Quanex Building Products Corp (NX) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2025 Quanex Building Products Corporation earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Scott Zuehlke, Senior Vice President, CFO and Treasurer. Please go ahead.

您好，感謝您的支持。歡迎參加 Quanex 建築產品公司 2025 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人，高級副總裁、財務長兼財務主管 Scott Zuehlke。請繼續。

Thanks for joining the call this morning. On the call with me today is George Wilson, our Chairman, President and CEO. This conference call will contain forward-looking statements and some discussion of non-GAAP measures. Forward-looking statements and guidance discussed on this call and in our earnings release are based on current expectations. Actual results or events may differ materially from such statements and guidance, and Quanex undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

感謝您今天早上參加電話會議。今天與我一起通話的是我們的董事長、總裁兼執行長喬治威爾森 (George Wilson)。本次電話會議將包含前瞻性陳述和一些非公認會計準則指標的討論。本次電話會議和我們的收益報告中討論的前瞻性陳述和指導均基於當前預期。實際結果或事件可能與此類聲明和指導有重大差異，Quanex 不承擔更新或修改任何前瞻性聲明以反映新資訊或事件的義務。

For a more detailed description of our forward-looking statement disclaimer and a reconciliation of non-GAAP measures to the most directly comparable GAAP measures, please see our earnings release issued yesterday and posted to our website. I'll now turn the call over to George for his prepared remarks.

有關我們前瞻性聲明免責聲明的更詳細說明以及非 GAAP 指標與最直接可比較的 GAAP 指標的對賬，請參閱我們昨天發布並發佈在我們網站上的收益報告。現在我將把電話轉給喬治，請他發表準備好的演講。

Thanks, Scott, and good morning to everyone joining the call. Although macro headwinds persisted this quarter, I'm pleased with the resilience of our business in the current environment.

謝謝，斯科特，大家早安。儘管本季宏觀逆風持續存在，但我對我們的業務在當前環境下的韌性感到滿意。

Following a significant amount of work by our team, new operating segments are in place, synergy realization remains compelling and the cash flow generation of the combined entity has been strong. We are confident we are on the right path. We remain focused on achieving our financial and operational objectives, and our team continues to prioritize driving both above-market growth and an improved margin profile over time.

經過我們團隊的大量工作，新的營運部門已經到位，協同效應的實現仍然引人注目，合併後實體的現金流生成也十分強勁。我們堅信我們走在正確的道路上。我們將繼續專注於實現我們的財務和營運目標，我們的團隊將繼續優先推動高於市場的成長和不斷改善的利潤率。

Our third quarter results were largely shaped by three key factors: first, the macroeconomic environment and the resulting demand and order patterns. Second, the resegmentation of our business units and a resulting goodwill impairment; and third, the integration of Tyman and the synergies we're beginning to realize from the combination.

我們的第三季業績主要受三個關鍵因素影響：首先，宏觀經濟環境以及由此產生的需求和訂單模式。第二，我們業務部門的重新劃分以及由此造成的商譽減損；第三，泰曼的整合以及我們開始從合併中實現的綜效。

Let me start with comments on the macroeconomic environment in the markets we serve. In North America, for the third quarter of 2025, volumes increased compared to the prior quarter, but not at the rate normal seasonality would have suggested. US customers took extended downtime around the July 4 holiday and volumes remained relatively soft for the remainder of the month.

首先，我想評論一下我們所服務的市場的宏觀經濟環境。在北美，2025 年第三季的銷量與上一季相比有所增加，但增幅不如正常季節性所暗示的水平。美國客戶在 7 月 4 日假期期間停機時間延長，當月剩餘時間的交易量仍然相對疲軟。

While tariffs continue to add uncertainty, there is also a sentiment that delays to both R&R and new construction projects are a result of consumers waiting for the Federal Reserve to cut interest rates. Altogether, this has led to increased pressure on discretionary spending, resulting in a headwind to consumer -- end consumer confidence. While volumes are expected to remain soft through the end of the year, we are confident that mid- and long-term indicators favor a strong recovery when rates drop and consumer confidence is restored.

雖然關稅繼續增加不確定性，但也有觀點認為，R&R 和新建築項目的延遲是消費者等待聯準會降息的結果。總而言之，這導致可自由支配支出的壓力增加，從而對消費者——最終消費者信心造成不利影響。儘管預計到今年年底交易量仍將保持疲軟，但我們相信，隨著利率下降和消費者信心恢復，中長期指標有利於強勁復甦。

Looking at market conditions in Europe, consumer confidence continues to be negatively impacted by higher interest rates and conflicts in the Middle East and Ukraine. However, market share gains in both our vinyl extrusion and insulating glass spacer product lines have helped offset market weakness. Despite ongoing pricing pressure, the Quanex team continues to deliver quality products with excellent operational performance.

縱觀歐洲市場狀況，消費者信心持續受到利率上升以及中東和烏克蘭衝突的負面影響。然而，我們的乙烯基擠壓和絕緣玻璃間隔條產品線的市場份額成長有助於抵消市場疲軟。儘管面臨持續的價格壓力，Quanex 團隊仍繼續提供具有出色營運績效的優質產品。

Now turning to the resegmentation of our business. As we have discussed on prior earnings calls as well as at our Investor Day earlier in the year, completing the resegmentation of our business was important for our future success. With this work complete, we are better able to achieve expected synergies, drive innovation and organic growth and expand into adjacencies. I would like to thank the entire Quanex team for working so hard and efficiently to get us where we are today. From an accounting perspective, one of the impacts of any business resegmentation is a goodwill impairment review.

現在來談談我們業務的重新細分。正如我們在今年稍早的財報電話會議和投資者日上所討論的那樣，完成業務的重新細分對於我們未來的成功至關重要。完成這項工作後，我們能夠更好地實現預期的協同效應，推動創新和有機成長，並擴展到鄰近領域。我要感謝整個 Quanex 團隊的辛勤和高效工作，使我們取得了今天的成就。從會計角度來看，任何業務重新細分的影響之一就是商譽減損審查。

And as you saw in our earnings release, this review resulted in a noncash goodwill impairment. I want to be clear that this impairment is not related to any performance indicators or changes to the long-term profitability expectations for our business. In fact, the new reporting segments continue to create new opportunities for cost takeout inefficiencies, which will allow for improved performance.

