McCormick & Company Inc (MKC) 2024 Q3 法說會逐字稿

Good morning.

早安.

This is Faten Freiha, VP of Investor Relations.

我是法登‧弗雷哈 (Faten Freiha)，投資者關係副總裁。

Thank you for joining today's third quarter earnings call.

感謝您參加今天的第三季財報電話會議。

To accompany this call, we posted a set of slides on our IR website, ir.mccormick.com. With me this morning are Brendan Foley, President and CEO; Mike Smith, Executive Vice President and CFO; and Marcos Gabriel, Senior Vice President, Global Finance and Capital Markets and incoming CFO.

為了配合本次電話會議，我們在 IR 網站 ir.mccormick.com 上發布了一組投影片。今天早上與我在一起的是總裁兼執行長布倫丹·福利 (Brendan Foley)；麥克史密斯，執行副總裁兼財務長；以及全球金融和資本市場高級副總裁兼即將上任的財務長馬科斯·加布里埃爾 (Marcos Gabriel)。

During this call, we will refer to certain non-GAAP financial measures.

在本次電話會議中，我們將提及某些非公認會計準則財務指標。

The nature of those non-GAAP financial measures and the related reconciliations to the GAAP results are included in this morning's press release and slides.

這些非公認會計原則財務指標的性質以及與公認會計原則結果的相關調節均包含在今天早上的新聞稿和幻燈片中。

In our comments, certain percentages are rounded.

在我們的評論中，某些百分比是四捨五入的。

Please refer to our presentation for complete information.

請參閱我們的簡報以獲取完整資訊。

Today's presentation contains projections and other forward-looking statements.

今天的演示包含預測和其他前瞻性陳述。

Actual results could differ materially from those projected.

實際結果可能與預測有重大差異。

The company undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or other factors.

本公司不承擔公開更新或修改任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他因素。

Please refer to our forward-looking statement on slide 2 for more information.

請參閱投影片 2 上的前瞻性聲明以了解更多資訊。

I will now turn this over to Brendan.

我現在將把這個交給布倫丹。

Good morning, everyone, and thank you for joining us.

大家早安，感謝您加入我們。

Before we begin reviewing our financial results, I would like to address Hurricane Helene.

在我們開始審查我們的財務表現之前，我想先談談颶風海倫。

Our thoughts go out to all those impacted by this devastating storm.

我們向所有受到這場毀滅性風暴影響的人們表示慰問。

We continue to monitor the situation closely.

我們將繼續密切關注事態發展。

Now moving to our results.

現在轉向我們的結果。

Our third quarter performance is aligned with our expectations, especially as we continue to navigate an evolving and complex consumer landscape.

我們第三季的業績符合我們的預期，特別是在我們持續應對不斷變化和複雜的消費者環境的情況下。

Our results demonstrate the success of our prioritized investments in the areas that we believe will drive the most value and improved unit share trends, drive volume growth and capitalize on our advantaged categories.

我們的結果表明，我們在那些我們認為將推動最大價值和改善單位份額趨勢、推動銷售成長並利用我們優勢類別的領域的優先投資取得了成功。

As we have said, McCormick remains a growth company, and our investments in 2024 are yielding results that support our confidence in Delivering on our top-tier long-term objectives.

正如我們所說，味好美仍然是一家成長型公司，我們在 2024 年的投資正在產生成果，這支持了我們對實現頂級長期目標的信心。

We're excited to share our strategic road map and building blocks that support these long-term objectives at our upcoming Investor Day.

我們很高興在即將到來的投資者日分享我們的策略路線圖和支持這些長期目標的建構模組。

This morning, I will begin my remarks with an overview of our third quarter results, focusing on the top line drivers.

今天早上，我將首先概述我們第三季的業績，並將重點放在營收驅動因素上。

Next, I will provide perspective on consumer trends, highlight some areas of success and the areas that we continue to work on.

接下來，我將提供對消費者趨勢的看法，重點介紹一些成功的領域以及我們繼續努力的領域。

Rick will then go into more depth on the third quarter financial results, and Marcos will review our 2024 outlook.

然後，Rick 將更深入地介紹第三季的財務業績，Marcos 將回顧我們的 2024 年前景。

And finally, before your questions, I will have some closing comments.

最後，在大家提問之前，我想發表一些結束語。

Turning now to our results on slide 4.

現在轉向投影片 4 上的結果。

In the third quarter, sales were flat in constant currency, reflecting flat pricing, 1% volume in product mix as well as the impact of our canning divestiture.

第三季度，以固定匯率計算，銷售額持平，反映出統一定價、產品組合 1% 的銷售量以及我們罐頭業務剝離的影響。

This quarter, we reached a meaningful milestone by delivering total positive volume growth despite the challenging environment.

本季度，儘管環境充滿挑戰，但我們仍實現了總銷量的正成長，實現了一個有意義的里程碑。

Our volume trends improved sequentially across both consumer and flavor solutions.

我們的消費者和風味解決方案的銷售趨勢持續改善。

Our results to date, coupled with our proven growth plans, fuel our continued confidence in our ability to deliver on the mid- to high end of our constant currency sales growth guidance.

我們迄今為止的業績，加上我們經過驗證的成長計劃，增強了我們對實現恆定貨幣銷售成長指導中高端的能力的持續信心。

In our consumer segment in the Americas, we delivered solid sequential volume improvement for the third consecutive quarter, leading to 1% volume growth.

在美洲消費領域，我們連續第三個季度實現了銷量的穩健成長，銷量成長了 1%。

Volume growth reflects our continued focus on accelerating innovation and alignment with consumer trends and expanding distribution.

銷售成長反映出我們持續專注於加速創新、順應消費者趨勢以及擴大分銷。

Our pricing reflects the continuation of our price gap management plans to support improved volumes as planned.

我們的定價反映了我們繼續執行價格差距管理計劃，以支持按計劃提高銷售量。

In EMEA, we continue to drive positive volume growth across our major markets and core categories for the third consecutive quarter.

在歐洲、中東和非洲地區，我們持續推動主要市場和核心類別的銷售連續第三個季度實現正成長。

We realized benefits from new product innovation and add distribution.

我們從新產品創新和增加分銷中獲益。

In Asia Pacific, outside of China, we delivered strong volume-led sales growth as we continue to benefit from the rollout of our new consumer-preferred packaging for our core spices seasonings portfolio as well as distribution gains.

在中國以外的亞太地區，我們繼續受益於為我們的核心香料調味品組合推出的消費者喜愛的新包裝以及分銷收益，實現了以銷量為主導的強勁銷售增長。

This performance was tempered by China, slightly more than we had originally expected.

這一表現受到中國的影響，略高於我們最初的預期。

As we look ahead to the fourth quarter, we expect the environment in China to remain challenged, and this is reflected within our guidance.

展望第四季度，我們預期中國的環境仍將面臨挑戰，這也反映在我們的指導下。

Marcos will provide more color on this when he covers our outlook for the remainder of the year.

馬科斯在談到我們今年剩餘時間的展望時將對此提供更多資訊。

Moving to Play Solutions.

轉向 Play 解決方案。

We delivered strong sequential volume improvement, primarily driven by growth in the Americas.

我們實現了強勁的環比銷量成長，這主要是由美洲的成長所推動的。

In the EMEA, our volume trends were impacted by softness in our QSR customers volumes.

在歐洲、中東和非洲地區，我們的銷售趨勢受到 QSR 客戶量疲軟的影響。

And in Asia Pacific, our results were impacted by the timing of customer promotions.

在亞太地區，我們的業績受到顧客促銷時機的影響。

From a profitability perspective, we delivered strong results relative to the prior year as the third quarter benefited primarily from the timing of investments, which are shifting to the fourth quarter.

從獲利能力的角度來看，我們取得了較上年強勁的業績，因為第三季主要受益於投資時機，投資時機正在轉向第四季度。

As we look at the second half of the year, operating income results remained largely in line with our expectations and earnings per share results are slightly ahead due to a discrete tax item benefit.

展望下半年，營業收入結果仍基本符合我們的預期，由於離散稅項收益，每股收益結果略有領先。

Let me now share our view on the state of the consumer, which has remained similar since we reported our second quarter results.

現在讓我分享我們對消費者狀況的看法，自從我們報告第二季業績以來，消費者狀況一直保持相似。

Overall, consumers are resilient but remain challenged.

整體而言，消費者俱有彈性，但仍面臨挑戰。

They are exhibiting value-seeking behavior making more frequent trips to the grocery store with smaller baskets and shopping just for what they need.

他們表現出追求價值的行為，更頻繁地帶著較小的購物籃前往雜貨店，只購買自己需要的東西。

They are also focused on reducing waste and stretching their budgets.

他們也致力於減少浪費和擴大預算。

Foodservice traffic remains soft across most restaurant types, particularly in QSRs.

大多數餐廳類型的餐飲服務客流量仍然疲軟，尤其是快餐店。

These trends are starting to benefit growth in food at home, and this shift is driven by older generations as well as lower income households.

這些趨勢開始有利於國內食品的成長，而這種轉變是由老一輩和低收入家庭所推動的。

Consumers overall continue to cook at home, and they are increasingly shopping the perimeter for protein and proteins.

總體而言，消費者繼續在家做飯，並且越來越多地購買蛋白質和蛋白質。

This further reinforces their demand for flavor and McCormick's categories, included spices and seasonings as well as condiments and sauces.

這進一步增強了他們對風味和味好美品類的需求，包括香料和調味料以及調味品和醬汁。

Labor is not something consumers are willing to sacrifice.

勞動力不是消費者願意犧牲的東西。

Spices and extracts remain the number one center store growth category.

香料和萃取物仍然是中心商店成長第一的類別。

From a value perspective, we are seeing several trends.

從價值的角度來看，我們看到了幾個趨勢。

Demand for larger sizes remains elevated.

對更大尺寸的需求仍然很高。

At the same time, there is increased demand for small or trial sizes as well as onetime use recipe mixes, highlighting that flavor exploration remains important to consumers and our plans need to match that demand with the right product offering.

同時，對小尺寸或試用裝以及一次性配方混合物的需求不斷增加，這凸顯出風味探索對消費者來說仍然很重要，我們的計劃需要將這種需求與正確的產品相匹配。

Gen Z, our new and future customers, are also cooking at home.

Z 世代，我們的新客戶和未來客戶，也在家裡做飯。

They're interested in seasoning blends that make cooking easier and convenient.

他們對使烹飪變得更輕鬆、方便的混合調味料感興趣。

Interestingly, they are leaning into higher quality and premium flavor items.

有趣的是，他們正在傾向於更高品質和優質風味的產品。

We're seeing velocity pick up on our gourmet line, and it's coming from Gen Z as they seek to recreate restaurant quality meals.

我們看到我們的美食系列的速度正在加快，這來自 Z 世代，因為他們尋求重現餐廳品質的餐點。

As we step back and reflect on all these trends, it reinforces the importance of our consumer-centric mindset, which is present across our entire business.

當我們退後一步並反思所有這些趨勢時，它強化了我們以消費者為中心的心態的重要性，這種心態存在於我們的整個業務中。

It's at the heart of everything that we do at McCormick.

這是我們在味好美所做的一切的核心。

We are strengthening our broad portfolio to meet evolving consumer demands and delighting them with innovation.

我們正在加強我們廣泛的產品組合，以滿足不斷變化的消費者需求，並透過創新讓他們滿意。

And we believe we have the right plans in place that are continually informed by what matters most to our consumers and customers.

我們相信，我們已經制定了正確的計劃，並不斷了解對我們的消費者和客戶最重要的事情。

Moving to slide 5.

轉到投影片 5。

Let me highlight for the quarter, some of the key areas of our success.

讓我重點介紹本季我們成功的一些關鍵領域。

In our global consumer segment, we drove solid unit consumption growth in spices and seasoning across our key markets in the Americas, EMEA and Asia Pacific.

在我們的全球消費領域，我們在美洲、歐洲、中東和非洲和亞太地區的主要市場推動了香料和調味料單位消費的穩健成長。

In the US, we continue to improve on our competitiveness relative to private label as our volume consumption outpaced private label for spices and seasonings this quarter.

在美國，我們相對於自有品牌的競爭力持續提高，因為本季我們的香料和調味料的消費量超過了自有品牌。

This quarter, our grilling portfolio outpaced category growth on unit sales, displays, velocity and distribution.

本季度，我們的燒烤產品組合在單位銷售、展示、速度和分銷方面的成長超過了類別成長。

And in the fourth quarter, we are excited to begin the rollout of our new consumer preferred packaging for Grill Mates, ahead of next year's grilling season.

在第四季度，我們很高興在明年的燒烤季節之前開始為 Grill Mates 推出新的消費者首選包裝。

In recipe mixes, we continue to strengthen consumption trends in the Americas, driving both unit and volume share and outpacing private label in the US.

