Martin Marietta Materials Inc (MLM) 2025 Q3 法說會逐字稿

Ladies and gentlemen, welcome to Martin Marietta's third-quarter 2025 earnings conference call. All participants are currently in a listen-only mode. A question-and-answer session will follow the company's prepared remarks. 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公司2025年第三季財報電話會議。所有參與者目前均處於唯讀模式。公司發言結束後將進行問答環節。再次提醒，今天的電話會議正在錄音，錄音將在公司網站上提供回放。

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

現在我將把電話交給主持人，馬丁瑪麗埃塔公司投資者關係副總裁傑克琳魯克女士。傑克琳，你可以開始了。

Good morning. And thank you for joining Martin Marietta's third-quarter 2025 earnings call. With me today are Ward Nye, Chair and Chief Executive Officer; and Michael Petro, Senior Vice President and Chief Financial Officer.

早安.感謝您參加馬丁瑪麗埃塔公司 2025 年第三季財報電話會議。今天陪同我的是董事長兼執行長沃德·奈伊，以及高級副總裁兼財務長麥可·佩特羅。

As a reminder, today's discussion may include forward-looking statements as defined by United States securities laws. These statements relate to future events, operating results, or financial performance, and are subject to risks and uncertainties that could cause actual results to differ materially. Martin Marietta undertakes no obligation to publicly update or revise any forward-looking statements, except as legally required, whether due to new information, future developments, or otherwise. For additional details, 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. Supplemental information is available both during this webcast and in the Investors section of our website.

提醒各位，今天的討論可能包含美國證券法定義的前瞻性陳述。這些聲明涉及未來事件、經營業績或財務表現，並存在風險和不確定性，可能導致實際結果與預期結果有重大差異。除法律要求外，無論是由於新資訊、未來發展或其他原因，馬丁瑪麗埃塔公司均不承擔公開更新或修改任何前瞻性聲明的義務。更多詳情請參閱今天發布的收益公告及其他公開文件中包含的法律免責聲明，這些文件可在我們公司網站和美國證券交易委員會網站上查閱。補充資訊可在本次網路直播期間以及我們網站的投資者關係版塊取得。

It includes a summary of our financial results and trends with third quarter and year-to-date bridges from continuing operations to consolidated results on slides 4 and 5, respectively. As a reminder, the company's Midlothian cement plant related cement terminals and Texas ready-mixed concrete plants are classified as assets held for sale as of September 30, 2025. Their associated financial results are reported as discontinued operations for all periods presented. Our full-year 2025 guidance summary on slide 8 reflects continuing operations unless otherwise noted. Definitions and reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the appendix to the supplemental information in our SEC filings and on our website.

其中包括我們財務表現和趨勢的摘要，其中第三季和年初至今的業績與持續經營業績之間的過渡關係分別在第 4 頁和第 5 頁。提醒各位，截至 2025 年 9 月 30 日，該公司位於米德洛錫安的水泥廠相關水泥碼頭和德克薩斯州的預拌混凝土廠均被列為待售資產。在所有列報期間，其相關的財務表現均以終止經營業務進行報告。除非另有說明，否則我們在第 8 頁提供的 2025 年全年業績指引摘要反映的是持續經營業務。非GAAP指標的定義以及與最直接可比較的GAAP指標的調節表，請參閱我們提交給美國證券交易委員會的文件和我們網站上的補充資訊附錄。

Today's earnings call will begin with Ward Nye, who will discuss our third quarter operating performance and our preliminary view for 2026, supported by key market trends. Michael Petro will then review our financial results and capital allocation. Ward will return with closing remarks. Please note that all comparisons are to the prior year's corresponding period. A question-and-answer session will follow. Please limit your Q&A participation to one question.

今天的財報電話會議將由沃德·奈伊 (Ward Nye) 開始，他將討論我們第三季度的營運業績以及基於關鍵市場趨勢的 2026 年初步展望。隨後，麥可彼得羅將審核我們的財務表現和資本配置。沃德將作總結發言。請注意，所有比較均與去年同期進行比較。接下來將進行問答環節。請每位提問者限提一個問題。

I will now turn the call over to Ward.

現在我將把通話轉給沃德。

Thank you, Jacklyn. Good morning, and thank you for joining today's teleconference. Martin Marietta delivered an exceptional third quarter, achieving record performance across both our aggregates and Specialties businesses. These accomplishments reflect the enduring strength of our aggregates-led business model, the disciplined execution of our strategic priorities, and our steadfast commitment to safety. As detailed in this morning's release, third-quarter highlights include several all-time quarterly records in our core aggregates product line, reflecting strong year-over-year improvement.

謝謝你，傑克琳。早安，感謝各位參加今天的電話會議。馬丁瑪麗埃塔公司第三季業績表現卓越，骨材和特種產品業務均創下歷史新高。這些成就體現了我們以骨材為主導的商業模式的持久優勢、我們戰略重點的嚴格執行以及我們對安全的堅定承諾。正如今天早上發布的新聞稿中詳細介紹的那樣，第三季亮點包括我們核心骨材產品線的幾項歷史季度記錄，反映出強勁的同比增長。

Aggregates revenues of $1.5 billion, a 17% increase. Aggregates gross profit of $531 million, a 21% increase. Aggregates gross profit per ton of $9.17, a 12% increase, and aggregates gross margin of 36%, an increase of 142 basis points. Our Specialties business also delivered outstanding performance, achieving record quarterly revenues of $131 million, a 60% increase and third quarter record gross profit of $34 million, a 20% increase. As announced at our Capital Markets Day, we've rebranded the former Magnesia Specialties business to Specialties, a name that better reflects the broader portfolio of specialty products we provide within that segment, all of which are rooted in our core competencies, mining, crushing and processing rock.

總收入達15億美元，成長17%。總計毛利達 5.31 億美元，成長 21%。每噸毛利合計為 9.17 美元，成長 12%；毛利率合計為 36%，成長 142 個基點。我們的特種產品業務也取得了優異的業績，季度營收創下 1.31 億美元的紀錄，成長了 60%；第三季毛利創下 3,400 萬美元的紀錄，成長了 20%。正如我們在資本市場日宣布的那樣，我們已將原鎂特種產品業務更名為特種產品業務，這個名稱更好地反映了我們在該領域提供的更廣泛的特種產品組合，所有這些產品都根植於我們的核心競爭力——採礦、破碎和加工岩石。

These strong results reflect robust organic growth complemented by contributions from Premier Magnesia acquired at the end of July. Importantly, and I'm extremely proud to report this outstanding financial performance coincided with our teams delivering the best year-to-date safety performance in our company's history as measured by both total and lost time incident rates a testament to our culture of world-class safety and operational excellence.

這些強勁的業績反映了穩健的內生成長，並得益於7月底收購的Premier Magnesia的貢獻。更重要的是，我非常自豪地報告，這一卓越的財務業績與我們的團隊取得了公司歷史上迄今為止最佳的年度安全業績相吻合，無論是總事故率還是工時損失事故率，都證明了我們世界一流的安全文化和卓越運營。

Looking at the quarter holistically, compared with the prior year, revenues from continuing operations were $1.8 billion, a 12% increase. Revenues inclusive of discontinued operations were $2.1 billion, a 10% increase. Adjusted EBITDA from continuing operations was up 22% to $667 million. Consolidated adjusted EBITDA, inclusive of discontinued operations was up 15% to $743 million.

從整體來看，本季與去年同期相比，持續經營業務的收入為 18 億美元，成長了 12%。計入已終止經營業務的收入為 21 億美元，成長 10%。持續經營業務的調整後 EBITDA 成長 22% 至 6.67 億美元。包括已終止經營業務在內的綜合調整後 EBITDA 成長 15% 至 7.43 億美元。

Our earnings per diluted share from continuing operations were $5.97, an increase of 23% and total earnings per diluted share, inclusive of discontinued operations or $6.85, an increase of 16%. Building on this momentum, we're raising our full-year 2025 consolidated adjusted EBITDA guidance to $2.32 billion at the midpoint driven by strong performance in our core Aggregates product line and October daily shipment trends. As outlined in today's earnings release, the revised consolidated adjusted EBITDA guidance includes results from both continuing operations and discontinued operations.

持續經營業務的每股攤薄收益為 5.97 美元，成長 23%；包括已終止經營業務在內的總每股攤薄收益為 6.85 美元，成長 16%。憑藉這一勢頭，我們將 2025 年全年合併調整後 EBITDA 預期中位數上調至 23.2 億美元，這主要得益於我們核心骨材產品線的強勁表現以及 10 月份的每日出貨量趨勢。如同今天發布的獲利報告中所述，修訂後的合併調整 EBITDA 指引包括持續經營和終止經營的績效。

On August 3, we entered into a definitive agreement with QUIKRETE Holdings, Inc., or QUIKRETE for the exchange of certain assets. As part of the transaction, which is expected to close in the fourth quarter of 2025, Martin Marietta would receive aggregate operations producing approximately 20 million tons annually in Virginia, Missouri, Kansas and Vancouver, British Columbia and cash proceeds. In exchange, QUIKRETE would receive the company's Midlothian cement plant related cement terminals and certain Texas ready-mixed concrete assets. Following the close of this portfolio shaping transaction, we will be optimally positioned to accelerate into our next phase of growth under SOAR 2030.

