Louisiana-Pacific Corp (LPX) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Louisiana-Pacific Corporation second-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持。我叫喬丹，今天我將擔任您的會議主持人。現在，我歡迎大家參加路易斯安那太平洋公司 2025 年第二季財報電話會議。（操作員指示）

I'd now like to turn the call over to Aaron Howald, VP of Investor Relations. Please go ahead.

現在我想將電話轉給投資人關係副總裁 Aaron Howald。請繼續。

Thank you, operator, and good morning, everyone. Thank you for joining us to discuss LP's results for the second quarter of 2025 as well as our updated outlook for the full year. On the call with me this morning are Brad Southern, LP's Chief Executive Officer; and Alan Haughie, LP's Chief Financial Officer. As always, after prepared remarks, we will take a round of questions.

謝謝接線員，大家早安。感謝您加入我們討論 LP 2025 年第二季的業績以及我們對全年的最新展望。今天早上與我通話的還有 LP 的執行長 Brad Southern 和 LP 的財務長 Alan Haughie。像往常一樣，在準備好的發言之後，我們將進行一輪提問。

During this morning's call, we will refer to a presentation that has been posted to LP's IR webpage, which is investor.lpcorp.com. Our 8-K filing, earnings press release, sustainability report, and other materials are also available there.

在今天早上的電話會議上，我們將參考已發佈在 LP 投資者關係網頁（investor.lpcorp.com）上的一份簡報。我們的 8-K 文件、收益新聞稿、永續發展報告以及其他資料也可在此處取得。

Finally, I will caution you that today's discussion will contain forward-looking statements and non-GAAP financial metrics as described on slides 2 and 3 of LP's earnings presentation. The appendix of that presentation also contains reconciliations that are further supplemented by this morning's 8-K filing. All of those materials are incorporated herein by reference.

最後，我要提醒您，今天的討論將包含前瞻性陳述和非 GAAP 財務指標，如 LP 收益報告的第 2 頁和第 3 頁所述。該簡報的附錄還包含今天上午的 8-K 文件進一步補充的對帳表。所有這些材料均透過引用併入本文。

And with that, over to Brad.

接下來，交給布拉德。

Thanks, Aaron, and thank you all for joining us today for LP's second-quarter earnings call. I will describe some highlights from the quarter before turning the call over to Alan for segment details and our updated outlook for the second half of the year.

謝謝，Aaron，也謝謝大家今天參加 LP 的第二季財報電話會議。我將描述本季度的一些亮點，然後將電話轉給艾倫，以了解各個部門的詳細資訊以及我們對下半年的最新展望。

The Siding segment once again delivered growth in the second quarter despite an increasingly challenging market backdrop. US housing starts remain below long-term average demand levels, and the single-family mix has softened, which has contributed to steadily following commodity OSB prices. The general sentiment among repair and remodeling contractors is also more cautious than expected earlier in the year. However, once again, LP Siding segment executed our strategy and achieved a record quarter for volume, revenue, and EBITDA. We did this by delivering value for our customers across new construction, R&R, and all site construction with durable, beautiful, sustainable, and labor-saving SmartSide and expert finished train and siding.

儘管市場環境日益嚴峻，但壁板業務在第二季再次成長。美國新屋開工量仍低於長期平均需求水平，且獨棟住宅結構已疲軟，導致商品定向刨花板價格穩定上漲。維修和改造承包商的整體情緒也比今年稍早預期的更加謹慎。然而，LP Siding 部門再次執行了我們的策略，並在銷售、收入和 EBITDA 方面創下了紀錄。我們透過為新建築、R&R 和所有現場施工的客戶提供耐用、美觀、可持續且節省勞動力的 SmartSide 和專業成品火車和側線來實現這一目標。

Page 5 of the presentation shows a summary of highlights for the second quarter. Siding revenue grew by 11% compared to last year, partially offsetting a negative $102 million impact from lower OSB prices. The result was $755 million in sales, $142 million in EBITDA, and $0.99 of adjusted earnings per share for LP in the quarter. Both segments continue to improve operating efficiency, which we measure as overall equipment effectiveness or OEE.

簡報的第 5 頁顯示了第二季的亮點摘要。與去年相比，壁板收入成長了 11%，部分抵消了 OSB 價格下跌造成的 1.02 億美元的負面影響。結果是，本季 LP 的銷售額為 7.55 億美元，EBITDA 為 1.42 億美元，調整後每股收益為 0.99 美元。這兩個部門的營運效率都在持續提高，我們以整體設備效率或 OEE 來衡量。

Siding OEE in the second quarter reached 78% and OSB hit 79%. OEE drives value by unlocking incremental capacity in Siding and increasing operational flexibility in OSB. I want to thank our operations team for their dedication to running our mills safely and efficiently, maintaining our assets and delivering OSB and Siding with industry-leading quality. Current market conditions are difficult for our OSB segment, but LP has been here before, and we have demonstrated that our teams can execute our strategy come what may.

第二季壁板OEE達78%，OSB達79%。OEE 透過釋放 Siding 的增量容量和提高 OSB 的營運靈活性來推動價值。我要感謝我們的營運團隊，他們致力於安全高效地運作我們的工廠，維護我們的資產，並提供業界領先品質的 OSB 和壁板。目前的市場條件對於我們的 OSB 部門來說很困難，但 LP 以前也經歷過這種情況，而且我們已經證明，無論發生什麼，我們的團隊都可以執行我們的策略。

Siding is obviously not immune to a softening market, but the unique value proposition of SmartSide, the diverse market exposure in homebuilding, R&R shares and manufactured housing, and our ongoing customer-focused new product development leave us confident that we have a long runway of growth ahead of us. I believe that in the long run, in good markets and bad, SmartSide will continue to capture share from other siding substrates and grow above the underlying markets we serve. I believe this because of the culture we have built.

顯然，壁板不能免受市場疲軟的影響，但 SmartSide 獨特的價值主張、在住宅建築、R&R 股票和預製房屋領域的多樣化市場曝光度以及我們持續以客戶為中心的新產品開發讓我們有信心，未來還有很長的成長空間。我相信，從長遠來看，無論市場好壞，SmartSide 都將繼續從其他壁板基材中奪取市場份額，並超越我們所服務的基礎市場。我相信這一點是因為我們已經建立了文化。

So before I turn to Alan, let me close by mentioning some examples of how LP's culture is driving results and being recognized.

因此，在轉向艾倫之前，請允許我先舉一些例子來說明 LP 的文化如何推動成果並獲得認可。

LP learned in June, which happens to be National Safety month, that we once again were named the safest company in 2024 by APA, the Engineered Wood Association. This is the third year in a row and the 13th time in the award's 17-year history that LP has earned this honor. LP's new Waverly transportation team received the Platinum Award for Highway Safety from the Great West Casualty Company. This was New Labor's fourth consecutive year to win that award.

LP 在 6 月了解到，恰逢全國安全月，我們再次被美國工程木材協會 (APA) 評為 2024 年最安全的公司。這是 LP 連續第三年獲此殊榮，也是該獎項 17 年歷史上第 13 次獲此殊榮。LP 的新 Waverly 運輸團隊獲得了 Great West Casualty Company 頒發的「公路安全白金獎」。這是新工黨連續第四年榮獲該獎項。

In 2024, our team logged 10 million miles without a single preventable DOT reportable accident. 2024 was also the fourth consecutive year for LP to be named a top workplace in Middle Tennessee by the Tennessee newspaper. All of these facets of our strong culture as well as other aspects of our sustainable business model are detailed in LP's 2025 Sustainability Report, which we recently published.

