諾威品牌 (NWL) 2026 Q1 法說會逐字稿

Good morning, and welcome to Newell Brands' first quarter 2026 earnings conference call. (Operator Instructions) Today's conference call is being recorded. A live webcast of this call is available at ir.newellbrands.com.

早安，歡迎參加 Newell Brands 2026 年第一季財報電話會議。(接線員指示) 今天的電話會議將被錄音。本次電話會議的線上即時網路直播可於 ir.newellbrands.com 收看。

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

現在我將把電話交給投資人關係資深副總裁兼首席傳播長 Joanne Freiberger。Freiberger 女士，您可以開始了。

Thank you. Good morning, everyone, and welcome to Newell Brands' first quarter 2026 earnings call. On the call with me today are Chris Peterson, our President and CEO; and Mark Erceg, our CFO. 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 undertake no obligation to update forward-looking statements.

謝謝。各位早安，歡迎參加 Newell Brands 2026 年第一季財報電話會議。今天與我一同出席的有我們的總裁暨執行長 Chris Peterson，以及財務長 Mark Erceg。在開始之前，我想提醒各位，今天的電話會議中我們將作出前瞻性陳述，這些陳述涉及風險與不確定性。實際結果與成果可能有重大差異，我們亦不承擔更新前瞻性陳述之義務。

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. Today's remarks will also refer to 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 and reconciliations between GAAP and non-GAAP measures can be found in today's earnings release and tables that were furnished to the SEC. Thank you.

我請各位參閱我們的財報新聞稿、Form 10-K、Form 10-Q 以及其他可於投資人關係網站取得的 SEC 申報文件中的警示性語言與風險因素，以進一步了解影響前瞻性陳述的因素。今天的談話也將提及非 GAAP 財務衡量指標，包括所謂的「標準化」衡量指標。我們認為這些非 GAAP 指標對投資人有用，但不應被視為優於依 GAAP 呈列的衡量指標。這些非 GAAP 指標的說明，以及 GAAP 與非 GAAP 指標之間的調節表，可在今天的財報新聞稿及已提供給 SEC 的表格中找到。謝謝。

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

接下來，我把電話交給 Chris。

Thank you, Joanne. Good morning, everyone, and welcome to our first quarter earnings call. We had a strong start to the year with Q1 results ahead of expectations across all key financial metrics. All three segments delivered core sales growth above plan, with the Learning and Development segment returning to core sales growth. Core sales at minus 3.5% improved both sequentially and versus a year ago for two primary reasons.

謝謝你，Joanne。各位早安，歡迎參加我們的第一季財報電話會議。我們在今年有個強勁的開局，第一季在所有關鍵財務指標上的表現都優於預期。三個事業部門的核心銷售成長皆高於計畫，其中 Learning and Development 事業部門也重回核心銷售成長。核心銷售為 -3.5%，無論與前一季相比或與去年同期相比皆有所改善，主要有兩個原因。

First, we experienced better-than-expected consumer demand for our products driven by improving point-of-sale and market share trends, which we believe is directly related to our focus on innovation, and higher levels of advertising and promotion support. Stronger consumer demand was most pronounced across the US brand portfolio where 6 of our top 10 brands gained market share in the first quarter. In addition, for the first time in over four years, 6 of our top 10 brands delivered year over year point-of-sale growth and 7 top 10 brands improved their sequential trajectory versus the fourth quarter.

第一，我們的產品消費者需求優於預期，這是由於銷售點（POS）與市占率趨勢改善所帶動；我們相信這與我們聚焦創新，以及提高廣告與促銷（A&P）支持力度直接相關。更強勁的消費者需求在美國品牌組合中最為明顯，我們前十大品牌中有 6 個在第一季取得市占率成長。此外，四年多來首次，我們前十大品牌中有 6 個實現年對年 POS 成長，且有 7 個前十大品牌相較第四季呈現更佳的連續趨勢。

These notable proof points provide clear evidence that our new innovation strategy and heightened levels of A&P investments are having the desired effect, namely allowing Newell to once again engage and delight consumers with high-quality products that deliver real solutions and benefits with strong consumer value.

這些顯著的佐證清楚顯示，我們新的創新策略與提高 A&P 投資水準正在產生預期效果，也就是讓 Newell 能再次以高品質產品吸引並取悅消費者，提供真正的解決方案與效益，並具備強勁的消費者價值。

As we discussed at CAGNY, 2026 is the first year since we initiated our turnaround strategy that we'd have a robust consumer-relevant innovation pipeline supported by competitive A&P levels and strong retail activation plans. During the course of the year, we plan to launch 25 Tier 1 and Tier 2 innovations, up from 18 last year and those innovations span every one of our businesses.

如同我們在 CAGNY 所討論的，2026 年是我們啟動轉型策略以來的第一年，我們將擁有強健、與消費者高度相關的創新產品管線，並由具競爭力的 A&P 水準與強而有力的零售端啟動計畫所支持。在今年期間，我們計畫推出 25 項 Tier 1 與 Tier 2 創新，高於去年的 18 項，且這些創新涵蓋我們所有業務。

Importantly, we are now bringing to market fully vetted consumer-preferred ideas that are designed to improve value, expand usage occasions and give retailers more reasons to support our brands. Those efforts are translating into better point-of-sale results, improved share trends and stronger distribution opportunities. The second reason, first quarter core sales came in better than expected was a net pricing benefit related to customer programs due to better claims experience and improved deduction management.

重要的是，我們現在正把經充分驗證、消費者偏好的構想推向市場，這些構想旨在提升價值、擴大使用情境，並讓零售商有更多理由支持我們的品牌。這些努力正轉化為更佳的 POS 表現、改善的市占趨勢，以及更強的通路鋪貨機會。第一季核心銷售優於預期的第二個原因，是與客戶方案相關的淨定價效益，源自更佳的索賠經驗與扣款管理改善。

Our focus on improving the return on investment of our customer spending and improving operational discipline and spend management is paying off. These two items, which led to top line over delivery drove normalized operating margin above our outlook even after increasing A&P investment compared to prior year.

我們專注於提升客戶支出投資報酬率、強化營運紀律與支出管理，正在產生回報。這兩項因素帶動營收端超額達成，使標準化營業利益率高於我們的展望，即使相較去年我們提高了 A&P 投資亦然。

Normalized earnings per share came in $0.03 better than the upper end of our guidance range due to higher-than-expected core sales, better-than-expected normalized operating margin and a lower-than-expected first quarter effective tax rate. From a segment perspective, Learning and Development was the strongest part of the portfolio in the quarter. The segment returned to core sales growth led by Baby, which grew 4.9% in the first quarter, supported by strong consumer demand, positive POS trends, innovation and share gains.

