馬斯科 (MAS) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Masco Corporation's first-quarter 2026 conference call. My name is Jenny, and I will be your operator for today's call. As a reminder, today's conference call is being recorded for replay purposes. (Operator Instructions)

各位女士、先生，早安。歡迎參加 Masco Corporation 2026 年第一季財報電話會議。我是 Jenny，將擔任今天會議的接線員。提醒各位，今天的電話會議將錄音，以供日後重播。(接線員指示)

I will now turn the call over to Robin Zondervan, Vice President, Investor Relations and FP&A. You may begin.

現在我將把電話交給投資人關係與財務規劃與分析（FP&A）副總裁 Robin Zondervan。您可以開始了。

Thank you, operator, and good morning, everyone. Welcome to Masco Corporation's 2026 first-quarter conference call. With me today are Jon Nudi, President and CEO of Masco; and Rick Westenberg, Masco's Vice President and Chief Financial Officer. Our first-quarter earnings release and the presentation slides are available on our website under Investor Relations.

謝謝，接線員，各位早安。歡迎參加 Masco Corporation 2026 年第一季電話會議。今天與我一同出席的有 Masco 總裁暨執行長 Jon Nudi，以及 Masco 副總裁暨財務長 Rick Westenberg。我們第一季財報新聞稿與簡報投影片已公布於公司網站「投資人關係」專區。

Following our remarks, we will open the call for analyst questions. Please limit yourself to one question with one follow-up. If we can't take your question now, please call me directly at (313) 792-5500. Our statements today will include our views about future performance, which constitute forward-looking statements. These statements are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements.

在我們的發言結束後，將開放分析師提問。請每位提問者限制為一個問題並可追問一次。若我們現在無法回答您的問題，請直接致電我：(313) 792-5500。我們今天的陳述將包含對未來表現的看法，屬於前瞻性陳述。這些陳述受到風險與不確定性影響，可能導致實際結果與前瞻性陳述存在重大差異。

We've described these risks and uncertainties in our risk factors and other disclosures in our Form 10-K and our Form 10-Q that we filed with the Securities and Exchange Commission. Our statements will also include non-GAAP financial metrics. Our references to operating profit and earnings per share will be as adjusted, unless otherwise noted.

我們已在提交給美國證券交易委員會（SEC）的 Form 10-K 與 Form 10-Q 中之風險因素及其他揭露，說明這些風險與不確定性。我們的陳述亦將包含非 GAAP 財務衡量指標。除非另有說明，我們提及的營業利益與每股盈餘均為調整後數字。

We reconcile these adjusted metrics to GAAP in our earnings release and presentation slides, which are available on our website under Investor Relations.

我們已在財報新聞稿與簡報投影片中，將這些調整後指標與 GAAP 進行調節，相關資料可於公司網站「投資人關係」專區取得。

With that, I will now turn the call over to Jon.

接下來，我把電話交給 Jon。

Thank you, Robin. Good morning, everyone, and thank you for joining us. Before I discuss our quarterly results, I want to spend a few minutes talking about the continued evolution of our Masco Executive Committee, which we established at the end of last year. Jai Shah, Group President, plumbing and wellness; and Rick Marshall, Vice President of Masco Operating System, recently announced their intent to retire from Masco later this summer.

謝謝你，Robin。各位早安，感謝各位加入我們。在我討論本季業績之前，我想先花幾分鐘談談我們於去年底成立的 Masco 執行委員會持續演進的情況。集團總裁（管道與健康事業）Jai Shah，以及 Masco Operating System 副總裁 Rick Marshall，近期宣布計畫於今年夏末自 Masco 退休。

I'd like to thank both Jai and Rick for their leadership and their important contributions to both our business and our culture. With Jai's retirement, we've taken steps to further streamline our organization, the leaders of our four largest businesses: Delta, Hansgrohe, BEHR and Watkins Wellness will now all report directly to me. These four leaders have over 80 years of combined service at Masco, have extensive experience in our industry and are key contributors to Masco's performance and our culture.

我想感謝 Jai 與 Rick 的領導，以及他們對我們業務與企業文化的重要貢獻。隨著 Jai 的退休，我們已採取措施進一步精簡組織；我們四大業務的領導人：Delta、Hansgrohe、BEHR 與 Watkins Wellness，未來都將直接向我匯報。這四位領導人在 Masco 的合計服務年資超過 80 年，具備深厚的產業經驗，並且是 Masco 績效與文化的關鍵貢獻者。

Furthermore, we are adding two new leaders to our executive committee with expertise in supply chain and procurement. The addition of these leaders and capabilities will enable us to drive additional efficiencies, leverage our scale and enhance our speed of execution across the enterprise. The structure and leadership composition of our executive committee will help enable greater agility and tighter alignment between corporate and business unit priorities all in the pursuit of delivering above-market top-and bottom-line growth.

此外，我們將新增兩位在供應鏈與採購方面具專業的領導人加入執行委員會。新增這些領導人與能力，將使我們能夠推動更多效率提升、發揮規模優勢，並加快全企業的執行速度。執行委員會的架構與領導組成，將有助於提升敏捷性，並使公司層級與事業單位的優先事項更緊密對齊，以追求高於市場的營收與獲利成長。

In addition, we have continued the implementation of other initiatives that were announced earlier this year. Our integration of Liberty Hardware into Delta Faucet Company is on track as we further leverage the brands, capabilities and scale of our Delta Faucet business. Restructuring actions to streamline our business, reduce headcount and optimize operations are ongoing.

此外，我們也持續推動今年稍早宣布的其他計畫。我們將 Liberty Hardware 整合至 Delta Faucet Company 的進度如期進行，並進一步運用 Delta Faucet 業務的品牌、能力與規模。為精簡業務、降低人力並優化營運所採取的重整措施仍在進行中。

We incurred approximately $8 million in restructuring charges in the first-quarter, and we continue to expect approximately $50 million in total charges in 2026. The savings generated from these actions will fund additional growth initiatives and contribute to our future margin expansion. We're already experiencing the positive impact of these actions in our results. With that, let's dive into our first-quarter results.

第一季我們認列約 800 萬美元的重整費用，且我們仍預期 2026 年全年重整費用合計約 5,000 萬美元。這些措施所帶來的節省將用於支持更多成長計畫，並有助於未來毛利率／利潤率擴張。我們已在業績中感受到這些措施的正面影響。接下來，讓我們深入說明第一季業績。

Please turn to slide 5. Overall, we are pleased with our performance in an extremely dynamic environment. Net sales increased 6% or 4% in local currency, primarily driven by favorable pricing. Additionally, while still down slightly, this was our strongest year-over-year first-quarter volume performance since the end of the pandemic.

請翻到第 5 頁投影片。整體而言，在極為動態的環境中，我們對表現感到滿意。淨銷售額成長 6%，以當地貨幣計成長 4%，主要由有利的定價所帶動。此外，雖然銷量仍略為下滑，但這是自疫情結束以來，我們第一季年對年銷量表現最強的一次。

Operating profit was $324 million, an increase of 13%. Operating profit margin was 16.9%, an improvement of 90 basis points. Earnings per share grew 20% during the quarter to $1.04 per share. Now turning to our segments. Plumbing product sales increased 7% in local currency, exceeding our expectations, largely due to more resilient than expected volume.

營業利益為 3.24 億美元，成長 13%。營業利益率為 16.9%，提升 90 個基點。本季每股盈餘成長 20%，至每股 1.04 美元。接著看各事業部門。管道產品銷售以當地貨幣計成長 7%，優於我們預期，主要因銷量比預期更具韌性。

North American sales increased 9% in local currency, driven by favorable pricing as well as slightly higher volumes. Delta Faucet delivered a strong quarter with sales growth across all three channels. Trade, retail and e-commerce. Additionally, Delta Faucet was recognized by USA Today as a most trusted brand and by Newsweek as one of America's most trustworthy companies, demonstrating the significant strength of Delta's brand and service capabilities, which are resonating with customers and consumers.

北美銷售以當地貨幣計成長 9%，由有利的定價以及略為增加的銷量所帶動。Delta Faucet 本季表現強勁，三大通路銷售皆成長。包括專業通路、零售與電子商務。此外，Delta Faucet 獲《USA Today》評選為最值得信賴品牌之一，並獲《Newsweek》評選為美國最值得信賴企業之一，顯示 Delta 的品牌與服務能力具備顯著優勢，並正獲得客戶與消費者的共鳴。

Turning to international plumbing sales increased 1% in local currency, driven by growth across many European markets, particularly Germany, partially offset by the ongoing weak market in China. Operating profit for the plumbing products segment grew 10% to $250 million and operating margin expanded 10 basis points to 18.3%.

再看國際管道業務，銷售以當地貨幣計成長 1%，主要由多個歐洲市場（尤其是德國）的成長所帶動，但部分被中國市場持續疲弱所抵銷。管道產品事業部營業利益成長 10% 至 2.50 億美元，營業利益率擴張 10 個基點至 18.3%。

Turning to our Decorative Architectural segment. Sales were in line with the prior year. DIY paint sales decreased low single digits, while PRO paint sales grew mid-single digits. Operating profit for the segment increased 19% to $105 million, and operating margin was 19%. Showcasing our commitment to innovative new products, BEHR PREMIUM PLUS ECOMIX was recently named a 2026 Green Building Sustainable Product of the Year.

接著看我們的裝飾建築事業部。銷售與去年同期持平。DIY（自助裝修）塗料銷售下滑低個位數百分比，而 PRO（專業）塗料銷售成長中個位數百分比。該事業部營業利益成長 19% 至 1.05 億美元，營業利益率為 19%。展現我們對創新新品的承諾，BEHR PREMIUM PLUS ECOMIX 近期獲評為 2026 年綠建築年度永續產品。

BEHR continues its industry leadership in delivering both innovative and sustainable products. Turning to capital allocation. Our strong cash flow allowed us to return $267 million to shareholders this quarter through dividends and share repurchases. We are pleased with our first-quarter performance and the team's strong execution and operational focus.

BEHR 持續在提供兼具創新與永續的產品方面維持產業領導地位。接著談資本配置。強勁的現金流使我們本季透過股利與庫藏股回購向股東返還 2.67 億美元。我們對第一季表現，以及團隊強勁的執行力與營運聚焦感到滿意。

Additionally, I'm proud of how our teams are working quickly to implement various restructuring actions to ensure we have the appropriate cost structure for our business in this rapidly changing environment. Turning to our expectations for the full year. We continue to face a highly dynamic macroeconomic and geopolitical environment.

此外，我也為我們的團隊感到自豪，他們正快速推動各項重整措施，以確保在這個快速變動的環境中，我們的成本結構符合業務需求。接著談我們對全年展望的預期。我們仍面臨高度動態的總體經濟與地緣政治環境。

Therefore, we believe it is prudent to maintain our 2026 earnings per share guidance in the range of $4.10 to $4.30 per share. Our guidance includes our expectation that our sales will now be up low single digits for 2026, but that we will also incur higher than previously anticipated commodity costs. Rick will share additional details of our guidance in a few moments.

因此，我們認為維持 2026 年每股盈餘指引在每股 4.10 至 4.30 美元區間是審慎之舉。我們的指引包含：我們目前預期 2026 年銷售將呈現低個位數百分比成長，但同時也將承擔高於先前預期的大宗商品成本。Rick 將在稍後分享更多指引細節。

While uncertainty remains in the near term, we are focused on positioning ourselves for ongoing sales and profit growth over the mid- to long-term. The structural factors for repair and remodel activity are strong including record high home equity levels, the age of the housing stock and increasing pent-up demand for renovation projects.

