諾威品牌 (NWL) 2025 Q2 法說會逐字稿

Good morning, and welcome to Newell Brands second-quarter 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded. A live webcast of the call is available at ir.newellbrands.com.

早安，歡迎參加 Newell Brands 2025 年第二季財報電話會議。（操作員指示）今天的電話會議正在錄音。您可以在 ir.newellbrands.com 上觀看此次電話會議的現場網路直播。

I will now turn the call over to Joanne Freiberger, SVP of Investor Relations and Chief Communications Officer. Ms. Freiberger, you may begin.

現在我將電話轉交給投資者關係資深副總裁兼首席傳播長 Joanne Freiberger。弗萊伯格女士，您可以開始了。

Thank you. Good morning, everyone, and welcome to Newell Brands second-quarter 2025 earnings call. On the call with me today are Chris Peterson, our President and CEO; and Mark Erceg, our CFO.

謝謝。大家早安，歡迎參加 Newell Brands 2025 年第二季財報電話會議。今天與我一起通話的有我們的總裁兼執行長 Chris Peterson 和我們的財務長馬克‧埃爾塞格 (Mark Erceg)。

Before we begin, I'd like to inform you that during today's call, we will be making forward-looking statements, which involve risks and uncertainties. Actual results and outcomes may differ materially, and we take -- undertake no obligation to update forward-looking statements. I refer you to the cautionary language and risk factors available in our earnings release our Form 10-K, Form 10-Q, and other SEC filings available on our Investor Relations website for a further discussion of the factors affecting forward-looking statements.

在我們開始之前，我想通知您，在今天的電話會議中，我們將做出前瞻性陳述，其中涉及風險和不確定性。實際結果和成果可能有重大差異，我們不承擔更新前瞻性陳述的義務。我請您參閱我們的收益報告表格 10-K、表格 10-Q 和投資者關係網站上提供的其他 SEC 文件中的警示性語言和風險因素，以進一步討論影響前瞻性陳述的因素。

Please also recognize that today's remarks will refer to certain non-GAAP financial measures, including those referred to as normalized measures. We believe these non-GAAP measures are useful to investors although they should not be considered superior to the measures presented in accordance with GAAP. Explanations of these non-GAAP measures are available and reconciliations between GAAP and non-GAAP can be found in today's earnings release and tables that were furnished to the SEC.

還要注意，今天的演講將涉及某些非公認會計準則財務指標，包括那些被稱為標準化指標的指標。我們認為，這些非公認會計準則衡量指標對投資者是有用的，儘管它們不應被認為優於按照公認會計準則提出的衡量指標。在今天的收益報告和提交給美國證券交易委員會的表格中，可以找到這些非公認會計準則 (non-GAAP) 指標的解釋以及公認會計準則 (GAAP) 和非公認會計準則 (non-GAAP) 之間的對帳。

Thank you. And with that, I'll turn the call over to Chris.

謝謝。說完這些，我會把電話轉給克里斯。

Thank you, Joanne. Good morning, everyone, and welcome to our second-quarter earnings call. Newell Brands demonstrated tremendous agility during the second quarter, definitely managing the short- and long-term needs of the business as all constituents across the consumer products value chain were being challenged by a very dynamic global macroeconomic environment.

謝謝你，喬安妮。大家早安，歡迎參加我們的第二季財報電話會議。在第二季度，Newell Brands 表現出了極大的靈活性，在消費品價值鏈上的所有組成部分都受到高度動態的全球宏觀經濟環境的挑戰的情況下，它能夠很好地管理業務的短期和長期需求。

Strict adherence to the key tenets of our strategy, coupled with another quarter of strong operational discipline, drove Q2 results in line with expectations across all financial metrics. With normalized operating margin and normalized earnings per share results, both being particularly noteworthy.

嚴格遵守我們策略的關鍵原則，加上另一個季度強而有力的營運紀律，推動第二季的業績符合所有財務指標的預期。隨著營業利益率和每股盈餘結果的正常化，兩者都特別值得注意。

Normalized operating margin increased 10 basis points versus a year ago, to 10.7% with all three business segments being positive for the first time since Q3 of 2022. The increase in normalized operating margin was driven by normalized gross margin, which increased by 80 basis points to the highest rate in four years at 35.6%. This was the 8th consecutive quarter of meaningful year-over-year expansion in gross margin as we continue to focus on dramatically improving the structural economics of the business.

標準化營業利潤率較去年同期增加 10 個基點，達到 10.7%，三個業務部門自 2022 年第三季以來首次實現正成長。標準化營業利潤率的成長是由標準化毛利率推動的，標準化毛利率增加了 80 個基點，達到四年來的最高水準 35.6%。這是毛利率連續第 8 季同比大幅成長，我們繼續致力於大幅改善業務的結構性經濟。

Normalized earnings per share came in at $0.24, which was at the top end of our guidance range despite incurring a higher-than-expected tax rate in the quarter. Relative to the top line, second-quarter core sales was minus 4.4%, which was within our guidance range, but frankly, slightly below our operating plan.

每股收益標準化為 0.24 美元，儘管本季稅率高於預期，但仍處於我們指導範圍的最高端。相對於營業收入，第二季核心銷售額為負 4.4%，這在我們的指導範圍內，但坦白說，略低於我們的營運計畫。

You may recall that since our new corporate strategy was deployed in June of 2023, core sales trends have dramatically improved each six-month period going from down 14.7% in the first half of 2023 to down 2.3% in the second half of 2024.

您可能還記得，自 2023 年 6 月部署新的企業策略以來，核心銷售趨勢每六個月都顯著改善，從 2023 年上半年的下降 14.7% 到 2024 年下半年的下降 2.3%。

With second-quarter results now posted, first-half core sales for '25 came in at minus 3.4%, which is an improvement versus a year ago, but does interrupt the steady sequential progress that had been delivered during each six-month period up until now.

隨著第二季業績的公佈，25 年上半年核心銷售額為負 3.4%，與去年同期相比有所改善，但卻打斷了迄今為止每六個月期間實現的穩定連續增長。

Having said that, it's important to note that this was largely driven by category softness related to consumer pullback and retailer actions. We estimate market growth was down low-single digits in the first half of 2025. This means Newell largely held market share during the first half of the year. From our standpoint, this is a notable improvement as prior to the implementation of the new strategy and the capability improvement projects, Newell had been consistently losing market share.

話雖如此，值得注意的是，這主要是由於消費者回撤和零售商行動相關的類別疲軟所致。我們估計，2025 年上半年市場成長率將下降個位數。這意味著 Newell 在上半年佔據了相當大的市場份額。從我們的角度來看，這是一個顯著的進步，因為在實施新策略和能力改善項目之前，Newell 的市佔率一直在不斷下降。

Looking forward, we expect market growth to remain subdued as certain consumer cohorts remain under pressure. In this context, we are focused on continuing to improve our front-end capabilities and over the course of the past several months, we have further strengthened our back-half distribution, innovation and marketing plans.

展望未來，我們預期市場成長將保持低迷，因為某些消費者群體仍面臨壓力。在此背景下，我們專注於繼續提高我們的前端能力，並在過去幾個月中進一步加強了我們的後半年分銷、創新和行銷計劃。

While we are excited about what we have achieved in all three areas, distribution gains is the area where we'll spend the most time today because we continue to believe Newell Brands is well positioned to disproportionately benefit from the global tariff-driven trade realignment currently underway.

雖然我們對在這三個領域所取得的成就感到興奮，但分銷收益是我們今天花費時間最多的領域，因為我們仍然相信 Newell Brands 處於有利地位，可以從目前正在進行的全球關稅驅動的貿易調整中獲得不成比例的利益。

Recall that more than half of our US sales are manufactured through an extensive and highly automated North American supply base consisting of 15 US manufacturing plants and two Mexico-based USMCA-compliant facilities, none of which are subject to tariffs. And because we have invested nearly $2 billion across our North American production system, since 2017, we have significant untapped capacity, which we can quickly access to help strategic customers keep their store shops full of high-quality American-made products that represent good value for their shoppers.

回想一下，我們在美國銷售的產品有一半以上是透過廣泛且高度自動化的北美供應基地生產的，該供應基地由 15 家美國製造工廠和兩家位於墨西哥的符合 USMCA 標準的工廠組成，這些工廠均不受關稅約束。由於我們自 2017 年以來已在北美生產系統中投資了近 20 億美元，因此我們擁有大量未開發的產能，我們可以快速利用這些產能來幫助戰略客戶保持其商店充滿高品質的美國製造產品，為購物者提供物有所值的產品。

In June, we shared notable tariff-related business wins that have been secured in food storage, vacuum sealing bags, markers, and home fragrance. Since then, considerable progress has been made. We have now secured incremental business in 13 of the 19 categories where we have domestic manufacturing capability.

6 月份，我們分享了與關稅相關的顯著業務勝利，這些勝利體現在食品儲存、真空密封袋、記號筆和家居香水等領域。自那時以來，我們已經取得了長足的進步。目前，我們在擁有國內製造能力的 19 個類別中，有 13 個類別已獲得增量業務。

In addition, we have identified 10 other categories where we have a relative sourcing advantage versus competition based on country of origin and/or where we have existing tariff free inventory available for incremental promotions. Collectively, we have successfully secured tariff-related relative sourcing advantage or tariff-free inventory wins with over 30 customers across nearly every domestic channel where we go to market.

