Martin Marietta Materials Inc (MLM) 2025 Q1 法說會逐字稿

Ladies and gentlemen, welcome to Martin Marietta's first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded and will be available for replay on the company's website.

女士們，先生們，歡迎參加馬丁瑪麗埃塔 2025 年第一季財報電話會議。（操作員指示）提醒一下，今天的通話將會被錄音，並可在公司網站上重播。

I will now turn the call over to your host, Ms. Jacklyn Rooker, Martin Marietta's Director of Investor Relations. Jacklyn, you may begin.

現在我將電話轉給主持人、馬丁瑪麗埃塔投資者關係總監 Jacklyn Rooker 女士。傑克琳，你可以開始了。

Good morning, and welcome to Martin Marietta's first-quarter 2025 earnings call. Joining me today are Ward Nye, Chair and Chief Executive Officer; and Bob Cardin, Senior Vice President, Interim Chief Financial Officer and Chief Accounting Officer. Today's discussion may include forward-looking statements as defined by United States securities laws in connection with future events, future operating results or financial performance. Like other businesses, Martin Marietta is subject to risks and uncertainties that could cause actual results to differ materially. We undertake no obligation, except as legally required to publicly update or revise any forward-looking statements whether resulting from new information, future developments, or otherwise.

早安，歡迎參加 Martin Marietta 2025 年第一季財報電話會議。今天與我一起出席的還有董事長兼首席執行官沃德·奈 (Ward Nye) 和高級副總裁、臨時首席財務官兼首席會計官鮑勃·卡丁 (Bob Cardin)。今天的討論可能包括美國證券法定義的與未來事件、未來營運績效或財務表現相關的前瞻性陳述。與其他企業一樣，馬丁瑪麗埃塔也面臨風險和不確定性，這可能導致實際結果大不相同。我們不承擔任何義務，除非法律要求公開更新或修改任何前瞻性聲明，無論是由於新資訊、未來發展或其他原因。

Please refer to the legal disclaimers contained in today's earnings release and other public filings, which are available on both our own and the Securities and Exchange Commission's website. We have made available during this webcast and on the Investors section of our website, supplemental information that summarizes our financial results and trends. Non-GAAP measures are defined and reconciled to the most directly comparable GAAP measure in the appendix to the supplemental information. as well as our filings with the SEC and are also available on our website. Ward Nye will begin today's earnings call with a discussion of our operating performance, 2025 outlook and related market trends.

請參閱今天的收益報告和其他公開文件中包含的法律免責聲明，這些免責聲明可在我們自己的網站上和美國證券交易委員會的網站上查閱。我們在本次網路廣播中以及我們網站的投資者部分提供了總結我們財務表現和趨勢的補充資訊。非公認會計準則 (Non-GAAP) 指標的定義與補充資料附錄中最直接可比較的公認會計準則 (GAAP) 指標一致，這些指標也包含在我們向美國證券交易委員會 (SEC) 提交的文件中，也可在我們的網站上查閱。沃德奈將在今天的收益電話會議上開始討論我們的經營業績、2025 年展望和相關市場趨勢。

Bob Cardin will then review our financial results and capital allocation. After which, Ward will provide closing comments. A question-and-answer session will follow. Please limit your Q&A participation to one question.

鮑勃卡丹 (Bob Cardin) 將審查我們的財務結果和資本配置。之後，沃德將發表結束語。接下來是問答環節。請將您的問答參與限制為一個問題。

I will now turn the call over to Ward.

現在我將電話轉給沃德。

Thank you, Jacklyn. Good morning, and thank you all for joining today's teleconference. Before discussing our Q1 results, I'll take a moment to discuss our previously announced Chief Financial Officer transition. On April 10, we announced Jim Nicholas' departure as CFO, to move his family back to their beloved hometown of Chicago. We're grateful to Jim for his nearly 8 years of service to Martin Marietta, over which time he made meaningful contributions to our success.

謝謝你，傑克琳。早安，感謝大家參加今天的電話會議。在討論我們的第一季業績之前，我想花點時間討論一下我們之前宣布的財務長的變動。4 月 10 日，我們宣布 Jim Nicholas 辭去財務長職務，以便他的家人返回他們深愛的家鄉芝加哥。我們感謝吉姆為馬丁瑪麗埃塔服務了近八年，在此期間他為我們的成功做出了有意義的貢獻。

We wish him and his family the best in their next chapter. In partnership with a leading executive search firm, we've initiated its process to identify our company's next CFO and are considering both internal and external candidates. While the search is underway, we are pleased Bob Cardin will serve as our interim CFO. Since joining Martin Marietta in 2019, Bob has been an integral member of our executive and finance teams. We're grateful he's willing to assume this role in addition to his responsibilities as Senior Vice President, Controller and Chief Accounting Officer, and are confident that under Bob's leadership will not miss a beat during this transition period.

我們祝福他和他的家人在新的篇章中一切順利。我們與一家領先的高階主管搜尋公司合作，啟動了確定公司下一任財務長的流程，並正在考慮內部和外部候選人。在尋找候選人期間，我們很高興 Bob Cardin 將擔任我們的臨時財務長。自 2019 年加入馬丁瑪麗埃塔以來，鮑伯一直是我們執行和財務團隊不可或缺的成員。我們很感激他願意在擔任高級副總裁、財務主管和首席會計官的同時擔任這一職務，並且相信在鮑勃的領導下，公司在過渡期間不會出現任何問題。

Now turning to our financial results. I'm pleased to report this year is off to a strong start, highlighted by record first quarter aggregate revenues, gross profit, gross margin and gross profit per ton despite some challenging winter weather in January and February across key Southeast, Southwest and Midwest markets. This record-setting performance was driven by 7% pricing growth, disciplined cost control and margin accretive acquisitions. Additionally, building upon its full year 2024 performance, Magnesia Specialties established new quarterly record revenues, gross profit and gross margin, with gross margin increasing 806 basis points compared with the prior year quarter. These results demonstrate why we have consistently said this business has earned the right to grow, and we'll continue to evaluate both organic and inorganic opportunities to do so.

現在來談談我們的財務結果。我很高興地報告，今年開局強勁，儘管 1 月和 2 月東南、西南和中西部主要市場遭遇了嚴酷的冬季天氣，但第一季的總收入、毛利、毛利率和每噸毛利潤均創下歷史新高。這項創紀錄的業績得益於 7% 的價格成長、嚴格的成本控制和利潤成長的收購。此外，在 2024 年全年業績的基礎上，Magnesia Specialties 創下了新的季度收入、毛利和毛利率記錄，毛利率與去年同期相比增加了 806 個基點。這些結果證明了為什麼我們一直說這項業務贏得了成長的權利，並且我們將繼續評估有機和無機機會來實現這一目標。

We also established several consolidated first quarter records, including consolidated gross profit of $335 million, a 23% increase. Consolidated gross margin of 25%, an increase of 300 basis points. Consolidated adjusted EBITDA of $351 million, a 21% increase and consolidated adjusted EBITDA margin of 26%, an increase of 274 basis points. These results underscore the resiliency of our differentiated business model and benefits of our 2024 portfolio optimization actions. Given current macro uncertainty, we continue to focus on matters within our control, most notably realizing fair value for our vital materials while appropriately managing our costs with product demand.

我們也創下了第一季的幾項合併記錄，包括合併毛利 3.35 億美元，成長 23%。綜合毛利率25%，增加300個基點。合併調整後 EBITDA 為 3.51 億美元，成長 21%，合併調整後 EBITDA 利潤率為 26%，成長 274 個基點。這些結果凸顯了我們差異化商業模式的彈性以及 2024 年投資組合最佳化行動的好處。鑑於當前宏觀經濟的不確定性，我們將繼續專注於我們能夠控制的事項，最值得注意的是實現我們重要材料的公允價值，同時根據產品需求適當管理我們的成本。

Looking ahead, we're encouraged by the double-digit growth in organic March aggregate shipments, April daily shipment trends and realization of April 1 aggregate price increases in select markets, all of which provide us confidence in reaffirming our full year 2025 adjusted EBITDA guidance of $2.25 billion at the midpoint. Consistent with our past practice, the company will revisit its guidance at midyear. Moving to end market trends. We'll start with observations regarding infrastructure, which continues to benefit from robust federal and state investments, including the five-year Infrastructure and Investments and Jobs Act or IIJA. As a result, the American Road and Transportation Builders Association or ARPA, expects construction activity to grow in 2025 as work advances on projects supported by federal and state funding sources.

展望未來，3 月份有機總出貨量、4 月份每日出貨量趨勢以及 4 月 1 日部分市場實現總價格上漲令我們感到鼓舞，所有這些都使我們有信心重申 2025 年全年調整後 EBITDA 指引，即中點 22.5 億美元。與我們過去的做法一致，公司將在年中重新審視其指導方針。轉向終端市場趨勢。我們將從對基礎設施的觀察開始，基礎設施繼續受益於聯邦和州的強勁投資，包括五年期基礎設施和投資與就業法案（IIJA）。因此，美國道路和運輸建設者協會 (ARPA) 預計，隨著聯邦和州政府資金支持的項目進展，2025 年的建設活動將會成長。

Importantly, with only about 1/3 of the IIJA funds reimbursed to states through the end of February 2025, we expect IIJA spending will peak next year in 2026, followed by an extended tail thereafter as further described on page 8 in today's supplemental information. Our contract award growth rates have moderated as reflected in the value of contract awards for the 12-month period ended February 28, 2025, the underlying baseline remains elevated. Funding certainty reinforce that both federal and state levels, provides the impetus for steady product volume levels and underpins a strong pricing environment for years ahead in this countercyclical public end market. Importantly, too, congressional priorities now appear to be increasingly shifting towards the reauthorization of federal surface transportation programs with key legislative discussions already underway. Early indications suggest the successor bill may emphasize projects with national or regional significance favoring roads, bridges, and ports.