8 月 3 日，我們與 QUIKRETE Holdings, Inc.（簡稱 QUIKRETE）簽訂了最終協議，以交換某些資產。作為預計 2025 年第四季完成的交易的一部分，馬丁瑪麗埃塔公司將獲得位於維吉尼亞州、密蘇裡州、堪薩斯州和不列顛哥倫比亞省溫哥華的骨料業務（年產量約為 2000 萬噸）以及現金收益。作為交換，QUIKRETE 將獲得該公司位於米德洛錫安的水泥廠相關水泥碼頭和某些德州預拌混凝土資產。完成這項投資組合調整交易後，我們將處於最佳位置，在 SOAR 2030 的指導下加速進入下一個成長階段。

Looking ahead to 2026, we expect continued resilience in our aggregates business, supported by sustained infrastructure investment, solid heavy nonresidential demand, particularly from accelerating data center development and an eventual recovery in residential construction. Our preliminary 2026 outlook reflects low single-digit aggregates volume growth and mid-single-digit pricing gains. As always, Martin Marietta's industry-leading teams remain focused on what we can control, executing our strategic plan, which includes upholding world-class safety standards, and delivering attractive price cost spread economics regardless of underlying demand trends.

展望 2026 年，我們預計在持續的基礎設施投資、強勁的非住宅用地需求（特別是來自加速發展的數據中心）以及住宅建設最終復甦的支持下，我們的骨料業務將繼續保持韌性。我們初步預測 2026 年的銷售量將達到低個位數成長，價格將達到中等個位數成長。與以往一樣，馬丁瑪麗埃塔行業領先的團隊仍然專注於我們能夠控制的事情，執行我們的戰略計劃，其中包括堅持世界一流的安全標準，以及無論潛在需求趨勢如何，都提供有吸引力的價格成本價差經濟效益。

Turning to end market trends. Infrastructure continues to benefit from sustained federal and state investment. According to the American Road and Transportation Builders Association or ARTBA, the value of state and local government, highway, bridge, and tonne contract awards, a leading indicator of future product demand, increased 10% year-over-year, reaching $128 billion for the 12-month period ended September 30, 2025.

轉向終端市場趨勢。基礎設施建設持續受益於聯邦和州政府的持續投資。根據美國道路和交通建設者協會（ARTBA）的數據，州和地方政府、公路、橋樑和噸位合約的授予價值（這是未來產品需求的領先指標）同比增長 10%，在截至 2025 年 9 月 30 日的 12 個月期間達到 1280 億美元。

While the Infrastructure Investment and Jobs Act or IIJA, is scheduled to expire in September 2026, over 50% of highway and bridge funding is still to be invested, providing meaningful tailwinds as reauthorization discussions begin. Moreover, at July's Infrastructure Conference, US Transportation Secretary, Sean Duffy, reaffirmed the administration's commitment to long-term planning, funding stability, and accelerated project delivery. These priorities, combined with the bipartisan legislative support and healthy department of transportation budgets across our top states, reinforce our confidence in the durability of product demand within our most aggregates-intensive countercyclical end market. While intermittent government shutdowns or their immediate aftermath, may delay certain administrative functions, core highway, street, bridge and road construction activities typically proceed uninterrupted, supported by stable funding from the Highway Trust Fund and advanced appropriations.

雖然《基礎設施投資和就業法案》（IIJA）將於 2026 年 9 月到期，但超過 50% 的公路和橋樑資金仍待投資，這為重新授權討論的開始提供了重要的推動力。此外，在 7 月的基礎設施會議上，美國交通部長肖恩·達菲重申了本屆政府對長期規劃、資金穩定和加速專案交付的承諾。這些優先事項，加上兩黨立法支持以及我們主要州的交通部門健康預算，增強了我們對骨材密集度最高的反週期終端市場產品需求持久性的信心。雖然間歇性的政府停擺或其直接後果可能會延誤某些行政職能，但核心的公路、街道、橋樑和道路建設活動通常會在公路信託基金和預先撥款的穩定資金支持下不間斷地進行。

Heavy nonresidential construction demand remained steady across our key geographies, underpinned by sector-specific dynamics, ranging from rapid expansion in data centers to a recovery in warehousing and distribution and early-stage momentum in energy and advanced manufacturing. Data center development continues to accelerate with Texas emerging as a national leader in hyperscaler activity highlighted by more than 100 data centers currently under construction. Meanwhile, warehouse and distribution activity is rebounding from a cyclical bottom as vacancy rates normalize. Investment in the energy sector is gaining traction, particularly along the Gulf Coast, where aggregates-intensive liquefied natural gas or LNG projects that were previously paused are advancing following the resumption of federal permitting. Additionally, the reshoring of pharmaceutical manufacturing is another emerging bright spot bolstered by the reconciliation bills enhanced investment and R&D tax credits.

在我們主要地區，非住宅建築的重型需求保持穩定，這得益於各行業的具體動態，包括資料中心的快速擴張、倉儲和配送的復甦以及能源和先進製造業的早期發展勢頭。資料中心發展持續加速，德州已成為超大規模資料中心活動的全國領導者，目前有超過 100 個資料中心正在建設中。同時，隨著空置率恢復正常，倉儲和配送活動正從週期性低谷中反彈。能源領域的投資正在獲得動力，尤其是在墨西哥灣沿岸地區，此前暫停的骨料密集型液化天然氣 (LNG) 項目在聯邦許可恢復後正在推進。此外，藥品製造業回流是另一個新興的亮點，這得益於和解法案加強了投資和研發稅收抵免。

A few notable examples within Martin Marietta's footprint include Eli Lilly's $6.5 billion facility in Houston and two large projects in Raleigh, including Novo Nordisk's $4.1 billion expansion and Johnson & Johnson's $2 billion expansion. Land availability, proximity highways, ports and rail infrastructure and business-friendly regulatory environments remain key factors influencing the location of large-scale, well-funded heavy nonresidential construction projects.

馬丁瑪麗埃塔的業務範圍內有幾個值得注意的例子，包括禮來公司在休士頓投資 65 億美元的工廠，以及羅利的兩個大型項目，分別是諾和諾德公司投資 41 億美元的擴建項目和強生公司投資 20 億美元的擴建項目。土地可用性、靠近高速公路、港口和鐵路基礎設施以及有利於商業發展的監管環境仍然是影響大型、資金充足的非住宅重型建設項目選址的關鍵因素。

As shown on slide 12 of our supplemental information, Martin Marietta's leading presence along major transportation corridors in high-growth markets, positions us to deliver the right products at the right time in the right places. While affordability constraints continue to hinder near-term residential construction activity, moderating mortgage rates suggest a gradual path toward normalization. Encouragingly, in October, the National Association of Homebuilders Wells Fargo Housing Market Index, or HMI, a key indicator of homebuilder competence and overall health of the housing market, rose to its highest level since April driven by a 9-point increase in the indexes measure of expected single-family home sales over the next six months, the strongest reading since January.

如我們的補充資料第 12 頁所示，馬丁·瑪麗埃塔在高成長市場的主要交通走廊沿線佔據領先地位，使我們能夠在正確的時間將正確的產品交付到正確的地點。儘管住房負擔能力的限制仍然阻礙著近期的住宅建設活動，但抵押貸款利率的緩和表明，房屋市場正逐步正常化。令人鼓舞的是，10 月份，全美住宅建築商協會富國銀行住房市場指數（HMI）升至 4 月以來的最高水平，該指數是衡量住宅建築商能力和住房市場整體健康狀況的關鍵指標。這項升值主要得益於該指數衡量未來六個月單戶住宅銷售預期成長 9 個百分點，這是自 1 月以來的最高讀數。

Historically, light nonresidential construction demands tend to follow residential development. And although more sensitive to interest rates, this activity has demonstrated relative resilience during this most recent housing cycle due to significant population inflows into our key Sunbelt markets. That said, we fully expect light nonresidential activity to accelerate as single-family housing recovers.

從歷史上看，輕型非住宅建築需求往往跟著住宅開發。儘管房地產市場對利率更為敏感，但由於大量人口湧入我們主要的陽光地帶市場，該市場在最近的住房週期中表現出了相對的韌性。也就是說，我們完全預期隨著獨棟住宅的復甦，輕型非住宅活動將會加速。

I'll now turn the call over to Michael Petro to discuss our third-quarter financial results. Michael?

現在我將把電話交給麥可佩特羅，讓他來討論我們第三季的財務表現。麥可？

Thank you, Ward, and good morning, everyone.

謝謝你，沃德，大家早安。

The continuing operations building materials business, which is now comprised of aggregates, asphalt and paving and our Arizona ready-mix product lines posted revenues of $1.7 billion, a 10% increase, while gross profit increased 16% to $585 million. Gross margins improved 191 basis points to 34% as strong outperformance in aggregates more than offset weakness in downstream products which are now classified as other building materials. As Ward noted, our core aggregates business achieved records across most financial metrics in the third quarter.