儘管短期內不確定性仍在，我們仍專注於在中長期持續推動營收與獲利成長的定位。修繕與翻新活動的結構性因素依然強勁，包括創新高的房屋淨值水準、房屋存量老化，以及翻新工程需求累積增加。

As consumer sentiment improves, interest rates decrease, and existing home turnover increases, we expect these favorable fundamentals to become a tailwind for our business. In addition, we are taking the right actions to optimize our business, leaving us well positioned to deliver above-market top and bottom-line growth.

隨著消費者信心改善、利率下降以及既有住宅成交量增加，我們預期這些有利的基本面將成為推動我們業務的順風。此外，我們正採取正確行動以優化業務，使我們處於有利位置，得以實現高於市場的營收與獲利成長。

We are committed to our consumer-driven strategy, which leverages our industry-leading brands, expanded commercial capabilities and enhanced operational excellence. We look forward to further sharing the strategy and our long-term goals with you, either in person or online at our upcoming Investor Day on Wednesday, May 13 in New York City.

我們致力於以消費者為導向的策略，運用我們業界領先的品牌、擴大的商業能力以及強化的營運卓越。我們期待在即將到來、於5月13日（週三）在紐約市舉行的投資人日，無論是現場或線上，與各位進一步分享該策略與我們的長期目標。

With that, I'll now turn the call over to Rick to go over our first-quarter results and 2026 outlook in more detail. Rick?

接下來，我將把電話會議交給Rick，請他更詳細說明我們第一季的業績以及2026年的展望。Rick？

Thank you, Jon, and good morning, everyone. Thank you for joining. As Robin mentioned, my comments today will focus on adjusted performance, excluding the impact of rationalization charges and other one-time items. Turning to slide 7. We delivered strong first-quarter results, with total sales increasing 6% or 4%, excluding the favorable impact of currency.

謝謝你，Jon，各位早安。感謝各位參與。如Robin所提到，我今天的評論將聚焦於調整後的表現，排除精簡整併費用及其他一次性項目的影響。請看第7頁投影片。我們第一季交出強勁成果，總銷售額成長6%；若排除匯率帶來的有利影響，則成長4%。

In local currency, North American sales increased 5%, and international sales increased 1%. Gross margin expanded 10 basis points to 36% in the quarter. SG&A as a percent of sales was 19.1%, 80 basis points lower than the prior year. Operating profit grew 13% to $324 million in the quarter, and our margin expanded 90 basis points to 16.9%.

以當地貨幣計，北美銷售額在本季成長5%，國際銷售額成長1%。本季毛利率擴張10個基點至36%。SG&A占銷售額比重為19.1%，較去年下降80個基點。本季營業利益成長13%至3.24億美元，營業利益率擴張90個基點至16.9%。

Operating profit was driven by pricing actions and cost savings initiatives partially offset by higher tariff and commodity costs. Our EPS grew 20% to $1.04 per share in the quarter. Turning to slide 8. Plumbing sales increased 9% in the first-quarter or 7%, excluding the favorable impact of currency. While this growth was primarily driven by pricing actions, which increased sales by 6%, our performance was better than expected, driven by volume, which was up slightly in the quarter.

營業利益主要受惠於定價措施與成本節省計畫，但部分被較高的關稅與大宗商品成本所抵銷。本季每股盈餘（EPS）成長20%至每股1.04美元。請看第8頁投影片。第一季管道（Plumbing）銷售額成長9%；若排除匯率帶來的有利影響，則成長7%。雖然此成長主要由定價措施帶動（使銷售額增加6%），但我們的表現優於預期，主要來自本季銷量小幅上升。

In local currency, North American plumbing sales increased 9% in the quarter. This performance was primarily driven by strong growth in our Delta Faucet and Watkins Wellness businesses. In local currency, international plumbing sales increased 1% in the quarter. Hansgrohe grew in many of its European markets, including its key market of Germany.

以當地貨幣計，北美管道業務銷售額本季成長9%。此表現主要由我們的Delta Faucet與Watkins Wellness業務強勁成長所帶動。以當地貨幣計，國際管道業務銷售額本季成長1%。Hansgrohe在多個歐洲市場成長，包括其關鍵市場德國。

This growth was partially offset by softness in China and other smaller markets. Segment operating profit in the first-quarter increased 10% to $250 million and operating margin expanded 10 basis points to 18.3%. Operating profit was driven by pricing actions and cost savings initiatives, partially offset by higher tariff and commodity costs. Turning to slide 9. Decorative Architectural sales were in line with the prior year.

上述成長部分被中國及其他較小市場的疲弱所抵銷。第一季部門營業利益成長10%至2.50億美元，營業利益率擴張10個基點至18.3%。營業利益主要受惠於定價措施與成本節省計畫，但部分被較高的關稅與大宗商品成本所抵銷。請看第9頁投影片。裝飾建築（Decorative Architectural）銷售額與去年同期持平。

This performance was driven by mid-single-digit growth in our PRO paint sales, offset by a low single-digit decrease in our DIY paint sales. These results were largely in line with our expectations, and we continue to anticipate full year PRO paint sales to increase mid-single digits and for DIY paint sales to decrease mid-single digits. Operating profit in the first-quarter was $105 million.

此表現主要來自我們PRO專業漆銷售額的中個位數成長，但被DIY自助漆銷售額的低個位數下滑所抵銷。這些結果大致符合我們的預期；我們仍預期全年PRO專業漆銷售額將成長中個位數，而DIY自助漆銷售額將下滑中個位數。第一季營業利益為1.05億美元。

Growth versus the prior year was primarily driven by cost savings initiatives, which are inclusive of benefits from our recent restructuring actions as well as increased pricing. This was partially offset by higher commodity costs. Operating margin was 19% in the quarter and reflects the benefit of our Liberty Hardware business now being reported in our plumbing segment.

相較去年同期的成長主要由成本節省計畫所帶動，其中包含近期重整措施帶來的效益以及提價。但部分被較高的大宗商品成本所抵銷。本季營業利益率為19%，並反映我們的Liberty Hardware業務目前改列於管道部門所帶來的效益。

This was coupled with a more normalized first-quarter for our paint business as we lap the inventory timing dynamic that unfavorably impacted the first-quarter of last year. Turning to slide 10. Our balance sheet remains strong with gross debt-to-EBITDA at 2.1 times at quarter end. We finished the quarter with $1.3 billion of liquidity, including cash and availability under our revolving credit facility.

同時，隨著我們跨越去年第一季因庫存時點因素而造成的不利影響，本季塗料業務也回到較為正常化的第一季表現。請看第10頁投影片。截至季末，我們的資產負債表仍然強健，總負債對EBITDA為2.1倍。本季結束時，我們的流動性為13億美元，包含現金及循環信用額度下的可用額度。

Working capital was 19.5% of sales at quarter end. As expected, working capital balances in the first half of the year remained elevated versus the prior year due to the timing of when tariffs were implemented. However, we continue to anticipate working capital as a percent of sales will be approximately 16.5% at the end of the year.

截至季末，營運資金占銷售額比重為19.5%。如預期，由於關稅實施時點的影響，上半年營運資金水位相較去年仍偏高。不過，我們仍預期年底營運資金占銷售額比重約為16.5%。

Our strong cash performance enabled us to return $267 million to shareholders through dividends and share repurchases, including the repurchase of $202 million of stock in the first-quarter. Additionally, based on the strength of our balance sheet and confidence in our future performance, we recently entered into a two-year delayed draw term loan of up to $500 million.

強勁的現金表現使我們得以透過股利與庫藏股回購向股東返還2.67億美元，其中包含第一季回購2.02億美元股票。此外，基於我們資產負債表的強度以及對未來表現的信心，我們近期簽訂了一筆為期兩年的延遲提領定期貸款，額度最高可達5億美元。

We plan to utilize the available funds under this facility to opportunistically repurchase our shares. As a result, we now expect to deploy at least $800 million towards share repurchases or acquisitions in 2026, up from our previous expectation of approximately $600 million. Now let's turn to slide 11 and review our outlook for 2026.

我們計畫運用該融資工具下的可用資金，伺機回購公司股票。因此，我們目前預期在2026年將至少投入8億美元用於股票回購或併購，高於先前約6億美元的預期。現在請看第11頁投影片，回顧我們對2026年的展望。

While we are pleased with our strong results in the first-quarter, there remains a high degree of uncertainty in the macroeconomic and geopolitical environment. As a result, we are largely maintaining our full year outlook. For Masco overall, we expect 2026 sales to be up low single digits versus our previous guide of flat to up low single digits, and we continue to expect our margins to expand to approximately 17%.

雖然我們對第一季的強勁成果感到滿意，但總體經濟與地緣政治環境仍存在高度不確定性。因此，我們大致維持全年展望不變。就Masco整體而言，我們預期2026年銷售額將較先前指引「持平至低個位數成長」上修為「低個位數成長」，並仍預期利潤率將擴張至約17%。

Regarding cadence for the year, given the timing of tariff impacts, which largely impacted our results in the second half of last year, we anticipate total Masco margin to be relatively flat in the first half of the year versus our previous guide of margin contraction and to expand in the second half of the year as we lap the tariff impact and as our mitigation actions continue to take hold.

就全年節奏而言，考量關稅影響的時點（其主要影響了去年下半年業績），我們預期Masco整體利潤率在上半年將大致持平（相較先前指引為利潤率收縮），並在下半年隨著我們跨越關稅影響基期以及緩解措施持續發揮效果而擴張。

As it relates to tariffs, on our prior earnings call, we estimated the total cost impact from incremental tariffs to be approximately $200 million before mitigation this year. Given the recent ruling on IEEPA tariffs, the implementation of temporary Section 122 tariffs and changes to how Section 232 tariffs on steel, aluminum and copper are applied, we do anticipate the impact of these tariff changes before mitigation to be favorable.

就關稅而言，在上次法說會中，我們估計今年新增關稅在未採取緩解措施前的總成本影響約為2億美元。鑑於近期對IEEPA關稅的裁決、臨時第122條關稅的實施，以及第232條對鋼、鋁與銅關稅適用方式的變更，我們確實預期這些關稅變動在未採取緩解措施前的影響將偏向有利。

However, given the great deal of uncertainty as to where tariffs will ultimately land, it is challenging to quantify. In addition, we anticipate any tailwind from these tariff changes will be more than offset by anticipated increases in commodity and related input costs. Copper prices remain elevated and oil, which impacts a wide range of material as well as logistics costs also remains elevated and volatile.

然而，由於關稅最終落點仍高度不確定，因此難以量化。此外，我們預期這些關稅變動帶來的任何順風，將被預期的大宗商品及相關投入成本上升所抵銷，且抵銷幅度可能更大。銅價仍處於高檔；而原油（影響廣泛材料以及物流成本）也仍維持高位且波動。

We continue to monitor these dynamics, and we'll work diligently to mitigate the impact as we have demonstrated in the past. Turning to our segments. In our Plumbing segment, we continue to expect 2026 full year sales to be up low single digits and our operating margin to expand to approximately 18%, driven by pricing discipline, operational efficiencies and continued cost savings initiatives.