重要的是，到 2025 年 2 月底，只有約 1/3 的 IIJA 資金會償還給各州，我們預計 IIJA 支出將在明年（2026 年）達到峰值，隨後將出現一段較長的尾部支出，正如今天的補充信息第 8 頁進一步描述的那樣。我們的合約授予成長率已經放緩，這反映在截至 2025 年 2 月 28 日的 12 個月期間的合約授予價值中，基礎基線仍然較高。聯邦和州兩級的資金確定性強化了這一點，為穩定的產品產量水平提供了動力，並為未來幾年這個反週期的公共終端市場的強勁定價環境奠定了基礎。同樣重要的是，國會的優先事項現在似乎越來越多地轉向重新授權聯邦地面運輸計劃，關鍵的立法討論已經在進行中。早期跡象表明，後續法案可能會強調具有國家或地區意義的項目，例如道路、橋樑和港口。

Shifting to nonresidential construction, artificial intelligence or AI continues to drive strong demand for data centers across the United States as hyperscalers invest significant capital in new sites. Projects underway in our geographic footprint, including Stargate in Texas, Google and South Carolina and Meta's 4 million square foot facility in Louisiana underscore this momentum. While not yet a meaningful contributor to product shipments. We expect data center energy consumption requirements will drive ancillary demand for new aggregates-intensive power generation facilities across many of our key markets. Warehouse construction appears to have reached a cyclical bottom with more green shoots emerging, including large Amazon warehouse projects in Claiborne, Texas; Fort Meyers, Florida; and Wilmington, North Carolina, to name a few.

隨著超大規模企業在新站點投入大量資金，轉向非住宅建築、人工智慧或 AI 繼續推動美國各地對資料中心的強勁需求。我們所涵蓋的地理範圍內正在進行的項目，包括德克薩斯州的星際之門、谷歌和南卡羅來納州的項目以及 Meta 在路易斯安那州的 400 萬平方英尺的設施，都凸顯了這一勢頭。雖然尚未對產品出貨量做出有意義的貢獻。我們預期資料中心的能源消耗需求將推動我們許多主要市場對新的集約發電設施的輔助需求。倉庫建設似乎已達到週期性底部，出現了更多的復甦跡象，其中包括亞馬遜在德克薩斯州克萊伯恩、佛羅裡達州邁爾斯堡和北卡羅來納州威爾明頓的大型倉庫項目。

With respect to residential activity, affordability challenges continue to act as a natural governor on single-family housing starts. We don't expect this dynamic to resolve in the near term, absent either a modest home price contraction, lower mortgage rates or both. That said, long-term housing market fundamentals remain resilient, underpinned by demographic shifts and structurally underbuilt conditions in many of Martin Marietta's key Sunbelt markets. In summary, we anticipate demand for infrastructure in our public end markets and data centers in the nonresidential sector will remain robust. Our portions of interest rate sensitive private construction demand is expected to remain subdued in the near term.

就住宅活動而言，負擔能力挑戰繼續成為獨棟住宅開工的自然決定因素。我們預計，如果房價不出現小幅下跌、抵押貸款利率不下降，或兩者兼而有之，這種動態不會在短期內解決。儘管如此，長期房地產市場基本面依然保持彈性，受人口結構變化和馬丁瑪麗埃塔陽光地帶許多主要市場的結構性建設不足的支撐。總之，我們預期公共終端市場和非住宅領域資料中心的基礎設施需求將保持強勁。預計短期內我們對利率敏感的私人建築需求部分將保持低迷。

I'll now turn the call over to Bob to discuss our first quarter financial results. Bob?

現在我將把電話轉給鮑勃，討論我們的第一季財務業績。鮑伯？

Thank you, Ward, and good morning, everyone. The Building Materials business posted revenues of $1.3 billion, an 8% increase. Gross profit increased 20% to $298 million, and gross margin improved by 229 basis points to nearly 24%, both first quarter records. As Ward mentioned, our aggregates business achieved record first quarter revenues, gross profit, gross margin and unit profitability of $1 billion, $297 million, 30% and $7.60 per ton, respectively. Notably, aggregates gross profit per ton improved over 16% and aggregates gross margin expanded 260 basis points as organic price cost improvement and the benefit of margin accretive acquisitions more than offset headwinds from targeted inventory management efforts.

謝謝你，沃德，大家早安。建築材料業務營收為 13 億美元，成長 8%。毛利成長 20% 至 2.98 億美元，毛利率提高 229 個基點至近 24%，均創第一季新高。正如沃德所提到的，我們的骨材業務第一季實現了創紀錄的收入、毛利、毛利率和單位獲利能力，分別為 10 億美元、2.97 億美元、30% 和每噸 7.60 美元。值得注意的是，由於有機價格成本改善和利潤增值收購帶來的好處足以抵消有針對性的庫存管理工作帶來的阻力，每噸骨材毛利潤提高了 16% 以上，骨材毛利率擴大了 260 個基點。

As mentioned in our previous earnings call, we will continue to prudently manage our inventory levels. That said, we expect these inventory drawdown headwinds on gross margin will conclude by midyear as we began reducing inventory levels in the third quarter of last year. Cement and Concrete revenues decreased 12% to $233 million due to the threefold impact of the February 2024 divestiture of the South Texas cement plant and related concrete operations, winter weather this past February and slower residential demand. Gross profit decreased 23% to $24 million as the year-over-year gross profit improvement in cement was more than offset by a decline in ready-mixed concrete gross profit due to higher raw material costs. asphalt and paving revenues grew 37% to $80 million due to increased asphalt shipments in California.

正如我們在先前的收益電話會議上提到的，我們將繼續審慎管理我們的庫存水準。儘管如此，我們預計這些庫存減少對毛利率的不利影響將在年中結束，因為我們在去年第三季開始降低庫存水準。水泥和混凝土收入下降 12% 至 2.33 億美元，原因是 2024 年 2 月剝離南德克薩斯水泥廠和相關混凝土業務、今年 2 月的冬季天氣以及住宅需求放緩的三重影響。毛利下降 23% 至 2,400 萬美元，因為水泥毛利潤的年增幅被原材料成本上升導致的預拌混凝土毛利潤的下降所抵消。由於加州瀝青出貨量增加，瀝青和鋪路收入成長 37% 至 8,000 萬美元。

This business posted a $23 million gross loss due to customary winter shutdowns in Minnesota, consistent with typical first quarter seasonality trends as well as higher raw material costs in Colorado. Magnesia Specialties achieved all-time quarterly records for revenues, gross profit and gross margin of $87 million, $38 million and 44%, respectively, driven by pricing improvement and continued cost discipline. Turning now to capital deployment. Martin Marietta's capital allocation priorities remain consistent and focused on prioritizing value-enhancing acquisitions, responsible reinvestment in the business and returning capital to shareholders. Relative to the latter, during the quarter, we repurchased nearly 911,000 shares at an average share price of $494 and paid $49 million of dividends.

由於明尼蘇達州冬季例行停工，該企業毛虧損 2,300 萬美元，這與第一季典型的季節性趨勢一致，而且科羅拉多州的原材料成本較高。在價格改善和持續成本管控的推動下，Magnesia Specialties 的季度收入、毛利和毛利率分別創下 8,700 萬美元、3,800 萬美元和 44% 的歷史新高。現在談談資本部署。馬丁瑪麗埃塔的資本配置重點保持一致，並專注於優先進行增值收購、負責任地進行業務再投資以及向股東返還資本。相對於後者，在本季度，我們以平均每股 494 美元的價格回購了近 911,000 股，並支付了 4,900 萬美元的股息。

Since Martin Marietta's repurchase authorization announcement in February of 2015, we have returned a total of $3.8 billion to shareholders through dividends and share repurchases. Our $1.3 billion of total liquidity, free cash flow and net debt-to-EBITDA ratio of 2.5x as of March 31, and provide ample balance sheet flexibility to capitalize on our active M&A pipeline.

自 2015 年 2 月馬丁瑪麗埃塔公司宣布回購授權以來，我們已透過股利和股票回購向股東返還了總計 38 億美元。截至 3 月 31 日，我們的總流動資金為 13 億美元，自由現金流和淨債務與 EBITDA 比率為 2.5 倍，並提供充足的資產負債表靈活性，以利用我們積極的併購管道。

With that, I'll turn the call back over to Ward.

說完這些，我會把電話轉回給沃德。

Thank you, Bob. We're pleased with our strong first quarter financial results and remain optimistic about the opportunities ahead in 2025. The foundational strengths in our resilient aggregates-led business, strong balance sheet disciplined execution of our strategic plan and proven experience successfully navigating market cycles reinforce our confidence in delivering our full-year adjusted EBITDA guidance. Longer term, in 2026 and beyond, we remain confident that Martin Marietta is exceptionally well positioned for sustainable growth and compelling value creation. To conclude these prepared remarks, I'll briefly touch on tariffs.

謝謝你，鮑伯。我們對第一季強勁的財務表現感到滿意，並對 2025 年未來的機會保持樂觀。我們以骨材為主導的韌性業務的基礎優勢、強勁的資產負債表、嚴謹的戰略計劃執行以及成功駕馭市場週期的經驗增強了我們實現全年調整後 EBITDA 指引的信心。從長遠來看，即 2026 年及以後，我們仍然相信馬丁瑪麗埃塔在可持續增長和引人注目的價值創造方面處於非常有利的地位。為了結束這些準備好的發言，我將簡要地談談關稅問題。

Tariffs present both opportunities and challenges, some enhanced profitability, while others may increase certain input costs or impact product demand. However, it's worth noting that our company's supply chain is largely domestic. That said, given the uncertainty surrounding potential exemptions and retaliatory measures, our 2025 guidance neither assumes any material tariff-related tailwinds or headwinds at this time.

關稅既帶來機遇，也帶來挑戰，有些關稅可以提高獲利能力，而有些關稅則可能增加某些投入成本或影響產品需求。不過值得注意的是，我們公司的供應鏈主要在國內。儘管如此，鑑於潛在豁免和報復措施的不確定性，我們 2025 年的指引目前既不假設任何與關稅相關的重大順風或逆風。

If the operator will provide the required instructions, we'll turn our attention to addressing your questions.

如果操作員能夠提供所需的指示，我們就會專注於解答您的問題。

(Operator Instructions) Kathryn Thompson, Thompson Research Group.