持續經營的建築材料業務（目前包括骨材、瀝青和鋪路材料以及我們在亞利桑那州的預拌混凝土產品線）的收入為 17 億美元，成長了 10%，而毛利增加了 16%，達到 5.85 億美元。毛利率提高了 191 個基點，達到 34%，這主要得益於骨材業務的強勁表現，足以抵消下游產品（現已歸類為其他建築材料）的疲軟。正如沃德所指出的，我們的核心骨材業務在第三季的大多數財務指標上都創下了紀錄。

Revenues increased 17% to $1.5 billion, driven by a balanced mix of 8% price and 8% volume growth. Gross profit increased 21% to $531 million, while gross margins expanded 142 basis points to 36%, a strong pricing and a normalized weather shipment cadence in the Southeastern Texas more than offset higher freight, depreciation and general inflationary impacts.

營收成長 17% 至 15 億美元，主要得益於價格成長 8% 和銷售成長 8% 的均衡組合。毛利成長 21% 至 5.31 億美元，毛利率成長 142 個基點至 36%，強勁的定價和德州東南部正常的天氣運輸節奏抵消了更高的運費、折舊和普遍的通貨膨脹影響。

As implied in our revised full-year aggregates gross profit guidance, we expect cost per ton growth to moderate in the fourth quarter, a trend that we expect to continue in 2026 as cost flexing measures implemented earlier this year take effect. Other Building Materials revenues decreased 10% to $351 million and gross profit decreased 17% to $54 million primarily the result of reduced asphalt and paving revenues. Our Specialties business delivered all-time quarterly record revenues of $131 million and gross profit increased 20% to $34 million, inclusive of a nonrecurring $5 million purchase accounting headwind. This strong performance was driven by higher pricing, increased shipments across all product lines, and effective cost management. Additionally, the results benefited from approximately two months of contributions from the Premier Magnesia acquisition.

正如我們在修訂後的全年毛利預期中所暗示的那樣，我們預計第四季度每噸成本成長將放緩，隨著今年稍早實施的成本調整措施生效，我們預計這一趨勢將在 2026 年繼續下去。其他建築材料收入下降 10% 至 3.51 億美元，毛利下降 17% 至 5,400 萬美元，主要原因是瀝青和鋪路收入減少。我們的特種產品業務實現了創紀錄的季度收入 1.31 億美元，毛利成長 20% 至 3,400 萬美元，其中包括 500 萬美元的非經常性購買會計不利因素。這一強勁的業績得益於更高的定價、所有產品線出貨量的增加以及有效的成本管理。此外，業績也受惠於 Premier Magnesia 收購帶來的約兩個月的貢獻。

Turning now to capital allocation. At our September Capital Markets Day, we reaffirmed our disciplined approach to M&A, emphasizing efficient synergy delivery and the importance of maintaining a strong balance sheet with an investment-grade credit rating. The QUIKRETE asset exchange would serve as a compelling example. By leveraging Section 1031 of the Internal Revenue Code and capitalizing on recently enacted bonus depreciation provisions, we thoughtfully structured this transaction to minimize cash tax leakage. Importantly, our $1.1 billion in total liquidity as of September 30 provides enhanced balance sheet flexibility to pursue M&A opportunities within what remains an active pipeline.

接下來討論資本配置。在九月份的資本市場日上，我們重申了我們嚴謹的併購策略，強調了高效實現協同效應的重要性，以及保持強勁的資產負債表和投資級信用評級的重要性。QUIKRETE資產交易所就是一個很有說服力的例子。透過利用《國內稅收法》第 1031 條以及最近頒布的額外折舊條款，我們精心設計了這筆交易，以最大限度地減少現金稅收流失。重要的是，截至 9 月 30 日，我們擁有 11 億美元的總流動資金，這為我們在目前活躍的併購專案中尋求併購機會提供了更大的資產負債表彈性。

Our commitment to financial discipline extends to capital spending, where we remain focused on balancing growth investments with free cash flow conversion. Following several years of elevated capital expenditures, we expect an approximate 30% reduction in 2026 capital investments as compared to the 2025 guidance midpoint which reflects a sustainable level aligned with the ongoing needs of the business.

我們對財務紀律的承諾也體現在資本支出上，我們始終致力於在成長投資和自由現金流轉換之間取得平衡。經過幾年的高資本支出，我們預計 2026 年的資本投資將比 2025 年的指導中點減少約 30%，這反映了與業務持續需求一致的可持續水平。

Lastly, and consistent with our capital allocation priorities, we remain committed to returning capital to shareholders. During the third quarter, our Board of Directors approved a 5% increase to our quarterly cash dividend paid in September, demonstrating confidence in the durability and sustainability of our company's future growth and free cash flow generation. We have now returned $597 million year-to-date and $3.9 billion since the announcement of our share repurchase program in 2015 through both dividends and share repurchases.

最後，與我們的資本配置優先事項一致，我們仍然致力於向股東返還資本。第三季度，我們的董事會批准將 9 月支付的季度現金股息提高 5%，這表明我們對公司未來成長和自由現金流產生的持久性和可持續性充滿信心。今年迄今為止，我們已透過股利和股票回購返還了 5.97 億美元，自 2015 年宣布股票回購計畫以來，已返還了 39 億美元。

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

這樣，我就把電話轉回給沃德了。

Thank you, Michael. We're extremely proud of the company's exceptional safety, operational and financial performance through the first nine months of 2025. This momentum, combined with portfolio enhancements throughout SOAR 2025 and the launch of SOAR 2030 at our Capital Markets Day reflects our unwavering commitment to disciplined growth, operational excellence, and sustainable value creation. With a streamlined portfolio, a resilient aggregates-led platform, a complementary specialties business, and a strong financial foundation, we're well positioned to deliver our updated full-year 2025 consolidated adjusted EBITDA guidance. More importantly, we remain focused on building a business that consistently outperforms across cycles and delivers compounding value for our shareholders over the near, medium and long term.

謝謝你，麥可。我們對公司在 2025 年前九個月中取得的卓越安全、營運和財務表現感到無比自豪。這一勢頭，加上 SOAR 2025 期間的投資組合改進以及我們在資本市場日推出的 SOAR 2030，體現了我們對穩健成長、卓越營運和永續價值創造的堅定承諾。憑藉精簡的產品組合、穩健的骨材主導平台、互補的特種業務以及強大的財務基礎，我們完全有能力實現我們更新後的 2025 年全年合併調整 EBITDA 預期。更重要的是，我們始終專注於打造一家能夠跨越週期持續跑贏大盤，並在短期、中期和長期內為股東創造複合價值的企業。

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

如果操作員現在能夠提供所需的指示，我們將著手解答您的問題。

(Operator Instructions) Kathryn Thompson, Thompson Research Group.

（操作說明）凱瑟琳湯普森，湯普森研究小組。

Wanted to focus on the balance of your aggregate pricing and volumes. Your ASP was up solid. You're able to maintain for the year. Could you sort -- and also for volumes also had optimism into the year? Could you sold -- could you sort out the difference between total and organic pricing for the quarter?

希望專注於您的總定價和銷售之間的平衡。你們的平均售價表現穩定。您可以維持一年。能否對銷量進行排序－並且對今年的銷量也抱持樂觀態度？您能解釋一下——您能弄清楚本季總定價和有機定價之間的差異嗎？

And could you do the same for volumes and how we should think about both going forward with the balance of organic versus total?

您能否也談談銷量，以及我們該如何看待有機產品與總銷量之間的平衡？

Kathryn, thanks for the question. Nice to hear your voice, and thank you for being with us today. Yes, I can break that down for you. I mean, look, I was really pleased with the overall pricing and volume. I mean it's one of those quarters where it's kind of a square mill, right?

凱瑟琳，謝謝你的提問。很高興聽到你的聲音，感謝你今天能和我們在一起。是的，我可以為你詳細解釋。我的意思是，你看，我對整體價格和銷售都非常滿意。我的意思是，這就像是一個四四方方的街區，對吧？

It's 8 and 8. So those are easy numbers to remember. Look, here's what I'm enthusiastic about. Pricing, as reported, was up 8% and organic was up 7.9%. And I think what a lot of people would have thought looking at it was -- look, the 8% had to be helped a lot by the acquisition activity. The fact is we're seeing very good solid organic activity as well.

比數是8比8。這些數字很容易記住。瞧，這就是我熱衷的事。據報道，價格上漲了 8%，有機產品價格上漲了 7.9%。我認為很多人看到這個結果後都會想——你看，這 8% 的成長很大程度上要歸功於收購活動。事實上，我們也看到了非常好的有機產品銷售情況。

And if I break it down and look at the East Group and the West Group, both of those performed extraordinarily well. So it wasn't as if it was being captured just in one part of our geography. The other thing that I'll share with you is if we look also at the mix of product going out, this was actually a pretty heavy base quarter. So if you think about it, that really should have been a product mix headwind to what we were doing.

如果我進一步分析，看看東部集團和西部集團，這兩個集團的表現都非常出色。所以，這並不是說它只是發生在我們地理的某個部分。我還要跟大家分享一點，如果我們再看一下出貨產品的組合，就會發現這其實是個基數相當高的季度。所以仔細想想，這其實應該會對我們當時的產品組合構成不利影響。

I've long said when I see base going out it gives me a lot of confidence in the future because what I know is if we're putting base rock down, at some point, somebody is putting clean stone on top of it in the form of either ready-mix concrete or asphalt and paving. Now relative to the shipments themselves, again, they were up 8% for the quarter. Organic was up 5.5%. So again, I think broadly in the realm that we would have thought. The fact is we had I wouldn't say favorable weather, I would just think we had more normalized weather in the quarter and the business did exactly what we thought it would.