正如您在我們的收益報告中看到的，此審查導致了非現金商譽減損。我想明確指出的是，這種損害與任何績效指標或我們業務的長期獲利預期變化無關。事實上，新的報告分部繼續為降低成本效率創造新的機會，從而提高績效。

However, per accounting rules, we performed goodwill impairment testing on all new reporting units before publicly reporting in the new operating segments, which resulted in a noncash goodwill impairment. Regardless of the impairment, our business prospects are unchanged. Quanex has strong growth potential and as macroeconomic uncertainty subsides and customer confidence improves, we believe we are well positioned to capitalize on pent-up demand.

然而，根據會計規則，我們在新的經營分部公開報告之前對所有新的報告單位進行了商譽減損測試，這導致了非現金商譽減損。無論損失如何，我們的業務前景都不會改變。Quanex 具有強勁的成長潛力，隨著宏觀經濟不確定性的消退和客戶信心的增強，我們相信我們有能力利用被壓抑的需求。

Finally, I'd like to discuss the ongoing Tyman integration process. We continue to make substantial strides on the integration and have finalized and staffed our operational and commercial teams. We have also made significant progress toward building the back-office support teams.

最後，我想討論一下正在進行的 Tyman 整合進程。我們在整合方面繼續取得實質進展，並已完成並配備了我們的營運和商業團隊。我們在建立後台支援團隊方面也取得了重大進展。

As we move ahead, our team is capturing meaningful synergies unlocked by the transaction, and we also continue to identify and pursue additional synergies on an ongoing basis. After factoring in these additional synergies, mainly related to headcount, adjusting for lower volumes and pushing out the timing of when we should realize procurement savings, we still see a path to realizing approximately $45 million in cost synergies related to the Tyman acquisition over time.

隨著我們不斷前進，我們的團隊正在抓住交易所帶來的有意義的協同效應，我們也將繼續持續地識別和追求額外的協同效應。在考慮到這些額外的協同效應（主要與員工人數有關）、調整較低的產量以及推遲我們應該實現採購節省的時間之後，我們仍然看到了一條途徑，可以隨著時間的推移實現與 Tyman 收購相關的約 4500 萬美元的成本協同效應。

As a reminder, $45 million in cost synergies is above our initial projection of $30 million at the time of the transaction announcement. We expect to see further synergies, particularly those related to revenue in the second phase of integration, which is underway.

提醒一下，4500 萬美元的成本協同效應高於我們在交易公告發佈時最初預測的 3000 萬美元。我們期望看到進一步的協同效應，特別是與正在進行的第二階段整合中的收入相關的協同效應。

This second phase is rooted in four major themes: Go-to-market and geographic expansion strategy, operational footprint optimization, new product and materials development, and finally, current product line portfolio analysis. Each one of these themes is more medium-term focused and directly aligned to the profitable growth strategy that we discussed at our Investor Day in February.

第二階段基於四大主題：市場進入和地理擴張策略、營運足跡優化、新產品和材料開發，以及當前的產品線組合分析。每個主題都更專注於中期，並且與我們在二月份投資者日討論的獲利成長策略直接相關。

Operationally, we are pleased with what we have accomplished in the first year since the deal closed. We are well positioned due to our healthy balance sheet, flexible financial foundation and advantaged strategic positioning. Despite the macro challenges, our strong cash flow enabled us to repay over $51 million of bank debt during the quarter.

從營運角度來看，我們對交易完成以來第一年所取得的成就感到滿意。我們擁有健康的資產負債表、靈活的財務基礎和優越的策略定位，因此處於有利地位。儘管面臨宏觀挑戰，我們強勁的現金流使我們能夠在本季償還超過 5,100 萬美元的銀行債務。

This demonstrates the potential ahead for Quanex as we continue to progress toward our goals, and we remain extremely optimistic moving forward. I want to also take a moment to detail some operational issues we inherited that are specific to our window and door hardware business in Mexico, which impacted results in the third quarter more than expected.

這表明 Quanex 在未來將繼續朝著目標前進，並且我們對未來保持極度樂觀。我還想花點時間詳細介紹我們繼承的一些營運問題，這些問題具體涉及我們在墨西哥的門窗五金業務，對第三季的業績影響超出預期。

Specifically, we identified tooling and equipment issues at our Monterrey, Mexico facility, which, among other things, impacts backlog and leads to inefficiencies and increased costs for items such as expedited freight. These operational challenges negatively impacted EBITDA in the Hardware Solutions segment by almost $5 million in the third quarter alone.

具體來說，我們發現墨西哥蒙特雷工廠的工具和設備存在問題，這些問題除其他外還影響了積壓訂單，導致效率低下和加急貨運等項目的成本增加。僅在第三季度，這些營運挑戰就對硬體解決方案部門的 EBITDA 產生了近 500 萬美元的負面影響。

As soon as we identified the extent of these issues, we took action. We made leadership changes and are dedicating additional resources and capital to the facility to address and resolve these issues in an expedited manner. We are upgrading the facility's capabilities, processes and equipment to Quanex standards, laying a stronger foundation for years to come.

一旦我們確定了這些問題的嚴重程度，我們就採取了行動。我們進行了領導層變動，並向該設施投入了更多資源和資金，以便盡快處理和解決這些問題。我們正在將該設施的功能、流程和設備升級到 Quanex 標準，為未來幾年奠定更堅實的基礎。

We are confident in our recovery plan, although we want to note we expect continued pressure on results in the Hardware Solutions segment in the fourth quarter. Looking ahead, we anticipate gradual progress as we execute on the recovery plan with tangible benefits early in fiscal 2026. Before I conclude my prepared remarks, I want to note that we are updating our guidance for fiscal 2025 due to recent demand trends and updated cost synergy realization and timing model, conversations with customers and a realistic time line to address the operational issues in Mexico.

我們對我們的復甦計劃充滿信心，儘管我們想指出，我們預計第四季度硬體解決方案部門的業績將繼續面臨壓力。展望未來，我們預計隨著復甦計畫的實施，我們將在 2026 財年初取得逐步進展並帶來實際的效益。在我結束準備好的演講之前，我想指出，由於最近的需求趨勢和更新的成本協同實現和時間模型、與客戶的對話以及解決墨西哥運營問題的現實時間表，我們正在更新 2025 財年的指導。

Scott will take you through the details, but we remain confident in the strong Quanex team. We have a proven track record and a breadth of products that are unmatched in the industry. We look forward to capitalizing on the opportunities ahead of us and we will be positioned to benefit when the macro environment begins to improve.

斯科特將向您介紹詳細信息，但我們仍然對強大的 Quanex 團隊充滿信心。我們擁有良好的業績記錄和業內無與倫比的產品範圍。我們期待利用眼前的機遇，並在宏觀環境開始改善時從中受益。

I'll now turn the call over to Scott, who will discuss our financial results in more detail.