2024 年，我們的團隊行駛了 1000 萬英里，沒有發生一起可預防的 DOT 報告事故。 2024 年也是 LP 連續第四年被《田納西州報紙》評為中部田納西州最佳工作場所。我們強大文化的所有這些方面以及我們永續商業模式的其他方面都在我們最近發布的 LP 2025 年永續發展報告中進行了詳細介紹。

And with that, I will ask Alan to share more details on segment results, cash flow, and our updated outlook for the year.

接下來，我將請艾倫分享更多有關分部業績、現金流量以及我們今年最新展望的細節。

Thanks, Brad. I'd also like to add my congratulations to everyone who contributes to LP's strong safety culture. Safety is, of course, it's a reward, but a full trophy case is a nice bonus.

謝謝，布拉德。我還要向所有為 LP 強大的安全文化做出貢獻的人表示祝賀。安全當然是一種獎勵，但滿滿的獎盃櫃更是錦上添花。

Okay. On page 17 of the presentation, you'll see that the second quarter for Siding was one of continued growth. But beyond that, there aren't that many of the moving pieces. Revenue increased year over year by 11%, with 2% from price and 8% from volume.

好的。在簡報的第 17 頁，您會看到 Siding 的第二季持續成長。但除此之外，沒有那麼多可移動的部分。營收年增 11%，其中 2% 來自價格，8% 來自銷售量。

The volume increase added $35 million of revenue at nearly a 50% incremental EBITDA margin. Both the housing and repair and remodel markets were softer than offsite construction, which includes sheds and manufactured housing. And this mix shift slightly dampened the price benefit of another record quarter for ExpertFinish, but the pure price bar on the waterfall is really the only place where this adverse mix shows up because it was actually margin accretive in the quarter. We invested $2 million more in sales and marketing and saw another $2 million in minor inflationary costs with freight and labor inflation offsetting improved raw material costs.

銷量的成長帶來了 3500 萬美元的收入，EBITDA 利潤率增加了近 50%。住房和維修及改造市場均比包括棚屋和預製房屋在內的異地建築市場疲軟。這種組合轉變稍微抑制了 ExpertFinish 另一個創紀錄季度的價格優勢，但瀑布的純價格條實際上是這種不利組合出現的唯一地方，因為它實際上在本季度增加了利潤。我們在銷售和行銷方面追加了 200 萬美元的投資，但運費和勞動力價格上漲抵消了原材料成本的改善，導致另外 200 萬美元的小幅通膨成本。

And of course, the tariff situation remains unchanged from the first quarter, and it is tariffs that comprise the bulk of the $4 million in the other bar. Looking through the fairly straightforward waterfall, it was a record quarter for SmartSide volume, revenue and EBITDA with growth and leverage generating margin expansion. The EBITDA margin of 27% was not a record because LPs sliding mills are still not fully utilized. Continued growth in share gains with the corresponding leverage from higher utilization rates should, all else equal, drive margin increases.

當然，關稅情況與第一季相比沒有變化，另一項 400 萬美元的貿易額中，大部分是關稅。從相當簡單的瀑布圖來看，這是 SmartSide 銷售、營收和 EBITDA 創紀錄的一個季度，成長和槓桿帶來利潤率的擴大。27% 的 EBITDA 利潤率並不算高，因為 LP 滑動軋機尚未充分利用。在其他條件相同的情況下，持續成長的市場佔有率以及更高利用率帶來的相應槓桿作用應該會推動利潤率的成長。

That is until they are temporarily dampened again by the cost and lower utilization associated with the starting of the next mill. In the grand scheme, this is, of course, a good thing, but it's a phenomenon we like to describe as the raising same wave of stating margins. The OSB waterfall on page 8 is once again dominated by commodity OSB prices, which, as I'm sure you're all aware, have fallen to multiyear lows. Even the $7 million of other in the far right bar on the waterfall is mostly the impact of price on inventory valuation, so priced by another name.

直到下一家工廠投產後，成本和利用率降低導致產量再次受到暫時抑制。從總體上看，這當然是一件好事，但我們喜歡將這種現象描述為「不斷提高的利潤率」。第 8 頁的 OSB 瀑布圖再次以商品 OSB 價格為主，我相信大家都知道，OSB 價格已跌至多年來的最低點。甚至瀑布圖最右邊的 700 萬美元也主要是價格對庫存估值的影響，因此用另一個名稱定價。

However, EBITDA of $19 million in the quarter meaningfully outperformed LP's algorithmic guidance, mostly due to exceptional cost control measures at the mills and the lag effect in price realization induced by our order file dynamics. In other words, when prices fall steadily as they did in the second and third months of the quarter, this lag provides a small but temporary silver lining.

然而，本季 1900 萬美元的 EBITDA 明顯超出了 LP 的演算法指導，這主要歸功於工廠採取的特殊成本控制措施以及我們的訂單文件動態導致的價格實現滯後效應。換句話說，當價格像本季的第二個月和第三個月那樣穩定下跌時，這種滯後會帶來一絲微小但暫時的希望。

The current demand and pricing environment for OSB is unusually difficult likely exacerbated by tariff uncertainty and elevated interest rates. But we obviously have no control over commodity OSB prices. But as Brad said, we've consistently demonstrated that LP has a strategic clarity and operational efficiency to manage our capacity with discipline and agility, and we'll do our best to navigate the soft OSB market as we have done in many previous down cycles.

目前定向刨花板的需求和定價環境異常困難，關稅不確定性和利率上升可能加劇這種情況。但我們顯然無法控製商品OSB價格。但正如布拉德所說，我們一貫證明 LP 具有戰略清晰度和營運效率，能夠以紀律性和敏捷性管理我們的產能，我們將盡最大努力駕馭軟 OSB 市場，就像我們在許多以前的下行週期中所做的那樣。

So the cash flow slide on page 9 is also pretty clean with seasonal reductions in working capital, net of tax payments, adding $20 million to the $142 million of EBITDA for operating cash flow of $162 million. Net cash flow just opposed against current commodity OSB prices is a remarkable testament to LP's transformation and highlights the value of Siding's consistent growth, pricing power, and margin expansion through operating leverage. And we use this cash for consistent execution of our capital allocation strategy.

因此，第 9 頁的現金流幻燈片也相當清晰，營運資本季節性減少，扣除稅款後，在 1.42 億美元的 EBITDA 基礎上增加了 2,000 萬美元，營運現金流為 1.62 億美元。與當前商品 OSB 價格相對的淨現金流是 LP 轉型的顯著證明，並凸顯了 Siding 持續成長、定價能力和透過營運槓桿實現利潤擴張的價值。我們利用這筆現金來持續執行我們的資本配置策略。

We invested $68 million in CapEx in the quarter and returned $19 million to shareholders through dividends. With $1.1 billion in liquidity, including $333 million of cash as of June 30, LP is comfortably positioned to invest as needed in new Siding crest capacity, increased pre-finishing capabilities, or for the options to support and accelerate growth in siding and execution in OSB, which brings me to our updated guidance on page 10. Based on the order file we see before us today, we are reaffirming our full-year Siding guide of about $1.7 billion in revenue and about $430 million in EBITDA. We continue to anticipate a normal-ish seasonal demand pattern with volume roughly flat to last year's third quarter, which you recall was the peak demand quarter in 2024, plus about 3% higher prices.