在配方混合方面，我們持續加強美洲的消費趨勢，推動單位和數量份額的成長，並超越美國的自有品牌。

Our Cholula line continues to be a significant driver of growth.

我們的 Cholula 系列仍然是成長的重要推動力。

We are innovating Cholula recipe mixes, bringing new consumers to the category, particularly with millennials and younger families.

我們正在創新 Cholula 配方組合，為該類別帶來新消費者，特別是千禧世代和年輕家庭。

In EMEA, recipe mixes were a significant driver of UK volume growth and realized dollar market share gains for two consecutive quarters.

在歐洲、中東和非洲地區，配方組合是英國銷售成長的重要推動力，並連續兩個季度實現了美元市場份額的成長。

In mustard, we had a strong quarter as we drove both unit and volume share in the Americas.

在芥末方面，我們的季度表現強勁，因為我們提高了美洲的單位份額和銷售份額。

In addition, our unit and volume growth outpaced private label in the US.

此外，我們的銷售成長超過了美國的自有品牌。

In Poland, mustard consumption continues to grow, and we are realizing unit and dollar market share gains.

在波蘭，芥末消費量持續成長，我們正在實現單位和美元市場份額的成長。

We made great progress over the last two quarters and are pleased to see that our plans are driving the expected improvement.

我們在過去兩個季度取得了巨大進展，很高興看到我們的計劃正在推動預期的改進。

In Americas consumer, the declines we previously experienced in the prepared food categories that we participate in, like Frozen and Asian, which represent a small part of our portfolio, have now stabilized, and we are seeing improved growth.

在美洲消費者中，我們先前參與的預製食品類別（例如占我們投資組合一小部分的冷凍食品和亞洲食品）所經歷的下降現在已經穩定下來，並且我們看到了增長的改善。

We continue to make progress on total distribution points.

我們在總分發點方面繼續取得進展。

We expanded TDPs and gained TDP share in spices and seasonings, recipe mixes and mustard in the Americas.

我們擴大了美洲香料和調味料、配方混合物和芥末的 TDP 並獲得了 TDP 份額。

Finally, in the Americas and EMEA, we drove double-digit consumption growth in e-commerce, outpacing the market.

最後，在美洲和歐洲、中東和非洲，我們推動了電子商務消費的兩位數成長，超過了市場。

E-commerce was a significant driver of our unit consumption growth for the quarter as consumers continue to seek convenience.

隨著消費者持續尋求便利，電子商務是本季單位消費成長的重要推手。

In flavor solutions, we saw strength in both of our technically insulated high-margin product categories, branded foodservice and flavors.

在風味解決方案中，我們看到了技術隔離的高利潤產品類別、品牌餐飲服務和風味的優勢。

In Americas branded foodservice business, despite softness in the overall foodservice market, we grew volumes and expanded points of distribution across spices and seasonings and condiments.

在美洲品牌餐飲服務業務中，儘管整體餐飲服務市場疲軟，但我們增加了香料、調味料和調味品的銷售並擴大了分銷點。

In addition, we are winning hot sauce tabletop share behind new distribution, packaging and promotion.

此外，我們還在新的分銷、包裝和促銷活動中贏得了辣醬桌面份額。

In Flavors, our consumer packaged food customers are seeing some improvement in volumes within their own business in both the Americas and EMEA.

在食用香精領域，我們的消費包裝食品客戶發現其在美洲和歐洲、中東和非洲地區的業務量有所改善。

In the Americas, our performance with high-growth innovator customers remain strong.

在美洲，我們在高成長創新客戶方面的表現依然強勁。

We delivered solid growth in Performance Nutrition beverages as well as alcoholic and nonalcoholic beverages, outpacing category growth.

我們在功能營養飲料以及酒精和非酒精飲料方面實現了穩健增長，超過了品類增長。

Let me now touch on some areas where we're seeing some pressure.

現在讓我談談我們面臨壓力的一些領域。

In hot sauce, we continue to have underlying strength in our base business and strong consumer loyalty.

在辣醬方面，我們的基礎業務繼續擁有潛在實力和強大的消費者忠誠度。

Our share trends remain impacted by a peer that is lapping their own supply chain disruptions.

我們的股價趨勢仍然受到供應鏈中斷的同業的影響。

In the Americas, our unit share trends improved sequentially.

在美洲，我們的單位份額趨勢連續改善。

However, volumes are impacted by many trial sizes.

然而，數量受到許多試驗規模的影響。

We are pleased so far with the performance of Frank's minis.

到目前為止，我們對弗蘭克迷你車的表現感到滿意。

Minis are incremental to the category and are driving trial of our new flavors.

迷你口味是該類別的增量，正在推動我們新口味的嘗試。

We expect our innovation, expanded distribution and brand marketing to help improve our trends as we exit 2024.

我們預計我們的創新、擴大的分銷和品牌行銷將有助於改善我們 2024 年退出時的趨勢。

In flavor solutions, our volumes were impacted by slower QSR traffic, particularly in EMEA.

在風味解決方案中，我們的銷售量受到 QSR 流量放緩的影響，特別是在歐洲、中東和非洲地區。

We have seen this pressure impact our results for several quarters.

我們已經看到這種壓力對我們幾季的業績產生了影響。

It's difficult to predict QSR traffic.

預測快餐客流量很困難。

However, we are collaborating with our customers as they focus on improving their volumes through innovation and value aligned with consumer trends.

然而，我們正在與客戶合作，因為他們專注於透過創新和符合消費者趨勢的價值來提高銷售量。

In Asia Pacific, volume was soft as was impacted by slower QSR traffic outside of China, most notably in Australia and Southeast Asia, where some of our customers remain impacted by geopolitical boycotts.

在亞太地區，銷售量疲軟，原因是中國以外的快餐流量放緩，尤其是澳洲和東南亞，我們的一些客戶仍然受到地緣政治抵制的影響。

Looking ahead to the fourth quarter, we are excited about the holiday season.

展望第四季度，我們對假期感到興奮。

With our promotion and innovation plans, we are well positioned entering this season.

憑藉我們的促銷和創新計劃，我們在進入這個季節時處於有利地位。

We are increasing our merchandising levels supporting our portfolio with holiday brand marketing campaigns and are expecting a strong holiday season.

我們正在提高我們的銷售水平，透過假日品牌行銷活動來支持我們的產品組合，並期待一個強勁的假期季節。

Before I wrap up, let me reiterate our growth plans on slide 6, which support our performance year-to-date and will continue to drive our success in 2024 and into 2025.

在結束之前，讓我重申幻燈片 6 中我們的成長計劃，這些計劃支持我們今年迄今的業績，並將繼續推動我們在 2024 年和 2025 年取得成功。

Our base business is strengthening across major markets and core categories.

我們的基礎業務正在主要市場和核心類別上加強。

We have several initiatives in flight that will continue to drive this performance and differentiation.

我們正在實施多項舉措，將繼續推動這種性能和差異化。

And I look forward to sharing more details on these plans at our upcoming Investor Day.

我期待在即將到來的投資者日分享這些計劃的更多細節。

To wrap up, let me share three key points.

最後，讓我分享三個要點。

The long-term trends that fuel our categories, consumer interest in healthy, flavorful cooking, flavor exploration and trusted brands continue to be strong.

推動我們的類別、消費者對健康、美味烹飪、風味探索和值得信賴品牌的興趣的長期趨勢仍然強勁。

And importantly, consumer interest in cooking remains strong.

重要的是，消費者對烹飪的興趣依然濃厚。

We are dedicated to accelerating our volume trends.

我們致力於加速我們的銷售趨勢。

We refine and adapt our plans as needed and are prioritizing our investments to drive impactful results and return to sustainable volume-led growth.

我們根據需要完善和調整我們的計劃，並優先考慮我們的投資，以推動有影響力的成果並恢復以數量為主導的可持續成長。

You should continue to expect improvement as we close the year and into 2025 and beyond.

隨著今年的結束以及 2025 年及以後，您應該繼續期待改進。

We believe the execution of our growth plans will be a win for consumers, customers, our categories and McCormick, which will continue to differentiate and strengthen our leadership.

我們相信，我們的成長計畫的執行將是消費者、客戶、我們的品類和味好美公司的雙贏，這將繼續使我們脫穎而出並加強我們的領導地位。

Now over to Mike.

現在輪到麥克了。

Thank you, Brendan, and good morning, everyone.

謝謝你，布倫丹，大家早安。

Today's earnings call is bittersweet for me as it marks my last one as CFO of this incredible company before I retire.

今天的財報電話會議對我來說是苦樂參半的，因為這是我退休前最後一次擔任這家令人難以置信的公司的財務長。

Reflecting on my tenure of more than three decades, I am filled with immense pride and gratitude for our entire team and appreciate all of their contributions and efforts over the years.

回顧我三十多年的任期，我​​對我們整個團隊充滿了無比的自豪和感激，感謝他們多年來的所有貢獻和努力。

Lastly, I would like to thank all of you, our sell-side analysts and investors, for time and engagement over the years.

最後，我要感謝大家，我們的賣方分析師和投資者，多年來的時間和參與。

Your thoughtful questions and insights have been invaluable to me, and they reflect your commitment to understanding our business and long-term strategy.

您深思熟慮的問題和見解對我來說非常寶貴，它們反映了您對了解我們的業務和長期策略的承諾。

Now let's move to our results for the third quarter.

現在讓我們來看看第三季的業績。

Starting on slide 8, our top line sales were comparable to the third quarter of last year, including the impact of the canning divestiture and reflect 1% volume growth, partially offset by pricing.

從投影片 8 開始，我們的營收與去年第三季相當，包括罐頭業務剝離的影響，銷售量成長 1%，部分被定價所抵銷。

In our consumer segment, sales were comparable with the prior year as the 1% impact of pricing investments was offset by 1% volume growth, reflecting solid sequential improvement from the second quarter.

在我們的消費領域，銷售額與上年持平，因為定價投資 1% 的影響被 1% 的銷售成長所抵消，反映出與第二季度相比的穩健改善。

On slide 9, consumer sales in the Americas were comparable with the prior year.

在投影片 9 上，美洲的消費者銷售額與前一年相當。

This reflects 1% volume growth offset by pricing investments, and this volume growth was driven by our core categories.

這反映出 1% 的銷售成長被定價投資所抵消，而這一銷售成長是由我們的核心類別所推動的。

We continue to take a surgical and data-driven approach to managing price gaps, and our investments are still expected to impact about 15% of our Americas consumer segment.

我們繼續採取手術和數據驅動的方法來管理價格差距，我們的投資預計仍將影響約 15% 的美洲消費者群體。

In the EMEA, constant currency consumer sales increased 3%, driven by volumes of 4%, partially offset by pricing of 1%.

在歐洲、中東和非洲地區，以固定匯率計算，消費者銷售額成長了 3%，銷量成長 4%，但部分被 1% 的定價所抵銷。

Sales growth was broad-based across product categories in our major markets.

我們主要市場的各個產品類別的銷售成長基礎廣泛。

We are pleased with the volume growth we delivered in EMEA and expect the momentum to continue through 2024.

我們對歐洲、中東和非洲地區的銷售成長感到滿意，並預計這一勢頭將持續到 2024 年。

Constant currency consumer sales in the APAC region were flat, primarily due to the macro environment in China.

亞太地區以固定匯率計算的消費者銷售額持平，主要是因為中國的宏觀環境。

Outside of China, we delivered volume-led growth that was broad-based across categories and markets.

在中國以外，我們實現了以銷售為主導的成長，這種成長在各個類別和市場上都有廣泛的基礎。

Turning to our flavor solutions segment on slide 12.

轉向幻燈片 12 上的風味解決方案部分。

Third quarter constant currency sales were comparable to the prior year, reflecting a contribution from price, which was fully offset by a 1% impact of the divestiture of the canned business.

第三季以固定匯率計算的銷售額與去年同期相當，反映了價格的貢獻，但該貢獻被罐頭業務剝離 1% 的影響完全抵消了。

In the Americas, flavor solutions constant currency sales increased 3% and reflecting a 1% contribution from price and a 2% increase in volume, driven by the timing of customer activities as well as strength in branded foodservice.

在美洲，風味解決方案以固定匯率計算的銷售額成長了 3%，其中價格貢獻了 1%，銷量成長了 2%，這主要是受到客戶活動時機以及品牌餐飲服務實力的推動。

In the EMEA, constant currency sales decreased by 9%, including a 3% impact from the divestiture of the canning business, lower volume and product mix of 5%, reflecting the impact of QSR customers volumes and lower price of 1%.

