禮恩派 (LEG) 2025 Q3 法說會逐字稿

Welcome to the Leggett & Platt Third Quarter 2025 Webcast and Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. (Operator Instructions) It is now my pleasure to introduce your host, Steve West, Vice President of Investor Relations. Thank you. You may begin.

歡迎參加 Leggett & Platt 2025 年第三季網路直播與收益電話會議。目前，所有參與者均處於唯讀模式。正式演講結束後將進行簡短的問答環節。（操作員指示）現在，我很高興向大家介紹主持人，投資者關係副總裁史蒂夫·韋斯特。謝謝。你可以開始了。

Good morning, everyone, and welcome to Leggett & Platt’s Third Quarter 2025 Earnings Call. With me today are Karl Glassman, CEO; Ben Burns, CFO; Tyson Hagale, President of Bedding Products; and Sam Smith, President of Specialized Products and Furniture, Flooring, and Textile Products. This call is being recorded, and a replay will be available on the Investor Relations section of our website.

各位早安，歡迎參加 Leggett & Platt 2025 年第三季財報電話會議。今天與我在一起的有：執行長 Karl Glassman；財務長 Ben Burns；床上用品總裁 Tyson Hagale；以及專業產品、家具、地板和紡織品總裁 Sam Smith。本次電話會議正在錄音，錄音回放將在我們網站的投資者關係版塊提供。

Yesterday, we issued our press release and a set of slides containing third quarter financial results. Those documents supplement the information we will discuss this morning, including non-GAAP financial reconciliations. Remarks today concerning future expectations, events, objectives, strategies, trends, or results constitute forward-looking statements. Actual results may differ materially due to risks and uncertainties, and the company undertakes no obligation to update or revise these statements.

昨天，我們發布了新聞稿和一套包含第三季財務業績的幻燈片。這些文件是我們今天上午將要討論的資訊的補充，包括非GAAP財務調節表。今天有關未來預期、事件、目標、策略、趨勢或結果的言論構成前瞻性陳述。由於存在風險和不確定性，實際結果可能與預期有重大差異，本公司不承擔更新或修改這些聲明的義務。

For a summary of these risk factors and additional information, please refer to sections in yesterday’s press release and our most recent 10-K and 10-Q filings entitled Risk Factors and Forward-Looking Statements. I will turn the call over to Karl.

有關這些風險因素的概要和更多信息，請參閱昨天發布的新聞稿以及我們最新的 10-K 和 10-Q 文件中題為“風險因素和前瞻性聲明”的章節。我將把電話轉給卡爾。

Thank you, Steve, and good morning, everyone. I’m pleased with another quarter of solid results reflecting nearly two years of disciplined cost structure improvements despite an ongoing soft demand in residential end markets. Importantly, we are reaffirming the midpoint of our full-year sales and adjusted EPS guidance, which Ben will discuss in more detail later. Our third quarter was also marked by significant progress on our key strategic initiatives. Our team has done a terrific job driving results through the execution of our restructuring plan, disciplined cost management, and improving operational execution. These efforts have culminated in improved cash flow, which allowed us to significantly strengthen our balance sheet. On August 29, we completed the divestiture of our aerospace business, aligned with our goal of optimizing our portfolio.

謝謝你，史蒂夫，大家早安。儘管住宅終端市場需求持續疲軟，但我對另一個季度穩健的業績感到滿意，這反映了近兩年來嚴格的成本結構改進。重要的是，我們重申了全年銷售額和調整後每股收益預期的中位數，Ben 稍後將對此進行更詳細的討論。第三季度，我們在關鍵策略舉措方面也取得了顯著進展。我們的團隊透過執行重組計劃、嚴格的成本管理和改進營運執行，出色地推動了業績成長。這些努力最終改善了現金流，使我們能夠顯著增強資產負債表。8 月 29 日，我們完成了航空航太業務的剝離，這符合我們優化業務組合的目標。

We used proceeds from the sale, along with a portion of our operating cash flow, to pay down all of our remaining commercial paper and substantially lower our net debt to trailing 12-month adjusted EBITDA ratio. Our restructuring plan is nearing completion and is meeting or exceeding our initial expectations. We made considerable progress on the second phase of the flooring consolidation during the quarter and expect the consolidation to be completed by the end of the year. In hydraulic cylinders, we completed the right sizing of our UK facility. Beyond our formal restructuring plan, in early September, we announced the consolidation of our Kentucky adjustable bed manufacturing operation, which will be consolidated into our Mexico operation by the end of this year.

我們利用出售所得款項以及部分經營現金流，償還了所有剩餘的商業票據，並大幅降低了淨債務與過去 12 個月調整後 EBITDA 的比率。我們的重組計劃已接近完成，並且達到或超越了我們最初的預期。本季我們在地板整合第二階段取得了相當大的進展，預計整合工作將於年底完成。在液壓缸方面，我們完成了英國工廠的合理規模調整。除了我們正式的重組計劃之外，9 月初，我們宣布將肯塔基州的可調式床製造業務整合到我們的墨西哥業務中，該業務將於今年年底前完成整合。

This decision was driven by lower volume and tariffs on imported components, which resulted in a cost disadvantage for our domestic production in a category that primarily competes with imported products. Throughout the quarter, we continue to navigate a very dynamic environment. We still believe tariffs will be a net positive for us, but remain concerned that wide-ranging tariffs could drive inflation, hurt consumer confidence, and pressure consumer demand. We are actively mitigating some of the negative impacts experienced in a few of our businesses, such as supply chain disruptions that can have an indirect impact on us and our customer demand disruptions. Our teams are actively engaged with customers and suppliers across our global footprint to reduce tariffs exposure and minimise impact.

這項決定是由於進口零件的銷售下降和關稅增加所致，這導致我們在主要與進口產品競爭的類別中，國內生產面臨成本劣勢。整個季度，我們將繼續應對瞬息萬變的環境。我們仍然認為關稅對我們來說總體上是有利的，但我們仍然擔心廣泛的關稅可能會推高通貨膨脹，損害消費者信心，並抑制消費需求。我們正在積極緩解部分業務中遇到的負面影響，例如供應鏈中斷可能對我們和客戶需求造成間接影響的情況。我們的團隊積極與全球各地的客戶和供應商合作，以減少關稅風險並最大限度地降低影響。

In general, import issues are an ongoing risk, especially for our bedding product segment but we encourage actions to support fair competition for our domestic manufacturers and importers alike. U.S. customs and border patrol recently dismantled a Chinese mattress shipments estimated to have evaded more than $400 million in duties. The Consumer Product Safety Commission has also recently issued recalls and product safety warnings for certain imported mattresses that fail mandated U.S. flammability standards.

總的來說，進口問題一直是一個風險，尤其是對於我們的床上用品領域而言，但我們鼓勵採取措施支持國內製造商和進口商之間的公平競爭。美國海關和邊境巡邏隊最近查獲了一批來自中國的床墊，據估計這批床墊逃避了超過 4 億美元的關稅。美國消費品安全委員會最近也對某些不符合美國強制阻燃標準的進口床墊發布了召回令和產品安全警告。

Now more than ever, misclassification of shipments and understated product values are additional problems that domestic manufacturers face when competing against imports. While we continue to believe that imports have a role in the U.S. bedding market, the domestic industry must be able to compete on a level playing field. Amid these initiatives and macroeconomic challenges, our teams remain focused on providing high-quality, innovative products to our customers, keeping our employees safe, and continuously improving at everything we do. I’ll now turn the call over to Ben.

