Metallus Inc (MTUS) 2026 Q1 法說會逐字稿

Good morning, and welcome to Metallus's first-quarter 2026 conference call. I'm Jennifer Beeman, Director of Communications and Investor Relations for Metallus. Joining me today is Mike Williams, Chief Executive Officer, Chris Westbrooks, President and Chief Operating Officer, John Zaranec, Executive Vice President and Chief Financial Officer, and Kevin Raketich, Executive Vice President and Chief Commercial Officer.

早安，歡迎參加 Metallus 2026 年第一季財報電話會議。我是 Jennifer Beeman，Metallus 企業傳播與投資人關係總監。今天與我一同出席的有執行長 Mike Williams、總裁暨營運長 Chris Westbrooks、執行副總裁暨財務長 John Zaranec，以及執行副總裁暨商務長 Kevin Raketich。

You should have received a copy of our press release, which was issued last night.

您應已收到我們的新聞稿，該新聞稿已於昨晚發布。

During today's conference call, we may make forward-looking statements as defined by the SEC.

在今天的電話會議中，我們可能會發表美國證券交易委員會（SEC）所定義的前瞻性陳述。

Our actual results may differ materially from those projected or implied due to a variety of factors, which we describe in greater detail in yesterday's release.

由於多項因素，我們的實際結果可能與預測或暗示的結果有重大差異；我們已在昨日的新聞稿中更詳細說明。

Please refer to our SEC filings, including our most recent Form 10-Q, which will be filed later today, as well as the risk factors included in our earnings release, all of which are available on the Metallus website.

請參閱我們向 SEC 提交的文件，包括我們最新的 Form 10-Q（將於今日稍晚提交），以及財報新聞稿中所列的風險因素；上述資料皆可於 Metallus 官網取得。

Where non-GAAP financial information is referenced, additional details and reconciliations to its GAAP equivalent are included in the earnings release and the earnings presentation available on the investor page at metallus.com.

若提及非 GAAP 財務資訊，相關補充細節及與 GAAP 對應項目的調節表，均載於財報新聞稿與財報簡報中；兩者皆可於 metallus.com 的投資人頁面取得。

With that, I'd like to turn the call over to Mike.

接下來，我想把電話交給 Mike。

Good morning and thank you for joining us today.

早安，感謝各位今天加入我們。

I'm encouraged by our team's continued focus on operational priorities, which strengthened our performance in the first quarter.

我很振奮看到團隊持續聚焦營運優先事項，並在第一季強化了我們的表現。

Demand continues to improve across our end markets, and our order book grew year-over-year, supported by overall industrial and defense demand, decreasing distribution inventory levels and onshoring.

我們各終端市場的需求持續改善；在整體工業與國防需求、通路庫存水位下降以及回流本土生產（onshoring）的支撐下，我們的訂單量較去年同期成長。

Section 232 tariffs continue to support our competitive position in the markets we serve.

232 條款關稅持續支撐我們在所服務市場中的競爭地位。

The April 2026 updates to these tariffs applied only to downstream steel containing derivative products and do not affect our products, which are classified as primary steel.

2026 年 4 月對這些關稅的更新僅適用於含衍生品的下游鋼品，並不影響我們的產品；我們的產品被歸類為原生鋼（primary steel）。

Most importantly, the 50% tariff. On imported primary steel, including all long bar and two products, remains in place, reinforcing the long-term competitiveness of U.S.-produced steel.

最重要的是，50% 的關稅。對進口原生鋼（包括所有長條鋼與兩項產品）仍維持不變，進一步強化美國本土生產鋼材的長期競爭力。

The capital investments and operational system improvements we implemented during the planned shutdown period in the fourth quarter contributed to higher melt utilization on both a sequential and year-over-year basis.

我們在第四季計畫性停機期間所執行的資本投資與營運系統改善，使熔煉產能利用率無論較前一季或較去年同期皆有所提升。

Our strategic operational advancements achieved critical milestones during the quarter, highlighted by the safe and successful reheating and rolling of the first blooms from our new bloom reheat furnace.

本季我們的策略性營運精進達成多項關鍵里程碑，其中最突出的是：我們安全且成功地將新鋼胚再加熱爐所產出的第一批鋼胚（blooms）完成再加熱並進行軋製。

This achievement reflects the dedicated efforts of our internal teams and the support of the Department of War.

這項成果反映了我們內部團隊的投入努力，以及國防部（Department of War）的支持。

As a reminder, the new bloom reheats and roller furnaces facilitate more consistent reheating. Improved product quality and more efficient throughput. In fact, the Bloom Reheat Furnace has recently demonstrated a run rate of approximately 150 tons per hour compared with approximately 100 tons per hour using our legacy assets, along with significant improvements in temperature uniformity.

提醒各位，新鋼胚再加熱爐與輥道爐可促進更一致的再加熱。提升產品品質並提高產出效率。事實上，新鋼胚再加熱爐近期已展現約每小時 150 噸的運轉速率，相較於我們既有設備約每小時 100 噸，同時在溫度均勻性方面也有顯著改善。

These modern and efficient assets position us to better serve growing customer demand across all end markets, and we anticipate they will also improve our operating leverage over time.

這些現代化且高效率的資產，使我們能更好地滿足各終端市場成長中的客戶需求；我們也預期它們將隨時間推進提升我們的營運槓桿。

We expect the bloom reheat furnace to be fully operational in early to mid-third quarter and the roller furnace to be fully operational in late third quarter.