我們在本季投資了 6,800 萬美元的資本支出，並透過股息向股東返還了 1,900 萬美元。憑藉 11 億美元的流動資金，包括截至 6 月 30 日的 3.33 億美元現金，LP 可以根據需要投資新的 Siding crest 產能、增強預加工能力，或選擇支持和加速壁板增長和 OSB 執行，這讓我想到了第 10 頁上的最新指導。根據我們今天看到的訂單文件，我們重申全年 Siding 預期，營收約 17 億美元，EBITDA 約 4.3 億美元。我們繼續預期季節性需求模式將較為正常，銷量與去年第三季度基本持平，您記得那是 2024 年的需求高峰季度，而且價格將上漲約 3%。

This will produce about $430 million in third quarter sales revenue for 3% growth despite housing and repairment model outlooks that remain quite challenging. EBITDA of about $110 million would result in an EBITDA margin of roughly 26%. As for OSB, well, commodity prices are exceptionally low, especially for the this time of year, which would generally be the peak of the building season. In fact, adjusted translation using the CPI, today's OSB prices are the lowest in at least 20 years.

儘管住房和維修模式的前景仍然充滿挑戰，但這仍將在第三季產生約 4.3 億美元的銷售收入，實現 3% 的成長。EBITDA 約 1.1 億美元，EBITDA 利潤率約 26%。至於 OSB，商品價格異常低，尤其是對於每年的這個時候來說，這通常是建築季節的高峰。事實上，根據 CPI 進行調整後，今天的 OSB 價格是至少 20 年來的最低水準。

Now while we cannot control prices, we are doing everything we can to control costs and manage our capacity with agility and discipline. Current prices are well below our EBITDA breakeven level. And while we certainly hope that the price assumption in our algorithmic OSB guidance does not play out, we also think there is value in maintaining a consistent approach to OSB guidance in order to provide as much clarity as we can. So in the event that random length prices remained flat and the current record low level through the year-end, the OSB segment will see negative EBITDA of around $45 million in the third quarter and a bit worse than that in the fourth quarter as the price benefit of the time like dissipates, which would bring EBITDA for the full year for OSB to a negative $25 million.

現在，雖然我們無法控制價格，但我們正在盡一切努力控製成本並靈活、有紀律地管理我們的產能。目前的價格遠低於我們的 EBITDA 損益兩平水準。雖然我們當然希望我們的演算法 OSB 指導中的價格假設不會發揮作用，但我們也認為保持一致的 OSB 指導方法是有價值的，以便盡可能提供清晰度。因此，如果隨機長度價格在年底前保持平穩並保持當前的歷史最低水平，OSB部門第三季度的EBITDA將為負4500萬美元，並且由於當時的價格優勢消失，第四季度的情況會比第四季度更糟，這將使OSB全年的EBITDA達到負2500萬美元。

Now I'd like to stress that this is a model, not a prediction and certainly not a signal, and we're anything but relentless in our efforts to reduce costs across our OSB network. In fact, part of the cost control efforts in OSB will show up in reduced capital expenditures in the second half of the year. This will lower our total CapEx to roughly $180 million for growth, which is still mostly at Siding, of course, and $170 million in sustaining maintenance for a full year total of $350 million, which is about $60 million lower than our prior CapEx guidance.

現在我想強調的是，這是一個模型，而不是預測，當然也不是一個訊號，我們絕不會堅持不懈地努力降低整個 OSB 網路的成本。事實上，OSB的部分成本控制措施將在下半年反映為資本支出的減少。這將使我們的總資本支出降低至約 1.8 億美元用於成長，當然這筆資金大部分仍用於 Siding，1.7 億美元用於維持維護，全年總額為 3.5 億美元，比我們之前的資本支出指導低約 6000 萬美元。

Before taking questions, I would like to close with this. The demand environment is weakening somewhat, most acutely in OSB. But this only highlights the value of LP's Siding segment, where growth driven by material conversion, product innovation, and share gains let SmartSide continue to outperform the market, rain or shine.

在回答問題之前，我想以此作為結束。需求環境正在減弱，尤以定向刨花板（OSB）的需求最為明顯。但這只能凸顯 LP 壁板部門的價值，在該部門中，材料轉換、產品創新和份額增長推動的增長使 SmartSide 繼續在風雨中超越市場。

And with that, I'll open the call for questions.

現在，我開始回答問題。

(Operator Instructions)

（操作員指示）

George Staphos, Bank of America Securities.

喬治‧斯塔福斯 (George Staphos)，美國銀行證券公司。

Congratulations on the progress year-to-date, gentlemen. First question, and you've been quite consistent in maintaining a conservative and balanced outlook for Siding and outperforming that over the course of the year. When we look at 3Q, it suggests a little bit of a decrement in margin and progress. Is there anything discrete that we should be mindful of there? Or is that Alan just trying to keep some cushion for the unknowables at this juncture in the quarter? And then a couple of follow-ons.

先生們，祝賀你們今年迄今所取得的進步。第一個問題，您一直對 Siding 保持保守、平衡的展望，並且在一年中表現得更好。當我們看第三季時，它表明利潤率和進步略有下降。有什麼需要我們注意的嗎？或者艾倫只是想為本季此時此刻的未知因素保留一些緩衝？然後是一些後續內容。

Of course. I'm not going to admit to the existence of a cushion quite. But I'd like to point out that the third quarter of last year was the peak quarter last year.

當然。我不會完全承認墊子的存在。但我想指出的是，去年第三季是去年的高峰。

And it's reasonable, I think, particularly in this climate to expect that Q2 might prove to be that peak this year. If you look at -- what we're really doing is looking at Q2 and Q3 combined kind of, I'd like to say the word -- ish a lot, so kind of ish, and so if you look at those quarters combined, that's a revenue growth of about 7% year over year, which I think is pretty healthy. There are some other minor dynamics shared volumes or panel volumes were certainly very strong in Q2. We're not necessarily expecting that to persist quite as strongly as it did going forward.

我認為，特別是在這種情況下，預計今年第二季可能會達到頂峰，這是合理的。如果你看一下——我們實際上做的是看第二季度和第三季度的合併情況，我想說的是——很多，所以有點，所以如果你看一下這兩個季度的合併情況，那就是收入同比增長了約 7%，我認為這是相當健康的。還有一些其他小的動態共享量或面板量在第二季度肯定非常強勁。我們不一定期望這種趨勢會持續得如此強勁。

So I would say it's a sort of balanced approach on the revenue line and a very safe approach on the EBITDA line.

所以我想說，這是一種在收入方面採取的平衡方法，也是在 EBITDA 方面採取的非常安全的方法。

Okay. I appreciate that, Alan. And you gave us a fair amount of color for third quarter. I don't know if it's worth it, but to the extent that you can comment about early trends in third quarter what the exit rates are on volume for Siding, that would be helpful.

好的。我很感激，艾倫。您為我們的第三季提供了相當多的色彩。我不知道這是否值得，但如果您能評論一下第三季早期的趨勢，了解 Siding 的退出率是多少，那將會很有幫助。

And then my last question, I'll turn it over and come back into queue. The CapEx numbers came down. It sounds like it's largely an OSB. But was there anything on the Siding side that we should be paying attention to relative to ultimately, the growth outlook, the next conversion with Houlton, et cetera.

然後是我的最後一個問題，我將把它翻過來並回到隊列中。資本支出數字下降了。聽起來它很大程度上是一種 OSB。但是，在 Siding 方面，我們是否應該關注最終的成長前景、與 Houlton 的下一次轉換等等。

Right. I'll take the CapEx question and then Brad will take the sort of market-facing question. You're right, the majority of the CapEx reduction is in OSB. And arguably, if we weren't trimming OSB CapEx probably have left the whole CapEx guidance the same. It's hard to land such a thing on a dime. So the majority of the trimming is in OSB. There's a little bit in Siding, but nothing significant.