我一直都說，看到地基鋪設完畢，我就對未來充滿信心，因為我知道，如果我們鋪設了地基石，那麼在某個時候，就會有人在上面鋪設乾​​淨的石頭，無論是預拌混凝土還是瀝青路面。如果以出貨量本身來衡量，那麼本季出貨量又成長了 8%。有機產品成長了5.5%。所以，我再次認為，這大致符合我們先前的設想。事實上，我不會說天氣條件有利，但我認為本季的天氣條件更加正常，而業務表現也完全符合我們的預期。

Trey Grooms, Stephens.

Trey Grooms，Stephens。

If we could maybe look at the cost side of things. You mentioned a few things that were going on in but it looks like you're expecting an improvement in price costs in the fourth quarter. If maybe you could talk about some of the drivers there here in the fourth quarter. And then, Michael, you mentioned that you expect this trend to continue going forward? Is there any early thoughts on how you're thinking about the price cost side of the equation as we look into next year?

如果我們能從成本角度來看就好了。你提到了一些正在發生的事情，但看起來你預計第四季度價格成本會有所改善。如果您能談談第四季度的一些驅動因素就太好了。邁克爾，你剛才提到你預計這種趨勢會繼續下去？展望明年，您對價格成本有什麼初步想法嗎？

So let me take the first part of that, Trey, and Michael will come back and talk a little bit about the spread notion for next year. So if we look at the overall cost performance for the quarter, what I would say is the pricing performance is really good.

那麼，讓我先說第一部分，特雷，邁克爾稍後會回來，和我們談談明年的賠率策略。因此，如果我們看一下本季的整體成本表現，我認為定價表現非常好。

I would say the cost performance was okay. I mean, I'm not disappointed in the cost performance. The fact is it can get better. And if you look at what we're implying for the rest of the year, what you're going to see is really an implied Q4 cost performance of around 2% versus what you saw this quarter. Now the fact is if we take a look at this quarter and start breaking it down, what the drivers -- were the drivers were large threefold.

我覺得性價比還可以。我的意思是，我對它的性價比很滿意。事實上，情況會好轉的。如果你看看我們今年剩餘時間的預測，你會發現第四季的成本表現預計比本季下降約 2%。事實是，如果我們看一下這個季度並開始分解它，就會發現驅動因素——這些驅動因素主要有三倍。

What was happening with personnel. Obviously, what's happening to agree with DD&A is simply due to the investments we've made. And then a component that we have that's going to be different than many is the freight portion of it because, as you know, we've got more long haul in our profile than anybody else does. In fact, we're shipping by rail, probably 2 times our largest competitor in that dimension. So again, if we just pulled the rail piece out of it all by itself, it would probably take that cost profile down to about 4%.

人員方面發生了什麼事？顯然，我們之所以能夠與 DD&A 達成一致，完全是因為我們已經進行了投資。此外，我們還有一個與其他許多公司不同的組成部分，那就是貨運部分，因為正如您所知，我們的長途運輸業務比其他任何人都多。事實上，我們採用鐵路運輸，這一規模可能是我們最大競爭對手的兩倍。所以，如果我們單獨把軌道部分移除，成本可能會降低到大約 4%。

But again, the Q4 implied gives you a sense of have we put in some cost containment measures, yes. Do we intend to see that come through for the balance of the year? Yes. And do we think that's going to dribble over into next year in a meaningful way? The answer again is, yes.

但第四季的數據再次表明，我們是否採取了一些成本控制措施，答案是肯定的。我們是否打算在今年剩餘的時間看到這種情況發生？是的。我們認為這種趨勢會以某種有意義的方式延續到明年嗎？答案依然是肯定的。

And with that, let me go back to Michael for the portion of your question relative to price/cost spread.

那麼，接下來就請麥可回答你關於價格/成本差的問題吧。

Yes. Thanks, Ward. And Trey, thanks for the question. I think the best way to get your arms around 2026 and really over the next 5 years is consistent with what we said at our Capital Markets Day, where we expect to be able to deliver a price cost spread in excess of 250 basis points. We certainly believe that, that would be the case next year.

是的。謝謝你，沃德。特雷，謝謝你的提問。我認為，要把握 2026 年乃至未來 5 年的發展趨勢，最好的方法就是與我們在資本市場日上所說的一致，即我們預計能夠實現超過 250 個基點的價格成本差。我們當然相信，明年也會如此。

We don't see anything either on the price or the cost side that would give us concern there. In fact, what I would say is that deceleration in Q4 and the kind of 2.5% cost per ton growth range. That's probably a good number to pencil in for next year as a starting point. And we have our mid-single-digit pricing guide out there. So that should put you in that 250 basis point Zip code coming out of the gate and so we're 2030.

無論從價格或成本來看，我們都沒有發現任何令人擔憂的問題。事實上，我想說的是，第四季成長放緩，每噸成本成長幅度在 2.5% 左右。這或許是一個可以作為明年起點的比較合適的數字。我們已經發布了個位數中段的價格指南。這樣一來，你就能從一開始就處於利率為 250 個基點的郵遞區號區域，現在我們來到了 2030 年。

Anthony Pettinari, Citigroup.

安東尼佩蒂納裡，花旗集團。

I was wondering if you could talk a little bit more about maybe the volume cadence for the three months of the quarter. And then maybe into October, November, you've seen any impact from government shutdown or anticipated any impact if it keeps going. And I'll leave it there.

我想請您再詳細談談本季前三個月的銷售波動情況。然後到了十月、十一月，你可能已經看到了政府停擺的影響，或者預料到瞭如果停擺持續下去會產生什麼影響。我就說到這裡吧。

Anthony, sure. I'll give you some broad strokes on it. Michael can come back and give you a little bit more detail. But what I would say to you overall is we saw just a good, steady, solid performance as we went all the way through the quarter.

安東尼，當然可以。我給你簡單概括一下。麥可可以回來給你更多細節。但總的來說，我想說的是，我們整個季度都保持了良好、穩定、穩健的業績。

What's worth remembering, and I think this is really important. Last year was a monster October for us. And it was a monster October because as you will recall, we had a lot of weather in Q3 last year. And in particular, we had 4 hurricanes and we simply didn't have that this year. And what I would have thought was given what October was last year, that was a big mountain to climb in October this year.

值得記住的是，我認為這非常重要。去年十月對我們來說是極其艱難的一年。去年十月天氣異常惡劣，因為您可能還記得，去年第三季我們經歷了許多惡劣天氣。尤其是，去年我們遭遇了 4 次颶風，但今年卻完全沒有。考慮到去年十月的情況，我認為今年十月要攀登一座大山是件非常困難的事。

And obviously, we'll talk more about October with specificity when we report Q4, but I'll put it this way. We were not at all disappointed in October this year. So again, if you want to get a sense of what the overall quarter look like, Michael can give you a little bit more detail as we look at month by month.

顯然，我們會在發布第四季報告時更具體地討論十月份的情況，但我會這樣說。今年十月，我們一點也沒失望。所以，如果您想了解本季的整體情況，Michael 可以逐月為您提供更詳細的資訊。

Yes. So as we said, I believe, last quarter, we expected it to be the tale of weather comps as we march through the months. We thought July was an easy weather comp we thought August was going to be a little bit more difficult given some of the carryover work and '24 from that July weather impacted month, provided a pretty difficult comp in August. And then we said September was an even easier weather comp July. We saw that play out fairly consistent with our expectations.

是的。正如我們上個季度所說，我們預計接下來的幾個月將主要受天氣因素的影響。我們原本以為七月份的天氣比較容易，但考慮到一些遺留問題，八月份可能會稍微困難一些，而且七月份受天氣影響的“24”號球也給八月份的比賽帶來了相當大的難度。然後我們說，九月的天氣比七月更容易進行比較。我們看到實際情況與我們的預期基本一致。

That being said, I think what's important is the highest daily shipment trend of all three months was in September. So that gives you a little bit of a sense of the momentum that we saw carrying over in October.

也就是說，我認為重要的是，這三個月中每日出貨量最高的是 9 月。這樣你就能感受到我們在十月看到的這種勢頭是如何延續下來的。

Great. And any impact from (inaudible)

偉大的。以及由此產生的任何影響（聽不清楚）

I'm sorry, yes, you did ask that. The fact is this portion of our business from a shutdown perspective, performs hugely resiliently. So if you think about federal DOT, how they're going to work, highways, bridges, roads and streets because of the way funding flows through on that typically is not impacted by shutdowns. And of course, the states continue to be in a really attractive place, at least in the geographies in which we're operating. So while I do age for the different businesses that are struggling mildly as they go through the shutdown, it's one more factor of the resilience that we tend to have in this business.

抱歉，是的，你確實問了這個問題。事實上，從停工的角度來看，我們業務的這一部分錶現出極強的復原能力。所以，想想聯邦交通部，想想他們的運作方式，高速公路、橋樑、道路和街道，由於資金的流動方式，通常不會受到政府停擺的影響。當然，至少在我們開展業務的地區，各州仍然處於非常有吸引力的地位。所以，雖然我對那些在停業期間略感掙扎的不同企業感到惋惜，但這又反映了我們這個行業往往具有的韌性。

Phil Ng, Jefferies.