我們預期鋼胚再加熱爐將於第三季初至中期全面投產，輥道爐將於第三季末全面投產。

We also continue to make meaningful progress in strengthening our operating systems, reinforcing consistent and efficient execution across the organization.

我們也持續在強化營運系統方面取得實質進展，進一步鞏固全公司一致且高效率的執行力。

These institutionalized systems help our teams identify issues faster and drive greater accountability.

這些制度化的系統可協助團隊更快辨識問題，並提升問責性。

During the quarter, we expanded this framework into additional areas focusing on reliability and throughput.

本季我們將此架構擴展至更多領域，聚焦於可靠度與產出量。

Safety remains a foundational priority for us and a critical factor in our long-term success.

安全始終是我們的基礎優先事項，也是我們長期成功的關鍵因素。

As always, we focus on eliminating serious injuries through stronger controls, training, and leadership accountability.

一如既往，我們透過更強的管控、訓練與主管問責，專注於消除重大傷害事件。

Our health and safety management system continues to mature with stronger proactive reporting, increased near-miss identification, and targeted capability building in higher risk activities such as cranes rigging, lockout/tagout, and machine guarding.

我們的職安衛管理系統持續成熟，展現更強的主動通報、更多近失事件（near-miss）辨識，以及針對高風險作業的能力建置，例如起重機吊掛、上鎖/掛牌（lockout/tagout）與機械防護。

This shift towards leading indicators in the disciplined risk management reduces variability, lowers long-term costs.

在嚴謹的風險管理中轉向以前導指標為主，有助於降低變異、降低長期成本。

And protects our most important asset, our people.

並保護我們最重要的資產——我們的員工。

Turning to our first quarter performance, shipments increased by 11% sequentially.

接著談第一季表現，出貨量較前一季增加 11%。

Adjusted EBITDA for the quarter totaled $24.6 million, reflecting a 39% increase compared to the prior year's first quarter.

本季調整後 EBITDA 為 2,460 萬美元，較去年第一季成長 39%。

Again, this strong improvement underscores our disciplined execution against key priorities and operational improvements.

再次強調，這項強勁改善凸顯我們針對關鍵優先事項的紀律執行與營運改善成效。

Lead times continue to expand, now reaching into the late third quarter for both BARS and seamless mechanical tubing.

交期持續拉長，棒材（BARS）與無縫機械管（seamless mechanical tubing）的交期目前都已延伸至第三季末。

This reflects strengthening demand for domestic steel and provides a clear signal of the momentum we expect to carry throughout 2026.

這反映國產鋼材需求走強，也清楚顯示我們預期在 2026 年將延續的成長動能。

Turning to performance across our key end markets, we're seeing industrial customers take a more deliberate look at how and where they source steel as they navigate a challenging macro environment.

再來看我們主要終端市場的表現：在充滿挑戰的總體環境下，我們看到工業客戶正更審慎地檢視其鋼材的採購方式與採購地點。

Shifts in trade policy and the reassessing of supply chains are driving increased demand with domestic suppliers.

貿易政策的變動與供應鏈的重新評估，正推動對國內供應商的需求增加。

With inventories low across the distribution channels and select products returning from offshore sourcing.

在通路端庫存偏低，且部分產品從海外採購回流之際。

We're seeing increased opportunities.

我們看到更多機會。

We believe these dynamics position us well to strengthen new and existing customer relationships and continue gaining share as industrial markets stabilize.

我們相信，這些動態使我們具備良好條件，可強化新舊客戶關係，並在工業市場趨於穩定時持續提升市占。

Automotive demand remains steady, with volumes up slightly compared to the prior year.

汽車需求維持穩定，出貨量較去年略有增加。

Our automotive order book and key customer relationships remain strong, supported by our continued focus on light truck and SUV transmission programs and our success in winning new and emerging platforms.

我們的汽車訂單量與關鍵客戶關係依然穩固，受惠於我們持續聚焦輕型卡車與 SUV 變速箱專案，以及成功取得新興平台的訂單。

For example, during the quarter, we won two additional programs with existing customers, reinforcing our confidence in the strength of the automotive markets we serve and the importance of our automotive customers to our base business.

例如，本季我們在既有客戶中再拿下兩個新增專案，進一步強化我們對所服務汽車市場韌性的信心，也凸顯汽車客戶對我們基礎業務的重要性。

The energy markets we serve remain cautious as producers continue to seek greater confidence in long-term oil prices before materially increasing investment, ongoing global conflicts and geopolitical uncertainty are contributing to volatility in energy markets.

我們所服務的能源市場仍偏審慎，因為生產商在大幅增加投資前，仍希望對長期油價有更高信心；持續的全球衝突與地緣政治不確定性也正加劇能源市場波動。

But favorable trade-related tailwinds, reduced imports, and a gradual increase in domestic oil and gas activity are creating incremental opportunities for metallics.

不過，有利的貿易相關順風、進口減少，以及國內油氣活動逐步回升，正為 Metallus 帶來增量機會。

Turning to aerospace and defense, this market continued to be a key source of strength during the quarter.

再看航太與國防，本季該市場仍是重要的成長動能來源。

Due to confidentiality, it's always difficult for us to call out new defense programs by name. But what I can say is that we were recently awarded an exciting contract with a new entrant in the defense supply chain to begin producing tubing for new rocket motors related to advanced weapon systems.

