莫霍克工業集團 (MHK) 2025 Q2 法說會逐字稿

Good day, and welcome to the Mohawk Industries second-quarter 2025 earnings conference call. (Operator Instructions). Please note, this event is being recorded.

大家好，歡迎參加莫霍克工業 2025 年第二季財報電話會議。（操作員指令）。請注意，此事件正在被記錄。

I would now like to turn the conference over to James Brunk, Chief Financial Officer. Please go ahead.

現在我想將會議交給財務長詹姆斯布倫克 (James Brunk)。請繼續。

Thank you, Asha. Good morning, everyone, and welcome to Mohawk Industries quarterly investor conference call. Joining me on the call today are Jeff Lorberbaum, Chairman and Chief Executive Officer; and Paul De Cock, President and Chief Operating Officer. Today, we'll update you on the company's second-quarter performance and provide guidance for the third quarter of 2025.

謝謝你，阿莎。大家早安，歡迎參加莫霍克工業季度投資者電話會議。今天與我一起參加電話會議的還有董事長兼執行長 Jeff Lorberbaum 和總裁兼營運長 Paul De Cock。今天，我們將向您介紹公司第二季的業績，並為 2025 年第三季提供指導。

I'd like to remind everyone that our press release and statements that we make during this call may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 which are subject to various risks and uncertainties, including, but not limited to, those set forth in our press release and our periodic filings with the Securities and Exchange Commission.

我想提醒大家，我們的新聞稿和我們在本次電話會議上發表的聲明可能包括《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，這些陳述受各種風險和不確定性的影響，包括但不限於我們的新聞稿和我們定期向美國證券交易委員會提交的文件中所述。

This call may include discussion of non-GAAP numbers. For a reconciliation of any non-GAAP to GAAP amounts, please refer to our Form 8-K and press release in the Investors section of our website.

此次電話會議可能包括對非公認會計準則資料進行討論。任何非 GAAP 與 GAAP 金額的對賬，請參閱我們網站投資者部分的 8-K 表格和新聞稿。

I'll now turn over the call to Jeff for his opening remarks.

現在我將把電話轉給傑夫，請他致開場白。

Thanks, Jim. In challenging conditions across our regions, our results reflect the impact of our ongoing operational improvements, cost containment actions, and market development initiatives. Our net sales for the second quarter were $2.8 billion, essentially flat as reported and on a constant basis. Our premium residential and commercial products and new collections introduced during the past 24 months benefited our performance.

謝謝，吉姆。在我們各個地區面臨挑戰的條件下，我們的業績反映了我們正在進行的營運改善、成本控制措施和市場開發措施的影響。我們第二季的淨銷售額為 28 億美元，與報告的數字基本持平，且與去年同期基本持平。我們在過去 24 個月內推出的優質住宅和商業產品以及新系列使我們的業績受益。

We generated second-quarter adjusted earnings per share of $2.77 with strong productivity and restructuring actions as well as favorable FX impact and lower interest expense, offset by higher input costs and plant shutdowns. Our restructuring actions are on schedule and delivering expected savings as we close high-cost operations, eliminate inefficient assets, streamline distribution, and leverage technology to improve our administrative and operational costs. Our global operations team continued to identify productivity initiatives to lower our costs through enhancements to equipment, conserving energy, optimizing our supply chain, and reengineering our products. Our industry faced continued pricing pressure from lower market volumes, which we mitigated through strengthening product and mix.

我們第二季調整後每股收益為 2.77 美元，這得益於強勁的生產力和重組行動以及有利的外匯影響和較低的利息支出，但投入成本增加和工廠停工抵消了這一影響。我們的重組行動正在按計劃進行，並實現了預期的節約，因為我們關閉了高成本業務，消除了低效資產，簡化了分銷，並利用技術來改善我們的管理和營運成本。我們的全球營運團隊持續尋找生產力舉措，透過改進設備、節省能源、優化供應鏈和重新設計產品來降低成本。我們的產業面臨來自市場銷售下降的持續定價壓力，我們透過加強產品和產品組合來緩解這種壓力。

During the quarter, we generated approximately $125 million in free cash flow, and we purchased about 393,000 shares of our stock for approximately $42 million. Our Board recently approved a new authorization to acquire $500 million of the company's outstanding stock. We are confident in our strategies to deliver long-term profitable growth as the industry recovers from this cyclical downturn.

本季度，我們產生了約 1.25 億美元的自由現金流，並以約 4,200 萬美元的價格回購了約 393,000 股股票。我們的董事會最近批准了一項新授權，以收購該公司價值 5 億美元的流通股。隨著產業從週期性衰退中復甦，我們對我們的策略充滿信心，能夠實現長期獲利成長。

A dominant trend across our geographies is consumers' deferral of large discretionary purchases, which has reduced demand in our industry for almost three years. Geopolitical events, inflation, and low housing turnover are contributing to market uncertainty that is limiting residential remodeling and new construction. The commercial channel continues to outperform residential. However, the Architectural Billing Index in the US is forecasting slowing conditions. Available US housing inventory has risen to its highest level since 2007, though elevated housing costs and high interest rates are constraining sales of both new and existing homes.

我們所在地區的一個主要趨勢是消費者推遲購買大宗可自由支配的商品，這導致我們行業的需求在近三年內減少。地緣政治事件、通貨膨脹和低住房週轉率導致市場不確定性，限制了住宅改造和新建。商業通路的表現持續優於住宅通路。然而，美國建築業營業額指數預測情況將會放緩。儘管房屋成本上漲和利率上升限制了新房和現房的銷售，但美國現有房屋庫存已升至 2007 年以來的最高水準。

In this challenging market, builders are offering price reductions and buying down interest rates to encourage purchases. While housing turnover has historically driven remodeling, we believe that families remaining in their homes longer and increasing multigenerational household will require additional renovation to meet evolving family needs. The Federal Reserve has postponed interest rate cuts while monitoring inflation and employment trends.

在這個充滿挑戰的市場中，建築商正在提供降價和降低利率來鼓勵購買。雖然從歷史上看，住房週轉率推動了房屋改造，但我們認為，隨著家庭在現有住房中居住時間的延長以及多代家庭的增多，需要進行額外的裝修，以滿足不斷變化的家庭需求。聯準會在監測通膨和就業趨勢的同時推遲了降息。

Forecasters believe that Fed will cut rates twice in the second half of this year given potential market weakness. In June, the European Central Bank cut rates to 2% to stimulate the economy and the housing market. The ECB move comes as inflation has slowed to their target. Lower interest rates should support increased consumer spend, discretionary spending, and business investment. The European housing market varies by region, though a shortage of units and affordability are common issues.

預測人士認為，鑑於潛在的市場疲軟，聯準會將在今年下半年兩度降息。6月份，歐洲央行將利率降至2%，以刺激經濟和房地產市場。歐洲央行採取此舉之際，通膨已放緩至其目標水準。較低的利率應該會支持增加消費者支出、可自由支配支出和商業投資。歐洲住房市場因地區而異，但住房短缺和負擔能力是共同的問題。

In June, Germany's new government approved legislation to expand home construction by removing barriers at the light building projects. Since the pandemic, European households have built up record levels of savings which combined with lower interest rates should encourage housing sales. Given the increase in tariffs, we're emphasizing the benefits of our locally produced collections and leading position as a North American manufacturer. We have begun to address the implemented tariffs through price adjustments and supply chain optimization.

今年6月，德國新政府批准立法，透過消除輕型建築工程的障礙來擴大住宅建設。自疫情爆發以來，歐洲家庭的儲蓄已達到創紀錄的水平，再加上較低的利率，應該會促進房屋銷售。鑑於關稅的增加，我們強調本地生產系列的優勢以及作為北美製造商的領先地位。我們已經開始透過價格調整和供應鏈優化來解決已實施的關稅問題。

Earlier this month, the US government set a new deadline of August 1 for countries to complete tariff negotiations, while also announcing specific tariffs on key trading partners. We are continuing to monitor the changing tariff levels, and we'll adjust our strategies as they evolve. On July 15, we released our annual sustainability report, which is currently available on our website. Embracing sustainable processes and products aligns our commitment to improve our operations and provide industry-leading features and benefits. We continue to invest in product circularity, material optimization, and green energy to benefit our customers, the environment, and our results. This year, major media outlets have recognized Mohawk for reducing our carbon footprint, fostering innovation, and developing a talented organization.

本月初，美國政府設定了8月1日為各國完成關稅談判的新期限，同時宣布了對主要貿易夥伴徵收的具體關稅。我們將繼續監測關稅水準的變化，並根據其變化調整我們的策略。7月15日，我們發布了年度永續發展報告，目前可在我們的網站上查閱。採用永續的流程和產品符合我們改善營運和提供行業領先功能和優勢的承諾。我們持續投資於產品循環性、材料優化和綠色能源，以造福我們的客戶、環境和我們的成果。今年，各大媒體都對莫霍克減少碳足跡、促進創新和發展人才組織表示認可。

Now Jim will review our financial details for the quarter.

現在吉姆將審查我們本季的財務細節。

Thank you, Jeff. Sales for the quarter were just over $2.8 billion. That was flat versus the prior year as reported and on a constant basis due to favorable product and channel mix led by our hard surface business in Flooring North America and our commercial business across the enterprise, partially offset by negative volume and continued price pressure. Gross margin for the quarter was 25.5% as reported and excluding charges was 26.4%, a decrease of approximately 70 basis points versus the prior year, primarily due to higher input costs of $44 million, lower sales volume of $22 million, and increased shutdown costs of $18 million partially offset by productivity gains of $47 million and favorable FX of $15 million.

