Owens Corning (OC) 2024 Q3 法說會逐字稿

Good morning, everyone, and welcome to Owens Corning's third-quarter 2024 earnings call. My name is Lydia, and I will be your operator today. (Operator Instructions)

大家早安，歡迎參加歐文斯科寧 2024 年第三季財報電話會議。我叫莉迪亞，今天我將成為你們的接線生。（操作員說明）

I'll now hand you over to Amber Wohlfarth, Vice President, Corporate Affairs and Investor Relations, to begin. Please go ahead.

現在我將把您交給公司事務和投資者關係副總裁 Amber Wohlfarth 開始。請繼續。

Good morning. Thank you for taking the time to join us for today's conference call and review of our business results for the third quarter of 2024. Joining us today are Brian Chambers, Owens Corning's Chair and Chief Executive Officer; and Todd Fister, our Chief Financial Officer. (Event Instructions)

早安.感謝您抽出時間參加今天的電話會議並回顧我們 2024 年第三季的業務業績。今天加入我們的還有歐文斯科寧董事長兼執行長布萊恩錢伯斯 (Brian Chambers)；以及我們的財務長 Todd Fister。（活動須知）

Earlier this morning, we issued a news release and filed a 10-Q that detailed our financial results for the third quarter of 2024. For the purposes of our discussion today, we have prepared presentation slides summarizing our performance and results, and we'll refer to these slides during this call. You can access the earnings press release, Form 10-Q, and the presentation slides at our website, owenscorning.com. Refer to the Investors link under the Corporate section of our homepage. A transcript and recording of this call and the supporting slides will be available on our website for future reference.

今天早上早些時候，我們發布了新聞稿並提交了 10-Q 報告，詳細介紹了我們 2024 年第三季的財務表現。為了今天討論的目的，我們準備了總結我們的表現和結果的簡報投影片，我們將在本次電話會議中參考這些投影片。您可以在我們的網站 owenscorning.com 上存取收益新聞稿、表格 10-Q 和簡報幻燈片。請參閱我們主頁“公司”部分下的“投資者”連結。本次通話的文字記錄和錄音以及支援投影片將在我們的網站上提供，以供日後參考。

Please reference slide 2 where we offer a couple of reminders. First, today's remarks will include forward-looking statements that are subject to risks, uncertainties, and other factors that could cause our actual results to differ materially. We undertake no obligation to update these statements beyond what is required under applicable securities laws. Please refer to the cautionary statements and the risk factors identified in our SEC filings for more detail.

請參考投影片 2，我們在其中提供了一些提醒。首先，今天的言論將包括前瞻性陳述，這些陳述受到風險、不確定性和其他可能導致我們的實際結果產生重大差異的因素的影響。除適用證券法的要求外，我們不承擔更新這些聲明的義務。請參閱我們向 SEC 提交的文件中確定的警告聲明和風險因素，以了解更多詳細資訊。

Second, the presentation slides and today's remarks contain non-GAAP financial measures. Explanations and reconciliations of non-GAAP to GAAP measures may be found in our earnings press release and presentation available on the Investors section of our website, owenscorning.com. For those of you following along with our slide presentation, we will begin on slide 4.

其次，簡報投影片和今天的演講包含非公認會計準則財務指標。非 GAAP 與 GAAP 衡量標準的解釋和調節可在我們的收益新聞稿和簡報中找到，該新聞稿和簡報可在我們網站的投資者部分獲取，owenscorning.com。對於那些關注我們幻燈片演示的人，我們將從幻燈片 4 開始。

And now opening remarks from our Chair and CEO, Brian Chambers. Brian?

現在我們的主席兼執行長布萊恩錢伯斯 (Brian Chambers) 致開幕詞。布萊恩？

Thanks, Amber. Good morning, everyone, and thank you for joining us today. During our call this morning, I will share an overview of our third-quarter performance and review several strategic initiatives and investments we are making to sharpen our focus as a leader in residential and commercial building products while positioning the company for future growth. Todd will provide further detail on our financial performance, and then I'll come back and discuss our near-term outlook.

謝謝，安布爾。大家早安，感謝您今天加入我們。在今天早上的電話會議上，我將分享我們第三季度業績的概述，並回顧我們正在採取的幾項戰略舉措和投資，以加強我們作為住宅和商業建築產品領導者的重點，同時為公司未來的成長做好定位。托德將提供有關我們財務業績的更多詳細信息，然後我將回來討論我們的近期前景。

Owens Corning delivered another outstanding quarter, with our team continuing to demonstrate best-in-class commercial and operational execution despite challenging near-term market conditions. Our ongoing ability to deliver such strong results is a direct reflection of the work we've done over the past few years to strengthen our market-leading positions, improve our operating efficiencies, and increase the earnings power of the company.

歐文斯科寧再次實現了出色的季度業績，儘管近期市場條件充滿挑戰，但我們的團隊仍繼續展現出一流的商業和營運執行力。我們持續取得如此強勁業績的能力直接反映了我們過去幾年為加強市場領先地位、提高營運效率和提高公司獲利能力所做的工作。

In addition to our strong financial results, we also made progress on a number of key initiatives to further enhance our production, capacity and capability, as well as simplify our geographic footprint. I'll speak more about this shortly. But first, I'll begin as always with a critical component to our success: safety.

除了強勁的財務表現外，我們還在一些關鍵舉措上取得了進展，以進一步提高我們的生產、產能和能力，並簡化我們的地理足跡。我很快就會詳細討論這一點。但首先，我將一如既往地從我們成功的關鍵要素開始：安全。

Through the implementation of our Safer Together operating framework, our recordable incident rate was 0.58 in the third quarter. Two-thirds of our facilities have operated injury-free this year and more than half have done so for over a year. As a reminder, our recently added doors segment has not been included in the RIR calculation. As we bring our safety-first culture to this business, we continue to see improvements in the performance and look forward to including doors in our safety reporting in early 2025.

透過實施我們的 Safer Together 營運框架，第三季的可記錄事故率為 0.58。今年，我們三分之二的設施都實現了無傷害運行，其中超過一半的設施已經連續一年多無傷害運行。提醒一下，我們最近新增的門段尚未包含在 RIR 計算中。隨著我們將安全第一的文化引入該業務，我們不斷看到績效的改進，並期待在 2025 年初將門納入我們的安全報告中。

In looking at our financial performance in more detail, our results continued to demonstrate our structurally higher and more resilient earnings profile despite more challenging market conditions. In the third quarter, the company delivered an adjusted EBIT margin of 19% and adjusted EBITDA margin of 25%, marking the 17th consecutive quarter of achieving mid-teens or better adjusted EBIT margins and 20% or better adjusted EBITDA margins.

更詳細地審視我們的財務業績，我們的業績繼續證明，儘管市場條件更具挑戰性，但我們的獲利狀況在結構上更高、更具彈性。第三季度，該公司調整後息稅前利潤率為19%，調整後息稅折舊攤銷前利潤率為25%，這標誌著該公司連續第17 個季度實現調整後息稅前利潤率達到中位數或更高水平，以及調整後息稅折舊攤銷前利潤率達到20% 或更高水平。

Sales and margin growth resulted in adjusted diluted earnings per share of $4.38. In the quarter, we also continued to demonstrate the cash-generating capability of the company, producing $558 million of free cash flow. And given the strength of our balance sheet and focus on being disciplined capital allocators, we returned $252 million to shareholders through dividends and share repurchases.

銷售額和利潤率的成長導致調整後的稀釋每股收益為 4.38 美元。本季度，我們也繼續展示了公司的現金產生能力，產生了 5.58 億美元的自由現金流。鑑於我們的資產負債表實力雄厚，並專注於成為紀律嚴明的資本配置者，我們透過股息和股票回購向股東返還了 2.52 億美元。

Our market-leading businesses continued to perform at a high level and generated results in line with our expectations. Roofing once again delivered very strong margins with our shingle volume outperforming the market as the overall asphalt shingle market was down slightly versus prior year. In insulation, we delivered increased sales in the quarter through positive price realization and favorable product mix within our North American residential and technical insulation businesses.

我們市場領先的業務持續保持高水準表現，取得的業績符合我們的預期。屋頂再次實現了非常強勁的利潤，我們的木瓦銷售量優於市場，因為整體瀝青木瓦市場與去年相比略有下降。在保溫材料方面，我們透過北美住宅和技術保溫業務中積極的價格實現和有利的產品組合，在本季度實現了銷售額的成長。

Work within our doors business continue to focus on integration efforts as we navigated through some choppy near-term end-markets. Results in its first full quarter as part of Owens Corning were in line with our outlook.

當我們在一些動盪的近期終端市場中航行時，我們內部業務的工作繼續專注於整合工作。作為歐文斯科寧一部分的第一個完整季度的業績符合我們的預期。

And in composites, the segment performed well despite the macro environment remaining challenging. In the quarter, we also began commissioning our new glass nonwovens line in Fort Smith, Arkansas, giving us incremental capacity to grow this business.

在複合材料領域，儘管宏觀環境仍然充滿挑戰，但該領域表現良好。本季度，我們也開始調試位於阿肯色州史密斯堡的新玻璃非織造布生產線，為我們提供了成長這項業務的增量能力。

Our results this quarter continue to reflect the progress we have made in structuring our company to generate higher, more resilient earnings while also growing our top line. Over the past few years, through the execution of our enterprise strategy and operating priorities, we've been reshaping the company, creating multiple paths to achieve 20% or better adjusted EBITDA margins, mid-teen returns on invested capital and significant free cash flow generation.

我們本季的業績持續反映了我們在公司結構方面的進展，以產生更高、更有彈性的收益，同時也增加了我們的收入。在過去的幾年裡，透過執行我們的企業策略和營運重點，我們一直在重塑公司，創造多種途徑來實現20% 或更好的調整後EBITDA 利潤率、中位數的投資資本回報率和可觀的自由現金流世代。

Through this process, we have maintained a disciplined capital allocation approach focused on products and applications where we can build market-leading positions. This has resulted in acquisitions that have expanded our offering of branded building products as well as investments to drive organic growth. We have also capitalized on several business optimization opportunities to simplify our structure and geographic footprint that have improved our operating efficiencies and cost position.

透過這個過程，我們保持了嚴格的資本分配方法，並專注於我們可以建立市場領先地位的產品和應用程式。這導致了收購擴大了我們的品牌建築產品供應以及推動有機成長的投資。我們也利用多個業務優化機會來簡化我們的結構和地理足跡，從而提高了我們的營運效率和成本地位。

As a result of this disciplined approach to enhance our earnings power and focus Owens Corning as a building products leader in North America and Europe, we announced two key decisions this morning. Let me start with our announcement to further simplify our geographic footprint by selling our building products business in China and Korea to a member of the business' management team.

由於採取了這種嚴格的方法來增強我們的盈利能力並將歐文斯科寧作為北美和歐洲建築產品的領導者，我們今天早上宣布了兩項關鍵決定。讓我先宣布，透過將我們在中國和韓國的建築產品業務出售給業務管理團隊的一名成員，進一步簡化我們的地理足跡。

This sale of assets includes six insulation manufacturing facilities in China as well as a Korean roofing manufacturing facility servicing demand in that region. Not included in this transaction are our glass reinforcement facilities in Asia Pacific and our manufacturing assets that service our North American and European markets, including our roofing coated wovens manufacturing facilities in India and our cellular glass insulation plant in China.