基於保密因素，我們一向很難直接點名新的國防專案。但我可以分享的是：我們近期獲得一份令人振奮的合約，將與國防供應鏈中的新進業者合作，開始為先進武器系統相關的新型火箭發動機生產管材。

Demand across defense programs continue to grow, supporting our near-term $250 million run rate revenue expectation and the longer-term strategic expansion in the market.

各項國防專案的需求持續成長，支撐我們近期對年化 2.5 億美元營收運轉水準（run rate）的預期，以及在該市場的長期策略性擴張。

Allowing us to provide our expertise to existing and new customers in these critical applications.

使我們得以將專業能力提供給這些關鍵應用中的既有與新客戶。

While defense shipment timing can vary quarter to quarter based on program needs and downstream supply chains outside of our control, the underlying fundamentals remain strong in the foreseeable future.

雖然國防出貨時點可能因專案需求及我們無法控制的下游供應鏈因素而在各季間波動，但在可預見的未來，其基本面仍然強勁。

We continue to advance targeted investments and operational improvements to support higher defense volumes.

我們持續推進有針對性的投資與營運改善，以支援更高的國防出貨量。

Metallus is well-positioned to benefit from growing defense spending and the continued focus on developing secure domestic supply chains.

Metallus 已做好準備，可受惠於國防支出成長，以及持續聚焦建立安全的國內供應鏈。

Overall, we remain focused on disciplined execution in 2026.

整體而言，我們仍專注於在 2026 年落實紀律執行。

During the quarter, we improved operational performance, strengthened our internal systems, and safely advance strategic investments that support our long-term objectives.

本季我們提升了營運表現、強化內部系統，並在確保安全的前提下推進支持長期目標的策略性投資。

Our growing order book, improving operational execution, and U.S. based manufacturing footprint provide a solid foundation as we move forward.

我們不斷成長的訂單能見度、持續改善的營運執行力，以及以美國為基地的製造布局，為我們邁向未來提供了堅實的基礎。

We will continue to prioritize safety, operational discipline, and prudent capital allocation as we work to deliver consistent performance and long-term value for shareholders.

在我們致力於提供穩健一致的表現並為股東創造長期價值的過程中，我們將持續把安全、營運紀律與審慎的資本配置列為優先事項。

With that, I'll turn the call over to John to walk through our financial results in more detail.

接下來，我把電話會議交給 John，請他更詳細說明我們的財務結果。

Thanks, Mike.

謝謝你，Mike。

Good morning and thank you for joining our first-quarter 2026 earnings call.

各位早安，感謝各位參加我們 2026 會計年度第一季的財報電話會議。

During the quarter, our team delivered improvements in shipments, net sales, and profitability on both a sequential and year-over-year basis, consistent with our expectations.

本季，我們的團隊在出貨量、淨銷售額與獲利能力方面，無論與前一季相比或與去年同期相比皆有所改善，符合我們的預期。

As Mike noted, we also safely advanced operational and strategic investments to support near and long-term business growth, while maintaining a strong balance sheet.

如同 Mike 所提到的，我們也在維持強健資產負債表的同時，安全地推進營運與策略性投資，以支持短期與長期的業務成長。

From a top-line revenue perspective, first quarter net sales totaled $308.3 million, a year-over-year increase of $27.8 million or 10%.

就營收（收入）而言，第一季淨銷售額合計為 3.083 億美元，較去年同期增加 2,780 萬美元，增幅為 10%。

Primarily driven by higher shipments across most end markets.

主要是由於多數終端市場的出貨量提高所帶動。

Net income was $5.4 million in the first quarter, or $0.13 per diluted share.

第一季淨利為 540 萬美元，或稀釋後每股盈餘 0.13 美元。

On an adjusted basis, net income was $7.7 million, or $0.18 per diluted share in the quarter.

以調整後口徑計算，本季調整後淨利為 770 萬美元，或稀釋後每股盈餘 0.18 美元。

Adjusted EBITDA was $24.6 million in the first quarter.

第一季調整後 EBITDA 為 2,460 萬美元。

A year-over-year increase of $6.9 million, or 39%.

較去年同期增加 690 萬美元，增幅為 39%。

The increased profitability was primarily driven by higher shipments across most end markets, better price mix, higher raw material spread, and better fixed cost leverage on higher production volume.

獲利能力提升主要來自多數終端市場出貨量增加、更佳的價格／產品組合、較高的原材料價差，以及在較高產量下固定成本攤提效益改善。

Slightly offset by an increase in utility costs and a partial quarter of the cost increase related to the ratified union contract.

但部分被公用事業成本上升，以及已核准工會合約相關成本增加在本季僅反映部分季度所抵銷。

As a reminder, our previous favorable electricity contract expired in May of 2025.

提醒各位，我們先前較有利的電力合約已於 2025 年 5 月到期。

So, the first quarter of 2025 included a full quarter of lower energy costs.

因此，2025 年第一季包含整季較低的能源成本。

As we noted in February, we expected a usage of free cash flow during the first quarter, which is consistent with historical seasonality as the first quarter normally requires a larger amount of pension funding and working capital build.