Phil Ng，傑富瑞集團。

Congrats on the strong quarter. Ward, I'm curious about what you're seeing on the bookings and backlog, how's that as they progress over the course of the year? I'm particularly interested on nonres as we look out to 2026. Heavy has been really strong. [ Light's ] been a little weaker, but you sound a little more constructive on commercial.

恭喜你們本季業績出色。沃德，我很好奇你那邊的預訂量和積壓訂單情況如何，它們在一年中的進展如何？展望 2026 年，我對非實體資產尤其感興趣。Heavy 的表現一直非常出色。 [Light 的表現]稍弱一些，但你在商業方面聽起來更有建設性。

So -- I'm sorry, warehouse -- is that enough to kind of flip things positive? And how has momentum on the infrastructure side progress as well?

所以——抱歉，倉庫——這樣足以扭轉局面，讓事情朝著好的方向發展嗎？基礎建設方面的進度如何？

Phil, thanks for the question. I would say several things. One, the infrastructure piece that you mentioned last should continue to be really constructive going into next year. I mean, if we think about the notion that we still got 66% of total highway and bridges, cumulative obligations to go, half of the dollars is still are yet to be invested on the public side, that should be really constructive for a while.

菲爾，謝謝你的提問。我想說幾點。第一，您上次提到的基礎建設方面，明年應該會繼續取得非常積極的進展。我的意思是，如果我們考慮到我們還有 66% 的公路和橋樑建設項目尚未完成，累計債務尚未償還，一半的資金尚未投入公共領域，那麼這在一段時間內應該會非常具有建設性。

The other piece of it that I think is worth noting, if we're looking at our top 10 states and you're looking at state DOTs, year-over-year, as we go into 20 they're up between 6% and 7%. So if we look at California, that's up 6%. Texas is up double digits. Minnesota, which is an important state for us, is nicely up double digits. Georgia, up 7%. So again, what we're seeing on public is attractive.

我覺得值得注意的另一點是，如果我們看看排名前 10 的州，再看看各州的交通運輸部門，逐年來看，到了第 20 年，它們的增長率在 6% 到 7% 之間。所以如果我們看一下加州，那裡的成長率為 6%。德克薩斯州領先兩位數。明尼蘇達州對我們來說是一個重要的州，目前支持率已大幅上升至兩位數。喬治亞州，上漲7%。所以，我們再次看到公眾眼中的形像很有吸引力。

But I would draw your attention to slide 12 today in the supplemental slides because I think that really gives you a good visceral take of what we see going on relative to nonres activity, particularly on the heavy side. And we listed out in there across geographies what we're seeing relative to data centers, what we're seeing relative to warehouses and distribution, and what we're seeing relative to manufacturing. I will tell you this, I've always asked my team, hey, do me a favor, call me with good news. Because typically, I hear from people when things are more challenging that occur. I'm getting more text and more e-mails than I ever would have thought at this time of year on the type of bidding activity that they're seeing right now in geographies that matter a lot to us and on projects that I think can be very impactful going to next year. So I'm trying to give you anecdotally and factually, Phil, what you were talking about relative to what's going on with public what's going on with heavy nonres.

但我希望大家注意一下今天補充幻燈片中的第 12 張幻燈片，因為我認為它能真正讓大家對我們所看到的與非反應性活動相關的現象，特別是重金屬方面的情況，有一個直觀的了解。我們在其中列出了各個地區與資料中心、倉庫和配送以及製造業相關的情況。我告訴你，我總是要求我的團隊，嘿，幫我個忙，有好消息就打電話給我。因為通常情況下，我都是在遇到更棘手的問題時才聽到人們的聲音。每年這個時候，我都會收到比以往更多的簡訊和電子郵件，內容都是關於我們目前在對我們非常重要的地區以及我認為明年可能會產生非常大影響的項目上的投標活動。所以，菲爾，我正試圖用軼事和事實來告訴你，你剛才談到的與公共領域正在發生的事情以及重度非居民領域正在發生的事情有關的事情。

And again, part of what I've been taken by is actually how well light non-res has held up through the cycle despite the fact that housing has not been in a particularly good place. Look, if we continue to see constructive activity relative to interest rates, et cetera, in housing, I think when we get into half 2 next year, it's not that I think housing is going to be on fire. It's going to start to recover. And as we see that combined with what I think is a very attractive public sector, a good heavy nonres, I think that's going to be awfully constructive number one, to single-family housing. And number two, even bolster up what has been a more resilient like nonres than I would have thought.

再次強調，讓我感到驚訝的是，儘管房屋市場狀況並不理想，但輕型非住宅物業在整個週期中表現得相當不錯。你看，如果我們繼續看到房屋市場相對於利率等因素的積極活動，我認為到了明年下半年，房屋市場不會出現火爆行情。它會開始恢復的。而且，正如我們所看到的，再加上我認為非常有吸引力的公共部門和良好的大量非住宅用途，我認為這對單戶住宅來說將是非常有建設性的。第二，甚至加強了像 nonres 這樣比我想像中更具韌性的東西。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

This is Esther Osinaiya on for Angel. My question is, what's driving the stronger seasonal norm quarter? And given that, does that suggest that the exit rate into next year is stronger than the preliminary guide implies?

以下是 Esther Osinaiya，為您帶來 Angel 的報道。我的問題是，是什麼因素導致了季節性正常季度的強勁成長？有鑑於此，這是否意味著明年的退出率將高於初步預期？

Are you talking about the exit rate in aggregates pricing or gross profit?

您指的是總定價中的退出率還是毛利？

We're talking about pricing or both. You can -- yeah.

我們是在討論價格，或者兩者都在討論。你可以——是的。

Yes. So I think a few things. On the cost side and gross profit, in particular, we are seeing a nice sequential change that's better than the sequential change we saw last year from Q3 to Q4 and a lot of that is driven by those cost measures that we've said in the prepared remarks that we implemented in Q2 and Q3. We're going to see those start to bear fruit really in Q4 in earnest, you see that flowing through. So that's number one.

是的。所以我想說幾點。就成本和毛利而言，我們看到了一個不錯的環比變化，比去年第三季度到第四季度的環比變化要好，這很大程度上要歸功於我們在準備好的發言稿中提到的、我們在第二季度和第三季度實施的那些成本控制措施。我們將在第四季真正看到這些措施開始取得成效，你會看到成效逐漸顯現。這是第一點。

And then on the pricing side, that's just consistent with remaining disciplined in that regard. So the exit rate that you see there, we feel pretty confident about that. We still think as far as pricing guide for next year, the mid-single digits is the right way to think about it. So some of that will be a little bit of carryover, but by and large, there's going to be a lot of what we do relative to January 1 increases.

至於定價方面，這也與我們在這領域保持自律的原則是一致的。所以，對於你看到的退出率，我們感到非常有信心。我們仍然認為，就明年的定價指引而言，個位數中段的漲幅是正確的。所以其中一些會有一些延續，但總的來說，我們所做的很多事情都將與 1 月 1 日的成長有關。

Adam Thalhimer, Thompson Davis.

亞當·塔爾海默，湯普森·戴維斯。

Great quarter partially on the pricing growth. I wanted to ask you -- sorry if this has been covered, but I was hoping you could comment more on what you're seeing in the public sector and specifically [ DOT ] work, how confident you are in 2026. And curious if the DOTs are relatively consistent and growing next year if there's some variability.

本季業績出色，部分原因是價格上漲。我想問您——如果這個問題之前已經討論過，請見諒，但我希望您能就您在公共部門，特別是交通部的工作中看到的情況多發表一些評論，您對 2026 年的前景有多大信心。我很好奇，如果明年DOTs相對穩定且成長，是否存在一些波動，情況會如何。

Adam, thanks for the question. No, it's relatively consistent across our DOTs. So keep in mind, when we began our store process back in 2009 and 2010, 1 of the areas in which we are most focused is building our businesses in states that were in a really good fiscal condition because we felt like that was going to be vital for them to be able to match what the federal government is putting out. Another big driver for us was population trends and places where we could have leading positions. And so if you think about that as being the architecture, around which we try to build the business.

亞當，謝謝你的提問。不，在我們各個DOT中情況都比較一致。所以請記住，當我們在 2009 年和 2010 年開始我們的門市營運時，我們最關注的領域之一就是在財政狀況非常好的州建立我們的業務，因為我們認為這對他們來說至關重要，因為他們能夠跟上聯邦政府的步伐。另一個促使我們做出重大決定的因素是人口趨勢以及我們可以佔據領先地位的地區。所以，你可以把它看作是我們建構業務的架構。

Again, if we go back and take a look at these top 10 states, I think I've indicated in top 10 total are up about 6.8% year-over-year. That's a really attractive number. There's nothing that we're seeing in our leading states right now that gives us any concerns about where they're going to be. Equally, as I mentioned, the highway bridge and tunnel contract awards basic increased to $128 billion for the 12-month period ending September 30, 2025. So the work continues on the projects supported by the federal investment and the state funding increases.

