉大的。然後我想你評論說，你從獨立經銷商那裡獲得的銷售額和你公司的業績比之前高出 3 左右。所以獨立零售商的庫存可能會稍微少一點。你提到你在某種程度上幫助他們走上了庫存改善的道路。能否更詳細地介紹一下您是如何幫助獨立創業者的，以及您認為他們所處的行業層級與您的目標客戶群之間的差異？

Yes, Bret. We're constantly working with the owners. I think you've summarized the facts appropriately, which is we're really pleased with what we're seeing selling out into the market. We've talked a lot about over the last couple of years, the work that we've been doing with independent owners and our own stores for that matter to make sure that we've got the right inventory in the right place at the right time.

是的，布雷特。我們一直在與業主合作。我認為你對事實的總結很恰當，那就是我們對目前市場上的銷售情況非常滿意。在過去的幾年裡，我們一直在談論我們與獨立業主以及我們自己的門市所做的工作，以確保我們在正確的時間、正確的地點擁有正確的庫存。

They're pretty individualized discussions with owners, so it depends on the needs of the independent owner, whether it's helping them thinking about pricing, helping them thinking about cash flow management, helping them think about product assortment. So that's super granular by local market by size and scale of owners. So those are the discussions that we're having owner by owner, and we're really pleased with the types of discussions that we're having and the momentum that we've built through the course of the year.

與業主進行的討論都是相當個人化的，因此取決於獨立業主的需求，無論是幫助他們思考定價、幫助他們思考現金流管理，還是幫助他們思考產品組合。所以這是按當地市場規模和所有者規模進行非常細緻的劃分。所以，我們正在與各位業主逐一進行討論，我們對目前的討論內容以及今年以來取得的進展感到非常滿意。

Should we expect the sell-in to accelerate in the fourth quarter just given the fact that they would seem to be -- they have sold more in the third quarter than they took?

鑑於他們似乎正在加速銷售（第三季銷售量超過了進貨量），我們是否應該預期第四季的銷售速度會加快？

Bret, I wouldn't assume that they're going to accelerate in the fourth quarter. We had an expectation that they would start to accelerate a little -- maybe a little stronger than they did in the third quarter. We're pleased with the improvement. But in the fourth quarter, we've kind of assumed that it's going to be pretty level on with Q3 with respect to their behavior. Things that could be helpful that would give us some upside.

布雷特，我不會認為他們會在第四節加速前進。我們預期他們會開始加速——也許比第三季表現得更強。我們對這項改進感到滿意。但我們認為，第四季他們的行為將與第三季基本持平。一些可能對我們有幫助並能為我們帶來好處的事情。

One of the biggest things impacting the independent owner are the elevated interest rates. And so if we saw more relief there, that would be a factor that could lead us to a bit of an acceleration. They really are, as Will mentioned, it's really individualized and they really are managing their own cash flows and being tight on their working capital.

對獨立業主影響最大的因素之一是高利率。因此，如果我們看到那裡的緩解措施更加充分，那可能會促使我們加快步伐。正如威爾所提到的那樣，他們的做法確實是個人化的，他們確實在管理自己的現金流，並且嚴格控制營運資金。

And as such, they tend to make these replenishment decisions through that prism. And so I think that may be a way we get a little bit more clarity and help on the independent owner as we drive through the rest of the year.

因此，他們往往會從這個角度來做出補貨決定。所以我認為這或許能幫助我們更清楚地了解獨立車主的情況，並在今年餘下的時間裡為他們提供幫助。

Scot Ciccarelli, Truist Securities.

斯科特·西卡雷利 (Scot Ciccarelli)，Truist 證券公司。

So with the independents continuing to work down their inventory levels and just given what we know the typical dynamics of the industry are, do we think that the independents have been losing market share? And like is there a way to potentially quantify that?