（操作員指示）凱瑟琳湯普森，湯普森研究小組。

Thanks for the color that you gave in the prepared commentary and going to the earnings season broadly, TRG has been focused on talking to a wide range of construction value chain companies. And there certainly seem to be some that are doing better versus others and the heavy materials generally seem to be doing better, but it's still early days with the tariff debate that is ongoing. Against that backdrop, what gives you confidence with the volume guidance and maintaining it? And pulling a string a little bit further, we are seeing some green shoots stabilization in certain end markets like distribution that previously had been weak. What are you seeing there?

感謝您在準備好的評論中給出的色彩，並且廣泛地談到收益季節，TRG 一直專注於與廣泛的建築價值鏈公司進行交談。當然，有些產品的表現似乎比其他產品更好，重型材料的表現似乎整體更好，但關稅辯論仍在進行中，目前仍處於早期階段。在這樣的背景下，是什麼讓您對交易量指導和維持交易量指導充滿信心？進一步觀察，我們發現某些終端市場（例如先前表現疲軟的分銷市場）出現了一些趨於穩定的復甦跡象。你在那裡看到了什麼？

And are you seeing any projects canceled or delayed. Or any other upside that you're seeing as you said in the infrastructure market?

您是否看到任何項目被取消或推遲？或者正如您所說，您在基礎設施市場中看到了其他什麼好處？

Kathryn, thank you for the question several things. One, I do believe heavy-side materials in these types of circumstances, far better than most. And I think that's exactly what we're seeing. I think we've long been a safe haven for investors. I think we'll continue to be.

凱瑟琳，謝謝你提出幾個問題。首先，我確實相信在這種情況下重型材料比大多數材料好得多。我認為這正是我們所看到的。我認為我們長期以來一直是投資者的避風港。我想我們會繼續這樣做。

If we're looking at the trends that I think are worth noting, infrastructure, as we noted, is going to be good for the rest of this year. Infrastructure ought to be good going into next year as well, we talked about the fact that only 30-some percent of the state reimbursements have even occurred so far with IIJA. So there's lots of money to come in that. And the state DOTs in which we're doing business. If we look at our top 10 states, 8 of the top 10 have budgeted up year-over-year.

如果我們看一下我認為值得注意的趨勢，正如我們所指出的，基礎設施在今年剩餘時間內將會表現良好。到明年，基礎設施應該也會很好，我們談到，到目前為止，IIJA 只獲得了 30% 左右的政府補償。因此，這將帶來大量資金。以及我們開展業務所在的州交通部。如果我們看一下排名前十的州，就會發現其中 8 個州的預算較去年同期有所增加。

Infrastructure is strong. It's going to remain strong. Equally, and you called it out data centers and what's going to be coming behind data centers will be at the moment. We're seeing that in a host of markets, as you know, they are terribly power generative. And as a consequence, we think we're going to see good energy activity in those markets as well.

基礎設施雄厚。它會繼續保持強勁。同樣，您提到了資料中心，目前資料中心背後將會發生什麼。如你所知，我們看到在許多市場中，它們都具有極強的發電能力。因此，我們認為我們也將在這些市場看到良好的能源活動。

But the other thing that I called out in the prepared remarks and you noted is warehouse and we believe is found the bottom. And the fact is we have the largest Amazon project in North America underway right now just outside the Dallas-Fort Worth Metroplex. We're seeing good activity in the West Coast of Florida. We're seeing good activity in that respect on the coastal areas of North Carolina as well. But separate distinct from that, if we're looking at customer backlogs right now, they're nicely up year-over-year and sequentially.

但我在準備好的發言中提到的另一件事，你也注意到了，那就是倉庫，我們相信它已經觸底。事實上，我們目前正在達拉斯-沃斯堡大都會區外實施北美最大的亞馬遜計畫。我們看到佛羅裡達州西海岸的活動很活躍。我們也看到北卡羅來納州沿海地區在這方面的活動良好。但與此不同的是，如果我們現在查看客戶積壓訂單，它們同比和環比都有所增加。

So that's looking at work. It's also looking at prospective work. But here's what's important, too, because I think this is something that's really important. We're not seeing project cancellations. I mean so the backlogs are building projects are not being canceled.

這就是在看工作。它還在尋找未來的工作。但這也是很重要的，因為我認為這是一件非常重要的事。我們沒有看到項目取消。我的意思是，積壓的建設工程並沒有被取消。

And so those three building blocks, I think, Kathryn, really give us some nice outlook for the year. The other thing that I think is important for us to remember is we really got washed out last year in Q2, particularly in the Southwest and in Dallas-Fort Worth, which is our largest single MSA market. So as we're looking at volume and we'd look at the trends in Q1 and I mentioned in my prepared remarks, the daily trends that we're seeing in April right now. All of that points to me to a very steady and attractive and appealing volume environment for heavy side building materials, particularly in the aggregate space. So Kathryn, thank you.

因此，凱瑟琳，我認為這三個基石確實為我們今年帶來了一些美好的展望。我認為我們需要記住的另一件事是，去年第二季我們確實遭遇了慘敗，特別是在西南部和達拉斯-沃斯堡，這是我們最大的單一 MSA 市場。因此，當我們查看交易量並查看第一季的趨勢時，我在準備好的演講中提到了我們現在在 4 月看到的每日趨勢。所有這些都表明，重型建築材料的銷售環境非常穩定、有吸引力，尤其是在骨材領域。所以凱瑟琳，謝謝你。

I hope that helps.

我希望這能有所幫助。

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

I did want to touch on the cement business. I mean, it's a fairly small part of the overall business now. But if you look at the margins there in the segment, it looks like ready-mix, the headwinds there more than offset the improvement you may have seen in the cement margins. So how are you thinking about margins in that segment as we progress through the year, especially with any additional increases in cement pricing that we could see going forward?

我確實想談談水泥業務。我的意思是，它現在只是整體業務中相當小的一部分。但如果你看一下該細分市場的利潤率，你會發現預拌混凝土產業的逆風足以抵銷水泥利潤率的改善。那麼，隨著我們今年的發展，您如何看待該領域的利潤率，特別是考慮到未來水泥價格可能會進一步上漲？

And then to that point, the Texas market is clearly an importer of cement. How do you think the tariff backdrop could play into that and potentially into the pricing outlook for your cement business?

從這一點來看，德州市場顯然是水泥的進口地。您認為關稅背景會對此產生什麼影響，以及可能對水泥業務的定價前景產生什麼影響？

Simple things. One, if we're looking just at cement, I mean, pricing was up 6% and profits and gross margin actually grew despite the fact that we had lower production volume in cement. So when we're looking at that business, it performed really well despite what was a pretty tough February, simply because of the weather. The other thing that's worth noting is FM7 is obviously finished.

簡單的事情。首先，如果我們只看水泥，我的意思是，儘管我們的水泥產量較低，但價格上漲了 6%，利潤和毛利率實際上卻增加了。因此，當我們審視該業務時，儘管二月的情況相當艱難，但這僅僅是因為天氣原因，其表現仍然非常好。另一件值得注意的是，FM7 顯然已經完成了。

It's operating well. Obviously, pricing growth in cement is moderating. That's totally as expected from the rates that we've seen in the past couple of years, but we expect good mid-single-digit growth this year. And again, to that end, price was up 6% in Q1. If we're looking at ready mix, I mean, ready-mix several things were driving that portion of the business in Q1.

運作良好。顯然，水泥價格漲幅正在放緩。根據過去幾年的成長率，這完全符合預期，但我們預計今年的成長速度將達到中等個位數。因此，第一季價格上漲了 6%。如果我們看一下預拌混凝土，我的意思是，在第一季度，有幾種因素推動了預拌混凝土部分業務的發展。

Some of it was simply seasonality. And the other is if we're looking at organic shipments, they were down 2% to prior year, and that's really due to continued softness, largely driven by residential demand and degrees of weather headwind as well. The other thing that's happening there is in our downstream businesses, we're taking the increased aggregates and cement cost impacts as well. So keep in mind, that really ends up being a distribution chain for us more than anything else. Now relative to your question on Texas Cement and tariffs, it's interesting because I think that actually could provide some upside for us because that's going to further insulate mid- low-end cement from the waterborne imports.

其中一些只是季節性因素。另一方面，如果我們看一下有機出貨量，就會發現它們比前一年下降了 2％，這實際上是由於持續的疲軟，很大程度上是受到住宅需求和天氣逆風的影響。在我們的下游業務中發生的另一件事是，我們也受到了骨材和水泥成本增加的影響。所以請記住，這對我們來說最終都是一個分銷鏈。現在關於你關於德州水泥和關稅的問題，這很有趣，因為我認為這實際上可以為我們提供一些好處，因為這將進一步保護中低端水泥免受水運進口的影響。

And frankly, as I just think about tariffs generally for our business, I know I said in the prepared remarks that we're neither putting in a headwind or a tailwind. If I really think about them it's really in two different strain, what happens from a revenue perspective and what happens from a cost perspective. And if I'm thinking about it from a revenue perspective, frankly, it's pretty helpful to aggregates because you end up passing the cost through talked about cement. The fact is in Magnesia Specialties, depending on what happens with steel production, the more steel production we see, the more dolomitic lime that's going to go out the gates as well. And of course, much of this is driven to drive more reshoring and manufacturing demand across the United States generally, which will help us specifically.

坦白說，當我考慮關稅對我們業務的影響時，我知道我在準備好的發言中說過，我們既不會逆風也不會順風。如果我真的考慮它們，那麼實際上就有兩種不同的情況，從收入角度來看會發生什麼，從成本角度來看會發生什麼。如果我從收入角度考慮這個問題，坦白說，這對骨材非常有幫助，因為你最終會透過談論水泥來轉嫁成本。事實上，在鎂質特種產品中，取決於鋼鐵生產的情況，我們看到的鋼鐵產量越多，白雲石灰的消耗量就越大。當然，這在很大程度上是為了推動整個美國的回流和製造業需求，這將對我們特別有幫助。

And again, as I noted, our supply chain is largely domestic. So we really don't see a notable threat there. But I do think relative tariffs and the essence of your question that was around cement, I don't see that there's any downside for us in that respect whatsoever. Trey. So again, I hope that's responsive.