標準化每股盈餘較我們指引區間上緣高出 0.03 美元，原因是核心銷售高於預期、標準化營業利益率優於預期，以及第一季有效稅率低於預期。從事業部門角度來看，Learning and Development 在本季是投資組合中表現最強的部分。該部門在 Baby 的帶動下重回核心銷售成長；Baby 第一季成長 4.9%，受惠於強勁的消費者需求、正向的 POS 趨勢、創新以及市占率提升。

Both Home and Commercial and Outdoor & Recreation exceeded plan and improved sequentially. Based on these solid first quarter results, we remain confident that Newell's strategy is working. At the same time, the external environment remains dynamic, particularly as it relates to petro-based cost inputs and tariffs. So let's spend some time on each of those two important areas. Currently, we see an additional approximately $50 million of commodity and transportation inflation versus our original plan with higher resin costs accounting for about 60% of the total increase.

Home and Commercial 以及 Outdoor & Recreation 兩個部門也都超出計畫並呈現連續改善。基於第一季這些穩健的成果，我們仍然有信心 Newell 的策略正在奏效。同時，外部環境仍然多變，特別是在石化基礎成本投入與關稅方面。因此，我們花一些時間談談這兩個重要領域。目前，我們看到相較原始計畫額外約 5,000 萬美元的原物料與運輸通膨，其中樹脂成本上升約占總增幅的 60%。

That said, unfortunately, resin is now a much smaller part of Newell's overall cost structure. For perspective, direct resin purchases represent roughly 5% of 2025's total cost of goods sold, which is down materially from about double that level historically. And our sourcing and supply chain teams manage our resin exposure through established contract structures rather than spot market purchases. This provides better visibility, reduces exposure to short-term spot market volatility and create some lag time in how costs flow through the P&L, which gives the business more time to respond. Moving to tariffs.

不過，遺憾的是，樹脂如今在 Newell 的整體成本結構中所占比重已小得多。以 2025 年為例，直接樹脂採購約占總銷貨成本的 5%，相較歷史上約為其兩倍的水準已大幅下降。我們的採購與供應鏈團隊透過既有的合約架構來管理樹脂曝險，而非透過現貨市場採購。這能提供更佳的可視性、降低短期現貨市場波動的曝險，並在成本反映至損益表（P&L）的過程中形成一定的時間落差，讓業務有更多時間因應。接著談關稅。

The framework has shifted materially since our last call. IEEPA tariffs were invalidated. New tariffs under Section 122 were put in place at a temporary 10% replacement rate. Existing tariffs under Section 232 were revised and new Section 301 investigations are now underway for potential new tariffs. The tariff environment clearly remains very fluid with a few important things to note.

自我們上次電話會議以來，整體框架已出現重大變化。IEEPA 關稅已被判定無效。依第 122 條新增的關稅已實施，暫以 10% 的替代稅率取代。依第 232 條既有的關稅已修訂，且目前正針對可能新增關稅展開新的第 301 條調查。關稅環境顯然仍非常流動，有幾點重要事項值得注意。

First, our initial outlook assumed a higher tariff baseline, so the current tariff regime is actually a help versus our going-in expectations. In fact, we believe tariff help will offset about 50% of the previously mentioned incremental commodity hurt with the remainder being offset by higher levels of productivity savings and targeted price and promotion adjustments where necessary.

第一，我們最初的展望假設了較高的關稅基準，因此目前的關稅制度實際上相較我們原先的預期是有利的。事實上，我們認為關稅帶來的利多將抵銷前述額外原物料不利影響約 50%，其餘部分將透過更高水準的生產力節省，以及在必要時採取有針對性的價格與促銷調整來抵銷。

Second, the best-in-class sourcing, manufacturing and trade capabilities we have built over the past several years have positioned us well on a relative basis versus competition. For example, we have reduced China-sourced finished goods from a peak of roughly 35% of global cost of goods sold to under 10%, and our remaining China exposure, principally in baby gear, is an industry-wide challenge, not one unique to Newell. In addition, our highly automated domestic manufacturing footprint creates what we believe is a structural tariff cost advantage across 19 product categories.

第二，我們過去幾年建立的同級最佳採購、製造與貿易能力，使我們相較競爭對手在相對位置上具備優勢。例如，我們已將中國來源的成品占全球銷貨成本的比重，從高峰約 35% 降至 10% 以下；而我們剩餘的中國曝險主要在嬰童用品，這是全產業共同面臨的挑戰，並非 Newell 獨有。此外，我們高度自動化的國內製造布局，使我們在 19 個產品類別上具備我們認為的結構性關稅成本優勢。

Third, and before moving on, I want to recognize Newell's Trade Expertise Center. TEC, as we call it, is a highly professionalized centralized capability that brings together trade compliance, policy intelligence, analytics and operational execution to ensure Newell stays compliant, keeps goods moving seamlessly across borders and responds quickly and efficiently as trade policy changes.

第三，在繼續之前，我想特別肯定 Newell 的貿易專業中心。我們稱之為 TEC，它是一項高度專業化的集中式能力，整合貿易合規、政策情報、分析與營運執行，以確保 Newell 持續合規、讓貨物流通能無縫跨境，並在貿易政策變動時快速且有效率地回應。

To close out this section, please note that we will actively pursue tariff refunds related to approximately $120 million of IEEPA tariffs paid in 2025 and neither our Q1 actuals nor our outlook include any benefit from these potential refunds. Having touched on first quarter performance and what we are seeing and expect relative to commodity cost and tariff impacts, I want to turn to the overall consumer and category environment and how we see our top line growth prospects for the balance of the year. Consumer spending in the categories in which Newell competes came in slightly better than we expected in the first quarter at down 1%.

為了結束本段，請注意，我們將積極追討與2025年已支付、約1.2億美元IEEPA關稅相關的退稅，而且我們的第一季實際結果與展望均未納入這些潛在退稅的任何利益。在談到第一季表現，以及我們所看到並預期的商品成本與關稅影響之後，我想轉向整體消費者與品類環境，以及我們如何看待今年剩餘期間的營收成長前景。Newell所競爭的品類之消費支出在第一季表現略優於我們預期，年減1%。

We continue to see category growth from high-income consumer cohort being slightly more than offset by declines from low-income consumers. Additionally, it appears the tax refund stimulus boost is largely offsetting higher fuel and energy costs so far. Importantly, consumers are still responding when the value proposition is clear. When innovation solves a need, trusted brands are well supported, price and value are appropriately balanced and retail execution is strong. Coming into the year, we assumed our categories in aggregate would decline about 2 percentage-points.

我們持續看到高收入消費者族群帶來的品類成長，略多於低收入消費者下滑所抵銷的幅度。此外，目前看來，退稅帶來的刺激效應大致抵銷了較高的燃料與能源成本。重要的是，當價值主張清晰時，消費者仍會做出回應。當創新解決需求、值得信賴的品牌獲得良好支持、價格與價值取得適當平衡，且零售端執行到位時，效果尤為明顯。年初時，我們假設整體而言，我們的品類將下滑約2個百分點。

However, based on what we saw in the first quarter, we're now assuming a 1.5% category decline for the full year. This slight improvement in underlying consumer and category dynamics, when coupled with better-than-expected first quarter results and what we know about the strength of our innovation, marketing and distribution plans for the balance of the year puts us in a position to predict a return to top line growth in the second quarter.