此次資產出售包括位於中國的六家隔熱材料製造工廠以及一家為該地區需求提供服務的韓國屋頂製造工廠。此次交易不包括我們在亞太地區的玻璃增強設施以及為北美和歐洲市場提供服務的製造資產，包括我們在印度的屋頂塗層編織物製造設施和我們在中國的泡沫玻璃隔熱工廠。

Over the years, we've built a strong market presence and customer base with the business generating revenues of approximately $130 million in 2024. The strategic decision to exit this business allows us to put more focus on strengthening our leadership position in North America and Europe, which includes additional investments in these markets.

多年來，我們已經建立了強大的市場影響力和客戶群，該業務到 2024 年將產生約 1.3 億美元的收入。退出該業務的策略決策使我們能夠更加專注於加強我們在北美和歐洲的領導地位，其中包括對這些市場的額外投資。

A latest example of this is our announcement this morning to increase fiberglass insulation capacity in the United States. Over the last few quarters, we've been evaluating options to invest in the continued modernization of our flexible and cost-effective US fiberglass insulation network to meet strong market demand for both our residential and commercial products.

最新的例子是我們今天早上宣布增加美國的玻璃纖維絕緣能力。在過去的幾個季度中，我們一直在評估投資於我們靈活且具有成本效益的美國玻璃纖維絕緣網絡的持續現代化的投資方案，以滿足我們的住宅和商業產品的強勁市場需求。

As a result of this evaluation, we are excited to announce the addition of a new production line within our existing Kansas City manufacturing facility. This capacity, which is expected to come online in 2027, will utilize our advanced process technology to produce both light- and heavy-density fiberglass products at an improved cost. In addition, the new line will give us the capability to rebalance our fiberglass production network to increase capacity of light-density residential insulation across our other existing facilities.

根據此次評估，我們很高興地宣佈在我們現有的堪薩斯城製造工廠內增加一條新生產線。該產能預計於 2027 年投產，將利用我們先進的製程技術以更低的成本生產輕密度和高密度玻璃纖維產品。此外，新生產線將使我們能夠重新平衡我們的玻璃纖維生產網絡，以提高我們其他現有設施的輕密度住宅隔熱材料的產能。

Positioning this new line in Kansas City enables us to grow alongside customers to meet market demand while leveraging our existing footprint and the knowledge of our manufacturing team in Kansas City. In addition to these two announcements, we continue to make good progress on our other two key strategic initiatives to sharpen our product and geographic focus: the integration of doors; and the evaluation of our glass reinforcements business.

將這條新生產線定位在堪薩斯城，使我們能夠與客戶一起成長，以滿足市場需求，同時利用我們現有的足跡和堪薩斯城製造團隊的知識。除了這兩項公告之外，我們還在其他兩項關鍵策略措施上繼續取得良好進展，以加強我們的產品和地理重點：門的整合；以及對我們玻璃增強材料業務的評估。

The acquisition and addition of the doors segment to Owens Corning has strengthened our portfolio of highly valued branded building products. As we continue to make progress in integrating doors within OC, we remain excited about the future growth opportunities within this category and our ability to drive improved financial results as we leverage both companies' best-in-class brands, extensive customer and channel knowledge, manufacturing capabilities, and material science expertise.

歐文斯科寧收購並增加門部門增強了我們高價值品牌建築產品的組合。隨著我們在 OC 內部整合門方面不斷取得進展，我們對這一類別的未來增長機會以及我們利用兩家公司的一流品牌、廣泛的客戶和渠道知識推動改善財務業績的能力感到興奮，製造能力和材料科學專業知識。

We continue to execute our integration playbook, finding cost synergies consistent with our original expectation of $125 million, while we explore new growth opportunities with customers utilizing our expanded product line and long-standing relationships. We have delivered sourcing synergies in a number of categories and streamlined operating processes, reducing duplicate spending and leveraging our scale. In terms of synergy capture, we are on track to realize these cost savings within the first two years and anticipate recognizing about half of the synergies within the doors segment and the remainder across legacy OC.

我們繼續執行我們的整合策略，尋找與我們最初預期 1.25 億美元一致的成本協同效應，同時我們利用我們擴展的產品線和長期的關係與客戶一起探索新的成長機會。我們在多個類別中實現了採購協同效應，並簡化了營運流程，減少了重複支出並充分利用了我們的規模。在獲取協同效應方面，我們預計在前兩年內實現這些成本節約，並預計在門業領域實現約一半的協同效應，其餘則在傳統 OC 領域實現。

Lastly, regarding the strategic review of our glass reinforcements business, we continue to make progress on the evaluation of options to both maximize the value to shareholders and determine the best growth path for the business. At this time, however, we have not yet concluded our review process. As we explore alternatives, we are committed to being a disciplined operator as we plan for the future. As such, while we explore options, we continue to focus on improving the overall cost position of the business through ongoing restructuring actions.

最後，關於我們玻璃增強材料業務的策略審查，我們繼續在評估選項方面取得進展，以實現股東價值最大化並確定業務的最佳成長路徑。然而，目前我們尚未結束我們的審查過程。當我們探索替代方案時，我們致力於成為一個紀律嚴明的運營商，同時規劃未來。因此，在我們探索各種選擇的同時，我們繼續致力於透過持續的重組行動來改善業務的整體成本狀況。

Before I turn it over to Todd, I would like to congratulate my 25,000 Owens Corning colleagues for their role in our most recent recognition. We have been named in the top 10 of the 100 Best Corporate Citizens List for the seventh consecutive year, and we're ranked first within our industry category. This list recognizes outstanding environmental, social and governance performance and transparency, among the largest publicly-traded US companies. As we make progress toward our mission to build a more sustainable future through material innovation, it's our people that truly make the difference.

在將其交給托德之前，我要祝賀我的 25,000 名歐文斯科寧同事在我們最近的表彰中所發揮的作用。我們連續第七年躋身百強企業公民排行榜前十名，在業界類別中排名第一。該榜單表彰了美國最大的上市公司中傑出的環境、社會和治理績效以及透明度。當我們在透過材料創新來建構更永續的未來的使命中取得進展時，真正發揮作用的是我們的員工。

With that view of our performance and progress on strategic priorities, I will now turn it over to Todd to discuss our third-quarter financial results in more detail. Todd?

鑑於我們在策略重點方面的表現和進展，我現在將其交給托德，更詳細地討論我們第三季的財務業績。托德？

Thank you, Brian, and good morning, everyone. As Brian mentioned, we delivered another quarter of outstanding results. The performance in the third quarter reflects the structural improvements we have made to the enterprise and the consistent commercial and operational execution from our teams. We have multiple paths to sustain our structurally higher EBITDA margins, deliver strong cash generation and continue to return cash to shareholders.

謝謝你，布萊恩，大家早安。正如布萊恩所提到的，我們又一個季度取得了出色的業績。第三季的業績反映了我們對企業的結構性改進以及團隊一致的商業和營運執行力。我們有多種途徑來維持結構性較高的 EBITDA 利潤率、提供強勁的現金產生能力並繼續向股東返還現金。

I'd now like to turn to slide 5 to discuss the quarter in more detail. In the third quarter, we continued to build on a strong first half to deliver top line and bottom line growth in the quarter for the enterprise. Adjusted EBIT of $582 million and adjusted EBITDA of $766 million grew versus last year by 12% and 19%. Adjusted EBIT margin was 19% and adjusted EBITDA margin was 25%.

我現在想翻到第 5 張投影片，更詳細地討論該季度。第三季度，我們繼續在上半年強勁的基礎上，為企業帶來本季的營收和利潤成長。調整後 EBIT 為 5.82 億美元，調整後 EBITDA 為 7.66 億美元，與去年相比分別成長 12% 和 19%。調整後 EBIT 利潤率為 19%，調整後 EBITDA 利潤率為 25%。

Part of the year-over-year growth can be attributed to the first full quarter of operating the doors segment after our acquisition of Masonite, with the remainder primarily driven by ongoing excellent commercial execution in our legacy businesses. Organically, adjusted EBIT and adjusted EBITDA were up 5%.

同比成長的部分原因可歸因於我們收購 Masonite 後第一個完整季度的門部門運營，其餘部分主要由我們傳統業務中持續出色的商業執行力推動。調整後 EBIT 和調整後 EBITDA 有機成長 5%。

Adjusted earnings for the third quarter were $385 million or $4.38 per diluted share, compared with $380 million or $4.18 per diluted share in the same quarter prior year. For the quarter, adjusting items totaled approximately $73 million and are excluded from our adjusted EBIT. They primarily include $61 million of Masonite acquisition-related costs, $19 million of gains on the sale of certain precious metals as we shift our ownership portfolio and change the production tooling needs in composites, and $16 million of charges related to the ongoing strategic review of the glass reinforcements business.

第三季調整後收益為 3.85 億美元，即稀釋後每股收益 4.38 美元，去年同期為 3.80 億美元，即稀釋後每股收益 4.18 美元。本季的調整項目總計約為 7,300 萬美元，不包括在我們調整後的息稅前利潤。它們主要包括6,100 萬美元的Masonite 收購相關成本、1,900 萬美元的銷售某些貴金屬收益（因為我們改變所有權組合和改變複合材料的生產工具需求）以及1,600 萬美元的與正在進行的策略審查相關的費用。

Turning to slide 6, our capital allocation strategy remains unchanged. We are focused on generating strong free cash flow, returning approximately 50% to investors over time, and maintaining an investment-grade balance sheet while executing on our business strategies to grow the company.

轉向投影片 6，我們的資本配置策略保持不變。我們專注於產生強勁的自由現金流，隨著時間的推移向投資者回報約 50%，並在執行業務策略以發展公司的同時維持投資等級資產負債表。

Operating cash flow was up slightly from prior year in the third quarter. Free cash flow for the quarter was $558 million compared to $581 million in the same quarter last year. The year-over-year decline was due to increased capital additions which were $141 million in the quarter, up $31 million from prior year as we make the targeted investments Brian mentioned.

第三季營運現金流較去年同期略有上升。本季自由現金流為 5.58 億美元，去年同期為 5.81 億美元。年比下降的原因是本季資本增加了 1.41 億美元，比去年增加了 3,100 萬美元，因為我們進行了布萊恩提到的目標投資。

Our return on capital was 15% for the 12 months ending September 30, 2024, down from last year as we continued to see the impact of the acquisition. At quarter-end, the company had liquidity of approximately $1.8 billion, consisting of $499 million of cash and $1.3 billion of availability on our bank debt facilities.

截至 2024 年 9 月 30 日的 12 個月，我們的資本回報率為 15%，低於去年，因為我們繼續看到收購的影響。截至季末，該公司的流動資金約為 18 億美元，其中包括 4.99 億美元的現金和 13 億美元的銀行債務融資。

We have $400 million of senior notes due in the fourth quarter. During the third quarter of 2024, we returned $252 million to shareholders through share repurchases and a cash dividend. Through the first nine months of the year, we have returned $486 million to shareholders through share repurchases and dividends. At the end of the quarter, we had 6.9 million shares available for repurchase under our current authorization. Exiting Q3, our net debt to adjusted EBITDA was slightly below our targeted range of 2 to 3 times, inclusive of returning $252 million to shareholders in the quarter.