在歐洲、中東和非洲地區，以固定匯率計算銷售額下降了9%，其中包括罐頭業務剝離帶來的3% 影響、銷量和產品組合下降5%，反映了QSR 客戶數量和價格下降1% 的影響。

In the APAC region, flavor solutions sales were comparable in constant currency, with minimal contributions from both price and volume.

在亞太地區，風味解決方案的銷售額以固定匯率計算相當，價格和銷售量的貢獻微乎其微。

As Brendan mentioned, our volumes in APAC were impacted by slower QSR traffic outside of China, most notably in Australia and Southeast Asia, where some of our customers remain impacted by geopolitical boy cuts.

正如 Brendan 所提到的，我們在亞太地區的銷售量受到中國以外的快餐流量放緩影響，尤其是在澳洲和東南亞，我們的一些客戶仍然受到地緣政治男孩削減的影響。

This was offset by growth in China due to QSR customer promotions.

這被中國 QSR 客戶促銷活動帶來的成長所抵消。

As seen on slide 16, gross profit margin expanded by 170 basis points in the third quarter versus the year ago period, driven primarily by favorable mix within our flavor solutions segment and the impact of our comprehensive continuous improvement program or CCI.

如投影片 16 所示，第三季的毛利率比去年同期成長了 170 個基點，這主要是由於我們的風味解決方案部門的有利組合以及我們全面的持續改進計劃或 CCI 的影響。

Now moving to slide 17.

現在轉到投影片 17。

Selling, general and administrative expenses, or SG&A, decreased relative to the third quarter of last year, driven by lower distribution costs generated by our CCI program and lower employee-related benefit expenses.

由於我們的 CCI 計劃產生的分銷成本降低以及與員工相關的福利費用降低，銷售、一般和管理費用（SG&A）相對於去年第三季度有所下降。

As a percentage of net sales, SG&A decreased 60 basis points.

SG&A 佔淨銷售額的百分比下降了 60 個基點。

Adjusted operating income increased 15% as compared to the third quarter of 2023 or 16% in constant currency, with gross margin expansion and lower SG&A expenses both contributing.

調整後營業收入較 2023 年第三季成長 15%，以固定匯率計算成長 16%，這得益於毛利率的擴張和銷售、管理及行政費用的降低。

Operating profit benefited from a shift in the timing of our investments, which now will be reflected in our fourth quarter results.

營業利潤受益於我們投資時機的轉變，這將反映在我們第四季的業績中。

Marcos will address this shortly when he reviews our outlook for the remainder of the year.

馬科斯將在回顧我們今年剩餘時間的展望時很快解決這個問題。

Adjusted operating income in the consumer segment increased 8% with minimal impact from currency.

消費者領域調整後的營業收入成長了 8%，貨幣影響極小。

In flavor solutions, adjusted operating income increased 31% or 32% in constant currency, reflecting our continued focus on restoring flavor solutions profitability.

在風味解決方案中，調整後的營業收入成長了 31%，以固定匯率計算成長了 32%，反映出我們持續致力於恢復風味解決方案的獲利能力。

Our performance this quarter reflects our commitment to increase our profit realization and positions us well to make continued investments to fuel top line growth.

我們本季的業績反映了我們對增加利潤實現的承諾，並使我們能夠繼續投資以推動營收成長。

And touching on tax.

並談到稅收。

Our third quarter adjusted effective tax rate was 16.8% compared to 21.4% in the year-ago period.

我們第三季調整後的有效稅率為 16.8%，去年同期為 21.4%。

The tax rate benefited from the resolution of an outstanding tax matter dating back several years, as well as our state sales mix.

稅率得益於幾年前懸而未決的稅務問題的解決方案以及我們州的銷售組合。

As a result, we now expect our tax rate to be approximately 21% for the year, which is slightly better than the 22% rate we had previously provided and reflects the discrete items I just discussed.

因此，我們現在預計今年的稅率約為 21%，這比我們之前提供的 22% 的稅率略好，並反映了我剛才討論的離散項目。

Our income from unconsolidated operations in the third quarter reflects strong performance in our largest joint venture, McCormick de Mexico.

我們第三季未合併業務的收入反映了我們最大的合資企業 McCormick de Mexico 的強勁業績。

We are the market leader with our McCormick branded mayonnaise, marmalades and mustard product lines in Mexico, and the business continues to contribute meaningfully to our net income and operating capital results.

我們是墨西哥味好美品牌蛋黃醬、果醬和芥末產品線的市場領導者，該業務繼續為我們的淨利潤和營運資本績效做出重大貢獻。

It is important to note that in the fourth quarter, we will be lapping strong results in the prior year period for McCormick de Mexico.

值得注意的是，在第四季度，麥考密克墨西哥公司將取得去年同期的強勁業績。

At the bottom line, as shown on slide 20, third quarter 2024 adjusted earnings per share was $0.83 as compared to $0.65 for the year ago period.

從底線來看，如幻燈片 20 所示，2024 年第三季調整後每股收益為 0.83 美元，而去年同期為 0.65 美元。

This increase was primarily due to our increased operating profit as well as the discrete tax benefits that I mentioned earlier.

這一增長主要是由於我們營業利潤的增加以及我之前提到的離散稅收優惠。

With that, let me turn the call over to Marcos, who will cover our balance sheet and outlook for 2024.

接下來，讓我將電話轉給 Marcos，他將負責我們的資產負債表和 2024 年展望。

Thanks, Mike.

謝謝，麥克。

On slide 22, we've summarized highlights for cash flow and the quarter-end balance sheet.

在投影片 22 中，我們總結了現金流量和季末資產負債表的要點。

Through the first nine months of 2024, our cash flow from operations was $463 million compared to $660 million in 2023.

2024 年前 9 個月，我們的營運現金流為 4.63 億美元，而 2023 年為 6.6 億美元。

The benefit from the increasing earnings year-over-year was more than offset by the impact of cash used for working capital, increased incentive compensation payments and cash tax payments.

獲利年增率帶來的好處被用於營運資本的現金、增加的激勵性薪酬和現金稅的影響所抵銷。

We returned $338 million of cash to shareholders through dividends and used $189 million for capital expenditures.

我們透過股利向股東返還 3.38 億美元現金，並使用 1.89 億美元用於資本支出。

As a reminder, capital expenditures include projects to increase capacity and capabilities to meet growing demand, advance of digital transformation and optimize our cost structure.

需要提醒的是，資本支出包括提高產能和能力以滿足不斷增長的需求、推動數位轉型和優化成本結構的項目。

Our priority remains to have a balanced set of cash on investments to drive growth, return a significant portion to our shareholders through dividends and paying down debt.

我們的首要任務仍然是擁有平衡的投資現金以推動成長，透過股息和償還債務向股東返還很大一部分。

Importantly, we remain committed to strong investment-grade breaking and expect our leverage ratio to be below 3 times for 2024 with another year of strong cash flow driven by profit and working capital initiatives.

重要的是，我們仍然致力於實現強勁的投資等級突破，並預計到 2024 年，我們的槓桿率將低於 3 倍，在利潤和營運資本計畫的推動下，又將迎來強勁的現金流。

Now turning to our 2024 financial outlook on slide 23.

現在轉向幻燈片 23 上的 2024 年財務展望。

Our outlook continues to reflect our prioritized investments in key categories to strengthen volume trends and drive long-term, sustainable growth, while appreciating the uncertainty of the consumer environment.

我們的前景繼續反映我們對關鍵類別的優先投資，以加強銷售趨勢並推動長期可持續成長，同時認識到消費環境的不確定性。

Turning to the details.

轉向細節。

First, currency rates are now expected to have a minimal impact on sales, adjusted operating income and adjusted earnings per share, a change from the previously anticipated unfavorable impact of approximately 1%.

首先，目前預期匯率對銷售額、調整後營業收入和調整後每股盈餘的影響最小，與先前預期的約 1% 的不利影響有所不同。

At the top line, we continue to expect constant currency net sales to range between a decline of 1% to growth of 1% and anticipate our results will be at the mid to high end of our guidance range.

在營收方面，我們繼續預期以固定匯率計算淨銷售額將下降 1% 到成長 1% 之間，並預期我們的業績將處於指導範圍的中高端。

In terms of pricing, we anticipate about a 1% increase for the year, similar to what we said last quarter.

在定價方面，我們預計今年將上漲 1% 左右，與我們上季度所說的類似。

In China, our food away from home business, which is included in APAC consumer, continues to be impacted by lower demand.

在中國，我們的外送業務（包括亞太地區消費者）持續受到需求下降的影響。

And we now expect China consumer sales to be down slightly compared to 2023 for the full year, while we presently expect it to be flat, and this is reflected within our guidance.

我們現在預計中國全年消費者銷售額將較 2023 年略有下降，而目前我們預計將持平，這已反映在我們的指引中。

While we recognize there has been continued weak demand in China, we continue to believe in the long-term trajectory of the China business.

儘管我們認識到中國的需求持續疲軟，但我們仍然相信中國業務的長期發展軌跡。

Moving to adjusted operating income.

轉向調整後的營業收入。

We continue to expect 4% to 6% constant currency growth.

我們繼續預期貨幣成長率為 4% 至 6%。

Our 2024 gross margin is projected to range between 50 to 100 basis points higher than 2023.

我們 2024 年的毛利率預計將比 2023 年高出 50 至 100 個基點。

This gross margin expansion reflects favorable impacts from pricing, product mix and cost savings from the CCI and GOE programs, partially offset by the anticipated impact of a low single-digit increase in cost inflation and our increased investments.

毛利率的成長反映了 CCI 和 GOE 計劃的定價、產品組合和成本節約的有利影響，但部分被成本通膨低個位數成長和我們增加投資的預期影響所抵消。

In addition to our gross margin expansion, SG&A benefits from cost savings will be partially offset by investments to drive volume growth, including brand marketing.

除了毛利率的成長之外，成本節約帶來的銷售、一般行政管理 (SG&A) 收益將被推動銷售成長的投資（包括品牌行銷）部分抵銷。

For the year, we continue to expect our brand marketing spend to increase high single digits, reflecting a double-digit increase in investment partially offset by CCI savings.

今年，我們繼續預期我們的品牌行銷支出將增加高個位數，反映出投資的兩位數成長被 CCI 節省部分抵消。

In terms of tax, we now expect our tax rate to be approximately 21% for the year, which is slightly better than the 22% rate we had previously provided and reflects the benefit of discrete items Mike mentioned earlier.

在稅收方面，我們現在預計今年的稅率約為 21%，這比我們之前提供的 22% 的稅率略好，反映了麥克之前提到的離散項目的好處。

We continue to expect mid-teens increase in our income from unconsolidated operations, reflecting the strong performance we anticipate McCormick de Mexico for the year.

我們繼續預期我們未合併業務的收入將增加百分之十左右，這反映了我們預計麥考密克墨西哥公司今年的強勁業績。

To summarize, our 2024 adjusted earnings per share projection of $2.85 to $2.90 reflects a 5% to 7% increase compared to 2023, and we anticipate our results will be close to the high end of the range as we benefit from the improved tax rate.

總而言之，我們對2024 年調整後每股收益的預測為2.85 美元至2.90 美元，與2023 年相比增長了5% 至7%，而且我們預計我們的業績將接近該範圍的高端，因為我們受益於稅率的提高。

As we head into the fourth quarter, let me summarize some of the puts and takes to consider.

當我們進入第四季時，讓我總結一下需要考慮的一些看跌期權。

We expect to drive volume growth in both consumer and flavor solutions, and sequential improvement from the third quarter.

我們預計將推動消費者和風味解決方案的銷售成長，並從第三季開始實現季比改善。

Pricing is expected to have a slight negative impact with the price investments in our consumer segment, only partially offset by flavor solutions.

預計定價將對我們消費領域的價格投資產生輕微的負面影響，但風味解決方案只能部分抵消這種影響。

We expect gross margins to sequentially improve from the third quarter and to be flat relative to the prior year, driven by price a comparable year-over-year flavor solutions product mix and plant supply chain investments to support growth.

我們預計毛利率將從第三季開始連續改善，並與去年持平，這是由於風味解決方案產品組合的價格與去年同期相比以及支持成長的植物供應鏈投資的推動。

We expect our investments in brand marketing to ramp sequentially from the third quarter and anticipate an increase in SG&A year-over-year related to IT and digital transformation investments shifting into the fourth quarter, and I will talk more about these investments at our upcoming Investor Day.

我們預計我們對品牌行銷的投資將從第三季度開始連續增加，並預計與IT 和數位轉型投資相關的銷售及管理費用將同比增長，並轉移到第四季度，我將在即將舉行的投資者會議上詳細討論這些投資天。

As a result, our operating profit will likely be comparable with the prior year due mostly to the time of our investment.

因此，我們的營業利潤可能與前一年相當，這主要是由於我們的投資時間所致。

However, this remained largely in line with how we had expected operating profit to perform for the second half of the year.