正確的。我將回答資本支出問題，然後布拉德將回答市場導向的問題。你說得對，大部分資本支出的減少都是在 OSB 方面。並且可以說，如果我們不削減 OSB 資本支出，那麼整個資本支出指引可能會保持不變。想要一下子實現這樣的目標非常困難。因此，大部分裝飾都是採用 OSB 材質。Siding 中有一點，但沒有什麼重大意義。

And George, on the Q3 order file, we came into the Q2 order file, really, really strong carryover from Q1 into Q2. We saw some weakening of that order file as we went through the quarter and has kind of stabilized where we were consistent with the guidance that Alan has given for the quarter. So it's good, but not as good as it was going into the beginning of Q2.

喬治，關於第三季的訂單文件，我們進入了第二季的訂單文件，從第一季到第二季的延續性確實非常強勁。我們發現，隨著本季的推進，訂單文件有所減弱，但目前已經趨於穩定，與艾倫對本季給予的指導一致。所以這很好，但不如第二季初那麼好。

Mike Roxland, Truist Securities.

Truist Securities 的 Mike Roxland。

Congrats on a nice quarter despite the backdrop. Want to follow up with you on the good cost control effects you mentioned. OSB obviously did $19 million in EBITDA, well above where we wound up -- we're forecasting for the quarter. Any color you can share on what you actually did, how the business is run, what cost they were managed more efficiently, what they did to make sure that they were operating as effectively as possible during the quarter despite the repricing backdrop?

儘管背景如此，我們仍祝賀本季取得了良好的業績。想跟進一下您提到的良好的成本控制效果。OSB 的 EBITDA 顯然達到了 1900 萬美元，遠高於我們最終的預測——我們對本季的預測。您能否分享一下您實際做了什麼、業務如何運作、他們如何更有效地管理成本、他們做了什麼來確保在重新定價的背景下他們在本季度盡可能有效地運營？

So two key drivers to that, as I mentioned, the OEE, really outstanding performance for the quarter, and kudos to our operations teams because it can be difficult at times to maintain efficiency when the kind of market is slowing down in front of you. But we ran just from an efficiency standpoint, the operations, particularly in OSB ran really, really well, which means high uptime, high grade yield and in good speeds when we were running the presses.

因此，正如我所提到的，有兩個關鍵驅動因素：OEE，本季的出色表現，以及對我們營運團隊的讚揚，因為當市場放緩時，有時很難保持效率。但我們僅從效率的角度出發，操作，特別是 OSB 的操作運行得非常非常好，這意味著正常運行時間長、等級產量高、運行壓力機時速度快。

And then second to that is we have been pretty aggressive on cost containment in that business as we saw the market fall away. And so those two combined really was a significant contributor to our ability to beat some of the algorithms around where margins should be in that business given where pricing is.

其次，當我們看到市場下滑時，我們一直非常積極地控制該業務的成本。因此，這兩者結合起來確實對我們在給定定價的情況下擊敗有關該業務利潤率的某些演算法的能力做出了重大貢獻。

Got it. And then just one quick follow-up. I would love to get your thoughts around shrinking home sizes and implications for Siding. I have to believe that even with home size is shrinking, that the currently low penetration rate of (inaudible) Siding and on the potential for an upcoming, let's say, re-signing cycle would more than offset shrinking home sizes.

知道了。然後只需快速跟進一次。我很想聽聽您對縮小房屋面積及其對 Siding 的影響的看法。我必須相信，即使房屋面積在縮小，目前（聽不清楚）壁板的低滲透率以及即將到來的重新簽約週期的潛力將足以抵消房屋面積的縮小。

But any color you have on that would be great.

但無論什麼顏色都可以。

Totally agree with what you said. And we'd rather home -- average home sizes be bigger rather than smaller for both of our businesses. But given the market share opportunities we have across all our different segments, we still -- I mean, we believe securing either new homes to put our signing on or growing market share and a parent remodel will overwhelm any reduction in housing sizes that we see as the industry combat is affordability issue. So yes, it would be a slight headwind for us.

完全同意你的說法。對我們兩家公司來說，我們寧願房屋的平均面積更大，而不是更小。但考慮到我們在所有不同領域所擁有的市場份額機會，我們仍然——我的意思是，我們相信，無論是確保新房簽約，還是不斷增長的市場份額和母公司的改造，都將壓倒住房面積的任何減少，我們認為，行業面臨的問題是負擔能力問題。所以是的，這對我們來說會是一點阻力。

But overwhelmingly, we have enough tailwinds to -- where that should not be a significant factor in our volume growth story for Siding.

但最重要的是，我們有足夠的順風——這不應該成為 Siding 銷量成長的一個重要因素。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

I'd like to come back to the Siding guidance for back half. Alan, if I heard you right, you said volumes in the third quarter would be flat year-over-year. But if I just think about sort of the implied fourth quarter that would assume kind of revenue is up kind of low double digits. Can you just help us understand kind of the nuances here in terms of what's going on in Q3, Q4? And if you are sort of baking in some recovery as we get into Q4?

我想回到後半部的壁板指導。艾倫，如果我沒聽錯的話，您說第三季的銷售量將與去年同期持平。但如果我只是考慮一下隱含的第四季度，就會發現營收會以較低的兩位數成長。您能否幫助我們了解第三季和第四季發生的細微差別？當我們進入第四季時，您是否正在醞釀某種復甦？

Well, if you sort of -- I'm going to sort of duplicate the math that's implied. We're looking at a year that's kind of symmetrical, revenue of $400 million-ish in Q1 and Q4 and then something north of that $460 million in Q2 and $430 in Q3. So it is a seasonal pattern with really just that shift between Q2 and Q3. So yes, we're assuming sort of healthy volume growth Q4 of this year.

好吧，如果你願意的話——我將重複隱含的數學運算。我們看到今年的情況比較對稱，第一季和第四季的營收約為 4 億美元，第二季的營收約為 4.6 億美元，第三季的營收約為 4.3 億美元。因此，這是一個季節性模式，實際上只是第二季和第三季之間的轉變。所以是的，我們假設今年第四季的銷售將出現健康的成長。

But I think Q4 of last year was relatively low certainly compared to Q3. So yes, I think it's a reasonably safe volume outlook.

但我認為去年第四季的表現肯定與第三季相比相對較低。所以是的，我認為這是一個相當安全的交易量前景。

Understood. Okay. And then, Alan, can you just remind us in terms of your operating rates in the second quarter in both OSB and Siding and sort of what's your approach, especially in OSB, given where prices are, you talked about kind of doing everything you can on the cost side, but I'm just curious sort of your approach on the production side?

明白了。好的。然後，艾倫，您能否提醒我們第二季度 OSB 和 Siding 的營運率，以及您的方法是什麼，特別是在 OSB 方面，考慮到價格，您談到在成本方面盡一切努力，但我只是好奇您在生產方面的方法是什麼？

Aaron, can you take this?

亞倫，你能接受這個嗎？

Yes. Okay. So for OSB in the second quarter, we were sort of mid-80% range, operating rates, a bit lower than that in maybe a hair lower than that in Siding as we ramp up new capacity. You can infer the operating rates from our volume guide in the third quarter for Siding.

是的。好的。因此，對於第二季的 OSB 來說，我們的營運率大約在 80% 左右，略低於 Siding 的營運率，因為我們增加了新產能。您可以從我們第三季 Siding 的產量指南中推斷出營運率。

For OSB, we're always hesitant to specifically discuss volume for all the obvious reasons. But what I'll just say is that we are executing our strategy, which is to supply the amount of wood that the market demands. And current prices are telling us now that, that demand is not very high. When customers want more wood, we'll supply it.