然而，基於我們在第一季所見，我們現在假設全年品類下滑1.5%。這些消費者與品類動態的些微改善，再加上第一季優於預期的結果，以及我們對今年剩餘期間創新、行銷與通路計畫強度的掌握，使我們得以預測第二季營收將重回成長。

Additionally, given the stronger-than-expected first quarter results and our second quarter outlook for core sales growth, we are also raising our full year outlook for net sales, core sales and normalized earnings per share. Before closing, I want to thank all of the Newell employees for their dedication to the turnaround effort and their agility and resilience in dealing with a dynamic operating environment.

此外，鑑於第一季結果強於預期，以及我們對第二季核心銷售成長的展望，我們也上調了全年淨銷售、核心銷售與標準化每股盈餘的展望。在結束之前，我要感謝所有Newell員工對轉型工作的投入，以及在動態營運環境中展現的敏捷性與韌性。

With that, I'll turn the call over to Mark to walk through the financials and outlook in more detail.

接下來，我把電話交給Mark，請他更詳細說明財務表現與展望。

Thanks, Chris. Good morning, everyone. First quarter 2026 net and core sales declined versus a year ago by 1.1% and 3.5%, respectively, with 2.7 points of favorable foreign exchange and 0.3 points of exits and other impacts accounting for the difference between net and core. Normalized gross margin in the first quarter expanded by 70 basis points to 33.2%. Gross productivity and favorable net pricing actions more than offset cost inflation, tariff costs and lower volume.

謝謝，Chris。各位早安。2026年第一季淨銷售與核心銷售分別較去年同期下滑1.1%與3.5%；其中2.7個百分點的有利外匯影響，以及0.3個百分點的退出業務與其他影響，構成了淨銷售與核心銷售之間差異的原因。第一季標準化毛利率擴張70個基點至33.2%。毛利生產力提升與有利的淨定價措施，足以抵銷成本通膨、關稅成本與銷量下滑。

Normalized overhead dollars were slightly lower year over year as we continue to execute against the previously announced global productivity plan. During Q1, we recorded $6 million of restructuring charges bringing cumulative charges under the plan to $46 million. We continue to expect total restructuring and restructuring-related charges associated with the plan of approximately $75 million to $90 million the rest of which should be largely incurred by the end of 2026.

標準化間接費用金額年對年略降，因我們持續執行先前公布的全球生產力計畫。第一季我們認列了600萬美元的重整費用，使該計畫下的累計費用達到4,600萬美元。我們仍預期與該計畫相關的重整及重整相關費用總額約為7,500萬至9,000萬美元，其餘部分應大多在2026年底前發生。

As expected, A&P as a percentage of sales was just north of 5% which was about 30 basis points higher than a year ago as we continue to invest behind the strongest innovation program Newell has fielded since at least the Jarden acquisition. All of this brought Newell's normalized operating margin in at 4.8%, which was 30 basis points above a year ago and ahead of our expectations.

如預期，A&P（廣告與促銷）占銷售比重略高於5%，較去年同期高約30個基點，因我們持續投入Newell自至少Jarden併購以來最強的創新計畫。綜合以上因素，Newell第一季標準化營業利益率為4.8%，較去年同期高30個基點，且優於我們的預期。

As Chris indicated, we did record approximately $25 million of net pricing benefit, which flowed through the balance of our first quarter P&L due to a refinement of estimates related to customer programs, reflecting better claims experience and improved deduction management. This benefit contributed about 160 basis points to core sales growth and about 110 basis points to our gross margin rate for the quarter.

如Chris所述，我們確實認列了約2,500萬美元的淨定價效益；由於對與客戶方案相關估計的精進（反映更佳的索賠經驗與扣款管理改善），該效益流入了第一季損益表的其餘部分。此項效益對核心銷售成長貢獻約160個基點，並對本季毛利率貢獻約110個基點。

In English, this means that the work we have been doing to generate a better return on our annual invoice to net investment in the US of roughly $1 billion is starting to pay off. That work began several years ago with Ovid, which consolidated 23 separate US-based legal entities into one go-to-market organization.

用白話說，這代表我們一直在做的工作——提升美國市場每年約10億美元、從發票到淨額（invoice-to-net）的投資報酬——開始見到成效。這項工作數年前從Ovid開始，將23個分散的美國法律實體整併為一個市場進入（go-to-market）組織。

It has subsequently continued with the implementation of a customer trade fund management system and improved deduction management software. Going forward, we will continue to strive to improve the return characteristics of our customer programs, which may actually result in more trade fund dollars being invested, but in a more efficient and optimal manner than in the past.

之後，我們持續推動客戶通路基金管理系統的導入，以及扣款管理軟體的改善。展望未來，我們將持續致力於改善客戶方案的報酬特性；這可能實際上會導致投入更多通路基金金額，但會以比過去更有效率、更最佳化的方式進行投資。

Net interest expense of $84 million represented an increase of $12 million from the prior year, and we recorded a zero normalized effective tax rate on the quarter. The combination of all these factors resulted in a normalized $0.05 loss on diluted earnings per share, which was ahead of the guidance we provided during our last earnings call. From a cash standpoint, operating cash was an outflow of $233 million versus an operating cash outflow of $213 million in the year ago period.

淨利息費用為8,400萬美元，較去年增加1,200萬美元；本季我們認列的標準化有效稅率為0%。上述因素綜合之下，稀釋後每股盈餘為標準化虧損0.05美元，優於我們在上次財報電話會議所提供的指引。就現金而言，營運現金流為流出2.33億美元，相較去年同期營運現金流出2.13億美元。

Please note that Q1 historically is always the smallest quarter of the year due to seasonality. So this cash performance is not unusual or unexpected. Our net leverage ratio for the quarter was approximately 5.4 times based on net debt of $4.8 billion and trailing 12-month normalized EBITDA of $881 million. This compares to approximately 5.3 times in Q1 of 2025 when we had $4.7 billion of net debt and $884 million trailing 12-month normalized EBITDA. Having covered first quarter results and before providing our full year and second quarter outlook, let's take a few minutes to discuss commodity costs and tariff impacts in a bit more detail.

請注意，由於季節性因素，第一季歷來一直是全年最小的一季。因此，這樣的現金表現並不罕見，也不出乎意料。本季我們的淨槓桿比率約為5.4倍，係以淨負債48億美元及過去12個月標準化EBITDA 8.81億美元計算。相較之下，2025年第一季約為5.3倍，當時淨負債47億美元、過去12個月標準化EBITDA為8.84億美元。在回顧第一季結果並在提供全年與第二季展望之前，我們先花幾分鐘更詳細討論商品成本與關稅影響。

Following the start of Operation Epic Fury, oil using WTI as the benchmark increased from a pre-conflict average of about $60 to $65 a barrel to a peak of $113 before retrenching slightly. This directly impacts Newell in two ways. As indicated earlier, resin purchases represented about 5% of 2025 total company cost of goods sold and the price of polyethylene and polypropylene are directly tied to the price of oil.