如同我們在 2 月所提到的，我們預期第一季會使用自由現金流，這與歷史季節性一致，因為第一季通常需要較多的退休金提撥與營運資金增加。

Additionally, this year, our CapEx spend to complete the government projects is the highest in Q1 and is expected to ramp down throughout 2026.

此外，今年為完成政府專案的資本支出在第一季最高，並預期在 2026 年期間逐步下降。

In the first quarter, capital expenditures totaled $24.7 million, including approximately $18.3 million of first quarter CapEx partially funded by the U.S. Government.

第一季資本支出合計為 2,470 萬美元，其中約 1,830 萬美元的第一季資本支出由美國政府部分補助。

Planned capital expenditures for the full year 2026 are expected to be approximately $70 million.

2026 全年規劃的資本支出預計約為 7,000 萬美元。

Inclusive of approximately $35 million of capital expenditures primarily funded by the U.S. Government.

其中包含約 3,500 萬美元的資本支出，主要由美國政府出資。

At the end of the first quarter, the company's cash and cash equivalents balance was $104 million.

截至第一季末，公司現金及約當現金餘額為 1.04 億美元。

As it relates to government funding, during the first quarter, the company received $5.9 million of cash funding from the government.

就政府資金而言，第一季公司收到政府提供的現金補助 590 萬美元。

With an additional $9.5 million received during the month of April, based on our successful completion of key milestones.

並於 4 月再收到 950 萬美元，係基於我們成功完成關鍵里程碑。

As a reminder, these funds are part of the previously announced nearly $100 million funding agreement in support of the U.S. Army's mission of increasing munitions production.

提醒各位，這些資金屬於先前公布、近 1 億美元的資助協議之一部分，用以支持美國陸軍提升彈藥產能的任務。

Additional government funding of approximately $2 million is expected to be received in 2026 to complete the government funding arrangements contingent on the achievement of the final mutually agreed upon milestone.

預期 2026 年還將收到約 200 萬美元的額外政府資金，以完成政府資助安排；該款項將視最終雙方同意之里程碑達成情況而定。

As a reminder, this funding substantially paid for both the new Bloom reheat furnace at the company's Faircrest facility, as well as the new roller furnace at the Gambrenus facility.

提醒各位，這筆資金已大幅支付公司 Faircrest 廠的新 Bloom 再加熱爐，以及 Gambrenus 廠的新滾輪爐。

Now switching to pensions.

接下來談退休金。

In the first quarter, the company made $19.8 millions of required pension contributions, of which the majority related to the U.S. Bargaining plan and reflects roughly two-thirds of the expected full-year 2026 pension contributions.

第一季公司依規定提撥退休金 1,980 萬美元，其中大部分與美國工會協商方案（Bargaining plan）相關，約占預期 2026 全年退休金提撥金額的三分之二。

Subsequent to the first quarter, the company made a required pension contribution of approximately $5 million in April, with an estimated $5 millions of required pension contributions expected for the remainder of 2026.

第一季結束後，公司於 4 月依規定再提撥約 500 萬美元退休金，並預估 2026 年剩餘期間仍需提撥約 500 萬美元。

Consistent with our expectations in February, total 2026 required pension contributions are expected to decrease by nearly 60% compared to 2025.

與我們在 2 月的預期一致，2026 年依規定需提撥的退休金總額預計將較 2025 年減少近 60%。

As part of the USW contract ratified during the first quarter, employees who are currently accruing a pension benefit will have a one-time opportunity between March 30th and May 30th to freeze their pension accrual and begin receiving a market competitive benefit under the 401 plans.

作為第一季核准之 USW 合約的一部分，目前仍在累積退休金給付的員工，將在 3 月 30 日至 5 月 30 日間獲得一次性機會，可選擇凍結其退休金累積，並開始在 401 計畫下領取具市場競爭力的福利。

These actions will allow employees access to their retirement funds earlier. While also providing competitive defined contribution benefits and de-risking the long-term pension obligation.

這些措施將讓員工更早取得其退休資金，同時提供具競爭力的確定提撥（defined contribution）福利，並降低長期退休金義務的風險。

As we continue to actively manage the pension, we'll provide further updates as available.

隨著我們持續積極管理退休金計畫，後續如有進一步資訊，我們將提供更新。

In terms of shareholder return activities, in the first quarter, the company repurchased approximately 277,000 shares of common stock.

就股東報酬活動而言，第一季公司回購約 277,000 股普通股。

At a cost of $4.3 million.

成本為 430 萬美元。

At the end of March, a balance of $85.4 million remained under our existing share repurchase authorization.

截至 3 月底，我們現有的庫藏股回購授權額度尚餘 8,540 萬美元。

Since the inception of common share repurchases in early 2022, combined with the convertible note repurchase activities, we have reduced diluted shares outstanding by a significant 26%.

自 2022 年初開始回購普通股以來，結合可轉換公司債回購活動，我們已將稀釋後流通股數大幅減少 26%。

Or 13.8 million shares.

約 1,380 萬股。

These actions reflect the strength of the company's balance sheet and confidence in through-cycle cash flow generation.

這些行動反映公司資產負債表的強勁，以及我們對跨景氣循環現金流創造能力的信心。

As it relates to liquidity, total liquidity remains strong at $375 million as of March 31, 2026.

就流動性而言，截至 2026 年 3 月 31 日，總流動性仍維持強勁，為 3.75 億美元。

Additionally, as of March 31, 2026, the company had no outstanding borrowings.