因此，鑑於獨立零售商不斷降低庫存水平，並考慮到我們所了解的行業典型動態，我們是否認為獨立零售商一直在失去市場份額？那麼，有沒有辦法對其進行量化呢？

Yes, Scot, I wouldn't say they're working down their inventories. I think there -- they've been mindful like we all have about managing inventory balances. And so that doesn't necessarily mean they don't have enough to compete. And so no, I'm not prepared to say that the independent owners are losing share in the market. I think all of the initiatives that we've been doing across company-owned stores and independent-owned stores are having their intended effect.

是的，斯科特，我不會說他們正在減少庫存。我認為，他們和我們所有人一樣，一直都很注意管理庫存餘額。所以這並不一定意味著他們沒有足夠的實力去競爭。所以，不，我並不認為獨立業主正在失去市場份額。我認為我們在公司直營店和獨立門市推行的所有舉措都達到了預期效果。

We've been very consistent about the body of work in that regard, whether it's assortment planning, making sure you got the inventory operational excellence. And so I would describe the partnership with the independent owners as good as it's been in some time. So we need to keep our head down and continue to support them in a choppy market, but I feel good about the work that we're doing with the owners and how they're competing in the market.

在這方面，我們一直保持著非常一致的工作態度，無論是商品組合規劃，還是確保庫存營運的卓越性。因此，我認為與獨立業主之間的合作關係是近段時間以來最好的。所以我們需要保持低調，繼續在動蕩的市場中支持他們，但我對我們與業主一起所做的工作以及他們在市場上的競爭方式感到滿意。

Okay. Maybe I'll take a little different angle on this one then. Maybe a bit of a follow-up to Bret's question as well. Is there a point in your estimation where the independents have to start building back up their inventory levels from where they are currently?

好的。那我或許應該換個角度來看這個問題。或許也可以稍微補充一下布雷特的問題。您認為獨立零售商需要何時開始恢復目前的庫存水準？

I would say it depends, but on the margin, yes, could we have them buying more inventory? The answer is yes.

我認為這要視情況而定，但從利潤率來看，是的，我們能否讓他們購買更多庫存？答案是肯定的。

I think I would just add to that, Scot, that it's always -- inventory availability is a daily focus. And I think we can always continue to get better, whether we're talking about independently-owned stores or the company-owned stores. Obviously, we have more control over the company-owned stores and the growth and the performance of the company-owned stores at a 4% improvement year over year, is a reflection of the hard work we're doing in the business, and we're doing that same hard work with the independent owners. And you saw that with sequential improvement in their performance in the quarter as well.

史考特，我還要補充一點，庫存可用性始終是我們每天關注的重點。我認為，無論是獨立經營的商店還是公司自營的商店，我們總是能做得更好。顯然，我們對公司自營門市的控制力更強，公司自營門市的成長和業績年增 4%，這反映了我們在業務上付出的辛勤努力，我們也在與獨立業主一起付出同樣的努力。而且，從他們本季的業績環比提升也可以看出這一點。

So look, I mean, I think we can always be better. And I wouldn't isolate being better on inventory availability to the independent owners in isolation. As Will said, partnership with them has never been better and the opportunities that lie ahead are strong. I think if you want to kind of anchor one thing on where they could be replenishing faster, while they're being cautious right now, it's back to my comment a few minutes ago on interest rates. Anything we can do to help them on interest rates outside of all the things we're already doing from a GPC perspective would be helpful for them.

所以你看，我的意思是，我認為我們總是可以做得更好。我不認為應該孤立地看待提高獨立業主庫存可用性的問題。正如威爾所說，與他們的合作從未如此順利，未來的機會也十分廣闊。我認為，如果你想指出他們在目前謹慎行事的情況下，可以在哪些方面加快補充資金，那就回到我幾分鐘前關於利率的評論。除了我們從 GPC 角度已經採取的所有措施之外，我們還能做些什麼來幫助他們降低利率，這對他們來說將很有幫助。

And Scot, maybe just to summarize it with a simple sentence. I mean, our inventory positions, whether it's company-owned stores or with independent owners is not a reason for underperformance. Our inventory levels have never been healthier in the aggregate. So we're in a great spot. We're competing effectively, and we're going to continue to keep our head down.