我們有 4 億美元的優先票據將於第四季到期。2024 年第三季度，我們透過股票回購和現金股利向股東返還 2.52 億美元。今年前 9 個月，我們透過股票回購和股利向股東返還 4.86 億美元。截至本季末，根據我們目前的授權，我們有 690 萬股可供回購。第三季結束後，我們的淨債務與調整後 EBITDA 比率略低於我們目標範圍的 2 至 3 倍，其中包括本季向股東返還 2.52 億美元。

Now turning to slide 7, I'll provide additional details on our segment results. The roofing business had another quarter of shingle market outperformance as we continue to demonstrate the strength of our contractor engagement model. Overall revenue was $1.1 billion, in line with prior year as positive price and favorable mix offset the impact of lower components volumes and the net impact from the exit of protected packaging. In the quarter, we saw positive price realization in our August increase, and demand for our shingles remained strong.

現在轉到幻燈片 7，我將提供有關我們的細分結果的更多詳細資訊。隨著我們繼續展示承包商參與模式的優勢，屋頂業務又在木瓦市場表現出色。總收入為 11 億美元，與上年持平，因為積極的價格和有利的組合抵消了零件產量下降的影響以及退出受保護包裝的淨影響。在本季度，我們在 8 月的上漲中看到了積極的價格實現，並且對我們的木瓦的需求仍然強勁。

The US asphalt shingle market on a volume basis was down slightly in the quarter compared to the prior year. Coming into the quarter, we anticipated the market would be down mid- to high-single digits. As we expected, our US shingle volume outperformed the market, up slightly as demand for our shingles remained strong.

本季美國瀝青瓦市場的銷售量與去年同期相比略有下降。進入本季度，我們預期市場將出現中高個位數下跌。正如我們預期的那樣，我們的美國木瓦銷售表現優於市場，由於對我們木瓦的需求仍然強勁，略有上升。

Also as expected, overall segment volumes were impacted by lower roofing components volumes as distributors worked through channel inventory of these products. Volume continued to be impacted by the strategic decision to exit our protective packaging business. We would anticipate Q4 will be the last quarter of impact from protective packaging.

同樣正如預期的那樣，由於分銷商透過這些產品的通路庫存進行銷售，因此整個細分市場的銷售量受到屋頂組件銷售下降的影響。退出保護性包裝業務的策略決策持續影響銷售量。我們預計第四季將是保護性包裝影響的最後一個季度。

EBIT was $359 million for the quarter, up $16 million versus last year. The increase was primarily due to positive price and favorable mix offsetting the volume decline. All of this resulted in EBIT margin of 33% and EBITDA margin of 35%.

該季度息稅前利潤為 3.59 億美元，比去年增加 1,600 萬美元。這一增長主要是由於積極的價格和有利的組合抵消了銷量的下降。所有這些導致 EBIT 利潤率達到 33%，EBITDA 利潤率達到 35%。

Now please turn to slide 8 for a summary of our insulation business. In the third quarter, the insulation business delivered growth and expanded margin versus prior year. We continue to execute well in a fairly stable North American market, while Europe and Asia Pacific remain weak. Q3 revenues were $946 million, up 4% over prior year.

現在請翻到投影片 8，了解我們的絕緣業務的摘要。第三季度，隔熱業務實現了成長，利潤率較去年同期擴大。我們在相當穩定的北美市場持續表現良好，而歐洲和亞太地區仍然疲軟。第三季營收為 9.46 億美元，比去年同期成長 4%。

Within insulation, revenue for our North American residential business grew in the quarter. Volume was up despite choppiness in housing starts. We also continue to realize positive price in North American residential on previously announced pricing actions. In technical and global, revenue was similar to last year. Through strong commercial execution, revenue for our fiberglass technical insulation products in North America has continued to grow. Demand remains challenged by the macro environment in Europe.

在隔離範圍內，我們北美住宅業務的收入在本季有所成長。儘管新屋開工量出現波動，但成交量仍有所上升。我們也透過先前宣布的定價行動繼續實現北美住宅的積極價格。在科技和全球方面，收入與去年相似。透過強大的商業執行力，我們在北美的玻璃纖維技術絕緣產品的收入持續成長。需求仍受到歐洲宏觀環境的挑戰。

Overall for insulation, EBITDA in the third quarter was $183 million, up $33 million compared to prior year. Consistent with the first half, the EBIT growth in Q3 was primarily due to positive price realization and lower delivery costs. Input costs were fairly neutral for the quarter. For the quarter, insulation delivered an EBIT margin of 19% and EBITDA margin of 25%.

總體而言，絕緣材料第三季的 EBITDA 為 1.83 億美元，比去年同期增加 3,300 萬美元。與上半年一致，第三季的息稅前利潤成長主要歸功於積極的價格實現和較低的交付成本。本季的投入成本相當中性。本季度，保溫材料的 EBIT 利潤率為 19%，EBITDA 利潤率為 25%。

Moving to slide 9, I will provide an overview of the doors business. Overall, the business performed in line with our outlook as we navigated challenging market conditions for doors in North America and Europe. The integration is continuing to progress well. In the quarter, the business generated revenue of $573 million. This revenue includes the impact of a softer market in North America and Europe on volume and some pricing pressure.

轉到幻燈片 9，我將概述門業務。整體而言，當我們應對北美和歐洲門業充滿挑戰的市場條件時，該業務的表現符合我們的前景。整合工作繼續順利推進。本季該業務收入為 5.73 億美元。該收入包括北美和歐洲市場疲軟對銷售的影響以及一些定價壓力。

EBIT for the quarter was $36 million, including $22 million of impact from purchase accounting. In order to share a clearer view of doors' performance in the quarter and to exclude the impact of the purchase price accounting, EBITDA for the quarter was $89 million. Overall, doors generated an EBIT margin of 6% and EBITDA margin of 16% in the third quarter.

該季度的息稅前利潤為 3,600 萬美元，其中包括採購會計的影響 2,200 萬美元。為了更清晰地了解門業本季的業績並排除購買價格核算的影響，本季的 EBITDA 為 8,900 萬美元。整體而言，第三季門業的 EBIT 利潤率為 6%，EBITDA 利潤率為 16%。

Slide 10 provides an overview of our composites business. In the third quarter, the business continued to perform well in a challenging macro environment. While end markets for glass reinforcements continued to be soft, we saw volume stabilization sequentially. Lower glass reinforcement pricing remained consistent with the impacts we saw in the first half. Revenue for the quarter was $534 million, down 6% compared to prior year. EBIT for the quarter was $61 million, down $19 million from prior year. EBIT was primarily impacted by lower glass reinforcement prices.

幻燈片 10 概述了我們的複合材料業務。第三季度，業務在充滿挑戰的宏觀環境下繼續表現良好。儘管玻璃增強材料的終端市場持續疲軟，但我們看到銷量連續穩定。較低的玻璃纖維價格與我們上半年看到的影響保持一致。該季度營收為 5.34 億美元，比去年同期下降 6%。本季息稅前利潤為 6,100 萬美元，比去年同期減少 1,900 萬美元。息稅前利潤主要受到玻璃增強材料價格下降的影響。

We also incurred some incremental costs in the quarter as we begin to start up our nonwovens line in Fort Smith, Arkansas. We more than offset the impact of start-up costs with positive manufacturing cost. Overall, Composites delivered an 11% EBIT margin and 20% EBITDA margin for the quarter.

當我們開始在阿肯色州史密斯堡啟動我們的非織造布生產線時，我們在本季也產生了一些增量成本。我們用正面的製造成本抵銷了啟動成本的影響。整體而言，複合材料本季的 EBIT 利潤率和 EBITDA 利潤率分別為 11% 和 20%。

Moving on to slide 11, I will discuss our full year 2024 outlook for key financial items. General corporate expenses are now expected to be approximately $250 million, down from our prior range of $255 million to $265 million as a result of ongoing cost controls as we exit the year.

接下來轉到投影片 11，我將討論我們對關鍵財務項目的 2024 年全年展望。由於我們在今年退出時持續進行成本控制，目前預計一般公司費用約為 2.5 億美元，低於先前 2.55 億美元至 2.65 億美元的範圍。

In line with our prior outlook, interest expense is estimated to range between $210 million and $220 million, including the impact of additional interest expense on the higher debt from the acquisition and less interest income on our lower cash balance. Our 2024 effective tax rate is expected to remain unchanged between 24% to 26% of adjusted pretax earnings. Next, capital additions are expected to be approximately $650 million, in line with depreciation and amortization.

根據我們先前的預期，利息支出預計在 2.1 億美元至 2.2 億美元之間，包括額外利息支出對收購產生的較高債務的影響以及較少利息收入對我們較低現金餘額的影響。我們 2024 年的有效稅率預計將維持在調整後稅前盈餘的 24% 至 26% 之間。接下來，根據折舊和攤銷，預計資本增加約 6.5 億美元。

Now please turn to slide 12, and I'll turn the call back to Brian to further discuss our outlook. Brian?

現在請翻到投影片 12，我將把電話轉回給 Brian，進一步討論我們的前景。布萊恩？

Thank you, Todd. Our third-quarter results demonstrated the impact of the strategic choices and structural improvements we have made to strengthen Owens Corning and build a company that continues to deliver strong free cash flow and sustainably higher margins despite challenging market conditions. The near-term market outlook for many of our residential and commercial end-markets is likely to remain choppy as we close out 2024 and enter into the new year. However, as we move through 2025, we do expect to see demand trends in both repair and remodel and new construction to strengthen in North America as interest rates come down and investments in housing and nonresidential projects improve.

謝謝你，托德。我們第三季的業績證明了我們為加強歐文斯科寧並打造一家在充滿挑戰的市場條件下繼續提供強勁自由現金流和可持續更高利潤率的公司而做出的戰略選擇和結構改進的影響。隨著 2024 年即將結束並進入新的一年，我們許多住宅和商業終端市場的近期市場前景可能仍然不穩定。然而，隨著 2025 年的到來，隨著利率下降以及住房和非住宅項目投資的增加，我們預計北美的維修、改造和新建需求趨勢將會增強。

We've also seen some signs of economic recovery in Europe that should continue to evolve and strengthen market conditions next year. Specific to the fourth quarter, we expect overall demand for our products to be impacted by challenging market conditions as well as normal end-of-the-year seasonality. In addition, we will realize some operational impact from manufacturing disruptions from the recent hurricanes in each of our businesses.

我們也看到了歐洲經濟復甦的一些跡象，這些跡象應該會在明年繼續發展並加強市場狀況。具體到第四季度，我們預計我們產品的整體需求將受到充滿挑戰的市場條件以及正常的年末季節性的影響。此外，我們將意識到最近颶風對我們每項業務的製造中斷造成的一些營運影響。

In our North America building and construction markets, we anticipate nondiscretionary repair and remodeling activity to be solid, while more discretionary repair and remodeling activity is expected to remain soft. We also expect the decline in lagged housing starts to result in lower demand from single-family new construction in the quarter.

在北美建築市場，我們預計非全權維修和改造活動將保持穩健，而更多全權維修和改造活動預計將保持疲軟。我們也預計，滯後的新屋開工量下降將導致本季單戶新建住宅的需求下降。

Outside North America, we anticipate ongoing macroeconomic trends, and geopolitical tensions will continue to negatively impact demand for our products. Given this backdrop, we expect fourth-quarter revenue growth for the company of around 20% with anticipated revenue from our legacy OC business to be slightly below prior year. For EBIT, we expect to deliver another strong quarter of mid-teen margin for the enterprise, with an EBITDA margin of approximately 20%.