如今，貨物分類錯誤和產品價值低估比以往任何時候都更加嚴重，這是國內製造商在與進口產品競爭時面臨的額外問題。雖然我們仍然認為進口產品在美國床上用品市場中佔有一席之地，但國內產業必須能夠在公平的競爭環境中競爭。面對這些措施和宏觀經濟挑戰，我們的團隊仍專注於為客戶提供高品質、創新性的產品，保障員工安全，並在我們所做的每一件事上不斷改進。現在我把電話交給本。

Thank you, Karl, and good morning, everyone. Third quarter sales were just over $1 billion, down 6% year over year, due primarily to continued soft demand in residential end markets, as well as sales attrition from both the divestiture of our aerospace business and our restructuring efforts. Looking at sales by segment, bedding product sales decreased 10% year over year, but improved 3% sequentially versus the second quarter, and sales accelerated through the quarter. Specialized product sales declined 7%, while furniture, flooring, and textile product sales were flat year over year. In bedding products, as anticipated, sales weakness at a certain customer and retailer merchandising changes drove volume declines in adjustable bed and specialty foam. U.S. spring unit volume was in line with both mattress consumption and domestic mattress production volumes, both of which we estimate declined low single digits.

謝謝你，卡爾，大家早安。第三季銷售額略高於 10 億美元，年減 6%，主要原因是住宅終端市場需求持續疲軟，以及剝離航空航太業務和重組工作導致的銷售額下降。從細分市場來看，床上用品銷售額年減 10%，但與第二季相比較上季成長 3%，本季銷售額加速成長。專業產品銷售額下降了 7%，而家具、地板和紡織品銷售額則與前一年持平。正如預期的那樣，在床上用品方面，某些客戶的銷售疲軟以及零售商的商品陳列變化導致可調節床和特種泡沫的銷售下降。美國彈簧銷量與床墊消費量和國內床墊產量基本持平，我們估計這兩個指標都出現了個位數的下降。

U.S. mattress industry production improved sequentially versus the second quarter, marking the second consecutive quarter of improved domestic production volume. While we are encouraged to see sequential improvement, third quarter domestic volume remained negative year over year. It is worth noting that the improvements we have seen are not consistent across the industry. Certain channels and market participants are performing better than others. We have also started to see stabilization in demand patterns between holiday promotional periods. In the fourth quarter, we expect U.S. domestic mattress production to slow sequentially due to normal seasonality and to remain negative on a year-over-year basis. Total market consumption for the full year is now expected to decline low single digits, with domestic production down mid to high single digits.

美國床墊產業產量較第二季環比有所提高，這是國內產量連續第二季成長。儘管我們很欣喜地看到銷量較上月有所改善，但第三季國內銷量仍為負值。值得注意的是，我們看到的這些改進在整個行業中並不一致。某些通路和市場參與者的表現優於其他通路和市場參與者。我們也開始看到假日促銷期間之間的需求模式趨於穩定。預計第四季美國國內床墊產量將因正常的季節性因素而較上季放緩，年比仍將出現負成長。預計全年市場總消費量將出現個位數百分比的下降，而國內產量將出現個位數百分比的中高百分比下降。

Within our specialized product segment, we experienced modest sales declines in automotive and hydraulic cylinders, with the divestiture of aerospace making up the largest sales drag during the quarter. Looking ahead, multiple global automotive supply chain risks, such as availability of aluminum, certain semiconductors, and access to rare earth minerals, have materialized as we moved into the fourth quarter and have begun impacting both the industry and our business. However, we have experienced no material impact to date.

在我們專業的產品領域，汽車和液壓缸的銷售額略有下降，其中航空航太業務的剝離是本季銷售下降的主要原因。展望未來，隨著我們進入第四季度，多種全球汽車供應鏈風險，如鋁、某些半導體和稀土礦物的供應問題，已經顯現，並開始對產業和我們的業務產生影響。然而，到目前為止，我們尚未受到任何實質影響。

Finally, within furniture, flooring, and textiles, continued sales growth in textiles and work furniture was offset by declines in home furniture and flooring. We anticipate continued year-over-year strength in the geo components side of our textiles business, while current trends and seasonality will likely continue in the other businesses within the segment through the remainder of the year.

最後，在家具、地板和紡織品方面，紡織品和辦公家具的持續銷售成長被家用家具和地板的下滑所抵消。我們預計紡織品業務的地理部件部分將繼續保持同比增長的強勁勢頭，而該業務板塊內的其他業務在今年剩餘時間內可能會繼續保持目前的趨勢和季節性特徵。

As mentioned last quarter, aggressive competitive discounting, particularly in flooring and textiles, has led to pricing adjustments that will negatively impact us in the fourth quarter. Third quarter EBIT was $171 million and adjusted EBIT was $73 million, a $3 million decrease year over year, primarily from lower volume, partially offset by middle margin expansion and restructuring benefit.

正如上個季度所提到的，激烈的競爭折扣，尤其是在地板和紡織品領域，導致了價格調整，這將對我們第四季的業績產生負面影響。第三季息稅前利潤為 1.71 億美元，調整後息稅前利潤為 7,300 萬美元，年減 300 萬美元，主要原因是銷售下降，部分被中期利潤率擴張和重組收益所抵銷。

Third quarter earnings per share were $0.91. On an adjusted basis, third quarter EPS was $0.29, a $0.03 decrease year over year. Third quarter operating cash flow was $126 million, an increase of $30 million versus the third quarter of 2023. This increase was primarily driven by working capital benefits. Moving to the balance sheet, we reduced debt by $296 million in the third quarter to $1.5 billion, bringing our total debt reduction for the year to date to $367 million.

第三季每股收益為 0.91 美元。經調整後，第三季每股收益為 0.29 美元，年減 0.03 美元。第三季經營現金流為 1.26 億美元，比 2023 年第三季增加了 3,000 萬美元。這一增長主要得益於營運資金的增加。從資產負債表來看，我們在第三季減少了 2.96 億美元的債務，降至 15 億美元，使今年迄今的債務減少總額達到 3.67 億美元。

As Karl noted, we reduced our commercial paper balance to zero, significantly strengthening our balance sheet and lowering our net debt to trailing 12-month adjusted EBITDA ratio to 2.6 times. Excluding aerospace, on a pro forma basis, the ratio is about 0.3 times higher. At September 30, total liquidity was $974 million, comprised of $461 million of cash on hand and $513 million in capacity remaining under our revolving credit facility.

正如卡爾所指出的，我們將商業票據餘額降至零，顯著增強了我們的資產負債表，並將淨債務與過去 12 個月調整後的 EBITDA 比率降低至 2.6 倍。剔除航太業後，依備考基準計算，比例約0.3倍。截至 9 月 30 日，公司總流動資金為 9.74 億美元，其中包括 4.61 億美元的現金和 5.13 億美元的循環信貸額度。

We ended the quarter with adjusted working capital as a percentage of annualized sales down over 200 basis points year over year. Moving to our restructuring update, we have nearly completed the execution of the plan, which has delivered significantly better EBIT contribution with lower associated costs than originally announced. We remain on track to realize EBIT benefit of $60 million to $70 million on an annualized basis. This positive EBIT contribution is despite approximately $60 million in sales attrition.