正如我所指出的，我們的供應鏈主要在國內。所以我們確實沒有看到那裡有明顯的威脅。但我確實認為，相對關稅以及您問題的本質是關於水泥的，我認為在這方面對我們來說沒有任何不利之處。特雷。因此，我再次希望這是有幫助的。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Ward, in your prepared remarks, you spoke about Magnesia Specialty, as earning the right to grow organically and via M&A. Correct me if I'm wrong, but I believe this is the first time I recall you saying that. Can you just expand on what value-added M&A would look like in this line of business where you folks had value in ag is very clear? What's that recipe for value add if we see you move down that main trail for Magnesia Specialty?

沃德，在您準備好的演講中，您談到了 Magnesia Specialty，認為它獲得了透過有機增長和併購實現增長的權利。如果我錯了，請糾正我，但我相信這是我第一次記得你這麼說。您能否詳細說明一下增值併購在貴公司的這個業務領域中是什麼樣子的？農業方面的價值非常明確。如果我們看到您沿著 Magnesia Specialty 的主要道路前進，那麼增值的秘訣是什麼？

Jerry, I appreciate the question. So first, let's begin with the baseline. If we look at that business, number one, it's always been a very good, steady performer for us. If we look at the recent years, the working work that they've done on pricing actions, operational reliability and efficiency efforts are really coming together, and you just saw a very attractive story for the quarter. And we actually think that business has more upside than downside right now.

傑瑞，我很感謝你提出這個問題。首先，讓我們從基線開始。如果我們看一下這項業務，首先，它對我們來說一直是一個非常良好、穩定的表現。如果我們回顧最近幾年，他們在定價行動、營運可靠性和效率努力方面所做的工作確實正在走到一起，你會看到本季度的一個非常有吸引力的故事。我們確實認為，目前業務的上行空間大於下行空間。

The reason that we think that business has the right -- earned the right to grow is it's got many of the same attributes that aggregates does. It's got very high barriers to entry. It's got pricing power through cycles. This is a business that has been through what we feel like is probably the single most challenging chemical marketplace that we've seen in my career, and it's a business that continues to put in record quarters. If you think back to the financial crisis and by the way, I don't think we're anywhere near that.

我們之所以認為企業有權獲得成長的權利，是因為它具有許多與聚合相同的屬性。它的進入門檻非常高。它擁有周期性的定價權。我們認為，這家企業經歷的可能是我職業生涯中見過的最具挑戰性的化學市場，而這家企業的季度業績持續創下紀錄。如果你回想一下金融危機，順便說一句，我認為我們還遠遠沒有達到那種程度。

But if you think about the financial crisis, Martin Marietta always remain profitable. We never cut or suspended the dividend. And one of the big reasons why was we had that differentiated portion of our business that was Magnesia Specialties. So to the extent that we can take that portion of our business and grow responsibly. It's something that we will certainly look at.

但如果考慮到金融危機，馬丁瑪麗埃塔 (Martin Marietta) 始終保持獲利。我們從未削減或暫停派發股息。其中一個重要原因是我們的業務有差異化，即 Magnesia Specialties。因此，我們可以在一定程度上利用這部分業務並負責任地發展。我們一定會關注這個問題。

Obviously, we're going to continue to be an aggregates-led business. But when we look at our business and we recognize that is truly a differentiator for us. It's something that, number one, I think they've earned the right to be called out on because they're really good at it. And number two, to the extent that we can continue to invest organically and invest inorganically, we should, and I believe our shareholders would richly benefit from that.

顯然，我們將繼續以總量為主導的業務。但當我們審視我們的業務時，我們意識到這對我們來說確實是一個差異化因素。首先，我認為他們有資格受到批評，因為他們在這方面確實很擅長。第二，只要我們能夠繼續進行有機投資和無機投資，我們就應該這樣做，而且我相信我們的股東將從中受益匪淺。

Phil Ng, Jefferies.

傑富瑞的 Phil Ng。

Congrats on the strong quarter. Ward, I mean, you started uber bullish on infrastructure, which is great. With the new administration, certainly, a lot of heads sick in terms of projects being paused and what's formula base and whatnot. So one, help educate us what you're seeing out there? And then two, you kind of hinted that as we kind of look out to 2026, maybe we get a new Service Transportation Act.

恭喜本季業績強勁。沃德，我的意思是，你開始對基礎設施非常看好，這很好。隨著新政府的上台，許多人肯定會對暫停的項目以及公式基礎等問題感到擔憂。那麼，您能幫助我們了解您看到了什麼嗎？其次，您暗示說，展望 2026 年，我們可能會推出一項新的服務運輸法案。

There was some news the other day with transportation and infrastructure Chairman, Sam Gray, potentially pushing for a new source of funding for the Highway Trust Fund, which is the first on EV and hybrids Wanted to get your thoughts on that opportunity and what that could mean for you guys?

前幾天有消息稱，交通運輸和基礎設施主席薩姆·格雷可能會推動為公路信託基金尋找新的資金來源，這是第一個用於電動車和混合動力汽車的資金來源。想聽聽您對這個機會的看法以及這對您意味著什麼？

Phil, thank you for the question. I would say several things. One, in true heavy-side construction that we're looking at, the traditional highway funding, we haven't seen any projects pulled. We've seen some of the grant projects pulled.

菲爾，謝謝你的提問。我想說幾件事。首先，在我們正在關注的真正的重型公路建設中，即傳統的高速公路融資中，我們還沒有看到任何項目被撤下。我們看到一些資助項目被取消。

And again, those -- that's an entirely different animal and a very small portion of overall infrastructure. So that has been nothing that has caused us any concern. Again, if we're looking at really what we're tracking right now several things, you've seen the data that I've seen as well and that is if we're looking at highway contract awards and we're looking at LTM from March of '23 to March of '25, they're up 19%. So number one. That's a great number.

再說一次，那些是完全不同的事物，並且只佔整體基礎設施的一小部分。所以這並沒有引起我們的任何擔憂。再說一次，如果我們真正看一下我們現在正在追蹤的幾件事，你已經看到了我也看到的數據，那就是如果我們查看公路合約授予，並且我們查看從 23 年 3 月到 25 年 3 月的 LTM，它們上漲了 19%。所以是第一名。這是一個很大的數字。

Number two, if we're looking at the cumulative state reimbursements, I mentioned this before, $118 billion has gone out of the $350 billion that has really been set aside for highways and bridge funds. So as a practical matter, only 34% of the total funds have found their way out into commerce at this point in time. But if we also go back in time and say, how does this usually play out? That ticks and ties back into my commentary both on '25 and '26. So we're going to see a nice continued build over the next couple of years. And again, if you look at the slide, I guess the slide -- forget which slide it is, particularly in the supplemental material, but it takes you through the ARPA snapshot of what these '25, '26, and '27 will look like.

第二，如果我們看一下累計的政府補償金額，我之前提到過，在真正撥給高速公路和橋樑資金的 3500 億美元中，有 1180 億美元已經用掉了。因此，實際上，目前只有 34% 的總資金進入了商業領域。但如果我們也回顧過去並問，這通常是如何發生的？這與我對 25 年和 26 年的評論相吻合。因此，我們將在未來幾年看到良好的持續發展。再說一次，如果你看一下幻燈片，我猜是幻燈片——忘記是哪張幻燈片了，特別是在補充材料中，但它會帶你了解 ARPA 快照中 '25、'26 和 '27 的樣子。

And then it shows the out years, but importantly, the out years are not showing what we anticipate will be on a track to successor bill. Now to your point, the successor bill is already gaining some degree of dialogue in both the House Transportation and Infrastructure Committee as well as CPW. And I'm saying a couple of things. One, they are talking increasingly about projects of regional and national scope. So look, I think there's going to be less about bicycle trails and a lot more about highways, bridges, roads and streets.

然後它顯示了未來幾年的情況，但重要的是，未來幾年的情況並沒有顯示出我們預期的後續法案的方向。現在回到你的觀點，後續法案已經在眾議院交通和基礎設施委員會以及 CPW 中獲得一定程度的討論。我要說幾件事。一是他們越來越多地談論區域和國家範圍的項目。所以，我認為關於自行車道的內容會減少，而關於高速公路、橋樑、道路和街道的內容會增加。

I mean, I think that's code for what that means. But importantly, too, and this goes to the gravamen of your question, Sam Graves, as you mentioned, Republican from Missouri who heads House T&I opened a dialogue here this week that needed to be opened, and that is -- he's looking at what are we going to do with EVs? What are we going to do with hybrid vehicles? And how are they going to be in a position that they're helping pay for infrastructure when they're wearing out infrastructure just as much as the gasoline car is, and in some respects, more because these vehicles tend to be really heavy. So actually, what we're seeing as the revenue package put forward would begin from my perspective, a much overdue conversation and bring some fresh ideas to a problem that's long been avoided.

我的意思是，我認為這就是那個意思的程式碼。但同樣重要的是，這也涉及您問題的核心，薩姆·格雷夫斯，正如您所提到的，眾議院 T&I 議長、密蘇裡州共和黨人本週在這裡開啟了一場需要開啟的對話，那就是——他正在研究我們將如何處理電動車？我們該如何處理混合動力汽車？當電動車對基礎設施的磨損程度與汽油車一樣大時，他們如何能夠幫助支付基礎設施的費用？從某些方面來看，電動車的磨損程度甚至更大，因為這些車輛往往非常重。因此實際上，從我的角度來看，我們所看到的所提出的收入方案將開啟一場早就應該進行的對話，並為長期被迴避的問題帶來一些新的想法。

And the issue is simply this. the gas tax and the diesel tax were never indexed for inflation. And if we go back and look at what's happened more to the point, not happened there since Bill Clinton's first term in office, it has remained utterly static. So as a consequence, we've been having to go to the general fund for years. And if you look over the last 17 years, it's been to the tune of about $275 billion.