在北美以外，我們預計持續的宏觀經濟趨勢和地緣政治緊張局勢將繼續對我們產品的需求產生負面影響。在此背景下，我們預計公司第四季營收將成長約 20%，而我們傳統超頻業務的預期營收將略低於去年同期。就息稅前利潤而言，我們預計該企業將在另一個季度實現強勁的中位數利潤率，息稅折舊攤銷前利潤率約為 20%。

Now consistent with prior calls, I'll provide a more detailed business specific outlook for the fourth quarter. Starting with our roofing business, we anticipate our revenue to be down mid-single digits with lower components volume, partially offset by positive price realization. Based on more normal seasonality in the fourth quarter and with the majority of demand from recent storm activity being serviced next year, we expect ARMA market shipments to be down low to mid-single digits for the fourth quarter in 2024, with demand for our shingles relatively flat.

現在，與先前的電話會議一致，我將提供更詳細的第四季業務具體前景。從我們的屋頂業務開始，我們預計我們的收入將下降中個位數，零件數量減少，部分被積極的價格實現所抵消。基於第四季度更正常的季節性以及近期風暴活動的大部分需求將於明年得到滿足，我們預計2024 年第四季度ARMA 市場出貨量將下降至個位數中低水平，對我們的木瓦的需求將下降相對平坦。

For components, we anticipate volumes in the quarter to be down versus prior year as we see attachment rates for our roofing components to shingles running at more normalized levels versus last year. In addition, we will realize the last quarter of impact from the exit of our protective packaging business. As a reminder, this business had approximately $100 million in revenue annually.

對於組件，我們預計本季的銷售量將低於去年，因為我們看到屋頂組件與木瓦的附著率與去年相比處於更正常的水平。此外，我們將意識到上季度退出防護包裝業務的影響。提醒一下，該業務每年的收入約為 1 億美元。

We expect positive price from our previous announcements to partially offset the revenue impact of lower components volumes. Compared to Q4 of last year, we anticipate higher manufacturing costs as we invest in our assets to continue to meet the high level of demand for our products and absorb the cost of maintenance and some operational disruptions. Overall for roofing, we anticipate an EBIT margin approaching 30% and EBITDA of approximately 31%.

我們預計先前發布的積極價格將部分抵消組件產量下降對收入的影響。與去年第四季相比，我們預計製造成本會更高，因為我們投資資產以繼續滿足對我們產品的高水平需求並吸收維護成本和一些營運中斷。總體而言，對於屋頂，我們預計 EBIT 利潤率將接近 30%，EBITDA 約為 31%。

Moving on to our insulation business, we expect revenue to be down slightly versus prior year with ongoing price realizations largely offsetting lower volumes. In our North America residential insulation business, we anticipate revenue to be relatively flat. We expect realization from the June price increase to be offset by lower volumes in line with the near-term decline in lagged housing starts.

繼續我們的隔熱業務，我們預計收入將比去年略有下降，持續的價格實現很大程度上抵消了銷量的下降。在我們的北美住宅隔熱業務中，我們預計收入將相對持平。我們預計 6 月價格上漲的實現將被成交量下降所抵消，這與滯後新屋開工的近期下降一致。

In technical and global, we expect revenue to be down slightly versus prior year, driven primarily by lower volumes, which will be partially offset by positive price realization, primarily in North America. Outside of North America, demand remains challenged by the soft market environment.

在技​​術和全球方面，我們預計收入將比去年略有下降，這主要是由於銷量下降，這將被主要在北美的積極價格實現所部分抵消。在北美以外，需求仍然受到疲軟的市場環境的挑戰。

For the overall insulation business in the quarter, we expect to incur incremental costs in some of our facilities tied to impact from the recent hurricane activity. Also in the quarter, we anticipate input materials and delivery to be relatively neutral, with price costs remaining positive. Given all this, we expect to generate EBIT and EBITDA margin for insulation similar to the fourth quarter last year.

對於本季的整體隔熱業務，我們預計由於近期颶風活動的影響，我們的部分設施將產生增量成本。同樣在本季度，我們預計投入材料和交付將相對中性，價格成本仍然為正。鑑於這一切，我們預計保溫材料的 EBIT 和 EBITDA 利潤率將與去年第四季相似。

Turning to doors, we expect to be impacted by continued market pressure and distributors tightly managing end-of-year inventories, resulting in lower volumes, with Q4 revenue down high single digits sequentially from Q3. We anticipate price cost to be positive in the quarter, primarily driven by an incremental catch-up of tariff recovery for input costs. For EBITDA, we expect lower volumes and associated deleverage to impact the quarter, partially offset by early synergies in line with what we have realized to date.

就門而言，我們預計將受到持續的市場壓力和分銷商嚴格管理年終庫存的影響，導致銷量下降，第四季度收入較第三季度連續下降高個位數。我們預計本季價格成本將為正值，這主要是由於投入成本的關稅回收逐步追趕所致。對於 EBITDA，我們預計銷售下降和相關的去槓桿化將影響本季度，但與我們迄今為止所實現的情況一致的早期協同效應部分抵消了這一影響。

Overall for doors, we anticipate low to mid-teen EBITDA margin. Going forward, we will guide on EBITDA for this business to focus on the operational performance and take away the noise of purchase price accounting. And in composites for the fourth quarter, we anticipate overall revenues to be similar to last year as volume growth, primarily in our North America glass reinforcements business, is offset by lower price and unfavorable mix.

整體而言，對於門業，我們預期 EBITDA 利潤率為低至中位數。展望未來，我們將引導該業務的 EBITDA 專注於營運績效，消除採購價格會計的噪音。在複合材料方面，我們預計第四季度的整體收入將與去年相似，因為銷售成長（主要是我們的北美玻璃增強材料業務）被較低的價格和不利的組合所抵消。

Consistent with what we've shared in prior quarters, both contract pricing and spot pricing are lower year over year. During the quarter, we expect the nonwovens business to continue to perform well, with solid demand and pricing, even as we absorb some incremental start-up costs with the commissioning of our new Fort Smith nonwovens line. Overall for the business, we expect favorable manufacturing costs from lower production downtime and productivity. For the fourth quarter, we expect mid- to high single-digit EBIT margin in composites and mid-teen EBITDA margin.

與我們在前幾個季度分享的情況一致，合約定價和現貨定價均較去年同期下降。在本季度，我們預計非織造布業務將繼續表現良好，需求和定價穩定，儘管我們透過新的史密斯堡非織造布生產線的調試吸收了一些增量啟動成本。總體而言，對於業務而言，我們預計生產停機時間和生產率的降低將帶來有利的製造成本。對於第四季度，我們預計複合材料的 EBIT 利潤率將達到中高個位數，而 EBITDA 利潤率將達到中雙位數。

With that view of our businesses, I'll turn to a few enterprise items. As I shared at the start of the call, our team is demonstrating best-in-class execution each and every day to consistently deliver higher, more resilient earnings. It is this consistent performance, coupled with the strategic initiatives and investments we have made which has accelerated our growth, strengthened our earnings power, and positioned Owens Corning to outperform the market.

基於對我們業務的這種看法，我將轉向一些企業專案。正如我在電話會議開始時所說的那樣，我們的團隊每天都在展示一流的執行力，以持續交付更高、更具彈性的收益。正是這種穩定的業績，加上我們所做的策略性舉措和投資，加速了我們的成長，增強了我們的獲利能力，並使歐文斯科寧的表現優於市場。

We believe the strategic decisions to invest in our North American fiberglass network, along with the addition of our doors business, combined with the review of strategic alternatives for our glass reinforcements business and exit of our China building materials business are the latest examples of how we are using a disciplined approach to reshape and grow the company. As we integrate Masonite and look at additional opportunities to invest organically and inorganically, we will continue to be disciplined operators, focusing on markets and product lines where we can build leading positions through our customer and channel knowledge, material science and innovation capabilities, and manufacturing and process expertise.

我們相信，投資北美玻璃纖維網絡、增加門業務、審查玻璃纖維增強業務的戰略替代方案以及退出中國建材業務的戰略決策，是我們如何採取行動的最新例子。塑和發展公司。當我們整合Masonite 並尋找更多有機和無機投資機會時，我們將繼續成為紀律嚴明的運營商，專注於市場和產品線，透過我們的客戶和通路知識、材料科學和創新能力以及製造來建立領先地位和流程專業知識。

We have built an incredibly strong balance sheet, which we will continue to utilize as we invest to strengthen the long-term performance of the company. Going forward, we remain committed to strong cash flow generation and a balanced capital allocation strategy, returning at least 50% of free cash flow to shareholders over time.

我們已經建立了極其強大的資產負債表，我們將在投資時繼續利用該資產負債表來增強公司的長期表現。展望未來，我們仍致力於強勁的現金流產生和平衡的資本配置策略，隨著時間的推移，將至少 50% 的自由現金流返還給股東。

In closing, I want to recognize the great work being done by our team to deliver for our stakeholders today and position OC to grow in the future. We've built multiple paths to achieve 20% or more adjusted EBITDA margin, mid-teen returns on invested capital, and generate significant free cash flow.

最後，我想對我們的團隊所做的出色工作表示認可，為我們的利益相關者提供服務，並使 OC 在未來不斷發展。我們已經建立了多種途徑來實現 20% 或更高的調整後 EBITDA 利潤率、十幾歲左右的投資資本回報率，並產生大量的自由現金流。

As we finish 2024, we are focused on executing our priorities, serving our customers and creating value for our shareholders. With that, we would like to open the call up for questions.

2024 年即將結束時，我們將專注於執行我們的優先事項、服務客戶並為股東創造價值。至此，我們開始接受提問。

(Operator Instructions) John Lovallo, UBS.

（操作員說明）John Lovallo，UBS。

This is actually Spencer Kaufman on for John. Thank you for the question. Apologies if I missed this, but how much incremental capacity will the new insulation line in Kansas City be bringing online in 2027? And are you concerned about any certain competitors that are also bringing capacity online? Or is the North American resi market just simply running too tight right now? Thanks.

這其實是史賓塞·考夫曼為約翰代言的。謝謝你的提問。如果我錯過了這一點，我深表歉意，但 2027 年堪薩斯城的新絕緣線路將新增多少容量？您是否擔心某些也將容量引入線上的競爭對手？或者北美殘渣市場現在只是運作得太緊張了？謝謝。

Thanks, Spencer, this is Todd. I'll take that one. So when you look at the line in Kansas City, you could think of that as being an incremental 2% to 3% increase in capacity for the fiberglass industry. What's great about that asset is really a couple of things for us. It's a very capital-efficient asset that we're adding because we're using existing footprint and infrastructure that we have in our Kansas City facility. It also has a really attractive ongoing operating cost because, again, we're able to use the fixed cost overhead of that facility with this new line.

謝謝，史賓塞，這是托德。我會接受那個。因此，當您查看堪薩斯城的生產線時，您可以將其視為玻璃纖維行業產能增量 2% 至 3%。該資產的優點對我們來說確實有許多好處。我們新增的資產是一項非常有效率的資產，因為我們正在使用堪薩斯城工廠現有的佔地面積和基礎設施。它還具有非常有吸引力的持續營運成本，因為我們能夠透過這條新生產線使用該設施的固定成本開銷。

We've designed the new line to give us flexibility across our network, flexibility to better serve the technical insulation market. That's been a market that we've really been focused on over a long period of time, and we've grown that business quite significantly, not just the last few years, but over the last decade or so. But it also gives us the flexibility to rebalance our network in different ways to serve the residential market.