本季末，經調整後的營運資本佔年化銷售額的百分比年減超過 200 個基點。接下來談談我們的重組最新進展，我們已經基本完成了該計劃的執行，與最初宣布的方案相比，該計劃在降低相關成本的同時，顯著提高了息稅前利潤貢獻。我們仍有望實現每年 6,000 萬至 7,000 萬美元的息稅前利潤。儘管銷售額減少了約 6,000 萬美元，但息稅前利潤仍為正。

We remain on track to generate real estate proceeds of $70 million to $80 million. Since plan inception, we have realized $43 million of proceeds and now expect up to an additional $17 million in the fourth quarter of 2025, with the balance in 2026. Despite the current dynamic operating environment, I’m pleased to say we are reaffirming the midpoint of our sales and adjusted EPS guidance while narrowing the previous guidance range. Sales are now expected to be $4.0 billion to $4.1 billion, or down 6% to 9% versus 2024. Earnings per share of $1.52 to $1.72 and adjusted earnings per share of $1 to $1.10. Adjusted EBIT margin is expected to be between 6.4% and 6.6%, and cash from operations is expected to be approximately $300 million.

我們仍有望實現房地產收益7000萬至8000萬美元的目標。自該計劃啟動以來，我們已經實現了 4300 萬美元的收益，現在預計在 2025 年第四季還將獲得高達 1700 萬美元的額外收益，剩餘部分將在 2026 年獲得。儘管當前經營環境瞬息萬變，但我很高興地宣布，我們重申了銷售額和調整後每股收益預期的中點，同時縮小了先前的預期範圍。預計銷售額將達到 40 億美元至 41 億美元，比 2024 年下降 6% 至 9%。每股收益預計為 1.52 美元至 1.72 美元，調整後每股收益預計為 1 美元至 1.10 美元。調整後息稅前利潤率預計在 6.4% 至 6.6% 之間，經營活動產生的現金流量預計約為 3 億美元。

Our CapEx will be lower than usual this year at $60 million to $70 million, which is primarily due to customer-driven delays of some growth initiatives and due to our focus on executing and wrapping up our restructuring plan. Annual CapEx should return to more normalized levels going forward. In the near term, we plan to continue to use most of our excess cash flow to reduce net debt while also considering other uses, such as small strategic acquisitions and share repurchases. Longer term, our priorities for use of cash remain consistent: investing in organic growth, funding strategic acquisitions, and returning cash to shareholders through dividends and share repurchases. With that, I’ll turn the call over to Karl for his closing remarks.

今年我們的資本支出將低於往年，為 6,000 萬至 7,000 萬美元，這主要是由於客戶推動的一些成長計劃的延遲，以及我們專注於執行和完成重組計劃。未來年度資本支出應會恢復到較正常的水準。短期內，我們計劃繼續利用大部分剩餘現金流來減少淨債務，同時考慮其他用途，例如小型策略收購和股票回購。從長遠來看，我們對現金使用的優先事項仍然不變：投資內生成長、為策略性收購提供資金，並透過股息和股票回購將現金回饋給股東。接下來，我將把電話交給卡爾，請他作總結發言。

Thank you, Ben. In a relatively short time, we have made significant progress on our strategic priorities. We have strengthened our balance sheet by adjusting our capital allocation to prioritize debt reduction. Through our restructuring plan, we have created a leaner manufacturing footprint that can meet customer demand when it rebounds and support strong incremental contribution margins. We have simplified our portfolio through recent divestitures to improve focus on core operations. All of this has been accomplished with a consumer who has seemingly been in a recession for more than three years, compounded by the complexities of a dynamic tariff landscape. Leggett & Platt has been at the forefront of innovation for a very long time. Today, we have a robust innovation pipeline and relatively new products that are just gaining traction.

謝謝你，本。在相對較短的時間內，我們在策略重點方面取得了顯著進展。我們透過調整資本配置，優先降低債務，強化了資產負債表。透過我們的重組計劃，我們打造了一個更精簡的生產佈局，能夠在客戶需求反彈時滿足需求，並支援強勁的增量利潤。我們透過近期的資產剝離簡化了投資組合，以便更好地專注於核心業務。所有這一切都是在消費者似乎已經經歷了三年多的經濟衰退，再加上動態關稅環境的複雜性的情況下完成的。Leggett & Platt 長期以來一直處於創新前沿。如今，我們擁有強大的創新管道和正在逐漸獲得市場認可的相對較新的產品。

We have also closely partnered with many of our customers to develop innovative products designed to meet their specific needs. These efforts, combined with meaningful cost reductions and operational improvements, position us well to aggressively pursue longer-term profitable growth opportunities that will create value for our shareholders. With that, I would like to thank all of our employees for their continued hard work and dedication to position Leggett & Platt for a very bright future. Operator, you may now open the line for Q&A.

我們也與許多客戶緊密合作，開發創新產品，以滿足他們的特定需求。這些努力，加上切實有效的成本削減和營運改進，使我們能夠積極尋求長期獲利成長機會，從而為股東創造價值。在此，我要感謝我們所有員工的持續努力和奉獻，正是他們的辛勤工作和奉獻精神，才使 Leggett & Platt 擁有了非常光明的未來。操作員，現在可以開通問答線了。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions) Our first questions come from the line of Susan Maklari with Goldman Sachs. Please proceed with your questions.

謝謝。接下來我們將進行問答環節。（操作員說明）我們的第一個問題來自高盛的蘇珊·馬克拉里。請繼續提問。

Good morning. My first question is, I want to talk a bit more about the benefit that you’re seeing from the cost actions and the restructuring that you’ve undertaken in the last two years or so. It seems like you’re really getting a nice lift from that in the margins despite the volume and the demand environment that we’re in. Can you just help us kind of parse out how those are coming through, what the upside is as we think about the forward quarters, and anything else that’s notable as it relates to that?

早安.我的第一個問題是，我想更詳細地談談您在過去兩年左右的時間裡採取的成本控制措施和重組措施所帶來的收益。儘管我們目前處於銷量和需求環境不佳的情況下，但看起來你們的利潤率確實從中獲得了不錯的提升。您能否幫我們分析一下這些數據是如何產生的，並展望未來幾季有哪些利多因素，以及其他與此相關的值得注意的事項？

Yeah, Susan, this is Ben. Thanks for the question. As we said in the prepared remarks, our teams have done a great job executing the restructuring plan, and we’re really nearly complete at this point. As we look at the metrics that we laid out at the beginning in our original expectations, we’re meeting or exceeding them in really all categories, including EBIT benefits, costs, sales attrition, and real estate sales. Really good execution. With all of that, we’ve had no customer disruptions. It’s important to remember this touches not only our bedding segment, but also we’ve had significant actions in home furniture and flooring, hydraulic cylinders, and also an initiative to reduce our corporate G&A expenses. As we look forward, we’re very confident in our $60 million to $70 million of annualized EBIT benefit.

是的，蘇珊，這是本。謝謝你的提問。正如我們在準備好的發言稿中所說，我們的團隊在執行重組計劃方面做得非常出色，目前我們已經接近完成。當我們審視最初預期中設定的各項指標時，我們發現，在包括 EBIT 收益、成本、銷售流失率和房地產銷售在內的所有類別中，我們都達到了或超過了預期目標。執行得非常好。儘管如此，我們並沒有遇到任何客戶服務中斷的情況。值得注意的是，這不僅影響到我們的床上用品部門，而且我們還在家用家具和地板、液壓缸方面採取了重大行動，並推出了一項降低公司一般及行政費用的計劃。展望未來，我們對每年 6,000 萬至 7,000 萬美元的息稅前利潤 (EBIT) 非常有信心。

I think in 2025, we’ll end up around $60 million of that benefit already realized, with another up to $10 million coming next year. The sales attrition that we laid out at the beginning we thought was about $100 million. Now we’ve got that down to $60 million, so that’s good news. From a real estate perspective, we still expect $70 million to $80 million of cash proceeds. We’ve had $43 million to date, and we expect up to $17 million possibly later this year, with the remainder coming in 2026. Really good execution. The other thing I would say is these are all cost outs. As we think about going forward and volume recovery, contribution margins should be strong for us. We think 25% to 35% as we go forward with that incremental volume.