再說一遍，如果我們回顧一下這前 10 個州，我認為我已經指出，前 10 個州的總成長率約為 6.8%。這是一個非常吸引人的數字。目前我們領先州的情況沒有任何跡象表明它們未來的發展方向會讓我們感到擔憂。正如我之前提到的，截至 2025 年 9 月 30 日的 12 個月期間，公路橋樑和隧道合約授予的基本金額增加到 1,280 億美元。因此，在聯邦投資和州政府撥款的支持下，各項項目的工作仍在繼續。

If we take a look at equally what's happened in a number of our states in North Carolina is a good example over the last several years, they've come up with additional funding programs as well. So if we go back and look at what the NCFs commission did several years ago basically saying, look, to get our roads from mediocre to good, which doesn't sound like it was a stretch. We recognized there was a multibillion-dollar investment that needed to be made over time. And part of what our general assembly did in this state, and by the way, other states have done the same thing, is started dedicating portions of sales tax to transportation because the notion was nothing ends up on a store shelf by -- if it's not using infrastructure in that state. So Adam, as we look at what I think is happening federally, clearly, IIJA is going to be strong going into next year.

如果我們同樣看看過去幾年裡我們一些州發生的事情，以北卡羅來納州為例，他們也推出了額外的資助計劃。所以，如果我們回顧 NCF 委員會幾年前所做的工作，他們基本上是說，要把我們的道路從平庸提升到良好，這聽起來並不像是誇大其詞。我們意識到，隨著時間的推移，需要進行數十億美元的投資。我們州議會所做的工作，順便說一句，其他州也做了同樣的事情，就是開始將部分銷售稅用於交通運輸，因為其理念是，如果不利用該州的基礎設施，就不會有任何東西最終出現在商店貨架上。所以亞當，從聯邦層級來看，很明顯，IIJA明年將會表現強勁。

But I equally think , and I think this is important, I believe we will continue to see a nice successor bill come behind IIA before it expires by its own terms next September. And again, I mentioned the dialogue that Secretary Duffy had shared a couple of months ago relative to what their continuing priorities are going to be. So if you look at this quarter, part of what you'll see is infrastructure was around 37% of the product that went out of our games. And if you look over time, that's continuing to build up to that, let's call it, 40% number that I think feels like a pretty good percentage for infrastructure to be. Now that said, we also saw growth in heavy nonres.

但我同樣認為，而且我認為這很重要，我相信在 IIA 於明年 9 月按其自身條款到期之前，我們會看到一項不錯的後續法案出台。我再次提到了達菲部長幾個月前分享的關於他們未來工作重點的對話。所以如果你看一下這個季度，你會發現基礎設施約占我們遊戲產品總量的 37%。隨著時間的推移，這個數字會不斷增長，我們姑且稱之為 40% 吧，我認為對於基礎設施來說，這是一個相當不錯的比例。儘管如此，我們也看到了重非住宅領域的成長。

So that went up to 35%. But again, if we're looking for what literally is going to be the balance in the boat Adam. I think it's going to continue to be public. I think that's going to be a constructive show federally. And I think it's going to be a compelling show relative to Martin Marietta states.

所以這個數字上升到了35%。但話說回來，如果我們要找的是亞當船上真正的平衡。我認為它會繼續公開。我認為這將是一場對聯邦政府有益的建設性會議。我認為相對於馬丁瑪麗埃塔公司而言，這將是一場引人入勝的演出。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

I have a follow-up question on pricing. Can you speak to if you're seeing any mix impact on pricing either product or geographic? And also, we heard from a competitor recently saying that year, the pricing in the backlog is accelerating. I was wondering if you're seeing something similar.

我還有一個關於定價的後續問題。您能否談談您是否觀察到產品或地理方面的組合因素對定價產生了任何影響？此外，我們最近從一位競爭對手那裡了解到，今年的積壓訂單定價正在加速上漲。我想知道你是否也遇到了類似的情況。

Garik, thanks for the question. I would not say that we had any tailwinds relative to product mix, for example, I did mention earlier that if we're looking at the single largest growth of the products, it was going to be in base one. And as you know, it's not unusual for baton to be 20%, 25%, 30% lower an ASP than a clean stone. And the reason that I called that out is the base stone is going down, two things are happening, Garik. Number one, it's relatively new construction, which we're excited by.

Garik，謝謝你的提問。我不會說我們在產品組合方面有任何順風，例如，我之前提到過，如果我們要看成長最快的單一產品，那應該是基數一。如你所知，棒狀物的平均擊倒率（ASP）比乾淨的石頭低 20%、25%、30% 是很常見的。我之所以指出這一點，是因為基石正在下降，兩件事正在發生，加里克。第一，這是一棟相對較新的建築，我們對此感到興奮。

It also means that at some point, the clean stone will come on top of that because you're going to have either [as Water Concrete] going on top of the base stone. So I think if anything, we would have had a headwind relative to what was going out. Relative to geographic mix, really, there was not a significant headwind on that either. I mentioned that overall pricing was 8%. Organic was still 7.9%.

這也意味著，在某個時候，乾淨的石頭會鋪在上面，因為你要么會在基礎石頭上鋪設[水混凝土]。所以我覺得，如果非要說有什麼差別的話，那就是我們遇到了逆風。就地域組成而言，實際上也沒有明顯的阻力。我提到總價是 8%。有機產品佔比仍為 7.9%。

The East Group had healthy pricing actually the West Group had healthier pricing than the East which makes some sense to me because historically, West Group pricing has been lower, at least overall. So there's some catch-up that needs to come from that. But I think those are the primary moving parts that we've seen, Garik. But did that answer your question specifically?

東部集團的定價狀況良好，實際上西部集團的定價狀況比東部集團更好，這對我來說有一定的道理，因為從歷史上看，西部集團的定價一直較低，至少總體而言是如此。所以這方面需要一些追趕。但我認為這些是我們已經看到的主要變化因素，加里克。但這是否具體回答了你的問題？

No, it did. And just anything to call out on the backlog and how pricing looks there?

不，確實如此。還有什麼想說的嗎？關於積壓訂單和定價方面有什麼需要指出的嗎？

What -- again, we'll talk more about next year when we get into it. But as I mentioned before, I'm seeing much more activity right now than I've seen for a while in energy. I'm seeing continued attractive activity relative to data centers. And much of those are going to be location driven. And the fact is we've built our business along these major corridors, whether it's road, rail or port.

至於明年的事情，我們到時候再詳細討論。但正如我之前提到的，目前能源領域的活躍度比一段時間以來都要高得多。我看到資料中心領域的活動持續保持吸引力。其中許多都將受到地理位置的影響。事實上，我們的業務是沿著這些主要通道建立起來的，無論是公路、鐵路或港口。

And I think if you think about the momentum that should give us going into next year, more to come, but I think it should be -- I don't think you'll be disappointed, Garik.

我認為，如果你想想這應該會給我們明年帶來的勢頭，未來還會有更多，但我認為——我想你不會失望的，加里克。

Keith Hughes, Truist.

Keith Hughes，Truist。

A specific question. But once you complete the deal with [ QuikTrip] -- sorry with QUIKRETE, will that change in SG&A spending, does any of the SG&A costs go with the business?

一個具體的問題。但是，一旦與 [ QuikTrip]（抱歉，是 QUIKRETE）完成交易，銷售、一般及行政費用會改變嗎？銷售、一般及行政費用是否會隨業務一起轉移？

Yes. No, it's almost a pretty clean carve-out in that regard. So there will be some retained SG&A that used to support that business. But the EBITDA that we're showing in discontinued operations, that assumes we're retaining the corporate SG&A that supported that business.

是的。不，從這個角度來看，這幾乎是一個相當明確的劃分。因此，會保留一些過去用於支援該業務的銷售、一般及行政費用。但我們在終止經營業務中顯示的 EBITDA，假設我們保留了支援該業務的公司銷售、一般及行政費用。

And will there be any mix impact within aggregates next year just based on what you're getting?

明年骨材的配比會不會對你目前的狀況產生影響？

The fact is there probably will be some mix impacts. You'll have a couple of things. If you think about it, Keith, there'll be some geographic mix because we're picking up some businesses in the central. And that tends to be, for example, a little bit lower than businesses are in the East. We're picking up some businesses in Virginia.

事實上，很可能會出現一些混合影響。你會收到幾樣東西。基思，你仔細想想，地理分佈會比較多元化，因為我們在中部地區也收購了一些企業。例如，這往往比東部地區的企業低一些。我們正在維吉尼亞州收購一些企業。

But overall, it will be an optical headwind, but we also think that provides organizational opportunity.

但總的來說，這會在視覺上帶來不利影響，但我們也認為這為組織發展提供了機會。

Okay. And the guidance you gave or the preliminary guide(inaudible), I think those are organic numbers, excluding mix and volume?

好的。您提供的指導或初步指導（聽不清楚），我認為那些是自然流量數據，不包括混音和音量？

That's correct.

沒錯。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

This is Andrew on for Brian. I'm wondering if you could provide an update on how you're thinking about the timing of the rollout of the [ Precision IQ ] pricing tool next year? And to what extent benefits from that may be captured in the mid-single-digit pricing guidance or if that's more of a 2027 story?