此外，截至 2026 年 3 月 31 日，公司沒有任何未償借款。

Moving now to near-term business outlook.

接下來談近期業務展望。

Commercially, second-quarter shipments are sequentially expected to increase modestly in the low single-digits on a percentage basis, supported by continued strength in the order book and normal seasonality.

在商業面，第二季出貨量預期將較前一季小幅增加，以百分比計為低個位數成長，主要受惠於訂單能見度持續強勁及正常季節性。

Through the first four months. 2026, we announced a series of targeted price actions across our BAR and Tube portfolios.

在 2026 年前四個月期間，我們已針對 BAR 與 Tube 產品組合宣布一系列精準的價格調整措施。

In BAR, we implemented two actions totaling $120 per ton, phased in based on customer promised dates.

在 BAR 方面，我們實施了兩次調價，合計每噸 120 美元，並依客戶承諾交期分階段生效。

In Tube, pricing actions were differentiated by size and product types, averaging about $100 per ton across the product mix.

在 Tube 方面，調價依尺寸與產品類型有所區分，按產品組合加權平均約每噸 100 美元。

As a reminder, these pricing actions apply only to business not sold under annual price agreements and to new business, which historically represents approximately 30% of our total annual volume.

提醒各位，這些調價措施僅適用於未納入年度價格協議的業務以及新業務；就歷史而言，這部分約占我們全年總量的 30%。

We expect price realization to be gradual with greater impact toward the second half of the year.

我們預期價格落實將逐步反映，並在下半年帶來更顯著的影響。

Based on lead times and product mix dependent.

其幅度將取決於交期與產品組合。

Second-quarter price and mix are expected to be similar to the first quarter, with improvement anticipated in the second half of 2026.

第二季的價格與產品組合預期將與第一季相近，並預期在 2026 年下半年有所改善。

From an operational perspective, the company anticipates a sequential increase in its second-quarter average melt utilization rate, supported by a strong order book.

在營運面，公司預期第二季平均熔煉產能利用率將較前一季提高，並由強勁的訂單能見度所支撐。

Manufacturing costs are expected to improve sequentially by approximately $2 million in the second quarter as a result of higher melt utilization, resulting in improved cost absorption, and net of the full quarter run rate cost increase related to the ratified union contract.

由於熔煉產能利用率提高帶動成本吸收改善，且扣除已核准工會合約相關成本增加的整季年化影響後，第二季製造成本預期將較前一季改善約 200 萬美元。

And finally, an adjusted effective income tax rate between 27% and 30% is expected for the full year 2026.

最後，預期 2026 全年調整後有效所得稅率介於 27% 至 30% 之間。

Given these elements, the company expects second quarter 2026 adjusted EBITDA to be modestly higher sequentially and year-over-year.

綜合上述因素，公司預期 2026 年第二季調整後 EBITDA 將在季比與年比上均小幅提高。

To wrap up.

總結一下。

Thank you to all of our employees, customers, and suppliers for their support.

感謝我們所有員工、客戶與供應商的支持。

We're well-positioned as a high-quality, U.S.-based specialty metals producer, supporting critical markets.

作為一家高品質、以美國為基地的特種金屬生產商，我們已具備良好定位，支援關鍵市場。

As we continue to move forward in 2026, our focus is on safe execution to meet continued rising customer demand.

在 2026 年持續推進之際，我們的重點是以安全的執行來滿足客戶需求持續上升。

We remain committed to delivering shareholder value through disciplined capital allocation and sustained profitable growth.

我們仍致力於透過嚴謹的資本配置與持續的獲利成長，為股東創造價值。

As always, thank you for your interest in Metallus.

一如既往，感謝您對 Metallus 的關注。

We would now like to open the call for questions.

接下來我們將開放提問。

(Operator Instructions) our first question is from the line of John Franzberg with.

(接線員指示) 我們的第一個問題來自 John Franzberg 的線上。

Sadosha, please go ahead.

Sadosha，請開始。

Good morning, everyone, and thanks for taking the questions.

各位早安，謝謝讓我提問。

I'd actually like to start with the recent results reported.

我想先從剛公布的近期業績談起。

You touched on it in your prepared remarks about it's typically a working capital outflow quarter, but I was just curious about the sizeable rise in inventory.

你在事先準備的發言中提到，這通常是一個營運資金流出的季度，但我想了解一下庫存大幅上升的原因。

Is that illustrative of any particular end market demand or are you building inventory for any particular reason? I'm just curious about that.

這是否反映某些特定終端市場需求？還是你們基於某些特定原因在建立庫存？我只是好奇。

Yeah, so hey, John, how you doing?

是的，John，你好嗎？

Pretty much, we built inventory in Q1 based on the order book demand going into Q2 and with our lead times out to mid to late Q3, depending on product. We can see, so we're positioning inventory to service our customers, and we continue to see higher demand, as we mentioned.

基本上，我們在第一季建立庫存，是基於進入第二季的訂單簿需求；而且依產品不同，我們的交期已排到第三季中後段。我們看得到需求，因此我們是在配置庫存以服務客戶，且如我們所提到的，需求仍在走高。

Year over year, the order book is about over 40% greater, which if you did a year-over-year comparison, it's about 90,000 more tons in our order book than we had in this year last time. So we're positioning the inventory to meet the order demand that we have.