我們設計新生產線是為了讓我們的網路具有靈活性，並更好地服務於技術絕緣市場。這是我們長期以來一直關注的市場，而且我們的業務成長相當顯著，不僅是在過去幾年，而且在過去十年左右的時間裡。但它也使我們能夠靈活地以不同的方式重新平衡我們的網絡，以服務住宅市場。

So when we look at that addition, we like it as a way to support the ongoing growth of the insulation business. But it also is part of our strategy to continue to focus on growth of technical insulation, growth of other attractive markets, and give us a really nice cost structure of our network and our assets. So that was the big rationale for adding it.

因此，當我們看到這項新增項目時，我們喜歡它作為支持絕緣業務持續成長的一種方式。但這也是我們策略的一部分，即繼續專注於技術絕緣的成長、其他有吸引力的市場的成長，並為我們的網路和資產提供一個非常好的成本結構。這就是添加它的重要原因。

Stephen Kim, Evercore ISI.

史蒂芬金，Evercore ISI。

Yeah, thanks a lot guys. Appreciate it. Just sort of a follow-up a little bit on insulation. Just with respect to your 4Q guide, you mentioned some hurricane aspects. I was wondering if you could quantify that. And then also, with respect to, I guess, the big news last night, in the situation where you've got a Republican sweep -- I know the House is still up for grabs, but assuming you did get a Republican sweep, do you think there's risk to the HUD energy code mandate?

是的，非常感謝大家。欣賞它。只是對絕緣進行了一些後續處理。就您的 4Q 指南而言，您提到了一些颶風方面的問題。我想知道你是否可以量化這一點。然後，我想，關於昨晚的大新聞，在共和黨獲得橫掃的情況下——我知道眾議院仍然有待爭奪，但假設你確實獲得了共和黨的橫掃，那麼你認為 HUD 能源法規指令存在風險嗎？

And if that were to actually be reversed, I'm curious how that would affect your calculus around the Kansas City expansion. Yeah. So we'll just -- we'll go with that. Thanks.

如果這種情況真的逆轉，我很好奇這會如何影響你對堪薩斯城擴張的計算。是的。所以我們就——我們就這麼做。謝謝。

Thanks, Stephen. Good morning. Appreciate both of those, and I'll answer the hurricane first, and then we could talk a bit about the HUD changes. So overall, for the hurricane, we did see some limited impacts in some of our facilities from both Helene and Milton. We had some power interruptions. We had one of our plants be idled, we had some startup costs associated with it.

謝謝，史蒂芬。早安.感謝這兩個問題，我將首先回答颶風，然後我們可以談談 HUD 的變化。總的來說，對於颶風，我們確實看到海倫和米爾頓對我們的一些設施造成了一些有限的影響。我們遇到了一些電源中斷的情況。我們的一間工廠閒置了，我們有一些與之相關的啟動成本。

You could think of this cost is -- as being probably in the range of $8 million to $10 million or so in Q4 for hurricane impact, really, mostly associated with manufacturing costs in those facilities. There may be some positive demand associated with the hurricanes. Typically, that lags a bit. So we wouldn't expect to see a lot of that in Q4, but certainly could see some of that in the first half of the year as that demand comes through.

您可以認為，第四季度颶風影響的成本可能在 800 萬至 1000 萬美元左右，實際上，主要與這些設施的製造成本有關。颶風可能會帶來一些正面的需求。通常，這會有點滯後。因此，我們預計不會在第四季看到很多這樣的情況，但隨著需求的增加，肯定可以在今年上半年看到其中的一些情況。

As we look at policy and housing, we all know housing has been underbuilt in the US for a very long period of time. And one of the things we saw talked about, really, on both sides was the need for more housing supply in part to address the inflation that we've seen in housing pricing over time. So fundamentally, we think the macros are good for housing in North America. Fundamentally, our products add a lot of value in housing.

當我們審視政策和住房時，我們都知道美國的房屋建設在很長一段時間內一直不足。事實上，我們看到雙方都在討論的一件事是需要更多的住房供應，部分原因是為了解決我們在一段時間內看到的房價通膨問題。因此，從根本上講，我們認為宏觀經濟有利於北美的房屋市場。從根本上說，我們的產品為住房增加了許多價值。

You mentioned the HUD changes. Really, none of that has made its way into any material volume in markets today. As Brian and I talked about this on previous calls, we always viewed it as an outcome that would be impacted by what happened yesterday with the election. So you know when we think about capital investments, we're making long-term investments based on the fundamentals of the business. And really, we weren't contemplating volume from HUD as we thought about what we would do with Kansas City. That was not part of the calculus one way or the other as we thought about that asset that we were adding. Thank you for the question.

您提到了 HUD 的變化。事實上，這些都還沒有進入當今市場的任何實質市場。正如布萊恩和我在之前的電話中談到這一點時，我們始終將其視為會受到昨天選舉發生的影響的結果。所以你知道，當我們考慮資本投資時，我們是根據業務基本面進行長期投資。事實上，當我們考慮如何處理堪薩斯城時，我們並沒有考慮 HUD 的數量。當我們考慮我們要添加的資產時，這無論如何都不是微積分的一部分。謝謝你的提問。

Philip Ng, Jefferies.

菲利普‧吳，杰弗里斯。

Hey, guys. Congrats on another strong quarter. On roofing, can you size up any potential uplift from some of the recent hurricanes and how do you see that kind of getting layered in perhaps 2025? The demand backdrop on roofing has obviously been really strong last year. So as you lap that, just curious your ability to grow, to sustain, call it, low 30% margins, and perhaps to even drive prices higher as we look out to next year.

嘿，夥計們。祝賀又一個強勁的季度。在屋頂方面，您能否評估一下最近發生的一些颶風帶來的潛在提升？去年屋頂的需求背景顯然非常強勁。因此，當你完成這個目標時，只是好奇你是否有能力成長、維持（稱之為）30% 的低利潤率，甚至可能在我們展望明年時推高價格。

Thanks, Phil. Good morning. Yeah, let me talk a little bit about the hurricane impact. I think we're still assessing. I mean, these were two really devastating hurricanes that impacted a lot of folks. So I think there's some infrastructure that really need to be repaired. But as we look at some of the potential impacts, I think on Beacon's call, they had done some analysis, and were estimating somewhere around 3 million squares of potential impact.

謝謝，菲爾。早安.是的，讓我談談颶風的影響。我認為我們仍在評估。我的意思是，這是兩次真正具有毀滅性的颶風，影響了很多人。所以我認為有些基礎設施確實需要修復。但當我們考慮一些潛在影響時，我認為在 Beacon 的電話中，他們做了一些分析，並估計大約 300 萬平方米的潛在影響。

I think at this point, we'd be right in line with that thought in terms of how that might play out for us. And as Todd mentioned, I think given the broadness of flooding and some of the other damages that are going to need to be repaired as we go into next year, I think there's some incremental potential upside in our other businesses as well. But from a roofing standpoint, I think that's our initial estimate.

我認為在這一點上，我們與這種想法是正確的，就這對我們來說可能會如何發揮作用而言。正如托德所提到的，我認為考慮到洪水的廣泛性以及明年需要修復的其他一些損害，我認為我們的其他業務也有一些增量的潛在上升空間。但從屋頂的角度來看，我認為這是我們的初步估計。

As you know, the damage repair takes a long time when we're talking about hurricanes. So we would expect this to be much more impacting demand and volumes as we move through 2025. So not a lot here early on in the fourth quarter. There might be a little bit of inventory stocking, but we don't think that's going to be significant. We think the broader play is going to be into next year.

如您所知，當我們談論颶風時，損壞修復需要很長時間。因此，我們預計，隨著 2025 年的到來，這將對需求和銷售產生更大的影響。所以第四季初期並沒有太多。可能會有一點庫存，但我們認為這不會很大。我們認為更廣泛的活動將持續到明年。

In terms of the overall setup for 2025, you've said it. I mean, the last few years, we've been in a very strong roofing market. I think we continue to see fundamental trends for R&R stay pretty strong this year in many regions. We think that's going to continue, especially if we start to see some lower interest rates, more existing homeowner turnover, that generally drives a little bit of R&R activity. And new construction, again, based on the expectations from lower interest rates, we think new construction is going to start to pick up as we move through 2025.

關於2025年的整體安排，你已經說過了。我的意思是，過去幾年，我們的屋頂市場非常強大。我認為我們今年繼續看到許多地區 R&R 的基本趨勢保持相當強勁。我們認為這種情況將持續下去，特別是如果我們開始看到利率下降、現有房主週轉率增加，這通常會推動一些休閒娛樂活動。同樣，基於利率下降的預期，我們認為新建築將在 2025 年開始回升。

So I think the setup in roofing for 2025 is we think we're going to start off with another pretty strong first half given some of the R&R fundamentals that we think will carry over, some of the new construction trends we think will pick up, and then some of the incremental storm demand. So for our ability to grow, I think we've been making significant investments, as we've talked about over the last number of calls, around investing to grow our laminate capacity. We continue to see that mix shift in roofing from strips to laminates. That continues to be a positive mix impact on our results. And we've been investing in our existing footprint to expand that capacity.

因此，我認為 2025 年屋頂的設置是，我們認為我們將以另一個相當強勁的上半年開始，因為我們認為一些 R&R 基本面將會延續，一些新的建築趨勢我們認為將會回升，然後是一些增量風暴需求。因此，為了我們的成長能力，我認為我們一直在進行重大投資，正如我們在過去的多次電話會議中所討論的那樣，圍繞著投資來提高我們的層壓板產能。我們繼續看到屋頂材料從條帶到層壓板的混合轉變。這仍然對我們的業績產生正面的綜合影響。我們一直在投資現有的業務以擴大產能。

We are expecting to bring our Medina -- new Medina laminator up online in the first half -- sorry, about midyear next year. That's going to be an incremental couple of million squares of lam capacity, that's going to add to the existing network increases we've had. So I think we're facing what we think is going to be another positive backdrop for roofing demand going into 2025. And certainly, the investments that we're making in capacity adds, we believe, are going to put us in a better position to continue to service our customers' growth as we go forward.

我們預計在上半年推出我們的 Medina——新的 Medina 層壓機——抱歉，大約在明年年中。這將增加數百萬平方的 lam 容量，這將增加我們現有網路的容量。因此，我認為我們認為 2025 年屋頂需求將面臨另一個積極的背景。當然，我們相信，我們在產能方面的投資將使我們處於更好的位置，在我們前進的過程中繼續為客戶的成長提供服務。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

Hi, good morning. I was wondering if you could talk about underlying demand from doors and how that's kind of trended versus expectations since you closed the acquisition, if there's any kind of finer point you draw on interior versus exterior or US versus rest of world. And then assuming we do have a stronger R&R backdrop next year, can you maybe just talk broadly about the prospect for volume improvement and maybe price improvement in doors next year?

嗨，早安。我想知道您是否可以談談門的潛在需求，以及自您完成收購以來這種趨勢與預期的比較，您是否可以在內部與外部或美國與世界其他地區之間得出任何更好的觀點。然後假設明年我們確實有更強勁的 R&R 背景，您是否可以廣泛談論明年銷售改善和價格改善的前景？

Yeah. Thanks, Anthony. Certainly, in the third quarter, I'd say the business performed well relative to these market conditions and in line with our outlook. But we are facing tougher market conditions and a more challenging market condition, certainly here in the back half since we've closed out the acquisition.