謝謝你，傑夫。本季銷售額略高於 28 億美元。與報告的去年同期相比，這一數字持平，且與上年持平，這得益於我們北美地板硬表面業務和整個企業的商業業務所帶動的有利的產品和渠道組合，但部分抵消了負銷量和持續的價格壓力。本季毛利率為 25.5%，扣除費用後為 26.4%，較上年下降約 70 個基點，主要原因是投入成本增加 4,400 萬美元、銷售量下降 2,200 萬美元、停工成本增加 1,800 萬美元，但生產力提高 4,700 萬美元和有利的外匯影響 1,500 萬美元。

SG&A expense as reported was 18.8% of sales and excluding charges was 18.5%, relatively close to the prior year. It gives us an operating income as reported of 6.7%. Nonrecurring charges for the quarter were $34 million related to restructuring actions and the associated costs undertaken by all segments which, in total, will result in annual cost savings in 2025 of approximately $100 million. That gave us an operating income on an adjusted basis of $223 million or 8% of sales.

報告顯示，銷售、一般及行政費用佔銷售額的 18.8%，不包括費用則為 18.5%，與前一年相比較為接近。報告顯示，這為我們帶來了 6.7% 的營業收入。本季的非經常性費用為 3,400 萬美元，與重組行動和所有部門承擔的相關成本有關，總計將導致 2025 年年度成本節省約 1 億美元。這使我們的調整後營業收入達到 2.23 億美元，佔銷售額的 8%。

That's a decrease of approximately 120 basis points, as the benefit from strengthening productivity and restructuring initiatives of $57 million and FX of $9 million were offset by the increased input cost of $63 million, lower sales volume impact of $21 million, and higher shutdown costs of $18 million. Interest expense for the quarter was $5 million, a decrease from the prior-year level due to lower overall debt balance and a benefit of interest income across the business. Our non-GAAP tax rate for Q2 was 19.3% versus 20.9% in the prior year due to geographic dispersion of our income and certain one-time benefits. We are forecasting Q3 and full-year tax rate to be approximately 19%. That gave us an earnings per share as reported of $2.34 and on an adjusted basis of $2.77.

這減少了大約 120 個基點，因為提高生產力和重組計劃帶來的 5700 萬美元收益以及 900 萬美元外匯收益被增加的 6300 萬美元投入成本、降低的 2100 萬美元銷售量影響以及增加的 1800 萬美元停工成本所抵消。本季利息支出為 500 萬美元，較上年同期有所下降，原因是整體債務餘額降低以及整個業務的利息收入增加。由於收入的地理分散和某些一次性福利，我們第二季度的非公認會計準則稅率為 19.3%，而去年同期為 20.9%。我們預測第三季和全年稅率約為 19%。這使得我們的每股盈餘達到報告的 2.34 美元，調整後的每股盈餘達到 2.77 美元。

Turning to the segments. Global Ceramic has sales that just exceeded $1.1 billion. That was a 0.5% increase as reported or 1.1% on a constant basis as our product and channel mix performance offset the weakness in volume. The segment benefited from our new product introductions, leading decorating technology, and the strength of our commercial business.

轉向各個部分。Global Ceramic 的銷售額剛超過 11 億美元。由於我們的產品和通路組合表現抵消了銷量的疲軟，這一增長按報告計算為 0.5%，按固定基礎計算為 1.1%。該部門受益於我們推出的新產品、領先的裝飾技術以及商業業務的實力。

Operating income on an adjusted basis was $90 million or 8.1%. That's a decrease of approximately 40 basis points on an adjusted basis as the benefit from price and mix of $27 million and strong productivity of $70 million was offset by an increase in input costs of $36 million and lower sales volume of $16 million in the quarter. Flooring North America had sales of $947 million. That's a 1.2% decrease due to lower volumes, mainly in our soft surfaces, partially offset by favorable product and channel mix, driven by our resilient and laminate businesses.

調整後的營業收入為 9,000 萬美元，即 8.1%。經過調整後，這一數字下降了約 40 個基點，因為本季 3,600 萬美元的投入成本增加和 1,600 萬美元的銷售量下降抵消了 2,700 萬美元的價格和產品組合效益以及 7,000 萬美元的強勁生產力。北美地板銷售額達 9.47 億美元。這一下降是由於銷量下降（主要是軟表面產品銷量下降），但受彈性和層壓板業務推動，產品和渠道組合有利，部分抵消了這一下降。

In the US, residential modeling remains slow with the commercial channel still outperforming. Operating income on an adjusted basis was $69 million or 7.3% for a decrease of approximately 130 basis points versus the prior year as higher input costs of $23 million, unfavorable net impact of price and mix of approximately $9 million, and increased shutdown costs of $11 million were partially offset by the benefit of strengthening productivity of $32 million.

在美國，住宅建模仍然緩慢，而商業管道仍然表現出色。調整後的營業收入為 6,900 萬美元，即 7.3%，比上年減少約 130 個基點，因為投入成本增加 2,300 萬美元、價格和產品組合的不利淨影響約 900 萬美元、停工成本增加 1,100 萬美元，但被生產力提高 3,200 萬美元的部分抵消。

Flooring Rest of the World had sales of $734 million. That's a 1% increase as reported and 3% decrease on a constant basis. The decrease is primarily due to the continued pricing pressure in the residential remodeling channel as consumers defer large discretionary purchases. The ECP though, has lowered rates further, but has not yet driven increases in housing or remodeling activity. Operating income on an adjusted basis was $76 million or 10.4%, a decrease of 220 basis points versus the prior year, primarily due to unfavorable net price and mix of $19 million partially offset by productivity gains of approximately $8 million.

世界其他地區地板銷售額為 7.34 億美元。據報道，這一數字增長了 1%，但根據固定匯率計算，這一數字下降了 3%。下降的主要原因是消費者推遲大宗可自由支配的購買，導致住宅改造管道持續面臨價格壓力。儘管 ECP 進一步降低了利率，但尚未推動住房或改造活動的成長。調整後的營業收入為 7,600 萬美元，即 10.4%，比上年減少 220 個基點，主要由於 1,900 萬美元的淨價格和產品組合不利，但被約 800 萬美元的生產力收益部分抵銷。

Given the weak residential market, we are lowering costs by removing inefficient assets and reducing operational and administrative expenses. Corporate and eliminations was $13 million for the quarter, in line with the prior year, and our full-year 2025 expenses are estimated to be approximately $50 million.

鑑於住宅市場疲軟，我們正在透過移除低效資產和減少營運和管理費用來降低成本。本季公司及消除支出為 1,300 萬美元，與上年持平，預計 2025 年全年支出約 5,000 萬美元。

Taking a brief look at the balance sheet. Cash and cash equivalents were $547 million for the quarter, with free cash flow of $126 million in the quarter as we also repurchased shares of approximately $42 million. Inventories were just increased above $2.7 billion. That's an increase of $130 million for the quarter, primarily due to FX and an increase in imported inventory due to new tariffs. Property plant and equipment was just above $4.7 billion, with Q2 CapEx of $80 million compared to a D&A of $156 million. The company has reduced its planned investments to approximately $500 million in 2025 with D&A for the full year forecasted at approximately $610 million.

簡單看一下資產負債表。本季現金和現金等價物為 5.47 億美元，本季自由現金流為 1.26 億美元，我們也回購了價值約 4,200 萬美元的股票。庫存剛剛增加到27億美元以上。本季增加了 1.3 億美元，主要原因是外匯和新關稅導致進口庫存增加。房地產、廠房和設備價值略高於 47 億美元，第二季資本支出為 8,000 萬美元，而折舊及攤銷前利潤為 1.56 億美元。該公司已將 2025 年的計畫投資減少至約 5 億美元，預計全年折舊攤提前利潤約為 6.1 億美元。

40% of the projects focused on cost reduction and product innovation and 40% on maintenance and other with the remaining 20% to complete our growth initiatives. Overall, the balance sheet and cash flow outlook remains very strong with current net debt of $1.7 billion and leverage at 1.2 times.

40% 的專案專注於降低成本和產品創新，40% 的專案專注於維護和其他，其餘 20% 的專案專注於完成我們的成長計劃。整體而言，資產負債表和現金流前景依然強勁，目前淨債務為 17 億美元，槓桿比率為 1.2 倍。

Now Paul will review our Q2 operational performance.

現在保羅將回顧我們第二季的營運表現。

Thank you, Jim. In our Global Ceramic segment, our results in challenging market conditions benefited from sales of our premium products, strength in commercial projects, expanded distribution, and operational improvements. We have pressure on pricing from excess industry capacity and pressure from imports. Our product and channel mix strengthened from our superior product portfolio and brand leadership.

謝謝你，吉姆。在我們的全球陶瓷部門，我們在充滿挑戰的市場條件下取得的業績得益於優質產品的銷售、商業項目的實力、分銷的擴大以及營運的改進。我們面臨來自產業產能過剩和進口的定價壓力。我們的產品和通路組合因我們卓越的產品組合和品牌領導力而得到加強。

In the quarter, we minimized the impact of inflation on input costs through select price increases and restructuring projects as well as numerous productivity initiatives, including refinements to manufacturing processes, supply chain optimization, and increasing distribution efficiencies. In the US, our commercial performance was solid, while residential sales remain challenged from softness in remodeling and new construction. We are leveraging the strength of our nationwide distribution system to target a wider range of contractors, specialty retailers, and commercial projects. To counter rising input costs, we made pricing adjustments on higher-value products while increasing productivity actions.

本季度，我們透過選擇性提價和重組項目以及眾多生產力措施（包括改善製造流程、優化供應鏈和提高分銷效率）最大限度地減少了通貨膨脹對投入成本的影響。在美國，我們的商業業績穩健，但住宅銷售仍因改造和新建業務疲軟而面臨挑戰。我們正在利用全國分銷系統的優勢來瞄準更廣泛的承包商、專業零售商和商業項目。為了因應不斷上升的投入成本，我們在提高生產力的同時，對高價值產品進行了價格調整。

As tariffs are evolving, we are promoting our domestically produced floor and wall tile, and our expansion of quartz countertop capacity in Tennessee will allow us to produce more of our offering in the US. Home remodeling in Europe remains constrained, while the commercial channel continues to perform well, led by the hospitality sector. In major European cities or designer showrooms and educational events for architects and designers have increased our participation in commercial projects and boosted sales of our premium collections. Sales of our porcelain slabs with more realistic visuals are growing in both traditional channels as well as for use in countertops and furniture manufacturing.