問題很簡單，汽油稅和柴油稅從未根據通貨膨脹進行調整。如果我們回顧一下發生的事情，更確切地說，自從比爾·克林頓第一個任期以來，那裡就沒有再發生任何變化，情況一直保持完全靜止。因此，多年來我們不得不動用普通基金。如果你回顧過去 17 年，你會發現這個數字已經達到了約 2,750 億美元。

Now do I think we're going to have to look to the general fund going forward? Yes, probably so. But do we need to have multiple drivers, no pun intended, that are putting funds into that highway trust fund. The answer is that we do. And that's what the states have been doing very effectively.

現在我是否認為我們必須考慮未來普通基金？是的，可能是這樣。但是我們是否需要有多個驅動因素（沒有雙關語的意思）來將資金投入高速公路信託基金。答案是肯定的。各州一直在做著非常有效的事。

I think the fact that now we're having that conversation at a national level is important, and it's a really good start.

我認為我們現在在國家層級進行這樣的對話非常重要，這是一個非常好的開始。

Tyler Brown, Raymond James.

泰勒布朗、雷蒙詹姆斯。

Hey, Bob. Actually, cost performance was very solid in aggregates. I know that there is some discussion with the peer that maybe some maintenance or stripping costs got pushed out on the weather. One, I guess I'm just curious if you saw the same thing.

嘿，鮑伯。事實上，整體而言，性價比非常高。我知道與同行進行過一些討論，也許一些維護或剝離成本因天氣而被推遲。首先，我只是好奇你是否看到了同樣的事情。

And two, can you just help us shape how we should think about cost inflation for the rest of the year? I know you lapped the inventory pressures midyear. And now you're kind of looking at double-digit gross profit per ton each quarter. I appreciate it.

第二，您能否幫助我們思考今年剩餘時間的成本通膨問題？我知道您在年中克服了庫存壓力。現在你看到的是每季每噸兩位數的毛利。我很感激。

Yes. Thanks for the question. So in the first quarter, I would say that we saw just excellent cost management by our operations teams in light of the inventory reduction. The team was very proactive. So if you look at energy and contract services on a per unit basis, they were down low double digits.

是的。謝謝你的提問。因此，我想說，在第一季度，鑑於庫存減少，我們的營運團隊實現了出色的成本管理。該團隊非常積極主動。因此，如果你從單位角度來看能源和合約服務，你會發現它們的降幅低於兩位數。

Supplies and repairs kind of down in the mid-single-digit range, again, on a per unit basis. So overall, I think just effective management. We do have a diesel fuel tailwind that's helping us as well. The other thing I'll mention is if you back out the impact of the $0.72 per ton impact from the inventory drawdown we were actually down 2.3% on a unit cost basis. So as we look forward, we expect in the future quarters that we will see continued healthy expansion in gross margin.

以單位計算，供應和維修費用再次下降到中等個位數範圍。所以總的來說，我認為只是有效的管理。我們確實有柴油順風，對我們也有幫助。我要提到的另一件事是，如果排除庫存下降導致的每噸 0.72 美元的影響，單位成本實際上下降了 2.3%。因此，展望未來，我們預計未來幾季毛利率將繼續健康成長。

Angel Castillo, Morgan Stanley.

摩根士丹利的安吉爾‧卡斯蒂略 (Angel Castillo)。

And again, congrats on a strong quarter here. Just maybe I wanted to unpack a little bit more along the lines of that kind of 2Q and 3Q, but maybe more from the price perspective. So you had some of your pricing maybe get pushed out to April. So just curious how should we think about the progression of price growth as we get into 2Q? And as part of that, could you talk about midyears, what you're seeing in terms of any pushback from perhaps those customers shifted out to April or anybody else perhaps pushing back on mid-years?

再次恭喜您本季業績表現強勁。我可能只是想要更詳細地解釋第二季和第三季的情況，但可能更多的是從價格的角度。因此，您的部分定價可能會推遲到四月。所以我很好奇，進入第二季我們應該如何看待價格成長的進程？作為其中的一部分，您能否談談年中的情況，您認為可能存在哪些阻力，可能是那些轉移到 4 月份的客戶，或其他任何可能在年中推遲的客戶？

Thank you for the question. So several things. One, if we look at the pricing as reported, up 6.8%. So that was a nice steady growth. Keep in mind, we do have some April increases that are going in as well.

謝謝你的提問。有好幾件事。首先，如果我們看一下報告的價格，就會發現價格上漲了 6.8%。所以這是一個好的穩定成長。請記住，我們在四月確實也會有一些成長。

So that's primarily to certain select concrete customers. I think this is important, Angel, if we're looking at our organic business, the pricing was up about 7.4%. So actually, you saw a pretty healthy delta between as reported cumulatively in the organic business. That tells me several things. One, we continue to have some room ahead of us relative to the assets that we have bought get them up to Martin Marietta pricing.

所以這主要針對某些特定的客戶。我認為這很重要，安吉爾，如果我們看一下我們的有機業務，價格上漲了約 7.4%。因此實際上，您會看到有機業務累積報告之間存在相當健康的差異。這告訴了我幾件事。首先，相對於我們購買的資產，我們仍然有一定的空間來使其達到馬丁瑪麗埃塔的定價。

I think that also tells us that they're going to be mid-years in a number of markets. And keep in mind, the guide that we have given you does not assume any midyear price increases, and we're going to see degrees of midyear price increases. I think the other thing to keep in mind just from an optical perspective, during the first quarter, in particular, the central division operations because they tend to be more northern climate are not operating and not selling as much. Those will now start coming on and into play more meaningfully, obviously, in Q2 and Q3. Their average selling prices tend to be modestly lower.

我認為這也告訴我們，許多市場即將進入年中階段。請記住，我們給您的指南並不假設年中價格會上漲，但我們將會看到年中價格上漲的程度。我認為從光學角度來看需要記住的另一件事是，在第一季度，特別是中部部門的運營由於往往更傾向於北方氣候而沒有運營，銷售量也沒有那麼多。顯然，這些將在第二季和第三季開始發揮作用，並發揮更有意義的作用。它們的平均售價往往略低。

Now all that said, really, as I'm looking at the ranges that we've given for pricing. At this point, I'm thinking we're probably going to be on the higher end of ASPs relative to the guide that we've given. And obviously, we'll come back and review the overall guide at half year as our custom. But I think if you think about pricing in Q1, strong, if you think about pricing relative to the organic business, particularly strong. If you think about the price increases that we believe can be coming relative to the acquisitions, they look actually quite good.

現在，實際上，我正在查看我們給出的定價範圍。目前，我認為相對於我們給予的指導，我們可能會處於 ASP 的較高端。顯然，按照慣例，我們會每半年回來審查一次整體指南。但我認為，如果你考慮第一季的定價，它是強勁的；如果你考慮相對於有機業務的定價，它是特別強勁的。如果你考慮一下我們認為與收購相關的價格上漲，那麼它們實際上看起來相當不錯。

And I think I've given you a sense of how I think that's going to play out for the full year, Angel. So I hope that push responsive to your question.

安吉爾，我想我已經讓你了解了我認為全年的情況將如何發展。所以我希望這能回答你的問題。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Ward, you referenced, I think, historically bad weather that you saw in North Texas in 2Q last year. Is there way to think about -- or can you remind us that was or if there's sort of an add about? I'm just trying to kind of circle back on this. You saw such strong gross profit per ton growth in 1Q. Just wondering what that could look like in given some of the puts and takes?

沃德，我認為您提到了去年第二季北德克薩斯州遭遇的歷史性惡劣天氣。有什麼方法可以考慮——或者您能提醒我們嗎，或者是否有某種補充？我只是想重新回到這個問題。您看到第一季每噸毛利潤成長如此強勁。只是想知道，考慮到一些因素，這會是什麼樣子？

Well, look, I think it will look attractive in Q2. Again, I'd have to go back and pull out exactly what the hit was last year in Q2 because of the weather in North Texas, but it was notable Anthony, and I know I spoke to it last year very specifically, we can go back and maybe take off-line what that was. But again, I think we should see a nice sequential build this year. And keep in mind, the other thing that will happen by the time we're done with Q2 is the inventory headwinds that we're working our way through, will have been totally dealt with, as Bob mentioned in his comments a few minutes ago, if we're simply looking at this quarter, the inventory headwind was $28 million. And we had indicated coming into the year that we thought it would be somewhere between $20 million and $30 million a quarter both quarter 1 and quarter 2.

嗯，看，我認為它在第二季度會看起來很有吸引力。再說一次，由於北德克薩斯州的天氣原因，我必須回去並準確地找出去年第二季度的打擊情況，但安東尼的情況非常引人注目，我知道我去年非常具體地談到了這一點，我們可以回去並可能離線找出那是什麼。但我再次認為，今年我們應該會看到良好的連續成長。請記住，當我們完成第二季度時，另一件事就是我們正在努力解決的庫存逆風將完全處理，正如鮑勃幾分鐘前在評論中提到的那樣，如果我們只看這個季度，庫存逆風為 2800 萬美元。我們曾表示，預計今年第一季和第二季的營收將在 2,000 萬至 3,000 萬美元之間。

So do I think quarter 2 ought to be more attractive simply because we don't anticipate something that's Epic in North Texas in the quarter. Yes, I think we probably do. So I think you've got a nice build also into quarter 3 because suddenly, you don't have that real headwind from what we're going through right now relative to the inventories. So Anthony, I hope that helps.

所以我認為第二季度應該會更有吸引力，因為我們預計本季北德州不會出現什麼重大事件。是的，我想我們可能會這麼做。因此，我認為您在進入第三季時也會有一個良好的發展，因為突然之間，您不再面臨我們目前在庫存方面所面臨的真正阻力。所以安東尼，我希望這會有所幫助。

Timna Tanners, Wolfe Research.

坦納斯（Timna Tanners），沃爾夫研究公司（Wolfe Research）。

Could you help us notice the really strong share buyback in the quarter, bigger than all of last year. It might just be a question of just authorizing, but I didn't see a reauthorization to keep that level going forward. And just wanted any thoughts on the amount? Was it opportunistic because of where the share price is? Is it a commentary on a lull in M&A?