我們將持續監控這些動態，並如同過去所展現的，努力降低其影響。接著談我們的各部門。在管道部門，我們仍預期2026年全年銷售額將呈低個位數成長，營業利益率將擴張至約18%，主要由定價紀律、營運效率提升以及持續的成本節省計畫所帶動。

In our decorative architectural segment, we continue to expect 2026 sales to be roughly flat with the prior year and our operating margin to be approximately 19% with a continued focus on cost savings initiatives. Finally, as Jon mentioned earlier, we are maintaining our 2026 EPS estimate of $4.10 to $4.30 per share. This now assumes a 200 million average diluted share count for the year versus our previous guide of 202 million shares and a 24.5% effective tax rate. Additional financial assumptions for 2026 can be found on slide 14 of our earnings deck.

在我們的裝飾性建築（Dec Arc）事業部門，我們仍預期2026年銷售額將與前一年大致持平，營業利潤率約為19%，並持續聚焦於成本節省措施。最後，如Jon先前提到的，我們維持2026年每股盈餘（EPS）預估為每股4.10至4.30美元。此預估目前假設全年平均稀釋後股數為2億股，相較於我們先前指引的2.02億股，且有效稅率為24.5%。2026年的其他財務假設可於我們財報簡報的第14頁找到。

With that, I would like to open up the call for questions. Operator?

接下來，我想開放電話會議進入提問環節。接線員？

(Operator Instructions) John Lovallo, UBS.

（接線員指示）UBS的John Lovallo。

The first one is just on the Section 232. You said that this could be actually favorable, which seems right to us. But is this really driven by the fact that the product that you're importing whether it's faucets or shower heads, are not entirely copper and that some of the subassembly is done in the US. And how do you kind of wrap your arms around what this potential benefit could be?

第一個問題是關於《232條款》（Section 232）。你們表示這實際上可能對你們有利，這點我們也認同。但這是否主要是因為你們進口的產品，不論是水龍頭或蓮蓬頭，並非完全由銅構成，而且部分次組裝是在美國完成？你們如何評估並掌握這項潛在利益可能有多大？

John, it's Rick. So with regards to our comments on the potential favorability on the tariff impact, it's really an impact -- it's really a composite impact. So it's not just the 232 tariffs, but it's the ruling on the IEEPA tariffs at the end of February, the imposition of Section 122 tariffs. And then, of course, the 232 tariffs, which you speak of. So we look at it from a composite perspective.

John，我是Rick。關於我們提到關稅影響可能帶來有利因素，這其實是一個綜合性的影響——也就是一個組合效應。因此不僅是232關稅，還包括2月底對IEEPA關稅的裁定、以及《122條款》（Section 122）關稅的施行。當然也包含你所提到的232關稅。所以我們是以綜合角度來看待。

The 232 tariffs themselves are relatively nominal in terms of their net impact. But on composite, we expect a favorable impact. But in addition to the ones that we talked about in our opening comments, as you probably are aware, the administration is looking into a couple of investigations on Section 301 tariffs as well. The environment remains uncertain.

就232關稅本身而言，其淨影響相對不大。但從整體組合來看，我們預期會帶來有利影響。不過，除了我們在開場談到的項目之外，如你可能也知道，政府也正在就《301條款》（Section 301）關稅進行幾項調查。整體環境仍然不確定。

We think, a net-net, it will be favorable for us for the year, but it's difficult to quantify just given the moving parts. And as we also mentioned, we think any favorability will likely be offset by elevated commodity costs, as we talked about.

我們認為，整體而言（net-net），今年對我們會是有利的，但由於變動因素很多，很難量化。另外如我們也提到的，我們認為任何有利因素很可能會被偏高的商品成本所抵銷，正如我們所討論的。

Okay. That's helpful. And then I think you guys said your prior estimate was for consolidated pricing to be up low single digits with mid-single-digit pricing and plumbing and sort of flattish in Dec Arc. I mean how are you guys kind of thinking about this now, particularly with the move in resins since the conflicts in the Middle East began?

了解。這很有幫助。另外，我記得你們先前的預估是：合併層面的定價上調低個位數百分比；管路（Plumbing）為中個位數；而Dec Arc大致持平。那你們現在怎麼看，尤其是在中東衝突開始後樹脂價格的變動之下？

Yes. So with regards to our pricing expectations for the year, our plumbing expectation is mid-single digit. In terms of Dec Arc, it's really going to be dependent on where we end up from a commodity perspective, we are seeing significant headwinds given the elevated and volatile oil prices and the impact that it has really across the input spectrum and including freight costs as well, but certainly on the Dec Arc side with regards to resins, et cetera.

是的。就我們今年的定價預期而言，管路事業我們的預期是中個位數。至於Dec Arc，將高度取決於最終商品成本的走勢；我們看到顯著逆風，原因是油價處於高檔且波動，對投入成本結構造成廣泛影響，也包括運費成本，但在Dec Arc端尤其體現在樹脂等方面。

And so we're seeing upward pressure in the neighborhood of mid- to high single digits. Obviously, it's still in discussion. And so that's something that we're tracking very closely. I think from an overall company perspective, we would expect mid-single-digit inflation, and that's really commodities as well as the wage inflation as well. So it's something that we're monitoring and managing very closely.

因此我們看到的上行壓力大約在中到高個位數的區間。當然，目前仍在討論中。所以這是我們正在非常密切追蹤的事項。從公司整體角度來看，我們預期通膨為中個位數，這包含商品成本以及薪資通膨。因此我們正非常密切地監控並管理。

We do have a track record of offsetting and managing through these challenges, and we believe we'll do so here as well through a combination of levers. But that's really the landscape. And I caveat, as we all recognize, it's still uncertain, but there is upward pressure.

我們過去在因應並抵銷這些挑戰方面有良好紀錄，我們也相信這次同樣能透過多種手段的組合來做到。但整體情勢就是如此。我也要補充，正如大家所認知的，仍存在不確定性，但確實有上行壓力。

Stephen Kim, Evercore ISI.

Evercore ISI的Stephen Kim。

I think you effectively have said that you -- well, you just reiterated that you think that the changes in the tariffs will largely be offset by the commodity. I was wondering if you could give us just an overall estimate of how much that piece, which will be transferred effectively will be for the year. And if there's a quarterly cadence to that, that we should be mindful of?

我想你們基本上已經表示——你剛剛也重申——你們認為關稅變動大致會被商品成本所抵銷。我想請問，你們能否給我們一個整體估計，這一塊（也就是最終會被轉嫁的部分）在全年大概會是多少？以及是否有季度節奏需要我們留意？

Steve, just to clarify your question. In terms of the transfer of costs, could you just elaborate?

Steve，我先確認一下你的問題。你提到的成本轉嫁，能否再多說明一下？

Offset. Yes, the offset, you are basically saying that the tariff changes could be beneficial to you, but the commodity costs will be higher and that those pieces would effectively be offsetting, if I heard you correctly. And so I'm just wondering how big is that piece effectively?

抵銷。是的，抵銷。你基本上是在說，關稅變動可能對你們有利，但商品成本會更高，而這兩者會彼此抵銷——如果我理解正確的話。所以我想知道，這一塊的規模大概有多大？

Yes. We're not going to quantify the actual magnitude of it. I think on a net basis, you can think of them as relatively flat to potentially a headwind for us for the year, just given the extent of commodity inflation that we've seen really across many input costs, particularly copper and zinc as well as oil-based inputs, particularly resins, et cetera. So we're basically tracking that.

是的。我們不會量化其實際幅度。我認為以淨額來看，你可以把它視為全年大致持平到可能對我們略為不利，主要是因為我們在多項投入成本上看到的商品通膨幅度很大，特別是銅與鋅，以及以油為基礎的投入，尤其是樹脂等。所以我們基本上正在追蹤這些變化。

But I think at the end of the day, those commodity costs are going to offset the favorability or potentially more than that. In terms of your second question, quarterly cadence, this is largely a back-half of 2026 phenomenon. As I think we've described in the past, particularly on the plumbing side of the business, commodity costs when they show up in the market really have to flow through our inventory and in our P&L, usually a couple of quarters later.

但我認為最終這些商品成本將會抵銷關稅帶來的有利因素，甚至可能超過。至於你的第二個問題——季度節奏——這主要會是2026年下半年的現象。如同我們過去所描述的，尤其在管路業務端，商品成本在市場上出現後，通常要經過庫存流轉並反映到損益表（P&L），往往會落後約兩個季度。

And we saw elevated copper and zinc cost really as we entered into 2026. So that will be more of a back-half '26 phenomenon. As it pertains to oil and resin costs, that's a little bit more near term because we've been seeing that as of late, and that's more of a quarter to two quarters out. So it's really kind of as we approach midyear and the second half of the year, that we would see that impact.

而我們在進入2026年時就已看到銅與鋅成本偏高。因此那會更偏向於2026年下半年的現象。至於油價與樹脂成本，因為我們最近才開始看到上升，時間點會更接近現在，大約是落後一到兩個季度。所以大概在接近年中以及下半年時，我們會看到那個影響。

And that lines up pretty cleanly with regards to our tariff favorability because the tariff favorability is largely driven by the IEEPA tariff ruling. And that occurred as we all know, on February 20. And so that takes some time to flow through our P&L as well. So they tend to map pretty cleanly. But at the end of the day, there's still a lot of volatility out there, Stephen, as you recognize.

而這與我們的關稅有利因素在時間上也相當吻合，因為關稅有利因素主要是由IEEPA關稅裁定所驅動。而該裁定如大家所知是在2月20日發生。因此它也需要一些時間才會反映到我們的損益表（P&L）。所以兩者在時間上往往對得很整齊。但歸根結底，外部仍有很大的波動性，Stephen，正如你所理解的。

Okay. Great. That's actually a good cleanup. I appreciate that. In the Dec Arc segment, your margins were stronger than we expected. And I was curious if you could give us some sense for the relative importance of the cost savings initiatives from restructuring versus pricing? And give us a sense for what your expectation is about the quarterly cadence because we typically see the margins rise in 2Q and 3Q from 1Q. Is there anything that we should be mindful of that would be different this year than normal?

好的。很好。這其實把問題釐清得很清楚。謝謝你的說明。在Dec Arc事業部門，你們的利潤率比我們預期更強。我想了解一下，重整所帶來的成本節省措施相對於定價，在其中的重要性各占多少？另外也請談談你們對季度節奏的預期，因為我們通常會看到利潤率在第二季與第三季相較第一季上升。今年是否有任何需要我們留意、可能不同於往年的地方？

Stephen, this is Jon. I'll jump in first, and then Rick can follow up with anything I miss here. We -- I guess, overall, feel good about this trajectory that our paint business is on. As you know, we exited 2025 with the challenging year behind us, and we feel better about our performance. Again, we saw our business overall flat with PRO paint growing mid-single digits, DIY down low single digits.

Stephen，我是Jon。我先回答，然後Rick可以補充我這裡遺漏的部分。我們——我想整體而言——對我們塗料業務目前的發展軌跡感到樂觀。如你所知，我們在2025年結束時已把充滿挑戰的一年拋在身後，並且對我們的表現更有信心。再次說明，我們整體業務大致持平，其中PRO專業塗料成長中個位數百分比，DIY自助市場下滑低個位數百分比。

We feel great about the plans we have in place with our retail partner, and we'll continue to, again, grow share with the PRO paint segment, which is a big opportunity for us, and we've got a significant amount of headroom there and then make sure that we continue to grow with DIY as well where we have a significant share.

我們對與零售合作夥伴所制定的計畫感到非常有信心；我們也會持續——再次強調——在PRO專業塗料領域擴大市占，這對我們而言是很大的機會，而且我們在那裡仍有相當大的成長空間；同時也要確保在DIY領域持續成長，因為我們在該領域同樣擁有可觀的市占。

In terms of margins, I would say, yes, they were up significantly versus last year. They are much more normalized versus a typical Q1 though, we had an easy comp this year versus Q1 of last year and we feel good about our ability to continue to manage our margins and move forward. I would say our restructuring actions are paying off and particularly in our BEHR business.