隨著關稅的不斷變化，我們正在推廣國產的地磚和牆磚，而我們在田納西州擴大石英檯面產能將使我們能夠在美國生產更多的產品。歐洲的家居裝修仍然受到限制，而以酒店業為主導的商業管道繼續表現良好。在歐洲主要城市或設計師展廳以及針對建築師和設計師的教育活動增加了我們對商業項目的參與度，並促進了我們高端系列的銷售。我們的具有更逼真視覺效果的瓷磚的銷量在傳統管道以及檯面和家具製造中的應用都在增長。

In Brazil, higher interest rates have slowed the domestic market, though exports benefited sales and our mix improved. We offset higher input costs through productivity gains from operational enhancements and realigning manufacturing assets. The Mexican market remains soft, and we have implemented select price increases, introduced more porcelain, and innovative polished collections to enhance mix and partner with distributors to add more [dealt-out] branded stores. Restructuring initiatives in our Mexican operations are on track to improve our market position and lower our costs, with benefits anticipated in the second half of the year.

在巴西，較高的利率導致國內市場放緩，但出口有利於銷售，我們的產品組合也得到改善。我們透過提高營運效率和重新調整製造資產來抵銷更高的投入成本。墨西哥市場仍然疲軟，我們實施了選擇性提價，推出了更多瓷器和創新拋光系列以增強產品組合，並與分銷商合作增加更多[經銷]品牌商店。我們墨西哥業務的重組計劃正在順利進行，這將改善我們的市場地位並降低成本，預計今年下半年將帶來效益。

Our Flooring Rest of the World segment managed through difficult market conditions with additional operational enhancements and cost containment actions. Residential remodeling remains soft in Europe and new construction has not kept up with population growth. A rebound in home building and renovation will be needed to meet growing demand. Pricing and mix pressure remains strong in this challenging market, and we are executing promotions to optimize our results.

我們的地板業務（世界其他地區）部門透過額外的營運改善和成本控制措施度過了艱難的市場條件。歐洲的住宅改造仍然疲軟，新建築建設未能跟上人口成長的速度。為了滿足日益增長的需求，房屋建設和裝修必須反彈。在這個充滿挑戰的市場中，定價和產品組合壓力仍然強勁，我們正在實施促銷活動以優化我們的業績。

We took many actions to increase productivity in our operations and supply chain as well as enhance our material costs. We are removing inefficient assets, reducing operational and administrative costs, and consolidating operations. We continue to invest in recycling waste and green energy to reduce costs. In the Flooring category, our laminate performance improved as we have progressed through the quarter.

我們採取了許多措施來提高營運和供應鏈的生產力並降低材料成本。我們正在清除低效資產、降低營運和管理成本並整合營運。我們持續投資於廢棄物回收和綠色能源以降低成本。在地板類別中，隨著本季的進展，我們的複合地板表現有所改善。

We are expanding our LVT distribution across channels with new collections and customer relationships. While our commodity panels business remains under pressure from excess capacity in the market, our mix benefited from the expansion of our high-end decorative collections and entry into new geographies. We increased our sales volume of insulation boards despite soft demand, and we are expanding distribution in Germany and Poland to prepare for a new Eastern European plant. In Australia, our hard surface offering performed well, and we are expanding our LVT alternatives.

我們正在透過新系列和客戶關係擴大我們在各個通路的 LVT 分銷。雖然我們的商品面板業務仍然面臨市場產能過剩的壓力，但我們的產品組合受益於高端裝飾系列的擴展和進入新地區。儘管需求疲軟，我們仍增加了絕緣板的銷售量，並且我們正在擴大在德國和波蘭的分銷範圍，為在東歐建立新的工廠做準備。在澳大利亞，我們的硬質表面產品表現良好，我們正在擴大我們的 LVT 替代品。

Carpet sales remained under pressure, and the recent election has improved the economic outlook and orders are strengthening. We implemented price increases in June and are improving efficiencies in our operations. Flooring North America segment sales were about flat for the quarter, with strong performance in hard surface categories across all channels. Rising housing inventory and lower mortgage rates could improve home sales and residential remodeling.

地毯銷售仍然面臨壓力，最近的選舉改善了經濟前景，訂單正在加強。我們在六月實施了價格上調，並正在提高營運效率。本季北美地板部門的銷售額基本持平，所有通路的硬表面類別均表現強勁。房屋庫存增加和抵押貸款利率下降可能會改善房屋銷售和住宅改造。

While pricing pressure remains strong in the market, we minimized the impact with enhanced product mix and cost reductions from stronger material yields, supply chain optimization, and reduced marketing costs. We are managing inventories with reduced production and are making targeted investments to support sales and improve operations. Our restructuring actions have streamlined our operations by rationalizing inefficient assets, closing higher cost production, and simplifying our product offering. We continue to work with customers and suppliers to manage the impact of tariff costs as the situation evolves.

儘管市場定價壓力依然強勁，但我們透過增強產品組合、提高材料產量、優化供應鏈和降低行銷成本來降低成本，將影響降至最低。我們正在透過減少產量來管理庫存，並進行有針對性的投資以支援銷售和改善營運。我們的重組行動透過合理化低效率資產、關閉成本較高的生產以及簡化我們的產品供應，簡化了我們的營運。隨著情勢的發展，我們將繼續與客戶和供應商合作，以管理關稅成本的影響。

We had strong sales growth in the quarter from our LVT, laminate, and hybrid products with retailers and builders embracing our superior visuals and features. Manufacturing enhancements at our East and West Coast LVT operations have increased operational efficiencies, improving our cost position with a strong domestic portfolio to support our growing LVT sales. Our premium fashion and value collections led our soft surface performance as residential corporate sales remain under pressure due to reduced renovation. Our commercial capital and hard surface order backlog is strong, led by the education and hospitality sectors.

本季度，我們的 LVT、層壓板和混合產品的銷售成長強勁，零售商和建築商對我們卓越的視覺效果和功能表示讚賞。我們東海岸和西海岸 LVT 業務的製造改進提高了營運效率，改善了我們的成本狀況，強大的國內產品組合支持我們不斷增長的 LVT 銷售。由於住宅企業銷售因裝修減少而仍然面臨壓力，我們的高端時尚和超值系列引領了我們的軟表面表現。我們的商業資本和硬地面訂單積壓強勁，其中以教育和酒店業為主導。

I'll now return the call to Jeff for his closing remarks.

我現在將電話回撥給傑夫，請他作最後發言。

Thanks, Paul. As we focus on market development, operational improvements, and cost containment, we are continuing to take actions that will optimize our performance in the current market. Ongoing inflation and low consumer confidence are constraining industry sales, and the timing of the inflection point remains unpredictable. To improve sales, we're leveraging the strength of our portfolio, superior service, and brand value to expand our business with current and new customers.

謝謝，保羅。在我們專注於市場開發、營運改善和成本控制的同時，我們將繼續採取行動來優化我們在當前市場中的表現。持續的通膨和低迷的消費者信心正在限制產業銷售，而拐點的到來時間仍難以預測。為了提高銷售額，我們利用產品組合、優質服務和品牌價值的優勢來擴大與現有和新客戶的業務。

Though pricing pressure in our markets remained elevated, we are improving our mix through our premium collections, commercial sales, and recent product introductions. Input cost pressures will continue with the impact peaking in the third quarter as they flow through our inventory. To mitigate these higher costs, our teams will continue to execute productivity initiatives in all aspects of our operations. Our restructuring actions should deliver approximately $100 million in benefits this year while strengthening our operations for the future.

儘管我們市場的價格壓力仍然很高，但我們正在透過優質系列、商業銷售和最近的產品推出來改善我們的產品組合。投入成本壓力將持續存在，其影響將在第三季達到頂峰，因為這些壓力將流經我們的庫存。為了降低這些更高的成本，我們的團隊將繼續在營運的各個方面執行生產力措施。我們的重組行動今年將帶來約 1 億美元的收益，同時加強我們未來的營運。

Evolving US trade policy should benefit Mohawk where approximately 85% of our US business is produced in North America. We will manage the impact of tariffs through supply chain enhancements, cost optimization, and price adjustments.

不斷變化的美國貿易政策將對莫霍克有利，該公司約 85% 的美國業務是在北美進行的。我們將透過加強供應鏈、優化成本和調整價格來管理關稅的影響。

Our guidance does not include the potential impact from new tariffs which have not been finalized at this time. Given these factors, we expect our third-quarter EPS will be between $2.56 and $2.66, excluding any restructuring or one-time charges. Historically, down cycles in our industry are followed by several years of sales growth from pent-up demand. During the past three years, we have made targeted investments to improve our operational performance, cost position, and our product features.

我們的指導不包括目前尚未最終確定的新關稅的潛在影響。考慮到這些因素，我們預計第三季每股收益將在 2.56 美元至 2.66 美元之間（不包括任何重組或一次性費用）。從歷史上看，我們行業的下行週期之後，由於被壓抑的需求，銷售額會經歷數年的成長。在過去三年中，我們進行了有針對性的投資，以改善我們的營運績效、成本狀況和產品特性。

Through these actions, we are strategically positioned to respond to today's challenges and capitalize on opportunities as the industry recovers.

透過這些行動，我們在策略上處於有利地位，可以應對當今的挑戰，並在產業復甦時抓住機會。

We'll now be glad to take your questions.

我們現在很高興回答您的問題。

(Operator Instructions) Mike Dahl, RBC Capital Markets.

（操作員指示）RBC 資本市場 Mike Dahl。

I want to start with foreign North America pricing environment or competitive environment. I think it's interesting because in 1Q, price mix was positive and the comp was easier. In 2Q, you've got all the premium collections that seems to be doing better. Can you just help us understand a little more of that inflection back to negative net price mix, maybe quantify kind of how you fared versus the market, or give us a little more color on that dynamic on price mix and how we should be thinking about through the back half of the year and for North America?