我認為到 2025 年，我們將實現約 6,000 萬美元的收益，明年還將實現高達 1,000 萬美元的收益。我們最初預期的銷售損失約為 1 億美元。現在我們已經把預算降到 6000 萬美元，這是個好消息了。從房地產角度來看，我們仍然預計可獲得 7,000 萬至 8,000 萬美元的現金收益。到目前為止，我們已經獲得了 4,300 萬美元，預計今年稍後可能會獲得高達 1,700 萬美元，其餘部分將在 2026 年到位。執行得非常好。我還要補充一點，這些都是成本支出。展望未來和銷售復甦，我們的利潤率應該會很強勁。我們認為隨著銷量的逐步成長，增幅將達到 25% 至 35%。

We can’t say enough about how appreciative we are of all of our employees’ efforts in this area.

我們無法用言語表達我們對所有員工在這一領域所做努力的感激之情。

Yeah, okay, that’s great color, Ben. I want to turn to bedding. Can you talk about the demand environment and how that came through during the quarter? I think you said that you did see things improve each month in the third quarter, but it seems like that’s coming despite the headwinds that we are seeing in the housing market and the volatility in consumer confidence. How do we sort of weigh those differing factors out there? Can you just talk a bit about what you think is actually going on out on the ground?

好的，本，這個顏色真棒。我想去鋪床上用品。能談談需求環境以及本季的需求表現嗎？我想你說過，你確實看到第三季每個月情況都有所改善，但即便我們目前在房地產市場面臨不利因素，消費者信心也出現波動，這種情況似乎仍然難以改變。我們如何權衡這些不同的因素呢？能否簡單談談您認為實際情況究竟如何？

Susan, thanks for the question. Before we go down that path, I’m going to turn it over to Tyson, but I want to stop for just a second and congratulate Tyson and his team for the tremendous job that they’ve done in the bedding segment. The restructuring has been a challenge, the demand headwinds, the team has come together. We have an innovation pipeline that is more robust than it’s ever been in our history. When you think of, they still have issues. Tyson will be very candid on these issues regarding specialty foam and adjustable bed. When you look at the financials, you can see, to your earlier question, the restructuring benefits. You can see cost management, operational efficiency improvements, metal margin expansion through the sale of trade rods. Like I said, early in the year, we talked about the benefit of customer product launches. We’re seeing that it’s ramping up. Most notable is what the teams have coming into the near future. 2026 is going to be really robust from innovation, evidence of our team’s capabilities. With all of that, Tyson, why don’t you go ahead?

蘇珊，謝謝你的提問。在我們深入探討這個問題之前，我要把麥克風交給泰森，但我想先停下來片刻，祝賀泰森和他的團隊在寢具領域取得了巨大的成就。重組過程充滿挑戰，需求也面臨逆風，但團隊團結一致，克服了重重困難。我們的創新管道比以往任何時候都更加強大。仔細想想，他們仍然有問題。泰森會非常坦誠地談論有關特製泡棉和可調式床的問題。從財務數據來看，對於你先前的問題，重組帶來的好處顯而易見。透過銷售貿易棒材，可以實現成本控制、營運效率提升和金屬利潤率擴大。正如我年初所說，我們討論了客戶產品發布的好處。我們看到這種情況正在加劇。最值得注意的是各團隊在不久的將來會有哪些計畫。 2026年，我們將在創新方面取得巨大成功，這將充分展現我們團隊的實力。既然如此，泰森，為什麼不繼續呢？

Sure, and thanks, Karl, and good morning, Susan. I’ll start just with some comments about the market. I think, you know, we would characterize things right now as more stable than seeing a lot of recovery, although in both the second and third quarter, Ben mentioned this, but we saw sequential improvement in both quarters, which was coming off a pretty tough first quarter. Still, that’s a trend we haven’t seen in quite some time. It’s getting us back to more of a stable place, but still in the third quarter, especially looking at the domestic market down low single digits when we talk about units.

當然，謝謝你，卡爾，早安，蘇珊。我先就市場發表一些看法。我認為，你知道，我們現在應該用「穩定」來形容情況，而不是說正在出現大幅復甦。雖然本在第二季和第三季都提到了復甦，但我們在這兩個季度都看到了環比改善，而此前第一季的情況相當艱難。不過，這種趨勢我們已經很久沒有看到了。它讓我們回到了一個更穩定的位置，但仍然處於第三季度，尤其是考慮到國內市場銷售下降了個位數。

A few things that I think are worth mentioning: within that stability, first of all, we’ve talked about this in some past calls that, you know, we see some pretty high peaks when we get to the promotional holidays and then some pretty tough valleys when we come off of those. We’re seeing more stability month to month. We see some improvement around the promotions, but we don’t see quite the big drop-offs, which I think is notable and something we’ll continue to watch. The other thing is that although things are reaching more of a stable level, we don’t see consistent performance across all retail channels and brands. It is pretty choppy. From our view, that’s coming from a variety of factors with industry consolidation that’s been going on, new program launches, advertising changes.

有幾點我認為值得一提：首先，在這種穩定性中，我們過去在一些電話會議中談到過，你知道，我們在促銷假期期間會看到一些非常高的峰值，然後在促銷假期結束後會看到一些非常艱難的低谷。我們看到每個月的走勢都更加穩定。我們看到促銷活動有所改善，但沒有大幅下滑，我認為這值得關注，我們將繼續觀察。另一方面，雖然情況正在趨於穩定，但我們並沒有看到所有零售通路和品牌都表現出一致的業績。畫面很不流暢。我們認為，這是由多種因素造成的，包括產業整合、新節目的推出、廣告變化等等。

All of those things are resulting in a lot of movement, which makes it a little more difficult to track exactly what’s going on. I think that’s another thing we’ll watch going forward. Big picture, I think we still have to continue to watch it. You mentioned it, Susan, but, you know, the big macro factors that tend to drive bedding and furniture are still a pretty big challenge. Karl talked about this too, but consumers dealing with a tariff environment, but still pretty tough housing, you know, wages dealing with inflation and just general consumer confidence. Those are all big picture things that, you know, for us to plan for an actual more recovery type environment, we have to see those things start to flip to be more positive.

所有這些因素都導致了許多變化，這使得追蹤究竟發生了什麼變得更加困難。我認為這是我們接下來需要關注的另一個面向。從大局來看，我認為我們仍然需要繼續觀察。蘇珊，你提到了這一點，但是，你知道，影響床上用品和家具的宏觀因素仍然是一個相當大的挑戰。卡爾也談到了這一點，消費者面臨關稅環境，但住房情況仍然相當嚴峻，你知道，工資受到通貨膨脹的影響，以及普遍的消費者信心不足。這些都是大局問題，你知道，為了規劃一個真正更具復甦性質的環境，我們必須看到這些事情開始朝著更積極的方向轉變。

Yeah, okay, thanks for that color, Tyson. Maybe turning to the cash and the balance sheet, it’s really nice to see how the leverages come together. You mentioned, Ben, that the CapEx is going to be lower this year. How do we think about your plans for spend in 2026, some of the growth opportunities that maybe are coming in there, and maybe the potential for some resumption of shareholder returns?