是的。謝謝，安東尼。當然，我想說，在第三季度，相對於這些市場狀況，該業務表現良好，並且符合我們的前景。但我們面臨著更嚴峻的市場條件和更具挑戰性的市場條件，尤其是在我們完成收購後的後半段。

The business, as a reminder, is pretty evenly split between new construction and R&R activities. And we've continued to see some of the lagged housing starts coming down a little bit here over the last quarters, and third quarter, we expect that to continue. So that's going to create some demand challenges inside the new construction. And certainly, the R&R activity has been down, not just in doors, but across a lot of other building material product categories here this year. And we think that's playing into some of the more challenging market conditions that we're seeing.

提醒一下，該業務在新建和 R&R 活動之間的分佈相當均勻。我們繼續看到一些滯後的新屋開工量在過去幾季和第三季略有下降，我們預計這種情況將持續下去。因此，這將為新建築帶來一些需求挑戰。當然，今年的 R&R 活動不僅在室內，而且在許多其他建築材料產品類別中都在下降。我們認為這正在影響我們所看到的一些更具挑戰性的市場條件。

When we look at our business, I would say the volume declines we've seen have been pretty consistent between interior and exterior. So we are not seeing a lot of big differences there, I think, again, fundamentally tied to we've seen this step down in both new construction and R&R going forward. And the US business, we've got a smaller business in Europe. Those demand trends are challenged as well. So I think it's a near-term backdrop that is more challenging.

當我們審視我們的業務時，我想說，我們看到的內部和外部銷售下降非常一致。因此，我認為，我們並沒有看到很多重大差異，這從根本上與我們在未來的新建和 R&R 方面看到的這一步驟有關。就美國業務而言，我們在歐洲有規模較小的業務。這些需求趨勢也面臨挑戰。所以我認為這是一個更具挑戰性的近期背景。

But back to our discussion in terms of a 2025 outlook, we do believe that as we see interest rates come down, what we expect, where we see housing turnover increase, where we see new construction starts improve, we do see a backdrop going into 2025 that's going to create a more favorable demand environment for doors overall. And then we are a category leader in this space. We value innovation, we value service, we value quality, we value the commercial partnerships that we're building. So we believe we're going to be able to be set up to take advantage of that volume growth in terms of going forward.

但回到我們對2025 年前景的討論，我們確實相信，當我們看到利率下降時，我們所期望的，我們看到房屋成交量增加的地方，我們看到新建築開工改善的地方，我們確實看到了一個背景到 2025 年，這將為門業整體創造一個更有利的需求環境。然後我們是這個領域的類別領導者。我們重視創新、重視服務、重視品質、重視我們正在建立的商業夥伴關係。因此，我們相信我們將能夠在未來利用銷售成長的優勢。

In the near term, we're continuing to execute our integration playbook. So as I talked about in my prepared comments, we're on track to deliver $125 million of cost synergies in line with our expectation. And we're also leveraging our operational and our commercial playbook. So we're looking at potential growth opportunities with our customers as we go into 2025 across the broader platform or opportunity.

短期內，我們將繼續執行我們的整合策略。因此，正如我在準備好的評論中談到的那樣，我們有望實現 1.25 億美元的成本協同效應，符合我們的預期。我們也利用我們的營運和商業策略。因此，當我們進入 2025 年時，我們正在透過更廣泛的平台或機會與客戶一起尋找潛在的成長機會。

And then we're also looking operationally in terms of additional cost synergies as well as looking at the manufacturing footprint for optimization opportunities. And that's something that we've got a good track record of executing again. So we're going to prepare ourselves for the near-term market challenges to operate a very cost-effective business. We're going to continue to focus on service and quality and innovation as differentiators. And then we're going to prepare ourselves, as the market does improve, that we can take full advantage of that to grow our volumes as we go into 2025.

然後，我們還在營運方面尋找額外的成本協同效應，並著眼於製造足跡以尋求優化機會。我們在這方面有著良好的執行記錄。因此，我們將為近期的市場挑戰做好準備，經營一家極具成本效益的業務。我們將繼續專注於服務、品質和創新，將其作為差異化優勢。然後，隨著市場的改善，我們將做好準備，在進入 2025 年時，我們可以充分利用這一點來增加我們的銷售量。

Sam Reid, Wells Fargo.

薩姆·里德，富國銀行。

Awesome. Thanks so much. I actually wanted to piggyback off the last question on Masonite, but maybe drill down a bit more on pricing. So when you talk about pricing giveback, could you just aggregate between repair/remodel pricing and maybe what you're seeing on price in terms of what you're selling into the new build channel? It sounds like most of the weakness was on the repair/remodel side but would just like to maybe hear a finer point on that.

驚人的。非常感謝。我實際上想藉用關於 Masonite 的最後一個問題，但也許可以更深入地了解定價。因此，當您談論定價返還時，您能否將維修/改造定價與您在新建通路中銷售的產品的價格進行匯總？聽起來大部分弱點都在維修/改造方面，但我只是想聽聽關於這一點的更詳細的觀點。

And then if we were to see discretionary repair/remodel spend recover in 2025 kind of consistent with your expectations, do you think that would have a corresponding impact -- positive impact on pricing in Masonite? Thanks.

然後，如果我們看到 2025 年可自由支配的維修/改造支出恢復與您的預期一致，您認為這會對 Masonite 的定價產生相應的影響 - 積極影響嗎？謝謝。

Yeah, thanks, Sam. In terms of the pricing moves that we made, we talked about that in the comments. We did make some modest pricing moves relative to the market conditions. Very surgical, very specific in certain areas, and very modest. And I would say it really did get us in line with some of the competitive pricing dynamics we're seeing in some markets.

是的，謝謝，山姆。關於我們所做的定價舉措，我們在評論中討論了這一點。相對於市場狀況，我們確實做出了一些適度的定價調整。非常外科手術，在某些領域非常具體，而且非常謙虛。我想說，這確實讓我們與我們在某些​​市場上看到的一些競爭性定價動態保持一致。

So we've made some modest moves there. We're still focused on value pricing and retaining the value that we have relative to our service, our quality and our innovation in the market. But we did make some of those moves in the quarter.

因此，我們在那裡採取了一些溫和的舉措。我們仍然專注於價值定價，並維持我們在市場上的服務、品質和創新的價值。但我們在本季確實採取了一些措施。

Really broadly, I would say not a lot of differences between new construction, repair and remodeling. These were more broader market-based moves that we felt we needed to make to stay competitive while maintaining our value premium in the market.

從廣義上講，我想說新建、維修和改造之間沒有太大區別。這些是更廣泛的基於市場的舉措，我們認為我們需要採取這些舉措來保持競爭力，同時保持我們在市場上的價值溢價。

So as we go forward into next year, certainly, a better volume environment and better demand environment creates the opportunity for improved pricing. And so we'll look at that as we go forward into next year and manage the business relative to that market demand and also relative to the value premium that we would expect to have in the marketplace.

因此，當我們進入明年時，更好的銷售環境和更好的需求環境無疑為改善定價創造了機會。因此，當我們進入明年時，我們將對此進行研究，並根據市場需求以及我們期望在市場上獲得的價值溢價來管理業務。

Trevor Allinson, Wolfe Research.

特雷弗·阿林森，沃爾夫研究中心。

Hey, good morning. Thank you for taking my question. One follow-up on ARMA shipments. They were better than you were anticipating. It looks like your volumes are kind of right in line with your guidance. Can you talk about what helped the market perform better than you anticipated? Was that just less distributor destocking than you were looking for?

嘿，早安。感謝您回答我的問題。ARMA 出貨的一項後續行動。他們比你預期的還要好。看來您的交易量與您的指導相符。您能談談是什麼幫助市場表現比您預期的更好嗎？經銷商去庫存的情況是否比您預期的少？

And then was it capacity limitations or planned downtime? Or what was it that kept your volumes from also being better than what you were anticipating leading into the quarter given a better market? Just trying to understand your capacity and your ability to take advantage of some of the tailwinds you're talking about prior to Medina coming online next year. Thanks.

那麼是容量限制還是計畫內停機？或者，在市場好轉的情況下，是什麼原因導致您的銷售未能好於您對本季的預期？只是想在麥地那明年上線之前了解您的能力以及利用您所談論的一些順風車的能力。謝謝。

Yeah, thanks, Trevor. In terms of the ARMA market shipments, they were slightly stronger than we were anticipating. I think a couple of factors played into that. One is we saw some incrementally better storm demand, particularly in Texas related to Hurricane Beryl. There's just been a lot of repair and activity around that, and that stayed stronger, frankly, through the quarter with the amount of damage that was done there.

是的，謝謝，特雷弗。就ARMA市場出貨量而言，略強於我們的預期。我認為有幾個因素造成了這種情況。一是我們看到一些風暴需求逐漸好轉，特別是在與颶風貝裡爾相關的德克薩斯州。圍繞著這個問題進行了大量的修復和活動，坦白說，在整個季度中，隨著那裡造成的損害程度的增加，這種情況仍然更加強勁。

And then we saw some pockets in the Midwest and Northeast with just warm weather, good seasonal opportunities to put more roofs on. And so we saw that demand in particularly those regions kind of step up more than we would have expected. So overall, a good quarter.

然後我們看到中西部和東北部的一些地區天氣溫暖，這是建造更多屋頂的良好季節性機會。因此，我們看到特別是這些地區的需求成長超出了我們的預期。總的來說，這是一個不錯的季度。

Our shipments outperformed that a little bit. We continue to see strong demand for our products. And so some of the limitations, as you mentioned there, are really tied to our capacity limitations. That's why we are making these significant investments to increase the laminate capacity.

我們的出貨量略勝一籌。我們繼續看到對我們產品的強勁需求。因此，正如您所提到的，一些限制實際上與我們的容量限制有關。這就是我們進行這些重大投資以提高層壓板產能的原因。

We have very strong demand for our products. We've got a great contractor network that we invest a lot to grow the businesses together with them, and that's created a great demand environment for us. And that's why we're making the investments we are to try to continue to increase that capacity.

我們對我們的產品有非常強烈的需求。我們擁有一個出色的承包商網絡，我們投入了大量資金與他們一起發展業務，這為我們創造了良好的需求環境。這就是我們進行投資以持續提高產能的原因。

I think we have increased our laminates capacity year on year. We're going to produce more laminates this year than last. We'll continue that as we go into 2025 with another big step-up, as you said, with the Medina laminator. So we feel like the demand outlook for our products is going to remain strong as we go into 2025.

我認為我們的層壓板產能逐年增加。今年我們將生產比去年更多的層壓板。正如您所說，進入 2025 年，我們將繼續這項舉措，並推出 Medina 層壓機。因此，我們認為，進入 2025 年，我們產品的需求前景將保持強勁。

Adam Baumgarten, Zelman & Associates.

亞當‧鮑姆加滕 (Adam Baumgarten)，Zelman & Associates。

Hey, thanks, good morning. Just on the sale of the China and Korea building materials businesses, any impact on earnings from that sale? I know you gave the revenue. And then I may have missed this, but when do you expect it to close?

嘿，謝謝，早安。就出售中國和韓國建材業務而言，出售對獲利有何影響？我知道你給了收入。然後我可能錯過了這個，但是你預計它什麼時候會關閉？

Thanks, Adam. Appreciate the question. I can give a little more color on the business itself, then we can talk about closing time.