我想從國外北美的定價環境或競爭環境開始。我認為這很有趣，因為在第一季度，價格組合是正面的，而且比較容易。在第二季度，所有優質系列的表現似乎都更好。您能否幫助我們更多地了解這種轉變為負淨價格組合的情況，也許可以量化您與市場相比的表現，或者讓我們更多地了解價格組合的動態，以及我們應該如何考慮下半年和北美的情況？

Yeah. So in Flooring North America, our segment sales were about flat for the quarter, with stronger performance in the hard surface categories. Residential remodeling remains slow and commercial continues to outperform our residential business. LVT enhancements have improved our efficiency and costs, and our teams continue to execute productivity initiatives across our operations. Our restructuring actions have enhanced our operations by rationalizing inefficient assets, closing higher cost production and simplifying our product offering.

是的。因此，在北美地板市場，我們本季的分部銷售額基本上持平，硬表面類別的銷售表現更為強勁。住宅改造仍然緩慢，商業業務的表現繼續優於我們的住宅業務。LVT 增強功能提高了我們的效率並降低了成本，我們的團隊將繼續在整個營運過程中執行生產力計劃。我們的重組措施透過合理化低效資產、關閉高成本生產和簡化產品供應增強了我們的營運。

Now from a margin perspective, we have a lot of productivity initiatives ongoing, and our mix improvements in the quarter were offset by cost inflation, price pressure, and lower production. Our productivity initiatives and restructuring actions are progressing as expected, and they are lowering our costs, and we are continuing investments in new products to prepare for the recovery of the category.

現在從利潤率的角度來看，我們正在進行許多生產力計劃，而本季的產品組合改善被成本上漲、價格壓力和產量下降所抵消。我們的生產力措施和重組行動正在按預期進展，它們正在降低我們的成本，我們正在繼續對新產品進行投資，為該類別的復甦做好準備。

And Mike, from a second half perspective, I would expect that the favorable mix, both product and channel would minimize the impact of the pricing pressures. So I would expect the year-over-year see improvement as you go through Q3 and Q4.

麥克，從下半年的角度來看，我預計產品和通路的良好組合將最大限度地減少定價壓力的影響。因此，我預計在第三季和第四季，年比情況會有所改善。

Okay. Yeah, that's very helpful. And then my second question, the comments about this guidance does not include any potential impacts from the new tariffs, I think, clearly, the way things roll through your P&L, it seems like that would take a little bit of time to flow through anyway. But just based on all the moving pieces, if tariffs were to stay in place at the at the currently articulated rates that you see around the globe, do you have any updated or refined sense of how much cost pressure that you would have to offset?

好的。是的，這非常有幫助。然後我的第二個問題是，關於該指南的評論不包括新關稅的任何潛在影響，我認為，很明顯，事情在您的損益表中的進展方式似乎需要一點時間才能完成。但是，僅基於所有變動因素，如果關稅維持在目前全球範圍內所規定的水平，您是否對需要抵消多少成本壓力有任何更新或更精確的認識？

I mean if you start out with the initial tariffs were about 10%, and we're implementing changes presently in the marketplace, and we'll continue doing that. The present reciprocal tariffs have been announced from 10% to 50%. The negotiations are continuing on these tariffs almost changing by the day. And given that we don't know what they are and it looks like they're going to have significant differences from where they're starting, we're not going to know until we get to the end.

我的意思是，如果最初的關稅約為 10%，而我們目前正在對市場實施變革，我們將繼續這樣做。目前已宣布的互惠關稅為10%至50%。有關這些關稅的談判仍在繼續，幾乎每天都在變化。鑑於我們不知道它們是什麼，而且看起來它們與開始時相比會有顯著的差異，所以我們只有看到最後才會知道。

You're right that assuming that they don't get implemented until late in the third quarter, the impact will be practically none as it no matter what they are, and we're going to adjust when they're finalized as they're needed. In addition to that, I guess, we won't know the impact that they're going to have on the economy until later and if it will have any impact on our industry.

您說得對，假設它們要到第三季末才實施，那麼無論它們是什麼，其影響實際上都不會產生，而且我們會根據需要在它們最終確定後進行調整。除此之外，我想，我們直到後來才會知道它們對經濟會產生什麼影響，以及是否會對我們的產業產生任何影響。

Sam Reid, Wells Fargo.

富國銀行的薩姆·里德。

The release -- just sticking on the topic of competitive pricing, the release and the prepared remarks did make a few references to competitive price dynamics. I just wanted to drill down and talk through where you're seeing competitive pricing most acutely in the US. Are there any indications that some of your peers have been pushing through price from tariffs? Or are you finding that, in general, the peers are more or less holding or perhaps even pulling back on price given what we're seeing from a volume standpoint?

發布會——只是堅持競爭性定價的話題，發布會和準備好的評論確實提到了一些競爭性價格動態。我只是想深入探討一下您在美國看到最激烈的競爭性定價的地方。是否有跡象表明，你們的一些同行已透過關稅來抬高價格？或者您發現，從成交量來看，同行總體上或多或少都在維持價格不變，甚至可能在回落？

We've announced 8% increases that we are implementing in the market as we speak. The industry will have to increase further with higher tariffs. There's currently some delays on impact with inventory in the system, and we're obviously also reviewing other alternatives to optimize our supply chain to compensate for the tariffs.

我們已經宣布將在市場上實施 8% 的漲價政策。隨著關稅的提高，該行業將不得不進一步成長。目前系統中的庫存影響存在一些延遲，而且我們顯然也在審查其他替代方案，以優化我們的供應鏈來補償關稅。

That's very helpful. And switching gears here, I believe, as part of your ERP transition that you might actually have better visibility and real-time data into some of your kind of smaller customers, particularly some of your mom-and-pop specialty retail customers. Just curious, one, if that's the case. And then just two, kind of how you might be able to leverage that data?

這非常有幫助。我相信，作為 ERP 轉型的一部分，您實際上可以更好地了解一些較小的客戶，特別是一些夫妻店專業零售客戶，並獲得更好的即時數據。只是好奇，如果是這樣的話。然後只有兩個問題，您如何利用這些數據？

Is there an opportunity here to perhaps better manage pricing and inventories in that channel presumably now that you might have a better read on real-time trends?

現在您是否有機會更好地管理該通路的定價和庫存，大概是因為您可能對即時趨勢有了更好的了解？

We have some better analysis that we can see of the different customers. We're trying to use it to understand it and make better decisions through it. But in general, it hasn't dramatically changed our strategies and what we're doing at this point.

我們對不同的客戶進行了更好的分析。我們正在嘗試利用它來理解它並透過它做出更好的決策。但總的來說，它並沒有顯著改變我們的策略和我們目前正在做的事情。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

My first question is going back to the product. You mentioned several times in your prepared remarks, the benefits that you're starting to see from the newer collections that you've launched, can you talk a bit about where those products are in terms of getting into the channels? And any thoughts on how they could perhaps drive share gains and some more benefits to result in the upcoming quarters?

我的第一個問題是關於產品。您在準備好的發言中多次提到，您開始從推出的新系列中看到好處，能否談談這些產品在進入管道方面的情況？您認為他們如何推動股價上漲並在未來幾季帶來更多收益？

Yes, we've been introducing different products over the last few years. The recent introductions in the first part of the year are going into the market now and growing in what they're doing. We've introduced a lot of things because we think we're positioning ourselves as we come out of the recovery. Some of the big things in it would be ceramic, we have significant investments in new digital printing technologies that create 3-dimensional visuals, it's able to have different color intensity as well as different ways to create surface textures.

是的，過去幾年我們一直在推出不同的產品。今年上半年推出的產品現已進入市場，業務不斷成長。我們推出了很多東西，因為我們認為我們正在為經濟復甦做好準備。其中最重要的是陶瓷，我們對新的數位印刷技術進行了大量投資，可以創造三維視覺效果，它能夠具有不同的色彩強度以及創建表面紋理的不同方式。

In LVT, we've introduced multiple alternatives for vinyl PVC that actually give better performance to the consumer and laminate. We've introduced the next generation of aesthetics as we go through we are introducing in countertops, new veining technology as well as getting ready to start up a new plant in the third quarter. And in carpet, we put in a whole new collection on super premium collection just as limited examples of the things that we're doing.

在 LVT 中，我們引入了多種乙烯基 PVC 替代品，實際上可以為消費者和層壓板提供更好的性能。我們引入了下一代美學，我們正在引入檯面、新的紋理技術，並準備在第三季啟動新工廠。在地毯方面，我們推出了全新的超高端系列，這只是我們正在做的事情的有限例子。

Okay. That's helpful. And then when we look at the margins this quarter, it was nice to see how they came together even with the pressures that you're facing in the operating environment. Any thoughts on how we should be expecting profitability to trend in the back half of this year?

好的。這很有幫助。然後，當我們查看本季度的利潤率時，很高興看到即使在營運環境中面臨壓力的情況下，利潤率仍然保持穩定。您對於今年下半年獲利趨勢有何預期？

And then any thoughts on the outlook further as you think about conditions perhaps improving over time?

那麼，當您認為情況可能會隨著時間的推移而改善時，您對前景有什麼進一步的看法嗎？

Let's see if I can give you some color to think about. We do anticipate that the second half conditions are going to remain challenging. At this point, we don't see any improvement in the market conditions. Mortgage rates, inflation and consumer confidence are still constraining the industry.

看看我能否給你一些思考的依據。我們確實預計下半年的情況仍將充滿挑戰。目前，我們沒有看到市場狀況有任何改善。抵押貸款利率、通貨膨脹和消費者信心仍在限制該行業的發展。

We're taking a lot of actions to self-help ourselves with -- through our sales actions, leveraging our product offering. We just talked about executing productivity initiatives across all the parts of the business. We are selectively increasing prices across our various geographic portfolios where we can get price. We expect the third quarter to follow the same historical seasonality given that European vacations impact sales when they all go on vacation in August.