在「Epic Fury行動」開始後，以WTI為基準的油價從衝突前平均約每桶60至65美元，上升至最高113美元，之後略有回落。這對Newell有兩個直接影響。如先前所述，樹脂採購約占2025年公司總銷貨成本的5%，而聚乙烯與聚丙烯的價格與油價直接連動。

Using polyethylene as an example because it represents more than 50% of our total resin use, the average price we paid during the first quarter was very comparable to the prior year. However, for the balance of the year, we are currently assuming the cost per pound will be up about 40% versus a year ago and about 40% higher than what we paid during the first quarter of 2026.

以聚乙烯為例，因其占我們樹脂總用量超過50%，我們在第一季支付的平均價格與去年同期非常接近。然而，就今年剩餘期間而言，我們目前假設每磅成本將較去年同期上升約40%，也較2026年第一季我們支付的水準高約40%。

The second way the price of oil directly impacts Newell is inbound and outbound freight, which represents about 3% of 2025 total company cost of goods sold. In this case, the average price of a gallon of diesel during the first quarter of 2026 was about $4, which was up a modest 3% versus a year ago. That has changed rapidly, of course, and we are now assuming diesel will average about $5 per gallon for the balance of the year with the price peaking during Q2 before gradually tapering off throughout the second half of the year.

油價對Newell的第二個直接影響是進出貨運費，約占2025年公司總銷貨成本的3%。在此情況下，2026年第一季柴油每加侖平均價格約為4美元，較去年同期小幅上升3%。當然，情況已迅速改變；我們目前假設今年剩餘期間柴油平均約為每加侖5美元，且價格將在第二季達到高峰，之後在下半年逐步回落。

Because resin is an input component that gets converted into finished goods and is subsequently inventoriable, the incremental P&L impact is expected to be weighted more towards the back half of the year whereas since diesel and bunker fuel is essentially expensed as incurred, often in the form of a fuel surcharge, they have a more immediate effect on the P&L. To boil all this down and based on the assumptions we are currently using, commodities and transportation are now expected to add about $50 million of incremental cost to 2026 versus our original budget.

由於樹脂是投入原料，會被轉化為成品並可作為存貨，因此其新增的損益表影響預期將更偏向於下半年；而柴油與船用燃油基本上是發生即費用化，常以燃油附加費形式呈現，因此對損益表的影響更為即時。總結而言，基於我們目前採用的假設，商品與運輸成本相較原始預算，預期將使2026年新增約5,000萬美元的成本。

But that is likely to change. So from a sensitivity standpoint, we can offer you the following. All else being equal, every $5 move in the per barrel price of oil up or down equates to about $5 million of either incremental cost, which we would develop plans to offset or benefit, which we could choose to reinvest or drop to the bottom line. It is also worth noting that there's some good news because while commodity costs have risen meaningfully, we expect about half of this negative impact to be directly offset by lower tariff costs. Recall that during 2025, we incurred $115 million or $0.23 per share of new tariff-related P&L charges, $0.02 in the second quarter, $0.11 in the third and $0.10 in the fourth.

但這種情況很可能會改變。因此，從敏感度的角度來看，我們可以向您提供以下資訊。在其他條件相同的情況下，原油每桶價格每上漲或下跌 5 美元，約相當於 500 萬美元的增量成本（我們將制定計畫加以抵銷），或相當於 500 萬美元的效益（我們可以選擇再投資或直接反映在最終獲利）。另外也值得注意的是，有一些好消息：雖然大宗商品成本顯著上升，但我們預期其中約一半的負面影響將可由較低的關稅成本直接抵銷。回顧 2025 年，我們因新增的關稅相關損益表（P&L）費用而承擔了 1.15 億美元（或每股 0.23 美元）的費用，其中第二季 0.02 美元、第三季 0.11 美元、第四季 0.10 美元。

At the start of 2026, we expected to incur $146 million or $0.30 per share of comparable tariff-related P&L charges. Those charges were forecasted to present themselves as follows: $0.065 in each of the first and second quarters, $0.09 in the third quarter and $0.08 in the fourth quarter.

在 2026 年初，我們原先預期將承擔 1.46 億美元（或每股 0.30 美元）的同類關稅相關損益表（P&L）費用。這些費用原先預測將如下呈現：第一季與第二季各 0.065 美元、第三季 0.09 美元、第四季 0.08 美元。

As we stand here today with all the changes we are aware of and with the key assumption that when the current 10% section 122 tariffs expire, they are replaced by some combination of new tariffs that on average, carry a 15% effective rate, we now expect to incur $120 million or $0.24 per share of P&L tariff-related costs, which is $26 million or $0.06 per share better than originally expected. To help complete your models, our estimated 2026 P&L tariff impact is $0.10 in Q1, $0.07 in Q2, $0.05 in Q3 and $0.03 in Q4, all of which is off by $0.01 due to rounding. Finally, to wrap this section up, please note three things.

以我們今天所掌握的所有變化來看，並基於一項關鍵假設：當目前 10% 的第 122 條關稅到期後，將由某種組合的新關稅取代，且平均有效稅率為 15%，我們現在預期將承擔 1.20 億美元（或每股 0.24 美元）的關稅相關損益表（P&L）成本，較原先預期改善 2,600 萬美元（或每股 0.06 美元）。為協助您完成模型，我們估計 2026 年關稅對損益表（P&L）的影響為：第一季 0.10 美元、第二季 0.07 美元、第三季 0.05 美元、第四季 0.03 美元；由於四捨五入，均有 0.01 美元的差異。最後，為了總結本段，請注意三點。

First, I just stated that the Q1 2026 P&L impact in these tariffs was $0.10, and our original estimate was $0.065. Q1's tariff impact ended up higher than expected, but that was primarily a function of sales coming in stronger than planned for certain tariff-impacted categories. In other words, we sold more inventory than anticipated in these categories, which brought forward tariff costs that have been held in inventory at the end of last year. Second, with respect to the potential IEEPA tariff refund we are entitled to, we are accounting for this under a loss recovery model. Under that framework, a receivable can only be recorded when recovery is both probable and reasonably estimatable.

第一，我剛才提到 2026 年第一季這些關稅對損益表（P&L）的影響為 0.10 美元，而我們原先估計為 0.065 美元。第一季的關稅影響最終高於預期，但主要是因為某些受關稅影響品類的銷售強於計畫。換言之，我們在這些品類賣出的庫存比預期更多，因而把去年底仍留在庫存中的關稅成本提前帶入。第二，關於我們有權取得的潛在 IEEPA 關稅退稅，我們採用損失回收（loss recovery）模型進行會計處理。在該架構下，只有在回收「很可能」且「可合理估計」時，才能認列應收款。

As of March 31, we did not record a receivable given the remaining uncertainties, including the appeals process and implementation of the refund process itself. Thus, our current earnings and operating cash flow outlook does not include any impact from potential IEEPA tariff refunds, including refunds related to approximately $120 million of IEEPA tariffs paid in 2025.