就毛利率而言，我會說，是的，相較去年顯著提升。不過相較於典型的第一季，它們更接近常態化；因為今年第一季相對於去年第一季的比較基期較容易，我們也對持續管理毛利率並向前推進的能力感到有信心。我會說，我們的重整措施正在發揮成效，尤其是在我們的BEHR業務上。

As we've taken significant steps to really streamline our cost structure and allow us to compete in the market that hasn't been growing the way that we'd like overall. And I'll let Rick answer the question just on quarterly cadence, but hopefully, that gives you a good perspective.

我們已採取重大步驟，真正精簡成本結構，讓我們能在整體市場成長不如我們所期望的情況下仍具競爭力。至於季度節奏的問題我讓Rick來回答，但希望這能讓你有一個很好的理解。

Yes, Stephen. So with regards to Jon's comments were spot on in terms of the implications on Q1. I would just reinforce that the performance in Q1 was driven really based off of cost reduction actions that were in our control, including the restructuring actions that Jon alluded to. We did see some low single-digit inflation in the commodity input costs.

是的，Stephen。關於Jon的評論，就第一季的影響而言非常到位。我只想再強調，第一季的表現主要是由我們可控的降本行動所驅動，包括Jon提到的重整措施。我們確實看到大宗原物料投入成本出現低個位數百分比的通膨。

So that's something that we are mindful of, and as I mentioned earlier, are expected to increase over time. So that's something that we're tracking. But I think in terms of our margin performance in Q1, it was largely in line with what we would have seen from a historical standpoint on a clean Q1.

因此這是我們留意的重點，而且如我先前提到，預期會隨時間推移而上升。所以這是我們正在追蹤的事項。但我認為，就第一季的毛利率表現而言，大致上與從歷史角度在「乾淨」的第一季所會看到的水準一致。

Sam Reid, Wells Fargo.

Sam Reid，Wells Fargo。

Congrats on the quarter here. In plumbing, really nice beat versus expectations. I just wanted to perhaps unpack the plumbing volumes that you put up during the quarter. I know they were modest, but I believe there was some volume benefit there. I just wanted to double confirm that there wasn't anything onetime or any pull forward in there around pricing that we should be mindful of?

恭喜本季表現。在衛浴管材（plumbing）方面，確實大幅優於預期。我想或許更深入拆解一下你們本季的衛浴管材出貨量（volume）。我知道幅度不大，但我相信其中有一些量的貢獻。我想再次確認一下，裡面是否沒有任何一次性因素，或是與定價相關的提前拉貨（pull forward），是我們需要留意的？

Sam, this is Jon. I would say the short answer is no. It was a pretty normalized quarter in terms of inventories. We feel really good about our Plumbing business and the performance that, that team put up really around the world where we saw our business grow nicely. Our North American business, in particular, with Delta Faucet company had a terrific first-quarter, growing high single digits.

Sam，我是Jon。我會說簡短答案是沒有。就庫存而言，這是一個相當正常化的季度。我們對衛浴管材業務以及該團隊在全球所交出的表現感到非常滿意，我們看到業務有不錯的成長。尤其是北美業務，Delta Faucet Company第一季表現非常出色，成長高個位數百分比。

I think one of the -- if you look at our beat versus our internal expectations for Q1, it was really plumbing and then primarily North American plumbing and the vast majority of that beat was really just volume versus expectations. As you're aware, we took a fairly significant amount of pricing as we exited last year. And the team has done a terrific job really putting that pricing in place and navigating with our customers to have really good plans.

我認為——如果你看我們第一季相對於內部預期的超出（beat）——主要來自衛浴管材，且主要是北美衛浴管材；而其中絕大部分的超出其實是量優於預期。如你所知，我們在去年年底時進行了相當大幅度的調價。團隊在落實該定價、並與客戶協調以制定非常好的計畫方面做得非常出色。

And we saw our volume perform better than we would have expected from an elasticity standpoint. So we feel like the fundamentals are incredibly strong. We grew share across our channels. In fact, we grew in every channel across plumbing, whether it be wholesale trade or e-commerce. We've got a great new product lineup. Our marketing plans are strong. We feel really good about our plumbing business, and we'll continue to focus on as we move through the rest of the year.

而我們看到出貨量的表現，從需求彈性（elasticity）的角度來看，優於我們原先的預期。因此我們認為基本面非常強勁。我們在各通路都提升了市占。事實上，在衛浴管材方面，不論是批發通路或電商，我們在每一個通路都實現成長。我們有很棒的新產品陣容。我們的行銷計畫也很強。我們對衛浴管材業務感到非常有信心，並會在今年剩餘時間持續聚焦推進。

That's super helpful. And then maybe double-clicking on the plumbing price in a little bit more detail. I mean it sounds like the strength was widespread across all of your channels. But could you perhaps give us a little bit more color on whether there were any nuances between plumbing price, say, retail versus wholesale, wholesale versus e-com? Would just love maybe a view on how that plumbing price might have looked by channel.

這非常有幫助。接著也許更深入看一下衛浴管材的價格（price）細節。聽起來你們的強勁表現遍及所有通路。但你能否再多提供一些背景，例如衛浴管材的價格在不同通路之間是否有任何差異：像是零售對比批發、批發對比電商？很希望能了解一下按通路來看，衛浴管材的定價大概呈現什麼樣貌。

Yes, Sam. This is Jon again. We typically don't get into that level of detail from a pricing standpoint. I think suffice to say, though, if you look at our results, we executed our plans well from a pricing standpoint across all channels, given that we saw the price realization in the market that we had hoped for and our elasticities weren't as severe as they could be.

好的，Sam。我再說一次，我是Jon。我們通常不會在定價層面提供那麼細的拆解。不過我想簡單說，如果你看我們的結果，我們在所有通路的定價執行都很到位，因為我們在市場上實現了我們所期望的價格落地（price realization），而且需求彈性也沒有像可能那樣嚴重。

So again, we feel really good about how we navigated -- and the performance was pretty consistent through all channels. And again, in North America, it was high single digits, which is terrific.

所以再次強調，我們對於如何應對——而且各通路的表現相當一致——感到非常滿意。同樣地，在北美是高個位數百分比的成長，這非常出色。

Matthew Bouley, Barclays.

Matthew Bouley，Barclays。

Wanted to start on the growth guidance in Plumbing. So you obviously started the year at this 9% growth and still guiding the full year up low single digits. And so presumably, those pricing comps will get a lot tougher in the second half. So I guess that part is understood, but you would still need a lot more deceleration either as soon as Q2 or perhaps even a negative comp at some point just to kind of hit that guide.

我想先從衛浴管材的成長指引談起。你們顯然以9%的成長開局，但全年仍維持低個位數百分比成長的指引。因此推測下半年價格的比較基期會變得困難許多。我想這部分可以理解，但要達到該指引，你們仍需要更明顯的成長放緩，可能最早在第二季就出現，或甚至在某個時點出現負的比較基期，才能大致符合該指引。

So I guess the question is, should we be expecting that, that deceleration in growth is sort of already happening here in Q2? Or are you just really building in a lot of conservatism around the volume side that you kind of think is prudent here to sort of get that type of deceleration?

所以我的問題是：我們是否應該預期這種成長放緩其實在第二季就已經開始發生？或者你們只是基於出貨量（volume）端建立了相當保守的假設，認為在目前情況下這樣做比較審慎，因而反映出那種放緩？

You're welcome. This is Jon. So as I mentioned, really pleased with the performance in Q1. As we look to the remainder of the year, really, it's the uncertainty that we see in the world around us that caused us to keep our guidance where it is. Certainly, you had all of the uncertainty prior to the war and around with tariffs and the consumer sentiment and things like that.

不客氣。我是Jon。如我提到的，我們對第一季的表現非常滿意。展望今年剩餘時間，主要是我們在周遭世界所看到的不確定性，使我們將指引維持在目前水準。當然，在戰爭之前就已存在各種不確定性，包括關稅、消費者信心等等。

And then obviously, the war adds a whole another level of uncertainty. So we're looking at two things very closely. One, the demand environment and how our consumers purchasing across our markets. And today, we have not seen a meaningful change, but it's something that we're looking at very, very closely. And I think as the oil shock ripples through the economy, we have questions in terms of how the economy is going to perform.

而顯然，戰爭又增加了另一層不確定性。因此我們正非常密切地觀察兩件事。第一是需求環境，以及消費者在我們各市場的購買情況。截至目前，我們尚未看到有意義的變化，但這是我們非常、非常密切關注的。我認為隨著油價衝擊（oil shock）在經濟中擴散，我們也對經濟表現將如何發展抱持疑問。

Again, nothing to date that gives us pause, but we're going to continue to watch that closely. As Rick mentioned earlier, what we have seen certainly is the impact of inflation from the oil shock, particularly in petrochemicals and particularly in our Decorative Architectural business. As Rick also mentioned our team has really, I think, distinguished itself as being able to navigate through tough times in a dynamic environment.

再次強調，截至目前沒有任何跡象讓我們感到擔憂，但我們會持續密切觀察。如Rick先前提到，我們確實看到油價衝擊帶來的通膨影響，特別是在石化產品上，尤其是在我們的裝飾建築（Decorative Architectural）業務。如Rick也提到，我認為我們的團隊確實展現出在動態環境中穿越艱難時期的能力。

And we'll do everything that we can to offset that inflation by negotiating with our suppliers, looking at footprint. But ultimately, if we have to take price, we'll work to do that in a very efficient and effective way.

我們會盡一切所能，透過與供應商協商、檢視我們的佈局（footprint）來抵消通膨影響。但最終，如果我們必須調整價格，我們會以非常高效且有效的方式來執行。

Got it. Okay. That's very helpful. Secondly, shifting over to the Hansgrohe business. Question is on basically both demand and energy costs, specifically in Europe. So as the conflict began, the question is, have you sort of seen any changes either from a consumer perspective? I mean, it sounded like Europe was still positive in the quarter.

了解。好的。這非常有幫助。第二，轉到 Hansgrohe 業務。問題主要關於需求與能源成本，特別是在歐洲。因此，隨著衝突開始，你們是否從消費者角度看到任何變化？我的意思是，聽起來歐洲在本季仍然是正向的。

But anything changing on the margin around demand in Europe or just the energy costs related to natural gas in your business there. So any kind of color on how you expect that to play out?

但在歐洲的需求方面，或是你們當地業務與天然氣相關的能源成本方面，是否有任何變化影響到利潤率？所以，能否分享一些你們預期會如何發展的看法？

I'd say similar to what we're seeing in North America. We haven't seen a dramatic change to date, something we're obviously watching closely. We see commodity pressure in Europe just like we do in North America, and that team is taking -- the Hansgrohe's team is taking the initiatives to offset it. And then from a demand standpoint, again, remember that Hansgrohe is really a global business.

我會說，情況與我們在北美看到的類似。截至目前我們尚未看到劇烈變化，但我們顯然正密切關注。我們在歐洲也看到與北美相同的商品成本壓力，而該團隊——Hansgrohe 的團隊——正在採取措施來抵消。另外，從需求角度來看，再次提醒，Hansgrohe 其實是一個全球性業務。

We like how Europe is holding up at this point. China is no secret. It remains a challenging market from a new home construction standpoint and a building standpoint. So if anything, that's the market we continue to look at in terms of trends and looking to improve our trends in that market. But Europe is hanging in there pretty well to date. So we feel good about Hansgrohe as well.