此外，我們還確定了另外 10 個類別，在這些類別中，我們在原產國方面具有相對採購優勢，並且/或我們擁有可用於增量促銷的現有免關稅庫存。總體而言，我們已成功從我們進入市場的幾乎所有國內管道的 30 多家客戶手中獲得了與關稅相關的相對採購優勢或免關稅庫存優勢。

Some of these business wins are large and some are small. Some of them are one-time in nature, whereas others have the potential to be much, much longer in duration. Some of them will present themselves in 2025, and others will not come online until 2026. However, in all cases, we are leveraging the scale, efficiency, and capabilities are where to play and how to win choices are creating to accelerate our business and grow profitably.

這些商業勝利有的很大，有的很小。其中一些是一次性的，而另一些則可能持續更長時間。其中一些將於 2025 年面世，而其他一些則要到 2026 年才會上線。然而，在所有情況下，我們都在利用規模、效率和能力來決定在哪裡發揮作用以及如何取勝，以加速我們的業務並實現盈利增長。

Turning to innovation. We remain confident that Newell's new strategy is working. As we shared earlier this year, our multiyear innovation funnel has now largely been rebuilt with exciting consumer-led proprietary products which will begin launching in a more sustained manner, starting with the second half of this year. In fact, our most recent and largest Tier 1 innovation launch for 2025 was just announced last week.

轉向創新。我們仍然相信紐厄爾的新戰略正在發揮作用。正如我們今年稍早所分享的，我們多年的創新管道現在已經基本重建，其中包括令人興奮的消費者主導的專有產品，這些產品將從今年下半年開始以更持續的方式推出。事實上，我們最新、規模最大的 2025 年一級創新發表會在上週剛宣布。

And a pivotal evolution for the brand, Yankee Candle has officially launched a comprehensive brand refresh, an innovative -- an initiative that reimagines the iconic fragrance experience with a premium product upgrade, modern design, and a deepened emotional connection to consumers.

作為品牌的關鍵轉型，Yankee Candle 正式啟動了全面的品牌更新，這是一項創新舉措，旨在透過優質的產品升級、現代設計以及與消費者更深層次的情感聯繫來重新構想標誌性的香水體驗。

Grounded in consumer insights, this fragrance first relaunch establishes a new benchmark for how Heritage Brands can evolve with purpose. To bring the refreshed brand to life, Yankee Candle partnered with Brittany Snow, Actress, Director and long-time fan. The Yankee Candle launch is supported by a full 360-degree marketing program and the products are being sold directly to consumers through company-operated stores, Yankee Candle's branded website, and third-party online and retail stores.

基於消費者洞察，這款香水的首次重新推出為 Heritage Brands 如何有目的地發展設立了新的基準。為了讓這個煥然一新的品牌煥發生機，Yankee Candle 與女演員、導演兼長期粉絲 Brittany Snow 進行了合作。Yankee Candle 的推出得到了全方位行銷計劃的支持，產品透過公司經營的商店、Yankee Candle 品牌網站以及第三方線上和零售商店直接銷售給消費者。

Finally, from a marketing standpoint, we plan to invest more money in absolute dollar terms and as a percentage of sales during the back half of 2025 than during any six-month period since 2017. This money will be invested behind a strong set of innovative new product launches using holistic 360-degree marketing campaigns with stronger return on investment expectations as our marketing capabilities have improved over the past two years.

最後，從行銷的角度來看，我們計劃在 2025 年下半年投入的資金（以絕對美元計算）和銷售額百分比將比 2017 年以來的任何六個月期間都要多。這筆資金將用於支持一系列強有力的創新新產品的推出，採用全方位的營銷活動，隨著我們營銷能力在過去兩年中得到提高，投資回報率預期也將更高。

So for all of these reasons, we are confident that core sales during the back half of 2025 will improve sequentially versus the first half of the year. And that broadly speaking, Newell's turnaround story is pacing well.

因此，基於所有這些原因，我們相信 2025 年下半年的核心銷售額將比上半年較上季成長。從整體來看，紐維爾的轉型故事進展順利。

The last thing I would like to comment on before turning the call over to Mark, who will walk you through the details, is how we have approached tariff impacts conceptually and at a high level in our updated guidance from both a top- and bottom-line standpoint. Recall that last quarter, we spent considerable time describing and walking everyone through the numerous parts and pieces of the global tariff picture.

在將電話轉給馬克之前，我最後想評論的是，我們如何從概念和高層次上從頂線和底線的角度在更新後的指南中處理關稅影響。馬克將向您詳細介紹這些細節。回想一下上個季度，我們花了大量時間向大家描述和介紹全球關稅狀況的眾多部分和片段。

As we stand here today, we have a much better understanding of the various rate impacts but short- and near-term shopper behavior over the next three to six months remains uncertain. On the one hand, inflation has moderated, employment trends are favorable, real wages are up, and the recently enacted legislation out of Washington has several notable new tax provisions, which should put more dollars into the hands of lower income households while providing rate stability for moderate and high earners who typically look for more value-added MPP and HPP products.

今天，我們對各種利率影響有了更好的了解，但未來三到六個月的短期和近期購物者行為仍然不確定。一方面，通貨膨脹已經緩和，就業趨勢良好，實際工資上漲，華盛頓最近頒布的立法包含幾項值得注意的新稅收條款，這些條款將為低收入家庭提供更多資金，同時為通常尋求更多增值 MPP 和 HPP 產品的中等收入者和高收入者提供利率穩定性。

On the other hand, many consumers are still wrestling with the cumulative effect of several years of above-trend inflation and interest rates remain stubbornly high, which is depressing household formation new housing starts and discretionary consumer purchases in general, but particularly for low-income consumers across general merchandise categories. Thus, while we are optimistic about the mid- and longer-term trajectory of the US and global economy, we remain a bit cautious in the short term.

另一方面，許多消費者仍在努力應對數年高於趨勢的通貨膨脹的累積效應，而且利率仍然居高不下，這抑制了家庭組建、新屋開工和總體可自由支配的消費購買，尤其是對於一般商品類別的低收入消費者而言。因此，雖然我們對美國和全球經濟的中長期走勢持樂觀態度，但短期內我們仍持謹慎態度。

Therefore, we are updating our core sales guidance range for the year to reflect category growth expectations at the low end of our prior range. This is being offset by better foreign exchange, which, in turn, has us in the top half of our prior net sales guidance range. As it relates to our structural economics and the bottom line, we made the determination that we will price where necessary to protect the gross margin gains we have achieved as part of our turnaround strategy.

因此，我們正在更新今年的核心銷售指導範圍，以反映我們先前範圍低端的類別成長預期。但外匯匯率的改善抵消了這一影響，從而使我們的淨銷售額處於先前淨銷售額預期範圍的上半部。由於它與我們的結構性經濟和底線有關，我們決定在必要時定價，以保護我們作為扭虧為盈策略的一部分所取得的毛利率收益。

Consistent with this, after identifying and executing additional productivity and overhead reduction actions, we initiated three separate rounds of targeted tariff-related price actions in the US, two of which we discussed last quarter and went into effect April 1 and May 1, respectively. The first two rounds of pricing incorporated the initial AIBA 20% China tariffs and the 25% tariff on aluminum and steel. The most recent price increase with a July 28 effective date included pricing where necessary to cover the additional 10% China and rest of world where reciprocal tariffs exist.

與此一致，在確定並執行額外的生產力和管理費用削減行動後，我們在美國啟動了三輪有針對性的關稅相關價格行動，其中兩輪我們在上個季度進行了討論，並分別於 4 月 1 日和 5 月 1 日生效。前兩輪定價包括國際拳聯最初對中國徵收的20%關稅以及對鋁和鋼鐵徵收25%的關稅。最新一次價格上調於 7 月 28 日生效，其中包括在必要時調整價格以彌補中國和世界其他存在互惠關稅的地區額外 10% 的關稅。

The combination of our cost reduction efforts and these pricing actions has put us in a position where we believe we will be able to fully offset all of the currently announced and either in effect or soon to be, in effect, tariff actions that are expected to be permanent in nature, which we believe is a tremendous accomplishment by the Newell team and represents the absorption and offsetting of about $0.16 per share.

透過降低成本的努力和這些定價行動，我們相信我們將能夠完全抵消所有目前宣布的、已經生效或即將生效的、預計將是永久性的關稅行動，我們認為這是 Newell 團隊取得的一項巨大成就，相當於每股吸收和抵消約 0.16 美元。

The only piece of tariff-related impacts, which is worth about $0.05 per share, we don't plan to recover, is the one-time cost related to the incremental 125% share of China tariff that was only in effect for a limited period of time. While we immediately suspended future orders once that rate was announced, we did incur that rate on in-transit goods that could not be delayed.

我們不打算收回的唯一與關稅相關的影響是與中國增量 125% 關稅份額相關的一次性成本，該影響價值約為每股 0.05 美元，且僅在有限的時間內有效。雖然我們在該費率宣布後立即暫停了未來的訂單，但我們確實對無法延誤的在途貨物徵收了該費率。

Since those costs will not be ongoing, we believe it would be inappropriate and shortsighted for us to reduce planned A&P investment, eliminate or cut back organization capability enhancements being developed, or price to recover these nonrecurring transitory costs.