截至 3 月 31 日，鑑於仍存在不確定性（包括上訴程序以及退稅流程本身的落實），我們未認列任何應收款。因此，我們目前的獲利與營運現金流展望不包含任何潛在 IEEPA 關稅退稅的影響，包括與 2025 年已支付約 1.20 億美元 IEEPA 關稅相關的退稅。

Third, while there is a gap between the incremental commodity hurt, we expect to incur an incremental tariff help we now anticipate, plans are in place to make up the balance through a combination of gross productivity, disciplined cost management actions and where necessary, select and targeted net pricing actions. Turning to our outlook. And based on our first quarter overdelivery and projected sales growth over the balance of the year, we are raising our full year estimates for net sales, core sales and normalized earnings per share.

第三，雖然大宗商品成本增加帶來的負面影響與我們現在預期可取得的關稅助益之間仍有落差，但我們已制定計畫，將透過毛利生產力提升、嚴謹的成本管理措施，以及在必要時採取選擇性且具針對性的淨售價調整來彌補差額。接著談我們的展望。基於第一季超出預期的表現，以及對今年剩餘期間銷售成長的預測，我們上調全年淨銷售額、核心銷售額與標準化每股盈餘的估計。

Specifically, net sales are now expected to be between flat and positive 2% compared with our previous expectation of negative 1% to positive 1%, and core sales are now expected to be between negative 1% and positive 1% and compared with our prior expectation of negative 2% to flat. The outlook for normalized operating margin remains unchanged at 8.6% to 9.2%. We continue to expect an effective tax rate in the high teens and the bottom end of our normalized diluted earnings per share range has been increased by $0.02, bringing the range to $0.56 to $0.60 versus $0.54 to $0.60. From a cash standpoint, as previously disclosed, Newell Brands decided to terminate its US nonqualified defined benefit plans.

具體而言，淨銷售額目前預期介於持平至成長 2%，相較於先前預期的下滑 1% 至成長 1%；核心銷售額目前預期介於下滑 1% 至成長 1%，相較於先前預期的下滑 2% 至持平。標準化營業利益率展望維持不變，仍為 8.6% 至 9.2%。我們仍預期有效稅率落在 10% 高段；同時，我們將標準化稀釋每股盈餘區間的下限上調 0.02 美元，使區間成為 0.56 至 0.60 美元（先前為 0.54 至 0.60 美元）。就現金面而言，如先前揭露，Newell Brands 已決定終止其美國非合格確定給付退休金計畫。

These were specialized nonqualified plans for certain participating former senior executives and are separate from our broad-based employee benefit programs. As part of the process, we are liquidating the associated life insurance assets and as a result, Newell expects to generate an incremental $60 million of cash by the end of the year, which will be recognized as cash from investing activities. Given this additional cash infusion, we have been leaning in on inventory purchases to bring in more inventory at what we believe will ultimately be lower tariff rates and to ensure adequacy of supply as business trends improve.

這些是針對部分符合資格的前任資深主管所設立的專門非合格計畫，且與我們面向廣泛員工的福利方案分開。在該流程中，我們正在清算相關的人壽保險資產，因此 Newell 預期在年底前可額外產生 6,000 萬美元現金，並將認列為投資活動現金流入。鑑於這筆額外現金挹注，我們也更積極進行庫存採購，以在我們認為最終將較低的關稅稅率下引進更多庫存，並在業務趨勢改善之際確保供應充足。

Consistent with this, while we are leveraging our operating cash, we are leaving our operating cash flow range for the full year at $350 million to $400 million, we now expect to be towards the lower end of that range. CapEx is still being planned against a $200 million budget for 2026 versus a historical run rate of about $250 million, now that several large ERP integrations and supply chain projects have been successfully completed and we continue to have claims to reduce our year-end leverage ratio by about 0.5 turn.

與此一致，雖然我們正在運用營運現金，但我們仍將全年營運現金流區間維持在 3.50 億至 4.00 億美元，不過目前預期將落在區間較低端。2026 年資本支出（CapEx）仍以 2.00 億美元預算規劃，低於歷史約 2.50 億美元的常態水準，原因是數個大型 ERP 整合與供應鏈專案已成功完成；同時，我們仍有信心在年底前將槓桿比率降低約 0.5 倍。

For the second quarter of 2026, we expect both net and core sales to be flat to up 2% behind consumer relevant innovation, net distribution gains and higher levels of A&P support. Normalized operating margin is projected to be between 9.6% and 10.2%, and normalized diluted earnings per share is projected to be in the range of $0.16 to $0.19. Please note that second quarter normalized operating margin and normalized earnings per share include approximately $25 million of incremental year over year tariff costs, considerably higher diesel costs and an expectated year over year increase in advertising and promotional support, both in absolute dollars and as a percentage of sales.

對於 2026 年第二季，我們預期淨銷售額與核心銷售額將持平至成長 2%，動能來自貼近消費者的創新、淨通路鋪貨增加，以及更高水準的廣告與促銷（A&P）支持。標準化營業利益率預估介於 9.6% 至 10.2%，標準化稀釋每股盈餘預估介於 0.16 至 0.19 美元。請注意，第二季的標準化營業利益率與標準化每股盈餘包含約 2,500 萬美元的年增關稅成本、顯著較高的柴油成本，以及預期年增的廣告與促銷支持（無論以金額絕對值或占銷售額比重計）。

In closing, first quarter results were better than planned across all key metrics with all three segments delivering core sales above our expectations. While we continue to face a dynamic cost and tariff environment, the capabilities we have built and the agility and dedication of the Newell team gives us the confidence to raise our full year outlook for net sales, core sales and normalized EPS while maintaining our operating margin outlook as we continue to prioritize cash generation and deleveraging as we seek to fully unlock the value of Newell's portfolio of leading brands for our shareholders.

最後總結，第一季在所有關鍵指標上的表現均優於計畫，三大事業部的核心銷售額皆高於我們的預期。儘管我們仍面臨變動的成本與關稅環境，我們所建立的能力，以及 Newell 團隊的敏捷性與投入，讓我們有信心在維持營業利益率展望不變的同時，上調全年淨銷售額、核心銷售額與標準化 EPS 的展望；我們也將持續優先著重現金創造與去槓桿，以期為股東充分釋放 Newell 旗下領導品牌組合的價值。

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

接線員，我們現在開放提問。

(Operator Instructions)

(接線員指示)

Lauren Lieberman, Barclays.

Lauren Lieberman，巴克萊。

I just wanted to first talk about the decision of what you're seeing in terms of category growth and the more optimistic outlook. There's a question of whether or not past refunds were maybe helping consumers a bit in the first quarter and now we've got raised -- higher gas prices. So just I guess, what you're seeing that gives you the confidence to raise that category growth outlook at this point in the year?

我想先談談你們在品類成長方面所看到的情況，以及較為樂觀的展望背後的決策。有個問題是，過去的退稅是否可能在第一季對消費者有些幫助，而現在汽油價格又上升了。所以我想問的是，你們目前看到哪些跡象，讓你們在今年這個時間點有信心上調品類成長的展望？

Yeah. Thanks, Lauren. What I would say is as I mentioned in the prepared remarks, through year-to-date through the first quarter and actually what we've seen so far in April, the category growth that we've seen has been negative 1%. As you know, we planned the year going into it at minus 2%. We decided to move the plan for the year up to minus 1.5%.

