Owens Corning (OC) 2024 Q4 法說會逐字稿

Good morning, everyone, and welcome to Owens Corning's fourth quarter and full year 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 年第四季和全年財報電話會議。我的名字是 Lydia，今天我將擔任您的接線生。（操作員指令）

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

現在我將您交給公司事務和投資者關係副總裁 Amber Wohlfarth。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 fourth quarter and full year 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 年第四季和全年的業務業績。今天與我們一起出席的還有歐文斯科寧公司董事長兼執行長 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-K that detailed our financial results for the fourth quarter and full year 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-K and the presentation slides at our website, owenscorning.com. Refer to the Investors link under the Corporate section of our home page. A transcript and recording of this call and the supporting slides will be available on our website for future reference.

今天早些時候，我們發布了一份新聞稿並提交了一份 10-K 文件，詳細介紹了我們 2024 年第四季和全年的財務表現。為了今天的討論，我們準備了簡報投影片來總結我們的表現和結果，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、10-K 表格和簡報幻燈片。請參閱我們主頁公司部分下的投資者連結。本次通話的記錄和錄音以及支援幻燈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.

請參閱投影片 2，其中我們提供了一些提醒。首先，今天的評論將包括前瞻性陳述，這些陳述受風險、不確定性和其他因素的影響，可能導致我們的實際結果有重大差異。我們不承擔除適用證券法要求之外更新這些聲明的義務。請參閱我們向美國證券交易委員會 (SEC) 提交的文件中所述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發言包含非公認會計準則財務指標。非 GAAP 指標與 GAAP 指標的解釋和調節可在我們的收益新聞稿和簡報中找到，可在我們網站 owenscorning.com 的「投資者」部分找到。對於那些跟隨我們幻燈片演示的人來說，我們將從第 4 張幻燈片開始。

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

現在由我們的董事長兼執行長 Brian Chambers 致開幕詞。布賴恩？

Thanks, Amber. Good morning, everyone, and thank you for joining us today. During the call this morning, I will begin with a brief overview of our fourth quarter and full year 2024 results. Before providing an update on the key strategic choices we have made over the past year, as well as future investments we are making to position Owens Corning for long-term growth. Todd will then discuss our fourth quarter and full year financial results in greater detail, and I will come back to share expectations for our end markets and outlook for the first quarter.

謝謝，Amber。大家早安，感謝大家今天的參與。在今天早上的電話會議中，我將首先簡要介紹我們第四季和 2024 年全年的業績。在介紹我們過去一年來做出的關鍵策略選擇以及為歐文斯科寧的長期發展而進行的未來投資之前，我們先來了解一下。然後，托德將更詳細地討論我們的第四季度和全年財務業績，然後我將回來分享我們對終端市場的預期和第一季的展望。

2024 was a transformative year for Owens Corning as we successfully executed three major strategic moves to reshape and focus the company on building products in North America and Europe, while consistently delivering higher, more resilient earnings and cash flow.

2024 年是歐文斯科寧的轉型之年，我們成功實施了三大戰略舉措，重塑公司並使其專注於在北美和歐洲打造產品，同時持續提供更高、更具彈性的盈利和現金流。

In addition to the acquisition of Masonite, the sale of our Building Materials business in Asia and most recently, the sale of our glass reinforcements business, we also announced several capital investments to expand our capacity and highly profitable product lines that will further strengthen our market position and drive organic growth.

除了收購 Masonite、出售我們在亞洲的建築材料業務以及最近出售我們的玻璃增強材料業務之外，我們還宣布了幾項資本投資，以擴大我們的產能和高利潤的產品線，這將進一步加強我們的市場地位並推動有機成長。

While market conditions were mixed across our business segments during the year, the combined power of our enterprise resulted in revenue, earnings and cash flow growth. Through outstanding execution, we have demonstrated that Owens Corning is a best-in-class building products leader that consistently delivers strong financial performance and is positioned for future growth.

儘管本年度我們各個業務部門的市場狀況好壞參半，但我們企業的綜合實力帶來了收入、利潤和現金流的成長。透過出色的執行，我們已經證明歐文斯科寧是一流的建築產品領導者，始終如一地提供強勁的財務業績，並為未來的成長做好了準備。

Let me start a review of the quarter and the year with safety. In 2024, our team drove steady improvement of our already top-tier safety results through our Safer Together operating framework. Our recordable incident rate for the fourth quarter was 0.5, and we ended the year with a 25% reduction in injuries versus prior year. Since acquiring Masonite in May of last year, we've been working closely to integrate safety systems and processes, and have delivered a significant improvement in performance.