然而，這在很大程度上與我們對下半年營業利潤的預期一致。

As Brendan noted, we continue to prioritize our investments to drive impactful results.

正如布倫丹所指出的，我們繼續優先考慮我們的投資，以取得有影響力的成果。

Our return to volume light growth underscores that we are moving in the right direction, and we remain confident in the underlying fundamentals of our business and delivering on our 2024 financial outlook and long-term objectives over time.

我們恢復銷售量輕增長突顯了我們正在朝著正確的方向前進，我們對我們業務的基本面以及隨著時間的推移實現 2024 年財務前景和長期目標仍然充滿信心。

Thank you, Marcos.

謝謝你，馬科斯。

Before moving to Q&A, I would like to close with our key takeaways on slide 24.

在開始問答之前，我想以幻燈片 24 上的要點作為結束語。

We are pleased with our results for the quarter, especially as it marks an inflection point for total company volumes turning positive.

我們對本季的業績感到滿意，特別是因為它標誌著公司總銷售轉正的轉折點。

This demonstrates that we are investing in the areas that drive the most value and reinforces our confidence in our plans and long-term objectives.

這表明我們正在投資最有價值的領域，並增強了我們對計劃和長期目標的信心。

We continue to execute on our strategic road map with speed and agility and in alignment with consumer trends, further capitalizing on our attractive categories across segments.

我們繼續快速、敏捷地執行我們的策略路線圖，並與消費者趨勢保持一致，進一步利用我們跨細分市場的有吸引力的類別。

In addition, our plans are yielding the expected results.

此外，我們的計劃正在產生預期結果。

We also continued to expand margins and manage our costs as we are investing in the business.

在投資業務時，我們也持續擴大利潤並管理成本。

These improvements are led by our favorable product mix and cost savings programs.

這些改進得益於我們有利的產品組合和成本節約計劃。

Our results in the third quarter benefited from the timing of these investments, and we continue to expect our second half operating profit results to be in line with our expectations.

我們第三季的業績受惠於這些投資的時機，我們繼續預計下半年的營業利潤結果將符合我們的預期。

Our year-to-date performance, coupled with our growth plans give us confidence in achieving the mid- to high end of our projected constant currency sales growth for 2024.

我們今年迄今的業績，加上我們的成長計劃，使我們有信心實現 2024 年預計的恆定貨幣銷售成長的中高端。

Finally, I want to recognize all McCormick employees for their dedication and contributions, particularly as we navigate this complex environment. and reiterate my confidence that together, we will continue to drive differentiated results and shareholder value.

最後，我要感謝所有味好美員工的奉獻和貢獻，特別是當我們應對這個複雜的環境時。並重申我相信，我們將共同努力，繼續推動差異化的績效和股東價值。

Now for your questions.

現在回答你的問題。

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）Andrew Lazar，巴克萊銀行。

Brendan, it's certainly nice to see the continued sequential volume improvement in consumer, especially in the Americas.

Brendan，很高興看到消費者數量持續連續成長，尤其是在美洲。

I think pricing in consumer was a little less than 1 point, and that was pretty close to where expectations were.

我認為消費者的定價略低於 1 個百分點，這非常接近預期。

But I'm curious if you're seeing the expected magnitude of volume lift, right, from some of these pricing actions and investments that you've made?

但我很好奇，您是否從您所做的一些定價行動和投資中看到了預期的銷售提升幅度，對嗎？

And I guess, if you are, would there be a reason maybe to lean in even a little bit further, right, to keep the momentum going, given you've got some flexibility this year from things like tax rate and some below the line items?

我想，如果你是，是否有理由進一步傾斜一點，對吧，以保持勢頭，因為今年你從稅率和一些線下等方面獲得了一些靈活性項目？

Yes.

是的。

Thanks, Andrew.

謝謝，安德魯。

Let me just maybe leave with a couple of opening thoughts here.

讓我在此留下一些開場白。

I mean, we do continue to make the right progress, and we're on track with where we expect it to be.

我的意思是，我們確實繼續取得正確的進展，並且正在朝著我們預期的方向發展。

We turned the corner in our growing volume, which was obviously, as we started the year, our goal in the second half of the year.

我們扭轉了銷售成長的局面，這顯然是我們今年下半年的目標。

I think importantly, we're outperforming private label and volume across all of our core categories, and I do like the progress that we're making in flavor solutions, especially in this last quarter in the Americas region.

我認為重要的是，我們在所有核心類別中的表現都優於自有品牌和銷量，而且我確實喜歡我們在風味解決方案方面取得的進展，特別是在美洲地區的最後一個季度。

Having said that, we're never going to be satisfied.

話雖如此，我們永遠不會滿足。

So I think that we still see an opportunity to continue strengthening our plans and execution in the back, the rest of '24 going into '25.

因此，我認為我們仍然看到了繼續加強我們的計劃和執行力的機會，從 24 年的剩餘時間到 25 年。

But our programs are working, and we believe are delivering the growth that we thought that they would.

但我們的計劃正在發揮作用，我們相信正在實現我們預期的成長。

Just to add context on all those levers that on top of that price cap management that you referred to that we think are really driving our business.

只是為了添加您提到的價格上限管理之外的所有槓桿的背景信息，我們認為這些槓桿真正推動了我們的業務。

It is increased investment in brand marketing and A&P just across all of our core categories.

這是對我們所有核心類別的品牌行銷和 A&P 的投資增加。

We've launched innovation that's really contributed meaningfully to our performance.

我們推出的創新對我們的業績確實做出了有意義的貢獻。

And that's been an exciting part because that's a lot more innovation that we launched in 2022 and 2023, which was an important goal that we had here in '24.

這是一個令人興奮的部分，因為我們在 2022 年和 2023 年推出了更多創新，這是我們在 24 年制定的重要目標。

We're expanding distribution in our core categories.

我們正在擴大核心類別的分銷。

I think we had a really good quarter there in terms of performance as we expected it would start to build.

我認為就業績而言，我們度過了一個非常好的季度，正如我們預期的那樣。

And in terms of pricing, we maintain that price gap management program that we've talked about in the third quarter.

在定價方面，我們維持我們在第三季討論過的價格差距管理計劃。

It will continue to play out as expected in the fourth quarter, too, but it's only a portion of our strategy, but it is yielding I think the results that we expected from that.

它也將在第四季度繼續按預期發揮作用，但這只是我們策略的一部分，但我認為它正在產生我們預期的結果。

And I just would add, we're also operating in great categories.

我想補充一點，我們也在很棒的類別中運作。

So let's not forget that that's also part of the, I think, the strength behind our business is that we do operate in really strong categories.

因此，我們不要忘記，我認為，這也是我們業務背後的優勢的一部分，因為我們確實在非常強大的類別中運作。

I do want to say broadly at a global level, we also saw really good performance across the consumer segment at a global level, definitely in EMEA, Australia, Southeast Asia, we just saw broadly good performance including spices and seasonings category growing volume across the entire consumer segment for McCormick.

我確實想說，在全球範圍內，我們在全球消費領域也看到了非常好的表現，尤其是在歐洲、中東和非洲、澳大利亞、東南亞，我們剛剛看到了廣泛的良好表現，包括香料和調味品類別的銷售量不斷增長味好美的整個消費群。

Having said all of that, I think our guidance is appropriate, given the dynamic consumer environment.

話雖如此，考慮到動態的消費環境，我認為我們的指導是適當的。

So we're confident in our plans, and we will be at that mid- to high end of our top line.

因此，我們對我們的計劃充滿信心，我們將處於收入的中高端。

But we also have to really, I think, make sure that we reflect what's going on in the environment right now.

但我認為，我們也必須真正確保我們反映當前環境中正在發生的事情。

Hey, China is slightly worse than we expected, and it does remain challenging.

嘿，中國的情況比我們預期的要差一些，而且確實仍然充滿挑戰。

So we're factoring that into our thinking.

所以我們將這一點納入我們的思考中。

QSR trends continue to be a bit uncertain.

快餐趨勢仍然有點不確定。

And so that's kind of factored into our thinking, too.

所以這也是我們思考的因素。

And as we go into the fourth quarter, as all of you know, this is the biggest part of the year for us.

眾所周知，當我們進入第四季時，這對我們來說是今年最重要的部分。

So we want to make sure that we're balanced and we deliver on our expectations, but it is a big quarter for us.

因此，我們希望確保我們保持平衡並實現我們的期望，但這對我們來說是一個重要的季度。

That's helpful.

這很有幫助。

And then quick one is I think you mentioned that your sort of prepared foods business in the Americas, which had been weaker was stabilizing and that trends in the sales that you make to other sort of packaged food manufacturers were starting to look a bit better, I think you mentioned.

然後，我想您提到了您在美洲的預製食品業務，該業務一直較弱，正在穩定下來，並且您向其他類型的包裝食品製造商進行的銷售趨勢開始看起來好一些，我想你提到過。

So I guess as it relates to the sort of the industry as a whole, right, where the big debate is when do we start to see some sort of better volume trends recover and whatnot across the space. your viewing to that based on some of the businesses that you've got seemed to suggest maybe that's sort of starting to happen, albeit gradually.

所以我想，因為它與整個行業的類型有關，對吧，最大的爭論是我們什麼時候開始看到某種更好的銷售趨勢復甦以及整個空間的其他什麼。您根據您所擁有的一些業務對此的看法似乎表明，儘管是逐漸發生的，但這種情況可能已經開始發生。

I'm curious to get your sense on your view into that aspect.

我很想了解您對這方面的看法。

Yes.

是的。

I think -- and that certainly bridges off of our second quarter call.

我認為——這肯定是我們第二季電話會議的橋樑。

More or less, our customer plans were performing as expected, which was -- we were expecting some improvement compared to the second quarter.

或多或少，我們的客戶計劃按預期執行，我們預計與第二季度相比會有所改善。

And so we believe that largely did start to play out.

因此，我們相信這在很大程度上確實開始發揮作用。

Our Flavors business in the Americas region, we saw good results across those areas that we consider like high innovator growth customers.

我們在美洲地區的食用香精業務，在我們認為是高創新成長客戶的這些領域都取得了良好的表現。

So that plays out in categories like Performance Nutrition or alcoholic beverages or nonalcoholic beverages, but we believe we outperformed the category broadly there.

因此，這在功能營養、酒精飲料或非酒精飲料等類別中發揮了作用，但我們相信我們在這些類別中的表現普遍優於該類別。

And then we did see strength in our branded foodservice business.

然後我們確實看到了我們的品牌餐飲服務業務的實力。

And that also played into, I think, some of the improvement that we're seeing broadly across flavor solutions, the segment.

我認為，這也影響了我們在風味解決方案領域廣泛看到的一些改進。

Having said that, QSR traffic was weak and slower than probably we would have expected, but that's speaking back again to that level of uncertainty.

話雖如此，QSR 流量比我們預期的要弱且慢，但這再次說明了這種不確定性。

However, having said that, we do see our customers being responsive to what's going on in the market and trying to drive volume growth, et cetera.

然而，話雖如此，我們確實看到我們的客戶對市場上發生的事情做出了反應，並試圖推動銷售成長等等。

So we do think as we go into Q4, that trend should continue broadly, that we see sequential improvement from the third quarter.

因此，我們確實認為，在進入第四季時，這種趨勢應該會廣泛延續，我們會看到第三季的連續改善。

Ken Goldman, J.P. Morgan.

肯‧戈德曼，摩根大通。

Mike thanks again for everything, and we appreciate all your help over the years.

麥克再次感謝您所做的一切，我們感謝您多年來的所有幫助。

Two questions, if I can.

有兩個問題，如果可以的話。

Number one, I don't think you quantified, forgive me if you did, the timing of the activities of your customers, how much that benefited 3Q.

第一，我認為你沒有量化，如果你量化了，請原諒我，你的客戶活動的時間安排，這給第三季帶來了多少好處。

I think it was largely in Americas flavor solutions, but just wanted to clarify that.

我認為這主要是在美國的風味解決方案中，但只是想澄清這一點。

And you did say that shift will be reflected in 4Q results, just making sure we should kind of model all of that reversing in 4Q, and then I have a follow-up.

你確實說過這種轉變將反映在第四季度的結果中，只是確保我們應該對第四季度所有逆轉的情況進行建模，然後我有一個後續行動。

Yes.

是的。

This is Mike.

這是麥克。

Yes, as we said in the last call, there's a bit of a positive that was going to come into the third quarter from Q2, and that happened.

是的，正如我們在上次電話會議中所說，從第二季開始，第三季將會出現一些正面的情況，而這種情況發生了。

It wasn't the biggest.

這還不是最大的。

Brendan talked about the really good flavor solutions underlying performance and Branded Food Service in other areas.