現在我將把電話轉給史考特，他將更詳細地討論我們的財務結果。

Thanks, George. On a consolidated basis, we reported net sales of $495.3 million during the third quarter of 2025, which represents an increase of approximately 77% compared to $280.3 million for the same period of 2024.

謝謝，喬治。依照合併口徑，我們報告 2025 年第三季的淨銷售額為 4.953 億美元，與 2024 年同期的 2.803 億美元相比成長約 77%。

The increase was mainly driven by the contribution from the Tyman acquisition that closed on August 1, 2024. Excluding the Tyman contribution, net sales would have increased by 1.4% for the third quarter of 2025, mainly due to increased pricing, which includes any tariff impact, offset by lower volumes.

這一成長主要得益於 2024 年 8 月 1 日完成的 Tyman 收購的貢獻。不包括泰曼的貢獻，2025 年第三季的淨銷售額將成長 1.4%，這主要是由於價格上漲（包括關稅影響），但銷量下降抵消了這一影響。

We reported a net loss of $276 million or $6.04 per diluted share during the three months ended July 31, 2025, compared to net income of $25.4 million or $0.77 per diluted share during the three months ended July 31, 2024. The decrease was primarily the result of a $302.3 million noncash goodwill impairment related to the resegmentation of our business at a point in time when consumer confidence is low and equity values for building products companies are challenged.

我們報告稱，截至 2025 年 7 月 31 日的三個月內，淨虧損為 2.76 億美元，即每股攤薄虧損 6.04 美元，而截至 2024 年 7 月 31 日的三個月內，淨收入為 2540 萬美元，即每股攤薄虧損 0.77 美元。下降的主要原因是 3.023 億美元的非現金商譽減值，這與我們在消費者信心低迷、建築產品公司股權價值受到挑戰時對業務進行重新細分有關。

As George mentioned, the noncash goodwill impairment is not related to any performance indicators or changes to the long-term profitability expectations of the business. The resegmentation constituted a triggering event under ASC 350, requiring a quantitative comparison of each reporting unit's carrying value to its estimated fair value.

正如喬治所提到的，非現金商譽減損與任何業績指標或企業長期獲利預期的變化無關。根據 ASC 350，重新分割構成了觸發事件，要求對每個報告單位的帳面價值與其估計的公允價值進行定量比較。

At the May 1, 2025, trigger date, our stock price was at $16.59 per share, which is less than the agreed valuation for the Tyman acquisition. Because market capitalization is a key input in determining fair value, the lower share price on the trigger date reduced our market-based valuation, despite management forecast reflecting higher long-term cash flows.

在 2025 年 5 月 1 日的觸發日期，我們的股價為每股 16.59 美元，低於 Tyman 收購的商定估值。由於市值是確定公允價值的關鍵輸入，儘管管理層預測長期現金流會更高，但觸發日的較低股價降低了我們基於市場的估值。

As a result, the fair value derived from the market evidence fell below our internal forecast and the carrying value of goodwill, leading to the noncash impairment. On an adjusted basis, net income was $31.6 million or $0.69 per diluted share during the third quarter of 2025 compared to $26.9 million or $0.81 per diluted share during the third quarter of 2024.

結果，根據市場證據得出的公允價值低於我們的內部預測和商譽的帳面價值，導致非現金減損。經調整後，2025 年第三季淨收入為 3,160 萬美元，即每股攤薄收益 0.69 美元，而 2024 年第三季淨收入為 2,690 萬美元，即每股攤薄收益 0.81 美元。

The adjustments being made to EPS are as follows: Transaction advisory fees and reorganization costs, restructuring charges related to severance and disposal of software, noncash goodwill impairment, expenses related to the plant closure or relocation, amortization expense related to intangible assets and a pension settlement refund, onetime depreciation adjustment and then other net adjustments related to foreign currency transaction gain/loss and effective tax rate.

對每股收益進行的調整如下：交易諮詢費和重組成本、與軟體遣散費和處置相關的重組費用、非現金商譽減值、與工廠關閉或搬遷相關的費用、與無形資產和養老金結算退款相關的攤銷費用、一次性折舊調整以及與外幣交易損益和有效稅率相關的其他淨調整。

On an adjusted basis, EBITDA for the quarter increased by 67.2% to $70.3 million compared to $42 million during the same period of last year. The increase in adjusted earnings for the three months ended July 31, 2025, was mostly attributable to the contribution from the Tyman acquisition, combined with the realization of cost synergies.

經調整後，本季 EBITDA 成長 67.2%，達到 7,030 萬美元，去年同期為 4,200 萬美元。截至 2025 年 7 月 31 日的三個月調整後收益的成長主要歸因於 Tyman 收購的貢獻以及成本協同效應的實現。

Now for results by operating segment. We generated net sales of $227.1 million in our Hardware Solutions segment for the third quarter of 2025, an increase of 201% compared to $75.5 million in the third quarter of 2024. We estimate that volumes for the legacy Quanex product lines in this segment declined by 2.4% year-over-year with pricing up 1.9% and a tariff impact of 7.9% versus Q3 of 2024. The legacy Tyman product lines included in this segment, which we didn't own in the same period of last year, made up the remaining 193.5% increase in net sales in the third quarter of 2025.

現在按經營部門列出業績。2025 年第三季度，硬體解決方案部門的淨銷售額為 2.271 億美元，較 2024 年第三季的 7,550 萬美元成長 201%。我們估計，與 2024 年第三季相比，該領域傳統 Quanex 產品線的銷量年減 2.4%，價格上漲 1.9%，關稅影響為 7.9%。該部門包含的傳統 Tyman 產品線（我們在去年同期沒有擁有）構成了 2025 年第三季淨銷售額剩餘的 193.5% 的成長。

Adjusted EBITDA was $24.7 million in this segment for the third quarter compared to $9.5 million in the third quarter of 2024. As previously mentioned, the operational issues specific to the window and door business in Mexico negatively impacted EBITDA in this segment by approximately $5 million during the third quarter of 2025.

該部門第三季調整後 EBITDA 為 2,470 萬美元，而 2024 年第三季為 950 萬美元。如前所述，2025 年第三季度，墨西哥門窗業務特有的營運問題對該部門的 EBITDA 產生了約 500 萬美元的負面影響。

Our Extruded Solutions segment generated revenue of $174.4 million in the third quarter of 2025, which represents an increase of 29.6% compared to $134.6 million in the third quarter of 2024. We estimate that volumes for the legacy Quanex product lines in this segment were down by 2.6% year-over-year, with pricing up 0.6%, a 1.9% FX benefit and no real tariff impact. The legacy Tyman product lines included in this segment, again, which we didn't own in the same period of last year, made up the remaining 29.7% increase in net sales in the third quarter of 2025.