我們喜歡目前歐洲的支撐力道。中國的情況眾所皆知。從新屋建設與建築活動的角度來看，仍然是一個具挑戰性的市場。所以如果要說的話，那是我們持續關注趨勢、並希望改善我們在該市場趨勢的市場。但截至目前，歐洲表現仍相當穩健。因此我們對 Hansgrohe 也感到樂觀。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO Capital Markets。

Congrats on a strong quarter. Maybe just coming back to the full year guidance. Jon or Rick, what is the right way to think about sort of what you're embedding as the base case? If volumes, the demand environment stay kind of where it is today, do you expect to be more sort of at the midpoint of that range? How should we think about that?

恭喜本季表現強勁。我想回到全年指引。Jon 或 Rick，該如何理解你們所內含的基本情境（base case）？如果出貨量、需求環境維持在目前水準，你們是否預期會更接近該區間的中點？我們應該如何看待？

It's Rick. So with regards to our guidance, it's informed by all the information that we have to date with regards to what we're seeing in the marketplace. Obviously, the uncertainty in the macroeconomic and geopolitical environment as well as from an earnings perspective, the tariff implications and the commodity implications that we've spoken to already.

我是 Rick。關於我們的指引，是基於截至目前我們掌握的所有資訊，以及我們在市場上看到的情況。當然也包含總體經濟與地緣政治環境的不確定性；以及從獲利角度來看，我們先前已談到的關稅影響與商品成本影響。

I mean at the end of the day, we feel confident in terms of delivering our results within the range. And without further input on that, I think you can comfortably assume that we'll end in the mid part of the range. From a top line perspective, our guidance, we did increase our expectations for the year from flat to low single digits to up low single digits.

總之，我們對於在該區間內交付業績有信心。在沒有更多補充的情況下，我認為你可以合理地假設我們會落在區間的中段。就營收面而言，我們已將全年預期從「持平到低個位數成長」上調為「低個位數成長」。

So we do expect growth in our top line this year from a total company perspective, driven primarily in our plumbing space. And from a bottom line perspective, we do expect earnings growth and EPS expansion landing in the $4.10 to $4.30 range for the year.

因此，從整體公司角度來看，我們預期今年營收將成長，主要由我們的管路（plumbing）業務帶動。而在獲利面，我們也預期盈餘成長與 EPS 擴張，全年落在 4.10 至 4.30 美元區間。

Got it. That's helpful, Rick. And just as a follow-up on the capital allocation side, you moved the target higher to $800 million. Is it fair to say that you see bigger opportunity on sort of the share repurchase side? Or are you seeing kind of more M&A opportunity as well?

了解。這很有幫助，Rick。另外在資本配置方面追問一下，你們把目標提高到 8 億美元。是否可以說你們看到更大的機會在股票回購？或者你們也看到更多併購（M&A）機會？

Yes. Fair question. As it pertains to the increase in our share repurchase expectations or availability for share purchases or acquisitions. Basically, we saw an opportunity with regards to the strength of our balance sheet. We've got a very healthy gross debt-to-EBITDA ratio or leverage ratio and our confidence in our performance.

是的。問得很好。關於我們提高股票回購預期，或是可用於回購或收購的資金規模。基本上，我們看到一個機會，來自於我們資產負債表的強勁。我們的總負債對 EBITDA 比率（或槓桿比率）非常健康，且我們對自身表現有信心。

Obviously demonstrated in Q1 and our confidence in our future performance and opportunity to look at increasing the cash available for share repurchases from $600 million to at least $800 million. To enable to do that we entered into, as I mentioned in my opening comments, a delayed draw term loan facility to enable that. So it's really going to be opportunistic. We like the flexibility that, that offers.

這在第一季已明顯展現，同時我們也對未來表現與機會有信心，因此把可用於股票回購的現金從 6 億美元提高到至少 8 億美元。為了做到這點，我們如同在開場談話中提到的，簽訂了一項延遲提領的定期貸款額度（delayed draw term loan facility）來支應。所以這會是偏機會型（opportunistic）的操作。我們喜歡它所提供的彈性。

And we like the opportunity in terms of the valuation that we're at today to be able to be opportunistic and leverage that. And so we'll keep providing updates as we progress on each quarter. But right now, we do expect an increase in share repurchases from $600 million to $800 million plus absent any M&A at this point.

我們也喜歡以目前的估值水準所帶來的機會，能夠更具機會性並加以運用。因此，我們會在每一季推進時持續提供更新。但就目前而言，在此刻沒有任何併購的前提下，我們確實預期股票回購將從 6 億美元提高到 8 億美元以上。

And just to reiterate, our capital allocation strategy hasn't changed. We continue to look at M&A. And as we've said before, bolt-on M&A is our focus. If we find the right deal, we'll do it. As Rick mentioned, we just felt like this was a great opportunity because we have the ability to go out and borrow a bit more. And we frankly believe that our shares are undervalued right now, we believe that we're performing well, and we think we can continue to as we move into the future as well.

再重申一次，我們的資本配置策略沒有改變。我們仍會持續尋找併購（M&A）機會。而且如同先前所說，我們的重點是補強型併購（bolt-on M&A）。如果找到合適的案子，我們就會做。如 Rick 所提到的，我們只是覺得這是個很好的機會，因為我們有能力再多借一些資金。而且坦白說，我們認為目前公司股價被低估；我們相信我們表現良好，也認為未來仍能持續如此。

Mike Dahl, RBC Capital Markets.

Mike Dahl，RBC Capital Markets。

I wanted to circle back to some of the cost and margin dynamics. I think the question is if you look at this being kind of net neutral to less favorable in terms of costs and tariffs and a lot of uncertainty around the second half. I understand that historically, you've had the ability to do things to offset this. When you have like broad increases in inputs and global tariffs, it's a little harder to get those savings from shifting footprint unless I'm wrong about that.

我想回到一些成本與利潤率的動態。我想問題是，如果你把這看作在成本與關稅方面大致持平到較不利，而且下半年存在很多不確定性。我理解你們過去一直有能力採取措施來抵消。但當投入成本普遍上升、又有全球性關稅時，除非我理解錯了，透過調整佈局（footprint）來取得節省會更難。

So in your guide, if that is potentially a net negative versus your initial assumption is what is the primary lever that you're relying on to offset that and giving you the confidence to still guide margins up in the back half?

所以在你們的指引中，如果相較於你們最初的假設，這可能是淨負面，那你們主要依賴哪個槓桿來抵消，並讓你們仍有信心在下半年指引利潤率上升？

Yes, Mike, it's Rick. So your understanding of the playing field is accurate in terms of our read of the fact that commodity and input costs are likely to be a headwind that exceeds the favorability on tariffs. And as I mentioned earlier, it is more of a back half of the 2026 dynamic. In terms of the levers that we're looking at, it's really the same levers that we've been executing against already.

是的，Mike，我是 Rick。你對整體情勢的理解是正確的：依我們的判讀，商品與投入成本很可能會成為逆風，其影響將超過關稅帶來的有利因素。而且如我先前提到，這比較是 2026 年下半年的動態。至於我們正在看的槓桿，其實就是我們一直在執行的那些槓桿。

So footprint in terms of sourcing footprint, is still a lever that we're pulling. And that is really on track in terms of helping to mitigate the tariff impact that we still are encountering but it's also cost reduction. We've really executed well in terms of our cost savings initiative. And of course, the restructuring that we announced in our February call and Jon alluded to earlier in his opening comments, that is really taking hold.

例如在佈局方面——也就是採購佈局（sourcing footprint）——仍是我們正在拉動的槓桿。這在協助緩解我們仍持續面臨的關稅影響方面進展順利，同時也帶來成本降低。我們在成本節省計畫的執行上確實做得很好。當然，我們在二月電話會議中宣布的重整（restructuring），以及 Jon 在開場談話中稍早提到的部分，也正在真正發揮效果。

And so that is amplifying our cost savings initiatives, and we're streamlining the business, reducing head count and optimizing operations. And so that's a huge lever for us, and we're going to continue to do that. And then pricing, obviously, we've been really effective at our execution on pricing and although much of the pricing actions that we've been pursuing are implemented, there's still a lever that we're looking at selectively as we proceed during the course of the year.

因此，這正在放大我們的成本節省計畫，我們也在精簡業務、減少人力並最佳化營運。所以這對我們而言是一個巨大的槓桿，我們將會持續這麼做。接著是定價，顯然我們在定價執行上一直非常有效；雖然我們推動的多數定價措施都已落地，但在今年推進的過程中，我們仍會選擇性地運用這個槓桿。

So I would say overall, Mike, the levers remain the same, and we're going to continue to execute like we've done in the past, and we believe that the mitigation actions that we are executing and we intend to execute through the course of the year will be sufficient to allow us to mitigate the headwinds and allow us to deliver results confidently within the guidance range that we provided.

所以我會說，整體而言，Mike，這些槓桿仍然相同，我們會像過去一樣持續執行；我們相信，我們正在執行且打算在今年過程中持續執行的緩解措施，將足以抵消逆風，並讓我們有信心在我們所提供的指引區間內交出成果。

Okay. Great. That's helpful. Then shifting gears and back to the -- I guess, part of this might tie back to the capital allocation. I did note that in your Q, you have a little bit of commentary about the potential to seek relief or refunds from previously paid tariffs, but that nothing has currently been done or contemplated? What can you articulate about your strategy in terms of seeking refunds?

好的。很好。這很有幫助。那接著換個話題，回到——我想其中一部分可能也會連結到資本配置。我確實注意到你們在 Q 裡有一點評論，提到可能會尋求就先前已支付的關稅取得救濟或退款，但目前尚未採取或規劃任何行動？你能否說明你們在尋求退款方面的策略？

And does that tie in at all to kind of the expanded buyback guide where if you do get some refunds, your inclination would be to return that back to shareholders? Or how would you frame that?

而這是否也與你們擴大的回購指引有任何關聯——也就是如果你們確實拿到一些退款，你們會傾向把它回饋給股東嗎？或者你會如何界定這件事？

Mike, this is Jon. I would say we think the refund process still has a lot of uncertainty in it until if and when we get refunds, we'll obviously report what they might be and how it might handle them. But we are not banking on refunds, and it didn't really play any kind of role in our decision to take on the incremental debt that we talked about. So again, we're taking the steps necessary to protect our shareholders. And at the same time, it's still highly uncertain. So when we have something to report, we'll certainly do that.

Mike，我是 Jon。我會說，我們認為退款流程仍存在很大的不確定性；在我們若且唯若拿到退款時，我們當然會揭露可能的金額以及我們可能如何處理。但我們並未把退款納入預期，而且這也沒有在我們決定承擔我們所談到的額外負債時扮演任何角色。所以再次強調，我們正在採取必要步驟來保護股東。同時，這仍高度不確定。因此當我們有可報告的事項時，我們一定會報告。

Trevor Allinson, Wolfe Research.

Trevor Allinson，Wolfe Research。

I wanted to follow up on the restructuring actions. I think last quarter, you guys had talked about those being bigger impacts to '27 and '28, but it sounds like you're seeing those come through this year as well and providing nice tailwinds. So can you size for us what sort of benefit you're getting from the restructuring actions here in '26? And then how much larger does that become as you move into '27 and '28?