這裡是安德魯替布萊恩發言。我想請問您能否提供一下關於明年推出 [Precision IQ] 定價工具的時間安排方面的最新想法？那麼，這些收益能在多大程度上體現在個位數中段的價格預期呢？或者說，這更像是要到 2027 年才能實現的？

Yes. No. So we should have precise IQ, the quoting tool and all of our sales team's hands by midyear next year. It's already effectively rolled out here in the East. But underlying the Precise IQ is really the pricing algorithm, and that engine has been built.

是的。不。因此，到明年年中，我們應該能夠獲得精確的 IQ 系統、報價工具以及我們所有銷售團隊的雙手。它已經在東部地區有效地推廣開來。但 Precise IQ 的核心是定價演算法，而這個演算法引擎已經建置完成。

That supports both fixed based and quoted pricing. So we are in our mid-single-digit guide incorporating that for what we ultimately go out with January 1 relative to fixed base. We expect more upside from [ Precise IQ ] really on the quoting side to flow through more in 2027.

這既支持固定價格，也支持報價價格。因此，我們目前的指導價為個位數中段，其中已包含這一點，最終我們將在 1 月 1 日相對於固定基數發布該指導價。我們預計 [Precise IQ] 在報價方面的更多上漲空間將在 2027 年進一步顯現。

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

I guess, I wanted to just get your thoughts around midyear aggregates pricing. And what did you take away from this year that was maybe a little bit different from the midyear experience last year or in prior years? And also just given all the pressures in downstream markets right now, is there any sort of pushback on pricing that -- I mean, are these downstream problems constraining your pricing at all?

我想了解一下您對年中骨材價格的看法。今年你有哪些收穫，與去年年中或往年的經驗相比，可能略有不同？另外，鑑於目前下游市場面臨的各種壓力，定價方面是否存在任何阻力——我的意思是，這些下游問題是否對你們的定價造成了任何限制？

David, thanks for the question. I would say several things. I'm not sure I was terribly surprised by midyear pricing this year. But we're putting up really good results, but we're not really in a robust volume environment. We saw pretty reasonable volume growth, but it was on a pretty weather-challenged quarter last year.

大衛，謝謝你的提問。我想說幾點。今年年中定價並沒有讓我感到非常驚訝。但我們取得了非常好的成績，只是目前市場規模還不夠大。我們看到了相當不錯的銷售成長，但這是在去年受天氣影響較大的一個季度實現的。

So what I would tell you is this is what we're able to do in a relatively static volume environment that I think is, number one, going to improve. So did that surprise me on what we saw in midyear this year? Not really because what I anticipated as we would see it primarily and by the way, we did in areas where we had new M&A, where we were trying to bring businesses at least on a trajectory basis up to what we would have expected in our heritage business. Now as we look into the new year, and again, I think going about some of the dialogue we've had early in the call, I think public is going to continue to grow into next year. What I'm seeing on heavy nonres is actually pretty attractive right now, David.

所以我想告訴大家的是，這是我們在相對靜態的容量環境下能夠做到的，我認為，首先，這個環境將會得到改善。所以，今年年中發生的事讓我感到驚訝嗎？其實不然，因為我預期的情況主要是，而且順便說一句，我們在進行新的併購的領域確實做到了這一點，我們試圖至少在發展軌跡上將業務提升到我們傳統業務所期望的水平。現在展望新的一年，我認為，根據我們在通話初期進行的一些對話，公眾將在明年繼續增長。大衛，我現在看到的重度非資源型房地產其實相當有吸引力。

And if we're right that we start seeing more activity in single-family in the second half of next year, I think that actually portends pretty well for what midyears could look like next year. Obviously, we will talk more about that when we get into the year. And of course, part of what we're getting ready for will be the price increases that we'll put out in January. But if you just look at foundationally what happened this year and what I anticipate broadly happening next year, I think from a midyear perspective, it's going to be pretty constructive. Keep in mind, if we really think about most of our customers in these respects, they're most focused on making sure that everybody is treated fundamentally fairly on what's going on.

如果我們預測正確，明年下半年獨棟住宅市場將更加活躍，我認為這實際上預示著明年年中市場前景相當不錯。顯然，我們會在年中進行更詳細的討論。當然，我們正在準備的部分內容就是1月的價格上漲。但如果你從根本上看今年發生的事情以及我對明年大致情況的預期，我認為從年中來看，這將是相當有建設性的。請記住，如果我們真的從這些方面考慮我們的大多數客戶，他們最關注的是確保每個人在所發生的事情中都能得到基本的公平對待。

And we assure ourselves that that's exactly where they are. So I don't think we're going to have undue pressure in that dimension.

我們確信他們就在那裡。所以我認為我們不會在這方面承受過大的壓力。

And on the downstream markets, any pressure there that you're feeling?

那麼在下游市場，您是否感受到任何壓力？

Not particular markets. I mean this has been an interesting year. Minnesota had a much more constrained budget this year, and they had an extended winter. So really, if I'm looking at our asphalt business this year. And Minnesota is odd for us because part of it -- that's an FOB business for us, really, David.

並非特定市場。我的意思是，今年真是個有趣的年份。明尼蘇達州今年的預算更加緊張，而且冬季持續時間也更長。所以，如果我檢視一下我們今年的瀝青業務的話。對我們來說，明尼蘇達州的情況很特殊，因為其中一部分——對我們來說，那實際上是一項離岸價業務，大衛。

We're not doing a laydown in that state. And if you look at their budget next year compared to this year, it's a fundamentally different budget. And if you think about the downstream business for us, they're really pretty narrow. I mean, it's going to be what are we doing with FOB asphalt in Minnesota. What are we doing with lay down really in Colorado?

我們不會在這種狀態下屈服。如果你看看他們明年的預算和今年的預算相比，你會發現這是一個截然不同的預算。而對我們來說，下游業務其實非常狹窄。我的意思是，我們要在明尼蘇達州如何處理 FOB 瀝青路面。我們在科羅拉多州躺下到底是為了什麼？

And what are we doing with degrees of ready-mix in Arizona? In many respects, that's the show. And of course, we had sold some asphalt businesses in California earlier in the year. And if you're just looking year-over-year, that's a big swing in the delta. So if you didn't take that into account, you would have a sense that the downstream businesses are actually suffering more than they are.

那麼，我們在亞利桑那州對預拌混凝土的等級有什麼看法呢？從很多方面來說，這就是這場秀。當然，今年早些時候我們也出售了加州的一些瀝青業務。如果只看同比數據，那麼這個差值波動就很大。所以，如果不考慮這一點，你會覺得下游企業實際上遭受的損失比實際情況更大。

So that actually buffers it pretty nicely.

所以這實際上起到了很好的緩衝作用。

Mike Dudas, Vertical Research Partners.

Mike Dudas，Vertical Research Partners。

Michael mentioned in his prepared remarks, CapEx trending next year. I mean, if you could shed a little bit more light on that. How -- you talked a lot at your Investor Day about automation and the investment there, how that jives with that type of spending comment. And then just as you -- and to follow up on the balance sheet, when you -- on a pro forma basis, if this transaction closes in Q4, what -- any meaningful changes to the balance sheet we should be thinking about?

麥可在事先準備好的演講稿中提到，明年資本支出將成為趨勢。我的意思是，如果您能再詳細解釋一下就好了。您在投資者日上談了很多關於自動化和相關投資的內容，這與那種支出評論是如何契合的呢？然後，就像您一樣——為了跟進資產負債表，當您——按備考情況來看，如果這筆交易在第四季度完成，我們應該考慮對資產負債表進行哪些有意義的更改？

Yes. I guess, first on CapEx. What we said is the last two years for various reasons have been at elevated levels. So really, we just believe in 2026, we're returning to what we would say is more normalized levels, which is roughly 25% of EBITDA for next year or maybe modestly below that. This year had some opportunistic land purchases and prior year had the acquisition that was treated as CapEx for accounting purposes.

是的。我想，首先是資本支出。我們之前說過，由於各種原因，過去兩年這些指標一直處於較高水準。所以，我們真心相信，到 2026 年，我們將恢復到我們所說的更正常的水平，大約是明年 EBITDA 的 25%，或略低於這個水平。今年進行了一些機會性土地收購，而前一年進行的收購在會計上被視為資本支出。

So really no fundamental change in how we're investing in the business. It's just coming off of two years of a relatively elevated comp. We don't think we do any harm to the business in terms of pulling it back to that level. In fact, if we needed to, we could flex CapEx further if necessary. Relative to the balance sheet, the transaction is relatively balance sheet neutral.

所以，我們對業務的投資方式並沒有根本性的改變。它剛剛經歷了兩年相對較高的競爭水平。我們認為將業務拉回那個水平並不會對其造成任何損害。事實上，如果需要，我們可以進一步彈性調整資本支出。相對於資產負債表而言，該交易對資產負債表的影響相對較小。

So no real change in leverage or otherwise once it closes.

所以交易完成後，槓桿或其他方面都不會發生實質變化。

Ivan Yi, Wolfe Research.

Ivan Yi，Wolfe Research。

Just wanted to go back to aggregate pricing, which was up double digits in '22, '23, and '24, can return to those levels. I guess what needs to happen for you to raise your mid-single-digit pricing increase guidance for 2026.