斯科特，或許可以用一句話來概括。我的意思是，無論是公司自營門市還是獨立經營的門市，我們的庫存狀況都不是業績不佳的原因。我們的庫存整體水準從未如此健康。所以我們處境非常好。我們正在有效地參與競爭，我們將繼續保持低調。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

You mentioned you expect the run rate for inflation to remain in this range of, call it, 2% to 3%. Others in the industry have suggested that inflationary impact could peak as soon as the first quarter of next year, and that could be within the mid- to high-single-digit impact range. So what is different about GPC that it's not experiencing as much inflation. And presumably, it's not because you are not passing along the price increases, so we shouldn't expect price gaps to widen or anything of that nature?

您提到您預計通貨膨脹率將保持在 2% 到 3% 的範圍內。業內其他人士則認為，通膨影響最快可能在明年第一季達到峰值，影響幅度可能在個位數中高段位。那麼，GPC與其他公司相比，為何沒有經歷如此嚴重的通貨膨脹呢？想必是因為你沒有將價格上漲轉嫁給消費者，所以我們不應該預期價格差距會擴大或出現類似情況吧？

Yes. Look, Michael, I would just say that as we think about this tariff dynamic, the most important thing that we focus on is to work with our suppliers to make sure that we are minimizing any disruption to our customers. And that means a very tight balancing of cost increases and price increases, and we're doing that in a very thoughtful way and considering what we think the market can accept.

是的。邁克爾，我想說的是，在考慮關稅動態時，我們最關注的是與供應商合作，確保將對客戶的任何干擾降到最低。這意味著要非常謹慎地平衡成本上漲和價格上漲，我們正在非常周全地考慮市場能夠接受的程度。

I think the experience today -- to date would tell you that the market has accepted the price increases across the board. And I think our philosophy is no different than the rest of the players in the marketplace, whether you're talking about the Industrial side of our business or the Automotive side of our business. We're working to pass along what we can. We benefit from it being a break-fix model on both sides. And we think that what's happening is rational.

我認為，就目前的經驗來看，市場已經全面接受了價格上漲。我認為，無論是在工業領域或汽車領域，我們的理念都與其他市場參與者並無二致。我們正在努力傳遞我們所能傳遞的訊息。雙方都受益於這種故障修復模式。我們認為現在發生的事情是合理的。

So I think we're thinking about it through all of those dimensions. We're certainly seeing a benefit -- a net small benefit of the outcome of that in the quarter, and we'll see that again in the fourth quarter. And so I don't think there's anything that's fundamentally different as we approach it to anyone else. Are the numbers slightly different? Of course, I think everybody has different dynamics in terms of their exposure to China, their size and scale. I think smaller players probably are feeling more of a price increase because they don't have the size and scale that we do. And I think when we think about that, it gives us some degrees of flexibility to work really closely with our customers.

所以我覺得我們正在從所有這些角度來考慮這個問題。我們確實看到了好處——本季淨收益略有增加，而且我們將在第四季度再次看到這種好處。所以我覺得，我們處理這個問題的方式和其他人並沒有什麼本質區別。這些數字略有不同嗎？當然，我認為每個人與中國的接觸程度、規模和體積都不同，因此情況也各不相同。我認為規模較小的玩家可能對價格上漲感受更強烈，因為他們沒有我們這樣的規模和實力。我認為，當我們考慮到這一點時，它賦予了我們一定程度的靈活性，使我們能夠與客戶緊密合作。

So we've seen a low single-digit benefit on the top line through the third quarter. We expect that again in the fourth quarter low single-digit increase to cost of goods sold here in the third quarter. We expect that for the fourth quarter. And again, it's a dynamic area. So we'll continue to watch it closely. But I think we've got it balanced and dialed in, in the right way.