我們的擠壓解決方案部門在 2025 年第三季創造了 1.744 億美元的收入，與 2024 年第三季的 1.346 億美元相比成長了 29.6%。我們估計，該領域傳統 Quanex 產品線的銷量年減 2.6%，價格上漲 0.6%，外匯收益為 1.9%，沒有實際關稅影響。同樣，該部門包含的傳統 Tyman 產品線（我們在去年同期沒有擁有）構成了 2025 年第三季淨銷售額剩餘 29.7% 的成長。

Adjusted EBITDA increased to $37.1 million in this segment for the quarter versus $27.7 million during the same period of last year. We reported net sales of $102.3 million in our Custom Solutions segment during the third quarter of 2025, compared to $72.7 million for the same period of 2024. We estimate the volumes for the legacy product lines in this segment increased by 0.8%, driven by increased spot business in the Wood Solutions Group with price increasing by 2.2% and a minimal tariff impact of 0.3%.

本季該部門的調整後 EBITDA 增至 3,710 萬美元，去年同期為 2,770 萬美元。我們報告稱，2025 年第三季客製化解決方案部門的淨銷售額為 1.023 億美元，而 2024 年同期為 7,270 萬美元。我們估計，該部門傳統產品線的銷售量成長了 0.8%，這得益於木材解決方案集團現貨業務的成長，價格上漲了 2.2%，關稅影響僅為 0.3%。

The legacy Tyman product lines included in this segment made up the remaining 37.5% increase in net sales in the third quarter of 2025. Adjusted EBITDA was $12.9 million in this segment for the quarter, which compared to $6.1 million for the third quarter of 2024.

該部門包含的傳統 Tyman 產品線構成了 2025 年第三季淨銷售額剩餘 37.5% 的成長。本季該部門的調整後 EBITDA 為 1,290 萬美元，而 2024 年第三季為 610 萬美元。

Moving on to cash flow and the balance sheet. Cash provided by operating activities was $60.7 million for the third quarter of 2025, which compares to cash provided by operating activities of $46.4 million for the third quarter of 2024. Free cash flow increased by 15.1% to $46.2 million for the quarter, and we were able to repay $51.25 million of bank debt.

繼續討論現金流和資產負債表。2025 年第三季經營活動提供的現金為 6,070 萬美元，而 2024 年第三季經營活動提供的現金為 4,640 萬美元。本季自由現金流成長 15.1% 至 4,620 萬美元，我們能夠償還 5,125 萬美元的銀行債務。

As of July 31, our leverage ratio of net debt to last 12 months adjusted EBITDA decreased to 2.6x. The leverage ratio for our quarterly debt covenant compliance was 2.4x versus the current leverage covenant ratio of 3.75x, so we have plenty of cushion.

截至7月31日，我們的淨債務與過去12個月調整後EBITDA的槓桿率已降至2.6倍。我們季度債務契約合規的槓桿率為2.4倍，而目前的槓桿率為3.75倍，因此我們擁有足夠的緩衝。

During the quarter, we remained disciplined in our capital allocation strategy. In addition to paying back over $51 million of bank debt as part of our efforts to maintain a healthy balance sheet and improve liquidity, we continue to return capital to shareholders by opportunistically buying back shares. We repurchased 100,000 shares of common stock for approximately $2.1 million during the third quarter of 2025. We still have approximately $33.6 million remaining under our existing share repurchase program.

在本季度，我們仍然嚴格執行資本配置策略。為了保持健康的資產負債表和提高流動性，我們除了償還超過 5,100 萬美元的銀行債務外，還透過適時回購股票繼續向股東返還資本。我們在 2025 年第三季以約 210 萬美元回購了 10 萬股普通股。我們現有的股票回購計畫仍有約 3,360 萬美元的剩餘。

Before I open it up to Q&A, I want to discuss our updated guidance for fiscal 2025. As George mentioned, the update is based on our results year-to-date, recent demand trends, and updated cost synergy realization and timing model, conversations with our customers and a realistic timeline to address the operational issues in the window and door hardware business in Mexico. On a consolidated basis for fiscal 2025, we now estimate that we will generate net sales of approximately $1.82 billion, which we expect will yield adjusted EBITDA of approximately $235 million.

在開始問答環節之前，我想先討論一下我們對 2025 財年的最新指導。正如喬治所提到的，此次更新基於我們今年迄今為止的業績、近期需求趨勢、更新的成本協同效應實現和時間模型、與客戶的對話以及解決墨西哥門窗五金業務運營問題的現實時間表。在 2025 財年的合併基礎上，我們現在估計我們將產生約 18.2 億美元的淨銷售額，我們預計這將產生約 2.35 億美元的調整後 EBITDA。

For modeling purposes, please use the following assumptions for the full year 2025 to back into what Q4 should look like. Gross margin of approximately 27%, which reflects the operational issues in Mexico, SG&A of approximately $264 million, adjusted D&A of approximately $58 million, interest expense of approximately $53 million, an adjusted tax rate of 24.5%. This tax rate is slightly higher than the previous guidance of 23.5% because of some nondeductible interest. CapEx of approximately $75 million and free cash flow of approximately $80 million.

為了建模目的，請使用以下假設來預測 2025 年全年第四季的情況。毛利率約為 27%，反映了墨西哥的營運問題，銷售、一般及行政費用約為 2.64 億美元，調整後的折舊及攤銷前利潤約為 5,800 萬美元，利息支出約為 5,300 萬美元，調整後的稅率為 24.5%。由於一些不可扣除的利息，該稅率略高於先前 23.5% 的指導稅率。資本支出約 7,500 萬美元，自由現金流約 8,000 萬美元。

Operator, we are now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Steven Ramsey, Thompson Research Group.

（操作員指示）史蒂文·拉姆齊，湯普森研究小組。

Maybe to start out with the big picture on demand, understand that it remains subdued out there broadly. I heard that from many companies and from channel checks. But wanted to parse out if you feel like if in any segment, there is a change in the competitive landscape or just even in the near term as competitors react to this market, if that's also changing the volume picture.

也許首先要了解需求的整體情況，即總體而言需求仍處於低迷狀態。我從許多公司和通路調查中聽說了這一點。但是，如果您覺得在任何領域，競爭格局都會發生變化，或者只是在短期內，隨著競爭對手對這個市場做出反應，這是否也會改變銷售狀況。

Thanks for the question, Steven. The way I see it right now and the detail that we have coming flowing in, it is more macro related than competitive. I think we've been able to do a very good job on the competitive front across regions and across product lines. So really, the softness that we see is more specifically related to the softness in both R&R and new construction.