對於 OSB，由於種種顯而易見的原因，我們總是不願意具體討論其體積。但我只想說，我們正在執行我們的策略，即供應市場所需的木材量。目前的價格告訴我們，需求不是很高。當客戶需要更多木材時，我們會提供。

Let me just be repetitive to Aaron. We really have the finger on demand for our customers given who we are in the OSB business. And we're very -- very cognizant of when our customers need wood, we want to supply it. But we certainly do not want to build any inventory in the channel or at our mall locations and -- and in order to avoid that, that leads to downtime to make sure we're matching capacity and production with demand, and we'll continue to do that indefinitely in our OSB business.

讓我重複一遍亞倫的話。鑑於我們從事 OSB 行業，我們確實能夠準確地了解客戶的需求。我們非常清楚，當我們的客戶需要木材時，我們就想提供。但我們當然不想在通路或商場建立任何庫存——為了避免這種情況，這會導致停機，以確保我們的產能和產量與需求相匹配，我們將在 OSB 業務中繼續無限期地這樣做。

Understood. That's very helpful perspective.

明白了。這是一個非常有用的觀點。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

My question is on the Siding -- is on Siding. Can you talk little bit about the sell-through that you saw into the second quarter? And how channel inventories are positioned coming into the back half of this year? What gives you the confidence that you can see that level of growth that Alan mentioned in the fourth quarter?

我的問題是關於 Siding 的——是關於 Siding 的。能否簡單談談第二季的銷售情況？今年下半年通路庫存如何定位？是什麼讓您有信心看到艾倫在第四季度提到的增長水平？

Susan, we feel that way because we did have good sell-through in Q2, as we continue to ship or turned out to be record volumes, our customers continue to order. We've -- inventories in the channel around siding or right where we'd expect them to be this time of the year. And so the good pull-through was very reassuring and, I would say, somewhat surprising given some of the economic and housing data that we were looking at throughout the quarter. So we feel good about -- really good about end-use demand in Q2 being consistent with what we saw in our order file and what we shipped.

蘇珊，我們之所以有這種感覺，是因為我們在第二季度的銷售情況確實很好，隨著我們繼續發貨或創下創紀錄的銷量，我們的客戶繼續訂購。我們已經在渠道周圍或我們預計每年這個時候庫存都會到達的地方。因此，良好的成長勢頭令人非常放心，而且我想說，考慮到我們整個季度都在關注的一些經濟和住房數據，這多少有點令人驚訝。因此，我們感到非常高興——第二季度的最終用途需求與我們在訂單文件中看到的情況以及我們發貨的情況一致。

And while demand has moderated a little bit compared to where we were this time last quarter, we do believe what's going -- what we're selling today is also ending up with contractors and being installed in homes rather than being put in inventory. So we feel like it's -- the pull-through throughout this year has been really good, and we have reasonable inventories in the channel given where we are in the year.

雖然與上個季度同期相比，需求略有放緩，但我們確實相信，我們今天銷售的產品最終也會由承包商安裝到家庭中，而不是放入庫存中。因此，我們覺得——今年全年的業績表現非常好，而且考慮到今年的狀況，我們在通路中的庫存也相當合理。

Okay. That's great to hear, Brad. And then following up on Siding, can you talk a bit about the mix that you're seeing? And any thoughts on how that will move in the back half? What are you seeing in terms of sheds, builders, series, expert finish and just the implications there?

好的。很高興聽到這個消息，布拉德。然後繼續討論 Siding，您能談談您所看到的混合物嗎？對於後半部將如何發展，您有何想法？就棚屋、建築商、系列、專家裝修以及其含義而言，您看到了什麼？

So if you look at this year, and it was more extreme in Q1 than it was in Q2, but then rather consistent, we are strongest product, and therefore, end use has been our panel business, where we've had really good pull-throughs for share -- in our shared segments, both in Q1 and Q2 and also good pools in the home centers, which is primarily a panel play, though, we do have other SKUs there as well. Secondly, our prefinished business, as we've talked about, record volumes there for expert finish is -- I mean that is a strong indication that repair and remodel has been a strong business for us this year. We have invested considerably both in manufacturing and sales and marketing assets over the previous couple of years in order to build momentum there.

因此，如果你看看今年，你會發現第一季度的情況比第二季度更為極端，但之後的情況相當穩定，我們最強大的產品是最終用途，因此，面板業務是我們最強大的產品，我們在共享細分市場中，無論是在第一季度還是第二季度，以及在家庭中心的良好池子中，這主要是面板業務，但我們在那裡也有其他 SKU。其次，正如我們所討論的，我們的預加工業務在專業加工方面的銷售量創下了紀錄——這有力地表明，今年維修和改造對我們來說是一項強勁的業務。過去幾年來，我們在製造、銷售和行銷資產方面投入了大量資金，以增強發展勢頭。

So it's good to see that product and our penetration to repair and remodel being a significant driver to our results in Q2. And then I would say, thirdly, the new residential construction, while obviously, overall demand for that is moderated as housing starts have kind of plateaued out. Our ability to gain market share over the last 12 months has been -- has made that a significant contributor to our growth as well. Looking to the second half, we do -- I do think we'll see some moderation in shed.

因此，很高興看到該產品以及我們在修復和改造方面的滲透成為我們第二季業績的重要推動力。然後我想說，第三，新住宅建設，顯然，由於新屋開工量已經趨於平穩，因此整體需求有所緩和。我們在過去 12 個月中獲得市場份額的能力也對我們的成長做出了重大貢獻。展望下半年，我們確實——我確實認為我們會看到一些放緩。

And in fact, we're seeing that now. But just given how strong it was in Q1 and Q2 -- and -- but I believe that we'll -- and what we're seeing today is we'll continue to see strength in expert finish, which means repair and remodel could be a good driver for us in Q3 and Q4, and then as we continue to execute with builder series with our new construction national partners, we see that as steady as we go through the year. And certainly, if we were to see any kind of strengthening end use there with the large national builders that could be another driver for us in the (inaudible) that answers your question.

事實上，我們現在就看到了這一點。但考慮到第一季和第二季的強勁表現——而且——但我相信我們會——我們今天看到的是，我們將繼續看到專家裝修的強勁勢頭，這意味著維修和改造可能成為我們在第三季度和第四季度的良好驅動力，然後隨著我們繼續與新的建築國家合作夥伴一起執行建築商係列，我們看到這一趨勢在全年保持穩定。當然，如果我們看到大型國家建築商的最終用途有所加強，這可能是我們（聽不清楚）的另一個驅動力，這回答了你的問題。

Yes. No, that's great color. Good luck with the quarter.

是的。不，那顏色真棒。祝本季好運。

Sean Steuart, TD Cowen.

肖恩·斯圖爾特（Sean Steuart），TD Cowen。

A couple of questions. I want to follow up on OSB dynamics. And I guess we typically think of the industry cost curve is flat. Can you reference cost or margin variance across LP's portfolio and how that could inform downtime closure decisions? Just trying to get a sense of the margin differential from your best to worst mills?

有幾個問題。我想關注OSB動態。我想我們通常認為產業成本曲線是平的。您能否參考 LP 投資組合的成本或利潤差異，以及這如何為停機關閉決策提供資訊？只是想了解最好的工廠和最差的工廠之間的利潤差異嗎？

Sean, the cost curve is flat, especially at the mill level. So most times, our downtime decisions are driven by geographic location, transportation cost and then the local demand that is the outlet for most of that production. So it's really not necessarily that we line up variable costs, stack that and decide where to take downtime. It's more dependent on delivered margin based on where the mill is located and based on the customer base it's serving and somewhat based on contracted volume that is kind of in that mill's basket, which could keep the mill operating.