因此，我們看到第三季營收僅實現了個位數的成長。我們預計第四季銷售成本將再次出現個位數低幅成長，高於第三季的水平。我們預計第四季會是這樣。而且，這是一個瞬息萬變的領域。所以我們會繼續密切關注事態發展。但我認為我們已經找到了平衡點，並且調整得當。

Okay. My follow-up question is on the fourth quarter outlook and how that should inform how we as external observers should start to think about 2026? You raised the top end of your sales outlook, yet lowered the midpoint of your earnings outlook. Presumably, you wanted to be around where the consensus was for the fourth quarter. So, A, should we -- how should we read the profitability outlook in the fourth quarter?

好的。我的後續問題是關於第四季的展望，以及這應該如何影響我們這些外部觀察者對 2026 年的思考？你提高了銷售額預期上限，但降低了獲利預期中位數。想必你是想讓第四季的預期與市場普遍預期保持一致。那麼，A，我們該如何解讀第四季的獲利前景？

And B, how should that inform how we think about Genuine Parts margin structure next year, assuming that the company can maintain this pace of sales growth, should you experience a similar amount of margin expansion or leverage on your SG&A that you're embedding in the fourth quarter because you do have a onetime lap that you're benefiting from in the fourth quarter?

B，假設公司能夠維持目前的銷售成長速度，那麼明年我們該如何看待正品零件的利潤率結構？您是否會經歷類似的利潤率擴張，或者您是否會利用第四季度所嵌入的銷售、一般及行政費用槓桿，因為您在第四季度確實受益於一次性因素？

That was a very long question, Michael. I might have to charge the --

邁克爾，你問的問題太長了。我可能得收費了--

I tend to be long-winded. Bert.

我說話比較囉嗦。伯特。

I'm going to charge you extra next time for the length of that question.

下次我要因為你這個問題太長而額外收費。

I can't afford it, all this inflation.

我負擔不起，通貨膨脹太嚴重了。

Look, I mean, I'm going to start with a very -- just straightforward comment about the fourth quarter. We expect to have a really solid fourth quarter. And now I'll walk you through a little bit of my perspectives on the guide. We did narrow the range. And I want to go back to how we started the year on our outlook, which was that we expected a more muted first half and a recovery building and accelerating through Q3 and Q4.

聽著，我的意思是，我要先就第四季發表一個非常——非常直接的評論。我們預計第四季會表現非常出色。現在我將帶你了解我對這本指南的一些看法。我們縮小了範圍。我想回顧一下我們年初對經濟前景的展望，當時我們預計上半年經濟將較為平淡，而復甦將在第三季和第四季逐步加速。

And full transparency, as I said in my prepared remarks, we didn't see that happen in the third quarter. And so we don't see the improvement in market conditions for the remainder of 2025 despite our third quarter performance, which was in line with our own expectations. So it's that more muted recovery that we had expected for the full year that led to the narrowing of our range and that more robust trading environment and stronger underlying demand that we might have expected was really the path to the upside of our previous EPS range.

正如我在準備好的演講稿中所說，坦白說，我們在第三季並沒有看到這種情況發生。因此，儘管我們第三季的業績符合預期，但我們並不認為 2025 年剩餘時間的市場狀況會有所改善。因此，正是我們預期全年較為溫和的復甦導致了我們預期範圍的收窄，而我們預期的更為強勁的交易環境和更強勁的潛在需求，才是實現我們先前每股收益預期範圍上調的真正途徑。

And so with one quarter left and three quarters already in the books, we felt it was important to give everyone some color on how we see the fourth quarter playing out with respect to trends on revenue and EPS. And while I don't give you guys quarterly guidance, when we think about the revenue for the fourth quarter, we're going to build on this momentum we've had here in the third quarter. Sequential improvement in NAPA, we think solid growth at Motion and a tariff landscape that while it's been fluid has been stabilized to some respect, and that's why we've included and talked about some of the benefits that we have assumed for the rest of the year on the tariff front with respect to revenue. I think the watch point on the top line is the European market conditions, which we'll continue to watch closely. And so that's really kind of how we're thinking about the revenue.