謝謝你的提問，史蒂文。從我現在的看法以及我們得到的細節來看，它更多的是宏觀層面的，而不是競爭層面的。我認為我們在跨地區、跨產品線的競爭方面做得非常好。因此，實際上，我們看到的柔軟度更具體地與 R&R 和新建築的柔軟度有關。

Okay. That's helpful. And then I wanted to hone in a little bit in Europe, the pockets of strength that you called out there. Maybe can you go into a little more detail on why that strength is there, why it's sustaining? How much of it is consumer demand for it versus internal moves you're making?

好的。這很有幫助。然後我想稍微磨練一下歐洲，看看你所說的那些實力雄厚的國家。也許您能更詳細地解釋為什麼會有這種力量，為什麼它能夠持續下去？其中有多少是消費者的需求，有多少是你們內部採取的措施？

When we look at the strength, the product lines in Europe continue to perform very well and have taken some share. And that's really built on the operational foundation that we have in both of those product lines being extrusions in the framing systems as well as our spacer business.

從實力來看，歐洲的產品線持續表現良好，並佔了一定的份額。這實際上建立在我們兩條產品線的營運基礎之上，即框架系統中的擠壓件以及我們的間隔件業務。

We continue to provide excellent service, quality products that are high level in terms of energy efficiency and thermal performance. So I think that constant delivery of quality products has helped us continue to perform. So that remains a strength. And that's exactly what we're trying to duplicate in the hardware product lines that we acquired through Tyman. So that has been a strength.

我們將繼續提供優質的服務和高水準的能源效率和熱性能的優質產品。所以我認為持續提供優質產品有助於我們繼續保持良好的表現。所以這仍然是一個優勢。這正是我們試圖在透過 Tyman 收購的硬體產品線中複製的內容。所以這就是我們的優勢。

In the US, I think we continue to see strength in our ability, and I would say, in the legacy Quanex lines of converting our demand into cash flow at a very good rate, and that remains a strength. We're making some progress, as we've talked about on previous calls, starting to transition the Tyman products from a make-to-stock to a make-to-order. That continues to be a really big opportunity for us.

在美國，我認為我們繼續看到我們的能力優勢，我想說，在傳統的 Quanex 產品線中，我們能夠以非常好的速度將需求轉化為現金流，這仍然是一個優勢。正如我們在之前的電話會議中談到的那樣，我們正在取得一些進展，開始將 Tyman 產品從按庫存生產轉變為按訂單生產。這對我們來說仍然是一個非常大的機會。

We're starting to show the beginnings of that transition, which has translated into positive cash flow, which is why we -- even despite the softness in the market, the cash flow generation continued to be really strong, and we were very happy with the performance there, which allowed us to pay down debt and buy back shares.

我們開始展現出這種轉變的跡象，這已經轉化為正現金流，這就是為什麼——儘管市場疲軟，但現金流的產生仍然非常強勁，我們對那裡的表現非常滿意，這使我們能夠償還債務併回購股票。

For sure. Okay. And then last one for me. Tyman Mexico, maybe to clarify, you called out a $5 million EBITDA headwind in the third quarter. Do you expect the fourth quarter to be a similar dollar amount headwind-wise or that to moderate a bit?

一定。好的。這是我的最後一個。Tyman Mexico，也許需要澄清一下，您指出第三季 EBITDA 面臨 500 萬美元的逆風。您是否預期第四季的美元逆風情況與上季類似，還是會略有緩和？

And then to make sure I understand, do you think this EBITDA headwind is gone to start 2026? Or do you think it starts to balance out and then go positive later in that fiscal year?

然後，為了確保我理解正確，您是否認為到 2026 年初，EBITDA 逆風已經消失？或者您認為它會在該財政年度晚些時候開始平衡並轉為正值？

Yes. So I think we do expect an impact in the fourth quarter. It may be similar to 3Q, depending on the progress that we show during the quarter. But we are expecting some progress towards the end of the fourth fiscal quarter and then into early 2026. It's hard to say when it will be completely resolved, but we are working quickly, and we realize this is a top priority.

是的。所以我認為我們確實預計第四季會產生影響。它可能與第三季度類似，這取決於我們在本季度展示的進展。但我們預計在第四財季末以及 2026 年初會取得一些進展。很難說什麼時候才能徹底解決，但我們正在迅速採取行動，我們意識到這是當務之急。

Our focus right now, Steven, is really on doing everything we can to protect our customers and get our delivery levels back to where they need to be. It's -- our complete focus has been on our customers. So we're not sparing any expense and trying to be cute. We're fixing the solution. We're putting systems in place, and we're spending money on assets, as I mentioned, to bring both the equipment and the tooling up to what our standards are, which has always been a strength of Quanex, and we'll make it a strength of the time and products that we purchased as well.

史蒂文，我們現在的重點是盡一切努力保護我們的客戶，並使我們的交付水準恢復到應有的水準。我們的注意力全部集中在我們的客戶身上。因此我們不惜一切代價，努力讓自己變得可愛。我們正在修復解決方案。正如我所提到的，我們正在建立系統，並在資產上投入資金，以使設備和工具達到我們的標準，這一直是 Quanex 的優勢，我們也將使其成為我們購買的時間和產品的優勢。

Reuben Garner, Benchmark.

魯本·加納，基準。

I guess can you walk through what the balance of the, I guess, lower-than-expected results in the third quarter was? I think $5 million accounts for roughly half of it, if my math is right, top line was mostly in line with what you were looking for last quarter. Was it just a split between volume and price? Was there higher costs from tariffs or other pressures that led to the profitability pressure that you saw?

我想您能否解釋一下第三季低於預期的業績的平衡？我認為 500 萬美元大約是其中的一半，如果我的計算正確的話，營業收入與你上個季度所期望的大致一致。這僅僅是數量和價格之間的分裂嗎？是否存在關稅或其他壓力導致的成本增加，從而導致獲利壓力？

Yes. I mean outside of the market and the volume, which you just -- outside of the Mexico impact, it's really split between market and then procurement synergies specifically. As we looked hard at that and kind of updated our model for the lower volumes and the timing at which we expect to realize those synergies, some of those were just pushed to the right. So I think those three things, Mexico market and then procurement synergies.