我想追問一下重整措施。我記得上季你們談到這些措施對 2027 年和 2028 年的影響會更大，但聽起來你們今年也看到成效並帶來不錯的順風。所以你們能否為我們量化一下，這些重整措施在 2026 年帶來了多大程度的效益？然後當你們進入 2027 年與 2028 年時，這個效益會放大到多大？

Trevor. It's Rick. So with regards to the restructuring actions, we're really pleased with the execution, both the true execution and the timing of our restructuring actions as we disclosed we incurred about $8 million in Q1. We had incurred several million dollars in Q4 of last year, and we expect $50 million of restructuring costs for the calendar year and those are on track. And so we're starting to see those savings.

Trevor。我是 Rick。關於重整措施，我們對執行成果非常滿意——不論是實際執行本身或是時程；如我們揭露的，我們在第一季約發生了 800 萬美元。去年第四季我們也發生了數百萬美元，而我們預期本曆年重整成本為 5,000 萬美元，目前都在軌道上。因此我們開始看到這些節省。

We haven't quantified nor do we intend to quantify the savings per se because part of the savings are going to be redeployed in terms of growth initiatives as well as helping us to expand our margins. And that's a contributing factor to our margin expansion this year. You're absolutely right. The restructuring actions are going to be executed over the course of 2026.

我們尚未量化、也不打算量化節省金額本身，因為部分節省將會被重新投入到成長計畫，同時也會幫助我們擴大利潤率。而這也是我們今年利潤率擴張的貢獻因素之一。你說得完全正確。重整措施將在 2026 年的過程中執行。

And so we'll see more of a full year benefit as we move into '27 into '28. But we're going to be managing those cost savings and leveraging those to, as I mentioned, to drive growth as well as managing our margin expansion.

因此當我們進入 2027 年與 2028 年時，將會看到更完整的全年效益。但我們會管理這些成本節省，並如我所提到的，運用它們來推動成長，同時管理我們的利潤率擴張。

Okay. And then second question maybe is related to that then. I mean you guys have made some changes in your incentive comp structure recently. It looks like you've been more focused on growth than you have been in the past. Can you talk about that change? Why you made the adjustment? And does that imply some shifting priorities for you guys in terms of growth moving forward.

好的。那第二個問題可能也與此相關。我是說，你們最近對獎酬激勵結構做了一些調整。看起來你們比過去更聚焦在成長。你能談談這個改變嗎？為什麼要做這個調整？這是否意味著你們未來在成長方面的優先順序有所轉移？

Trevor, this is Jon. Maybe I'll jump in. So as I joined Masco last summer, it was clear to me Masco is a high-performing company. As I went and did a listening tour and talked to a lot of key constituents. The one thing I heard is that there is likely an opportunity for us to drive our top line a bit faster. Don't take the focus off of margins. Don't take the focus off of cash flow. The company has done a great job on that.

Trevor，我是 Jon。也許我來回答。我在去年夏天加入 Masco 時，很清楚 Masco 是一家高績效公司。當我進行傾聽之旅、與許多關鍵利害關係人交流時，我聽到的一件事是：我們很可能有機會把營收端推動得更快一些。不要把焦點從利潤率移開。不要把焦點從現金流移開。公司在這方面做得非常好。

But if you can continue to deliver the bottom line and grow a little bit faster is probably a benefit to everyone. So we've been focused on doing just that. We're taking actions across the board, including the structuring of our executive committee to bring some external expertise in, in areas that we believe that we can benefit, see some additional savings.

但如果你能在持續交出獲利表現的同時，成長速度再快一點，可能對所有人都有好處。所以我們一直專注在做到這一點。我們正在全面採取行動，包括調整我們的執行委員會架構，引進一些外部專業能力，聚焦在我們認為能受益的領域，並看到一些額外的節省。

We're setting up centers of excellence around things like digital marketing and e-commerce, commercial excellence, all in the pursuit of helping to not only grow the bottom line, but also grow our top line a bit more quickly. And then certainly, incentive is important. So we did make a change to change the weight in terms of how we incent our teams. And I would say profit is still the largest percentage of the pie.

我們也在數位行銷與電商、商業卓越等領域建立卓越中心，目的都是為了不僅推動獲利端成長，也讓營收端成長得更快一些。此外，激勵當然很重要。所以我們確實做了調整，改變了我們激勵團隊時各項指標的權重。而我會說，獲利仍然是占比最大的那一塊。

We just balanced it out a little bit to make sure that we have the appropriate focus on top line as well. So I'm really pleased with the progress we're making. I'm pleased that we were able to grow the way we did in Q1. And again, our goal over time is to be able to do that consistently.

我們只是把它稍微平衡一下，確保我們也能對營收端有適當的關注。所以我對我們取得的進展非常滿意。我也很高興我們在第一季能以那樣的方式成長。再說一次，我們長期的目標是能夠持續一致地做到這一點。

Adam Baumgarten, Vertical Research Partners.

Adam Baumgarten，Vertical Research Partners。

I guess just on the margin piece, you talked about first half margins now being flattish year-over-year, which would still imply some margin pressure in 2Q. Do you expect both segments to see margin pressure next quarter?

我想就利潤率部分提問：你提到上半年利潤率現在預期與去年同期大致持平，這仍然意味著第二季會有一些利潤率壓力。你是否預期兩個事業部在下季都會面臨利潤率壓力？

Adam, it's Rick. So in terms of our margin expectations, you're right in terms of our updated guide for the first half of the year is flat margins. And given the fact that we had expanded margins in Q1, it does imply a margin contraction in Q2. I would just remind you that Q2 of 2025 to last year's quarter, we really weren't impacted by tariffs quite significantly at that point in time.

Adam，我是 Rick。就我們的利潤率展望而言，你說得對：我們更新後的上半年指引是利潤率持平。而考量到我們在第一季擴張了利潤率，這確實意味著第二季會出現利潤率收縮。我想提醒你的是，2025 年第二季、也就是去年同期，當時我們其實還沒有受到關稅的顯著影響。

And we had a very strong quarter with regards to 20% margin. So it's a challenging quarter from a year-over-year perspective. We do expect a very solid quarter in Q2 from a margin contraction perspective. I'm not going to comment on the segments per se, but overall, we do expect some margin contraction, but we do expect to deliver a very strong quarter in Q2.

而且我們當季在 20% 利潤率方面表現非常強勁。所以從年對年的角度來看，這是一個具挑戰性的季度。就利潤率收縮的角度而言，我們確實預期第二季仍會是一個非常穩健的季度。我不會特別評論各事業部，但整體而言，我們預期會有一些利潤率收縮，不過我們也預期在第二季交出非常強勁的表現。

Okay. Got it. And then I think you guys alluded to maybe some incremental price actions. A couple of questions. Would that be in both segments? And would that happen if kind of commodity costs stay where they are today? Or would you need to see more commodity inflation to then think about raising prices further?

好的。了解。接著我想你們也提到可能會有一些額外的價格行動。我有幾個問題。這會發生在兩個事業部門嗎？而且如果大宗商品成本維持在今天的水準，這也會發生嗎？還是你們需要看到更多的大宗商品通膨，才會考慮進一步調漲價格？

Adam, it's Jon. I guess I would say we're not going to talk about prospective price advances. I just would probably tell you to look at history here, the recent history in terms of how we've approached things. And pricing is the last resort for us. We start with negotiating with our suppliers, changing our footprint where possible, taking cost out of our own system.

Adam，我是Jon。我想我會說，我們不會談論未來可能的漲價。我大概只會請你看看我們的歷史，尤其是近期我們處理事情的方式。對我們而言，定價是最後手段。我們會先從與供應商協商、在可行之處調整我們的佈局、以及從我們自身系統中降低成本開始。

But if the need is there. I think our team has proven that they can take pricing very effectively and efficiently and do in a way that benefits not only the bottom line but doesn't harm the top line as well. So we'll continue to monitor things. Again, as we talked before, I'd say the one surprise for us so far this year has been the impacts on petrochemicals and particularly on our decorative architectural business.

但如果確有需要。我認為我們的團隊已經證明，他們能非常有效率且有效地進行定價，而且方式不僅有利於獲利（bottom line），也不會傷害營收（top line）。所以我們會持續監控情況。同樣地，如同我們先前談到的，我想今年到目前為止對我們而言的一個意外，是石化產品的影響，特別是在我們的裝飾建築業務上。

So that's an area that we have a lot of focus. We're spending a lot of time with our suppliers to negotiate the best deals we can. And then ultimately, we'll work with our retail partner in terms of how we approach that moving forward. But -- just know that we've had good practice over the last few years given all the dynamic environment and feel really confident the team can navigate as we move forward.

因此那是我們高度聚焦的領域。我們花了很多時間與供應商洽談，爭取我們能拿到的最佳條件。接著最終，我們會與零售合作夥伴一起，討論未來要如何推進。但——請知道，過去幾年在這種高度動態的環境下，我們已經累積了很好的實戰經驗，也非常有信心團隊能在未來持續應對。

Phil Ng, Jefferies.

Jefferies 的 Phil Ng。

Congrats on a really impressive quarter. I guess to kind of kick things off, Jon. I mean, I think volumes for plumbing came in, as you've pointed out better than you expected. Is that a more resilient consumer, maybe better price elasticity? Can you tease out if there is any share gains of note that drove some of that? Help us kind of think through where, I guess, plumbing would have surprised and it sounds like it's been pretty resilient thus far.

恭喜你們交出非常亮眼的一季。我想先從這裡開始，Jon。如你所指出的，管道（plumbing）業務的銷量表現比你們預期更好。這是因為消費者更具韌性，或是價格彈性更好嗎？你能否拆解一下，是否有任何值得注意的市占提升，推動了其中一部分？請幫我們理解一下，管道業務在哪些地方帶來了驚喜；聽起來到目前為止它相當有韌性。

Yes, Phil. Yes, I mean, we're really pleased with plumbing, as I mentioned, it's globally we grew, which is great. I would say, again, versus expectations, it was really North America that we saw the beat. And as I mentioned, the vast majority of that beat versus our expectation was volume. And I would say our Delta team was firing on all cylinders right now. They've got great marketing plan for the year.

是的，Phil。是的，我的意思是，我們對管道業務非常滿意；如我提到的，我們在全球都實現成長，這很棒。我會說，相較於預期，超出表現主要來自北美。而如我提到的，這個超出預期的絕大部分來自銷量。我會說我們的 Delta 團隊目前火力全開。他們今年有很棒的行銷計畫。

They've got terrific new products that they've launched. Our vitality rate continues to increase year-over-year. Our commercial plans with our key customers are incredibly strong as well. So that team continues to perform. And then when you break it down across channels, we grew high single digits in North America across each of the channels. So wholesale and e-commerce and retail.

他們推出了非常出色的新產品。我們的產品活力率（vitality rate）持續年增。我們與關鍵客戶的商用計畫也非常強勁。因此該團隊持續交出成果。而當你按通路拆解時，我們在北美各通路都達到高個位數成長。也就是批發、電商與零售。

And that's tricky to do, and the team is hyper-focused on building strong plans at each of our customers. So we do feel like we're taking some share. And at the same time, I think executed pricing in a really effective way that we didn't see the elasticity maybe that we would have modeled out beforehand. And I think it's again a testament to strong execution.

這其實不容易做到，而團隊非常專注於在每一位客戶端建立強而有力的計畫。所以我們確實覺得正在取得一些市占。同時，我認為我們在定價執行上非常有效，因此我們沒有看到原先模型可能預估的那種彈性影響。我想這再次證明了強勁的執行力。

So the last thing I would add is we continue to see strength in our upper premium and luxury segment of the market where we have brands such as Brizo, Axor and Newport Brass. And the high-end consumer definitely seems to be hanging in there strong and we see really strong margins in that segment as well. So we feel great about the performance and feel good about the plans we have in place for the rest of the year as well.