肖恩，成本曲線是平緩的，特別是在工廠層級。因此，大多數時候，我們的停工決定是由地理位置、運輸成本以及作為大部分生產出口的當地需求決定的。因此，我們實際上並不一定需要排列變動成本，將其堆積起來，然後決定在哪裡停工。它更取決於工廠所在地的交付利潤和它所服務的客戶群，也在一定程度上取決於工廠籃子中的合約量，這可以使工廠保持運作。

So obviously, we do that, trying to maintain as high a margin as we can, but it's not necessarily correlated strongly to cost out of the press. Although that is a factor.

顯然，我們會這樣做，試圖保持盡可能高的利潤率，但這不一定與印刷成本有強烈的相關性。儘管這是一個因素。

Understood. And then revisiting the CapEx guidance, it sounds like this is mostly OSB related to the reduction to the 2025 spend guidance. Any updated perspective on the Houlton expansion? I assume a chunk of what you're delegating to discretionary CapEx this year is getting started on that broader perspective on when we can get more context on what the economics of that project might look like?

明白了。然後重新審視資本支出指導，聽起來這主要與 OSB 有關，與 2025 年支出指導的減少有關。對霍爾頓擴建有什麼最新的看法嗎？我認為，您今年委託給可自由支配的資本支出中很大一部分是從更廣泛的角度開始的，即我們何時可以更多地了解該項目的經濟狀況？

So we are continuing to do the detailed engineering for that project, trying to absorb all the inflationary impact that it has had on some of the cost estimates that we had done earlier. So the work continues there. I would say, Sean, in the next quarter or two, we'll be able to get more specific on tying down the cost and the returns. I will say despite the inflationary impact on steel and construction, factor in the price increases that we've gotten over the last couple of years.

因此，我們將繼續為該專案進行詳細的工程設計，試圖吸收其對我們先前所做的一些成本估算造成的所有通貨膨脹影響。所以那裡的工作還在繼續。我想說，肖恩，在接下來的一兩個季度裡，我們將能夠更具體地確定成本和回報。我想說，儘管通貨膨脹對鋼鐵和建築業產生了影響，但也要考慮過去幾年價格的上漲。

Returns are still really healthy for a project like that. And we continue to work on it diligently, but just not ready to provide any detailed information yet because we don't have it.

對於這樣的項目來說，回報仍然非常豐厚。我們正在繼續努力，但還沒有準備好提供任何詳細信息，因為我們還沒有掌握。

Mark Weintraub, Seaport Research Partners.

馬克‧溫特勞布 (Mark Weintraub)，海港研究夥伴。

So obviously, really strong performance still in Siding and your volumes are good. There's been some kind of mixes in some -- you talked about sheds being pretty strong and prefinish being pretty strong. I mean one thing that did strike me is that your estimated prices and kind of accrued revenue divided by shipments is still up, but maybe not quite as strong as I might have thought. But how much of that is -- what's going on in mix? How is that affecting pricing? Or how much of it is just kind of the reality of the environment that we're in?

顯然，Siding 的表現仍然非常強勁，而且銷量也很好。有一些混合體——您說過棚子非常堅固，預加工也非常堅固。我的意思是，有一件事確實讓我印象深刻，那就是你的預估價格和應計收入除以出貨量仍然上漲，但可能沒有我想像的那麼強勁。但其中有多少是——混合中發生了什麼？這對定價有何影響？或者其中有多少只是我們所處環境的現實？

It's more mix than any sort of headwind. I guess when we said panels are sort of our lowest -- some of our lowest-priced products, high margin, but lowest priced. I kind of didn't explain it out well in my prepared remarks, I guess. So -- and ExpertFinish, of course, is among the highest priced but among some currently, and temporarily among some of the lowest margin.

它比任何類型的逆風都更加複雜。我想當我們說面板是我們最低價的產品時——我們的一些價格最低的產品，利潤率高，但價格最低。我想，我在準備好的發言中沒有很好地解釋這一點。所以 —— ExpertFinish 當然是價格最高的，但目前，而且暫時是利潤率最低的。

So yes, I mean, I remember when we actually gave guidance for the year, this question came up. And we had, at that point, in the early part of the year, we are anticipating relatively healthy or shared/panel growth and hence, sort of signaled that dampening of the net price that you're going to see, but the fundamental price increases that we have across our portfolio are all strong. So this really is -- it's a strong mix factor. And at times, we've had 9% pricing, which has been 3 points of price to 6 points of mix, and we're seeing something of that -- the opposite effect in 2025.

是的，我的意思是，我記得當我們真正給出年度指導時，這個問題就出現了。在年初的時候，我們預計共享/面板增長會相對健康，因此，這在某種程度上預示著你將看到的淨價格下降，但我們整個投資組合的基本價格上漲都很強勁。所以這確實是一個強大的混合因素。有時，我們的定價為 9%，即 3 個價格點對 6 個組合點，我們看到了這樣的情況——2025 年出現了相反的效果。

It is, believe it or not, it really is mixed.

是的，不管你信不信，它確實是混合的。

Right. So shed is outweighing ExpertFinish at the end of the day in terms of the impact on mix. And then, I mean, are you making other adjustments. Obviously, you pull CapEx and it's primarily in OSB.

正確的。因此，從對混合的影響來看，shed 最終比 ExpertFinish 更重要。然後，我的意思是，您是否正在做其他調整。顯然，您提取資本支出，並且它主要在 OSB 中。

I mean, again, not wanting to split hairs, but like the marketing expense maybe wasn't up as much as (inaudible) actually down a little bit in this quarter. Are you making other adjustments and sort of what can you just sort of give color in kind of the bigger thought process. Look, it's a very difficult environment. And so what are -- what's sort of the strategy at this point?

我的意思是，再次強調，我不想吹毛求疵，但本季的行銷費用可能沒有上漲那麼多（聽不清楚），實際上還下降了一點。您是否正在進行其他調整，以及您是否可以為更大的思考過程增添色彩。瞧，這是一個非常困難的環境。那麼目前的策略是什麼樣的呢？

Yes. So Mark, we're really focused on cost containment and management in our OSB business, every penny, looking at every penny, looking at allocated cost to that business. So that's an environment where we are very conservative on cost. On Siding, when you have the kind of growth that we've had in the last six quarters and some -- and a lot of that can be attributed to the increased sales and marketing investment that we've made over the last couple of years.

是的。因此，馬克，我們真正關注的是 OSB 業務的成本控制和管理，每一分錢，關注每一分錢，專注於分配給該業務的成本。因此，在這樣的環境下，我們對成本非常保守。在 Siding 方面，我們在過去六個季度中取得了成長，這在很大程度上可以歸因於我們在過去幾年中增加的銷售和行銷投資。

We talked about adding a Houlton incremental capacity, just converted Sagola. We're going to continue to invest in sales and marketing. It won't be consistent quarter-to-quarter. That stuff is can be seasonal or the way we time a marketing campaign or onboarding new sales assets is it can be rather lumpy.

我們討論了增加 Houlton 增加容量，剛剛轉換了 Sagola。我們將繼續投資於銷售和行銷。每個季度之間的差異不會一致。這些東西可能是季節性的，或者我們安排行銷活動或引入新銷售資產的方式可能會相當不穩定。

So you'll see volatility in that. But the trend for us in siding is continued investment to drive growth. We just feel like we have so much available market share and I hate to say this because I ran the business for 15 years and have been close to it for the last five, but still not great name recognition and brand recognition across the national footprint of builders and contractors. So we just look out at the market and see lots of opportunity.