我們正在採取許多行動來幫助自己——透過我們的銷售行動，利用我們的產品供應。我們剛剛討論了在業務的所有部分執行生產力計劃。我們正在選擇性地提高我們能夠獲得價格的各個地理投資組合的價格。由於歐洲人在 8 月休假，會影響銷售，因此我們預計第三季將遵循相同的歷史季節性。

Around the world, central banks are reducing interest rates, which we believe could stimulate spending in housing sales. We'll continue to benefit from our restructuring actions that will total over $100 million this year. Inflation should peak in the third quarter and given higher input costs from the earlier period should flow through our cost in the third period, we have to respond to increases in tariffs as required once we know what they are and can understand the impact of different supply points. Assuming no changes in the present trend, we expect improvement in our fourth quarter results over last year.

全球各國央行都在降低利率，我們認為這可能會刺激房屋銷售支出。我們將繼續受益於今年總額超過 1 億美元的重組行動。通貨膨脹應該在第三季度達到頂峰，並且由於前一時期較高的投入成本應該會在第三時期流入我們的成本，因此，一旦我們了解了關稅的增加並能夠理解不同供應點的影響，我們就必鬚根據需要對關稅的增加做出反應。假設目前的趨勢沒有變化，我們預期第四季的業績將比去年有所改善。

Timothy Wojs, Baird.

提摩西‧沃伊斯，貝爾德。

Maybe just in the US or in North America, specifically in hard surface, as you look at kind of the first half, how do you feel that Mohawk is performing relative to the market, specifically in the hard surface category in the US based on what you can see?

也許只是在美國或北美，特別是在硬表面領域，當您回顧上半年的情況時，根據您所看到的情況，您認為莫霍克相對於市場的表現如何，特別是在美國硬表面類別中的表現如何？

Yes, we're performing well compared to the market. Our premium -- waterproof laminate sales are expanding. And the product is perceived as an excellent alternative to LVT in both residential remodeling and new construction. Our price and mix improved but was partially offset by cost inflation.

是的，與市場相比，我們的表現良好。我們的優質防水層壓板銷售正在擴大。該產品被視為住宅改造和新建中 LVT 的絕佳替代品。我們的價格和產品組合有所改善，但部分被成本通膨所抵銷。

And we think that our domestic laminate should benefit as import tariffs increase other alternatives. And also on the LVT side, our sales increased as we enhanced our portfolio. We are expanding both our sourced and manufactured volumes. And our new hybrid vinyl alternatives with improved visuals and higher performance are being very well accepted in the market.

我們認為，隨著進口關稅的提高以及其他替代品的出現，我們的國產層壓板將受益。在 LVT 方面，隨著我們產品組合的增強，我們的銷售額也隨之增加。我們正在擴大採購量和生產量。我們的新型混合乙烯基替代品具有更好的視覺效果和更高的性能，在市場上很受歡迎。

Okay. Okay. Great. And then just, I guess, kind of piggybacking on the answer from the last question just on Q4, maybe being better on a year-over-year basis.

好的。好的。偉大的。然後，我想，就像是利用了上一個問題關於第四季的答案一樣，也許年比會有所改善。

What would be kind of the key drivers to that on a year-over-year basis? Is it just lower shutdown costs and productivity kind of driving that? Is it something around kind of price cost? Just any more kind of details as you kind of see it today.

與去年同期相比，推動這一趨勢的主要因素是什麼？這只是降低停機成本和提高生產力的推動因素嗎？這與價格成本有關嗎？正如您今天所見，還有更多細節。

Thanks, Tim. We -- first of all, we expect normal sales seasonality from Q3 to Q4. As Jeff mentioned, the peak inflation that should hit in Q3 should ease as we go through the fourth quarter, so that's going to help benefit. We'll also see favorable impact from price increases, the stronger mix that we've achieved so far this year, restructuring and productivity actions.

謝謝，蒂姆。首先，我們預計第三季至第四季的銷售季節性正常。正如傑夫所提到的，第三季達到的通膨高峰應該會在第四季有所緩解，因此這將有助於帶來收益。我們還將看到價格上漲、今年迄今實現的更強勁的產品組合、重組和生產力行動帶來的有利影響。

And so assuming no changes from those present trends, we do expect the fourth quarter results to be better than the prior year.

因此，假設目前的趨勢沒有變化，我們確實預期第四季的業績將比去年同期更好。

Michael Rehaut, JPMorgan.

摩根大通的麥可雷豪特。

So just to clarify on the comment from before, Jim, when you talk about results or profitability in 4Q being better year-over-year, is that -- I would assume that applies to not just EPS, but consolidated margins as well?

因此，吉姆，為了澄清先前的評論，當您談到第四季度的業績或盈利能力比去年同期更好時，我認為這不僅適用於每股收益，也適用於合併利潤率？

Yes, because you're looking at inflation still being in place but lower than the peak in Q3. We're still getting the benefit from productivity, both from the restructuring and ongoing initiatives. We see favorability and mix as well. So all those things will help in terms of both the sales and the margins.

是的，因為你看到通貨膨脹仍然存在，但低於第三季的峰值。我們仍然從生產力中獲益，包括重組和正在進行的舉措。我們也看到了青睞和混合。因此，所有這些都將有助於提高銷售額和利潤率。

Great. No, that's good to hear. Secondly, I was hoping to go back to a prior question about competitive pricing perhaps in the US and in other regions as well.

偉大的。不，聽到這個消息真好。其次，我希望回到之前關於美國和其他地區的競爭性定價的問題。

Just would love to dial down and get a little bit better sense. I think the question was around which product categories perhaps you're seeing competitive pricing in? And how pervasive is that? I know you -- I think been discussing this before, you guys talked about maybe what you're trying to do to address it in terms of price increases, if I heard right, I just wanted to better understand which price points and which product categories you're seeing that, particularly in the US and how that's evolved over the past year, perhaps?

只是想調低音量並得到更好的感覺。我認為問題在於哪些產品類別可能具有競爭性定價？這種現像有多普遍？我知道你——我想之前討論過這個問題，你們談到了也許你們正試圖透過漲價來解決這個問題，如果我沒聽錯的話，我只是想更好地了解你看到了哪些價格點和哪些產品類別，特別是在美國，以及這種情況在過去一年中是如何發展的，也許吧？

I think the best way to try to start it is that with the industry volumes being down for three years and the low volumes that the industry is at with a high capital cost and fixed cost levels that the industry has, there is -- we think we're at the bottom. The prices have declined to where we think there's nowhere for them to go in general as we go through. In addition, the industry -- and now you get into each segment and each geography, there's different pricing pressures in different ones and some of the products and categories. We've announced price increases and the industry has in different markets.

我認為最好的開始方式是，由於行業產量連續三年下降，且行業產量較低，而資本成本和固定成本水平較高，因此我們認為我們處於底部。價格已經下降到我們認為總體上無可挽回的水平。此外，現在進入這個行業的每個細分市場和每個地區，不同的細分市場、某些產品和類別面臨著不同的定價壓力。我們已經宣布漲價，不同市場產業也已經宣布漲價。

And so we're raising prices where the industry allows us to get it. And -- but -- and it's going to help us. But the inflation is still here. If you look at energy prices, chemical prices, I think they tended to peak in the first part of the year, and those are flowing through our cost now, and we think we'll be get some help from it as we get on to the fourth quarter, but I don't leave you, there's still plenty of inflation that we have to recover within it.

因此，我們會在業界允許的範圍內提高價格。而且——但是——它會幫助我們。但通貨膨脹仍然存在。如果你看一下能源價格、化學品價格，我認為它們往往在今年上半年達到峰值，現在這些價格正在流入我們的成本，我們認為，進入第四季度時，我們會從中得到一些幫助，但我不會忘記，仍然存在大量通貨膨脹，我們必須在其中恢復。

The -- getting back to the tariffs, the tariffs we have to understand before the last move, what these geography is going to be and where they are to determine what the best options are available to us, and we'll take whatever actions we need to. We believe that the rates are so high that the industry will pass them through and it's being a little confused by inventory in the channel. So there's some a little earlier and later than others, but they're all going to have to move.

回到關稅問題，在採取最後行動之前我們必須了解關稅，這些地理位置將會是什麼以及它們在哪裡，以確定我們可以採取的最佳選擇是什麼，然後我們將採取我們需要的一切行動。我們認為，利率如此之高，以至於行業會將其轉嫁出去，而且渠道中的庫存有點令人困惑。因此，有些人會比其他的人早一點或晚一點，但他們都必須行動。

And Mike, it's very, very important. Obviously, any discussion that we have about tariffs is to remind and remind you that we have substantial local production in ceramic carpet, laminate cheap, LVT and court contorta, which represents about 85% of our U.S. business. So it's really critical to hone in on track that we have that strong local footprint.

麥克，這非常非常重要。顯然，我們關於關稅的任何討論都是為了提醒您，我們在陶瓷地毯、廉價層壓板、LVT 和 court contorta 方面擁有大量本地生產，這占我們美國業務的 85% 左右。因此，鞏固我們在本地的強大影響力至關重要。

Yes. No, I appreciate that. I mean maybe just to squeeze one last one in. Have you seen in the last -- in this past quarter, or two or to the extent you've seen it, I'm curious if you expect it to continue into the third quarter.

是的。不，我很感激。我的意思是也許只是為了擠進最後一個。您是否在過去一個季度或兩個季度中看到過這種情況，或者就您所看到的程度而言，我很好奇您是否預計這種情況會持續到第三季。

Any type of abnormal competitive actions by importers either stuffing the channel or being more aggressive in the near term in response to tariffs that -- and what type of impact that might have had on your results?

進口商是否採取了任何類型的異常競爭行為，例如堵塞渠道或在短期內為應對關稅而採取更激進的措施 - 這可能會對您的業績產生什麼樣的影響？

I think the best way to answer it is, you have to separate out the importers are trying to raise their inventories ahead of ahead of anything as we are. And you can see in our numbers, we've raised the inventory. So we're all purchasing it ahead to try to give us time to get the execution of it. many of our customers and their customers, the business hasn't been as aggressive as they thought.