最後我想補充的是，我們持續看到市場中高端高級（upper premium）與奢華（luxury）區隔的強勁表現；我們在那裡有 Brizo、Axor 與 Newport Brass 等品牌。高端消費者顯然仍然相當穩健，而我們在該區隔也看到非常強的毛利率。因此我們對表現感到非常好，也對今年剩餘時間的計畫很有信心。

Got you. And just kind of teasing off of that, I guess, for Plumbing for perhaps Rick, you guys kept your guidance for up low single-digit top line growth. It sounds like there is nothing of note for 1Q and volumes were up. It sounds like things are pretty resilient. Could that be a source of upside? Or are you kind of expecting volumes to kind of decline in the back half, perhaps just given some of the macro dynamics that is out there? Just want to kind of think through some of the puts and takes there on the demand side.

了解。接著延伸這點，我想針對管道業務、也許問 Rick：你們維持了營收指引為低個位數成長的上緣。聽起來第一季沒有什麼特別的因素，而且銷量是上升的。看起來需求相當有韌性。這會不會成為上行空間的來源？或者你們是否預期下半年銷量可能下滑，可能是因為一些宏觀環境的動態？只是想更清楚理解需求端的各種拉鋸因素。

Yes. Sure, Phil. As it pertains to -- as Jon mentioned and we talked before, Q1 was a really strong quarter. We're very pleased with our results and the consumer in terms of our business is holding in there. The uncertainty is something that we're continuing to track both on the macro and geopolitical. Consumer confidence is a bit challenged. But as it pertains to the fundamentals of our business, they're strong.

是的。當然，Phil。就如 Jon 提到、我們先前也談過的，第一季非常強勁。我們對結果非常滿意，而就我們業務而言，消費者端仍然撐得住。不確定性我們仍在持續追蹤，包含宏觀與地緣政治層面。消費者信心有些受壓。但就我們業務的基本面而言，它們是強勁的。

The only thing I would point to from a first half versus second half perspective is we started to take pricing from a tariff mitigation standpoint in the second half of 2025. And so we'll lap that as we get to the middle of the year. As evidenced by our Q1 pricing of 6% in Q1, we won't see that type of year-over-year comp in the second half of the year. So that's part of the dynamic, just mechanically, but we still feel pretty confident.

從上半年對比下半年的角度，我唯一想指出的是：我們在 2025 年下半年開始因應關稅緩解（tariff mitigation）而採取定價。因此到了年中我們會進入比較基期（lap）。從第一季 6% 的定價可見，下半年我們不會看到那種年對年可比的幅度。所以這在機械性上是動態的一部分，但我們仍然相當有信心。

And obviously, we're hopeful that there is upside relative to our expectations. But at this point, we're guiding at low single digit in terms of growth for the year.

而且很明顯地，我們也希望相較於預期會有上行空間。但在此刻，我們對全年成長的指引仍是低個位數。

Michael Rehaut, JPMorgan.

JPMorgan 的 Michael Rehaut。

Wanted to shift the focus to decorative and the sales were flat, still better than what we were looking for down low single digits. Was hoping to get a sense of DIY versus PRO and the different drivers there and where things might be if it's indeed the case may be coming a little stronger if you're seeing any momentum similar to what you've seen in plumbing and how you might contrast the sales momentum that you've seen in Plumbing versus what you're seeing in Decorative across, again, DIY versus PRO on the paint side?

我想把焦點轉到裝飾（decorative）業務；銷售持平，仍比我們原先預期的低個位數下滑要好。我希望了解 DIY 與 PRO（專業客群）的狀況、各自的驅動因素，以及如果確實有變得稍微更強，你們是否看到任何動能，類似你們在管道業務看到的那種。

Mike, good question. It's Jon. So our sales for the quarter were flat. Clearly, that was a better performance than what we saw in Q4 of 2025 and really most of 2025. When you break it down, we saw PRO continue to grow mid-single digits. DIY was down low single digits, and we feel good about the plans we have in place. I mean I do believe that DIY is going to remain pressured when you look at that business.

Mike，問得好。我是 Jon。所以我們本季銷售持平。很明顯地，這比我們在 2025 年第四季、以及 2025 年大部分時間看到的表現更好。拆開來看，我們看到 PRO 持續以中個位數成長。DIY 則下滑低個位數，而我們對已部署的計畫感到樂觀。我的意思是，我確實相信當你看這塊業務時，DIY 仍會持續承壓。

It's highly correlated with existing home sales. And obviously, existing home sales remain pressured. So as a result, we're putting strong plans in place. We're going to focus on the great quality that provides the best value in the industry, really make sure that's playing through and feel good about our plans with our retail partner.

它與成屋銷售高度相關。而很明顯地，成屋銷售仍然承壓。因此，我們正在制定強而有力的計畫。我們會聚焦於我們優異的品質——提供業界最佳價值——確保這點能充分傳達並落地，也對我們與零售合作夥伴的計畫感到有信心。

The PRO side is where we continue to see a tremendous amount of opportunity. I mean that's where the growth has been over the last longer time. We have a relatively small share in that space as well. We've grown our share by 200 basis points over the last few years. We're continuing to invest to take friction out of the experience for PRO.

PRO 端是我們持續看到大量機會的領域。我的意思是，那裡一直是過去較長一段時間的成長所在。我們在那個領域的市占率也相對較小。過去幾年我們的市占率提升了 200 個基點。我們持續投資，為 PRO 客戶的體驗降低摩擦。

So whether that be order online, pick up the store, order online, have it delivered to the job site. We continue to hire both inside and outside sales reps to develop those PRO relationships. And I can tell you that the Home Depot has that same exact laser focus on the PRO as well. So I think we hope to see incremental progress as we move throughout the year.

無論是線上下單、到店取貨，線上下單、配送到工地。我們持續增聘內勤與外勤業務代表，以發展這些 PRO 關係。我也可以告訴你，Home Depot 也同樣以完全一致的雷射聚焦在 PRO 上。因此我認為，隨著我們在一年中持續推進，我們希望看到逐步的增量進展。

And it will remain a tough DIY market, we believe, for the short term, but feel really good about the plans we have in place and the trajectory that we're heading on.

而我們認為，短期內 DIY 市場仍將艱困，但我們對已就位的計畫以及我們前進的軌跡感到非常有信心。

Great. No, that's helpful. And I know at the risk of beating this one to death a little bit, but I think it's going to be a big topic over the next month or two around the strength in Plumbing, particularly the volume side. And you just highlighted the fact that you've seen that strength across different channels in North America, a lot of success in your execution.

很好。不，這很有幫助。我知道這個問題可能有點被反覆問到，但我認為未來一兩個月，管道（Plumbing）的強勁表現，特別是量的部分，會是一個大議題。而你剛剛也強調，你們在北美不同通路都看到這股強勢，執行面也非常成功。

Notwithstanding maybe being a little more conservative in the back half of various reasons. And I presume you also hit on this at your Analyst Day next month. But are we to think about let's say, the share gains that you've been able to achieve in the first-quarter as sustainable? And are there parts of the market that maybe you see an opportunity where this share gain dynamic can persist throughout this year into '27, '28?

儘管基於各種原因，你們在下半年可能稍微保守一些。我猜你們下個月的分析師日也會談到這點。但我們是否可以把你們第一季所取得的市占提升視為可持續的？以及市場中是否有一些你們看到的機會，使得這種市占提升的動能能在今年延續到 '27、'28？

Just trying to get a sense of the sustainability in the performance. And if there's anything that's shifted within the market, either on the customer side or some of your competitors out there, that lead you to believe that the share gain dynamic can persist on a, let's say, on a medium-term basis?

我只是想了解這種表現的可持續性。以及市場內部是否有任何變化——不論是客戶端，或是你們的一些競爭對手——讓你相信這種市占提升的動能可以在中期持續？

Mike, good question. I mean, as I mentioned, we feel terrific about what our team has delivered in Q1, particularly in North America. We don't take anything for granted. Our competitors are strong. There's good brands out there and it's a dynamic environment. So we're going to keep playing our game, keep focused on building our brands, innovating and then executing at a high level.

Mike，問得好。如我提到的，我們對團隊在第一季的交付成果感到非常振奮，尤其是在北美。我們不會把任何事情視為理所當然。我們的競爭對手很強。市場上有很好的品牌，環境也很動態。所以我們會持續打好自己的仗，專注於打造品牌、推動創新，並以高水準執行。

And if we do that, we believe it will continue to be as strong as we move forward. As I mentioned earlier, I mean the big question mark for us is just what happens with the end consumer. And a couple of months ago, we clearly talked about it being uncertain times and a lot of dynamic environment. And obviously, since the conflict in the Middle East, it's taking it to a whole new level.

如果我們做到這些，我們相信未來也會持續強勁。如我先前提到，對我們而言最大的問號就是終端消費者會怎麼走。幾個月前我們清楚談到，這是不確定的時期，環境非常動態。而顯然，自從中東衝突以來，情勢又上升到全新的層級。

So we believe that we're just being prudent in terms of, hey, let's wait and see what happens and how it plays out with consumers. And as we mentioned before, we are starting to see some inflation through. So if there's any caution, it's just that. And certainly, these are very uncertain times that we'll continue to monitor in terms of what we can control. I feel great about what our teams are doing.

因此我們認為，從審慎角度來看，就是先觀望消費者端會發生什麼、以及情勢如何發展。而如我們之前提到的，我們開始看到一些通膨傳導。所以如果有任何保守之處，就在這裡。當然，這些都是非常不確定的時期；我們會持續監控我們能掌控的部分。我對我們團隊正在做的事情感到非常有信心。

I feel we have a very clear line of sight into our plans for the rest of the year. And I expect our performance to be strong certainly versus the category. And ultimately, it's the category, how that performs with all these uncertainties and the things that we're watching.

我覺得我們對今年剩餘時間的計畫有非常清晰的可視性。我預期我們的表現相對於品類（category）會很強。而最終，關鍵在於在這些不確定性與我們所關注的因素之下，整個品類的表現如何。

Anthony Pettinari, Citi.

Citi 的 Anthony Pettinari。

Just following up on Plumbing. Can you give any additional color on the growth you saw in Watkins and the opportunity or the TAM there? I think you flagged Delta and Watkins as your strongest growers. Is Watkins growing maybe similar to Delta? Or is it growing faster off a lower base? Is there any product set or brand within Watkins that's really driving the strength?

延續管道（Plumbing）的問題。你能否就 Watkins 的成長以及其機會或 TAM（總可服務市場）提供更多說明？我記得你提到 Delta 和 Watkins 是你們成長最強的品牌。Watkins 的成長是否大致與 Delta 類似？還是因為基期較低而成長更快？Watkins 之內是否有任何產品組合或品牌特別在帶動這股強勢？

Anthony, it's Jon. We feel, as we've talked about, great about Watkins and the opportunity. Watkins did grow in Q1. And we're going to get into a lot more detail at our Investor Day next month in New York City. So we'll walk you through the TAM. We'll walk you through the opportunities that we see. What I would tell you is that hot tubs is our biggest business, and we like the momentum.