是的。我的意思是，除了市場和銷售之外，除了墨西哥的影響之外，它實際上是在市場和採購協同效應之間劃分的。當我們認真研究這個問題並更新我們的模型以適應較低的交易量和我們預計實現這些協同效應的時間時，其中一些就被推到了右邊。所以我認為這三件事，墨西哥市場和採購綜效。

So is -- was all of that pressure in the final month of the quarter and basically, the guide in the fourth quarter now implies that you have three consistent months of that kind of pressure? Like was it $5 million in one month and now that's going to be $5 million a quarter in the fourth quarter? Or talk to me about how to think about that. Okay.

那麼——所有這些壓力都是在本季的最後一個月嗎？基本上，第四季的指南現在意味著您將連續三個月面臨這種壓力？比如說，一個月是 500 萬美元，那麼第四季每季就是 500 萬美元？或跟我談談如何看待這個問題。好的。

No, it wasn't all in July, if that's what you're implying. It definitely started earlier in the quarter and kind of ramped up through the quarter. Now that we have a really good handle on what's going on, we do expect some progress towards the end of the fourth quarter.

不，如果您指的是這個的話，那並不是全部發生在七月。它肯定在本季度初就開始了，並且在整個季度逐漸增加。現在我們已經很好地掌握了情況，我們確實預計第四季度末會取得一些進展。

Sorry, one more, if I could sneak one in. I was on mute. I guess what are your customers saying? There's been a bit of a resurgence in refinance activity of late as rates have come in. It sounds like you're not expecting volume to bounce back anytime soon.

抱歉，如果我可以偷偷帶進去的話，還有一個。我處於靜音狀態。我猜你的顧客在說什麼？隨著利率的上升，最近再融資活動已復甦。聽起來您並不期望交易量很快反彈。

Was there any element of destocking that took place? I know a lot of your products are kind of made to order, but some of them, maybe the spacers can be stocked. Was there any destocking that's taking place that's kind of onetime in nature? What's the expectation, I guess, as you get into your next fiscal year from a demand perspective?

是否有去庫存的因素？我知道你們的許多產品都是客製化的，但其中一些，也許墊片可以備貨。是否有一次性的去庫存現象？我想，從需求角度來看，您對下一個財政年度的期望是什麼？

No. We didn't see any signs of anything in terms of destocking or anything specific because that usually indicates one or two specific customers. And it was pretty consistent in terms of the slowdown across all of the customers that we serve. So we don't anticipate any levels of destocking.

不。我們沒有看到任何去庫存或任何具體跡象，因為這通常表明有一兩個特定的客戶。就我們服務的所有客戶而言，這種放緩趨勢相當一致。因此我們預計不會有任何程度的去庫存。

What I would say is our expectation of things continuing to be soft into the fourth quarter, really falls a little bit into what we've always seen in terms of weather and the build season. Now even though you've got some refinancing activity that kind of is starting to ignite and maybe showing signs.

我想說的是，我們預計第四季度的情況將繼續疲軟，這實際上與我們一直以來看到的天氣和建築季節的情況有點相似。現在，儘管你已經有一些再融資活動，但這種活動已經開始活躍起來，並且可能顯示出一些跡象。

And I know that there's some hope and optimism that there will be a rate cut in September by the Fed and maybe another even in this year. Effectively, in half of the US, the build season is coming to a conclusion. So that's not going to flow through until our 2026 fiscal year.

我知道，人們抱持著希望和樂觀的態度，認為聯準會將在九月降息，甚至在今年可能會再次降息。實際上，在美國一半的地區，建築季節即將結束。因此，這要到 2026 財年才會實現。

And I said last one, but I do want to sneak one more in. You're a little over a year into this deal now. I think you mentioned like potential for more synergies that you found. Any more color there, like what -- in terms of facility count, location, how you're running the business, like what these could look like from a numbers perspective? Or is it still too early to tell?

我說的是最後一個，但我確實想再偷偷加一個。現在距離這筆交易已經過了一年多一點。我認為您提到了您發現的更多協同效應的潛力。還有更多細節嗎，例如——就設施數量、地點、業務運作方式而言，從數位角度來看這些是什麼樣的？還是現在下結論還太早？

I think it's still too early to tell from a numbers perspective. Obviously, we put some of our expectations and thoughts on a waterfall chart that showed our pathway to growth at our Investor Day, back in February. Those goals and objectives are still absolutely valid, and that's exactly what we're driving to.

我認為從數字角度來看現在下結論還為時過早。顯然，我們在二月的投資者日上將我們的一些期望和想法放在了瀑布圖上，展示了我們的成長路徑。這些目標和目的仍然絕對有效，這正是我們所追求的。

I think we're excited as we build out our commercial teams and we start to look at what that looks like. So I do think that there's some opportunities that will present themselves from a commercial cross-selling, bundling of products, development of new systems that will absolutely pay benefits.

我認為，當我們建立自己的商業團隊並開始觀察其發展時，我們感到非常興奮。因此我確實認為，商業交叉銷售、產品捆綁銷售、新系統開發等都存在一些機會，這些機會絕對會帶來好處。

I think now that we're operating in the new segments, each one of the groups will evaluate hard what their new consolidated footprint looks like. And it's our job as a manufacturing company to be as efficient and cost effective for our customers as we can be. So I think the groups are also looking at where are the best plants to manufacture products, how do we optimize the logistics of our shipments to both our customers and raw materials and then they start developing operational plans and develop synergies based on that.

我認為，既然我們現在在新的領域開展業務，每個集團都會認真評估他們新的整合足跡是什麼樣的。作為一家製造公司，我們的職責就是盡可能為客戶提供高效且經濟的產品。因此，我認為各集團也在研究哪裡有最好的工廠來生產產品，如何優化向客戶和原材料的運輸物流，然後他們開始製定營運計劃並在此基礎上實現協同效應。

So I think my expectation is not changed at all from what we presented in terms of that waterfall chart back in February and probably more confidence now that we're actually operating in the new groups.

因此，我認為我的期望與我們在二月的瀑布圖中展示的期望完全沒有改變，而且現在我們實際上在新組中運營，可能更有信心。

Adam Thalhimer, Thompson, Davis.

亞當·塔爾希默、湯普森、戴維斯。

Scott, I'm still trying to understand the top line for Q4. So that's -- so Q4 top line down about $20 million to $25 million sequentially. What's driving that? Was there some tariff-related prebuys in Q2 and Q3? Or is that all just -- that's how bad the demand environment is now?

史考特，我仍在努力了解第四季的營收情況。因此，第四季營業收入季減約 2,000 萬美元至 2,500 萬美元。是什麼原因導致的呢？第二季和第三季是否有一些與關稅相關的預購？或者這只是──現在的需求環境太糟糕了？

No. I mean I think it's more reflective of just the current market and what we're seeing sitting here today.