由於這些成本不會持續存在，我們認為減少計劃中的 A&P 投資、取消或削減正在開發的組織能力增強或收回這些非經常性暫時成本的價格都是不合適和短視的。

As I turn the call over to Mark, who will provide additional details, let me stay we expect sequential top-line progress to resume going forward based on distribution gains, innovation launches and marketing programs. And we remain on track to expand normalized operating margins grow normalized earnings per share on a tax equalized basis by double digits, grow normalized EBITDA by mid- to high-single digits, and improve Newell's leverage ratio versus prior year during 2025.

當我把電話轉給馬克時，他將提供更多細節，讓我先說一句，我們預計基於分銷收益、創新發布和行銷計劃，未來營收將持續成長。我們仍有望在 2025 年繼續擴大標準化營業利潤率，在稅收均衡基礎上實現標準化每股收益兩位數增長，標準化 EBITDA 實現中高個位數增長，並提高 Newell 的槓桿率（較上年有所提高）。

To the extent additional tariff-related pricing actions are necessary, we will act accordingly, but we think pricing actions for 2025 are now largely behind us. In closing, I would like to thank our dedicated employees for their continued agility, resilience and grit demonstrated throughout this dynamic environment. Their continued commitment to operating with excellence makes it possible for Newell Brands to delight consumers around the world.

如果需要採取額外的與關稅相關的定價行動，我們將採取相應行動，但我們認為 2025 年的定價行動現在基本上已經過去了。最後，我要感謝我們敬業的員工，感謝他們在這個充滿活力的環境中表現出的持續敏捷、韌性和勇氣。他們持續致力於卓越運營，使得 Newell Brands 能夠讓世界各地的消費者感到滿意。

Mark?

標記？

Thanks, Cris. Good morning, everyone. Second-quarter 2025 core sales came in at minus 4.4% and while net sales contracted slightly more at 4.8% due to unfavorable foreign exchange and business exits. The International business, which accounts for nearly 40% of Newell's total sales, delivered a 6th consecutive quarter of positive core sales growth in both the Writing business, which is our most profitable business and the Home Fragrance business grew core sales.

謝謝，克里斯。大家早安。2025 年第二季核心銷售額下降 4.4%，而由於不利的外匯和業務退出，淨銷售額略微下降 4.8%。國際業務佔 Newell 總銷售額的近 40%，其中，寫作業務（我們最賺錢的業務）和家居香氛業務的核心銷售額連續 6 個季度實現正增長。

Normalized gross margin expanded by 80 basis points to 35.6% during the second quarter, which was the highest it has been in four years and represents the 8th consecutive quarter of substantial year-over-year improvement. Gross productivity savings and pricing more than offset headwinds from inflation, lower unit volume, which negatively impacted factory absorption, and a slight tariff headwind, which I will elaborate on momentarily.

第二季度，標準化毛利率擴大了 80 個基點，達到 35.6%，這是四年來的最高水平，也是連續第 8 個季度大幅同比改善。總生產力的節省和定價足以抵消通貨膨脹、單位產量下降（對工廠吸收產生負面影響）和輕微的關稅阻力帶來的阻力，我將稍後詳細說明。

During the second quarter, Newell's normalized operating margins also expanded, increasing by 10 basis points to 10.7%, with A&P levels as a percentage of sales being comparable to last year. This, of course, implies that overheads increased as a percentage of sales despite being down in absolute dollars as we continue to build out the essential capabilities required to consistently grow profitably in our industry.

第二季度，Newell 的標準化營業利潤率也擴大了，增加了 10 個基點，達到 10.7%，廣告與促銷收入佔銷售額的百分比與去年同期相當。當然，這意味著儘管管理費用的絕對金額下降了，但其佔銷售額的百分比卻增加了，因為我們將繼續建立行業持續獲利成長所需的基本能力。

The reason we want to call this out is because starting with the third quarter and continuing into the fourth quarter of 2025, we expect overheads as a percentage of sales to decline for the first time since our new strategy was put into effect, which we think is notable.

我們之所以要指出這一點，是因為從第三季度開始到 2025 年第四季度，我們預計管理費用佔銷售額的百分比將自我們的新策略實施以來首次下降，我們認為這是值得注意的。

Net interest expense of $82 million reflected an increase of $4 million versus a year ago and a normalized income tax provision of $24 million was recorded in Q2, resulting in an effective tax rate of 19.2% which was higher than the mid-teens rate we projected three months ago. Despite having a higher effective tax rate, which negatively impacted the quarter by $0.02, we delivered normalized earnings per share of $0.24, which was at the high end of our guidance range.

淨利息支出為 8,200 萬美元，較去年同期增加 400 萬美元，第二季記錄了 2,400 萬美元的正常化所得稅準備金，導致有效稅率為 19.2%，高於我們三個月前預測的十幾歲的稅率。儘管有效稅率較高，對本季產生了 0.02 美元的負面影響，但我們實現了 0.24 美元的正常每股收益，處於我們指導範圍的高端。

Operating cash flow was an outflow of $271 million versus a cash inflow of $64 million in the prior year. Recall that Newell's business is seasonal with OCF typically running negative during the first half of the year before turning positive in the second. That said, we did proactively and selectively purchased some inventory ahead of anticipated tariff-driven cost increases which negatively impacted first-half operating cash flow and more recently, we took additional steps to ensure that we are rightsizing our back-half inventory levels.

經營現金流出為 2.71 億美元，而去年同期的現金流入為 6,400 萬美元。回想一下，Newell 的業務具有季節性，OCF 通常在上半年為負值，然後在下半年轉為正值。儘管如此，我們確實在預期的關稅驅動成本增加之前主動且有選擇地購買了一些庫存，這對上半年的經營現金流產生了負面影響，最近，我們採取了額外措施，以確保我們下半年的庫存水平得到適當調整。

Our net leverage ratio for the quarter was 5.5 times, which was slightly above Q2 of 2024, but we still expect a year-end leverage ratio of about 4.5 times as we move over time towards investment-grade status. Beyond posting solid financial results, there are two other substantive items that took place during the second quarter that we would like to quickly mention.

我們本季的淨槓桿率為 5.5 倍，略高於 2024 年第二季度，但隨著我們逐漸邁向投資級水平，我們預計年底槓桿率仍將在 4.5 倍左右。除了公佈穩健的財務業績外，第二季還有另外兩件實質的事情我們也想簡單提一下。

First, we added financial flexibility in Q2 by fully redeeming the remaining $1.25 billion of April 2026 outstanding bonds. The bond offering was 4 times oversubscribed, which we believe is indicative of broad investor support behind Newell Brands corporate strategy, which has enhanced top-line performance, strengthened our balance sheet, and fundamentally improved our structural economics.

首先，我們在第二季全額贖回了 2026 年 4 月剩餘的 12.5 億美元未償還債券，增加了財務彈性。此次債券發行獲得了4倍超額認購，我們認為這表明投資者廣泛支持Newell Brands的企業策略，該策略提高了公司營收表現，增強了我們的資產負債表，並從根本上改善了我們的結構性經濟狀況。

Second, Newell's very capable IT team partnered with the business to successfully complete two additional ERP integrations during the second quarter. Home Fragrance was moved from Oracle to SAP, and two instances of Datasul in Brazil were migrated over to a single instance. With these two large moves now behind us, we are in a position to complete our ERP harmonization efforts by the fall of 2026, which would be a fabulous outcome given that immediately following the Jarden acquisition, Newell Brands had 42 different ERP systems.

其次，Newell 非常有能力的 IT 團隊與企業合作，在第二季度成功完成了另外兩個 ERP 整合。家居香氛從 Oracle 遷移至 SAP，巴西的 Datasul 的兩個實例遷移至單一實例。現在，隨著這兩項重大舉措的完成，我們將能夠在 2026 年秋季之前完成 ERP 協調工作，這將是一個極好的結果，因為在收購 Jarden 之後，Newell Brands 擁有 42 個不同的 ERP 系統。

Turning to the outlook. We are updating full-year 2025 financial projections to reflect a number of factors. First, what we believe to be short-term category softness due to temporary consumer pullback in discretionary categories as consumers and retailers remain focused on food and everyday essentials. Second, the positive progress we are making on tariff-related relative sourcing advantage or tariff-free inventory business wins. Third, foreign exchange rates.

轉向展望。我們正在更新 2025 年全年財務預測，以反映多種因素。首先，我們認為，由於消費者和零售商仍關注食品和日常必需品，導致非必需品類別的消費暫時回落，導致短期類別疲軟。第二，我們在與關稅相關的相對採購優勢或免關稅庫存業務勝利方面取得了積極進展。第三，外匯匯率。

Finally, the timing and impact of all known tariff costs and are offsetting mitigating actions. Starting with the top line. Chris indicated, we are assuming a low-single-digit decline across our product categories in aggregate for the balance of the year. However, partially offsetting this negative impact is about $30 million of incremental back half sales related to the various business wins already secured from leveraging a strong domestic manufacturing position and a best-in-class sourcing and procurement team.

最後，所有已知關稅成本的時間和影響都在抵消緩解措施。從第一行開始。克里斯表示，我們預計今年餘下時間裡，我們所有產品類別的整體銷售將出現低個位數下滑。然而，部分抵消這一負面影響的是約 3000 萬美元的增量後半年銷售額，這些銷售額與利用強大的國內製造地位和一流的採購團隊已經獲得的各種業務勝利有關。

Before the year is over, this number is expected to grow even more as we look to secure additional in-year wins and strive to make the wins we've already secured even larger. And while we're discussing 2025 right now, it warrants mentioning that since it takes time for retailers to change their shelf sets and merchandising opportunities are typically planned and managed several months out. We have secured even more wins in dollarized terms in 2026.