以年比來看，訂單簿約增加超過 40%；若做年比比較，我們的訂單簿比去年同期多了約 9 萬噸。因此我們是在配置庫存以滿足現有的訂單需求。

Got it. That's good to hear.

了解。很高興聽到。

And then, sequentially, you're suggesting that revenue is going to be up in the low single-digit range.

另外，就季比而言，你們表示營收將在低個位數百分比的區間成長。

I'm kind of curious, does that suggest maybe one of your key end markets is maybe a little bit slower than you would have thought, say, three months ago, especially considering the visibility of having A&D?

我有點好奇，這是否意味著你們某個主要終端市場可能比三個月前預期的稍微放緩，尤其考量到你們在航太與國防（A&D）方面的能見度？

I mean, I don't see anything slower. It's just the timing of when the orders are requested and when we need to ship them on time, aligned with our throughput capability.

我的意思是，我沒有看到任何放緩。這只是訂單要求的時間點，以及我們需要準時出貨的時間點，並與我們的產能吞吐能力相匹配的問題。

Okay, fair enough. And one last question, I'll get back into queue. Regarding the operational improvement of $2 million, I just want to make sure I kind of understand that properly.

好的，合理。最後一個問題，我之後再回到隊列。關於 200 萬美元的營運改善，我想確認我是否理解正確。

Is that improvement above the increased cost from the new union contract or is it or is it net or is it net out of the increased cost?

這項改善是高於新工會合約帶來的成本增加嗎？還是說它是淨額，或是已扣除成本增加後的淨額？

Yeah, it's net of the increased labor costs with the new agreement, a labor agreement.

是的，這是已扣除新協議（勞動協議）所增加的勞動成本後的淨額。

That's offsetting. Yeah, that's offsetting the wages.

那是在抵消。對，是在抵消薪資。

So, it's a net positive of $2 million off the wages. I just want to make sure I understand that.

所以，這是扣除薪資後淨增加 200 萬美元的正面效益。我只是想確認我理解正確。

Correct.

正確。

Great. Alright, thank you. I'll get back in the queue.

很好。好的，謝謝。我回到隊列。

Your next question is from Samuel McKinney with KeyBanc Capital Markets. Please go ahead.

下一個問題來自 KeyBanc Capital Markets 的 Samuel McKinney。請開始。

Hey, good morning.

嗨，早安。

Good morning, Sam.

早安，Sam。

Your first quarter auto shipments were up.

你們第一季汽車出貨量上升。

Slightly year-on-year despite the negative SARCOM. Could you just give us a little more color on your ability to outpace that figure and what you're hearing from the SUV and heavy truck customers moving into the summer?

儘管 SARCOM 為負，年比仍小幅成長。能否請你多補充一些，你們如何能跑贏該數據，以及進入夏季後，你們從 SUV 與重型卡車客戶那邊聽到的情況？

Yeah, I mean, those are the predominantly platforms that we're on, and those are the platforms that are drawing the demand where we've seen year-over-year order increases. So we expect that to be fairly stable at this point throughout the year.

是的，我的意思是，那些是我們主要所處的平台，而那些平台正是需求拉動的來源，我們也在那裡看到年比訂單增加。因此我們預期今年在此方面會相當穩定。

With some typical seasonality towards the end of the year.

年底會有一些典型的季節性因素。

So, it's a matter of -- it's all about the platforms that we're on and the pull rate that they're requesting for their build rates of the powertrain and transmission programs that we're on.

所以，這取決於——重點在於我們所在的平台，以及他們針對我們所參與的動力總成與變速箱專案之產量（build rates）所要求的拉貨率（pull rate）。

Okay.

好的。

I just want to turn to A&D and the Army investment.

我想轉到航太與國防（A&D）以及陸軍投資。

Given other commentary during this earnings cycle, it appears that the Army's munitions partner doesn't plan to begin production at its facility until sometime during 2027. How does that impact the timing for you to hit your previously stated goal of $250 million in annualized A&D sales this year?

根據本次財報季其他人的評論，看起來陸軍的彈藥合作夥伴計畫要到 2027 年某個時間才會在其工廠開始生產。這會如何影響你們在今年達成先前所述 A&D 年化銷售額 2.5 億美元目標的時程？

I mean, it definitely has the overall impact of them getting to the 100,000 shells per month production.

我的意思是，這確實會影響他們達到每月 10 萬發炮彈的產量。

Which then of course affects us, but what we are seeing is we have seen them ramp up their other facilities as well as we've seen some non-us demand It's, but you know some most of it's still in North America. It's just not in the US and then the offshore inquiries and orders that we're getting so.

這當然也會影響到我們；但我們看到的是，他們也在提升其他設施的產能，同時我們也看到一些非美國的需求——不過你知道，大多數仍在北美。只是它不在美國境內，另外還有我們收到的海外詢問與訂單。

It affects it, but then we're working diligently to offset that with other weapon system applications that we mentioned, the one new program we just got.

這會有影響，但我們正努力以我們提到的其他武器系統應用來抵消，例如我們剛拿到的一個新專案。

It'll most likely ramp up to its full demand in 2027, but it'll ramp up throughout the year this year, but really hit the peak cycles in '27 and '28. But we continue to work hard to get other programs to kind of offset the original planning process with a new facility coming online for the particular 155-millimeter munitions.