您能否幫助我們注意到本季真正強勁的股票回購，規模比去年全年都要大？這可能只是一個授權的問題，但我沒有看到重新授權以保持該水平。只是想了解金額嗎？這是因為股價處於某個位置而投機嗎？這是對併購市場低迷的評論嗎？

Any more color would be great.

如果有更多顏色就更好了。

Timna, thank you for the question. It was not a commentary on M&A because I continue to think that's going to be attractive for us this year. It was really more of a commentary that look, we like where our share price was and we thought that was a great place to go in and buy. So we bought 911,000 shares and that was $450 million because we thought it was opportunistic and a good buy. So -- and if you recall, actually, when we bought TXI in 2014, 2015, had an authorization that point to buy back 20 million shares.

提姆娜，謝謝你的提問。這不是對併購的評論，因為我仍然認為這對我們來說今年會很有吸引力。這實際上更像是一種評論，我們喜歡我們的股價，我們認為那是一個進入和買入的好地方。因此我們購買了 911,000 股，價值 4.5 億美元，因為我們認為這是一個機會，而且是一筆不錯的買賣。所以——如果你還記得的話，實際上，當我們在 2014 年、2015 年收購 TXI 時，我們就獲得了回購 2,000 萬股的授權。

And if we look at where we are in that we bought back about half of that over that period of time. So we still have plenty of runway ahead of us. Importantly, if you look at where we finished the quarter relative to a debt-to-EBITDA ratio, we're still very much in the range that we like to be. And obviously, we're about to hit the time of the year where we really start making considerable money as well. So no, it's not a commentary on a lack of M&A pipeline because, in fact, that actually looks quite good.

如果我們看看我們現在的情況，我們會發現在那段時間我們回購了大約一半的股票。因此我們前面還有很長的路要走。重要的是，如果你看一下我們本季的債務與 EBITDA 比率，就會發現我們仍然處於我們希望的範圍內。顯然，我們即將迎來一年中真正開始賺大錢的時期。所以，這並不是對缺乏併購管道的評論，因為事實上，這看起來相當不錯。

It is the commentary and the fact that we thought that was an attractive entry place for the stock. And we proverbially put our money where our mouth is. So thank you for the question, though, Timna.

這是評論，也是我們認為這是股票的一個有吸引力的切入點的事實。眾所周知，我們說到做到。不過，還是謝謝你提出這個問題，提姆娜。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

So back in February, you had characterized the guidance as being sort of conservative guidance. And I'm curious how you feel about that. Today, was there any conservatism you think you needed to draw on in Q1 or the first four months of the year or that you see in Q2? And I know you just said a couple of questions ago that the guidance does include -- does not include the midyear. So I'm just curious how you kind of characterize the outlook today, also in light of things have kind of changed a little bit on the macro backdrop.

因此，早在二月份，您就將該指導描述為一種保守的指導。我很好奇你對此有何感想。今天，您認為在第一季或今年前四個月，或在第二季度，是否需要採取保守主義？我知道您剛才在幾個問題中提到過，該指導確實包括 - 但不包括年中。所以我只是好奇您如何描述今天的前景，同時考慮到宏觀背景發生了一些變化。

They have changed a little bit in the macro backdrop. But what I'll say is this, you're right. I forget whether we use the word measured or conservative coming out of -- coming into the year. But I think it's one or the other, and they're probably synonymous. Where I'm sitting today, I actually feel better today than I felt in February.

在宏觀背景下它們發生了一些變化。但我要說的是，你是對的。我忘記了我們是否用「謹慎」或「保守」來形容今年的情況。但我認為兩者必居其一，而且它們可能是同義詞。今天我坐在這裡，實際上感覺比二月好多了。

So to the extent that we felt like it was a measured guide at the time, I probably feel that same way maybe little bit more strongly today than I did then. Obviously, we -- as we indicated in the prepared remarks, we come back and we'll revisit our guide at half year, which we typically do. I've already indicated, I think our pricing is going to be at the higher end of that. So obviously, more to come. But there's been nothing that I'm seeing in the way this year is playing out in the way that our teams are responding, whether it's relative to cost, whether it's relative to pricing, whether it's relative to what we're looking at from M&A that has been a disappointment to me.

因此，就我們當時認為它是一個有衡量標準的指南而言，我今天可能也有同樣的感受，甚至比當時更強烈。顯然，正如我們在準備好的發言中所指出的那樣，我們會回來並在半年後重新審視我們的指南，我們通常會這樣做。我已經表示過，我認為我們的定價將處於較高水平。顯然，未來還會有更多。但從我今年看到的情況來看，我們的團隊沒有做出任何令我失望的事情，無論是相對於成本，還是相對於定價，還是相對於我們從併購中看到的情況。

I think our teams are performing well. And again, I think the business is revealing the type of durability that I would expect it to, particularly given the significant portfolio shaping that we brought to the business last year, seeing these nice margin enhancements are not a surprise to us. It is a nice affirmation on where the business is, and I think it gives you a good sense of where the business is going.

我認為我們的團隊表現良好。而且，我認為該業務正在展現出我所期望的持久性，特別是考慮到我們去年為該業務帶來的重大投資組合塑造，看到這些良好的利潤率提升對我們來說並不意外。這是對業務現狀的一個很好的肯定，我認為它能讓你很好地了解業務的發展方向。

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Mike, we're having a hard time hearing if you can speak up just a little bit, please.

麥克，我們很難聽清楚你能否稍微說點話。

Can you hear me now?

現在你能聽到我說話嗎？

Much better. Thank you so much.

好多了。太感謝了。

Great. Terrific. Following up on Timna's question, turning to acquisitions. Has the macro environment looking at the sentiment amongst your acquisition pipeline changed materially have things been maybe pushed off a little bit because of the uncertainty. And we will take your temperature on where you feel like you've transformed portfolio quite a bit in the last 18 months.

偉大的。了不起。接下來回答 Timna 的問題，談談收購。從宏觀環境來看，您的收購管道中的情緒是否發生了重大變化，收購事宜是否可能由於不確定性而被稍微推遲。我們會評估您在過去 18 個月內對投資組合進行較大轉變的感覺。

Are we at similar types of levels and given where the cash flows are going to be in your balance sheet and the opportunities ahead of you given there's going to be some pretty reasonably sized assets may be coming on the market.

我們是否處於類似的水平，考慮到現金流將出現在您的資產負債表中，以及您面臨的機遇，考慮到市場上可能會出現一些相當規模的資產。

Great questions, and I would say several things. One, I don't see material changes in the sentiment on businesses that are looking to do M&A today. I think it feels broadly the same. As we've discussed before, typically, people aren't selling businesses because they're trying to time it in our space. They're typically doing it relative to family succession and other issues that drive M&A.

很好的問題，我想說幾點。首先，我認為目前尋求併購的企業情緒並沒有發生重大變化。我認為感覺大致相同。正如我們之前討論過的，通常人們出售企業並不是因為他們想在我們的領域中把握時機。他們這樣做通常是為了家族繼承以及推動併購的其他問題。

So we haven't seen that as a significant issue for us. As I've also indicated before, I think we're in a place that give and take normal year is going to be around $1 billion worth of M&A. But don't expect that to be linear. There are going to be years that it's likely going to be notably more than that. And again, I think in some respects, M&A can be a little bit like the buybacks that we did this year.

因此，我們認為這對我們來說不是一個重大問題。正如我之前指出的那樣，我認為我們每年的併購交易額約為 10 億美元。但不要指望它是線性的。未來幾年，這一數字可能會顯著高於這個數字。而且，我認為從某些方面來看，併購有點像我們今年進行的回購。

It can have a head of opportunism that comes with it because if some businesses come along that are particularly compelling businesses, you'll see us lean in and be smart and sensible about a business. because you're frankly not going to see it come through again. So am I seeing anything that I would view as a material change? No. Do I think it will continue to be an attractive year for us on aggregates led M&A.

它可能具有隨之而來的機會主義色彩，因為如果出現一些特別引人注目的企業，你會看到我們傾向於以聰明和明智的方式對待企業。因為坦白說，你不會再看到它成功了。那麼我是否看到了任何我認為是實質的改變？不。我是否認為對我們來說，今年仍將是集聚型併購活動有吸引力的一年？

Yes. And do I think that's likely to be the case, not for a matter of quarters, but really for a matter of years and likely through this next sore 2030 period, I think the answer is undeniably, yes, because when I'm looking at simply closely held aggregate businesses in markets in which we want to grow -- we've identified businesses that produce and sell, let's call it, 250 million tons of stone per annum right now, which tells us there's effectively a business out there that's modestly larger than Martin Marietta is today that would be in something that we would think of as our sweet spot. So I think there's a lot that's been done on shaping a lot that's going to be done over the next several years and decades in growing this business and continuing to shape it and doing it in ways that hopefully, you will continue to see more profitability, but you'll see continued margin expansion and the quality of the business continue to grow.

是的。而我是否認為這種情況會持續下去呢？不只是幾個季度的問題，而是幾年內的問題，很可能持續到下一個艱難的 2030 年。我認為答案無疑是肯定的，因為當我考察我們想要成長的市場中的少數人持股的骨料企業時——我們已經確定了現在每年生產和銷售 2.5 億噸石材的企業，這告訴我們，實際上存在一個比今天的馬丁·瑪麗埃塔規模稍大的企業，我們認為這個企業處於我們的最佳位置。因此，我認為，在未來幾年和幾十年裡，我們已經做了很多工作來塑造這項業務，並將繼續以各種方式塑造它，希望你將繼續看到更多的盈利能力，但你會看到利潤率持續擴大，業務質量繼續提高。

David McGregor, Longbow Research.

大衛麥格雷戈，長弓研究公司。

Congrats on the good quarter award. Just wanted to -- I wanted to just take your temperature, I guess, this is an M&A question of sorts, but it would relate to just any changes you're seeing in the permitting prospects out there in the permitting process that would improve your ability to increase reserves oriented acquisitions?