謝謝，亞當。感謝這個問題。我可以對業務本身進行更多介紹，然後我們可以討論關門時間。

So what we shared was $130 million of revenue. It's six plants in China, it's one plant in Korea. The Chinese plants are really primarily China-for-China insulation products. And then the Korean plant is shingles that go into Korea and Japan.

所以我們分享的是 1.3 億美元的收入。它在中國有六家工廠，在韓國有一家工廠。中國工廠其實主要是為中國生產絕緣產品。然後韓國工廠是木瓦，進入韓國和日本。

When you look at that business, it's a pretty low EBITDA margin business. So it's consistent with what we've been doing across the portfolio to really focus on our higher-value product lines that add a lot of value for customers. And they have structurally more attractive margins going forward. So this one had pretty low EBITDA margins, also pretty high capital intensity just given the footprint that we've got, especially in those Chinese insulation plants.

當你觀察該業務時，你會發現這是一項 EBITDA 利潤率相當低的業務。因此，這與我們在整個產品組合中所做的事情是一致的，即真正專注於為客戶增加大量價值的高價值產品線。而且從結構上看，它們未來的利潤率更具吸引力。因此，考慮到我們的足跡，尤其是在那些中國的絕緣工廠中，這項企業的 EBITDA 利潤率相當低，而且資本密集度也相當高。

When we think about timing to close, this is going to be a couple of quarters to work through everything and get everything set up to actually execute the sale. So we would expect Q2 timing for this to be complete. Thank you.

當我們考慮結束時間時，這將需要幾個季度的時間來完成所有工作並做好一切準備以實際執行銷售。因此，我們預計第二季的時間將完成。謝謝。

Keith Hughes, Truist.

基斯‧休斯，真理主義者。

Thank you. And you've given us the guidance for EBITDA margin for Masonite in the fourth quarter. It's a little fuzzy on what that compares to. Would that compare to a high single-digit EBITDA margin fourth quarter of last year given where the structure of the business is?

謝謝。您向我們提供了 Masonite 第四季度 EBITDA 利潤率的指導。相比之下，這有點模糊。考慮到業務結構，這與去年第四季高個位數的 EBITDA 利潤率相比是否有效？

Yeah, Keith, this is Brian. Tough with all the moving parts in terms of that. I think that would continue to equate to kind of a mid-single-digit EBIT margin guide from our perspective in terms of how we are operating the business. So that's where -- there's a lot of noise inside the purchase accounting. We're getting that set, and that's why we're really wanting to try to change an EBITDA margin guide.

是的，基思，這是布萊恩。就這一點而言，所有移動部件都很困難。我認為，從我們經營業務的角度來看，這將繼續相當於中個位數的息稅前利潤指引。這就是採購會計中存在很多噪音的地方。我們已經做好了準備，這就是為什麼我們真的想嘗試改變 EBITDA 利潤率指南。

I think on a year-over-year comparison, that's also going to be something that is a relative data point as well in terms of how we're operating the business post acquisition. But that's going to be the guide that we continue to focus on as we go forward versus the EBIT side.

我認為，在同比比較中，這也將成為一個相對數據點，以及我們在收購後如何經營業務的數據點。但這將成為我們在與息稅前利潤方面前進時繼續關注的指南。

Mike Dahl, RBC.

麥克·達爾，加拿大皇家銀行。

Hi, thanks. I want to focus on roofing. So continued strength in margins. When you think about the margin in fourth quarter, I know you talked about the manufacturing cost. Can you quantify the manufacturing costs, and then where you are on kind of input and delivery cost? Because it seems like you still had some sequential price realization.

你好，謝謝。我想專注於屋頂。因此，利潤率持續走強。當您考慮第四季度的利潤時，我知道您談到了製造成本。您能否量化製造成本，以及您在投入和交付成本方面的情況？因為您似乎仍然有一些連續的價格實現。

And then the second part, if I can, would be, as you look into '25, given the strength in demand and potentially some continued price offset by maybe some of these laminate investments, can you give us a view on how you think about roofing margins setting up into '25?

然後，如果可以的話，第二部分將是，正如您對 25 年的展望，考慮到需求的強勁以及可能會被其中一些層壓板投資所抵消的持續價格，您能否給我們談談您的看法屋頂邊距設定到'25？

Thanks, Mike. In terms of the fourth-quarter margin guidance, we continue to operate the business very well and continue to generate very strong margins, and certainly, relative to history in terms of the performance that we're seeing and the work that's being done in the business. So I think great execution by the team is continuing to lead to very strong margins going forward.

謝謝，麥克。就第四季度的利潤指導而言，我們繼續良好地經營業務，並繼續產生非常強勁的利潤，當然，相對於我們所看到的業績和正在進行的工作的歷史而言商業。因此，我認為團隊的出色執行力將繼續帶來非常強勁的利潤率。

In terms of input costs that we see, we're seeing really just modest inflation in a few areas and some deflation in others. So I think we're seeing pretty stable input costs across the business. And that's been a pretty constant theme here over the last couple of quarters. So the pricing realization we're seeing off the August increase, that's creating positive price/cost relative to those input materials. And we'll look and see what kind of happens as we go into 2025, but we think that's going to stay stable for the fourth quarter here.

就我們看到的投入成本而言，我們在某些​​地區確實看到了溫和的通貨膨脹，而在其他地區則出現了一些通貨緊縮。所以我認為我們看到整個企業的投入成本相當穩定。在過去的幾個季度裡，這一直是一個相當不變的主題。因此，我們看到八月份的價格上漲，相對於這些投入材料而言，這創造了積極的價格/成本。我們將看看進入 2025 年時會發生什麼，但我們認為第四季度情況將保持穩定。

In terms of the 2025 setup on margin performance, I think we've talked about what would be positive indicators to retain and maintain these kind of margin levels would be a continued strong market, which we expect to see in terms of setup for 2025, continued strong demand for our products, which we continue to see going into '25. Maintaining some kind of a price/cost positive mix that we think, given those demands, set up well for us. And then continue to see good strong demand for our components business, which also is a key contributor in our margin performance.

就 2025 年利潤率表現的設定而言，我認為我們已經討論了保留和維持此類利潤率水平的積極指標將是一個持續強勁的市場，我們預計在 2025 年的設置方面會看到這一點，對我們產品的持續強勁需求，我們將繼續看到這種情況進入25 年。考慮到這些需求，我們認為保持某種價格/成本積極的組合對我們來說是有利的。然後繼續看到對我們的零件業務的強勁需求，這也是我們利潤率表現的關鍵因素。

And again, I think we've seen some step back on a year-over-year basis on some of the component volumes, but very normal attachment rates as we track that. So we're seeing still good demand for our components, and we're seeing good demand from contractors selling the full system and package on the roof. So we think that's going to continue going into 2025.

再說一遍，我認為我們在某些​​組件數量上同比有所下降，但當我們跟踪時，附件率非常正常。因此，我們看到對我們的組件的需求仍然很大，而且我們看到銷售整個系統和屋頂套件的承包商也有很好的需求。所以我們認為這種情況將持續到 2025 年。

So I'd say the setup for next year is very well for us in terms of volume, in terms of our product demand, in terms of price/cost, and in terms of our components business. So we think we're set up for a good first half.

因此，我想說，明年的情況對我們來說非常有利，無論是銷售量、產品需求、價格/成本或零件業務。所以我們認為我們已經為上半場的良好表現做好了準備。

Susan Maklari, Goldman Sachs.

蘇珊·馬克拉里，高盛。

Thank you. Good morning, everyone. As you think about the changes that you're making to the portfolio with the additions and exiting some of the other businesses and regions, can you talk a bit about what that will mean for the cash flow dynamics of the business over time? And with that, just any comments on priorities for that capital allocation and how you're thinking about that balance between deleveraging and the shareholder returns, especially with the buybacks that you did this quarter?

謝謝。大家早安。當您考慮透過增加和退出其他一些業務和地區而對投資組合做出的改變時，您能否談談隨著時間的推移，這對業務的現金流動態意味著什麼？那麼，您對資本配置優先事項有何評論，以及您如何考慮去槓桿化和股東回報之間的平衡，特別是您本季的回購？

Thanks, Sue. Appreciate the question. Let me talk a bit about the changes of the portfolio, and then we could talk about implications on capital allocation. We're being very thoughtful as we think about the changes we're making. As I alluded to a moment ago about our sale of the assets in China and Korea, these were pretty low EBITDA margin, high capital intensity businesses. We've talked before about glass reinforcements as being really a great business, but a business that requires capital going forward. And the doors acquisition, being a business that structurally shifts our portfolio into a much lower capital intensity position than what we have in our insulation or composites businesses.

謝謝，蘇。感謝這個問題。我先講一下投資組合的變化，然後再講一下對資本配置的影響。當我們考慮我們正在做出的改變時，我們非常深思熟慮。正如我剛才提到的關於我們在中國和韓國出售資產的情況，這些都是 EBITDA 利潤率相當低、資本密集度較高的業務。我們之前曾討論過玻璃增強材料確實是一項偉大的業務，但一項需要資金才能發展的業務。門的收購從結構上將我們的投資組合轉變為比我們的絕緣或複合材料業務低得多的資本密集度的業務。

So we've got an eye to the future of really building a company that's a branded leader in building products in both North America and Europe that also has an attractive cash flow profile in terms of the ongoing capital requirements of the business and also the significant free cash flow that we can generate off of that portfolio to both reinvest in the business and also return to shareholders.

因此，我們著眼於未來，真正建立一家在北美和歐洲建築產品領域處於品牌領先地位的公司，該公司在業務持續的資本需求方面也具有有吸引力的現金流狀況，而且在重要的業務方面也具有有吸引力的現金流狀況。

When we think about our priorities right now for capital allocation, our priority is, first and foremost, is to integrate Masonite very successfully and deliver returns to shareholders from the investment. In the near term here, we also have a little bit of deleveraging in the fourth quarter. We've got $400 million of senior notes that are coming due that we will retire in Q4, and we're building a little bit of cash on sheet to do that.

當我們考慮目前資本配置的優先事項時，我們的首要任務是非常成功地整合 Masonite 並從投資中為股東帶來回報。短期內，我們在第四季也會有一些去槓桿化。我們有 4 億美元的優先票據即將到期，我們將在第四季度退休，我們正在建立一點現金來做到這一點。

Beyond that, as Brian discussed, we're making very strategic capital investments into our business, into businesses that we want to grow. And we think we can grow very effectively with capital-efficient additions to capacity, whether it's Medina with the laminator, whether it's the Russellville plant for our extruded polystyrene foam business; our Fort Smith, Arkansas nonwovens plant; or the Kansas City addition that we discussed today. So we're focused on these targeted, very strategic capital investments that we think are both capital efficient but also cost efficient to really continue to drive attractive cash flows for the business.

除此之外，正如布萊恩所討論的，我們正在對我們的業務、我們想要發展的業務進行非常策略性的資本投資。我們認為，透過資本效率增加產能，我們可以非常有效地成長，無論是麥地那的層壓機，還是拉塞爾維爾擠塑聚苯乙烯泡沫業務的工廠；我們位於阿肯色州史密斯堡的非織造布工廠；或我們今天討論的堪薩斯城的新增項目。因此，我們專注於這些有針對性的、非常具有戰略意義的資本投資，我們認為這些投資既具有資本效率，又具有成本效益，能夠真正繼續為企業帶來有吸引力的現金流。

And then we've been committed to our capital allocation strategy. We like the leverage of 2 to 3 times EBITDA. We're a little below that coming out of Q3, even including returning $200 million to shareholders through buybacks in the quarter. So we're happy with that 2 to 3 times range. But as Brian said, we've got a very strong balance sheet, and we've got a lot of flexibility on what we do in terms of capital allocation as we go forward. But we've returned a lot of cash to shareholders through dividends and repurchases over time, 58% over the last 12 months, including the largest acquisition we've done as a company.