布倫丹（Brendan）談到了真正優秀的風味解決方案的性能和其他領域的品牌食品服務。

But that did have a positive impact in Q3, which will kind of normalize in Q4 as we think about year-on-year comparisons.

但這確實對第三季度產生了積極影響，當我們考慮同比時，這將在第四季度趨於正常化。

Okay.

好的。

And then for my follow-up, I know you're -- it's too early to talk about 2025, but I'll take a quick step anyway.

對於我的後續行動，我知道現在談論 2025 年還為時過早，但無論如何我都會快速採取行動。

I guess the main question is -- I'll give it a shot.

我想主要問題是——我會嘗試一下。

Is there any reason to think at you won't be on algo.

有什麼理由認為你不會加入演算法嗎？

And the reason I'm asking is you have talked volume growth into next year, you kind of reiterated that a little bit today.

我問的原因是您已經談到了明年的銷售成長，您今天稍微重申了這一點。

You previously said you have the right level of investments in place, so I don't expect that to rise.

您之前說過您的投資水準合適，所以我預期投資水準不會上升。

You always have great CCI.

你總是有很棒的 CCI。

So just trying to get a sense, is there anything you're seeing?

所以只是想了解一下，你看到了什麼嗎？

Obviously, there's hot sauce, there's QSRs, there's China in general that could hold you back, but there's other positives happening as well.

顯然，辣醬、快餐、中國整體情況可能會阻礙你，但也有其他正面的因素正在發生。

So just wanted to get that sense.

所以只是想得到這種感覺。

And then while you're answering it, I'm just curious, what is the underlying EPS algo ex M&A.?

然後，當你回答這個問題時，我只是很好奇，併購之外的基本 EPS 演算法是什麼？

I mean many years ago, you said that the combination of M&A and repo would contribute around 2% in the average year to EPS, but I wasn't sure how you broke that down today.

我的意思是，很多年前，您說過併購和回購的結合平均每年將為每股收益貢獻 2% 左右，但我不確定您今天是如何分解的。

So hopefully, that makes sense.

希望這是有道理的。

Well, that last follow-up question, I like to have maybe a few buried in there.

好吧，最後一個後續問題，我想把一些問題埋在那裡。

So I'm going to do my best to remember everything, but I'm going to ask Mike and Marcos to help me out with this.

所以我會盡力記住一切，但我會請麥克和馬可斯幫我解決這個問題。

Yes, we're not prepared to talk about '25 guidance at this point.

是的，我們目前不准備談論 '25 指導方針。

So although in Investor Day, we feel like we'll share more context about how we're looking at the future and how we think about overall performance and what will drive our long-term volume growth, which is something that we've historically done.

因此，儘管在投資者日，我們覺得我們將分享更多關於我們如何看待未來、我們如何看待整體業績以及推動我們長期銷售成長的因素，這是我們歷史上一直在做的事情。

And so we'll spend some time talking about our view into what will be those drivers as we look from a long-term perspective.

因此，我們將花一些時間來討論從長遠角度來看這些驅動因素是什麼。

And when I think about what's going well in '24 and why should it continue in '25, it's just we believe that these are the right programs and the right things to do in our business.

當我想到 24 年進展順利以及為什麼它應該在 25 年繼續下去時，我們只是相信這些是我們業務中正確的計劃和正確的事情。

And these are things that we believe as part of just doing a good job and delivering growth within our categories.

我們相信這些都是做好工作並在我們的類別內實現成長的一部分。

Mike, do you want to add

麥克，你想添加嗎

-- (multiple speakers)

——（多位發言者）

I would just add, too, is if you go back to guidance early or late in January in CAGNY, the things we talked about making investments this year to really drive the second half volume growth, which we're attaining.

我還想補充一點，如果你回到 CAGNY 1 月初或下旬的指導，我們今年討論的投資將真正推動下半年銷售成長，這也是我們正在實現的目標。

We're happy with the performance, not totally satisfied, as Brendan said.

正如布倫丹所說，我們對錶現感到滿意，但並不完全滿意。

We'd love to do more, but build that momentum into 2025.

我們很樂意做更多的事情，但要在 2025 年繼續保持這種勢頭。

There's uncertainty in the economic market, as there always is, but we feel like we're well positioned.

經濟市場一如既往地存在不確定性，但我們感覺自己處於有利位置。

And I think you'll hear more from Investor Day, which would be in three weeks.

我想你會在三週後的投資者日聽到更多消息。

Yes, that's right.

是的，沒錯。

Peter Galbo, Bank of America.

彼得‧加爾博，美國銀行。

maybe to follow up on Ken's question just around this year. the gross margin guidance, I think we're getting questions this morning.

也許會在今年左右跟進肯的問題。關於毛利率指導，我想我們今天早上收到了問題。

Just you're up 125 basis points.

只是漲了 125 個基點。

Obviously, you didn't move the gross margin guidance higher and maybe there's some timing factors there.

顯然，您沒有提高毛利率指引，也許其中存在一些時間因素。

But just trying to understand if there's maybe a bit of conservatism in there as well and why that rate of change just wouldn't kind of continue through the fourth quarter.

但只是想了解其中是否也存在一點保守主義，以及為什麼這種變化率不會持續到第四季。

Yes.

是的。

If you think about it, some perspective here we talked about this year and half a lot, first half, second half.

如果你想一想，我們今年半討論了很多觀點，上半年，下半年。

Because, as you know, a quarter can -- such a small unit of measure, sometimes you get some moves.

因為，如您所知，四分之一可以——如此小的計量單位，有時您會發生一些變化。

But so we try to keep a pretty high level on half this year.

但所以我們今年努力保持相當高的水準。

And we've seen really good sequential improvement first half into second half.

我們已經看到上半場到下半場的連續改善非常好。

And actually, by quarter, it's going that way, too.

事實上，按季度來看，情況也是如此。

We see the fourth quarter actually higher gross margin than the third quarter, which is our normal trend.

我們看到第四季度的毛利率實際上高於第三季度，這是我們的正常趨勢。

So we're really happy with that.

所以我們對此感到非常高興。

Year-on-year, you always get a little mix sometimes that happens.

年復一年，有時你總是會遇到一些混合的情況。

We talk about normalizing mix versus last year on the flavor solutions side, not necessarily from third to fourth quarter, but from fourth quarter of this year to last year.

我們討論的是風味解決方案方面與去年相比的標準化組合，不一定是第三季到第四季度，而是從今年第四季到去年。

Marcos highlighted some of the supply chain investments.

馬可斯強調了一些供應鏈投資。

I'll let him talk about that in a second.

我稍後讓他談談這個問題。

And there's a slight pricing quarter year-on-year comparison there that puts a little bit of pressure, not a whole lot.

與去年同期相比，季度定價略有下降，這帶來了一點壓力，但不是很大。

Why don't you talk a little bit about that.

為什麼不談談這個呢？

Yes.

是的。

So if you think about the gross margin and the puts and takes between Q3 and Q4, we're thinking about Q4 is more of a normalized flavor solutions product mix than Q3.

因此，如果您考慮第三季和第四季之間的毛利率以及賣出和賣出，我們會認為第四季比第三季更像是標準化的風味解決方案產品組合。

So we think about it that way.

所以我們是這樣想的。

We're also thinking about some of the supply chain investments that we had planned for the year around building capacity, particularly around the heat platform that we have continued to invest in the platform will be impacting Q4 more so than the rest of the year.

我們也正在考慮今年計劃圍繞產能建設進行的一些供應鏈投資，特別是圍繞我們繼續投資的熱平台，該平台對第四季度的影響將比今年剩餘時間更大。

So that is an impact there.

所以這就是一個影響。

And also, I would say that in a little of pricing, we're going to have a slightly negative pricing in consumer going into Q4 offset by -- partially offset by flavor solutions, but there's going to be a little bit of that negative impact through pricing as we continue to invest back in the business to drive top line growth.

而且，我想說，在定價方面，我們將在進入第四季度時為消費者帶來輕微的負定價，並被口味解決方案部分抵消，但也會有一點負面影響通過定價，我們繼續投資於業務以推動營收成長。

So there are some elements between Q3 and Q4.

所以Q3和Q4之間有一些元素。

As Mike said, some puts and takes in two quarters.

正如麥克所說，有些投入和投入需要兩個季度。

I think if you look at the second half, profitability is very much in line with what we expected before.

我認為如果你看下半年，獲利能力與我們先前的預期非常一致。

And you'll hear us see talk about Investor Day about 10 times, but those heat investments that we're making in supply chain, I think you'll be excited to see the potential, as we've talked about in the past on heap but it's really driving a lot of our growth, which is great.

您會聽到我們大約 10 次談論投資者日，但是我們在供應鏈中進行的那些熱投資，我認為您會很高興看到潛力，正如我們過去討論過的那樣堆，但它確實推動了我們的成長，這很棒。

Okay.

好的。

Great.

偉大的。

And then maybe just pivoting.

然後也許只是旋轉。

Brendan, I wanted to ask you on China specifically.

布倫丹，我想具體問你關於中國的問題。

I think maybe you spent some time there earlier this year, and the market at least seems to be rewarding China exposed stocks in the past week or so on the back of some of the macro there.

我想也許你今年早些時候在那裡待過一段時間，在過去一周左右的時間裡，在一些宏觀因素的支持下，市場至少似乎對中國暴露的股票有所回報。

Just curious to kind of get your perspective on if there is some kind of stimulus policy in China, how you're thinking about improved consumer demand or improved consumer psyche there.

只是想知道您對中國是否有某種刺激政策的看法，您如何看待改善那裡的消費者需求或改善消費者心理。

Any perspectives would be helpful.

任何觀點都會有幫助。

Sure, Peter.

當然，彼得。

On China, we do expect the environment there.

對於中國，我們確實對那裡的環境充滿期待。

It's going to remain broadly challenged.

它將繼續面臨廣泛的挑戰。

And we do expect our business probably become slightly in '24.

我們確實預計我們的業務在 24 年可能會略有改善。

So just for the sake of clarity, I mean, that's the outlook that we're looking at for the balance of our year.

因此，為了清楚起見，我的意思是，這就是我們對今年剩餘時間的展望。

But when you reference, I think, this latest news on stimulus, I'm just not in a position to sort of predict the impact of that.

但我認為，當你提到刺激措施的最新消息時，我無法預測其影響。

I will say, though, in previous actions that have been taken in terms of -- in the country regarding stimulus, I don't know that they necessarily had a material impact on our sort of the consumption in our business.

不過，我要說的是，在該國之前採取的有關刺激措施的行動中，我不知道它們是否一定會對我們業務中的消費產生重大影響。

And so at this moment, right now, we believe that they'll just continue to make sequentially good progress.

因此，此時此刻，我們相信他們將繼續取得良好的進展。

It's just not at the speed we thought it might happen.

只是事情發生的速度沒有我們想像的那麼快。

And by the way, we didn't plan on a lot I think, this year in China to begin with.

順便說一句，我認為今年一開始我們在中國並沒有太多計劃。

So it's just a little bit -- it's more muted than we expected.

所以只是一點點——比我們預期的更安靜。

And I think given the latest economic news out of the country, we're still waiting to see what kind of impact that might have.

我認為鑑於該國最新的經濟消息，我們仍在等待，看看這可能會產生什麼樣的影響。

Alexia Howard, Bernstein.

亞歷克西婭·霍華德，伯恩斯坦。

So can I ask about the margin recovery in flavor solutions.

那我可以問一下風味解決方案的利潤恢復嗎？

I think you mentioned that it may have been driven partially by product mix.

我想你提到這可能部分是由產品組合驅動的。

I'm just wondering how much more runway there is for continued improvement on that side and specifically what the mix driver was?

我只是想知道這方面還有多少跑道可以繼續改進，特別是混合驅動器是什麼？

Yes, Alexia.

是的，亞歷克西婭。

You think about our long-term journey on flavor solutions, and we've talked about portfolio migration in the past and more recently.

您想想我們在風味解決方案方面的長期歷程，我們過去和最近都討論過產品組合遷移。

When you think about the things that are higher margin within that portfolio, Branded Foodservice, as Brendan mentioned, had a really good quarter, gaining share, driving growth in some of the categories within flavors, which we're gaining share in Performance Nutrition, things like that, again, lean to the higher margin side of things.

當你考慮到該投資組合中利潤率較高的東西時，正如布倫丹所提到的，品牌食品服務有一個非常好的季度，增加了份額，推動了口味中某些類別的增長，我們在性能營養方面獲得了份額，類似的事情再次傾向於利潤率較高的一面。

So it's a little indication of a proof point of our vision to move these margins higher as we migrate the portfolio considering the CCI, someone mentioned CCI before, again, another bad luck.