不。我的意思是，我認為這更能反映當前的市場以及我們今天所看到的情況。

Okay. And then maybe it's unfair to ask, but I mean, do you have any insight into Q1, Q2 of next year and where that -- where the demand might be?

好的。那麼也許問這個問題不太公平，但我的意思是，您是否對明年第一季、第二季以及需求可能在哪裡有任何了解？

We've just started our budgeting process. So I think it's a little too early for us to kind of go out with guidance. A lot is going to probably depend on what the Fed does here over the next course of two to three months and what sort of reaction in terms of consumer confidence and some stability on inflation and tariffs. So I think we're not quite ready. I think our expectation is next year will be better than what we're seeing here in the second half, but still a little too early to come out with any specific guidance.

我們剛開始預算流程。所以我認為現在給出指導還為時過早。很大程度上可能取決於聯準會在未來兩到三個月內採取的措施，以及消費者信心和通膨及關稅穩定方面的反應。所以我認為我們還沒有完全準備好。我認為我們的預期是明年的情況會比下半年更好，但現在給出任何具體指導還為時過早。

Okay. And then cash flow was a good story in Q3. Congrats on that. Also good Q4 cash flow guidance. Just curious what you guys are going to prioritize with the Q4 cash flow.

好的。第三季的現金流表現良好。恭喜你。第四季現金流指引也很好。只是好奇你們將優先考慮第四季的現金流。

Yes. I think as always, we're going to balance debt repayment and potentially some opportunistic stock repurchases through the quarter. But clearly, continuing to strengthen our balance sheet in this environment is a top priority, and you should expect that to continue.

是的。我認為，與往常一樣，我們將在本季平衡債務償還和可能的一些機會性股票回購。但顯然，在這種環境下繼續加強我們的資產負債表是當務之急，而且你應該期待這種情況會持續下去。

Yes, I would reinforce that. I mean I think that there's always -- we've always believed our leverage was at a level that was absolutely manageable, but I think that there were some that were -- you approach 3x concerned about that. And so even in a soft environment, we're able to continue to drive cash flow into this business.

是的，我會強調這一點。我的意思是，我認為我們始終相信我們的槓桿率處於絕對可控的水平，但我認為有些人對此的擔憂程度接近 3 倍。因此，即使在疲軟的環境下，我們也能夠繼續為該業務帶來現金流。

We'll continue to strengthen the balance sheet, as Scott said. And a lot of it is situational. When the market opens back up, as a reminder, we are opportunistic buyers. We don't have any sort of 10b plan established for the company. So we have limited time to be in the market, but we'll evaluate where our share price is, and we'll continue to prioritize our shareholders in what we feel is the best return for them.

正如斯科特所說，我們將繼續加強資產負債表。其中很多都是情景性的。當市場重新開放時，提醒一下，我們是機會主義的買家。我們沒有為公司製定任何類型的 10b 計劃。因此，我們進入市場的時間有限，但我們會評估我們的股價，並將繼續優先考慮我們的股東，為他們提供我們認為最好的回報。

Julio Romero, Sidoti & Company, LLC.

胡里奧·羅梅羅，Sidoti & Company, LLC。

Going back to Tyman Mexico for a bit. If I recall, that manufacturing business in Mexico is largely labor-intensive and very manual in nature. And I know you mentioned it was a tooling and equipment issue. So I was hoping you could kind of talk to the issues a little bit there? And does the labor-intensive and manual process of that business kind of affect your ability to implement the remediation plan at all?

回到墨西哥泰曼一會兒。如果我沒記錯的話，墨西哥的製造業基本上是勞力密集的，並且本質上是手工的。我知道您提到這是一個工具和設備問題。所以我希望您能稍微談談這些問題？那麼，該業務的勞動密集和手動流程是否會影響您實施補救計劃的能力？

Actually, the Monterrey facility is a mix between manual assembly as well as a significant presence for injection molding and metal die casting. So there is a lot of injection molders and die casters and tooling in that facility.

實際上，蒙特雷工廠既有手工裝配，也有註塑和金屬壓鑄的混合體。因此，該工廠內有許多注塑機、壓鑄機和工具。

What we identified is really the systems underneath how do you methodically anticipate and plan for tooling repairs. I don't want to say it was nonexistent, but again, not up to the standards. And you get to a point where if you're not maintaining tools and equipment, but you continue to try to run and you block off cavities, then it creates quality problems and other issues, and it will eventually catch up to you.

我們真正確定的是底層系統如何有條不紊地預測和規劃工具維修。我不想說它不存在，但我再次強調，它不符合標準。如果你不維護工具和設備，而是繼續嘗試運行並堵塞空腔，那麼就會出現品質問題和其他問題，最終會給你帶來麻煩。

And I think what we identified midyear here as we get deeper and deeper into the integration and we start understanding the processes and kind of put Quanex procedures and policies into place is that we were underinvested and that the tooling condition and the equipment condition was not where we wanted to be, and it was not going to be healthy to support our customers. So we had to make some changes and fix some things before it was catastrophic.

我認為，隨著我們越來越深入地進行整合，開始了解流程並實施 Quanex 程序和政策，我們在年中發現，我們的投資不足，工具狀況和設備狀況沒有達到我們想要的水平，這對我們的客戶來說不是件好事。因此，我們必須在災難發生之前做出一些改變並修復一些問題。

Good color there. Very helpful. And how is the remainder of the Tyman integration aside from Mexico performing from an operational perspective?

那裡的顏色很好。非常有幫助。從營運角度來看，除墨西哥以外，Tyman 整合的其餘部分錶現如何？

Yes. As I said in my statements, we've been very pleased with the progress to date. We've got commercial teams developed. And I've said in other calls, I think our job throughout the integration was try to combine the best of both companies and make it into something new and stronger. And -- although we have a short-term issue in one plant, when you look at overall throughout the rest of the integration, I think Tyman was probably more aligned to be a commercial type of business.

是的。正如我在聲明中所說，我們對迄今為止的進展感到非常滿意。我們已經組建了商業團隊。我在其他電話會議中也說過，我認為我們在整個整合過程中的工作是努力結合兩家公司的優點，使其成為一家新的、更強大的公司。而且 - 儘管我們在一家工廠遇到了短期問題，但當你從整體上看其餘的整合時，我認為 Tyman 可能更適合成為商業類型的企業。

And so the marketing, the product management and the sales teams and the sales leadership from Tyman have a bigger play within the role of Quanex. And the Quanex strength of being a manufacturing company is being integrated into the Tyman facilities.