然後我們一直致力於我們的資本配置策略。我們喜歡 2 到 3 倍 EBITDA 的槓桿。我們的業績略低於第三季的水平，甚至包括透過本季回購向股東返還 2 億美元。所以我們對 2 到 3 倍的範圍感到滿意。但正如布萊恩所說，我們擁有非常強大的資產負債表，隨著我們的發展，我們在資本配置方面擁有很大的靈活性。但隨著時間的推移，我們透過股息和回購向股東返還了大量現金，在過去 12 個月中返還了 58%，其中包括我們作為一家公司進行的最大一筆收購。

So we're committed to that, and we're committed to very shareholder-friendly and value-creating capital allocation as we go forward. And we think this new portfolio of market-leading businesses helps us achieve that.

因此，我們致力於這一點，並且在我們前進的過程中，我們致力於對股東非常友好且創造價值的資本配置。我們認為，這個新的市場領先業務組合有助於我們實現這一目標。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

Hi, thank you. Sorry if this was asked since my line was dropped earlier. But on composites, did I hear you correctly that pricing, while down year on year, really hasn't weakened sequentially? Is that right? Is that on spot primarily? And then maybe just some thoughts ahead of the contract negotiations and pricing going into next year.

你好，謝謝。抱歉，如果有人問這個問題，因為我的線路早些時候被掛斷了。但在複合材料方面，我是否正確地聽到您的說法，儘管價格同比下降，但實際上並沒有連續走弱？是這樣嗎？主要是在現場嗎？然後也許只是在明年的合約談判和定價之前的一些想法。

Thanks for the question. I'll take that one. So yes, I mean, we're down still year over year from a pricing standpoint. Sequentially, we've seen a good stability in composites. Both Brian and I are really proud of how that business has executed both commercially to drive sequential stability, but also on the manufacturing side. They've done outstanding work this year on manufacturing productivity to really drive the kind of stable margins you've seen the last few quarters.

謝謝你的提問。我會接受那個。所以，是的，我的意思是，從定價的角度來看，我們仍然逐年下降。接下來，我們看到複合材料具有良好的穩定性。Brian 和我都對該業務在商業上執行以推動順序穩定性以及在製造方面的執行方式感到非常自豪。他們今年在製造生產力方面做了出色的工作，真正推動了過去幾季所看到的穩定利潤率。

It is really early days on contract negotiations. So it's a little early to say much about where we're at. We're in the midst of it, but the business has really prioritized how do we add value to customers, how do we keep our costs really efficient. And we're trying to drive stable margins as we can in pretty challenging market environments still in China, which certainly is impacting the global demand environment.

現在合約談判還處於早期階段。因此，現在談論我們的現狀還為時過早。我們正處於其中，但企業真正優先考慮的是如何為客戶增加價值，如何保持成本真正有效率。我們正在努力在中國仍充滿挑戰的市場環境中盡可能提高穩定的利潤率，這肯定會影響全球需求環境。

Matthew Bouley, Barclays.

馬修·博利，巴克萊銀行。

Good morning, everyone. Thank you for taking the question. Wanted to ask on insulation and volumes, just given you're guiding the volumes to flip a little bit negative here exiting 2024. Wanted to get your thoughts on kind of how you're thinking about the first half of '25 given that exit rate. Obviously, these can be sort of high fixed cost manufacturing assets. So kind of any near-term thoughts on the volume decrementals and if any kind of need to rightsize production if we do still have that volume headwind early next year? Thank you.

大家早安。感謝您提出問題。我想詢問隔熱層和成交量的問題，因為您正在引導成交量在 2024 年退出時出現一點負值。考慮到退出率，想了解一下您對 25 年上半年的看法。顯然，這些可能是固定成本較高的製造資產。那麼，如果明年初我們仍然面臨銷售逆風，那麼對產量減少有何近期想法？謝謝。

Thanks, Matt. Appreciate the question. So when we look at where we're at right now, we're dealing with really a little bit of an air pocket of weaker starts that we saw from March through July. As we saw interest rates a bit high, we saw a little bit of a downturn in starts.

謝謝，馬特。感謝這個問題。因此，當我們看看現在的情況時，我們確實面臨著從三月到七月看到的一些較弱的開局。由於利率有點高，我們看到開工率略有下降。

That said, I mean, starts are still in a pretty good range for us. And I'll remind you, we reengineered the insulation business to be able to deliver really attractive margins and cash flows and return on capital in exactly this kind of market environment, where we're around this 1.3 million to 1.4 million starts range.

也就是說，我的意思是，開工率對我們來說仍然處於相當不錯的範圍內。我要提醒您的是，我們重新設計了絕緣業務，以便能夠在這種市場環境中提供真正有吸引力的利潤、現金流和資本回報率，我們的啟動範圍約為 130 萬到 140 萬。

Our view fundamentally is the housing market is still under-built. We really have not approached the 1.5 million annual starts number since the late 2000s. We also continue to see support from codes, that when you go back over a long period of time, we see the pounds per home roughly 30% higher over a 10-year period than where we were a decade ago. So it's not linear where year in and year out, we see 2.5%, 3% increases in volume from codes. But certainly, long term, it's a strong support for the volume dynamics in the industry.

我們的基本觀點是房地產市場仍不完善。自 2000 年代末以來，我們確實還沒有接近 150 萬的年啟動數量。我們也繼續看到來自規範的支持，當你回顧很長一段時間時，我們發現每戶家庭的英鎊在 10 年內比 10 年前增加了大約 30%。因此，年復一年，我們看到程式碼量增加了 2.5%、3%，這並不是線性的。但可以肯定的是，從長遠來看，這對該行業的銷售動態是一個強有力的支持。

So we'll watch. We'll watch housing starts closely as we end the year. We'll watch interest rates as we end the year. But we're confident we've engineered a business that can deliver good margin stability as we go forward. That's very intentional around the choices we've made with the cost structure and how we've positioned the business for success.

所以我們會觀察。年底時我們將密切注意房屋開工情況。我們將在年底關注利率。但我們有信心，我們已經設計了一項能夠在前進過程中提供良好利潤率穩定性的業務。我們對成本結構所做的選擇以及我們如何定位業務以取得成功是非常有意義的。

Kathryn Thompson, Thompson Research Group.

凱瑟琳·湯普森，湯普森研究小組。

Hi, thank you for taking my question today. You touched this earlier in the Q&A just around pricing in the doors segment in particular. But if we step back and take a look at balancing value over volume, this certainly has been, I wouldn't say an issue, but a focus area in doors. But as we look at you getting out of Asia for certain products and that continued push to nearshoring or reshoring, how does Owens Corning approach the value over volume? And how do you think that changes over the next three years? Thank you.

你好，謝謝你今天回答我的問題。您在早些時候的問答中談到了這一點，特別是關於門領域的定價。但如果我們退後一步，考慮平衡價值與數量，我不會說這確實是一個問題，而是一個關注領域。但當我們看到你們的某些產品離開亞洲並繼續推動近岸或回流時，歐文斯科寧如何處理價值與數量的關係？您認為未來三年會發生怎樣的變化？謝謝。

Thanks, Kathryn. I think the approach -- I'll just kind of step back. High level, we are investors of innovation. We're investors in marketing tools, commercial tools, quality, service, the things that bring value to our customers and the things that help them grow in the market. And so we always start with a premise of how can we help our customers win and grow in the market through our product offering, through our innovation, through our commercial tools, through our commercial resources, through our service, our quality, anything that can help the business and help them grow. So we invest to create value.

謝謝，凱瑟琳。我認為這種方法——我會退後一步。高水平，我們是創新的投資者。我們是行銷工具、商業工具、品質、服務、為客戶帶來價值以及幫助他們在市場上成長的東西的投資者。因此，我們始終以這樣一個前提為出發點：如何透過我們的產品、我們的創新、我們的商業工具、我們的商業資源、我們的服務、我們的品質以及任何可以幫助我們的客戶贏得市場並在市場中成長的方法。所以我們投資是為了創造價值。

Now when we say value over volume, I think that's a trade-off that I don't really look to make. We look to drive increased value. We have to be competitive in our pricing. We have to be competitive in our offering to maintain our positions in the market. So I think we don't trade off value over volume. We invest to create more value that leads to additional volume. And I think that's our approach.

現在，當我們說價值高於數量時，我認為這是我並不真正希望做出的權衡。我們希望推動價值的增加。我們的定價必須具有競爭力。我們的產品必須具有競爭力，才能維持我們的市場地位。所以我認為我們不會在價值與數量之間進行權衡。我們投資是為了創造更多價值，進而增加銷售量。我認為這就是我們的方法。

So we are always going to be competitive in all of our product offerings to market conditions. But we are always going to expect that through that value proposition that we're creating, that we can see a value premium for our products in the market. And not only that we see a value premium, but our customers see that value premium as they take those products into the market.

因此，我們的所有產品始終能夠根據市場條件保持競爭力。但我們總是期望透過我們正在創造的價值主張，我們可以看到我們的產品在市場上的價值溢價。不僅我們看到了價值溢價，而且我們的客戶在將這些產品推向市場時也看到了價值溢價。

So that's our overall approach. When we look at in-sourcing or outsourcing, we have a fundamental belief that we want to manufacture close to our customers. We think that improves that quality and service angle. So we're always going to be mindful of imports and other areas that could impact the cost structure within our businesses. But we also have a philosophy of local manufacturing for local demand and local service.

這就是我們的整體方法。當我們考慮內包或外包時，我們有一個基本信念：我們希望在靠近客戶的地方進行製造。我們認為這可以提高品質和服務角度。因此，我們始終要注意進口和其他可能影響我們業務成本結構的領域。但我們也有本地製造、本地需求和本地服務的理念。

So that's something that is sharpening our focus on the geographic footprint that we've talked about. We really are focused on executing our strategy to reshape the company as a building products leader in North America and Europe. And we're going to invest in manufacturing assets and sourcing to suppliers that are local to our markets and local to our manufacturing facilities there to create the best service platform for our customers.

因此，這使我們更加關注我們所討論的地理足跡。我們確實專注於執行我們的策略，將公司重塑為北美和歐洲建築產品的領導者。我們將投資製造資產，並向我們市場本地和製造設施本地的供應商採購，為我們的客戶創建最好的服務平台。

Thank you. This concludes our Q&A session. So I'll now pass you back to Brian Chambers for any final comments.

謝謝。我們的問答環節到此結束。現在，我將把您轉回布萊恩錢伯斯（Brian Chambers），徵求最終意見。

Well, thanks, Lydia. I'd like to thank everyone for making time to join us on today's call and for your ongoing interest in Owens Corning. And we look forward to speaking with you again on our fourth quarter call. Thanks and have a safe day.

嗯，謝謝，莉迪亞。我要感謝大家抽出時間參加我們今天的電話會議，並感謝大家對歐文斯科寧的持續關注。我們期待在第四季度的電話會議上再次與您交談。謝謝，祝你有個安全的一天。

This concludes our call. Thank you for joining. You may now disconnect your lines.

我們的通話到此結束。感謝您的加入。現在您可以斷開線路。