因此，這稍微表明了我們的願景，即在考慮 CCI 的情況下遷移投資組合時提高這些利潤率，之前有人提到過 CCI，這又是一個壞運氣。

We've taken -- we approved flavor solutions margins in the last two years through our CCI and our global operating effectiveness program, continue that CCI journey there.

過去兩年，我們透過 CCI 和全球營運效率計畫批准了風味解決方案的利潤，並繼續 CCI 之旅。

We'll talk about that more at Investor Day, too.

我們也會在投資者日更多地討論這一點。

So yes, I think we're very positive on flavor solutions longer term.

所以，是的，我認為我們對長期風味解決方案非常樂觀。

Quarter-to-quarter, we've talked about this business sometimes being lumpy.

每個季度，我們都談到這項業務有時會不穩定。

I think we've got to come up with another word since I'll be leaving.

我想我們必須想出另一個詞，因為我要離開了。

But volatile.

但不穩定。

But again, there is a room for margin improvement here.

但同樣，這裡的利潤率還有進步的空間。

And also just glad to that, Mike, for me, as we continue to grow the business, we'll see leverage coming through the P&L, and that is also going to impact our margins going forward.

麥克，對我來說也很高興，隨著我們業務的不斷發展，我們將看到損益表中的槓桿作用，這也將影響我們未來的利潤率。

Great.

偉大的。

And then just to follow up.

然後只是跟進。

You mentioned branded food service being a big driver of the margin improvement on the flavor solutions side.

您提到品牌食品服務是風味解決方案方面利潤提高的重要動力。

Is that because traffic is improving in the quick service restaurants as their value menus are picking up?

這是因為快餐店的客流量隨著其超值菜單的增加而改善嗎？

Or is it something different that's happening?

或是正在發生什麼不同的事情？

I think you mentioned share gains?

我想你提到了股票收益？

Just trying to get a flavor for what's happening on the branded foodservice side and what's driving that?

只是想了解一下品牌餐飲服務方面正在發生的事情以及推動這一趨勢的因素是什麼？

Alexia, to give you a flavor of that, just to repeat the pun a little bit, the drivers on Branded Foodservice have less to do with traffic.

Alexia，為了讓您體會一下這一點，只是重複一下雙關語，品牌餐飲服務上的司機與交通流量關係不大。

We see them quite subdued still at this point in time, and they have been for the last -- even in the second quarter when we reported, we saw just depressed trends from a traffic perspective in most sort of segments within foodservice.

我們看到它們在這個時間點上仍然相當低迷，而且它們已經是最後一個了——即使在我們報告的第二季度，我們也從餐飲服務領域的大多數細分市場的流量角度看到了低迷的趨勢。

The driver of our growth seems to be or is gaining share, getting more tabletop placements on things like Frank's RedHot and just broadly, I think winning in the marketplace with our full platform of both spices and seasonings and also condiments and sauces.

我們成長的驅動力似乎是或正在獲得份額，在Frank's RedHot 等產品上獲得更多的桌面位置，從廣義上講，我認為我們憑藉香料和調味料以及調味品和醬汁的完整平台贏得了市場。

And so we like the programs that we drive and that we run.

因此，我們喜歡我們驅動和運行的程式。

And often what you'll see, I think, in that business is we're doing a lot of limited time offers with our brands.

我認為，在這項業務中，你經常會看到我們正在為我們的品牌提供大量限時優惠。

Brands like Cholula or Frank's RedHot tend to be brands that we've seen operators like to use leverage as ways of driving interest and excitement on their menu because those are obviously flavors that are quite appealing to consumers.

我們發現，像 Cholula 或 Frank's RedHot 這樣的品牌往往是營運商喜歡利用槓桿來激發菜單興趣和興奮感的品牌，因為這些口味顯然對消費者非常有吸引力。

And so we're seeing that part of our Branded Foodservice business pick up even a little bit more because we've been running a lot more of those types of programs and promotions with our customer base.

因此，我們看到我們的品牌餐飲服務業務的這一部分甚至有所成長，因為我們一直在與我們的客戶群進行更多此類計劃和促銷活動。

So it's really doing well in a tough marketplace, I think, is broadly the answer I would give.

因此，我認為，它在嚴峻的市場中確實表現出色，這就是我給的大致答案。

Max Gumport, BNP Paribas.

馬克斯‧岡波特，法國巴黎銀行。

Just to follow up on flavor solutions margin.

只是為了跟進風味解決方案的利潤。

So you had a very strong quarter, up 300 basis points year-over-year.

所以你度過了一個非常強勁的季度，比去年同期成長了 300 個基點。

I think it's the highest margin we've seen in that segment since the pandemic started.

我認為這是自大流行開始以來我們在該領域看到的最高利潤。

And by our math and a few assumptions we're making, it would seem like the guidance for the full year implies you have a pretty big step back in 4Q in flavor solutions margins.

根據我們的數學計算和我們所做的一些假設，全年的指導似乎意味著第四季度風味解決方案的利潤率出現了相當大的倒退。

It sounds like product mix is one headwind you're seeing on the horizon, although it wasn't clear to me if you're saying product mix was abnormal in 4Q '23 and it's a tough compare or abnormal in 3Q '24.

聽起來產品組合是你即將看到的一個逆風，儘管我不清楚你是否說 23 年第 4 季的產品組合不正常，而 24 年第 3 季的產品組合是一個艱難的比較或不正常。

I mean you take a step back towards a more normal mix in 4Q '24.

我的意思是，你會在 24 年第四季朝著更正常的組合方向退一步。

But I'm curious if there's any other factors you're seeing on the horizon?

但我很好奇您是否還看到了其他因素？

Or this is really just some conservatism for the volatility and lumpiness of the segment?

或者這實際上只是針對該細分市場的波動性和混亂性的某種保守主義？

I'd say it's more balanced, honestly.

老實說，我想說這更平衡。

I mean again, quarter-to-quarter, you're going to get some variability here.

我的意思是，每個季度都會出現一些變化。

If you look back at the fourth quarter last year, as I mentioned before, the kind of compare and mix, it's normalizing supply chain investments, I think, honestly, if you think about it, supply chain investments, the things we're doing on heat Marcos talked about, impact flavor solutions.

如果你回顧去年第四季度，正如我之前提到的，這種比較和混合，它正在使供應鏈投資正常化，我認為，老實說，如果你仔細想想，供應鏈投資，我們正在做的事情關於熱馬科斯談到的影響風味的解決方案。

It's a smaller sales base, too, so you probably get more of a gross margin impact.

它的銷售基礎也較小，因此您可能會受到更多的毛利率影響。

But for the year, going back to your comment, we're on plan.

但今年，回到你的評論，我們正在按計劃進行。

We're happy with the margin improvement there.

我們對利潤率的改善感到滿意。

But overall, I mean, our operating profit should -- margin should improve for the full year versus last year as we were going to continue to make the sequential improvement in terms of operating margin.

但總的來說，我的意思是，我們全年的營業利潤應該比去年有所改善，因為我們將繼續在營業利潤方面取得連續的改善。

So we've interest margins by 200 basis points to 2023 versus 2022, and that will continue to drive operating margin up for the full year as we had planned before.

因此，到 2023 年，我們的息差將比 2022 年提高 200 個基點，這將繼續推動全年營業利潤率上升，正如我們之前計劃的那樣。

Great.

偉大的。

And then turning to hot sauce in the US.

然後在美國轉向辣醬。

So it sounds like it remains a challenge.

所以聽起來這仍然是一個挑戰。

You're still seeing pressure from peers trial-sized package offerings.

您仍然會看到來自同行試用裝套餐產品的壓力。

It sounds like also that you're pleased with the initial reaction to your own trial size packages.

聽起來您對自己的試用裝包裝的最初反應也很滿意。

But can you just give us an update on what you're seeing there, what you expect from your action plans over the coming quarters?

但您能否向我們介紹您所看到的最新情況以及您對未來幾季的行動計劃的期望？

Yes.

是的。

Max, yes, thank you for the question on hot sauce.

麥克斯，是的，謝謝你關於辣醬的問題。

Hot sauce is an attractive category.

辣醬是一個有吸引力的類別。

There's new competition always entering the category.

總是有新的競爭進入這個類別。

So that's something that we sort of deal with all the time.

這就是我們一直在處理的事情。

And -- but we -- as I said in the prepared remarks, we really do like the underlying health of our base business and just continued strong consumer loyalty.

而且 - 但我們 - 正如我在準備好的演講中所說，我們確實喜歡我們基礎業務的基本健康狀況以及持續強大的消費者忠誠度。

And this is also part of our portfolio that's also receiving a fair amount of increased investment.

這也是我們投資組合的一部分，該投資組合也獲得了大量的增加投資。

But there is one thing that's really, I think, impacting from a share perspective, just two particular things going on in the marketplace.

但我認為，從股票的角度來看，有一件事確實會產生影響，那就是市場上正在發生的兩件事。

A peer of ours is lapping a big supply chain constraint from the prior year, which hasn't affected our business as much, but definitely affect theirs.

我們的一位同行正在經歷去年的巨大供應鏈限制，這對我們的業務影響不大，但肯定會影響他們的業務。

And so we're seeing that volume return back under their label.

所以我們看到該卷又回到了他們的標籤下。

But also, we're seeing a lot of surge in unit volume from these many trial sizes, which we were able to participate in or begin to participate in, in the third quarter.

而且，我們在第三季度看到我們能夠參與或開始參與的這麼多試驗規模的單位數量大幅激增。

Our units are holding up well in this category, too.

我們的單位在這一類別中也表現出色。

So there is a fair amount of noise going on in the hot sauce category.

因此，辣醬類別中存在相當多的噪音。

And so when we look at those minis, just to give you some more perspective around that, we're seeing a lot of pickup in velocity.

因此，當我們審視這些迷你車時，只是為了讓您對此有更多的了解，我們看到速度有了很大的提高。

What it's doing is it's helping us drive trial on new flavors.

它的作用是幫助我們推動新口味的試用。

I think we have sriracha in there, and we also have a creamy Buffalo sauce.

我想我們裡面有拉差醬，還有奶油水牛醬。

Both are super good.

兩者都超級好。

But at $1, these are really low price points for consumers to just really, it loves the barrier to trial.

但對於 1 美元的消費者來說，這些價格確實很低，因為他們喜歡試用的障礙。

And so we've seen a nice pickup in velocity on those many trial sizes and expect that obviously, to be a positive part of our portfolio or that brand assortment that we'll have moving forward.

因此，我們已經看到許多試用尺寸的速度有了很大的提高，並且顯然，這將成為我們的產品組合或我們將繼續推進的品牌分類的積極組成部分。

I also do want to draw attention to.

我也想引起大家的注意。

We have strong early acceptance on our overall innovation, like our Frank's RedHot squeeze products that are coming out, Frank's deal pickle hot sauce.

我們對我們的整體創新有很強的早期接受度，例如我們即將推出的 Frank's RedHot 擠壓產品、Frank's deal 泡菜辣醬。

These are items from an innovation perspective and the kind of rolling out in the market in the back half of this year, and we like the performance that we've seen there.

這些是從創新角度出發的產品，是今年下半年在市場上推出的產品，我們喜歡在那裡看到的表現。

So we'll continue to work through that.

所以我們將繼續努力解決這個問題。

We believe we'll have better performance as we move towards the end of 2024, sequentially improved versus the third quarter.

我們相信，隨著 2024 年底的到來，我們將取得更好的業績，與第三季相比連續改善。

But this is an area that we get a lot of attention to, and it's an exciting area in the store.

但這是我們非常關注的一個區域，也是店裡一個令人興奮的區域。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Just the first question on the planned ramp in marketing and advertising support that you called out and that's implied in the fourth quarter guidance.

這是您提出的關於計劃增加行銷和廣告支援的第一個問題，這在第四季度的指導中有所暗示。

I'm curious as to sort of how much of that is just more intense programming around holidays and sort of specific to stimulating 4Q demand versus maybe more everyday programming that has maybe a more durable ROI in '25?

我很好奇其中有多少是圍繞假期進行的更密集的節目，以及特定於刺激 4Q 需求的節目，而不是可能在 25 年具有更持久投資回報率的更日常的節目？

Well, when you think about the fourth quarter and our posture walking into the fourth quarter, I think maybe a good way to think about it is we still have the same level of programs and activity that's been driving our business results.

好吧，當你想到第四季度以及我們進入第四季度的態勢時，我認為也許一個好的思考方式是我們仍然擁有相同水平的計劃和活動來推動我們的業務業績。

And we expect that will continue in its strength going into the fourth quarter.

我們預計這種勢頭將持續到第四季。

So we're not pulling back or anything like that.

所以我們不會撤退或類似的事情。

But we like the progress and the results that we're getting across the portfolio with those investments and those plans and programs.