今年結束之前，預計這一數字還會進一步增長，因為我們希望獲得更多年度勝利，並努力使我們已經獲得的勝利更加豐厚。雖然我們現在正在討論 2025 年，但值得一提的是，零售商需要時間來改變貨架佈置，而商品銷售機會通常需要幾個月的時間來規劃和管理。2026 年，我們以美元計算取得了更多勝利。

Taking all this into account, 2025 net sales are expected to be in the top half and core sales in the lower half of the prior guidance range. This means both net sales and core sales are now expected to be between minus 3% and minus 2%. The outlook for normalized operating margin remains unchanged at 9% to 9.5%, which at the midpoint represents roughly a 110 basis point improvement from 2024 and is more than double our evergreen target of a 50 basis point improvement each year.

考慮到所有這些因素，預計 2025 年淨銷售額將處於先前指導範圍的上半部分，而核心銷售將處於先前指導範圍的下半部分。這意味著淨銷售額和核心銷售額預計都將在-3%到-2%之間。正常化營業利潤率前景保持不變，為 9% 至 9.5%，中間值代表比 2024 年提高約 110 個基點，是我們每年提高 50 個基點的常青目標的兩倍多。

Before moving on to earnings per share, let's fully unpack our tariff situation, so everyone's on the same page. Last quarter, we talked about various buckets of tariffs, and we provided a sensitivity as it related to the incremental 125% China tariffs. We did that because at the time, we felt that this approach would provide our shareholders and potential future holders of Newell Brands stock with helpful perspective. This time around, because the overall tariff picture has come into a better view, we can boil things down quite a bit.

在討論每股盈餘之前，讓我們先全面分析一下關稅情況，以便讓每個人都了解情況。上個季度，我們討論了各種關稅，並提供了與中國增量 125% 關稅相關的敏感度。我們這樣做是因為我們當時認為這種方法將為我們的股東和 Newell Brands 股票的潛在未來持有者提供有益的視角。這一次，由於整體關稅狀況已經變得更加明朗，我們可以將事情歸結為相當簡單的幾件事。

So simply put, if we take everything we know from all of the individual country and/or regional tariff deals that have been announced to date and all of the commodity specific actions that have been taken on things like steel and aluminum, it equates to an expected incremental cash tariff cost on a gross basis of approximately $155 million versus 2024.

簡而言之，如果我們綜合考慮迄今為止宣布的所有國家和地區關稅協議以及針對鋼鐵和鋁等商品採取的所有具體行動，預計到 2024 年，關稅現金成本總額將增加約 1.55 億美元。

From a country standpoint, China accounts for about 80% of this amount, which is why for the past several years, we've been so focused on moving our supply base out of China. While $155 million is the expected incremental cash tariff cost on a gross basis, that is not the amount that will hit our 2025 P&L because tariffs are inventoriable costs. That means they are capitalized or suspended into inventory when they are incurred and only recognized in the P&L when actually sold.

從國家角度來看，中國約佔這筆金額的 80%，這就是為什麼過去幾年我們一直致力於將我們的供應基地遷出中國。雖然 1.55 億美元是預計的總額增量現金關稅成本，但這不會影響我們的 2025 年損益表，因為關稅是可存貨成本。這意味著它們在發生時被資本化或暫停存貨，並且僅在實際出售時在損益表中確認。

Therefore, we expect roughly $50 million of this $155 million gross impact will not hit our 2025 P&L even though it will affect operating cash flow. This leaves a net 2025 P&L impact before any offsetting mitigating actions of $105 million, $10 million of which came through in our Q2 results, leaving approximately $55 million expected in Q3 and $40 million expected in Q4.

因此，我們預計，這 1.55 億美元的總影響中約有 5,000 萬美元不會影響我們的 2025 年損益表，儘管它會影響營運現金流。在採取任何抵銷緩解措施之前，這會導致 2025 年淨損益影響為 1.05 億美元，其中 1,000 萬美元來自我們的第二季業績，預計第三季約為 5,500 萬美元，第四季約為 4,000 萬美元。

On an after-tax EPS basis, $105 million equates to $0.21 per share, $0.02 of which fell into Q2, leaving $0.11 and $0.08 expected for Q3 and Q4, respectively. The reason Q3 is expected to be higher than Q4 traces back to the incremental 125% China tariffs that were in effect for a period of time earlier this year. While orders were dramatically curtailed during that time period, we did incur about $25 million of gross cash impacts because shipments already in transit were burdened by this extra cost, which importantly was included in the $155 million number I referenced earlier.

以稅後每股收益計算，1.05 億美元相當於每股 0.21 美元，其中第二季為 0.02 美元，預計第三季和第四季分別為 0.11 美元和 0.08 美元。預計第三季銷售額將高於第四季的原因可追溯到今年稍早在中國實施的 125% 的增量關稅。雖然在那段時間裡訂單大幅減少，但我們確實遭受了約 2500 萬美元的總現金影響，因為已經在運輸途中的貨物承受了這筆額外成本，重要的是，這筆額外成本包含在我之前提到的 1.55 億美元的數字中。

This $25 million or $0.05 per share is also being temporarily suspended in inventory, but because these purchases were earlier in the year, and these items are expected to turn very quickly, virtually all this amount will hit our Q3 P&L.

這 2500 萬美元或每股 0.05 美元也被暫時擱置在庫存中，但由於這些採購是在今年早些時候進行的，而且這些物品預計週轉速度非常快，因此幾乎所有這筆金額都將計入我們的第三季度損益表。

With that detailed understanding and Chris stating earlier that mitigating cost reduction and pricing actions have been implemented to fully offset all of the currently announced and either in effect or soon to be in effect tariff actions that are expected to be permanent in nature updating, our full-year EPS guidance range is very straightforward.

有了這些詳細的了解，並且克里斯早些時候表示，已經實施了減輕成本削減和定價措施，以完全抵消所有目前宣布的、已經生效或即將生效的關稅措施，這些措施預計將是永久性的更新，因此，我們的全年每股收益指導範圍非常簡單。

We simply took our prior range of $0.70 to $0.76 and subtracted the $0.05 that are not permanent in nature and which, therefore, we are not seeking to recover. Doing so brought us to $0.65 to $0.71. Then, because we have another quarter of actuals under our belt, we felt comfortable tightening that range by 1p on both the top and bottom end, which yields an all-in full year updated guidance range of $0.66 to $0.70.

我們只是將之前的 0.70 美元到 0.76 美元的範圍減去 0.05 美元，這 0.05 美元不是永久性的，因此，我們並不尋求恢復。這樣一來，我們的預期範圍就達到了 0.65 美元至 0.71 美元。之後，由於我們又完成了一個季度的實際業績，我們覺得可以放心地將這個範圍的上下限分別收窄 1 便士，這樣全年的更新後預期範圍就達到了 0.66 美元至 0.70 美元。

Please note that this new updated normalized EPS range still assumes an effective tax rate in the mid-teens and includes a higher level of expected interest expense due to our recent refinancing. The last thing to call out related to 2025 is we have tightened our operating cash flow range primarily due to the cash impact of higher tariffs on inventory valuations and now expect to finish the year somewhere between $400 million and $450 million.

請注意，這項新更新的標準化每股收益範圍仍然假設有效稅率在十幾歲左右，並且由於我們最近的再融資而包括更高水準的預期利息支出。關於 2025 年最後要指出的是，我們縮緊了經營現金流範圍，主要是由於關稅上調對庫存估值的現金影響，現在預計今年年底的經營現金流將在 4 億美元至 4.5 億美元之間。

For the third quarter of 2025, we expect both net and core sales to decline 4% to 2%, normalized operating margin to be between 9.1% and 9.5%, and with a tax rate of around 10%, normalized EPS of $0.16 to $0.19, which again includes about $55 million or $0.11 per share of negative tariff impacts prior to any offsetting actions.

對於 2025 年第三季度，我們預計淨銷售額和核心銷售額將下降 4% 至 2%，正常化營業利潤率將在 9.1% 至 9.5% 之間，稅率約為 10%，正常化每股收益將在 0.16 美元至 0.19 美元之間，這再次包括採取任何抵消措施之前的約 500 萬美元或每股 100 萬美元的負面影響。

While we don't provide Q4 guidance, it can be easily calculated at this point, thus, please note that for modeling purposes, Q4 of 2025 is expected to include a significant favorable overhead impact from above-target incentive compensation earned in 2024.

雖然我們沒有提供第四季度的指導，但此時可以輕鬆計算，因此請注意，出於建模目的，預計 2025 年第四季度將包括 2024 年獲得的高於目標的激勵薪酬帶來的顯著有利的間接費用影響。

In closing, despite a very fluid macroeconomic environment, we remain confident that our strategy is working. Looking forward, we have exciting plans to gain more distribution, launched fewer but bigger gross margin accretive, differentiated and consumer-relevant MPP and HPP products with more effective advertising at higher weights for longer periods of time. In addition, we believe we have a tariff advantaged domestic production network that is gaining momentum as leading retailers look to diversify their sourcing strategies.