我認為回答這個問題的最好方法是，你必須區分進口商是否在任何事情發生之前試圖增加庫存。您可以從我們的數據中看到，我們已經增加了庫存。因此，我們都提前購買，以便有時間執行。我們的許多客戶和他們的客戶，業務並不像他們想像的那麼積極。

So to tell you the truth, I don't think there's been as much buying as I thought there would be given what they've done even prior because you started out back in January. So I think that describes what's happening at this point.

所以說實話，考慮到他們之前的做法，我不認為購買量會像我想像的那麼多，因為你從一月就開始這樣做了。所以我認為這描述了目前正在發生的情況。

Keith Hughes, Truist.

基斯·休斯，Truist。

Switching to Flooring Rest of World. You talked about some pressure in your panels business. I guess if we x that out, how is the kind of core flooring business in Rest of World? Was it -- was some of the downside pressure less without those panels?

轉向世界其他地區的地板。您談到了面板業務面臨的一些壓力。我想如果我們解決這個問題，世界其他地區的核心地板業務是什麼樣的？是不是──如果沒有這些面板，下行壓力就會減少一些？

You're right. The industry volumes in our panel business remained slow, and we have continued price pressure in that business, although we can offset some of that with our higher-end decorative panels, which are growing and which are improving our mix. And then the second question on the European flooring market. The European flooring market remains difficult with low demand and price pressures in the market.

你說得對。我們的板材業務的行業銷售仍然緩慢，並且我們在該業務中持續面臨價格壓力，儘管我們可以通過不斷增長並改善我們的產品組合的高端裝飾板材來抵消其中的一些影響。第二個問題是關於歐洲地板市場。歐洲地板市場依然困難，市場需求低迷，價格壓力較大。

There's a lot of promotional activities that are being utilized to maximize the volumes. We had improving laminate performance as we progress through the quarter. And we also installed a new laminate press that is more efficient and can produce the next generation of product features. And we're also continuing to expand our LVT distribution across multiple channels with new collections and customer relationships to compensate for the slow market conditions.

我們採取了很多促銷活動來最大程度地提高銷量。隨著本季的進展，我們的層壓板性能不斷提高。我們還安裝了一台效率更高、可生產下一代產品功能的新型層壓壓機。我們還將透過新系列和新客戶關係繼續在多個管道擴大我們的 LVT 分銷，以彌補低迷的市場狀況。

With EBIT in the flooring part of Flooring Rest of the World, would it have been up without panels or still would have been down like the whole segment?

如果世界其他地區地板業務的地板部分的息稅前利潤沒有鑲板的話，會上升嗎？還是會像整個部門一樣下降？

I hate to speculate on the margin profile. But certainly, as Paul said, the improvement in laminate as we progress through the quarter and LVT would be margin accretive to our business.

我不願意猜測利潤率的情況。但正如保羅所說，隨著本季的進展，層壓板和 LVT 的改進肯定會增加我們業務的利潤。

Trevor Allinson, Wolfe Research.

特雷弗·阿林森（Trevor Allinson），沃爾夫研究公司。

It sounds like commercial end markets are still outperforming for you. At the same time, the leading indicator has been soft for a while here. So I'm curious on the pipeline there. Do you expect commercial to continue outperforming for the remainder of 2025 or anticipating that business is off from here moving forward?

聽起來商業終端市場對你來說仍然表現優異。與此同時，領先指標已經疲軟了一段時間。所以我對那裡的管道很好奇。您是否預計商業在 2025 年剩餘時間內將繼續表現出色，還是預計未來業務將下滑？

You're right that our US commercial business performed well, and our US commercial carpet tile and hard surface backlog at this moment remains strong, and that is led by the education and hospitality segments. We're making additional investments in sales activities to expand our specified business and our new product introductions, both in hard and soft categories, have been very well accepted.

您說得對，我們的美國商業業務表現良好，目前我們的美國商業地毯磚和硬表面積壓訂單依然強勁，而這主要得益於教育和酒店業。我們正在對銷售活動進行額外投資，以擴大我們的特定業務，我們推出的硬體和軟體新產品都得到了廣泛認可。

The ABI index is currently below 50 and has been for a while. And we do expect going forward to the market to slow down a little bit. Our Rest of World segment has limited exposure to commercial, as you know, and so they're more exposed to residential.

ABI 指數目前低於 50，並且已經持續了一段時間。我們確實預計未來市場的成長速度會略有放緩。如您所知，我們的世界其他地區分部在商業方面的投資有限，因此他們更關注住宅。

Okay. That's very helpful. And then a question on pricing in your US ceramics business, given there's a decent amount of import competition there as well. Are you taking prices higher in US ceramics or expecting to push prices higher in that business? And then you called out some positive price mix in ceramics overall in the second quarter. How much of that was a mix tailwind versus like-for-like pricing increases?

好的。這非常有幫助。然後我想問一下關於美國陶瓷業務的定價問題，因為那裡也存在相當多的進口競爭。您是否會提高美國陶瓷的價格或期望推高該行業的價格？然後您指出第二季陶瓷整體價格組合呈現積極態勢。其中有多少是順風因素，有多少是同類價格上漲？

The US ceramic business, a large part of the world business, the industry's business is imported, they have the same impact of tariffs going up that they have to absorb and pass through. The US business, we delivered solid results in hours, and we have put through selective price increases in our higher-value products earlier in the year to compensate for the inflation.

美國陶瓷產業佔全球陶瓷產業的很大一部分，該產業的業務依賴進口，因此他們也面臨關稅上漲帶來的影響，他們必須吸收和轉嫁這些影響。在美國業務方面，我們在幾個小時內就取得了穩健的業績，並且在今年早些時候，我們選擇性地提高了高價值產品的價格，以彌補通貨膨脹的影響。

Just to remind you the -- it has really high energy costs as part of it and the gas prices are up significantly over last year. And so around the world, we are implementing price increases selectively as we can to offset the rising costs.

只是提醒您——其中的一部分是能源成本確實很高，而且天然氣價格比去年大幅上漲。因此，我們正在世界各地有選擇地提高價格，以抵消成本上漲。

In the US, it was fairly balanced between both price and mix.

在美國，價格和產品組合相當平衡。

Phil Ng, Jefferies.

傑富瑞的 Phil Ng。

Good to see the buyback in the quarter and upping the authorization. When you kind of think about the business as it recovers, free cash flow still pretty strong here. You guys have talked about being at the bottom of the cycle. What's your appetite to kind of dial at it up?

很高興看到本季的回購和授權的增加。當你考慮業務復甦時，你會發現自由現金流仍然相當強勁。你們談到了處於週期底部的情況。您對撥打該號碼有何要求？

And how do you kind of envision deploying capital in the next, call it, 12 to 18 months? Is it more geared towards buybacks or M&A, reinvesting in the business, kind of help us think through how you're going to prioritize that next 12 to 18 months?

您設想在未來 12 到 18 個月內如何部署資本？它是否更傾向於回購或併購，對業務進行再投資，這有助於我們思考如何確定未來 12 到 18 個月的優先事項？

Well Phil, we'll continue really with a balanced approach on capital allocation in that we did buy back about $42 million in the second quarter. And with the new authorization, we'll continue to use that as part of our strategy. We'll increase investments in our business as the market improves. And hopefully, we'll have more opportunities to also acquire businesses as the environment strengthens.

好吧，菲爾，我們將繼續採取平衡的資本配置方法，因為我們在第二季度確實回購了約 4,200 萬美元。在獲得新的授權後，我們將繼續將其作為我們策略的一部分。隨著市場好轉，我們將增加對業務的投資。希望隨著環境的改善，我們將有更多的機會收購企業。

Okay. Super. And then obviously, not a lot of visibility on tariffs yet, but at least it seems to have a potential positive impact on price. But what type of conversations are having -- are you having with your customers?

好的。極好的。顯然，目前關稅的前景還不明朗，但至少它似乎對價格有潛在的正面影響。但是您與客戶之間進行了什麼類型的對話？

Are you having more conversations to add shelf space just given your exposure on the US side, manufacturing here? Does that create a better pricing umbrella. And when we think about the back half, you guys kind of alluded to perhaps there's some inventory in the channel, getting in front of tariffs.

鑑於您在美國方面的曝光度和製造能力，您是否會更多地談論增加貨架空間？這是否會創造更好的定價保護傘？當我們考慮後半部時，你們暗示也許頻道中有一些庫存，可以應付關稅。

Is that something that we need to be mindful of that's a risk factor for you guys when you think about your business?

當您考慮自己的業務時，我們需要注意的是一個風險因素嗎？

Yeah. So we are indeed exploring commitments with customers in this environment to fully utilize our domestic capacity. And then to come back to the question, I think that Jeff already commented on, we didn't really see that much pre-buying from our customers. They have the ability to do that when prices increase but currently, demand is slower than they expected, and they are limiting these additional purchases and our forecast includes that estimate.

是的。因此，我們確實在這種環境下與客戶探索承諾，以充分利用我們的國內產能。然後回到這個問題，我想傑夫已經評論過了，我們確實沒有看到客戶有那麼多的預購。當價格上漲時他們有能力這樣做，但目前需求比他們預期的要慢，他們正在限制這些額外的購買，我們的預測包括了這個估計。

Eric Bosshard, Cleveland Research.

艾瑞克‧博薩德（Eric Bosshard），克里夫蘭研究公司。

A lot of conversation about price increases year-to-date and bullishness in the back half on price increases from you and from the industry. I'm curious what you're observing with consumer response to price increases, I guess, retailer distributor dealer as well as consumer response. If you're seeing units change in response to the price increases, if you're seeing mix change in response to the price increases? Or is it just as simple as passing through price increases and that sticking?