讓我以安全開始對本季和今年進行回顧。2024 年，我們的團隊透過「共同更安全」營運框架，推動了我們已經一流的安全成果的穩定提升。我們第四季的可記錄事故率為 0.5，與前一年相比，今年的受傷人數減少了 25%。自去年 5 月收購 Masonite 以來，我們一直密切合作，整合安全系統和流程，並取得了顯著的績效提升。

In addition to great safety performance, we also delivered strong financial results for the quarter and the full year. For the fourth quarter, we closed out the year delivering revenue of $2.8 billion, up 23%, with an adjusted EBIT margin of 15%, and adjusted EBITDA margin of 22%. Q4 marks our 18 consecutive quarter of delivering mid-teens or better adjusted EBIT margins, and 20% of our adjusted EBITDA margins.

除了出色的安全表現外，我們還在本季和全年取得了強勁的財務業績。第四季度，我們實現了 28 億美元的營收，成長 23%，調整後的 EBIT 利潤率為 15%，調整後的 EBITDA 利潤率為 22%。第四季是我們連續 18 個季度實現中等或更高的調整後 EBIT 利潤率，以及 20% 的調整後 EBITDA 利潤率。

For the full year, we delivered revenues of $11 billion, up 13%, adjusted EBIT of $2 billion and adjusted EBITDA of $2.7 billion, as each of our businesses delivered strong results relative to market conditions, including EBIT margin expansion in our core Roofing and Insulation businesses. Our consistent performance over the past several years demonstrates the structurally higher and more resilient earnings profile we have built for the company, creating a cash-generating engine that has allowed us to make strategic investments in our businesses and return significant cash to shareholders.

全年，我們實現了 110 億美元的營收，成長 13%；調整後息稅前利潤 (EBIT) 為 20 億美元；調整後息稅折舊攤銷前利潤 (EBITDA) 為 27 億美元，因為我們的各項業務相對於市場條件都取得了強勁的業績，包括核心屋頂和隔熱材料業務的息稅前利潤。我們過去幾年的穩定表現表明，我們為公司建立了結構性更高、更具彈性的盈利狀況，創造了一個現金生成引擎，使我們能夠對業務進行戰略投資並向股東返還大量現金。

During 2024, we returned 51% of free cash flow to our shareholders. 2024 also marked our 11 consecutive year of increasing our dividends. These actions demonstrate our commitment to a disciplined capital allocation strategy, all while continuing to invest in growth and innovation.

2024年，我們向股東返還了51%的自由現金流。 2024 年也是我們連續第 11 年增加股利。這些措施顯示我們致力於實施嚴格的資本配置策略，同時持續投資於成長和創新。

In addition to delivering strong financial results, we executed our enterprise strategy to reshape and focus Owens Corning as a leading residential and commercial building products company in North America and Europe. A key driver of our long-term performance has been our operating discipline to focus on products and geographies where we can build market-leading positions. In line with this disciplined approach, we executed three major strategic moves during the year.

除了取得強勁的財務表現外，我們還實施了企業策略，重塑歐文斯科寧，將其定位為北美和歐洲領先的住宅和商業建築產品公司。我們長期業績的一個關鍵驅動因素是我們的營運紀律，即專注於我們能夠建立市場領先地位的產品和地區。本著這種嚴謹的態度，我們在今年實施了三大策略措施。

First was our acquisition of Masonite. This acquisition expanded our portfolio of branded residential building products into a complementary category and was an important step in our long-term growth strategy. It has significantly expanded our addressable market and provides a great opportunity for us to create a scalable growth platform. We are seeing immediate benefits from the acquisition as we execute our integration playbook.

首先是我們收購了 Masonite。此次收購將我們的品牌住宅建築產品組合擴展為互補類別，是我們長期成長策略的重要一步。它極大地擴展了我們的潛在市場，並為我們創建可擴展的成長平台提供了絕佳的機會。當我們執行整合策略時，我們看到了此次收購帶來的直接效益。

By leveraging our enterprise scale, we are on track to achieve our synergy commitment in the first two years of ownership. Through our brand leadership, extensive customer and channel knowledge, manufacturing expertise and leading technology, we continue to see opportunities to drive both cost and revenue synergies on a path to achieving 20% EBITDA margins in the business.