最後，儘管宏觀經濟環境非常不穩定，但我們仍然相信我們的策略是有效的。展望未來，我們制定了令人興奮的計劃，以獲得更多分銷，推出數量更少但毛利率更高、差異化且與消費者相關的 MPP 和 HPP 產品，並在更長時間內以更高的權重投放更有效的廣告。此外，我們相信，我們擁有一個具有關稅優勢的國內生產網絡，隨著主要零售商尋求多樣化採購策略，該網絡正在獲得發展動力。

Operator, we'll now open the call to questions.

接線員，我們現在開始問答環節。

(Operator Instructions) Andrea Teixeira, JPMorgan.

（操作員指示）摩根大通的 Andrea Teixeira。

Thank you for taking my question. Can you comment, both Chris and Mark, if you're seeing the back-to-school, it seems as you pointed out, that category has probably outperformed what your expectations were? And then if you can also comment from the exit rate across all categories, including outdoors and your stated innovation embedded in your guide?

感謝您回答我的問題。克里斯和馬克，你們能否評論一下，如果你們看到返校季的表現，正如你們指出的那樣，這個類別的表現可能超出了你們的預期？然後，您是否還可以從所有類別的退出率（包括戶外）以及您在指南中所述的創新進行評論？

Okay. Let me start with back-to-school. So it's a little bit early to read consumer offtake with back-to-school. The next four weeks are going to be sort of the key four weeks in that. What I will say is we feel very good about our sell-in and our setup heading into the big back-to-school weeks. We had all-time record high fill rates. We shipped out really all of the pre-display setups heading into back-to-school at the highest quality level from a supply chain standpoint than we've ever done.

好的。讓我先從開學開始說起。因此，現在就預測開學季消費者的購買意願還為時過早。接下來的四周將是關鍵的四周。我想說的是，我們對於自己的銷售情況以及即將迎來開學季的準備感到非常滿意。我們的填充率創下了歷史新高。從供應鏈的角度來看，我們確實以前所未有的品質水準運出了所有開學前的展示設備。

We also, as I think we mentioned on the last call, secured a number of wins heading into back-to-school, where we got exclusivity on some of the categories where we have very high market share like EXPO markers, Sharpie markers with several retailers. So we believe we're well set up. We'll know a lot more over the next four to six weeks relative to consumer behavior on that.

正如我們在上次電話會議上提到的那樣，我們還在返校季取得了一些勝利，在一些我們擁有很高市場份額的品類中獲得了獨家經營權，例如 EXPO 記號筆、Sharpie 記號筆，並且與多家零售商合作。因此我們相信我們已經做好了準備。在接下來的四到六週內，我們將對消費者行為有更多了解。

In terms of innovation, if I go through, we continue to feel very good about the innovation that we have in the Writing category. We've talked about the Sharpie creative markers, new colors, new tip sizes, that is continuing to resonate well with consumers. We also talked about on EXPO launching a more vibrant ink and also launching a wet erase, new to the world segment so that consumers can both use a dryer erase and a wet erase marker, and that is off to a very strong start.

在創新方面，如果我堅持下去，我們會繼續對我們在寫作類別中的創新感到非常滿意。我們討論了 Sharpie 創意記號筆、新顏色、新筆尖尺寸，這些都繼續引起消費者的共鳴。我們也在 EXPO 上討論了推出一種更鮮豔的墨水，以及推出一種濕擦筆，這是全球市場上的新產品，讓消費者可以同時使用乾擦筆和濕擦筆，這是一個非常強勁的開端。

In the baby category, we continue to go from strength to strength. Recall that we had very strong core sales growth in the first quarter, high-single digits. We gave some of that back in the second quarter, which was expected because some retailers ordered baby gear, particularly before the tariffs went into effect.

在嬰兒產品類別中，我們持續不斷進步。回想一下，我們第一季的核心銷售成長非常強勁，達到了高個位數。我們在第二季度返還了部分款項，這是意料之中的，因為一些零售商訂購了嬰兒用品，特別是在關稅生效之前。

If you look at the first six months of the year, the Baby business is positive in terms of core sales growth, and we continue to see strong reaction to the Graco SmartSense Bassinet and Swing, which is going from strength to strength. As well as the Graco 360 EasyTurn 2-in-1 Rotating Convertible Car Seat. So we are gaining share in those categories.

如果你看一下今年前六個月，嬰兒業務在核心銷售成長方面是積極的，我們繼續看到對 Graco SmartSense 搖籃和鞦韆的強烈反應，而且這種反應正在不斷增強。以及 Graco 360 EasyTurn 二合一旋轉可轉換汽車座椅。因此我們在這些類別中的份額正在增加。

On the Home and Commercial standpoint, as I mentioned in the prepared remarks, probably the biggest innovation that we have this year as a company is coming. We announced last week on Yankee Candle, where we are doing a complete brand restage with a new improved wax formulation new labeling, new marketing campaign, new vessels. We're very excited about the consumer feedback we've seen in our premarket testing as well as the retailer reaction to that relaunch.

從家庭和商業的角度來看，正如我在準備好的發言中提到的那樣，我們公司今年最大的創新可能即將到來。我們上週宣布，Yankee Candle 將進行全面的品牌重塑，包括全新改良的蠟配方、新的標籤、新的行銷活動和新的容器。我們對上市前測試中看到的消費者回饋以及零售商對重新推出的產品的反應感到非常興奮。

On Kitchen, we've got -- I think we've talked about the Oster Extreme mix blender which has launched now in the US, but more importantly, is off to a fantastic start in Latin America where the bulk of the Oster business is. We also are launching the Rubbermaid Easy Store Fine Lids, which is a significant restage of our primary Rubbermaid Food Storage business, which we believe is going to get that business on a much stronger footing in the back half of the year.

在廚房方面，我想我們已經討論過 Oster Extreme 攪拌機，它現在已經在美國上市，但更重要的是，它在 Oster 業務主要集中於拉丁美洲，取得了良好的開端。我們還將推出 Rubbermaid Easy Store Fine Lids，這是我們主要的 Rubbermaid 食品儲存業務的重大革新，我們相信這將使該業務在今年下半年奠定更穩固的基礎。

On Commercial, we've talked about the RCP BRUTE farm program, which is off to a strong start. And on Outdoor and Rec, this is the one I'll just mention briefly that we're having good -- very strong traction with our Coleman Pro cooler in the US and the sponsorship that we've signed with Kane Brown. We also are back to growth in the Japan Coleman business, which is where we're the market leader and where we play more in the HPP side of the business.

在商業方面，我們討論了 RCP BRUTE 農場計劃，該計劃開局良好。在戶外和娛樂方面，我只想簡單提一下，我們的 Coleman Pro 冷卻器在美國市場表現非常出色，而且我們與 Kane Brown 簽署了贊助協議，因此獲得了很大的反響。我們的日本 Coleman 業務也恢復了成長，我們是該市場的領導者，並且在 HPP 業務方面發揮更大的作用。

In outdoor and rec more broadly, we're very excited about the innovation that we've got slated to come in early 2026. And I think we've been talking about for some time that that's when we expect that business to see a notable increase in innovation. We've been having discussions with many leading outdoor and rec retailers where we're now showcasing that innovation and the response we've gotten has been very strong.

更廣泛地說，在戶外和娛樂領域，我們對計劃於 2026 年初推出的創新感到非常興奮。我認為我們已經討論了一段時間了，那時我們預計企業將會看到創新的顯著成長。我們一直在與許多領先的戶外和娛樂零售商進行討論，現在我們正在展示創新，並且我們得到的反應非常強烈。

So we feel very good about the progress we're making on the innovation portfolio. And we feel very good that we remain on track for that to strengthen as we go forward from here.

因此，我們對創新組合所取得的進展感到非常滿意。我們感到非常高興，因為我們將繼續朝著這個目標前進。

Thank you, Chris.

謝謝你，克里斯。

Brian McNamara, Canaccord Genuity.

Canaccord Genuity 的 Brian McNamara。

Thanks for taking my question. So look, a ton of progress has been made in the turnaround, you're about 26 months in now, but with core sales moving in the wrong direction, what's driving that? If innovation is working, what isn't? And then I understand the market is tough, but some peers are growing significantly in spite of this. So why should current or prospective investors be confident the strategy is working?

感謝您回答我的問題。所以你看，在扭轉局面方面已經取得了很大進展，現在已經過去了大約 26 個月，但核心銷售卻朝著錯誤的方向發展，是什麼推動了這一進程？如果創新有效，那還有什麼無效呢？然後我明白市場很艱難，但儘管如此，有些同行仍在顯著成長。那麼，為什麼現有或潛在的投資者應該相信該策略是有效的呢？

Yeah. I think -- and I covered -- I touched on this a little bit in the prepared remarks. We continue to make sequential progress on core sales growth. So if you look in the first half of this year, we were down 3.4%, which was an improvement versus the run rate in the first half of last year and a significant improvement from before we launched the strategy where in the first half of '23, we were down 14.7%. So we are moving in the right direction.

是的。我想——而且我已經講過了——我在準備好的發言中稍微談到了這一點。我們的核心銷售成長持續取得連續進展。因此，如果你看一下今年上半年，我們下降了 3.4%，與去年上半年的運行率相比有所改善，並且與我們推出該戰略之前相比有了顯著改善，在 23 年上半年，我們下降了 14.7%。所以我們正朝著正確的方向前進。

This is not something when you're dealing with the front-end capability improvements that we've made and the innovation reboot that happens overnight. But what I will say is we do believe that we have a strong innovation pipeline that is manifesting itself in parts of the business that you can see already. We've returned the Writing and the Baby business to grow pretty consistently over the past several quarters. The International business is driving core sales growth. This quarter, we returned the Home Fragrance business to core sales growth this past Q2.