因此你會看到其中的波動性。但對我們來說，趨勢是持續投資以推動成長。我們只是覺得我們擁有如此多的可用市場份額，我不想這麼說，因為我經營這項業務已經 15 年了，並且在過去的五年裡一直接近這個目標，但在全國建築商和承包商的範圍內，我們的知名度和品牌認知度仍然不高。因此，我們只要觀察市場，就會發現很多機會。

And obviously, we're trying to accelerate that with capacity and with new products, but also we do have to stay aggressive on sales and marketing as long as we see those opportunities in front of us. And we see, as I think Alan's prepared remarks, a long runway for growth, and we certainly believe that, and we'll continue to invest so that we can realize it in the future.

顯然，我們正在嘗試透過產能和新產品來加速這一進程，但只要我們看到眼前的機會，我們就必須在銷售和行銷方面保持積極。正如艾倫準備好的發言中所說，我們看到了長期的成長空間，我們當然相信這一點，我們將繼續投資，以便在未來實現這一目標。

Much appreciate and maybe just to follow up real quickly on that. Are there any additional kind of markers on the growth that you can highlight that's going to sort of help feed the machine in the quarters to come?

非常感謝，也許只是想快速跟進。您能否強調其他類型的成長指標，以在未來幾季為機器提供動力？

Yes, if you -- not to be repetitive to prior remarks, but means the ExpertFinish, there's so much opportunity there. We launched brush smooth product recently, just now this year being now getting that into the market and getting it commercialized opens up swath of unavailable market that were smooth is the preferred texture. And then our natural series, which is the two tone in markets where that's a preferred look that provides opportunity as well. I mean -- and then on the contractor side, we've got three-dimensional corners now, which is a great labor Siding and ease of installation opportunity.

是的，如果你——不是重複先前的評論，而是意味著 ExpertFinish，那裡有很多機會。我們最近推出了刷子光滑產品，今年剛將其推向市場並實現商業化，開闢了以前無法獲得的光滑市場。然後是我們的自然系列，這是市場上的兩種色調，這是一種首選的外觀，也提供了機會。我的意思是 - 在承包商方面，我們現在有了三維角落，這是一個很好的勞動力壁板和易於安裝的機會。

So it's great for those who all have been to our booth at the IBS just to see every year, we're hanging new products up on those walls. And we don't hit -- we're not hitting 1,000 with them, but we've got a pretty high batting average. And those -- everything I mentioned right there opens up markets that we were way underpenetrated in. So yes, so that's been -- there's no question that our innovation over the past five -- we'll say, post-COVID has been the key to driving our demand growth because it's just opened up the available market window.

因此，對於那些每年都來過 IBS 我們展位的人來說，看到我們在牆上懸掛的新產品真是太好了。我們的擊球率沒有達到 1,000，但我們的擊球率卻相當高。而這些 — — 我剛才提到的一切都開拓了我們尚未完全滲透的市場。是的，毫無疑問，我們過去五年的創新是推動我們需求成長的關鍵，因為它打開了可用的市場窗口。

And we'll continue. And part of that investment mark that we've made in SG&A and what we call marketing expense is around investment in our innovation teams.

我們將繼續。我們在銷售、一般及行政費用 (SG&A) 和所謂的營銷費用方面所做的投資部分來自於對創新團隊的投資。

Matthew McKellar, RBC.

馬修·麥凱勒（Matthew McKellar），RBC。

A couple of related questions on how you're competing with other substrates. First, in the new residential market, in particular, is it your sense that vinyl is still doing the most share or materials like brick now under more pressure with more focus on affordability? And second, would you expect higher lumber prices on the back of increased duties and potential tariffs of non-US supply to be meaningful for how you compete with San wood Siding in the US market?

關於您如何與其他基材競爭，有幾個相關問題。首先，特別是在新住宅市場，您是否認為乙烯基仍然佔據最大份額，或者像磚這樣的材料現在面臨更大的壓力，更注重價格承受能力？其次，您是否認為，在關稅增加和美國以外供應的潛在關稅的背景下，木材價格上漲會對您在美國市場上與 San wood Siding 的競爭產生影響？

So let me -- remind me if I miss one of those. But on the brick side, yes, I think there is an opportunity with the cost of the brick, this drive for affordability, the availability of labor to lay brick. We hear about opportunities for conversion there and maybe witness that small builders have been able to do some of that. I don't want to make that is not a meaningful contributor right now, but it is something that might provide opportunity in the future.

所以如果我錯過了其中任何一個，請讓我提醒我。但在磚塊方面，是的，我認為磚塊的成本、人們對於負擔能力的追求以及砌磚勞動力的可用性都為行業帶來了機會。我們聽說了那裡的轉型機會，也許也見證了小型建築商已經能夠做到其中的一些。我不想說那現在不是一個有意義的貢獻者，但它可能會在未來提供機會。

Yes, I do think that the biggest opportunity we have, continue to have is vinyl conversion, both in new construction and manufactured housing and with repair and remodel. Their affordability can drive people to a vinyl Siding. So we've got that as the constraint maybe to conversion to converting more, but we certainly, from a preference standpoint, and from a long-term value proposition, we see that as very fertile ground for us. And then yes, I understand what you're saying around the trim.

是的，我確實認為我們擁有的最大機會是乙烯基轉換，包括新建築和製造的房屋以及維修和改造。由於價格便宜，所以可以吸引人們購買乙烯基壁板。因此，我們可能將此作為轉換到更多轉換的限制，但從偏好的角度和長期價值主張來看，我們當然認為這對我們來說是非常肥沃的土壤。是的，我明白您所說的有關裝飾的意思。

We do compete somewhat with solid sawn trim products. Our pricing normally is higher than a solid sawn wood because of the value prop there. But if we were to see pricing increase on solid sawn, that would -- that would be an advantage for us in our trim business. So it's -- but it's not -- I would say, once we've converted -- once we've converted a contractor to our engineered wood trim unless prices get really, really low, there's not a lot of conversion back to solid swan in my experience.

我們確實在實木鋸切邊產品方面存在一定競爭。由於其價值支撐，我們的定價通常高於實心鋸木。但如果我們看到實木鋸材的價格上漲，那對我們的裝飾業務來說將是一個優勢。所以 — — 但事實並非如此 — — 我想說，一旦我們轉換了 — — 一旦我們讓承包商轉換為使用我們的工程木裝飾，除非價格變得非常非常低，否則根據我的經驗，不會有很多人轉換回實心天鵝。

Steven Ramsey, Thompson Research Group.

史蒂文·拉姆齊，湯普森研究小組。

I wanted to think about manufactured housing and sheds from a couple of angles. First, can you share high level where manufactured housing can be for the Siding business, thinking about how the affordability challenges may be pushing some buyers towards that product. And basically, if that can be an expanded TAM for your Siding products? And then secondly, on sheds where demand is this year, how far it is off the prior peaks or where it compares to past levels and if we're at highs on that side of things? Or if there's more gains to be had in the next couple of years?

我想從幾個角度來思考製造的房屋和棚屋。首先，您能否分享一下預製房屋在壁板業務中的高水準應用，思考一下負擔能力挑戰如何推動一些買家購買該產品。基本上，這是否可以擴大您的 Siding 產品的 TAM？其次，對於今年的需求，與之前的峰值相比還有多遠，或者與過去的水平相比如何，以及我們是否處於高位？或者未來幾年是否會有更多收益？

On the shed side, look, it was phenomenal during COVID, the shed demand. I don't know off the top of my head. And if Aaron, if you do, you can comment. I don't know if we're back to that peak, but what we saw was COVID peak, dip and now it's back to what I would call more normal type of volumes there, normal and strong, especially compared to prior periods, which is how we're gauging it.