好的，謝謝你提供的這個顏色，泰森。或許看看現金和資產負債表，就能很好地了解各種槓桿是如何運作的。本，你提到今年的資本支出會降低。您認為貴公司在 2026 年的支出計畫、可能出現的一些成長機會以及股東回報恢復的可能性如何？

Yeah, sure, thanks, Susan. Our CapEx is a little bit lower based on the factors I mentioned in the prepared remarks. As we go forward, with a smaller, leaner footprint, we do think a more normalized level of CapEx is something like what we started to guide the year on this year, which was about $100 million. Obviously, there’ll be puts and takes in any given year and timing factors in, but that $100 million is probably a decent way to think about it. As we think about growth initiatives going forward, as Karl mentioned in his remarks as well, we do have some opportunities that we’re pursuing, and we’ll continue to fund those. We’ve been funding whatever growth opportunities come along. We’ll provide more specific outlook on 2026 in the next call.

好的，謝謝蘇珊。根據我在準備好的演講稿中提到的因素，我們的資本支出略低。隨著我們不斷發展，規模縮小，精簡運營，我們認為更正常的資本支出水準應該像我們今年開始指導的那樣，大約為 1 億美元。顯然，任何一年都會有買賣雙方，時機也是一個重要因素，但1億美元可能是個不錯的參考值。正如卡爾在演講中提到的那樣，當我們思考未來的成長計劃時，我們確實有一些正在追求的機會，我們將繼續為這些機會提供資金。我們一直在為出現的任何成長機會提供資金。我們將在下次電話會議上提供 2026 年更具體的展望。

Okay. Ben, I’m going to sneak one more in for you. Can you just walk through how you’re thinking about the segment margins for this year?

好的。本，我再偷偷給你加一個。您能否詳細說明一下您是如何考慮今年各細分市場的利潤率的？

Sure thing. On the bedding side, we now believe segment margins will be up 200 basis points. I think the last call we were saying 150 basis points, so we’re seeing a little bit more improvement there. On the specialized segment, we are saying margins should be up about 50 basis points year over year. On the furniture, flooring, and textile side, we’re now predicting margins to be down 150 basis points, which is compared to what we said previously of 100 basis points down.

當然可以。就床上用品而言，我們現在認為該業務板塊的利潤率將提高 200 個基點。我認為上次電話會議上我們說的是150個基點，所以我們看到這方面又有了些許改善。在專業領域，我們預計利潤率將比上年同期成長約 50 個基點。在家具、地板和紡織品方面，我們現在預測利潤率將下降 150 個基點，而我們先前預測的下降幅度為 100 個基點。

Okay, perfect. Thank you all for the color, and I’ll get back in the queue.

好的，完美。感謝大家的熱情支持，我會重新排隊的。

Thanks, Susan.

謝謝你，蘇珊。

Thank you. Our next questions come from the line of Peter Keith with Piper Sandler. Please proceed with your questions.

謝謝。接下來的問題來自 Peter Keith 和 Piper Sandler 的對話。請繼續提問。

Hi, good morning. This is Alexia Morgan on for Peter. Thanks for taking your question. My first question is on the furniture segment. It looks like there was some sequential improvement within home furniture. Down 5% or volumes were down 5% in Q3 versus down 12% in Q2. I was wondering how you interpret that sequential improvement and if you think it indicates any underlying improvement within the broader category.

您好，早安。這裡是Alexia Morgan，替Peter報道。感謝您回答我的問題。我的第一個問題是關於家具業的。看起來家居用品領域出現了一些循序漸進的改進。第三季銷量下降 5%，第二季銷量下降 12%。我想知道您如何解讀這種連續的進步，以及您是否認為這表明在更廣泛的類別中存在任何潛在的進步。

Yeah, hey Alexi.

嗨，Alexi。

Go ahead, Karl. No, I was going to say, go ahead, Sam.

請繼續，卡爾。不，我本來想說，請講，山姆。

Good morning, Alexi. This is Sam. If you remember back to last quarter, we talked about how those April 2 tariffs really upended our home furniture business and caused a pretty significant drop in volume year over year. What we saw this quarter is more of a normalization, a return to kind of business at a more consistent volume level. I’ll just kind of comment a little bit on the volume versus where I think the market is. I’ve read some really interesting Q3 retail surveys and some credit card data that I’m going to refer to. One survey suggested that year-over-year retail sales could be up 6% to 7% with the surveyed retailers.

早安，Alexi。這是薩姆。如果你還記得上個季度的情況，我們當時討論過 4 月 2 日的關稅是如何徹底顛覆了我們的家居業務，並導致銷量同比大幅下降的。本季我們看到的更多的是一種正常化，業務量恢復到更穩定的水平。我只想就成交量與我認為的市場現況稍微發表一下看法。我閱讀了一些非常有趣的第三季零售調查和一些信用卡數據，我將在文中引用這些數據。一項調查顯示，受訪零售商的零售額年增 6% 至 7%。

It also showed that tariffs caused those same retailers to raise their prices and that weighted average price increase was up 9% to 10%. If you take the 6% to 7% sales increase, compare that back to the 9% to 10% price increase, then I think you could say that unit volume for that survey is down probably around 3%. Next to the credit card data that I saw, it showed that retail furnishing sales were up about 2%. I think you got to apply some level of price increase to mitigate those tariffs. When you apply a price increase to mitigate the tariffs, I think you can also assume unit volume’s down low to mid-digits. That’s pretty much in line with our performance year over year.

報告還顯示，關稅導致這些零售商提高了價格，加權平均價格上漲了 9% 至 10%。如果將 6% 到 7% 的銷售額成長與 9% 到 10% 的價格成長進行比較，那麼我認為可以說，該調查的單位銷售量可能下降了 3% 左右。我看到的信用卡數據顯示，零售家具銷售額成長了約 2%。我認為必須提高價格來抵消這些關稅的影響。當你透過提價來抵銷關稅影響時，我認為你也可以假設單位銷售量會下降到幾位數到幾位數。這與我們往年的表現基本一致。

I think from a positive news standpoint, we started up our new factory in Vietnam at the end of Q3, and we started shipping product from it early this month. If we ramp up that plant, our products are going to be in a favorable tariff position. That’s really good for our customers, and it’s good for us.

從積極的方面來看，我認為我們在第三季末在越南開設了新工廠，並且從本月初開始從該工廠發貨。如果我們提高該工廠的產能，我們的產品將處於有利的關稅地位。這對我們的客戶來說真的很好，對我們自己也有好處。

Okay, thank you. Staying within home within furniture, could you elaborate on any shift you’ve noticed in end customer behavior across different price points specifically? Are you still observing a divergence in performance between the lower price points versus the middle and the higher price points? Thank you.

好的，謝謝。就家居家具領域而言，您能否詳細說明您觀察到的不同價位終端客戶行為的任何變化？您是否仍觀察到低價位產品與中高價位產品在性能上有差異？謝謝。

Yes, we are. We still continue to see the higher price points be more stable on a week-to-week, month-to-month basis. There continues to be a lot of pressure at those lower price points. It’s very consistent with what we were seeing last quarter, with the exception that the tariff announcement in April seems to have passed us by. We’re past that now.

是的，我們是。我們仍然看到，較高價位的產品在每週、每月的週期內都更加穩定。低價位市場仍面臨很大的壓力。這與我們上個季度看到的情況非常一致，只是4月的關稅公告似乎已經過去了。我們現在已經過了那個階段了。

Great, thank you. One more. Moving to the bedding segment, it looked like steel rod volume dropped off significantly, inflecting negative to down 20% in Q3. Can you talk about the drivers for that inflection?