因此，在剩下一個季度，而前三個季度已經結束的情況下，我們覺得有必要向大家介紹我們對第四季營收和每股盈餘趨勢的看法。雖然我不會給你們提供季度業績指引，但當我們展望第四季的營收時，我們將延續第三季的良好勢頭。NAPA 業績環比改善，我們認為 Motion 業務穩步增長，關稅環境雖然一直不穩定，但在某種程度上已經穩定下來，因此，我們納入並討論了我們假設的今年剩餘時間裡關稅方面對收入的一些利好因素。我認為需要密切關注的重點是歐洲市場狀況，我們將繼續密切關注。所以，這就是我們對收入的大致看法。

When we think about gross margin expansion, to Greg's earlier question, it will moderate in the fourth quarter from the third quarter. We're lapping the benefit of those acquisitions. And the reality is we're experiencing some higher cost of goods sold from the tariffs, which I mentioned earlier. And so we'll be working through that through the fourth quarter as well. On SG&A, while we're still feeling cost inflation, we've done some great work on our cost structure over the last two years, and we're going to continue to lean into that.

當我們考慮毛利率擴張時，針對 Greg 先前提出的問題，第四季的擴張速度將比第三季放緩。我們正在享受這些收購帶來的好處。而現實情況是，由於關稅，我們正面臨商品銷售成本上升的問題，正如我之前提到的。因此，我們將在第四季度繼續推進這項工作。關於銷售、一般及行政費用，雖然我們仍然感受到成本上漲，但在過去兩年裡，我們在成本結構方面做了大量工作，我們將繼續在這方面努力。

And we have an expectation for some leverage in the fourth quarter from all the hard work we've done. When you take the net sum of that, we will see earnings growth in the fourth quarter as we balance the solid revenue growth I just talked about, moderated gross margin, some SG&A leverage and all of that momentum we've had here in the third quarter. But we did give you a little bit more interest expense in Q4, and that's just based on the trending out of the year. So with that, the net sum of it all puts us in the EPS range that we shared with you today. And if I really kind of think about where that upside was coming from, it was on the expectation earlier in the year of a more robust trading environment.

我們預計，憑藉我們付出的所有努力，第四季我們將獲得一些優勢。綜合考慮這些因素，我們將在第四季度看到盈利增長，因為我們平衡了我剛才提到的穩健的收入增長、適度的毛利率、一些銷售、管理及行政費用槓桿以及我們在第三季度所取得的所有勢頭。但我們在第四季確實增加了一些利息支出，這只是基於全年趨勢的結論。綜上所述，所有這些因素加起來使我們達到了今天與大家分享的每股盈餘 (EPS) 範圍。如果我仔細想想這波上漲行情來自哪裡，那就是年初時人們對更強勁的交易環境的預期。

And just to clarify, how should the fourth quarter implied expectation inform how we should think about 2026?

為了澄清一下，第四季的隱含預期應該如何影響我們對 2026 年的展望？

Well, look, I don't want to get out in front of my skis on giving you guidance on 2026. As Will mentioned, we had a lot of work we're doing here. This is also our business planning process season for 2026. I think the great work we've done on SG&A will continue to show through as we look into next year. Obviously, I think we'll continue to have gross margin expansion as we look ahead because we're doing such great work in that space, and we have opportunities across the board, across the business.