是的。謝謝你，Lauren。我想說的是，正如我在事先準備的發言中提到的，截至目前為止（到第一季為止），以及其實我們在 4 月迄今所看到的情況，品類成長約為下滑 1%。如你所知，我們在年度規劃時是以下滑 2% 作為假設。我們決定把今年的計畫上調到下滑 1.5%。

So it was sort of 0.5 point. That doesn't really assume that the balance of the year moves off that minus 2% assumption. It's more about the experience through the first 4 months being at minus 1% there. So it was a factor in our decision to raise the core sales growth guidance. And I think you're right, from what we can tell the tax refunds meant much of which came into the market in March and April, do appear to be offsetting the consumer impact from gas and energy.

所以大概是0.5個百分點。這並不是真的假設今年剩餘期間會偏離那個-2%的假設。更多是因為前4個月的實際表現大約是-1%。因此，這是我們決定上調核心銷售成長指引的一個因素。而且我認為你說得對，從我們所能判斷的情況來看，退稅（其中很大一部分在3月和4月進入市場）似乎確實在抵消汽油與能源對消費者的影響。

I would say the bigger factor though that caused us to raise our core sales growth outlook was the underlying improvement in the business and additional distribution wins that we've received since we reported a couple of months ago. So we're continuing to win broader distribution gains. We're continuing to win more display presence.

不過我會說，促使我們上調核心銷售成長展望的更大因素，是業務基本面的改善，以及自我們幾個月前公布以來所獲得的額外通路鋪貨勝利。因此，我們持續贏得更廣泛的通路擴張。我們也持續爭取到更多的陳列曝光。

And probably that real improvement, coupled with what we've seen year-to-date on category growth was the reason why we felt comfortable going forward with the raise in guidance. The other thing I would say on the core sales guidance range is we could have gone further in raising it but we didn't want to get ahead of our skis given that the first quarter is generally our seasonally smallest quarter.

而且可能是這種實質改善，加上我們年初至今看到的品類成長，讓我們有信心上調指引。另外我想補充的是，就核心銷售指引區間而言，我們其實可以上調得更多，但考量到第一季通常是我們季節性最小的一季，我們不想操之過急。

So we think we've taken sort of a prudent approach of reflecting what we've seen, what we know from the consumer response to our innovation and distribution and wins and category growth year-to-date, but also not counting on the environment being significantly better for the balance of the year.

因此，我們認為我們採取了相對審慎的做法：反映我們所看到的、以及我們從消費者對我們創新、通路擴張與勝利、以及年初至今品類成長的反應中所了解的情況，但同時也不把希望寄託在今年剩餘期間的環境會顯著好轉。

Okay. So helpful. One just quick follow-up on some of the new product activity and such that you've had at the end of 2025, I'm thinking in particular around Yankee Candle, would you say that shelf sets and presence is now kind of on all those fronts, as you'd expected? I think that was part of the disappointment in the second half of last year. Was it some of that just took longer to get into place. Would you say everything is now kind of as you'd originally expected just with a bit of a delay?

好的。很有幫助。我想就你們在2025年底的一些新品動態做個快速追問，特別是Yankee Candle。你會說目前在貨架配置（shelf sets）與陳列曝光方面，是否已經大致如你們預期、各方面都到位了？我記得那是去年下半年令人失望的一部分原因。是不是其中一些只是花了更長時間才落實？你會說現在一切大致如你們原先預期，只是稍微延後了一點嗎？

Yeah, I think that's right. I -- on Yankee Candle, I think we launched it last summer, and it took longer to get those shelves into a good place than what we thought. I think that has now resolved itself, and we feel like the shelf is in good shape on Home Fragrance. We had a very strong Q4 in the home fragrance business with core sales growth, which, as you know, is the biggest season there. We did -- we sold so much actually in Q4 that we didn't have as much to liquidate on sale in Q1 this year.

是的，我想你說得沒錯。我——就Yankee Candle而言，我們去年夏天推出，我們原本以為貨架到位會更快，但實際上花了更久才把貨架調整到理想狀態。我認為現在已經解決了，我們覺得家用香氛（Home Fragrance）的貨架狀況已經很不錯。我們在家用香氛業務的第四季表現非常強勁，核心銷售成長也很亮眼；如你所知，那一季是該品類最大的旺季。我們——第四季其實賣得太多了，以至於今年第一季可用來做特價出清的量就沒那麼多。

So you'll see Q1 was sort of down a little bit in Home Fragrance, but that's largely because we weren't liquidating as much sale in product. The other thing I would say importantly, as we think about go forward, we've got -- as we mentioned on our last call and at CAGNY, a lot of the innovation that we're launching this year and a lot of the distribution wins that we expect this year are setting in the second quarter. And so we remain very much on track for those. And that also is giving us confidence to predict or to guide that the current quarter Q2 is going to be the quarter that Newell returns to core sales growth.

所以你會看到第一季家用香氛大概小幅下滑，但主要是因為我們沒有像以往那樣大量以特價出清產品。另外很重要的一點是，展望未來，正如我們在上次電話會議以及在CAGNY提到的，我們今年推出的許多創新產品，以及我們預期今年取得的許多通路鋪貨勝利，會在第二季上架到位。因此，我們在這些方面仍然非常按計畫推進。這也讓我們有信心預測或指引：本季第二季將會是Newell恢復核心銷售成長的季度。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通（JPMorgan）。

So I was just hoping to see if you can comment on the pricing strategy now. The resins are higher. I understand that you had to reinvest some of, I believe, in the Rubbermaid containers given that your competitors did not follow. And I was just hoping to see in your new range? What are you assuming for that?

我只是想請你們評論一下目前的定價策略。樹脂成本更高。我理解你們必須把其中一部分重新投入——我想是在Rubbermaid保鮮盒（containers）那邊——因為競爭對手沒有跟進。我也想了解在你們新的區間／範圍（new range）中，你們對此的假設是什麼？

And then I understand, Chris, as you said now, the first quarter is a small quarter. But as you set up for back-to-school and that back-to-school -- I mean, now that the Writing business is back to growth, and you're calling to a second quarter inflection, what are the drivers of that inflection? Is that still the momentum in Baby or is that any other -- like as you think about the categories, which categories are recovering and will drive that inflection, please?

另外我也理解，Chris，如你剛才所說，第一季是個小季度。但當你們為返校季做準備、而且返校季——我的意思是，現在書寫（Writing）業務已回到成長，你們也提到第二季會出現拐點，這個拐點的驅動因素是什麼？這仍然是嬰童（Baby）業務的動能嗎？還是其他——就你們看各品類而言，哪些品類正在復甦並將帶動這個拐點？麻煩說明一下。

Very good. So on pricing, we have not announced -- as we said on the last call, we did make pricing adjustments on the Rubbermaid Food Storage business and on the Baby business. The Baby business primarily because the tariff rate went down, Rubbermaid food storage to be more competitive, about 5 or 6 months ago and those have been in the market, and those are performing well. Both of those businesses are accelerating. In fact, over the last 6 months were up several hundred basis points in market share on Baby, on the Graco business.