太好了，謝謝。還有一個。再來看床墊部分，鋼筋銷售似乎大幅下降，第三季下降了 20%。您能談談促成這轉變的驅動因素嗎？

Sure, happy to. It’s really, it’s pretty simple. Actually, trade rod volumes were pretty stable. The biggest change, and we’ve talked about this in the past, we also sell some semi-finished products called billets from time to time. Last year, we had a relatively strong amount of billet sales in the third quarter. This year, because of both internal and external demand, we haven’t had to resort to selling billets. Really, the full drop there is just an elimination of the billet sales. Overall, actually, our trade rod mix was pretty strong and helpful for us because it trended towards high carbon rather than low carbon. Although the headline there looks negative, it actually was a pretty strong result for us with the rod mill.

當然可以，我很樂意。其實很簡單。實際上，貿易魚竿的銷售相當穩定。最大的變化，我們過去也討論過，我們現在也會不時銷售一些被稱為鋼坯的半成品。去年第三季度，我們的鋼坯銷售額相對較高。今年，由於內外需求，我們無需出售鋼坯。實際上，那裡的全面降幅只是取消了鋼坯銷售。總的來說，我們的交易魚竿組合其實相當不錯，對我們很有幫助，因為它傾向於高碳魚竿而不是低碳魚竿。雖然標題看起來是負面的，但實際上我們棒材軋機的業績相當不錯。

Which is a contributor to the profitability of the segment because the non-value added of selling a billet versus the value added of selling a rod. Someone may question, why did you sell billets last year? The answer was to keep the rod mill going, keep our employees employed. We don’t have that problem right now. Volume’s pretty darn good.

這有助於提高該細分市場的獲利能力，因為銷售鋼坯沒有增加任何價值，而銷售桿件則增加了價值。有人可能會問，你去年為什麼要出售鋼坯？解決方法是讓棒材廠繼續運轉，保住員工的飯碗。我們目前沒有這個問題。音量相當不錯。

Okay, thank you so much.

好的，非常感謝。

Thank you. Our next questions come from the line of Bobby Griffin with Raymond James. Please proceed with your questions.

謝謝。接下來的問題來自鮑比·格里芬和雷蒙德·詹姆斯的對話。請繼續提問。

Good morning. This is Alessandra Jimenez on for Bobby Griffin. Thank you for taking our question. First, I just wanted to touch on kind of the growth opportunity from here. Now that the majority of restructuring is near complete, where do you see the most opportunities for organic growth, assuming the macro environment is supportive?

早安.這是替補博比·格里芬上場的亞歷山德拉·希門尼斯。感謝您回答我們的問題。首先，我想談談這裡的發展機會。鑑於目前大部分重整工作已接近完成，假設宏觀環境有利，您認為哪些方面最有實現內生成長的機會？

I appreciate the question. Longer term, I see our largest growth opportunity probably in finished bedding. It’s a long tail to sell that product through, but we’re gaining momentum. We’re replacing some lost volume. I’m not calling this being a fourth quarter or first half of next year even, but longer term, that private label work that we’re doing on finished bedding, I think will reap significant benefit.

感謝您的提問。從長遠來看，我認為我們最大的成長機會可能在於成品寢具領域。銷售該產品還有很長的路要走，但我們正在取得進展。我們正在彌補部分損失的銷售量。我不是說這是明年第四季或上半年，但從長遠來看，我們正在進行的成品床上用品的自有品牌工作，我認為將會帶來顯著的收益。

Yeah, this is Tyson. I agree with Karl. The private label finished mattress opportunity, especially with where we’ve seen the biggest volume declines in our bedding business, but also as we see consumers get more confident and returning to bedding and furniture products. Karl referenced this in his opening comments, but some of the investments that we’re seeing in innovation and giving consumers a reason to come back and do some shopping, we feel pretty good about those right now. This is purely anecdotal. There’s not a lot of data to support it, but just seeing the workload that our teams have right now in bedding, they are really busy working with our customers right now. At least from a feel standpoint or gut, it seems like this is as busy as we’ve been working on new product development since at least the start of the pandemic.

是的，這是泰森。我同意卡爾的觀點。自有品牌成品床墊市場機會龐大，尤其是在我們的床上用品業務銷量下滑幅度最大的情況下，但隨著消費者信心增強並重新開始購買床上用品和家具產品，這一機遇也日益凸顯。卡爾在開場白中提到了這一點，但我們目前對一些創新方面的投資以及給消費者一個回來購物的理由感到非常滿意。這純屬軼事。雖然沒有太多數據可以佐證這一點，但僅從我們床上用品團隊目前的工作量來看，他們現在真的非常忙，都在為我們的客戶服務。至少從感覺或直覺上來說，這似乎是我們自疫情爆發以來在新產品開發方面最忙碌的時候了。

Since then, it’s been a lot of VAVE or just trying to spec products to replace things in the supply chain, but we’re seeing more activity around getting new products into the market, which hopefully is a signal of our customers getting ready to put more products on retail floors.

從那以後，我們做了很多價值分析、價值工程和產品設計（VAVE）方面的工作，或者只是嘗試為供應鏈中的產品製定規格以進行替換，但我們看到圍繞將新產品推向市場的活動越來越多，這有望成為我們的客戶準備將更多產品擺上零售貨架的信號。

Alessandra, I’ll add on to that from a home furniture perspective. I was at the High Point Furniture Market this past weekend. We had a big team there. We got a showroom, and we have a tremendous amount of customers who exhibit there. As we walk through our customers’ showrooms, we, home furniture, had more new product in our customer showrooms than we’ve had in quite a few years. Our teams have been really, really working hard and working closely with our customers in driving product innovation that’s going to matter to consumers. These slow times have been a great time to do it. I think we’re in a great position for profitable growth when our residential markets recover.

Alessandra，我將從家居家具的角度補充一些內容。我上週末去了高點家具市集。我們當時在那裡有一個很大的團隊。我們租了一個展廳，有很多客戶在那裡參展。當我們參觀客戶的展廳時，我們（家居家具公司）發現，我們客戶的展廳裡擺放的新產品比過去幾年都多。我們的團隊一直非常努力地工作，並與客戶緊密合作，推動對消費者真正重要的產品創新。這段時間生意清淡，正是做這件事的好時機。我認為，一旦我們的住宅市場復甦，我們將處於實現獲利成長的絕佳位置。

From a work furniture standpoint, we continue to have a lot of new nearshoring opportunities that our team are working through and winning some programs that I think will fill the impact for in 2026 and as we move into 2027 as well.

從辦公家具的角度來看，我們仍然有很多新的近岸外包機會，我們的團隊正在努力爭取並贏得一些項目，我認為這些項目將在 2026 年以及我們進入 2027 年時發揮積極作用。

Okay, awesome. That is very encouraging. I wanted to switch to kind of a follow-up on capital allocation. With the rest of the long-term debt termed out pretty well, could you remind us on the long-term leverage targets and any further details on capital allocation priorities, and maybe a follow-up on what areas do you see an opportunity for potential bolt-on acquisitions?

好的，太棒了。這非常令人鼓舞。我想轉而探討一下資本配置方面的後續問題。鑑於其餘長期債務的期限已基本到期，您能否提醒我們長期槓桿目標以及資本配置優先事項的更多細節，並跟進一下您認為哪些領域存在潛在的補充收購機會？

Sure, this is Ben. I’ll be happy to answer that. Our long-term net debt leverage target is two times. Our capital allocation strategy will continue to be to reduce that net debt as we go forward. We’re also considering other uses of cash, including small strategic acquisitions. To your question there, I think the most likely area would be in our textiles business. We’ve been very successful at having fairly modest purchase price acquisitions and bringing those in and driving immediate synergies. We’ll also be considering share repurchases as we look forward. No specific timetable on that at this point, but that’s on the top of our mind as well.