透過利用我們的企業規模，我們有望在所有權的前兩年實現我們的協同承諾。憑藉我們的品牌領導力、廣泛的客戶和通路知識、製造專業知識和領先技術，我們不斷看到推動成本和收入協同效應的機會，從而實現 20% 的 EBITDA 利潤率。

The second major move was our decision to sell our building materials business in China and Korea. This divestiture simplifies our geographic footprint and supports our strategy to grow our Building Products businesses in North America and Europe.

第二個重大舉措是我們決定出售在中國和韓國的建築材料業務。此次資產剝離簡化了我們的地理覆蓋範圍並支持了我們在北美和歐洲發展建築產品業務的策略。

Our third major move was the exploration of strategic options for our glass reinforcements business, which we recently completed with the signing of a definitive agreement to sell the business to Praana Group. As we shared at the start of the process, the glass reinforcements business, primarily services industrial applications, that are outside of our strategic focus to invest and grow in residential and commercial building products. The transaction is expected to close later this year, subject to customary regulatory approvals and other conditions.

我們的第三個重大舉措是探索玻璃增強材料業務的策略選擇，最近我們簽署了將該業務出售給 Praana 集團的最終協議，完成了這項探索。正如我們在流程開始時所分享的那樣，玻璃增強材料業務主要服務於工業應用，這超出了我們在住宅和商業建築產品方面投資和發展的戰略重點。該交易預計將於今年稍後完成，但需獲得常規監管部門的批准並滿足其他條件。

In addition to these major strategic moves, we've been focused on strengthening and growing our core businesses by investing in new capacity and modernizing our manufacturing facilities. In Roofing, we recently announced our newest investment to expand our shingle capacity with the addition of a new laminate shingle manufacturing facility. This plant will operate a 4 wide laminator, capable of producing around 6 million squares per year.

除了這些重大戰略舉措之外，我們還致力於透過投資新產能和現代化製造設施來加強和發展我們的核心業務。在屋頂方面，我們最近宣布了最新的投資，即增加一個新的層壓瓦製造工廠，以擴大瓦片產能。該工廠將運行一台 4 台寬層壓機，每年可生產約 600 萬平方米。

The additional capacity will be used to service the continued strong demand for our products, including our premium duration shingles, and support ongoing market growth in the Southeastern US, which is the biggest asphalt shingle region in the country. We plan to announce the specific location for the new plant later this year, with production expected to begin sometime in 2027.

額外的產能將用於滿足我們產品（包括優質耐久瓦）的持續強勁需求，並支持美國東南部（該國最大的瀝青瓦地區）的持續市場成長。我們計劃在今年稍後公佈新工廠的具體位置，預計將於 2027 年某個時候開始生產。

This new facility complements the other investments we have made to expand our shingle capacity, including our new laminated shingle line in Ohio, which is expected to start up midyear. We are also excited to begin capitalizing on our recently commissioned glass nonwovens line, creating incremental capacity to serve our growing Roofing business as well as other building product applications. Within our Insulation business, we are also investing to increase production capacity and further strengthen our flexible, cost-efficient manufacturing network.

這家新工廠是我們為擴大瓦片產能而進行的其他投資的補充，包括我們位於俄亥俄州的新的層壓瓦片生產線，預計將於今年年中投產。我們也很高興開始利用我們最近委託的玻璃不織布生產線，創造增量產能，以服務我們不斷增長的屋頂業務以及其他建築產品應用。在我們的絕緣業務中，我們也在投資提高生產能力並進一步加強我們靈活、經濟高效的製造網路。

In 2024, we announced the addition of a new fiberglass insulation production line in our Kansas City facility, expected to be operational in 2027. The new line will give us the capability to rebalance our network and increase capacity to serve both residential and commercial applications. In addition, our new [Foamular NGX] plant in Arkansas is expected to come online later this year to serve the growing demand for XPS insulation.

2024 年，我們宣佈在堪薩斯城工廠新增一條玻璃纖維絕緣生產線，預計 2027 年開始營運。新的線路將使我們能夠重新平衡網絡，並提高服務住宅和商業應用的能力。此外，我們位於阿肯色州的新 [Foamular NGX] 工廠預計將於今年稍後投入使用，以滿足對 XPS 絕緣材料日益增長的需求。

In Europe, we are making good progress on converting our mineral wall plant in Sweden from coke-fired furnaces to electric melding. This move strengthens our market-leading position in the region, while improving manufacturing efficiency, reducing emissions and meeting our European customer needs. Collectively, these three investments will support growth of core insulation products while continuing to improve our winning cost position in the business.