它很可能在 2027 年爬升至完整需求，但今年會逐步爬升，並在 2027 與 2028 年達到高峰週期。不過我們仍持續努力爭取其他專案，以抵消原先規劃中那座新設施上線、用於特定 155 毫米彈藥的時程。

But as I said earlier, we're seeing increased demand from existing facilities because they're really trying to ramp it up. If you look at the map.

但如我先前所說，我們看到既有設施的需求增加，因為他們正努力提升產量。如果你看那張圖。

And we kind of calculated based on what we sell in those particular grades, they're operating around 70,000 shells a month right now versus their 100,000 target. But that's up from 50,000 six months ago.

我們根據在那些特定鋼種的銷售量做了估算，他們目前大約每月生產 7 萬發炮彈，相較於 10 萬發的目標。但這已高於六個月前的 5 萬發。

So we do anticipate, as they continue to push the other facilities to improve their throughput and capacity. That that'll continue to modestly increase throughout the year. And then on timing, when that other facility gets up and running, it's a win-win for us.

因此我們確實預期，隨著他們持續推動其他設施改善吞吐量與產能，今年將會持續小幅增加。而在時程上，當另一座設施開始運轉時，對我們而言是雙贏。

Okay, so is there any change to the outlook of hitting $250 million in A&D sales this year?

好的，所以今年達成 A&D 銷售額 2.5 億美元的展望有任何改變嗎？

No, we still have that expectation, as we said in our comments.

沒有，我們仍維持這個預期，如同我們在評論中所說。

Yeah, there is some, variability that we're working towards in the second-half to fill some gaps because we were anticipating some type of ramp up out of that, the one facility that still is being worked on to get it up and operational. So, but we're still confident that we're going to hit that expectation, at least that.

是的，確實有一些變動性，我們正努力在下半年補足一些缺口，因為我們原本預期那座仍在建置、尚待啟用的設施會有某種程度的爬升。不過我們仍有信心能達成該預期，至少是那個目標。

We strive for higher, as you can imagine, internally, but.

如你所想，我們內部也力求更高，但。

Right now, we're confident that we'll meet that expectation.

目前我們有信心能達到那項預期。

And that's a run rate expectation. I mean, some of this is a little bit lumpy to supply chain and order timing, but as we talked about last year, that 250 is a run rate that we expect to achieve in the year.

而那是一個運行率（run rate）的預期。我的意思是，其中有些會因供應鏈與訂單時點而略顯不均，但正如我們去年談到的，250 是我們預期在今年能達成的運行率。

Right. Sure. All right. Thanks, Mike and John.

對。當然。好。謝謝你，Mike 和 John。

Thanks, Sam.

謝謝你，Sam。

Your next question comes from the line of Dave Storms with Stonegate. Please go ahead.

下一個問題來自 Stonegate 的 Dave Storms。請開始。

Is open.

開了。

Is that better?

這樣比較好嗎？

Yes, we can hear you.

是的，我們聽得到你。

Perfect.

太好了。

Thank you. Sorry about that.

謝謝。抱歉剛才那樣。

Just wanted to start with getting your thoughts around lead times.

我想先請教你們對交期（lead times）的看法。

I know you mentioned they go to the third quarter.

我知道你們提到交期延伸到第三季。

For with the ramping of the bloom reheat furnace, could this maybe be the high-water mark and maybe lead times might start to come down throughout the year, or does the order book indicate that they might continue to increase?

隨著鋼胚再加熱爐（bloom reheat furnace）產能爬坡，這會不會可能已經是高點，之後交期可能在今年逐步縮短？還是訂單能見度顯示交期可能會持續拉長？

Right now, everything we can see, here we sit in early May is the fact that, we expect it to continue to.

就目前我們所能看到的情況而言——我們現在是五月初——我們預期它會持續。

To have really good demand. Now, we do expect that the seasonality that occurs in the fourth quarter is going to be there, our maintenance, et cetera. But yeah, right now, what we see, we're halfway through the third quarter.

需求會非常強勁。當然，我們也預期第四季會出現季節性因素，例如我們的維修保養等。但就目前所見，我們已經排到第三季中段了。

So orders continue to come in at a pretty good rate per week, and we expect that to continue. We just got to focus on our execution and serve our customers.

因此訂單仍以每週相當不錯的速度持續進來，我們預期這種情況會延續。我們只需要專注於執行力並服務好客戶。

Understood, appreciate that. And then just also looking at the order book, a lot of strength there, are you seeing more of the growth coming from maybe price and excuse me, more from price or maybe more from mix or is it volume that's expected to drive that? Just any commentary of, maybe some of the profile of the order book?

了解，謝謝你的說明。另外再看訂單能見度，強勁度很高；你們看到成長更多是來自價格——不好意思——更多來自價格、產品組合（mix），還是預期由出貨量（volume）來帶動？能否評論一下訂單結構的輪廓？

Yeah, I mean, overall it's volume. Okay.

是的，我的意思是，整體來看是出貨量。好的。

But our team does a pretty good job trying to manage and maximize, the highest return value creation in mixes we can.

不過我們團隊在管理並最大化我們能做到的最高報酬、價值創造的產品組合方面，做得相當不錯。

I think the thing that we, the area we see, automotive continue to be steady. We continue to expect growth in A&D and we expect energy. We've seen, positive improvement in energy because of.