恭喜您獲得優秀季度獎。只是想 - 我只是想了解一下您的情況，我想，這是一個併購問題，但它與您在許可過程中看到的許可前景的任何變化有關，這些變化會提高您增加儲備導向收購的能力嗎？

It's interesting, David. I don't see that changing notably, and I would say several reasons why. Obviously, there is a certain degree of aggressiveness relative to the regulatory state that's underway with the current administration. And frankly, I welcome that. The fact is the regulatory state that drives what's happening relative to permitting greenfields, adding reserves, et cetera, tends not to be a national issue.

這很有趣，大衛。我沒有看到明顯的變化，我想說有幾個原因。顯然，與現任政府正在進行的監管狀態相比，存在一定程度的激進性。坦白說，我對此表示歡迎。事實上，推動綠地許可、增加儲備等相關事宜的監管國家往往不是一個國家問題。

It tends to be a local issue. So is it a national issue relative to an air quality permit sort of kind of -- is it a national issue relative to water quality and discharge, yes, it's sort of kind of us. But the bigger issues aren't those. The bigger issues are zoning and the bigger issues are land use relative to either conditional use permitting or special use permitting. And those tend to be decidedly local.

這往往是一個地方性問題。那麼，這是否是一個與空氣品質許可證有關的國家問題？這是否是與水質和排放有關的國家問題？是的，這與我們有關。但更大的問題並不是這些。更大的問題是分區，更大的問題是關於有條件使用許可或特殊用途許可的土地使用。而這些往往明顯是局部化的。

And when I say local, I don't mean at the state level, I mean at the city level or the county level. And the fact that those barriers to entry are notable. I think it's important. It also plays to the strength that we have relative to land use. Part of what you'll see us do, and you can see it in some of the CapEx numbers is we will buy properties adjacent to our existing operations.

當我說地方時，我不是指州一級，而是指市一級或縣一級。事實上，這些進入障礙是顯而易見的。我認為這很重要。這也發揮了我們在土地利用上的優勢。您將看到我們所做的部分工作（您可以從一些資本支出數字中看到）是，我們將購買現有業務附近的房產。

and recognize that we can go through a special use and a zoning process on those parcels that at times can take years. And that's okay because we typically have long-lived reserves. But when we get those adjacent reserves owned and permitted, two things happen. One, the setbacks that we have on our existing quarries basically go away. And then we also have opened up to us the new reserves that we've just bought.

並且認識到我們可以對這些地塊進行特殊使用和分區規劃，有時這可能需要數年時間。這沒關係，因為我們通常有長期儲備。但是，當我們擁有並得到這些相鄰保護區的許可時，就會發生兩件事。首先，我們現有採石場遇到的障礙基本上已經消失。然後，我們也開放了我們剛剛購買的新儲備。

So the fact is we end up winning twice under those circumstances. So do I think it's changing relative to greenfielding No, I don't. I think it's going to continue to be a challenge in many instances to I think it's changing relative to next door. No, I don't. And do I think there's opportunity at the national level to change that.

所以事實上我們在這種情況下最終贏了兩次。那麼，我認為它相對於綠地投資而言正在改變嗎？不，我不這麼認為。我認為在很多情況下這將繼續是一個挑戰，我認為它相對於隔壁正在改變。不，我不知道。我是否認為在國家層級有機會改變這種狀況？

Actually, I really don't because this ends up being a highly local issue, and it's an area in which Martin Marietta has long had, I think, a very capable for source, and we've done that well. So I hope that helps, David.

事實上，我真的不這麼認為，因為這最終會成為一個高度地方性的問題，而且我認為，馬丁·瑪麗埃塔長期以來一直在這方面擁有非常有能力的資源，而且我們做得很好。所以我希望這會有所幫助，大衛。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼、D.A.戴維森。

Appreciate all the color around the federal funding visibility here. That's really great. And I think the other side of the question that we seem to get is on the state side. I mean, as you sort of scrutinize some of your largest states on the public infrastructure side and the mechanisms for funding infrastructure projects, just a bit curious what's your assessment, your experience as to whether there's risk of reallocation within those state budgets away from transportation funding, especially if the economy, yeah, begins to see a shortfall in tax revenue.

欣賞這裡有關聯邦資金可見度的所有色彩。這真是太棒了。我認為我們得到的問題的另一面似乎是在國家方面。我的意思是，當您仔細審查一些最大的州的公共基礎設施方面以及基礎設施項目的融資機制時，我只是有點好奇您的評估是什麼，您的經驗是，這些州的預算中是否存在重新分配交通資金的風險，特別是如果經濟開始出現稅收收入短缺。

Brent, thank you so much for the question. So I would say several things. One, if we're looking at Texas, Florida, North Carolina, Indiana, Georgia, Colorado, Arizona, Iowa, as I indicated before in my comments, our top 10 states, 8 of them are seeing budgets year over year that are up. And that's particularly true if we're looking at their baseline budgets.

布倫特，非常感謝你的提問。所以我想說幾件事。首先，如果我們看一下德克薩斯州、佛羅裡達州、北卡羅來納州、印第安納州、喬治亞州、科羅拉多州、亞利桑那州、愛荷華州，正如我之前在評論中指出的那樣，我們的前 10 個州中有 8 個州的預算逐年增加。如果我們看一下他們的基準預算，這一點尤其正確。

I think more importantly, if we go and look at some of the information on those individual states themselves and really think about that. I mean, if we're looking at the approved increasing for Texas long-term 10-year program. It's already up 4% to $104 billion. And if we look at how that translates, if we're looking at our March 25 aggregates backlog for customers in that state, they're up about 18%. So again, the state budgets matter.

我認為更重要的是，如果我們去看看這些個別州本身的一些資訊並認真思考這一點。我的意思是，如果我們看看德克薩斯州批准增加的長期 10 年計劃。目前已上漲 4%，達到 1,040 億美元。如果我們看一下這個數字是如何轉換的，如果我們查看 3 月 25 日該州客戶的累積積壓量，就會發現它們增長了約 18%。所以，國家預算再次變得重要。

If we're looking in Colorado, they expect to have about $3.7 billion available to spend in FY25. That's a nice increase of what we've seen in recent years. equally in North Carolina, their budget has increased year-over-year. But importantly, this goes back to the question I had before relative to federal budgets. In North Carolina, did something that was important and they started taking sales tax revenue and shifting that to the highway fund.

如果我們看看科羅拉多州，他們預計在 2025 財年將有大約 37 億美元可供支出。這是我們近年來看到的一個不錯的成長。同樣在北卡羅來納州，他們的預算也逐年增加。但重要的是，這又回到了我之前有關聯邦預算的問題。在北卡羅來納州，他們做了一些重要的事情，他們開始將銷售稅收入轉移到公路基金。

And beginning in 2025, goes up to 6% here in the state. And if we're even stepping back and looking at what has to be done, you'll recall, obviously, Hurricane Helene came through and created a lot of mayhem in the western part of the state. We're seeing nearly $5 billion worth of work that has to be done there, $3 billion of it will come from the federal government, $2 billion from the state and North Carolina has a $6 billion Rainy Day Fund. Part of the reason I call all of this out, when we began our SOAR process in 2009 and 2010, we were looking to do business in states that had a very, very strong fiscal condition because we believe that was going to be important as a continue to grow, and we wanted to be in states that had the capacity to continue to grow what they're seeing from a DOT perspective. Again, that's what we're seeing in Georgia as well.

從 2025 年開始，該州的比例將上升至 6%。如果我們回顧一下，看看我們需要做些什麼，你就會記得，颶風海倫來襲，給該州西部帶來了巨大的破壞。我們看到那裡有價值近 50 億美元的工作要做，其中 30 億美元來自聯邦政府，20 億美元來自州政府，北卡羅來納州還有 60 億美元的緊急基金。我之所以提出這一切，部分原因是，當我們在 2009 年和 2010 年開始 SOAR 流程時，我們希望在財政狀況非常強勁的州開展業務，因為我們相信這對於持續增長至關重要，並且我們希望在有能力繼續實現 DOT 所看到的增長的州開展業務。這也是我們在喬治亞州看到的情況。

They've got a 7% increase this year from the original 2024 FY budget -- FY24 budget. So I think if we look at the federal side that you mentioned and then go to the state side that you specifically asked about, 8 of the top 10 are up. And then if you take even within a subset of those 10 and start looking at precisely what we're seeing, it's a very healthy storage.

今年的預算比原來的 2024 財年預算（FY24 預算）增加了 7%。因此，我認為，如果我們看一下您提到的聯邦方面，然後再看一下您特別詢問的州方面，前 10 名中有 8 個已經上漲。然後，如果您從這 10 個子集中選取一個，並開始仔細觀察我們所看到的情況，您會發現這是一個非常健康的儲存。

Adam Thalhimer, Thompson Davis.

亞當泰爾希默，湯普森戴維斯。

Nice quarter. When you talk about data centers and the associated power demand word, are those projects. Are you thinking about those as a driver in 2025? Or is that more 2026-plus.

不錯的季度。當您談論資料中心和相關的電力需求詞時，就是那些項目。作為 2025 年的駕駛員，您是否考慮過這些問題？或是 2026 年以後。

I think that's more 2026-plus. So I think in the near term, you're going to see more activity on data centers. And I think that's going to be pretty significant. I think in the near term, see growing activity on warehousing. I think in the medium to longer term, you're going to see more energy activity.

我認為那要到 2026 年以後。所以我認為在短期內，你會看到更多資料中心的活動。我認為這將會非常重要。我認為在短期內，倉儲活動將會日益活躍。我認為從中長期來看，你會看到更多的能源活動。

I mean for example, we've got local power companies talking about small nuclear facilities for the first time in years. And the fact is we're going to have to see a number of those types of things. It's been interesting to watch what's happened in Europe this week relative to Spain, Portugal and other countries. And I do think the United States is going to have to be really thoughtful about the way that we're going to continue to grow in like nonres. And we're going to continue to see population shifts and dynamics to the Southeast and Southwest.