您和業內人士就今年迄今為止的價格上漲進行了大量討論，並表示對下半年的價格上漲持樂觀態度。我很好奇您觀察到的消費者對價格上漲的反應，我猜，零售商分銷商以及消費者的反應。如果您看到單位因價格上漲而變化，如果您看到混合因價格上漲而變化？還是只是透過漲價和堅持來得簡單？

One is that the price increases are just flowing into the marketplace and understanding the reaction to it and what's going to happen with the consumer, it's too early to tell at this point. We believe that the imported products though will have to go up to reflect the costs and that our local manufacturing positions will be advantaged in that environment as we go through. The inventories in the system are all over and depending upon different companies' actions or not, it just makes it a little confusing as the prices flow through, but it will level out on a limited time.

一是價格上漲剛流入市場，要了解市場對此的反應以及消費者將會發生什麼，現在下結論還為時過早。我們相信，進口產品的價格必須上漲才能反映成本，而在這種環境下，我們的本地製造業地位將具有優勢。系統中的庫存遍布各地，取決於不同公司的行動，這只會在價格流動時造成一些混亂，但它會在有限的時間內趨於平穩。

What is your assumption in regards to -- as this pricing gets into the market, does it have an impact on volume? Does it have an impact on mix?

您的假設是什麼——當這個定價進入市場時，它對銷售有何影響？對混音有影響嗎？

Well, we don't know the answer, the question and it's a valid question. The question to the whole economy is, but if you push all this price through, what's going to happen to the consumer and buying and is it going to be enough to stop it. On the other side, you have our category housing is at a cyclical low that people have postponed remodeling projects and that people need to change their living to match the way their lives have changed and they postponed it. So irrelevant of the economy, our category is at such a low point, we have to come out of it as people align with their needs.

嗯，我們不知道答案，也不知道問題，但這是一個有效的問題。整個經濟面臨的問題是，如果你推高所有價格，消費者和購買力會發生什麼變化，這是否足以阻止它。另一方面，我們的住房類別正處於週期性低谷，人們推遲了改造項目，人們需要改變他們的生活方式以適應他們生活方式的變化，所以他們推遲了改造項目。與經濟無關，我們的類別處於如此低谷，我們必須走出困境，因為人們會滿足他們的需求。

Okay. And then the last question on -- I appreciate there's a lot of uncertainty around tariffs. The China tariffs seem a bit less uncertain. That seems pretty clear where those stand.

好的。最後一個問題是──我知道關稅方面存在著許多不確定性。中國的關稅似乎不那麼不確定。這些立場看起來相當清楚。

In terms of how that is impacting your business and how that's impacting the competitive dynamic Curious what you're observing LVT imports, for example, from China. What's going on with the price pass-through and what impact is that having in the market?

關於這對您的業務以及競爭動態有何影響，我很好奇您對來自中國的 LVT 進口有何觀察。價格傳遞狀況如何？對市場有何影響？

Most of the industries LVT indeed, is sourced from Vietnam, China, South Korea and Thailand. And so people are waiting for the final outcome of the tariff negotiations and will then adopt their supply chains. Currently, a number has been confirmed on China and so we have seen people move out of China into some of these other geographies that we have mentioned. But given the new tariff rates have not been finalized, we will have to adjust as required and see where things go from here.

事實上，大多數 LVT 產業都來自越南、中國、韓國和泰國。因此，人們正在等待關稅談判的最終結果，然後將採用他們的供應鏈。目前，中國已經確認了一些病例，因此我們看到人們離開中國，前往我們提到的其他一些地區。但鑑於新的關稅稅率尚未最終確定，我們將不得不根據需要進行調整，看看事情會如何發展。

Stephen Kim, Evercore ISI.

史蒂芬金 (Stephen Kim)，Evercore ISI。

Just wanted to drill down a little bit more in Flooring North America. I guess, starting with volume, momentum had been building a little bit there, ex the order taking snafu in 1Q, but we saw that kind of slow in this quarter. And so I'm curious, which products -- product categories in Flooring North America, would you say the slowdown was concentrated in? And on the flip side, you had a pretty exciting high-end launch in Flooring North America.

只是想更深入地了解北美地板。我想，從交易量開始，勢頭已經在那裡逐漸增強，例如第一季的訂單混亂，但我們看到本季的勢頭有所放緩。所以我很好奇，您認為經濟放緩主要集中在北美地板產業的哪些產品類別？另一方面，你們在北美地板展上推出了非常令人興奮的高端產品。

I was curious if you could give us an update on how that's going.

我很好奇您是否可以向我們介紹一下事情的進展。

So in the Flooring North America segment, definitely, our corporate performance and the industry volumes in corporate are at low levels, and that led to reduced manufacturing volumes and pricing pressure. And then the weak carpet performance was offset by strong performance in our laminate business and also by strong performance in our LVT business. So we really had hard surface outperforming soft surface.

因此，在北美地板領域，我們的企業績效和企業產業產量肯定處於較低水平，這導致製造量下降和價格壓力。地毯業務表現疲軟被層壓板業務和 LVT 業務的強勁表現所抵消。因此，硬表面的性能確實優於軟表面。

And the high-end launch?

還有高階產品發布嗎？

So the high-end launch is doing well. Like we said, we introduced a lot of high-end fashion products in the market, which is a market segment that they're still doing well. And so that launch is going in the market as we speak. And we have high expectations, and the launch is going very well.

因此高階產品的推出表現良好。正如我們所說，我們在市場上推出了許多高端時尚產品，這是他們仍然表現良好的一個細分市場。正如我們所說，該產品正在市場上推出。我們對此抱有很高的期望，而且發表會進展非常順利。

Okay. And then Price/mix was a headwind in Flooring North America in the quarter. I was curious how the breakdown -- how was the breakdown between price and mix? Did we actually see mix positive in the quarter?

好的。價格/組合是本季北美地板市場的阻力。我很好奇細分情況如何——價格和組合之間的細分情況如何？我們在本季是否確實看到了積極的成長？

Yes. So in Flooring North America for Q2, there was some favorable mix, but as Paul pointed out, with the pressures on pricing, it was offset by those pressures.

是的。因此，第二季北美地板市場出現了一些有利的組合，但正如保羅所指出的那樣，由於定價壓力，這些壓力抵消了這種有利的組合。

Okay. Got you. And then lastly, I had a question regarding the M&A pipeline. Basically, how is that looking?

好的。明白了。最後，我有一個關於併購通路的問題。基本上，看起來怎麼樣？

I know in the past, Jeff, you've talked about the fact that folks who owners are kind of reluctant to sell when the market is down. But as you pointed out, this is kind of in three years, and there are life situation changes that occur that oftentimes create opportunities. So I'm curious if you could give us an update on how your M&A pipeline is looking now?

傑夫，我知道你過去曾談到過這樣一個事實：當市場低迷時，業主們不太願意出售房產。但正如您所指出的，這大概是三年內發生的事情，生活狀況的變化往往會創造機會。所以我很好奇，您能否向我們介紹一下您目前的併購管道進度如何？

They're still limited at this point. People's earnings are compressed. You have all the housing industry low, and there's a limited number of people and activity going on at this point. We would expect that to change significantly the same as it did in -- I think it was 2010 or '11 when it changed dramatically and came out, there were a lot of opportunities.

目前他們仍然受到限制。人們的收入受到壓縮。目前整個房地產行業都處於低迷狀態，人員數量和活動都有限。我們預計它會發生重大變化，就像它發生過的那樣——我認為是在 2010 年或 2011 年，它發生了巨大的變化，出現了很多機會。

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

Maybe going back to Flooring Rest of World, it's pretty clear that some of the margin pressure was driven by the competitive pricing. But I wanted to kind of poke at it is that the sales were actually up about 10% quarter-over-quarter, which seems like it's better than normal seasonality and in fact, probably the best second quarter performance in a number of years. So just kind of curious what drove that strength in the top line.

也許回顧世界其他地區的地板產業，很明顯部分利潤壓力是由競爭性定價造成的。但我想指出的是，銷售額實際上比上一季成長了約 10%，這似乎比正常的季節性表現要好，事實上，這可能是多年來最好的第二季表現。所以我只是有點好奇是什麼推動了營收的強勁成長。

Well, don't forget, John, you have to also consider the FX impact. So if you're just doing it on a reported basis, the euro really strengthened from where we started. If you go back to the last time we talked in the beginning of May to today, we saw considerable strength. So that certainly had an impact.

好吧，別忘了，約翰，你還必須考慮外匯影響。因此，如果僅從報告來看，歐元確實比開始時走強。如果回顧我們上次在五月初的談話到今天，我們看到了相當大的力量。所以這肯定會產生影響。

And as Paul related earlier, our laminate business did perform better as we moved through the quarter as well.

正如保羅之前提到的，我們的層壓板業務在本季確實表現得更好。

Okay. Understood. And then in terms of the fourth quarter, you said that on a year-over-year basis, consolidated margins and EPS would be better year-over-year. I guess the question is, I think historically, EPS has sequentially declined by, call it, 20% quarter-over-quarter in the fourth quarter.

好的。明白了。然後就第四季而言，您說與去年同期相比，合併利潤率和每股盈餘將比去年同期更好。我想問題是，我認為從歷史上看，第四季的每股盈餘環比下降了 20%。

I mean, would you expect a little bit better than that? Or does that seem like that's still a fairly decent bogey for this year?

我的意思是，你期望的會比這更好一點嗎？或者這看起來對於今年來說仍然是個相當不錯的柏忌？

I think there will be differences this year with the impact of price increases, some of the favorable mix, but especially the restructuring benefits that we talked about earlier on the call. So the $100 million is fairly evenly split across the quarters. So that is kind of abnormal to the seasonality from Q3 to Q4. And one element that is helping when you look at our improvement or should improve from the prior year.

我認為今年價格上漲的影響會有所不同，一些有利因素也會有所不同，尤其是我們之前在電話會議上談到的重組效益。因此，這 1 億美元在各季度的分配相當均勻。因此，這對於第三季到第四季的季節性來說有點不正常。當你看到我們的進步或應該比前一年有所進步時，有一個因素是有幫助的。

Again, that also assumes there's no changes in the present trends.

再一次，這也假設當前趨勢沒有改變。

Brian Biros, Thompson Research Group.