我想我們看到的情況是，汽車仍然維持穩定。我們仍預期航太與國防（A&D）會成長，也預期能源會成長。我們在能源方面看到正向改善，原因在於。

The trade environment and what we classically call it reshoring, but it's really domestic sourcing of supply.

貿易環境以及我們傳統上所稱的回流（reshoring），但其實更像是國內供應來源的採購。

So we expect that to potentially continue to modestly grow. As you can imagine, there's a lot of volatility with all the uncertainty, the global conflict, etc. Affecting the energy market. So we have to watch that very closely and align with our customers the best way we can. I think the biggest area of opportunity we see the remainder of this year is really steady growth in the industrial end markets.

因此我們預期這可能會持續溫和成長。如你所想，在各種不確定性、全球衝突等因素下，波動性很大。這些都會影響能源市場。所以我們必須非常密切地觀察，並以最佳方式與客戶對齊。我認為今年剩餘時間我們看到最大的機會領域，是工業終端市場的穩健成長。

Understood.

了解。

Thank you for taking my questions.

謝謝你回答我的問題。

Thank you.

謝謝。

(Operator Instruction) Our next question is from the line of Aaron Reed with North Coast Research. Please go ahead.

(接線員指示) 下一個問題來自 North Coast Research 的 Aaron Reed。請開始。

Thanks for taking my question here. One of the questions, or the question I really have is, you mentioned that your old energy contract was expiring and you have a new one. I was wondering if you could give us any more insights into the terms around that, and is that something that's typically paid on spot? Or those longer-term contracts?

謝謝讓我提問。我真正想問的是，你提到你們舊的能源合約到期了，並且有新的合約。我想請問你們能否再多分享一些相關條款的細節？以及那通常是按現貨（spot）支付嗎？還是屬於較長期的合約？

Okay, so we did have a long-term contract that expired at the end of last May.

好的，我們確實有一份長期合約在去年五月底到期。

So the contracts that we currently operate on, 70% of our electrical demand is fixed under a two-year agreement, which were actually just began the second six months of year one.

目前我們運作的合約是：我們用電需求的 70% 以兩年期協議固定，且我們其實剛進入第一年第二個六個月。

That'll exist for two years.

這份協議會維持兩年。

The other 30% is spot purchased.

另外 30% 則以現貨採購。

That's helpful.

這很有幫助。

Thank you.

謝謝。

So that's... Yeah, you're welcome.

所以那就是……是的，不客氣。

And the other question I had is...

我另一個問題是……

One of the things that we saw was the new tariffs that went into place here on May 1st for automotive. Do you expect that to have a meaningful impact on automotive demand? I know it's typically not what we're importing from Europe. It's a real lot of overlap with what you're supplying to, but I just wasn't sure in the past how that impacted you, and does that give any insights on what the market might look like here going forward?

我們看到 5 月 1 日起針對汽車的新關稅生效。你們預期這會對汽車需求造成顯著影響嗎？我知道通常我們不是從歐洲進口你們供應的那些產品，重疊度不高，但我不確定過去這對你們的影響如何；以及這是否能提供一些對未來市場走向的線索？

Well, we're heavily influenced based on build rates and platforms.

嗯，我們受到整車生產率（build rates）與平台的影響很大。

Excuse me.

不好意思。

Predominantly, most of our steel applications go into powertrains, particularly transmissions, crankshafts, et cetera. And we've heavily focused on SUVs and trucks.

主要來說，我們大多數鋼材應用都用在動力系統（powertrains），特別是變速箱、曲軸等。而且我們高度聚焦在 SUV 與卡車。

And those are the vehicles that are selling. That's why we're seeing good, steady demand all last year throughout the volatility of the market, regardless of imports.

而這些車款正是賣得好的。這也是為什麼去年在市場波動期間，不論進口情況如何，我們都看到良好且穩定的需求。

This year we see the same thing with incremental improvement. What we are seeing is, the move away from the high expected volume of EVs and what we are seeing is more hybrid demand, which is good for us because it has a combustion engine and has a transmission as well as electric motors. So that's kind of the move we've seen.

今年我們看到同樣情況，並且有些增量改善。我們觀察到的是，市場正在從原先預期的高電動車（EV）銷量轉移，轉而出現更多油電混合（hybrid）需求；這對我們有利，因為它既有內燃機，也有變速箱，並且還有電動馬達。這就是我們看到的轉變。

And I think it still plays good to us because we can play in all three of those platforms, ICE, hybrid or EV.

而且我認為這仍然對我們很有利，因為我們可以在這三種平台都參與：內燃機（ICE）、油電混合或純電（EV）。

So, I think we're in a good spot. Our team has done a pretty decent job of going after the right applications where typically the consumer price effect isn't as influenced based on price movements because these tend to all be high-end vehicles.

所以，我認為我們處於不錯的位置。我們團隊在鎖定合適的應用方面做得相當不錯；這些通常是高端車款，因此消費者端的價格影響不會那麼容易受到價格波動左右。

Super helpful.

非常有幫助。

Thank you. I'll turn it back over.

謝謝。我把時間交回去。

I'll now hand the call back over to Metellus as we have no further questions in queue.

由於目前沒有其他排隊提問者，我現在把電話交回給 Metellus。

Great.

很好。

Thank you so much. And that concludes our call for today.

非常感謝。今天的電話會議到此結束。

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

再次感謝各位今天參與。今天的電話會議至此結束。您現在可以掛線。