Anthony，我是 Jon。如我們所談到的，我們對 Watkins 以及其機會感到非常樂觀。Watkins 在第一季確實成長。我們會在下個月於紐約市舉行的投資人日提供更多細節。我們會帶你走過 TAM。也會帶你走過我們看到的機會。我可以先說的是，熱水按摩池（hot tubs）是我們最大的業務，而我們喜歡目前的動能。

We're the share leader in that space across North America, where we're seeing outsized growth is really in sauna, which only has 1% household penetration in the US today. It's very much front and center of the wellness movement, and we're seeing just a lot of demand for that product. So we grew nicely from a Watkins standpoint in Q1. We'll give you a lot more details next month when we get together.

在北美這個領域我們是市占領導者；而我們看到超額成長（outsized growth）的其實是在三溫暖（sauna），目前在美國的家庭滲透率只有 1%。它正處於健康養生（wellness）風潮的核心，我們看到該產品有大量需求。因此從 Watkins 的角度來看，我們在第一季有不錯的成長。下個月我們聚在一起時會提供更多細節。

Great. Great. And then, I guess, given the rise in diesel and gas prices, I'm wondering if you've historically seen real sensitivity between gasoline prices and consumer spending for your products? I guess I'm thinking specifically about DIY paint and maybe some of the smaller ticket items. It seems like you haven't seen that so far, but I'm just wondering if that's something historically that's moved the business.

很好。很好。另外，我想在柴油與汽油價格上升的背景下，想請教你們過去是否觀察到汽油價格與消費者在你們產品上的支出之間有明顯敏感度？我特別想到 DIY 油漆以及一些較小額的品項。看起來你們目前尚未看到影響，但我想了解歷史上這是否會帶動業務變化。

Anthony, it's Rick. So it's tough to single out a particular driver. I think what we watch, generally speaking, is consumer sentiment as well as overall the health of the economy. And so higher oil prices, as we all recognize, is generally a headwind to consumer confidence is generally a headwind to disposable income. So -- and it's a headwind in terms of input costs.

Anthony，我是 Rick。所以很難單獨點出某一個特定驅動因素。一般而言，我們觀察的是消費者信心以及整體經濟健康狀況。因此如大家所知，油價上升通常會對消費者信心形成逆風，也通常會對可支配所得形成逆風。同時——它也會在投入成本方面形成逆風。

So those are things that we're monitoring closely, and that's one of the reasons that gives us caution and why we're prudent with regards to our expectations as we move out through the course of the year. Again, the fundamentals of the business, as Jon articulated, are really strong. We're pleased with the execution of what we've been doing here at Masco and across our business units.

所以這些都是我們密切監控的事項，也正是讓我們保持謹慎、並在對今年後續展望上採取審慎態度的原因之一。再次強調，如 Jon 所闡述，這項業務的基本面非常強勁。我們對 Masco 以及各事業單位的執行成果感到滿意。

Oil prices is something that is a headwind, but it's more how it manifests itself in terms of consumer confidence, et cetera. For us, in terms of our products, they tend to be a lower ticket R&R items, so they tend to be more resilient in these types of environments. But nonetheless, we're not immune to it, but it's something that we'll continue to monitor and track as we progress through the course of the year.

油價是一項逆風，但更重要的是它如何在消費者信心等面向上呈現其影響。就我們而言，我們的產品多屬於單價較低的維修與汰換（R&R）品項，因此在這類環境下通常更具韌性。但即便如此，我們也不是完全不受影響；這仍是我們在今年推進過程中會持續監控與追蹤的事項。

Susan Maklari, Goldman Sachs.

Goldman Sachs 的 Susan Maklari。

I want to talk about the longer-term growth path. With the changes in leadership that you announced this week, you now have the heads of those four key businesses reporting directly to you, Jon. Can you talk about what that means in terms of your ability to drive growth over time? And how the executive committee is focused on some of these items? And what that will mean for Masco?

我想談談較長期的成長路徑。隨著你們本週宣布的領導層變動，現在那四個關鍵業務的負責人都直接向你匯報，Jon。你能談談這對你長期推動成長的能力意味著什麼嗎？以及執行委員會如何聚焦於其中一些事項？還有這對 Masco 將意味著什麼？

Yes. Sue, great question. As I mentioned before, as I came into Masco, I heard that top line growth was something that probably was an opportunity, something for us to focus on. And then as I took a deeper in terms of feedback, the other thing I heard is just our ability to move with pace and be agile is probably the other area to focus on. So with the executive community we're trying to do two things.

好的。Sue，問得很好。如我先前提到的，當我加入 Masco 時，我聽到營收成長（top line growth）可能是一個機會點，是我們可以聚焦的方向。而當我更深入蒐集回饋時，我聽到的另一件事是：我們以速度推進並保持敏捷的能力，可能也是另一個需要聚焦的領域。因此，與執行團隊一起，我們正嘗試做兩件事。

One, make sure that we have the right experts in terms of our centers of excellence and deep functional knowledge where it matters. We announced just earlier this week that we're bringing in a procurement -- Chief Procurement Officer who has 30 years of experience in the space and will be able to help us bring the most modern capabilities as we move forward, which we feel great about.

第一，確保我們在卓越中心（centers of excellence）方面擁有合適的專家，並在關鍵之處具備深厚的職能專業知識。我們就在本週稍早宣布，將延攬一位採購主管——首席採購官（Chief Procurement Officer），他在該領域有 30 年經驗，能在我們向前推進時協助導入最現代化的能力，對此我們感到非常振奮。

And also with the executive committee, really trying to streamline the organization to have more frequent communication, allow us to make decisions more quickly and move with pace. So with the new organization, essentially have removed a layer and with that, we think that our speed and agility will increase even more. We talk as an executive committee, we meet once a week.

同時，透過執行委員會，我們也在努力精簡組織，以更頻繁地溝通，讓我們能更快速做出決策並加速推進。因此在新組織架構下，我們基本上移除了一個層級；我們認為這將使我們的速度與敏捷性進一步提升。作為執行委員會，我們每週開會一次。

I can tell you I talk to my direct reports many more times than that. And I think with the world around us and the pace that we're seeing, it's really important that we have the organization that's set up to read and respond and deliver to consumers and customers what they expect from us.

我可以告訴你，我與我的直接匯報對象溝通的頻率遠不止如此。我認為，面對周遭世界以及我們所看到的節奏變化，建立一個能夠解讀、回應，並向消費者與客戶交付他們對我們期待的組織架構，真的非常重要。

Okay. That's great color. And then despite the moving parts around inventories and costs, you're still targeting to get that working capital down to about 16.5% of sales this year. Can you just talk through some of the pieces in there and how we should think about that coming together?

好的。這些補充很有幫助。接著，儘管庫存與成本方面仍有許多變動因素，你們今年仍以將營運資金降至約銷售額的 16.5% 為目標。你能否說明其中一些構成要素，以及我們應該如何看待這些因素如何匯聚達成目標？

Sure, Sue. It's Rick. So part of the reason our working capital is higher than it typically is this time of the year or has been for the last several months is because of the implications of tariffs. So the higher tariff costs and commodity costs, quite frankly, that lead into our inventory and receivables have elevated our working capital in the shorter payment terms on the tariff bills or invoices also reduces our payables.

當然，Sue。我是 Rick。我們的營運資金之所以比一年中這個時點通常的水準更高，或在過去幾個月偏高，部分原因是關稅的影響。因此，較高的關稅成本與大宗商品成本，坦白說，會反映在我們的存貨與應收帳款中，推升了營運資金；而關稅帳單或發票較短的付款條件也會降低我們的應付帳款。

So there's an overarching tariff dynamic that has been at play. We'll see that normalize as we get into the second half of the year. And we continue to be. The team is very focused on managing not only cost, but also working capital. And so that's something that we'll continue to execute on. And once we get through the normalization of the tariff implications in the second half of the year, we should be able to execute towards the working capital that's more in line with our historical average, and we've guided towards 16.5%.

所以，整體上一直存在一個關稅動態在發揮作用。當我們進入下半年時，這些將會趨於正常化。而我們也會持續——團隊非常專注於不僅管理成本，也管理營運資金。因此這是我們會持續執行的事項。一旦下半年關稅影響正常化後，我們應能朝向更符合歷史平均的營運資金水準執行；我們的指引是 16.5%。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行（Bank of America）。

The outperformance in plumbing volume in the first-quarter in North America, how much would you attribute to just broader consumer resilience and the category holding up relative to your market share outperforming what you were expecting going into the quarter?

北美第一季管材（plumbing）銷量表現優於預期，你會將其中多少歸因於更廣泛的消費者韌性、該品類相對撐住；又有多少是因為你們的市占率表現優於你們在季初的預期？

So again, I'm not sure we'll quantify it to the level of detail you're looking for. I mean, I think the category performed fairly well. I am very confident we also took market share. As I mentioned I believe that we're firing on all cylinders right now and really strong plans in place across each of our channels, each of our customers. So just leave it at is probably a bit of both. But if I had to say which one was the bigger driver, I would say probably our market share gains.

所以，再次說明，我不確定我們能否量化到你想要的那種細節程度。我的意思是，我認為該品類表現相當不錯。我也非常有信心我們同時拿下了市占率。如我提到的，我相信我們現在各方面都在全速運轉，並且在各個通路、各個客戶層面都有非常強的計畫在推進。所以就先說大概是兩者兼具。但如果一定要我說哪一個是更大的驅動因素，我會說可能是我們的市占率提升。

Great. That's helpful. And then in terms of the input cost inflation, what you're expecting, can you talk about what the copper price is embedded in guidance for the second half of the year or should we be assuming that copper prices and zinc, like, stay where they are today. So just what are you assuming to get to the full year guidance?

很好。這很有幫助。接著就投入成本通膨的預期而言，你能談談你們在下半年指引中所內含的銅價假設嗎？或者我們是否應假設銅價與鋅價就維持在今天的水準？也就是說，你們為了達成全年指引，假設的是什麼？

Sure, Rafe. It's Rick. We're not going to disclose a specific assumption in our outlook. But suffice it to say, I would assume that where we have been recently, particularly as we closed out 2025 is a pretty reasonable place to be. Obviously, it's volatile in that nature. I mean I think as we sit at $6 or above $6 per pound, that is something that represents a bit of a headwind to us, but it's a volatile environment.

當然，Rafe。我是 Rick。我們不會在展望中揭露特定的假設值。但簡單來說，我會認為我們近期的水準——特別是我們在 2025 年底收官時的水準——是一個相當合理的參考點。顯然，這本質上是波動的。我的意思是，當我們看到每磅 6 美元或高於 6 美元時，這對我們而言確實代表一定程度的逆風，但這是一個波動的環境。

And at the end of the day, as I've mentioned before, we're not only monitoring the situation, but we're proactively taking actions from a cost reduction standpoint, from an efficiency standpoint and as necessary, a pricing standpoint to mitigate those impacts, whether they're copper, oil inputs, tariffs, et cetera, to be able to deliver the results that we've guided to for the year.

而歸根結底，如我先前提到的，我們不僅在監控情勢，也在成本降低、效率提升，以及必要時的定價等方面主動採取行動，以緩解這些影響——無論是銅、石油投入、關稅等等——從而能夠交付我們對全年所給出的指引結果。

This concludes the question-and-answer session. I will now turn the call back to Robin Zondervan for closing remarks.

問答環節到此結束。我現在把電話交回給 Robin Zondervan 作結語。

We'd like to thank all of you for joining us on the call this morning and for your interest in Masco. That concludes today's call. Have a wonderful day.

感謝各位今天早上參與本次電話會議，並感謝各位對 Masco 的關注。今天的電話會議到此結束。祝各位有美好的一天。

This concludes today's conference call. Thank you all for joining. You may now disconnect.

本次電話會議到此結束。感謝各位參與。您現在可以掛線。