很好。關於定價，我們尚未宣布——如同我們在上次電話會議所說，我們確實已在Rubbermaid食品收納（Food Storage）業務以及嬰童（Baby）業務做了價格調整。嬰童業務主要是因為關稅稅率下降；Rubbermaid食品收納則是為了更具競爭力。大約在5到6個月前做的調整，現在都已在市場上落地，而且表現良好。這兩個業務都在加速成長。事實上，過去6個月我們在嬰童、也就是Graco業務的市占率提升了好幾百個基點。

We are -- we have had the strongest market share gains driven by innovation with things like the Graco 360 EasyTurn 2-in-1 rotating car seat as well as the SmartSense Swing and Bassinet that continue to drive that business forward in a very positive manner. As we look forward on pricing, I think as we tried to allude in the prepared remarks, while we have $50 million or so of incremental commodity cost headwind from resins and transportation costs primarily. We think that about half of that is going to be offset from tariff benefit. We also think that we're going to drive additional productivity actions across our supply chain and across our overhead base that are going to help mitigate that commodity cost effort as well. And then there is a remaining piece.

我們——在市占率方面的最強勁成長，是由創新所驅動，例如Graco 360 EasyTurn 2合1旋轉式汽車安全座椅，以及SmartSense Swing and Bassinet（智慧感測搖椅與搖籃），這些都持續以非常正面的方式推動該業務向前。展望定價，我想如同我們在事先準備的發言中試圖暗示的，雖然我們因樹脂與運輸成本為主而面臨約5,000萬美元的新增大宗商品成本逆風。我們認為其中約一半將由關稅帶來的利益所抵消。我們也認為，我們將在供應鏈與間接費用基礎上推動更多生產力行動，這也將有助於緩解這些大宗商品成本壓力。然後還會剩下一部分。

And so we're in the process of looking at that across the portfolio to see which parts of the portfolio might we take pricing adjustments. What I would characterize going forward is it's likely that we will take some pricing actions. It could be through reducing our invoice to net spend and our promotional depth that could be through list price increases, but I believe it will be very selective in the portfolio as opposed to broad scale pricing at this point because we just don't think we need that. On your second question on the inflection, I would say a couple of things on that. The first thing I would say is one of the things that I'm excited about is in the first quarter, our POS trends were actually stronger than our core sales growth.

因此，我們正在檢視整個產品組合，看看哪些部分可能需要做價格調整。我對未來的描述是：我們很可能會採取一些定價行動。可能是透過降低我們的發票價到淨支出（invoice to net spend）差距、以及降低促銷折扣深度；也可能是透過調高牌價（list price）。但我認為這會是針對產品組合中非常選擇性的調整，而不是此時進行大範圍的全面性漲價，因為我們認為沒有那個必要。至於你第二個關於拐點的問題，我會從幾點來說。第一點我想說的是，讓我感到振奮的是，在第一季，我們的POS（銷售點）趨勢其實比核心銷售成長更強。

So when we look at the consumer offtake trend, the consumer offtake trend was a couple of points better than the core sales growth in Q1. And as I mentioned in the prepared remarks, we had 6 of our top 10 brands that drove market share growth in the quarter. So that bodes well for replenishment orders heading into the second quarter is the first thing. Second thing I would say is we've got a lot of our innovation that is in early stages of being launched, and we've seen very strong response to it. The Coleman Snap N Go Cooler, we've raised our forecast on that innovation five times in the last 3 months in terms of the projection for that product.

所以當我們看消費者拉動（offtake）趨勢時，第一季的消費者拉動趨勢比核心銷售成長高了幾個百分點。而且如我在事先準備的發言中提到的，我們前十大品牌中有6個在本季帶動了市占率成長。因此，第一點是：這對第二季的補貨訂單（replenishment orders）是個好兆頭。第二點我會說的是，我們有許多創新產品仍處於上市初期階段，而我們已看到非常強勁的市場反應。以Coleman Snap N Go Cooler為例，過去3個月我們已經把這項創新的預測上調了五次，反映對該產品的出貨／需求預估。

We continue to keep raising our projection on some of the Graco car seats, on Sharpie behind some of the new colors and tip sizes and other innovations. We also continue to secure additional distribution wins. And so when I look at the inflection in the second quarter, the businesses that I would expect to be the biggest contributors to that inflection are likely to be the Writing business, the Baby business, the Outdoor & Recreation business as well as the Kitchen business. And I think all 4 of those businesses are positioned with the innovation distribution gains that we have to drive meaningful progress. Final point I would make is that the international business, which, for largely shipment timing reasons, got off to a slower start in Q1.

我們持續上調對部分 Graco 汽車安全座椅的預測；在 Sharpie 方面，受惠於一些新顏色、筆尖尺寸以及其他創新。我們也持續取得更多通路分銷的勝利。因此，當我看第二季的轉折點時，我預期對該轉折貢獻最大的業務，可能是書寫事業、嬰幼兒事業、戶外與休閒事業，以及廚房事業。我認為這四個事業都已具備我們所取得的創新與通路分銷增量優勢，足以推動顯著進展。最後我想補充的是，國際業務在第一季因主要是出貨時點的原因，起步較慢。

We do expect that business to be a stronger contributor in Q2 than it was in Q1. So those are kind of the things that give us confidence to guide that Q2 is going to be the inflection point.

我們預期該業務在第二季的貢獻將強於第一季。因此，這些因素讓我們有信心指引第二季將會是轉折點。

The other thing I think it's important is you might recall about a year ago at this time, we had basically believed that we were going to positively inflect at some point during the back half of last year as well. Then the tariff regime came in, and we were forced to take pricing on April 1, on May 1 and on July 28 because we had to move quickly in order to remediate the $115 million of P&L impact coming in from those tariffs. Those prices obviously are now effectively in the base, and many of those haven't even fully annualized yet. So to Chris' point, this additional $50 million of commodity increases that we have to contend with, we think a very small sliver of that might have to be addressed by very targeted pricing actions. So we don't see, based on where commodities sit today, and where tariffs sit today, us needing to make any major interventions that would then disrupt the positive share in POS trends that Chris just cited.

另外一點我認為很重要的是，你可能還記得大約一年前的這個時候，我們基本上也相信去年下半年某個時間點會出現正向轉折。但之後關稅制度上路，我們被迫在 4 月 1 日、5 月 1 日以及 7 月 28 日調漲價格，因為我們必須迅速行動，以修復這些關稅帶來的 1.15 億美元損益表（P&L）影響。這些價格顯然現在已有效反映在基期中，而且其中許多甚至還沒有完全年化。因此呼應 Chris 的觀點，面對這額外 5,000 萬美元的大宗商品成本上升，我們認為其中只有非常小的一部分可能需要透過非常有針對性的定價行動來處理。所以，基於目前大宗商品與關稅的水準，我們不認為需要任何重大干預措施，進而破壞 Chris 剛才提到的 POS 市占正向趨勢。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

Great. One short-term question, and then I have a follow-up, but your Q2 EPS guide obviously implies a fair bit of cost inflation and margin challenges given the commodity and cost environment. Is that the only reason for the margin change? Or is there given the strength and confidence in your top line expectations, did you assume any additional spending in there? Or is that just the flow-through of cost inflation?