當您處理我們所做的前端功能改進和一夜之間發生的創新重啟時，這並不是什麼大事。但我想說的是，我們確實相信我們擁有強大的創新管道，這一點已經體現在您所看到的業務的各個方面。過去幾個季度，我們的寫作和嬰兒業務恢復了相當穩定的成長。國際業務正在推動核心銷售成長。本季度，我們使家居香氛業務恢復了去年第二季度的核心銷售成長。

And so while there's more work to do across the balance of the portfolio, I think we've been very clear that given the timing of the innovation development cycle, Outdoor and Rec is sort of the one that is going to be the laggard. Although I'll mention, even in the case of Outdoor and Rec, our core sales trends have improved sequentially and so we believe we're on the right track.

因此，儘管在整個投資組合中還有更多工作要做，但我認為我們已經非常清楚，考慮到創新發展週期的時間，戶外和娛樂領域將會落後。不過我要說的是，即使在戶外和娛樂方面，我們的核心銷售趨勢也逐年改善，因此我們相信我們正走在正確的軌道上。

The reason why this quarter, we were down 4.4%, which was a deceleration from last quarter, was really had to do with the timing of retailer shipments as well as a more challenging category growth dynamic that we're facing but we are confident that we are going to improve core sale trends going forward, starting with the back half of this year.

本季我們銷售額下降 4.4%，較上一季度有所放緩，這實際上與零售商出貨時間以及我們面臨的更具挑戰性的品類增長動態有關，但我們相信，從今年下半年開始，我們將改善未來的核心銷售趨勢。

Yeah. But if I could add just a couple of things. I mean, if you look at the gross margin in the second quarter that we just printed, and you compare that to the two-year stack. We're up 680 basis points. We've said that this year, we're going to grow our op margin by about 110 basis points at the midpoint.

是的。但如果我可以補充幾點的話。我的意思是，如果你看一下我們剛剛公佈的第二季毛利率，並將其與兩年的毛利率進行比較。我們上漲了 680 個基點。我們說過，今年我們的營業利潤率中位數將成長約 110 個基點。

We've said that our EPS on a tax-adjusted basis will be up double digits. We said that our trailing 12-month EBITDA by the end of the year will be up mid- to high-single digits, we're delevering the company. We've also said based on the third quarter and full-year guidance, we provided that in effect, we're calling Q4 core sales to be flat. We're also talking about the fact that our second half A&P is going to be the highest level since literally since 2017, right?

我們說過，我們的稅務調整後每股盈餘將成長兩位數。我們說過，到今年年底，我們過去 12 個月的 EBITDA 將成長中高個位數，我們正在降低公司的槓桿率。我們也表示，根據第三季和全年的指引，我們實際上預期第四季核心銷售額將持平。我們還在談論這樣一個事實：我們下半年的 A&P 將會達到 2017 年以來的最高水平，對嗎？

So all the things that are out there that we've said will come to pass are coming to pass. We always said that sales will be the last long pole in the tent to come up, but we have a great innovation program that's coming out the door as we speak, and we're gaining distribution because of all of our tariff advantage business positions.

因此，我們說過的所有事情都會發生。我們總是說，銷售額是帳篷裡最後一個長桿，但我們有一個偉大的創新計劃即將出台，而且由於我們所有的關稅優勢業務地位，我們正在獲得分銷。

Appreciate the color. I'll leave it there. Thanks, guys.

欣賞色彩。我就把它留在那裡。謝謝大家。

Olivia Tong, Raymond James.

奧利維亞唐，雷蒙德詹姆斯。

Lots of details so far on the innovation pipeline and some of the wins in terms of the additional categories that you're getting shelf space on. But based on your full-year outlook, it looks like core sales would be up roughly 2% to 4% in Q4. So can you talk about what drives such a material inflection from where you expect to be in the first three quarters versus Q4? Are there particular brands, categories, channels, et cetera, that are driving that?

到目前為止，我們已經詳細介紹了創新管道以及在貨架空間增加的附加類別方面取得的一些勝利。但根據您的全年展望，第四季核心銷售額似乎將成長約 2% 至 4%。那麼，您能否談談是什麼導致了前三個季度與第四季度相比出現如此重大的變化？是否有特定的品牌、類別、通路等在推動此趨勢？

I'll let Chris provide some backup detail. But if you look at the full-year guidance we just provided and the third-quarter guidance we just provided, I think you would see that core sales in the fourth quarter are effectively being called at roughly flat.

我會讓克里斯提供一些備份細節。但如果你看一下我們剛剛提供的全年指引和第三季指引，我想你會發現第四季的核心銷售額其實大致持平。

Yeah. And then relative to that improvement of heading into the implied Q4 guide of relatively flat on core sales, I think there's a couple of things that are supporting that. Number one, the tariff distribution wins that we're getting do tend to be more Q4 weighted because of the timing of implementation, both from a shelf set standpoint and from an incremental merchandising standpoint.

是的。然後，相對於核心銷售相對持平的隱含第四季度指南的改善，我認為有幾件事可以支持這一點。首先，由於實施時間的原因，無論從貨架設置的角度還是從增量商品的角度，我們獲得的關稅分配勝利往往更多地取決於第四季度。

The second thing is some of the big innovation that we've launched, for example, the Yankee Candle relaunch. The big quarter for Yankee Candle is Q4. So we expect the innovation to have a more material impact in Q4 than Q3 slightly. And then I would say the third thing is, we have been working with a number of retailers on reinventing their store shelves. And some of those store shelf resets get implemented in October.

第二件事是我們推出的一些重大創新，例如 Yankee Candle 的重新推出。對 Yankee Candle 來說，最重要的季度是第四季。因此，我們預計這項創新在第四季產生的影響將比第三季略大。我想說的第三件事是，我們一直在與一些零售商合作，重新設計他們的商店貨架。部分商店貨架的重新設定將於十月實施。

And so we believe that the distribution gains are going to be bigger in the fourth quarter because of the underlying fundamental progress in addition to the tariff-related wins heading into Q4. So we think we're on the right track. And we think, as Mark said, from what we see today, we're not guiding to Q4, but the implied guidance would put us about flat in core sales in Q4.

因此，我們相信，第四季度的分銷收益將會更大，因為除了第四季度與關稅相關的收益之外，還得益於潛在的基本面進展。所以我們認為我們走在正確的道路上。我們認為，正如馬克所說，從今天看到的情況來看，我們沒有對第四季度做出指引，但隱含的指引將使我們第四季的核心銷售持平。

Got it. Thanks. And then with respect to the pricing that you have implemented, could you talk about retailer response to the Baby pricing, any other actions that you might be contemplating? Apologies if you talked about this at the beginning of the call, since I was a bit late.

知道了。謝謝。然後關於您實施的定價，您能談談零售商對嬰兒定價的反應嗎？您可能正在考慮的其他行動？如果您在通話開始時就談到了這一點，我很抱歉，因為我來晚了。

Yeah. No worries. On the pricing that we've taken, retailers have been generally constructive understanding that we're taking pricing that is largely cost-based. By the way, we're not solely relying on pricing to cover the tariff cost. We also are driving incremental productivity savings and tightening our overhead spending to ensure that we've got a competitive cost system.

是的。不用擔心。對於我們所採取的定價，零售商普遍持建設性態度，理解我們的定價主要基於成本。順便說一句，我們並非完全依靠定價來支付關稅成本。我們也致力於提高生產力並減少管理費用，以確保我們擁有具有競爭力的成本系統。

And then we're looking at where the tariff impact can't be mitigated or we need to take pricing for consumers. As we've taken the pricing, the general response from retailers has been understanding and they have accepted our pricing. The biggest challenge from a retailer discussion standpoint that we've encountered is the timing of when the pricing goes into effect. And obviously, most retailers, when we have that dialogue don't want to be disadvantaged versus other retailers.

然後，我們正在研究哪些地方的關稅影響無法減輕，或者我們需要為消費者定價。當我們制定定價時，零售商的普遍反應是理解並接受了我們的定價。從零售商討論的角度來看，我們遇到的最大挑戰是定價生效的時間。顯然，當我們進行這種對話時，大多數零售商都不想在與其他零售商的競爭中處於不利地位。

And so we're trying to be very mindful about not advantaging or disadvantaging one retailer versus another. From a consumer standpoint, that the pricing that we put in the market, in particular, on the Baby category, hasn't fully materialized yet in terms of retail prices for the consumer. As I mentioned, the third round of pricing that we took, which was also focused on Baby just went into effect on Monday of this week on July 28.

因此，我們會非常注意不讓任何零售商相對於另一家零售商處於優勢或劣勢。從消費者的角度來看，我們在市場上的定價，特別是嬰兒類別的定價，尚未完全體現在消費者的零售價中。正如我所提到的，我們採取的第三輪定價也以 Baby 為重點，本週一（7 月 28 日）開始生效。

So I would expect retail prices to begin to move up a little bit based on our pricing to the retailers over the next month or two. And we, of course, are monitoring consumer response and reaction to that. We believe that the whole category is going to price up. We have not assumed that the pricing is incremental in our outlook. We've largely assumed that there's going to be volume loss associated with the pricing and that, so -- but -- so we think we've been prudent in our planning approach.