在棚屋方面，你看，在 COVID 期間，棚屋需求非常驚人。我一時還不知道。如果 Aaron，如果你願意的話，你可以發表評論。我不知道我們是否已經回到了那個峰值，但我們看到的是新冠疫情的峰值、下降，現在又回到了我所說的更正常的水平，正常而強勁，特別是與前幾個時期相比，這就是我們的衡量標準。

It's been a really good year for us. I don't think in any way is it overbuilt or there's pull-forward demand like we saw during COVID. So -- I mean that is a really good piece of business for us, consistent panel volume that we run very efficiently, and it's been really good margin. So it's good to be in there.

對我們來說這確實是美好的一年。我認為它不存在任何過度建設的情況，也不像我們在 COVID 期間看到的那樣有提前需求。所以——我的意思是，這對我們來說是一筆非常好的業務，我們非常有效率地運行穩定的面板產量，而且利潤率也非常好。所以在那裡感覺很好。

On manufactured housing, that's an opportunity for us. It's -- I believe that one of the ways the industry is going to tackle affordability is through manufactured housing. When you have a modular building that is transported down the road, our siding is a great solution for that. It provides an aesthetic that is a step above what's currently the predominant product there, which is vinyl.

對於預製房屋而言，這對我們來說是一個機會。我認為，該行業解決負擔能力問題的方法之一就是透過製造房屋。當您擁有一座需要沿路運輸的模組化建築時，我們的壁板是一個很好的解決方案。它提供的美感比目前那裡的主流產品乙烯基更勝一籌。

We have a warranty. It can be prefinish, which could really help from an efficiency standpoint with the manufacturer and the structural, which can add some stability to the home. So we see that as an opportunity. We've always had some market share there through the years, but I do see that as -- that industry taking market share as affordability continues to be an issue, and we're well positioned to take advantage of that through the -- our long history serving that channel.

我們有保固。它可以預先完成，從製造商和結構的效率角度來看，這確實有幫助，可以為房屋增加一些穩定性。因此我們認為這是一個機會。這些年來，我們一直在那裡佔有一定的市場份額，但我確實認為——該行業搶佔市場份額仍然是一個問題，因為可負擔性一直是個問題，而我們完全有能力透過我們長期服務該管道來利用這一點。

Okay. That's great color. And then shifting to Structural Solutions and OSB still half of volume and volume held flat, albeit low levels. Can you talk about where you're seeing demand within that portfolio and if there's anything to dissect between new product adoption or discretionary purchasing?

好的。顏色真棒。然後轉向結構解決方案和 OSB，儘管水平較低，但成交量仍佔一半，且成交量保持穩定。您能否談談您在該產品組合中看到的需求，以及新產品採用和自由裁量購買之間是否有任何需要分析的地方？

Yes. So the demand is kind of across the portfolio. Obviously, our strength in that from a volume standpoint, our strength comes from our flooring product, in our TechShield radiant barrier products. Both of those are tied to new construction.

是的。因此，需求是跨投資組合的。顯然，從數量的角度來看，我們的優勢來自於我們的地板產品和我們的 TechShield 輻射屏障產品。這兩者都與新建築有關。

Look, especially with flooring, when affordability becomes an issue, people can tend to buy down the value chain as far as flooring. But those are the two products that drive volume for us. And we're pleased with where we are as far as the percentage. It is off some of the peaks we've had with Structural Solutions, but I think that is really because the price -- the affordability issue, the people are driving for lowest cost when they can get it.

看，尤其是地板，當負擔能力成為一個問題時，人們往往會購買價值鏈下游的地板。但這兩種產品都為我們帶來了銷售量的成長。我們對目前的百分比感到滿意。它與我們在結構解決方案方面遇到的一些高峰相比有所下降，但我認為這實際上是因為價格——可負擔性問題，人們在可能的情況下都追求最低的成本。

So we'll continue to sell our value prop and still it's a significant part of what we do. But other than just reiterating the strength with our flooring and radiant barrier products, the rest of what we do there has been kind of steady to moderate growth over the last couple of years.

因此，我們將繼續推銷我們的價值主張，這仍然是我們工作的重要組成部分。但除了重申我們的地板和輻射屏障產品的優勢之外，我們在過去幾年中所做的其他業務也一直保持著穩定到適度的成長。

Kurt Yinger, D.A. Davidson.

庫爾特·英格、D.A.戴維森。

Just one question on kind of the new residential opportunity set for Siding. Your largest peer has kind of announced a number of these multiyear kind of exclusivity agreements. And I was just hoping if you could help us understand whether with that the opportunity for share gains is kind of relegated to the smaller and medium-sized builders until those were sort of to expire or whether there's more nuance or kind of intricacy in terms of trying to drive penetration among those production guys given that?

關於為 Siding 帶來的新住宅機遇，我只想問一個問題。您最大的同行已經宣布了多項此類多年期獨家協議。我只是希望您能幫助我們了解，在這些機會即將到期之前，市場份額增長的機會是否會被轉移到中小型建築商身上，或者在試圖推動這些生產企業滲透方面是否存在更多的細微差別或複雜性？

It's nuanced. And so we pursue opportunities all the time. Those opportunities can come, for example, from the multifamily unit of builder whose business we don't have on the single-family side. And so there's a myriad of ways that we stay active with all of the large builders as far as being in the conversation around supplying their siding needs along with their OSB needs.

這很微妙。因此我們一直在尋求機會。例如，這些機會可以來自多戶型建築商，而我們在單戶型建築商方面沒有這樣的業務。因此，我們透過多種方式與所有大型建築商保持活躍，討論如何滿足他們的壁板需求以及 OSB 需求。

And so -- and we continue to get wins. And so we see continued opportunity there. And as I mentioned before on this call, we don't win them all, obviously. But we've had some wins.

因此——我們繼續取得勝利。因此，我們看到那裡仍然存在著機會。正如我之前在電話中提到的那樣，顯然我們並沒有贏得所有勝利。但我們已經取得了一些勝利。

Our builder series volume wouldn't be growing the way it's growing and will continue to be competitive. We went for many, many years, most of our time in Siding without a real value proposition for the large national and large regional builders. We have that now, and that value proposition plays well, especially when coupled with our OSB offering. So, we're full steam ahead on growing in that segment and do see opportunities for continued growth as we look forward.

我們的建築系列產品銷售不會以現在的方式成長，並且將繼續保持競爭力。我們花了很多年的時間，大部分時間都在西丁，卻沒有為大型全國性和大型地區性建築商提供真正的價值主張。我們現在有了它，而這個價值主張發揮了很好的作用，特別是與我們的 OSB 產品結合時。因此，我們全力推動該領域的發展，並看到了未來持續成長的機會。

That concludes the question-and-answer session. I will now turn the call over to Aaron for closing remarks.

問答環節到此結束。現在我將把電話交給 Aaron 來做結束語。

Okay. Thank you, Jordan. With no further questions, we'll end the call there. Thank you all for joining us to discuss LP's results for the second quarter of 2025.

好的。謝謝你，喬丹。如果沒有其他問題，我們就結束通話。感謝大家加入我們討論 LP 2025 年第二季的業績。

And as always, we'll be available for follow-ups throughout the day and the rest of the week. Thanks, everyone.

和往常一樣，我們將全天以及本週剩餘時間提供跟進服務。謝謝大家。

This concludes the meeting. You may now disconnect.

會議到此結束。您現在可以斷開連線。