好的。我有一個短期問題，然後還有一個追問。你們第二季 EPS 指引顯然意味著在目前的大宗商品與成本環境下，成本通膨與毛利壓力不小。這是毛利變動的唯一原因嗎？或者，考量你們對營收端的強勁與信心，你們是否也假設了額外的支出？還是這只是成本通膨的傳導？

And then I have a follow-up.

然後我還有一個追問。

Yeah. It's a great question. So there's really three things I think I would speak to. One, we already addressed in part, which is to say that last year in Q2, we had $0.02 of tariff P&L impacts. This year, we're predicting it to be $0.07.

是的。這是個很好的問題。我認為主要有三點可以說明。第一點我們已部分提到，也就是去年第二季我們有 0.02 美元的關稅損益表（P&L）影響。今年我們預估會是 0.07 美元。

So that's a full nickel. The other thing, obviously, is this commodity increase of $50 million. That $50 million, which, as we talked earlier, was probably about $30 million of resident, $20 million of diesel presents itself over the course of the balance of the year. These are very rough numbers, but about $10 million of that is probably going to impact us in Q2, $25 million in Q3 and $15 million and Q4 just roughly is one way to think about it. And then the other thing, of course, is we continue to invest behind A&P, and we expect A&P in Q2 to be up a fair bit.

也就是整整 0.05 美元。第二點當然是這 5,000 萬美元的大宗商品成本上升。這 5,000 萬美元，如同我們先前談到的，可能約 3,000 萬美元是樹脂（resin），2,000 萬美元是柴油（diesel），會在今年剩餘期間逐步反映。這些數字非常粗略，但大約可這樣理解：其中約 1,000 萬美元可能在第二季影響我們，第三季約 2,500 萬美元，第四季約 1,500 萬美元。第三點當然是我們持續加大對 A&P 的投資，我們預期第二季 A&P 會明顯增加。

So we're continuing to invest behind the business because we've been rebooting the business over the last many years. We feel like we're really getting traction now across the innovation side of the house, across the retail execution side of the house, the distribution gains that Chris has cited, we think the POS trends are reflecting that. So that's -- those are primarily the three reasons why you see that on the EPS side as it relates to Q2.

因此我們持續投資於業務，因為過去多年我們一直在重啟（reboot）這項業務。我們覺得現在在創新端、零售執行端，以及 Chris 提到的通路分銷增量方面，都真正開始取得動能，我們認為 POS 趨勢也反映了這一點。所以，這些主要就是你在第二季 EPS 端看到變化的三個原因。

Yeah. The biggest driver, as Mark said, is the tariff thing. Because tariffs go from effectively a year-over-year headwind of $0.05 a share in Q2 to in the back half, a material improvement in Q3 and Q4 because of the timing of when tariffs were implemented and all the changes that have been made. So if you were to strip out just that tariff impact I think you'd see a much stronger performance on the operating margin side and on the bottom line compared to the prior year.

是的。如 Mark 所說，最大的驅動因素是關稅。因為關稅在第二季從年對年約每股 0.05 美元的逆風，到了下半年，第三季與第四季會因關稅實施時點以及已完成的各項調整，而出現顯著改善。因此，如果你把關稅影響單獨剔除，我認為你會看到相較去年，在營業利益率與最終獲利方面都有更強的表現。

Yeah. The $0.13 differential in the back half just on the tariff piece alone.

是的。僅就關稅這一項，下半年就有 0.13 美元的差異。

Got it. That's helpful. And then we've talked a lot in the past about your domestic manufacturing. And I just wanted to ask you a little bit more about your ability to flex that to the extent that competition gets into sourcing challenges or what have you, greater exposure to nondomestic manufacturing, et cetera. Can you talk about the changes that you've made over the last few years in standing up those -- your domestic facilities so that should there be more demand or constraints amongst competition that you can step up, if that's the case.

了解。這很有幫助。接著，我們過去談過很多你們的國內製造。我想再多問一些：在競爭對手遇到採購挑戰或其他狀況、對非國內製造曝險更高等情況下，你們在多大程度上能彈性調整（flex）？你能談談過去幾年你們在建立這些國內設施方面所做的改變，以便在需求增加或競爭對手受限時，你們能夠加速提升產能（如果確實發生的話）嗎？

Yeah. It's a good question, and it's one that we've been working on. we spent the last really six or seven years, automating a lot of our US manufacturing footprint. So as I mentioned, we have 15 manufacturing plants in the US and two that are USMCA compliant in Mexico. And all of those facilities, we've been embarking on automation and when we've done the automation, and I think we gave an example in the Writing plant in Tennessee, where we've moved the line speed from 150 units a minute to 500, and we've gone from six or seven workers that were hired on the line down but one. But as we've done that automation, we did it sort of on a return on investment model that assumed a constant volume. But what it effectively did was gave us excess capacity in the US factories.

可以。這是個好問題，也是我們一直在努力的方向。過去六、七年，我們對美國製造版圖進行了大量自動化。如我提到的，我們在美國有 15 座製造工廠，並在墨西哥有兩座符合 USMCA 規範的工廠。在所有這些設施中，我們都在推動自動化；而在完成自動化後，我想我們曾以田納西州的書寫工廠為例，產線速度從每分鐘 150 件提升到 500 件，產線人力從原本需要雇用 6 到 7 名員工降到只需要 1 名。但我們推動自動化時，是以投資報酬（ROI）模型為基礎，假設產量維持不變。然而其實際效果，是讓我們在美國工廠擁有了額外產能。

So today, in most of our US manufacturing plans, we have the ability to scale up relatively quickly to compensate for supply disruption. And we do think -- we haven't baked that into our guidance, but we do think that there is a real possibility of supply disruption, particularly for those companies that are overly dependent on Asian sourcing because of supply constraints in some key materials that may manifest themselves there. And so we can react relatively quickly. I would say, if we had an order that was a material upside order because a competitor ran into trouble.

因此目前在我們多數美國製造工廠中，我們有能力相對快速地擴產，以因應供應中斷。我們確實認為——雖然我們沒有把這點納入指引——供應中斷是很有可能發生的，特別是對那些過度依賴亞洲採購的公司而言，因為某些關鍵材料可能會出現供應限制並在當地顯現。因此我們能相對快速地反應。我會說，如果我們收到一筆因競爭對手遇到問題而帶來的、顯著超預期的訂單。

And we've seen a couple of those so far in select categories, we can probably ramp up within three months or so, generally speaking, across our US manufacturing footprint. And so I do feel like that's a big opportunity for us as those present themselves.

而我們目前在部分品類已看到幾次這樣的情況，一般而言，憑藉我們在美國的製造版圖，我們大概可以在三個月左右完成擴產爬坡（ramp up）。因此我確實覺得，當這些機會出現時，對我們而言會是一個很大的機會。

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.newellbrand.com. You may now disconnect, and have a great day.

今天的電話會議到此結束。感謝各位的參與。今日電話會議的重播將於稍晚在公司網站 ir.newellbrand.com 提供。您現在可以掛線，祝您有美好的一天。