當然，這是本。我很樂意回答這個問題。我們的長期淨債務槓桿目標是兩倍。未來，我們的資本配置策略將繼續是降低淨債務。我們也考慮現金的其他用途，包括小型策略收購。關於你提出的問題，我認為最有可能的領域是我們的紡織業務。我們非常成功地以相對適中的價格進行收購，並將這些收購目標納入麾下，從而立即產生協同效應。展望未來，我們也會考慮股票回購。目前還沒有具體的時間表，但這也是我們最關心的問題之一。

Thank you so much, and best of luck here in the fourth quarter.

非常感謝，祝你在第四季一切順利。

Thank you. (Operator Instructions) Our next questions come from the line of Keith Hughes with Truist Securities. Please proceed with your questions.

謝謝。（操作員說明）接下來的問題來自 Truist Securities 的 Keith Hughes。請繼續提問。

Thank you. A question on the, just back to bedding. U.S. Spring was only down a point or two in the quarter. That’s starting to feel like what you’re saying the industry is. Do you think it will start to track more what the industry does over the next near term?

謝謝。關於床上用品的問題。美國春季隊在第一節只落後一兩分。感覺這越來越像你所說的行業現狀了。你認為在接下來的短期內，它會更關注產業動態嗎？

Morning, Keith. Yes, this is Tyson. Yes, you know, that’s something we’ve talked a lot about. It’s been tough to track with all the moving parts, but you know, we’ve talked about especially some of our higher value products have tracked really closely with the market and overall with more stability and open coil when you kind of get to them in the total mattress cores. It sort of feels like though we’re trending kind of in the same direction with the domestic mattress market.

早安，基斯。是的，這是泰森。是的，你知道，我們已經討論過很多次這個問題了。由於涉及的環節眾多，很難追蹤所有變化，但你知道，我們已經討論過，尤其是我們的一些高價值產品與市場走勢非常吻合，而且整體而言，當你深入了解床墊芯材時，會發現它們具有更高的穩定性和開放式彈簧。感覺我們和國內床墊市場的發展趨勢好像有點一致。

You know, even within kind of the big picture view of our unit volumes, there are some pretty encouraging things that are going on. We’ve talked about our content gains, which goes back to the long-term decline of open coil, but then the addition of our Comfort Core products and some other things we’ve been introducing in the market.

你知道，即使從我們整體的銷售來看，也有一些非常令人鼓舞的事情正在發生。我們已經談到了我們的內容成長，這可以追溯到開放式線圈的長期下降，但後來我們增加了舒適芯產品以及我們在市場上推出的其他一些產品。

You’re starting to see that come through, especially in the third quarter, and that’s where you see some of our profit improvement as well, that we’re really starting to see some momentum from that. In the third quarter, we saw a significant boost in our Comfort Core, but also our semi-finished business grew more than 20% versus last year. Even when you look at the volume comparisons, unit for unit, we think we’re tracking pretty well, but also picking up some content.

你會開始看到這一點，尤其是在第三季度，我們也看到了利潤的改善，我們真的開始看到一些成長勢頭。第三季度，我們的舒適核心業務實現了顯著成長，同時，我們的半成品業務也比去年成長了 20% 以上。即使從銷售量對比來看，以單位計算，我們認為我們的表現相當不錯，但也獲得了一些內容。

Tyson, while we’re on that subject, much has been written about lost market share. Talk about that if you don’t mind.

泰森，既然我們談到了這個話題，關於市場佔有率的損失已經有很多文章報導了。如果你不介意的話，可以談談這個話題。

I think a lot of that comes from the moving pieces with the imported finished mattresses and how much are actually being consumed within the course of the year. It’s been a tough thing to track, but we’re seeing more stability with the imported finished mattresses, especially after some of those things were loaded up in the first part of the year ahead of tariffs. It’s a little easier to get a view of that now, Karl. On top of that, we’ve seen some different moves with some of the brands and industry consolidation, but that’s what we feel at least from the U.S. Spring point of view.

我認為這很大程度源自於進口成品床墊的流通環節以及一年中實際的消耗量。雖然很難追踪，但我們看到進口成品床墊的市場更加穩定，尤其是一些產品在今年上半年關稅生效前就已經裝船進口。卡爾，現在更容易看清這一點了。除此之外，我們也看到一些品牌採取了不同的舉措，產業也出現了整合，但至少從美國春季的角度來看，這就是我們的感受。

If you look at adjustable and especially, I know there’s a customer issue. When do you laugh at? When will that start to look, you know, more like a chance to do better in the industry or like the industry?

如果你仔細觀察可調節的，尤其是我知道有客戶問題。你什麼時候會笑？什麼時候才能讓這看起來更像是一個在行業內或在這個行業中做得更好的機會呢？

Yeah, Keith, so it is a consistent commentary from what we shared last quarter. I’ll talk just a little bit more about it. It’s largely two customers, and they’re the same ones for specialty foam and adjustable bed. The first one is Mattress Firm. You know, once the consolidation has been complete with specialty foam, there was a private label mattress program that was taken internal. Second to that, with our adjustable bed business, we still sell some product there, but we’ve seen a change in the merchandising plan and where some of the sourcing of that product is coming. Those have been both impactful to both specialty foam and adjustable bed. It will really take fully through next year before we’ll fully get through that part of it.

是的，基思，這與我們上個季度分享的觀點一致。我再稍微談談這件事。主要有兩個客戶，這兩個客戶也是特種泡棉和可調式床的客戶。第一家是 Mattress Firm。你知道，一旦特種泡沫材料的整合完成，公司就啟動了自有品牌床墊項目，並將其納入內部運作。其次，就我們的可調式床業務而言，我們仍然在那裡銷售一些產品，但我們已經看到銷售計劃和部分產品來源發生了變化。這兩者都對特種泡棉床墊和可調式床墊產生了影響。恐怕要到明年才能徹底解決那部分問題。

The second big challenge, again, for both businesses is not a market share loss, but it’s more just of a headwind of a large customer of ours that impacts both foam and adjustable bed. Now, it’s hard to say exactly when we anniversary those because it’s more of just a specific customer challenge, but not lost market share.

第二個重大挑戰，同樣，對於兩家企業而言，並非市場份額的損失，而是我們的一位大客戶帶來的逆風，這種逆風對泡沫床墊和可調節床墊都產生了影響。現在，很難確切地說我們何時慶祝這些週年紀念日，因為這更多的是一個特定的客戶挑戰，而不是市場份額的損失。

Okay, I think it was Karl, your commentary on the sector, you were seeing some retail do better than others. Could you talk about that a little bit more, what type of retail is seeing some at least sequential improvement? It was still down year over year. What areas are still struggling?

好的，我想應該是卡爾，你對這個行業的評論是，你發現有些零售業表現比其他零售業好。能否再詳細談談，哪些類型的零售業至少出現了一些較上季改善？年比仍然下降。哪些領域仍在面臨困境？

Yeah, that was actually Tyson. Go ahead, Tyson.

沒錯，那確實是泰森。泰森，你來吧。

Sure, Keith. It’s probably what you would suspect. On the online channels, see quite a bit of strength in some of the lower-end online e-commerce. There’s a lot of volume moving through there. In brick and mortar, see quite a bit of activity happening in big box and through Mattress Firm. It’s not, as we kind of talked about here, a rising tide lifting everybody at the same level. It is inconsistent, but see stronger unit volumes at least through those channels.