因此，根據我們未來一兩個月向零售商的定價，我預計零售價格將開始略有上漲。當然，我們正在監測消費者對此的反應。我們相信整個類別的價格都會上漲。在我們的展望中，我們並未假設定價是遞增的。我們基本上假設定價會導致銷售損失，因此，我們認為我們的規劃方法一直很謹慎。

But we'll see as we go along here, whether we need to adjust, but we're watching it very carefully.

但我們會觀察是否需要調整，我們會非常仔細地觀察。

Understood. Thank you so much.

明白了。太感謝了。

Bill Chappell, Truist Securities.

Truist Securities 的 Bill Chappell。

Chris, I mean just kind of broader sense, I'm just trying to understand, I get your enthusiasm for innovation, and I know for some of the categories, it's a long time coming. But just because innovation made a meaningful impact in Baby and Learning doesn't necessarily mean it will make a meaningful impact in Yankee Candle or Rec and Leisure or other type categories were a similar one.

克里斯，我的意思是從更廣泛的意義上來說，我只是想理解，我了解你對創新的熱情，而且我知道對於某些類別來說，這需要很長時間。但是，創新對「嬰兒與學習」產生了重大影響並不一定意味著它會對 Yankee Candle 或 Rec and Leisure 或其他類似類別產生重大影響。

And so I'm just trying to understand, I guess, one, do you have some kind of background in the past where you've seen a meaningful impact from innovation? Have your competitors in these categories have not been innovating so you're kind of operating in a vacuum?

所以我只是想了解，我想，第一，你過去是否有過這樣的經歷，見證過創新帶來的有意義的影響？在這些類別中，您的競爭對手是否一直沒有創新，所以您是在真空中運作？

And then how do you kind of peer that all with -- it seems like you need the categories to grow to really grow, and you're now talking about the categories at the low end of what was kind of conservative outlook. So just trying to understand your confidence in that -- not just from distribution gains, but just for the categories and your business can grow again as we go into '26.

然後你如何將這一切與——似乎你需要類別的成長來真正實現成長，而你現在談論的是保守觀點的低端類別。所以只是想了解你對此的信心——不僅僅是來自分銷收益，還來自類別收益，隨著我們進入26年，您的業務可以再次增長。

Yeah. So I'd say a couple of things on that, just to unpack it. Category growth does affect Newell and category growth is driven by macro factors. And so it's not that we can't do better or worse, frankly, than category growth, but we have to plan for it accordingly because the general merchandise categories have been under pressure as consumers have been prioritizing food, housing, essentials, car insurance.

是的。因此，我想就此說幾句話，以解開這個謎團。類別成長確實會影響 Newell，且類別成長受宏觀因素驅動。坦白說，並不是說我們不能比品類成長做得更好或更差，但我們必須做出相應的計劃，因為由於消費者優先考慮食品、住房、必需品和汽車保險，一般商品類別一直面臨壓力。

Everything we're hearing is that those -- the category growth rates are expected to improve as we head into next year, but we're not macroeconomists. So we're not guiding to '26 at this point. But we don't believe that general merchandise is going to continue a downward trend from a category growth rate forever. And so that would be the first thing.

我們聽到的都是這些——預計隨著明年的到來，這些類別的成長率將會提高，但我們不是宏觀經濟學家。因此我們目前還不打算指導 26 年。但我們並不認為百貨商品類別的成長率會永遠維持下降趨勢。這就是第一件事。

Second thing is, relative to innovation, what we've seen from a competitive set which is part of our strategy is that in every category we compete in, we can find a competitor that drove significant growth through innovation. So we know that these categories are highly responsive to innovation. And we know that when you get innovation right, you can grow materially faster than the category.

第二件事是，相對於創新，從我們策略的部分競爭對手來看，在我們參與競爭的每一個類別中，我們都能找到一個透過創新推動顯著成長的競爭對手。因此我們知道這些類別對創新具有高度的反應能力。我們知道，只要你進行正確的創新，你的成長速度就能遠遠快於同類產品。

And in some cases, if you do the innovation correctly, you can actually drive category growth at the same time. So it's not the category growth is completely outside of the company's control. And so part of the reason why we believe that these six businesses are good businesses for us to be in is because we've seen them be responsive to innovation, not just in Baby and Writing, but we've got examples of where we're driving significant growth in the Kitchen business or the Home Fragrance or Commercial or Outdoor and Rec through new product innovation.

在某些情況下，如果你正確地進行創新，你實際上可以同時推動類別的成長。因此，類別成長並非完全不受公司控制。因此，我們認為這六項業務對我們來說是好的業務，部分原因是因為我們已經看到它們對創新做出了響應，不僅僅是在嬰兒和寫作領域，而且我們還有一些例子表明，我們透過新產品創新推動了廚房業務、家居香氛、商業、戶外和娛樂領域的顯著增長。

And so, we just -- as we said when we launched a new strategy in June of 2023, the innovation capability in the company was really worse in class as when we announced our new strategy. And so we needed to dramatically change the capability, that included, for example, adding a brand management capability, which the company didn't have.

因此，正如我們在 2023 年 6 月推出新策略時所說的那樣，公司的創新能力確實比我們宣布新策略時更差。因此，我們需要徹底改變這項能力，例如，增加公司所沒有的品牌管理能力。

We now have that capability. We have a consumer insights function that has been rebuilt. We now have the ability to test innovation with consumers and with retailers, frankly, prior to the innovation going to market. And so as all of those capabilities are coming online, they're coming online at differential rates by category, which is why you're seeing the core sales growth different by category.

我們現在具備了這種能力。我們有一個已重建的消費者洞察功能。坦白說，我們現在有能力在創新產品進入市場之前與消費者和零售商一起測試創新產品。因此，隨著所有這些功能的上線，它們會根據類別以不同的速度上線，這就是為什麼你會看到核心銷售成長因類別而異。

But what we're excited about is we believe we're going to be largely fully online by the time we get to the beginning of 2026, across all of the businesses. And so that's how we see it. And we know that it's important to get the company back to core sales growth from a sustainable standpoint. That's why we've kept our evergreen target of low-single digits is what we're aspiring to be able to deliver to.

但讓我們興奮的是，我們相信到 2026 年初，我們所有的業務將基本實現全面線上化。這就是我們的看法。我們知道，從永續發展的角度來看，讓公司恢復核心銷售成長非常重要。這就是為什麼我們一直將低個位數作為我們的永恆目標，並渴望實現這一目標。

When we put the strategy out at the beginning in June of '23, we said very clearly, the first areas that we're going to manifest themselves in terms of the financials, we're going to be the margins and the cash flow, and we've seen that. I think our gross margins are up 500 or 600 basis points over the last two years. Our operating margins, as I mentioned, at the midpoint of our guidance range are up 110 basis points this year versus last year despite a $0.21 tariff impact this year.

當我們在 2023 年 6 月初提出該策略時，我們非常明確地表示，我們在財務方面首先要體現的領域是利潤率和現金流，我們已經看到了這一點。我認為我們的毛利率在過去兩年上升了 500 或 600 個基點。正如我所提到的，儘管今年的關稅影響為 0.21 美元，但我們指導範圍中點的營業利潤率今年仍比去年高出 110 個基點。

We're growing EBITDA mid- to high-single digits in our guidance this year, and that's on top of a very strong EBITDA growth last year versus the year before. So we've taken the leverage ratio, which was 6.5 times when we announced the strategy down to where we think we're going to end this year at 4.5 times. So we think we're on the right track, and we think we've got the proof points to show it.

我們預計今年的 EBITDA 將成長中高個位數，而去年的 EBITDA 成長比前年更為強勁。因此，我們將槓桿率從宣布策略時的 6.5 倍降至我們認為今年年底將達到的 4.5 倍。因此我們認為我們走在正確的道路上，並且我們認為我們已經有證據證明這一點。

And we think as we go forward, those proof points are going to manifest themselves more broadly across the businesses, and we're going to see stronger top-line growth going forward, which is the last element of the strategy manifesting itself in the numbers.

我們認為，隨著我們不斷前進，這些證據點將在各個業務中得到更廣泛的體現，我們將看到未來更強勁的營收成長，這是該策略在數位中體現的最後一個要素。

Got it. Thanks for the color.

知道了。謝謝你的顏色。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

I wanted to ask of the environment at the retailer level. Are you seeing any impact from inventory destocking in some of your categories? What are you seeing in terms of repurchasing level? And then in terms of your question on -- to the prior question on pricing, what do you see from a competitive response? We've seen some categories being a little bit more promotional, some private label taking share in certain categories. So just curious what are you seeing from a competitive response to pricing at the promotional level?

我想問零售商層面的環境。您是否發現某些類別的庫存減少產生了影響？就回購水準而言，您看到了什麼？然後就您之前關於定價的問題而言，您從競爭反應中看到了什麼？我們發現某些類別的促銷強度有所加大，有些自有品牌在某些類別中佔據了一定份額。所以我很好奇，您從促銷層面的定價競爭反應中看到了什麼？

Yeah. On the retailer inventory, we did see a little bit of an impact in Q2, but it was primarily on -- we have a part of our business that's about somewhere between 5% and 7% of our US business that is direct import. And when we say direct import, we -- if we were producing product in Asia, the retailer takes possession of the product in Asia and then imports the inventory to the US.