我只是想回到綜合價格，它在 2022 年、2023 年和 2024 年都實現了兩位數的增長，希望能夠回到那些水平。我想，要讓您提高 2026 年中位數個位數的價格上漲預期，需要發生什麼事？

Ivan, thank you for the question. I guess, I would say several things. Obviously, there was a lot of inflation and a very price-sensitive world that we were in for a period of time when we were seeing double digits. Part of what we anticipated is we would be exactly where we are now when we returned to what we think was a more normalized time relative to inflation and otherwise. I think to your point, look, if volumes really start taking off in notable ways, at least based on history, tends to follow that.

伊万，謝謝你的提問。我想說幾件事。顯然，當時通貨膨脹嚴重，物價對物價非常敏感，我們經歷了一段時間內兩位數的通貨膨脹率。我們預料到，當我們回到我們認為相對於通貨膨脹和其他方面更正常的時期時，我們會處於我們現在所處的境地。我認為你的觀點是對的，你看，如果銷量真的開始以顯著的方式增長，至少根據歷史經驗來看，銷量往往會隨之增長。

So that's how I would think about that. But again, we tried to lay a lot of that out with degrees of clarity at our Capital Markets Day, talking about what we thought the drivers had been over the last several years, what they thought -- what we believe they are today and what we think they can be going into the future, we obviously do believe that the overall commercial aspects of the business have changed pretty considerably over time. And that really is taken up into what we gave as the guide for this year and the preliminary guide for next year. And I think your swing factor is going to be what happens with volume. And if volume is moving, if you've got products that tend to be tight in geographies, that's traditional economics at play.

這就是我的想法。但是，我們在資本市場日上再次嘗試以不同程度的清晰度闡述了很多內容，談到了我們認為過去幾年來的驅動因素是什麼，他們認為——我們認為它們現在是什麼，以及我們認為它們未來可能是什麼，我們顯然認為，隨著時間的推移，業務的整體商業方面已經發生了相當大的變化。而這些內容確實都融入了我們今年發布的指導方針和明年的初步指導方針中。我認為你的波動因素將取決於成交量的變化。如果銷售量在波動，如果你的產品在特定地區銷售受限，那就是傳統的經濟學原理在運作。

So that's how I think to it, Ivan.

這就是我的想法，伊万。

Judah Aronovitz, UBS.

猶大‧阿羅諾維茨，瑞銀集團。

As you sit here today, just thinking about '26, I guess what are the biggest uncertainties you have? And how do those questions or uncertainties compared to last year at this time? And then what's your confidence in sustained growth in gross profit per ton on aggregate, is double-digit growth, I guess, reasonable at this point?

今天你坐在這裡，思考著2026年，我想你最大的不確定因素是什麼？與去年同期相比，這些問題或不確定因素有何變化？那麼，您對每噸毛利的持續成長有多大信心？目前來看，兩位數的成長是否合理？

I would say several things. One, I think is -- I'm thinking about '26 versus '25. I actually feel better going into '26 than it did '25. And I would say that for several reasons. One, we're seeing the work continue to pull through on IIJA, number one.

我想說幾點。我覺得第一點是－我在考慮 '26 年和 '25 年的差別。實際上，我感覺自己對 2026 年的感受比對 2025 年好。我這麼說有幾個原因。第一，我們看到 IIJA 的工作正在繼續取得進展，這是第一點。

So that should continue to be very attractive. Number two, we're seeing where the state [ DOT ] budgets are coming in. And again, they're coming in at very attractive levels in most instances, up nicely. And again, that's going to be high 30% of our volume right there by itself. If we're also looking at what I continue to think is a constructive and growing segment that we talked about in nonresidential, particularly on the heavy side.

所以它應該會繼續保持很強的吸引力。第二，我們正在觀察各州（交通部）的預算狀況。而且，在大多數情況下，它們的入場價都非常有吸引力，漲幅相當不錯。而且，這項就占我們總交易量的 30% 以上。如果我們再來看看我認為是一個建設性且不斷成長的領域，也就是我們在非住宅領域討論過的領域，特別是重型建築領域。

And one piece of it, we haven't spoken on today's call that I think is really important will be what we will watch on the emerging energy plays that we think are almost destined to come through. If I'm looking at what Texas is saying they're going to have to do to meet this incredible AI explosion that's occurring in that state and Michael talked about that really becoming a landing spot for so many hyperscalers today. In fact, as we look in our backyard in North Carolina, there are 91 data centers in the state. Duke Energy is already talking about on a percentage basis, what they're going to see have to change in North Carolina. But the fact is North Carolina and Texas are not alone in that respect.

而今天電話會議上我們還沒有談到非常重要的一點，那就是我們將密切關注那些我們認為幾乎注定會成功的新興能源項目。如果我看看德克薩斯州為了應對該州正在發生的這場令人難以置信的人工智慧爆炸式增長，他們說他們必須做些什麼，邁克爾也談到了德克薩斯州如今正在成為眾多超大規模數據中心運營商的落腳點。事實上，在我們北卡羅來納州本土，就有 91 個資料中心。杜克能源公司已經在按百分比討論北卡羅來納州將要發生的變化。但事實上，北卡羅來納州和德州並非孤例。

So again, if I think about public, very constructive. If I think about nonres on the heavy side, it continues to grow. And again, I'll take you back to Slide 12 in the supplemental slides. And then what we're doing today in this business is doing it on the back of a non -- excuse me, on a residential market that is very, very muted. And if you go back over time and you really want to track volumes and if there's one single thing that you can tend to track it with, it's what's happening relative to single-family housing, not that, that's a huge consumer of stone but it's everything else that brings along with it, including the light nonres.

所以再說一遍，如果我從公眾的角度來看，這是非常建設性的。如果我把非資源看得比較重，它還會繼續成長。我再帶大家回到補充投影片中的第 12 張投影片。而我們今天在這個行業所做的，卻是在一個非常非常低迷的住宅市場的基礎上進行的。如果你回顧過去，真的想追蹤建築量，如果要用一個單一的指標來追蹤建築量，那就是與獨棟住宅相關的建築量，雖然獨棟住宅是石材消耗大戶，但其他所有與之相關的建築，包括輕型非住宅建築，也都會影響建築量。

So we came into this year with very low expectations of housing. And by the way, those low expectations were fully met this year. I think we're going to go into next year and have a much more constructive housing market in half 2, probably building into 2027. So again, (inaudible) in what you're asking is coming into the year, how did it feel exiting the year? How does it feel?

所以，今年我們對房屋市場的預期非常低。順便說一句，今年這些低預期完全實現了。我認為明年下半年房地產市場將會更加積極向上，這種趨勢可能會持續到 2027 年。所以，（聽不清楚）你剛才問的是，在新的一年到來之際，你感覺如何？感覺如何？

And what does that look like on a comparative basis on what we think '26 is going to be, I feel better about '26 than I did '25 coming into the year. So I hope that's responsive.

如果以我們對 2026 年的預期為基準進行比較，結果會如何呢？就我而言，我對 2026 年的預期比對 2025 年的預期要好。希望這能得到回應。

Okay. And just on the gross profit per ton on aggregate, I guess, how do you -- double-digit growth reasonable to expect at this point?

好的。僅就每噸毛利而言，我認為，在目前這個階段，兩位數的成長是否合理？

Yes. I would encourage you to think about the price/cost spread that we talked about at 250 basis points. That kind of almost gets you there, but that's more how I would encourage you to model it.

是的。我建議你考慮一下我們之前討論過的 250 個基點的價格/成本差。那樣做雖然差不多能達到目的，但我更鼓勵你這樣去模仿。

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

女士們、先生們，我們的問答環節到此結束。現在我將把會議交還給沃德·奈先生，請他作閉幕致詞。

Abby, hank you so much, and thank you all for joining today's earnings conference call. Martin Marietta's resilient aggregate lab platform bolstered by our high-performing specialties business and portfolio enhancements positions us to drive sustainable earnings growth and respond with agility to evolving market dynamics. Through the disciplined execution of SOAR 2025, we've strengthened our presence in economically vibrant markets with compelling long-term demand drivers while enhancing our product mix, earnings profile, and growth trajectory. As we embark on SOAR 2030, the next phase of our five-year strategic plan, our strong financial foundation and enduring commitment to long-term value creation, reinforce our confidence in delivering superior results for our shareholders now and into the future. As always, we're available for any follow-up questions, and thank you again for your time and continued support of Martin Marietta.

Abby，非常感謝你，也感謝大家參加今天的財報電話會議。馬丁瑪麗埃塔公司強大的綜合實驗室平台，加上我們高效的特種業務和產品組合的增強，使我們能夠推動可持續的盈利增長，並靈活應對不斷變化的市場動態。透過嚴格執行 SOAR 2025 計劃，我們加強了在經濟充滿活力、具有強勁長期需求驅動因素的市場中的地位，同時改善了我們的產品組合、盈利狀況和成長軌跡。隨著我們開啟「SOAR 2030」—五年策略計畫的下一階段，我們強大的財務基礎和對長期價值創造的持久承諾，增強了我們有信心為股東帶來現在和未來的卓越業績。如有任何後續問題，歡迎隨時與我們聯繫。再次感謝您抽出時間並一如既往地支持馬丁瑪麗埃塔公司。

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，感謝各位的參與。您現在可以斷開連線了。