布萊恩·比羅斯（Brian Biros），湯普森研究小組。

This is Katherine Thompson in today for Brian. Stepping back and just taking a look at the bigger picture when it comes to imports and tariffs, I know that there's a lot of focus. But what percentage of your production for sales in North America today are manufactured in North America today versus, say, six to eight years ago.

今天我是凱瑟琳湯普森，為布萊恩主持節目。退一步來看進口和關稅的更大背景，我知道人們對此有很多關注。但是，與六到八年前相比，今天在北美銷售的產品中有多少比例是在北美製造的？

Obviously, that's been evolving over that time period, especially with the introduction of LVT. And you, of course, know how much market LVT has taken over time. Our focus is on today and as we've said, that when you look across all our product categories, about 85% of that production in the US comes from the local manufacturing in North America.

顯然，這現像在那段時間一直在不斷發展，尤其是 LVT 的引入。當然，您也知道隨著時間的推移，LVT 佔據了多大的市場。我們的重點是今天，正如我們所說的，當你查看我們所有的產品類別時，你會發現美國約 85% 的生產來自北美的本地製造。

And again, that includes the Mexico operations, which fall under the USMCA.

再次強調，這包括屬於 USMCA 管轄範圍內的墨西哥業務。

Okay. So I guess what you're saying is it's difficult to put a number on that? Is there -- or even directionally, is there more net produced now because I do understand the LVT market share, James, but is it not more or less manufacturing in North America today versus six to seven years ago.

好的。所以我猜你想說的是，這很難用數字來衡量？是否有——或者甚至從方向上看，現在是否有更多的淨產量，因為我確實了解 LVT 市場份額，詹姆斯，但與六七年前相比，今天北美的製造業是否更多或更少了。

It is difficult to say because of just the change in profile of all the products, but something that's been very consistent is our ceramic certainly, our carpets laminate products continue to be made predominantly in North America. So that has not changed over time.

由於所有產品的外形都發生了變化，因此很難說，但有一點非常一致，那就是我們的陶瓷、地毯層壓產品仍然主要在北美生產。所以這一點並沒有隨著時間而改變。

Yes, understood. That would be a great detail to have just to be able to kind of assess the impact. Moving on to the recent build that was passed, have you quantified or outlined potential ways that you could benefit? Or do you see this still as a benefit, particularly for taking advantage of accelerated depreciation?

是的，明白了。這將是一個非常詳細的信息，能夠評估其影響。繼續討論最近通過的版本，您是否量化或概述了您可能受益的潛在方式？或者您仍然認為這是一個好處，特別是對於利用加速折舊？

Well, if you think about the tax bill that was just passed, what it's doing is quantifying the changes that started in 2017. So we will take and continue to take full advantage of items like accelerated depreciation, R&D credits and such. But I think we're very much aligned with the articles in the bill to manage our tax exposure.

好吧，如果你想想剛剛通過的稅收法案，它所做的就是量化 2017 年開始的變化。因此，我們將充分利用並持續利用加速折舊、研發抵免等項目。但我認為我們非常贊同法案中關於管理稅務風險的條款。

Okay. And I guess final question for today, a lot of focus on pricing actions and market share gains or losses and inventory. But on that, when you look at on how much of the market share gains or losses rather or attribute both the changes in the channel. So just shifting between yourself and others?

好的。我想今天的最後一個問題是，很多人關注的是定價行為、市場佔有率的增加或損失以及庫存。但是，當您查看市場份額增加或減少多少時，或將其歸因於通路的變化。那麼只是在自己和他人之間轉換嗎？

And how do you see that progressing over the next 12 months given changes just in the mechanics of the channel?

考慮到通路機制的變化，您認為未來 12 個月內將會如何發展？

If you're speaking just about North America, again -- so in Flooring North America, we think that we are in a solid position when it comes to each of the product categories, especially around, and that's why we focused on expansion in our laminate business, in our courts countertop business to really leverage that manufacturing footprint.

如果您只是談論北美，那麼在北美地板領域，我們認為，當涉及到每個產品類別時，我們都處於穩固的地位，尤其是在周邊地區，這就是為什麼我們專注於擴展我們的層壓板業務、我們的球場檯面業務，以真正利用製造足跡。

In the channels, if you look at a broad based, the commercial channel continues to do better than the others. You have the new construction business, like all the data is slowing down. And then you have the multifamily business where you have a slowing of the construction that has been coming on for a long period of time. And then residential remodeling has been at a low point, and it's remaining at a low point.

在各個管道中，如果從廣泛的角度來看，商業管道的表現仍然優於其他管道。您有新的建築業務，就像所有數據都在放緩一樣。然後，您會看到，多戶住宅業務的建設速度已經在很長一段時間內放緩。住宅改造一直處於低谷，並且仍處於低谷。

We need a catalyst for it to change.

我們需要一個催化劑來推動它的改變。

The last question comes from with Rafe Jadrosich with Bank of America.

最後一個問題來自美國銀行的 Rafe Jadrosich。

I just wanted to follow up on John Lovallo's question earlier, what is normal seasonality from 3Q to I think you said you expect normal seasonality for sales. Just what would that be, and sort of the same question for you, what would you consider normal?

我只是想跟進 John Lovallo 之前提出的問題，從第三季到第四季的正常季節性是什麼？我想您說過您預計銷售額會出現正常的季節性。那到底是什麼呢？對您來說，同樣的問題，您認為什麼是正常的？

When I look at sales from Q3 to Q4, normal seasonality is anywhere kind of a 5% to 6% decrease in sales that at a consolidated level.

當我查看第三季到第四季的銷售額時，正常的季節性表現是銷售額在合併水準上下降 5% 到 6%。

And are there any shifts of like days or anything this year?

今年有類似的日子或其他變化嗎？

No. From a year-over-year perspective, there's not.

不。從年比來看，沒有。

Got it. And then on EBIT, what would be the normal seasonality?

知道了。那麼，就息稅前利潤而言，正常的季節性是怎麼樣的呢？

On an EBIT basis, when you look back over time, I mean, because of the holidays and Q4 across the globe, you could see a decrease again in the 25%-plus area. And as I pointed out, the difference when our statement on Q4 is the benefit that we are yielding from our restructuring actions.

從息稅前利潤來看，當你回顧過去時，我的意思是，由於全球假期和第四季度的影響，你可能會看到 25% 以上的區域再次下降。正如我指出的那樣，我們在第四季度聲明中的不同之處在於我們從重組行動中獲得的收益。

Got it. So better than that normal seasonality?

知道了。那麼比正常的季節性更好嗎？

Yes.

是的。

And then I just wanted to just follow up on tariffs. If tariffs are sort of as they are in place today, like with what the current announcements are, how would you expect that to impact the short-term results? Obviously, like because it's FIFO accounting near term, you have -- your cost doesn't go up, but I think there might be more pricing. So would that actually help you near term?

然後我只是想跟進關稅問題。如果關稅與目前宣布的一樣，您認為這會對短期結果產生什麼影響？顯然，因為它是近期的先進先出會計，所以你的成本不會上升，但我認為可能會有更多的定價。那麼這實際上會在短期內對你有幫助嗎？

Or would you see cost inflation that comes through before you realize the pricing. Just how do you think about that, how that could play out if the tariffs hold as they are today?

或者您是否會在了解定價之前就看到成本膨脹。您對此有何看法？如果關稅維持現狀，情況會如何？

The goal is to have them align and the question is do the industry act rationally and push it through, how do your inventory levels compared to different ones. And we're hoping that everything aligns like it's supposed to. But first, we have to find out what it is, and then we have to see how the marketplace acts upon it, and we'll take whatever actions to make sure we're competitive in the marketplace.

目標是讓它們保持一致，問題是行業是否採取理性行動並推動其發展，您的庫存水平與其他水平相比如何。我們希望一切都能如預期的那樣順利。但首先，我們必須弄清楚它是什麼，然後我們必須看看市場如何對其採取行動，我們將採取一切行動來確保我們在市場上具有競爭力。

And as Jeff said earlier, because of the timing of the cost and it would be very minimal in the current year. And Rafe, you were asking about days. I just want to make sure which quarter you were talking about Q3 over Q3 in terms of last year, there is no difference. Q4 versus the prior year, there is one additional day in 2025.

正如傑夫之前所說，由於成本的時間安排，今年的成本將非常低。還有 Rafe，你問的是日子。我只是想確認一下，您說的第三季與去年第三季相比沒有區別。與上一年第四季相比，2025 年增加了一天。

Okay. That's really helpful. And then just one more on the tariff side. The channel inventory that you spoke about last quarter how there's been some pull forward ahead of that, both from you and competitors.

好的。這真的很有幫助。然後再談關稅方面的問題。您上個季度談到的通路庫存，無論是您還是競爭對手，都已經提前做出了一些調整。

Like where is that today. Do you think that's mostly been worked down? Or just how would -- what's the update?

就像今天那裡是哪裡一樣。您認為這個問題已經基本解決了嗎？或者只是——更新內容是什麼？

Well, in general, the importers are heavy on inventory because they wanted to get ahead of all the tariff announcements. And then from a sell-out perspective, as we said, some of our customers when we increase prices have the ability to prebuy. But given the slow environment with demand, they are making limited additional purchases --

一般來說，進口商庫存量很大，因為他們想搶在所有關稅公告發布之前買到貨。然後從銷售角度來看，正如我們所說，當我們提高價格時，我們的一些客戶有能力預購。但鑑於需求放緩，他們的額外購買量有限--

Because they made them earlier. They already raised them and they don't -- can't do anymore.

因為他們早就製造了它們。他們已經提出了這些問題，而且他們不能再這樣做了。

This concludes our question-and-answer session. I would like to turn the conference back over to Jeff Lorberbaum for any closing remarks. Please go ahead.

我們的問答環節到此結束。我想將會議交還給 Jeff Lorberbaum 來做結束語。請繼續。

Thank all of you for your participation this morning. We're well positioned for the recovery that will occur and have a great weekend.

感謝大家今天上午的參與。我們已經為即將到來的復甦做好了準備，祝大家週末愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。