因此，Tyman 的行銷、產品管理、銷售團隊和銷售領導在 Quanex 中發揮更大的作用。Quanex 作為一家製造公司的優勢正在融入 Tyman 工廠。

And I think we're making some very, very good progress. And as we mentioned, I think when the market does recover, we will have the systems in place, and we'll continue to fix the issues in Monterrey, but we'll be ready to grow. So I'm very excited about the progress that we made, and I think it's going to -- there's a lot more to be done, but we're well on track and right where we thought we would be minus the impact of Monterrey, which we identified and our systems are what caught that. So we'll fix it and we'll move forward, and we'll be ready to go. But very pleased with the progress.

我認為我們正在取得非常非常好的進展。正如我們所提到的，我認為當市場復甦時，我們將建立相應的系統，並繼續解決蒙特雷的問題，但我們已經做好了發展的準備。因此，我對我們所取得的進展感到非常興奮，我認為——還有很多工作要做，但我們目前進展順利，並且達到了我們預想的水平，除了蒙特雷會議的影響之外，我們已經認識到了這一點，並且我們的系統已經捕捉到了這一點。所以我們會解決這個問題，然後繼續前進，並做好準備。但對進展感到非常滿意。

Understood. Understood there. And sorry if I missed it, but did you guys provide a new time line for the $30 million in synergies, kind of that first tranche of synergies? Is that still expected by the end of 1Q fiscal '26?

明白了。明白了。如果我錯過了，我很抱歉，但你們是否為 3000 萬美元的協同效應（第一批協同效應）提供了新的時間表？預計到 26 財年第一季末仍會出現這種情況嗎？

I think we said early 2026. I think that's still pretty accurate.

我想我們說的是 2026 年初。我認為這仍然相當準確。

Okay. Got you. So there's no push out announced from the time line there?

好的。明白了。那麼從時間軸來看，沒有宣布任何延期的消息嗎？

No.

不。

I mean some of it will be market dependent. I mean if the market were to go worse, that impacts the procurement synergies, but we're not anticipating a significant degradation from where we're at today.

我的意思是其中一些將取決於市場。我的意思是，如果市場情況變得更糟，就會影響採購綜效，但我們預期情況不會比現在嚴重惡化。

Got you. And then one more, if I could. On the Custom Solutions business, there's been some announcements of industry consolidation from some larger OEMs, and it also wouldn't be the first time that you guys have seen industry consolidation. So can you maybe talk to any expected impact to Quanex from that and some historical context you could provide as to how you've worked through industry consolidation of customers in the past?

明白了。如果可以的話，再來一個。在客製化解決方案業務方面，一些較大的原始設備製造商已經宣布了行業整合，這也不是你們第一次看到產業整合。那麼，您能否談談這對 Quanex 的預期影響，以及您能否提供一些歷史背景，說明您過去是如何進行客戶產業整合的？

So what we're seeing in the Custom Solutions, it was announced. It's too early in the combination of those companies, which is more on the wood products side. I'm assuming that's what you're referring to. It's too early to tell. We've seen significant customer consolidation there.

因此，我們在客製化解決方案中看到的內容已經公佈。這些公司的合併還為時過早，它們更多的是專注於木製品方面。我假設這就是你所指的。現在下結論還為時過早。我們看到那裡的客戶整合現象顯著。

So I think we're not anticipating any major impact as a result of that. We have relationships with all of the OEs, and we anticipate that will continue on a go-forward basis. As they go through the integration or even the approval of that consolidation, we'll get more information, and we'll develop our plans from there.

因此我認為我們預計這不會造成任何重大影響。我們與所有 OE 都建立了合作關係，並且我們預計這種關係將會繼續下去。隨著他們完成整合甚至批准合併，我們將獲得更多信息，並據此制定計劃。

In other markets, I think mainly in the window and door segment, I think we'll continue to see some consolidation. The national players will continue to, I think, grow. And -- we sell something to almost everyone. So it's -- it may have some mix issues from the different product lines that we sell. But for us, the consolidation is expected.

在其他市場，我認為主要是在門窗領域，我認為我們將繼續看到一些整合。我認為國家隊球員將會繼續成長。而且——我們幾乎向每個人都銷售產品。所以，我們銷售的不同產品線可能會有一些混合問題。但對我們來說，整合是意料之中的。

And I think the fact that we have exposure to almost every window company, I think we're well positioned to be able to capitalize on that as long as we're continuing to provide the basket of goods and servicing our customers the way we need to. And for us, again, the priority is fixing Monterrey and getting that solved.

我認為，事實上我們幾乎與所有窗戶公司都有聯繫，只要我們繼續提供一攬子商品並以我們需要的方式為客戶提供服務，我們就有能力利用這一點。對我們來說，當務之急是修復蒙特雷並解決這個問題。

Got it. I just wanted to say congratulations on completing the resegmentation. Nice job there.

知道了。我只是想對完成重新分割表示祝賀。幹得好。

Ruben Garner, Benchmark.

魯本·加納，基準。

Just a quick follow-up on the Mexico facility. What percentage of your business or how much revenue comes from that facility?

只是對墨西哥工廠進行快速跟進。您的業務中有多少百分比或收入來自該設施？

We don't -- we haven't given that level of disclosure. It is a cost center. So the revenue actually flows through other facilities. So they're doing some extrusion and then it's dispersed. We'll have to get back to you, but we haven't publicly disclosed what that amount is through the hardware business.

我們沒有——我們還沒有給出這種程度的揭露。它是一個成本中心。因此收入實際上是透過其他設施流出的。因此他們進行一些擠壓，然後將其分散。我們會回覆您，但我們尚未透過硬體業務公開揭露該金額。

And I would now like to turn the conference back to George for closing remarks.

現在我想請喬治致閉幕詞。

Thank you. As we head into the fourth quarter, we are encouraged by the completion of our resegmentation and the overall resilience of the business in the current environment. Our team is focused on advancing our integration and capturing the synergy opportunities available.

謝謝。進入第四季度，我們對重新細分的完成以及當前環境下業務的整體彈性感到鼓舞。我們的團隊致力於推進整合並抓住可用的協同機會。

We remain optimistic about our prospects for profitable growth and value creation moving forward. We look forward to providing you with another update when we report Q4 and our full year 2025 earnings in December. Thank you.

我們對未來獲利成長和價值創造的前景仍然持樂觀態度。我們期待在 12 月報告第四季和 2025 年全年收益時為您提供另一份更新資訊。謝謝。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。