我的意思是，例如，多年來我們第一次與當地電力公司談論小型核設施。事實上，我們將會看到許多這樣的事。觀察本週歐洲相對於西班牙、葡萄牙和其他國家發生的事情很有趣。我確實認為美國必須認真考慮如何在非資源領域繼續發展。我們將繼續看到東南和西南地區的人口轉移和動態。

And these states, in particular, going to have to be ready for that type of power transition.

這些州尤其需要為這種權力過渡做好準備。

Keith Hughes, Truist Securities.

基斯·休斯（Keith Hughes），Truist Securities。

Ward, I want to go back to your comment on potential new legislation. Is there any kind of time line emerging when that would only be introduced in Congress and potentially push down the law.

沃德，我想回到你對潛在的新立法的評論。是否存在某種時間表，僅在國會提出該法案並有可能推翻該法案。

There hasn't been anything formal, Keith, that's come out, but I'll tell you anecdotally, what I'm hearing. And that is I think there's going to be a push to get that done before the midterms next year. I think there are practical reasons that people are going to want to see that done. I think the other thing that it does is it makes the takeoff for the next bill much smoother. I would not be surprised to see a headline bill that's less than $1.2 trillion, but I'd be really surprised to see within that bill the same geography that we saw this last time.

基思，目前還沒有任何正式的消息，但我會以軼事的方式告訴你我所聽到的內容。我認為，我們會努力在明年中期選舉前完成這項工作。我認為人們希望看到這一點是有實際原因的。我認為它的另一個作用是使下一項法案的實施更加順利。如果看到總額低於 1.2 兆美元的法案，我不會感到驚訝，但如果看到法案中涉及的地理位置與我們上次看到的相同，我會感到非常驚訝。

$1.2 trillion bill that had $350 billion dedicated to Highways Bridges Roads and Streets. That's not the way I think this is going to come out. So I think we're going to see several things. One, I think what you've seen in House T&I this week relative to funding is a good part of an overall conversation. We'll obviously see how T&I take the lead on putting this out.

1.2 兆美元的法案中，有 3,500 億美元專門用於高速公路、橋樑、道路和街道。我認為事情不會這樣發展。所以我認為我們將會看到幾件事。首先，我認為本週眾議院 T&I 會議中有關資金的問題，是整體對話的一個很好的部分。我們顯然會看到 T&I 如何帶頭推出這款產品。

That's the way that historically has worked. So they've taken the lead EPW has followed. But I still think it's going to be something that we will see done before midterms, Keith.

從歷史上看，它一直都是如此運作的。因此他們採取了 EPW 所效仿的領先地位。但我仍然認為我們會在中期選舉之前看到這件事，基斯。

Okay. Is the talk in the -- I'm not sure a lot of this in trade routes something greater for roads, bridges, streets, something greater than the $348 billion that we saw in IIJA.

好的。我不確定貿易路線上的許多投資是否比道路、橋樑、街道的建設更大，是否比我們在 IIJA 中看到的 3,480 億美元更大。

I think that's certainly where people are trending, yes, Keith.

我認為這肯定是人們的趨勢，是的，基斯。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

Wanted to just follow up on comment you made, Ward, that you feel better now on the outlook than you did after 4Q. I wanted to kind of specifically drill down on the volume piece, given the concern on private construction affordability and consumer confidence issues, is it fair to assume the outlook had a lot of discussion on infrastructure, but is it is fair to assume that your outlook for infrastructure this year, maybe directionally stronger than it was coming out of the fourth quarter.

沃德，我只是想跟進一下你的評論，你現在對前景的感覺比第四季之後更好。我想具體深入研究一下數量部分，考慮到對私人建築承受能力和消費者信心問題的擔憂，是否可以公平地假設前景對基礎設施有很多討論，但是否可以公平地假設你對今年基礎設施的前景，可能在方向上比第四季度更強。

Yes, Garik. I think that's entirely fair. I mean if we think about it, Q1, if I look at the breakdown that we had, 33% was infrastructure, 36% was nonres. 24% was res. Look, I think going forward, we're clearly going to see that 33% get bigger.

是的，加里克。我認為這是完全公平的。我的意思是，如果我們考慮一下，Q1，如果我看一下我們的細分情況，33％是基礎設施，36％是非房地產，24％是房地產。看起來，我認為展望未來，我們顯然會看到 33% 變得更大。

And I think we should given the quantum of projects that are out there, given their relative aggregates intensity, that number should move. That to me is a seasonally driven number. At the same time, I think people would be surprised the 36% was nonres. So the fact is we go to the point that the heavy side of that is actually doing pretty well. The light side of it, frankly, in some areas are doing better than people would have thought.

我認為，考慮到現有的項目數量，考慮到它們的相對總量強度，這個數字應該會改變。對我來說，這是一個受季節影響的數字。同時，我認為人們會對 36% 的非房地產感到驚訝。所以事實是，我們發現重量級的方面實際上表現得相當不錯。坦白說，從正面的一面來看，某些領域的表現比人們想像的要好。

And at this point, Look, we're not putting a lot of stock in what happens on residential all by itself. The thing that I think is worth noting, though, is residential, at least in our markets, is so far from being overbuilt, it's really ridiculous. If we're looking at what builders are focused on right now, they are focused on -- and this goes back to part of the question that David McGregor asked, builders are finding that it's taking more time to get zoning and special use permitting for subdivisions. So their notion of buying land and then getting entitlements in place is important. We think they're focused on that.

就這一點而言，你看，我們並沒有對住宅本身發生的事情抱有太大的期望。不過，我認為值得注意的是，至少在我們的市場上，住宅建設遠遠沒有達到過度建設的程度，這真的很荒謬。如果我們看看建築商現在關注的是什麼，他們關注的是——這又回到了大衛·麥格雷戈提出的部分問題，建築商發現獲得分區和特殊用途許可需要更多的時間。因此，他們購買土地並獲得權利的想法很重要。我們認為他們專注於此。

I continue to believe, look, don't put a lot of money on housing on the second half or this year. But we will see that come. It's not going to take a lot of move but relative to interest rates or home prices to have it move pretty notably in our markets and the fact is we're well positioned to meet that whenever it does show up.

我仍然相信，下半年或今年不要在住房上投入太多資金。但我們會看到這一點的實現。它不需要採取很大的舉措，但相對於利率或房價而言，它在我們的市場上會有很大的變化，事實上，無論它何時出現，我們都已準備好去應對。

And my apologies. Now our final question is from Brian Brophy with Stifel.

我深感抱歉。現在我們的最後一個問題來自 Stifel 的 Brian Brophy。

This is Andrew Maser on for Brian. I just had a quick one on pricing opportunities for prior M&A. I believe some of the M&A you completed in the past year generally had ASPs below corporate averages. I was wondering where you stand on closing that gap? And then separately, how are you thinking about the potential for midyear price increases in markets where last year's M&A won't be a tailwind.

我是 Andrew Maser，為 Brian 主持節目。我剛剛快速討論了之前併購的定價機會。我相信你們在過去一年中完成的一些併購交易的平均銷售價格普遍低於企業平均水平。我想知道您對縮小這一差距持什麼態度？然後另外，您如何看待去年併購不會帶來順風的市場中年價格上漲的可能性。

I would say several things. As I indicated, organic pricing was up 7.4%, reported was up 6.8%. That gives you a pretty good snapshot right there on what's the difference between the M&A side that we've had and the organic that we've had.

我想說幾件事。正如我所指出的，有機食品價格上漲了 7.4%，報告價格上漲了 6.8%。這可以讓你很好地了解我們所進行的併購和有機業務之間的差異。

There are some places, for example, California, where we have now closed that gap. But the fact is, from my perspective, California shouldn't be at a corporate average. Barriers to entry in California are higher. The difficulty in doing business in California is higher. So the fact that we've closed that gap is nice, but it doesn't indicate to me that we finished the journey that we started on there.

在一些地方，例如加利福尼亞州，我們現在已經縮小了這一差距。但事實是，從我的角度來看，加州不應該處於企業平均值。加州的進入門檻較高。在加州經商的難度較高。因此，我們縮小了差距，這很好，但這並不意味著我們已經完成了從那時開始的旅程。

I do think we will see a number of midyear price increases, as I indicated before. I think the quantum we'll probably look a bit like it did last year. More to come on that. We'll talk more about that when we're together at half year. But directionally, I hope that gives you a sense of where we are and where I think we're going.

正如我之前指出的那樣，我確實認為我們將會看到一些年中價格上漲。我認為我們的量子可能看起來有點像去年那樣。對此，我們還會做更多介紹。當我們半年後在一起時我們會更多地談論這個。但從方向上來說，我希望這能讓你了解我們目前所處的位置以及我認為我們要去的地方。

And that concludes our question-and-answer session. I will now turn the conference back over to Mr. Ward Nye for closing remarks.

我們的問答環節到此結束。現在我將會議交還給沃德·奈先生，請他致閉幕詞。

Abby, thank you, and thank you all for joining today's earnings call. While the unpredictability of policy shifts heightens broader economic uncertainty, we remain confident about Martin Marietta's ability to appropriately navigate these conditions. Since 2010, we've transformed the durability of our portfolio and positioned our business in attractive markets through disciplined execution of our store plans. We built a strong foundation to continue extending Martin Marietta's long track record of delivering sustainable growth and superior value creation for investors for years to come. We look forward to sharing our second quarter 2025 results in the summer.

艾比，謝謝你，也謝謝大家參加今天的財報電話會議。儘管政策變化的不可預測性加劇了更廣泛的經濟不確定性，但我們仍然對馬丁瑪麗埃塔能夠適當應對這些情況的能力充滿信心。自 2010 年以來，我們透過嚴格執行門市計劃，改變了產品組合的耐用性，並將業務定位於有吸引力的市場。我們建立了堅實的基礎，以便在未來幾年繼續延續馬丁瑪麗埃塔為投資者提供可持續成長和卓越價值創造的悠久歷史。我們期待在夏季分享 2025 年第二季的業績。

As always, we're available for any follow-up questions. Again, thank you for your time and continued support of Martin Marietta.

像往常一樣，我們隨時可以解答任何後續問題。再次感謝您抽出時間並繼續支持 Martin Marietta。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝你們的參與。您現在可以斷開連線。