當然可以，基斯。這大概就是你所料的。在網路通路方面，一些低階電商平台表現出相當強勁的成長勢頭。那裡的流量很大。實體零售方面，可以看到大型連鎖超市和 Mattress Firm 等零售商都非常活躍。正如我們剛才討論的那樣，這並不是水漲船高，讓所有人都處於同一水平。雖然情況不穩定，但至少透過這些管道可以看到更強勁的單位銷售量。

Okay. One other question on textiles, it was up in the quarter, it’s up several quarters now. I think you’ve talked about potential price pressure there along with flooring. I think I know what’s happening in flooring, but if you could talk about textiles, where do you see that’s going?

好的。關於紡織品還有一個問題，它在本季度上漲了，現在已經連續幾季上漲了。我認為您已經談到了地板價格方面的潛在壓力。我認為我了解地板產業的發展趨勢，但如果你能談談紡織品產業，你認為它的發展方向是什麼？

Yeah, sure, Keith. This is Sam. We’ve had a little bit of bifurcation in our textile business. The traditional side that services furniture, bedding, fabrics, that’s where we’re seeing a tremendous amount of price pressure, just as you would see in flooring as these markets continue to be down from a demand standpoint. That’s kind of where we see that. Where the growth is really coming from is from our geo side. The U.S. civil construction is up really nicely year over year. What we call our engineered materials markets, which are automotive, filtration, some building, some specific building products outside of geo textiles, those volumes are looking really good for us and helping drive some of that growth.

當然可以，基斯。這是薩姆。我們的紡織業務出現了一些分化。傳統家具、寢具、布料等產業正面臨巨大的價格壓力，就像地板產業一樣，因為這些市場的需求持續下降。我們大概就是從那裡看到的。真正的成長動力來自我們的地理區域。美國民用建築業的年增長率非常可觀。我們稱之為工程材料市場（包括汽車、過濾、部分建築、土工織物以外的一些特定建築產品）的市場規模對我們來說非常不錯，並有助於推動部分成長。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you. Our next questions come from the line of Susan Maklari with Goldman Sachs. Please proceed with your questions.

謝謝。接下來的問題來自高盛的蘇珊·馬克拉里。請繼續提問。

Thank you. I just have a couple of follow-ups. The first is just building on Keith’s question on textiles. You have seen a lot of really nice growth in there. I think, Ben, you mentioned that as a potential for some bolt-on M&A. Can you talk a bit more about how you’re thinking about the future trajectory of that business? What kind of deals you could possibly be interested in and how we should think about what that will mean for growth?

謝謝。我還有幾個後續問題。第一個問題只是在 Keith 關於紡織品的問題的基礎上展開的。那裡已經取得了非常可觀的成長。我想，本，你之前提到過，這可能是進行一些補充性併購的可能性。能否再詳細談談您對該業務未來發展方向的看法？您可能對哪些類型的交易感興趣？我們該如何看待這些交易對成長的意義？

Sure, Ben, you want to take it or do you want me to jump in?

當然，本，你想自己來還是想讓我替你來？

Sam, if you want to pile on, that’d be great. Susan, just to answer your question, I think what we’ve seen in that business for over 20 years is really our ability to acquire small businesses, bolt them on, and really drive immediate synergies through our purchasing, which we do really well with. I think that is something that has been very successful for us. We look for applications of the raw materials and how we can convert them and really service customers on a just-in-time basis. A lot of it also can be a geographic strategy to serve areas and new geographies with similar products. Sam, what would you add on to that?

山姆，如果你想加入討論，那就太好了。蘇珊，回答你的問題，我認為我們在過去 20 多年裡在這個行業看到的，是我們有能力收購小型企業，將它們整合起來，並通過我們的收購真正推動立即的協同效應，而我們在這方面做得非常出色。我認為這對我們來說非常成功。我們尋找原料的應用，以及如何轉化這些原料，真正做到及時為客戶提供服務。很多時候，這也可以是一種地理策略，旨在用類似的產品服務特定地區和新的地理區域。山姆，你還有什麼要補充的嗎？

I think you’ve covered it perfectly, Ben.

我覺得你已經解釋得非常清楚了，本。

Great.

偉大的。

Okay. Going back to bedding, you’ve talked a lot about innovation and the product pipeline that you have, and it sounds like that’s gaining some really nice momentum. As we look out, how do we think about the benefit that you can see from a price mix perspective and what that could mean for the business, even if we remain in a tougher macro where we have those continued headwinds on overall broader demand?

好的。回到床上用品的話題，您談了很多關於創新和產品線方面的話題，聽起來這方面正在獲得非常好的發展勢頭。展望未來，我們如何看待價格組合帶來的好處，以及這對企業意味著什麼？即使我們仍處於更艱難的宏觀經濟環境中，整體需求持續面臨不利因素？

Yeah, Susan, you know, kind of referenced this a little bit already, but even with the semi-finished and content gains we’ve seen in U.S. Spring, you’re kind of seeing some of it now. Versus third quarter last year, roughly half of our EBIT improvement comes from just fixed cost reductions and restructuring. The other half is mostly from margin enhancement, some of that from trade rod business, but the other part is just from exactly what you said of already seeing the benefits of improved content through our spring business. That comes from products we’ve talked about on previous calls. On top of that, when I talked about working with our customers and our customers starting to lean in more towards differentiating their product line, a lot of that comes through improving the content, the comfort, or even just the inclusion of specialty foam along with the innerspring units.

是的，蘇珊，你知道，我之前已經稍微提到過這一點，但即使我們在美國春季看到了一些半成品和內容的增長，你現在也看到了其中的一些。與去年第三季相比，我們息稅前利潤的成長約有一半來自固定成本削減和重組。另一半主要來自利潤率的提高，其中一部分來自貿易魚竿業務，但另一部分正如你所說，已經從我們春季業務中看到了改進內容的好處。這源自於我們之前電話會議中討論過的產品。此外，當我談到與客戶合作以及客戶開始更加傾向於產品線差異化時，許多差異化都是透過改進產品內容、舒適度，甚至是在彈簧單元中加入特殊泡棉來實現的。

All of those end up being multiples in terms of a selling price for us versus more of the historic innerspring business that you think about. That’s where even as we’ve seen some volumes be even down slightly or where we’ve been in the last couple of years, that’s where we see the opportunity for profit improvement and feel more of that is possible going into the future.

所有這些最終都會使我們的售價成倍增長，而你通常認為，傳統的彈簧業務則不然。即便我們看到某些領域的銷量略有下降，或者像過去幾年一樣，我們也看到了利潤提升的機會，並認為未來更有可能實現利潤提升。

Yeah, okay. All right. Thank you, guys. Good luck with the quarter.

好的。好的。謝謝大家。祝你本季一切順利。

Thank you. Thanks, Susan.

謝謝。謝謝你，蘇珊。

Thank you. There are no further questions at this time. I would now like to turn the floor back over to Steve West for closing comments.

謝謝。目前沒有其他問題了。現在我想把發言權交還給史蒂夫·韋斯特，讓他做總結發言。

Thanks, everyone, for joining us this morning. We look forward to hosting you next quarter as well. We are scheduled to issue our fourth quarter earnings release on February 11 after the market closes, and our conference call will be on February 12 at 8:30 A.M. Eastern Standard Time. In the meantime, if you have any questions, just reach out to me anytime. Thanks.

謝謝大家今天早上收看我們的節目。我們期待下個季度也能接待您。我們計劃在 2 月 11 日股市收盤後發布第四季度收益報告，電話會議將於 2 月 12 日上午 8:30（美國東部標準時間）舉行。在此期間，如果您有任何疑問，請隨時與我聯繫。謝謝。

Thank you. This does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation and enjoy the rest of your day.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與，祝您今天餘下的時間愉快。