嗯，聽著，我不想操之過急，給你關於 2026 年的指導。正如威爾所提到的，我們在這裡有很多工作要做。這也是我們制定 2026 年業務計畫的時期。我認為我們在銷售、管理及行政費用方面所做的出色工作，將在明年繼續顯現。顯然，我認為展望未來，我們的毛利率將繼續成長，因為我們在該領域做得非常出色，而且我們在整個業務的各個方面都有機會。

Look, I don't want to get into market conditions or top line forecast for 2026. As I think about how 2026 could set up, I think we're in a bit of a similar dynamic to a year ago. Everyone was waiting on the outcome of an election, we got election resolution and clarity and we started the year 2025 with, I think, a bit more optimistic outlook. You saw that just as an example, with PMI starting the year above 50%. I think as we find ourselves at the end of 2025, we sit in a similar place.

我不想討論 2026 年的市場狀況或營收預測。當我思考 2026 年的發展前景時，我認為我們目前的情況與一年前有些類似。大家都在等待選舉結果，我們得到了選舉結果，一切都變得明朗起來，我認為，我們以更樂觀的心態開始了 2025 年。這只是一個例子，PMI年初就超過了50%。我認為，到了 2025 年底，我們所處的境地與之前類似。

There's a lot of folks sitting on the sidelines, not around an election, but more around what's going to happen with interest rates and how do we get some kind of good clear rules of engagement on tariffs. If we got that in the fourth quarter, I think you could see a trading environment in 2026 that would be a little bit more robust. Obviously, Europe would continue to be a watch point. So we'll be thinking about that. So those are a few of the broad strokes that we're thinking about as we move through our business planning process and set up for 2026.

很多人持觀望態度，他們關注的不是選舉，而是利率的走向以及我們如何才能就關稅問題制定一些清晰明確的規則。如果我們能在第四季度實現這一點，我認為到 2026 年，交易環境可能會更加穩健一些。顯然，歐洲仍將是關注的焦點。所以我們會考慮這個問題。以上是我們制定業務計劃並為 2026 年做好準備時正在考慮的一些大致方向。

The other watch point I would give you is cost inflation and SG&A. It's been persistent, and we'll want to take a really hard look at that. So that's about the highest level of color and detail I can give you, Michael, on 2026 without getting too specific and getting out in front of the good work we need to do here in the fourth quarter to give you an informed guide on the full year '26. But I would just say this, I mean, we've got a lot of good momentum in the business. We delivered a solid third quarter, and we've shown earnings growth for the first time in a while, and we're going to continue to be focused on that as a leadership team.

我還要提醒你注意成本通膨和銷售、管理及行政費用。這個問題一直存在，我們需要認真調查一下。所以，邁克爾，關於 2026 年，我能給你的色彩和細節也就這麼多了，不能說得太具體，也不能搶在我們第四季度好好工作之前，以便為你提供一份關於 2026 年全年的知情指南。但我只想說，我們公司目前發展勢頭良好。我們第三季業績穩健，實現了近段時間的首次獲利成長，作為領導團隊，我們將繼續專注於此。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

This is Mark Jordan on for Kate McShane. You touched on it a little bit there, but maybe can you talk about what you're seeing for inflationary cost increases in terms of salaries, wages, and rent? And what the magnitude of the pressure is there and maybe what the company is doing to try and offset those headwinds?

這裡是馬克喬丹，替凱特麥克沙恩為您報道。您剛才稍微提到了這一點，但您能否談談您觀察到的工資、薪水和租金方面的通貨膨脹成本增長？壓力究竟有多大？公司又採取了哪些措施來抵銷這些不利因素？

Yes. Look, I think the magnitude of the kind of increase in inflation lives in that 3%-ish range in the aggregate. I would say the inflation in rent is probably a little higher right now than it is in wages. Wages probably lives into 3% to 5%. Rent probably lives a little higher than that just because most of the lease renewals we're feeling right now are being renewed for the first time outside of the COVID period in which, obviously, leasing rates and rent renewals were depressed.