但我們喜歡我們在這些投資、計劃和項目的投資組合中所取得的進展和結果。

It's also our big holiday season quarter.

這也是我們的重要假期季度。

And we really do believe we have very strong holiday plan setup with our customers.

我們確實相信我們與客戶制定了非常強大的假期計劃。

And so this is an area that we expect to have really good performance in, in the holiday.

因此，我們預期這個領域在假期中會有非常好的表現。

And so that obviously is a tick up when you think about it sequentially from the third quarter, and that's something to be expected.

因此，當你從第三季開始依次考慮時，這顯然是一個上升，這是可以預料的。

But some of this, as you mentioned, every day, we talked about Frank's hot sauce early in the year turning that on every day, so that is a tune you made related this year.

但其中一些，正如你所提到的，我們每天都在年初談論弗蘭克的辣醬，每天都將其打開，所以這是你今年製作的相關曲調。

Okay.

好的。

Okay.

好的。

That's -- thank you for that.

那就是——謝謝你。

And then I know this is very new, but the dock workers' strike that's in news this morning, I guess from your perspective, I'm assuming that it's relatively short lived, the impact is relatively manageable.

然後我知道這是非常新的，但是今天早上新聞中出現的碼頭工人罷工，我想從你的角度來看，我假設它的持續時間相對較短，影響相對可控。

But from the outside, how long if this extend, how long before this becomes a more material issue for you based on your current visibility on inventory levels?

但從外部來看，如果這種情況持續多久，根據您目前對庫存水準的了解，這種情況對您來說需要多長時間才能成為更重要的問題？

Thanks for the question on this, Steve.

謝謝你提出這個問題，史蒂夫。

On the East Coast port strike, from an inbound supply planning perspective for us, we've been contingency planning on this on the potential for this since like April of this year.

關於東岸港口罷工，從我們入境供應計畫的角度來看，我們從今年四月起就一直在針對這種可能性進行應急計畫。

We really have been thinking about this as maybe something that could happen.

我們確實一直在考慮這可能會發生。

And so we've been planning our actions around that possibility.

因此，我們一直圍繞著這種可能性來規劃我們的行動。

We've also coordinated mitigation plans with our domestic suppliers because they might be counting on inbound supply coming from outside the United States.

我們還與國內供應商協調了緩解計劃，因為他們可能依賴來自美國境外的入境供應。

So we believe we've mitigated most of those risks with the strike now officially occurring.

因此，我們相信，隨著罷工現在正式發生，我們已經減輕了大部分風險。

But we believe we're broadly covered.

但我們相信我們的覆蓋範圍很廣。

We are monitoring it daily, though, just to make sure that we don't have any interruption of supply, but we feel like we planned for this.

不過，我們每天都會對其進行監控，只是為了確保我們不會出現任何供應中斷，但我們覺得我們已經為此做好了計劃。

Overall, though, we encourage both sides to work through this as productively as they can and with pace because this is something obviously that we don't want to see have a long extended event.

不過，總的來說，我們鼓勵雙方盡可能有效率、快速地解決這個問題，因為這顯然是我們不希望看到的事情長期延長。

But that -- those are our thoughts right now on that, and we're going to watch it closely like everyone else.

但這是我們現在對此的想法，我們將像其他人一樣密切關注。

Rob Dickerson, Jefferies.

羅布·迪克森，杰弗里斯。

Great.

偉大的。

Just two quick ones.

就兩個快的。

I guess, first one is just kind of wanted to get maybe a little bit more color on Q4 because I think kind of around midpoint of the EPS implied guide, it looks like it's down about 15% year-over-year.

我想，第一個只是想在第四季獲得更多的色彩，因為我認為每股盈餘隱含指南的中點附近，看起來比去年同期下降了約 15%。

But at the same time, sounds like maybe sales could be a little bit better sequentially like relative to we're seeing in Q3 and then the comments around gross margin, gross margin, a little bit more normalized, but still better than Q3, maybe flat year-over-year.

但與此同時，聽起來也許銷售可能會比我們在第三季度看到的那樣好一點，然後圍繞毛利率的評論，毛利率，更加正常化一點，但仍然比第三季度好，也許同比持平。

So kind of what's implied, everything we're talking about, right, is like SG&A should be up a decent amount.

我們所說的一切都暗示著，SG&A 應該會大幅上漲。

And then I guess there is a little bit of implied tax rate headwind, but then also like income from unconsolidated clearly is -- I know it's been up like 50% year-over-year, year-to-date versus the mid-teens guide.

然後我猜想會有一點隱含的稅率逆風，但同樣來自未合併的收入顯然是——我知道今年迄今為止與十幾歲左右的收入相比，它已經同比增長了 50%指導。

So I'm just trying to kind of gauge like what's the core driver of that year-over-year absolute EPS implied decline in Q4, and it sounds like it's SG&A.

因此，我只是想衡量第四季絕對每股盈餘年減的核心驅動因素是什麼，聽起來像是SG&A。

Yes.

是的。

I think you kind of walked the P&L very well highlighting kind of the squeeze there.

我認為你對損益表的分析非常好，突顯了那裡的擠壓。

We talked about the SG&A investments we're making, and that was a timing shift in some of the supply chain investments.

我們討論了我們正在進行的SG&A 投資，這是一些供應鏈投資的時間轉變。

Just to touch on tax that are consolidated really briefly, and I'll let Marcos cover a little bit of the other stuff.

只是簡單地談談合併的稅收，我將讓馬科斯介紹一些其他內容。

But the tax.

但稅。

So a little bit of a headwind after some pretty large favorables that we talked about in the call, which were more timing related, but we did call the tax rate down for the whole year by 1%.

因此，在我們在電話會議中討論了一些相當大的優惠之後，出現了一點阻力，這些優惠更多地與時間相關，但我們確實將全年稅率下調了 1%。

But unconsolidated, really great performance by McCormick continues.

但麥考密克的鬆散、真正出色的表演仍在繼續。

We're lapping a really great performance in the fourth quarter of last year, but also the pace that has valued pretty significant.

我們在去年第四季取得了非常出色的業績，而且步伐也非常有價值。

So I think that's part of the reason that it may look wonky to you on that line.

所以我認為這就是你在這條線上看起來很奇怪的部分原因。

But maybe I'll turn it to Marcos to talk a little bit more about the P&L.

但也許我會請 Marcos 多談談損益表。

Yes, yes.

是的，是的。

So we talked about the top line.

所以我們討論了頂線。

I mean, sequentially improving from Q3 into Q4.

我的意思是，從第三季到第四季依序改善。

We gave the mid to high double the range in terms of the full year.

我們給出的中高端範圍是全年的兩倍。

But that means if you think about Q4, it's going to improve both in consumer and flavor solutions from Q3.

但這意味著如果您考慮第四季度，它將在消費者和風味解決方案方面比第三季度有所改善。

The same applies to gross margin.

毛利率也是如此。

Even gross margin is going to continue to improve sequentially from Q3 into Q4. if you compare with prior year, it's going to be flat, given the reasons that I mentioned before in terms of the investments that we're making in supply chain, the normalization of the mix a bit on the flavor solutions side and some of the pricing that within consumer that's going to be partially offset by flavor solutions.

從第三季到第四季，毛利率也將持續改善。如果你與去年相比，它將會持平，考慮到我之前提到的我們在供應鏈方面的投資、風味解決方案方面的混合標準化以及一些消費者內部的定價將被風味解決方案部分抵消。

So that's how we see the gross margin coming into Q4.

這就是我們對第四季毛利率的看法。

On SG&A, we had some investments that shifted from Q3 to Q4 as well, particularly around IT and digital transformation -- as you know, we have a digital transformation journey across the company.

在 SG&A 方面，我們的一些投資也從第三季度轉移到了第四季度，特別是圍繞 IT 和數位轉型——如您所知，我們整個公司都有一個數位轉型之旅。

I'm going to be commenting more about that at the Investor Day.

我將在投資者日對此進行更多評論。

But we see some investments in Q4 around digital market in terms of data analytics.

但我們看到第四季度在數據分析方面圍繞數位市場進行了一些投資。

We are putting a hub around data analytics to serve the business as well as some efficiencies across manufacturing.

我們正在圍繞數據分析建立一個中心，為業務提供服務並提高整個製造業的效率。

Some of the investments that we're making in terms of digital transformation, there is really kind of a lending in Q4.

我們在數位轉型方面進行的一些投資，在第四季度確實有貸款。

So that's a little bit of that impact that you see.

這就是您所看到的一點影響。

But operating profit is going to be comparable to last year, so for Q4.

但第四季的營業利潤將與去年相當。

And those are kind of the puts and takes that we see from Q3 to Q4.

這些是我們從第三季到第四季看到的看跌期權和看跌期權。

I think the other thing, Rob, if you get to the fourth quarter, again, it's one quarter out of four.

我認為另一件事，羅布，如果你再一次進入第四節，這是四分之一。

It's the biggest quarter.

這是最大的季度。

Again, it's a little bit of a squeeze play.

再說一遍，這有點擠壓遊戲。

So we've already, in essence, narrowed the sales by going mid- to high earlier in the year, we've kind of said 0 to 1 in essence.

因此，本質上，我們已經在今年早些時候通過中高價縮小了銷量，本質上我們已經說過 0 到 1。

We've never gone below 1% of the spread in the fourth quarter.

第四季利差從未低於 1%。

So it's just you get a little bit into that to get a math exercise.

所以只要稍微了解一下就可以做數學練習。

So the range is maybe a little bit more than you'd like.

所以範圍可能比你想要的還要大。

But I think you've understood that in the past.

但我想你過去已經明白這一點了。

Yes, yes, yes.

是的，是的，是的。

All very helpful, very clear.

一切都非常有幫助，非常清楚。

And then maybe just one easy follow-up.

然後也許只是一個簡單的後續行動。

I just -- I heard you kind of mentioned a couple of times throughout the call kind of that, let's call it, more little IT digital transformation spend, right?

我只是——我聽到您在整個電話會議中多次提到，我們可以這樣稱呼它：減少 IT 數位轉型支出，對吧？

I mean it doesn't sound like that's like the lion's share of like what's coming in Q4.

我的意思是，這聽起來不像是第四季即將發生的事情的大部分。

Maybe there's some timing shift.

也許有一些時間上的轉變。

And I also respect the fact that you're not talking '25 and probably don't even want to talk long term.

我也尊重這樣一個事實：你不是在談論 25 歲，甚至可能不想談論長期的事情。

That's for the Investor Day.

那是投資者日。

But is there like something more to that?

但還有更多的事情嗎？

Is that like a, yes, I mean there could be a little bit more of kind of an investment program around kind of a bigger piece of kind of where we're viewing the digital IT side, and that could be ongoing for a little bit.

是的，我的意思是，可能會有更多的投資計劃，圍繞著我們正在觀察數位 IT 方面的更大的一塊，而且這可能會持續一段時間。

Or is that like, no, that's just a Q4 thing?

或者說，不，這只是第四季的事情？

Yes.

是的。

We're going to be talking more about our digital transformation journey at the Investor Day rob.

我們將在投資者日搶劫中更多地討論我們的數位轉型之旅。

And in Q4, particularly around continuing to drive investments that can sustain our top line performance.

在第四季度，尤其是繼續推動能夠維持我們營收業績的投資。

Digital marketing is one of them that we're going to be continuing to do that in Q4 particularly, and others, as I mentioned in the call.

正如我在電話中提到的，數位行銷是我們將在第四季度繼續進行的其中之一，以及其他方面。

So it's too early to get into specifics for 2025.

因此，現在討論 2025 年的具體細節還為時過早。

We're going to impact the long-term plans as part of the Investor Day, and we're going to be covering all our digital transformation program at that point.

作為投資者日的一部分，我們將影響長期計劃，屆時我們將涵蓋所有數位轉型計劃。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

Maybe I'll just clean up a couple of things. the FX no longer being a headwind and also this discrete tax benefit.

也許我會清理一些東西。外匯不再是一種阻力，而且這種離散的稅收優惠也不再是一種阻力。

When you add all that together, is that like an $0.08 benefit versus your prior expectations?

當你把所有這些加在一起時，與你之前的預期相比，這是否相當於 0.08 美元的收益？

You raised guidance by 5%.

您將指導意見上調了 5%。

I'm just wondering if I'm doing the math right or if it's not material.

我只是想知道我的數學計算是否正確或是否不重要。

Well, there's a lot of circularity in anything when you look at these things with other programs to incentive comp and things like that.

嗯，當你把這些東西與其他激勵補償計劃和類似的東西一起看時，任何事情都有很多循環性。

So we've kind of moved it in essence, due to the tax reason, due to FX, kind of that 5% really reflects that.