是的。對於零售商庫存，我們確實看到了第二季的一些影響，但主要是因為我們有一部分的業務，大約占我們美國業務的 5% 到 7%，直接進口。當我們說直接進口時，如果我們在亞洲生產產品，零售商就會在亞洲擁有該產品，然後將庫存進口到美國。

And when the China tariffs went into effect, we had a couple of retailers basically stop their direct import business for a period of time, which had their inventory levels back up a little bit or go down a little bit in that part of the business. So we did see a little bit of an impact from direct import being cut off. It didn't affect sort of out of stocks at retail, but it did affect our shipments in the short term.

當中國關稅生效時，我們有幾家零售商基本上在一段時間內停止了直接進口業務，這使得他們這部分業務的庫存水準略有回升或略有下降。因此，我們確實看到直接進口被切斷帶來的一點影響。它不會影響零售店的缺貨情況，但確實會在短期內影響我們的出貨量。

That's really the only notable impact. We haven't seen retailer inventory where we're supplying on the majority of our business direct from our US distribution centers. We haven't seen a dramatic change in retailer inventory. We believe -- continue to believe that the retail inventories are in reasonably good shape.

這確實是唯一值得注意的影響。我們還沒有看到零售商庫存，我們的大部分業務都是直接從美國配送中心供應的。我們尚未看到零售商庫存發生巨大變化。我們相信—繼續相信零售庫存狀況相當良好。

From a pricing standpoint, it's a little bit hard to tell, partly because of the Amazon Prime Day effect, which other retailers then follow. And so we're trying to get unpacked kind of what's happening with the everyday price and then what's happening with the promoted prices. But because of the noise in the system with tariffs, it's a little bit fuzzy to really unpack that.

從定價的角度來看，這有點難以判斷，部分原因是亞馬遜 Prime Day 效應，其他零售商隨後紛紛效仿。因此，我們試圖弄清楚日常價格的情況以及促銷價格的情況。但由於關稅系統有噪音，因此真正解開這個問題有點模糊。

Broadly, what we're seeing is that in most categories where everybody is affected by tariffs, pricing is moving up, but it's not moving up at the same -- on the same timing. We're not seeing, generally speaking, more aggressive promoted prices. But what we are seeing is in some cases, competitors are delaying the date of the price increase because they still have inventory onshore that hasn't been subject to the tariffs.

總體而言，我們看到，在大多數受到關稅影響的類別中，價格都在上漲，但並不是同時上漲的。整體而言，我們並沒有看到更具競爭力的促銷價格。但我們看到，在某些情況下，競爭對手正在推遲漲價日期，因為他們在國內仍有尚未受到關稅影響的庫存。

We expect this situation on pricing from a competitive standpoint to really get a lot clearer over the next three to six months as the pre-tariff inventory sort of runs out and the price increases become more visible at retail. So it's a bit fuzzy.

我們預計，隨著關稅前的庫存逐漸耗盡以及零售價格上漲變得更加明顯，從競爭的角度來看，未來三到六個月內這種定價情況將變得更加明朗。所以有點模糊。

I will admit at the moment, but we're watching it every day. And what we're excited about, as I mentioned on that is that in over half of our business where we're not subject to tariffs, we're not taking pricing. And so on those categories, we think our advantage from a consumer value standpoint is going to strengthen over the next three to six months.

我承認現在我們每天都在看它。正如我所提到的，令我們興奮的是，在我們一半以上的業務中，我們不受關稅影響，因此我們不收取任何費用。因此，我們認為，從消費者價值的角度來看，我們的優勢將在未來三到六個月內加強。

And then on the categories where we have taken pricing, we think generally, competitors are going to take pricing, but it will be different by category, and we may have to adjust depending on the specifics of the category in the competitive set.

然後，對於我們已經採取定價的類別，我們認為一般來說，競爭對手也會採取定價，但每個類別的定價都會有所不同，我們可能需要根據競爭組中類別的具體情況進行調整。

Great. Thank you.

偉大的。謝謝。

Peter Grom, UBS.

瑞銀的 Peter Grom。

So two quick ones for me. Maybe just tying all this commentary around the sequential improvement in sales. Guys, can you maybe just help us understand how much of it is -- or quantify maybe how much of it is driven by kind of the distribution gains and the innovation versus what's expected from a category growth perspective?

所以對我來說有兩個簡單的問題。也許所有這些評論只是與銷售額的連續成長有關。夥計們，你們能否幫助我們了解其中有多少——或者量化其中有多少是由分銷收益和創新推動的，以及從類別增長角度的預期？

And then I guess just maybe looking out over the next several years, I know a lot of the discussion today is on the top line. But I'd be curious how we should be thinking about kind of the margin progression, right? I mean you guys have done a tremendous job on gross margin, operating margin despite sales being down. So as -- or if or when top-line returns are grow, how should we think about kind of the benefits from a profit standpoint?

然後我想也許展望未來幾年，我知道今天的許多討論都是關於頂線的。但我很好奇我們應該如何考慮利潤率的成長，對嗎？我的意思是，儘管銷售額下降，但你們在毛利率和營業利潤率方面做得非常出色。那麼，如果或當營業利潤成長時，我們應該如何從利潤的角度來考慮這種收益？

Yeah. So let me take the first one on category growth, and then I'll let Mark talk margin. Relative to our core sales guidance for the year, we had started, I think, the year with a minus 1% to minus 3%. In this update, we tightened to the bottom end of the core sales range of minus 2% to minus 3% for this year. And really, what drove that entire change was our outlook on category growth.

是的。因此，讓我先談談類別成長，然後讓馬克談談利潤。相對於我們今年的核心銷售預期，我認為，今年的銷售額是下降了 1% 到 3%。在本次更新中，我們將今年的核心銷售範圍下限收窄至-2%至-3%。實際上，推動整個變革的是我們對類別成長的看法。

So we had said -- I think last quarter, we were reflecting 1 to 2 points of category decline. At this point, what we have in the outlook is closer to 2 points of category decline, and that's why we've adjusted our core sales outlook for the year, entirely due to category growth.

所以我們說過——我認為上個季度，我們反映出 1 到 2 個類別的下降。目前，我們的預期是類別銷售額下降接近 2 個百分點，這就是我們調整今年核心銷售預期的原因，這完全是由於類別銷售額的成長。

We continue to believe that the actions in our control, on distribution gains, on innovation are very much on track, and we're not changing our outlook as a result of those items, so to speak. So that's where we are from a top-line standpoint.

我們仍然相信，我們在分銷收益和創新方面的控制行動都非常順利，而且我們不會因為這些因素而改變我們的觀點。從營收角度來看，這就是我們的現況。

Yeah. As far as the longer-term question is concerned, I mean when we first put the strategy out at Deutsche Bank a number of years ago, we said our interim targets were to have gross margin in the 37% to 38% range. We acknowledge and recognize that we needed to get A&P levels up. We said that ultimately, we think the end spot there is probably somewhere in the 6.5% range because some brands have more, some brands have less.

是的。就長期問題而言，我的意思是，當我們幾年前首次在德意志銀行提出這項策略時，我們說過，我們的中期目標是將毛利率控制在 37% 至 38% 之間。我們承認並認識到我們需要提高 A&P 水平。我們說，最終，我們認為最終點可能在 6.5% 左右，因為有些品牌的百分比較高，有些品牌的百分比較低。

We talked about the fact that we do need to get our overheads down and that's why we're really excited that starting with the third quarter of this year, overhead as a percent of sales will start arcing downward, which will be another catalyst to really start driving op margin at a greater rate. As we've been building up the capabilities, a lot of that gross margin progress has gone into A&P and has gone into the overhead line, but we think that's going to inflect. And once that inflect, frankly, we don't see going back the other direction.

我們談到了我們確實需要降低管理費用的事實，這就是為什麼我們真的很高興從今年第三季度開始，管理費用佔銷售額的百分比將開始下降，這將是另一個催化劑，真正開始以更高的速度推動營業利潤率。隨著我們不斷增強能力，毛利率的很大一部分增長都流向了廣告和包裝業務以及架空線路，但我們認為這種情況將會發生轉變。坦白說，一旦發生這種轉變，我們就看不到回到另一個方向的跡象。

So we're really very bullish on what we think we can do as it relates to that. We told people from the beginning that once we get to that first base camp of that 37% to 38% range, we'll then talk about what's next. But as you think about what we've been building, we've been building an integrated system.

因此，我們對於我們能做的事情非常有信心。我們從一開始就告訴人們，一旦我們到達 37% 到 38% 範圍的第一個大本營，我們就會談論下一步。但當你想到我們一直在建立的東西時，你會發現我們一直在建立一個整合系統。

And that integrated system has very high fill rates. We've got great customer service. we have the ability to monetize the next incremental unit at a very high rate because of the automation programs we put into effect. And so the math that we've done internally makes both Chris and I and the rest of the leadership team, very optimistic about our future here at Newell.

而且該整合系統的填充率非常高。我們擁有優質的客戶服務。由於我們實施了自動化程序，我們有能力以非常高的速度將下一個增量單位貨幣化。因此，我們內部所做的計算使得克里斯、我和其他領導團隊對紐維爾的未來非常樂觀。

Got it. Thank you so much.

知道了。太感謝了。

Thank you. This concludes today's conference call. Thank you for your participation. A replay of today's call will be available later today on the company's website at ir.newellbrands.com. You may now disconnect. Have a great day.

謝謝。今天的電話會議到此結束。感謝您的參與。今天晚些時候，您可以在公司網站 ir.newellbrands.com 上觀看今日電話會議的重播。現在您可以斷開連線。祝你有美好的一天。