是的。我認為，總體而言，通貨膨脹的成長幅度應該在 3% 左右。我認為目前房租的通膨率可能比薪資的通膨率略高一些。薪資漲幅可能在 3% 到 5% 之間。租金可能比這略高一些，因為我們現在感受到的大多數租約續約都是在新冠疫情期間之外的首次續簽，而疫情期間，租賃率和租金續約率顯然都處於低迷狀態。

And so there's a bit higher pressure there. I think in terms of what we're doing, it's everything we've talked about, and you see that here in the third quarter. We've taken, as a leadership team, a tremendous amount of actions across the business in 2024 double down in 2025 because with the cost inflation and SG&A being persistent, that means we have to work smarter. And that means we have to invest in productivity and operational efficiencies to offset that headwind. And we've done that.

所以那裡的壓力會稍微大一點。我認為就我們正在做的事情而言，它包含了我們之前討論的一切，你可以在第三季看到這一點。作為領導團隊，我們在 2024 年採取了大量業務行動，並在 2025 年加倍努力，因為成本上漲和銷售、一般及行政費用持續存在，這意味著我們必須更聰明地工作。這意味著我們必須投資生產力和營運效率，以抵消這種不利因素。我們已經做到了。

You've seen that here in Q3 with a flat SG&A as a percentage of revenue year over year, which is a massive improvement from Q1 and Q2. And so we're proud of that work. It's largely offsetting that headwind, and you see that with an overall core SG&A growth of 2.7% against the top line of 5%, which I think is allowing us to get some leverage on EBITDA in the business.

您在第三季已經看到了這一點，銷售、一般及行政費用佔收入的百分比與去年同期持平，這比第一季和第二季有了巨大的改善。因此，我們為這項工作感到自豪。這在很大程度上抵消了這種不利因素，從整體核心銷售、一般及行政費用增長 2.7% 而營收增長 5% 可以看出這一點，我認為這使我們能夠在業務中獲得一些 EBITDA 槓桿效應。

So we're going to continue the hard work. We've got to keep our head down. We've got to keep grinding. And I think that work that we've done is the reason why you're going to see a bit of SG&A leverage in the fourth quarter as we work to continue to offset some of these other headwinds in the business.

所以我們會繼續努力。我們必須保持低調。我們必須繼續努力。我認為，我們所做的這些工作正是第四季度銷售、一般及行政費用槓桿作用得以發揮的原因，因為我們將繼續努力抵銷業務中的其他一些不利因素。

Perfect. And then just changing the subject real quick to the US NAPA business. Retail, of course, a smaller portion of your sales, but are you seeing any signs of changing customer behavior there?

完美的。然後迅速將話題轉移到美國NAPA的業務。當然，零售額在你銷售額中所佔比例較小，但你是否看到零售客戶的行為有任何變化跡象？

We haven't seen any changing customer behavior, I would say. That part of the business continues to be pressured. It's more discretionary in nature. And as you noted, it's not a big part of our business. It sequentially improved, but it's still pressured. So no material changes in behavior or trading down or the like, but continue to be pressured.

我認為，我們還沒有看到客戶行為有任何變化。該業務的這一部分持續面臨壓力。它更屬於酌情決定的範疇。正如您所指出的，這並不是我們業務的主要部分。雖然情況有所好轉，但仍面臨壓力。因此，行為上沒有發生實質變化，也沒有出現降級交易等情況，但仍面臨壓力。

Chris Dankert, Loop Capital Markets.

Chris Dankert，Loop 資本市場。

I guess I wanted to talk about the supply chain investment in NAPA, specifically thinking about the Nashville DC investment there, more efficient picking and shipping. Anything you can share with us in terms of kind of quantifying the improved customer service levels or maybe the subsequent sales growth in the region following that investment?

我想談談NAPA的供應鏈投資，特別是納許維爾配送中心的投資，以提高揀貨和出貨效率。您能否與我們分享一些關於量化客戶服務水準提升或投資後該地區銷售成長的數據？

Yes, Chris, happy to. I wouldn't isolate it just to a Nashville example. We've seen benefits from our supply chain investments when we make building improvements. And it's everything that you described. It's kind of the productivity of the building itself. It's the service level to the customer. As a result, it's a function and drives better growth in the local market.