因此，由於稅收原因、外匯原因，我們從本質上改變了它，5% 確實反映了這一點。

Okay.

好的。

And another question on third quarter, did brand investment increase high single digit in third quarter similar to your guidance for the year?

第三季的另一個問題是，第三季品牌投資是否增加了高個位數，與您今年的指導相似？

I don't remember hearing about it in the comments.

我不記得在評論中聽說過這件事。

We're -- we've talked about this again in half, Rob.

我們已經--我們又討論了一半，羅布。

I mean the first half heavy investment.

我的意思是上半年大量投資。

Second half, we talked about moving the dollars up third and the fourth, which we're doing.

下半場，我們討論了將美元升到第三位和第四位，我們正在這樣做。

So we haven't really talked about what's up quarter-on-quarter.

所以我們還沒有真正討論季度環比的情況。

Okay.

好的。

So just the guidance is for the halves, not for the quarter?

那麼，指導意見是針對半年的，而不是針對季度的？

Well, actually, for the year.

嗯，實際上，今年。

(multiple speakers)

（多個發言者）

For the year overall?

全年整體情況？

(multiple speakers) Insight into the half, yes.

（多位發言者） 洞察一半，是的。

Okay.

好的。

And then finally, as you head into 2025, it would appear that there's not a lot of room for additional pricing.

最後，當你進入 2025 年時，似乎沒有太多額外定價的空間。

But I believe that the long-term algo includes some pricing assumptions.

但我相信長期演算法包括一些定價假設。

And given we've been in this hyperinflation environment for a couple of years and now it's kind of come to a screeching halt.

鑑於我們已經處於這種惡性通貨膨脹環境中幾年了，現在它突然停止了。

Is there any reason to think that the pricing lever is kind of off for -- until further notice?

有沒有理由認為定價槓桿有點關閉——直到另行通知？

And how do you think about that in terms of your long-term algo?

您如何看待長期演算法？

Rob, I'll open up with maybe a couple of thoughts here and ask Mike to wrap it up.

羅布，我可能會在這裡提出一些想法，並請麥克總結一下。

But in our long-term algorithm, I think we've always talked about there very well might be a little bit of prent in these long-term objectives.

但在我們的長期演算法中，我認為我們一直在談論這些長期目標可能有一點優勢。

I don't think we're in a position to say today like whether or not anything has sort of materially changed in our outlook there.

我認為我們今天無法判斷我們的前景是否發生了重大變化。

But as we deal with sort of the near end 2024 perspective, I mean, clearly, we've made some decisions there in order to make sure that we get back to healthy top line -- sorry, healthy volume growth pretty quickly.

但當我們處理 2024 年即將結束的前景時，我的意思是，顯然，我們已經做出了一些決定，以確保我們恢復健康的營收——抱歉，銷量很快就健康增長。

Predicting the future from an inflation standpoint or how it will play out pricing, I think it's a bit challenging unless we're speaking just in broad terms regarding the long-term algorithm.

從通貨膨脹的角度預測未來或它將如何發揮定價作用，我認為這有點具有挑戰性，除非我們只是廣義地談論長期演算法。

Mike, do you want to add anything there?

麥克，你想添加什麼嗎？

Yes.

是的。

I think, too, there's been a lot of focus -- there are real so things like price gap management this year for us and others.

我認為，也有很多焦點——今年對我們和其他人來說，有一些真實的事情，例如價格差距管理。

I think of these things as long-term revenue management, category management initiatives, which we've really invested in and continue to drive.

我認為這些事情是長期的收入管理、品類管理計劃，我們確實對此進行了投資並繼續推動。

And some of the things Mark has talked about in fourth quarter investment continue to get closer to understanding cannibalization of product lines, innovation, how it impacts what price does.

馬克在第四季度投資中談到的一些事情繼續更接近理解產品線的蠶食、創新，以及它如何影響價格。

So I think we think we're really close to best-in-class in this area and really going to continue that into next year.

因此，我認為我們在這一領域已經非常接近一流，並且真的會在明年繼續保持這一水平。

So I think you always have to have that pricing tool in your toolbox because commodities may go up or down, freight costs may go up because of the dock price or the docks, right.

因此，我認為您的工具箱中始終必須擁有該定價工具，因為商品可能會上漲或下跌，運費可能會因為碼頭價格或碼頭而上漲，對吧。

We don't know that right now.

我們現在還不知道。

So you have to have that lever.

所以你必須要有這個槓桿。

And we've been we've been really good with our customers about making sure we pass on cost increases versus margin keeping market.

我們一直與客戶保持良好的關係，確保我們轉嫁成本增加而不是維持市場利潤。

And we've been very -- I think we won a lot of trust from both our flavor solutions and consumer customers there.

我認為我們贏得了風味解決方案和消費者客戶的信任。

And we'll look at that into the future.

我們將在未來考慮這一點。

I'm sure Marcos will carry that banner going forward.

我確信馬可斯將繼續扛起這面旗幟。

What I would add is that in addition to that, the pricing is a lever that will continue to be part of a long-term algo.

我要補充的是，除此之外，定價是一個槓桿，將繼續成為長期演算法的一部分。

I mean we have -- we look at P&L holistically, right?

我的意思是，我們從整體來看損益表，對吧？

And we think about our CCI program working for us, and it has been working for us over the last so many years and will continue to work for us in the future.

我們認為我們的 CCI 計劃對我們有用，它在過去這麼多年一直對我們有用，並且在未來將繼續對我們有用。

So that is kind of the first lever that we go about, is like using the CCI as a way of funding the investments that we need to continue to drive top line growth.

因此，這是我們採用的第一個槓桿，就像使用 CCI 作為為我們繼續推動收入成長所需的投資提供資金的方式。

So it's always a mix about all these levers, about a little bit of pricing, the CCI coming through the top line, it's very important to top line volume coming through.

因此，它始終是所有這些槓桿的混合體，關於一點點定價，來自營收的CCI，這對於營收的成交量非常重要。

So all those levers we kind of manage from a more holistic standpoint, I would say.

所以我想說，我們從更全面的角度來管理所有這些槓桿。

Adam Samuelson, Goldman Sachs.

亞當·薩繆爾森，高盛。

A lot of grounds has been covered.

很多地方已經被覆蓋了。

I wanted to maybe come back to spices & seasonings in the US, if I may.

如果可以的話，我想回到美國生產香料和調味料。

I think you kind of -- you alluded to your consumption growth outpacing private label in the quarter.

我認為您提到本季的消費成長超過了自有品牌。

But notably didn't necessarily say the category and that isn't really what we see in Nielsen, either.

但值得注意的是，不一定說類別，這也不是我們在尼爾森看到的真正內容。

And I'm wondering if you could talk about kind of the share environment in that category.

我想知道您是否可以談談該類別中的共享環境。

And maybe outperforming private label, but there are some smaller brands that continue to grow pretty rapidly and just how you think about the competitive positioning and how maybe the assortment or price points in that category, maybe still have some adjustment to do or if there's adjustment needed to respond to some of the smaller brands which are growing.

也許表現優於自有品牌，但有一些較小的品牌繼續快速增長，以及您如何看待競爭定位以及該類別中的品種或價格點，可能仍然需要進行一些調整，或者是否需要調整需要對一些正在成長的小品牌做出回應。

From a perspective of that category, what we're seeing right now is we're doing quite nicely, especially from a volume perspective across that part of our business and a checkout when we're growing share in that particular metric.

從該類別的角度來看，我們現在看到的是我們做得相當不錯，特別是從我們這部分業務的數量角度來看，以及當我們在該特定指標中的份額不斷增長時的結帳情況。

But what we're seeing broadly in the category is as we have a very broad offering across the category, we think we compete quite well with all the forms of competitors and what is an attractive category for people to enter.

但我們在該類別中廣泛看到的是，由於我們在該類別中提供了非常廣泛的產品，我們認為我們與所有形式的競爭對手競爭得很好，這對人們來說是一個有吸引力的類別。

And so that is something that I would just give you, we always have sort of dealt with smaller competitors and at the same time, private label.

這就是我想告訴你的，我們總是與較小的競爭對手打交道，同時也與自有品牌打交道。

So this doesn't feel like we have any sort of really new dynamic going on as we kind of take a look at the performance of the third quarter.

因此，當我們看看第三季的表現時，我們感覺並沒有發生任何真正的新動態。

What you're seeing is McCormick really focused on capturing what is healthy category growth in the consumer and making sure that we're growing both unit and volume measures across our business.

您所看到的是味好美真正專注於捕捉消費者的健康類別成長，並確保我們在整個業務中實現單位和數量指標的成長。

Now we're also growing TDPs, or total distribution points across this part of our -- or frankly, across all of our core categories.

現在，我們還在我們的這一部分（或者坦白說，我們所有的核心類別）中增加了 TDP（TDP）或總分發點。

But we're also seeing a nice distribution point gain across the whole portfolio.

但我們也看到整個投資組合的分配點獲得了不錯的成長。

So that's also helping us.

所以這對我們也有幫助。

But these are the perspective I think I would share right now in terms of our third quarter performance and as we go into the fourth quarter.

但這些是我認為我現在要分享的關於我們第三季業績和進入第四季的觀點。

Okay.

好的。

That's helpful.

這很有幫助。

I guess as a quick follow-up just on cash flow.

我想這是對現金流的快速跟進。

I know last year, there was -- working capital was a big source of cash for the full year.

我知道去年，營運資金是全年的一大現金來源。

Just year-to-date, it's been a decent sized use of cash.

就今年迄今而言，現金使用規模相當大。

I know fourth quarter is generally a big working capital reversal.

我知道第四季通常是營運資金的大逆轉。

Is there an expectation that working capital is a source or use of cash for the full year once the book is closed?

帳簿結帳後，是否預期營運資金將成為全年現金的來源或用途？

Yes.

是的。

Yes, fourth quarter is our strongest cash flow quarter, as you know.

是的，如您所知，第四季是我們現金流最強的季度。

It's interesting.

這很有趣。

We talked about some of the drivers of why we're a little short year-to-date versus prior year.

我們討論了為什麼今年迄今為止我們的業績比上一年略顯不足的一些驅動因素。

One of those drivers is working capital.

這些驅動因素之一是營運資金。

And Brendan alluded to the port strike, and part of that is due to us some of our contingency planning that he mentioned to make sure we were ready.

布倫丹提到了港口罷工，部分原因在於我們制定了他提到的一些應急計劃，以確保我們做好準備。

So that should naturally hopefully unwind, but we're still expecting a strong cash flow year.

因此，這自然應該會有所緩解，但我們仍然預計今年會有強勁的現金流。

Tom Palmer, Citi.

湯姆·帕爾默，花旗銀行。

I wanted to ask on the SG&A step-up here coming in 4Q.

我想詢問第四季的 SG&A 升級情況。

Is there a particular segment where we're going to see this most apparently?

是否有一個特定的部分我們會最明顯地看到這一點？

And I'm really just trying to get kind of operating profit on a segment basis.

我真的只是想在細分市場的基礎上獲得一定的營業利潤。

You got flattish overall, but is there one area where maybe we'll see more growth than the other?

總體而言，您的表現持平，但是否有一個領域我們可能會看到比其他領域更多的成長？

Not specifically.

不具體。

It's going to be across both segments, consumer and flavor solutions, yes.

是的，它將跨越消費者和風味解決方案這兩個領域。

And on consolidated operations, what maybe the answer is just a little conservatism.

在合併營運方面，答案也許只是一點保守主義。

But the level of growth this year, close to 50%.

但今年的成長水準接近50%。

I know the comparison is a lot tougher in 4Q.

我知道第四季的比較要困難得多。

But when we look at the run rate of the past couple of quarters, is there anything notable to call out that could trigger incremental earnings pressure?

但當我們審視過去幾季的運行率時，有什麼值得注意的地方可能引發增量獲利壓力嗎？

Or again, is the reiteration just more with respect to thinking about last year's 4Q being so strong?

或者再說一遍，重申只是更多地考慮去年第四季的強勁表現嗎？

Well, I think if that -- I mentioned before, the FX in the pesos dancing around 20 now versus 17.5 last year.

嗯，我想，如果那樣的話——我之前提到過，外匯比索現在在 20 左右波動，而去年是 17.5。

So that's a pretty material impact as we translate their earnings back to our P&L.

因此，當我們將他們的收入轉換回我們的損益表時，這是一個相當重大的影響。

At this time, I'll turn the floor back to management for closing remarks.

此時，我將請管理階層作結束語。

Thank you, and thanks to all for joining today's call.

謝謝大家，也謝謝大家參加今天的電話會議。

If you have any further questions regarding today's information, please feel free to contact me.

如果您對今天的資訊還有任何疑問，請隨時與我聯繫。

That concludes our conference call for this morning.

今天上午的電話會議到此結束。