是的，克里斯，我很樂意。我不會僅以納許維爾為例來說明這個問題。我們在進行建築改造時，已經從供應鏈投資中獲得了收益。一切都如你所描述的。這某種程度上反映了建築物本身的生產力。這是對客戶的服務水準。因此，它發揮了作用，並推動了本地市場的更好成長。

I can think of one building in Canada that we've made recent investments, and they've got double-digit growth in the market post investment. And so that's kind of the marker that we set. You want to see significantly better growth, better coverage, better inventory flows, better safety, better productivity. So Nashville is one of many examples where we've seen really nice success as a result of our investments in the supply chain.

我能想到我們在加拿大最近投資的一棟建築，投資後其市場價值實現了兩位數的成長。所以，這就是我們設定的衡量標準。您希望看到顯著更好的成長、更好的覆蓋範圍、更好的庫存週轉、更好的安全性、更高的生產力。因此，納許維爾是眾多透過對供應鏈的投資而取得顯著成功的例子之一。

Got you. And then I guess maybe to kind of shift over to the Motion business. Definitely encouraging to hear about the backlog growth. I guess anything you can -- I mean, I assume the majority of that is OEM-centric, just given the nature of those businesses.

抓到你了。然後我猜也許會轉型到運動控制業務領域。聽到積壓訂單成長的消息，確實令人鼓舞。我想任何你能想到的——我的意思是，考慮到這些企業的性質，我假設其中大部分都是以 OEM 為中心的。

Anything you'd share in terms of how you're expecting OEM to trend? It sounds like you're expecting some level of acceleration there? Just that any color would be helpful.

您對OEM市場的發展趨勢有什麼看法嗎？聽起來你似乎期待那裡會有一定的加速性能？任何顏色都可以。

Yes. I think we're cautiously optimistic. We obviously have been cautiously optimistic about this part of the business for some period of time. And so we're ever hopeful that we're closer to the bottom than not. As I said in the prepared remarks, the large order book of business is sequentially improving.

是的。我認為我們持謹慎樂觀態度。顯然，我們對這部分業務一直持謹慎樂觀的態度。因此，我們始終抱著希望，認為我們離谷底比離谷底更近。正如我在準備好的演講稿中所說，大訂單業務正在逐步改善。

As you noted, that's largely OEM-based business. I think Bert made an interesting and appropriate comment about coming into the end of the year and feeling better about the world and turning the calendar and feeling like '26 has more clarity, whether it's rates or the industrial complex or the like. So the conversations with customers, as I said last quarter, they're generally constructive, but they're cautious.

正如您所指出的，這主要是一種基於OEM的業務模式。我認為伯特關於在年末之際對世界感到更加樂觀，翻開日曆，感覺2026年更加明朗的評論很有意思也很恰當，無論是利率、工業綜合體還是其他方面。正如我上個季度所說，與客戶的對話總體上是建設性的，但他們也很謹慎。

And so there's work out there to be done, and we're just slowly working through the bottom part of this phase in the market and feel good about where we're headed into the fourth quarter and into 2026.

所以還有很多工作要做，我們正在慢慢度過市場低迷期的底部，對第四季和 2026 年的發展前景感到樂觀。

And we have no further questions at this time. I would like to turn it back to Will Stengel for closing remarks.

我們目前沒有其他問題了。我謹將發言權交還給威爾·斯坦格爾，請他作總結發言。

Thanks again, everybody, for your interest in Genuine Parts Company. We look forward to giving everybody an update on our February call. Have a great day, and thanks again.

再次感謝大家對 Genuine Parts Company 的關注。我們期待在二月的電話會議上向大家報告最新情況。祝您今天過得愉快，再次感謝。

Thank you, presenters. And ladies and gentlemen, this concludes today's conference call. Thank you for joining. You may now disconnect.

謝謝各位主持人。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。