在歐洲，我們在將瑞典礦物牆工廠從焦炭熔爐轉換為電熔爐方面取得了良好的進展。此舉加強了我們在該地區的市場領先地位，同時提高了製造效率，減少了排放並滿足了歐洲客戶的需求。總的來說，這三項投資將支持核心絕緣產品的成長，同時繼續提高我們在業務中的成本優勢。

As we invest for growth, we will continue to be disciplined capital allocators, focusing on markets and product lines where we can build leading positions through our unique capabilities. Over the past several years, we have proven our ability to grow our business while consistently enhancing shareholder value through our capital allocation strategy of returning approximately 50% of free cash flow to investors over time through dividends and share repurchases.

在我們為成長而進行投資的同時，我們將繼續嚴謹地配置資本，專注於能夠透過我們獨特的能力建立領先地位的市場和產品線。過去幾年來，我們已證明我們有能力發展業務，同時透過我們的資本配置策略不斷提高股東價值，即透過股息和股票回購的方式將約 50% 的自由現金流返還給投資者。

As a result, in the past three years, we've more than doubled our quarterly dividend. And since 2020, we have bought back more than 20% of our outstanding shares. This demonstrates both the cash-generating power of Owens Corning and our disciplined approach to deploying capital.

因此，在過去三年裡，我們的季度股息增加了一倍以上。自2020年以來，我們已回購了超過20％的流通股。這證明了歐文斯科寧的現金創造能力和我們嚴謹的資本配置方法。

In summary, our teams achieved many accomplishments in 2024, delivering outstanding financial performance while reshaping the company as a focused building products leader in North America and Europe.

總而言之，我們的團隊在 2024 年取得了許多成就，實現了出色的財務業績，同時將公司重塑為北美和歐洲專注於建築產品的領導者。

Before turning over to Todd, I want to thank our team for their tremendous work throughout 2024. We are proud of our achievements, which are also being recognized by others, including being named to The Wall Street Journal's top 250 best managed companies, and earning a place on the Dow Jones Sustainability Index for the 15 consecutive year. These acknowledgments reflect the incredible effort and dedication that our team brings to work every day to help our customers win and grow in the market, and drive the success of our company.

在交給托德之前，我要感謝我們團隊在 2024 年所做的出色工作。我們為自己的成就感到自豪，這些成就也得到了其他人的認可，包括被《華爾街日報》評為 250 家最佳管理公司之一，並連續 15 年入選道瓊斯永續指數。這些認可體現了我們團隊每天付出的巨大努力和奉獻精神，他們幫助我們的客戶在市場上贏得勝利和成長，並推動我們公司的成功。

I will now turn it over to Todd to discuss our fourth quarter and full year financial results in more detail. Todd?

現在我將把話題交給托德，讓他更詳細地討論我們的第四季和全年財務表現。托德？

Thank you, Brian, and good morning, everyone. As Brian mentioned, we finished the year with strong performance in the fourth quarter and outstanding results overall in 2024. We drove double-digit gains in top line sales, adjusted EBITDA and operating cash flow versus prior year.

謝謝你，布萊恩，大家早安。正如 Brian 所說，我們以第四季度的強勁表現結束了這一年度，並在 2024 年整體上取得了出色的成績。與去年同期相比，我們的營業銷售額、調整後息稅折舊攤銷前利潤和經營現金流量均實現了兩位數的成長。

Throughout 2024, the structural improvements we have made to the enterprise and the best-in-class commercial and operational execution from our team came through in our results. We have multiple paths to sustain our structurally higher EBITDA margins, deliver strong cash generation and return significant cash to shareholders. By leveraging the strength of our Owens Corning operating model, delivering on the multiple organic investments in new highly efficient manufacturing plants, and executing our strategic plans to deliver the full potential of the Doors business.

在整個 2024 年，我們對企業進行的結構性改進以及我們團隊一流的商業和營運執行都在我們的業績中得到了體現。我們有多種途徑來維持結構性較高的 EBITDA 利潤率、實現強勁的現金創造並向股東返還大量現金。透過利用歐文斯科寧營運模式的優勢，對新的高效製造工廠進行多項有機投資，並執行我們的戰略計劃，充分發揮門業務的潛力。

I'd now like to turn to slide 5 to discuss the results for the quarter and the full year. In the fourth quarter, we delivered top line and bottom line growth. Adjusted earnings per diluted share for the fourth quarter were $3.22, in line with the prior year. For the full year 2024, adjusted EBIT grew to $2 billion, and adjusted EBITDA grew to $2.7 billion. Our Roofing and Insulation business segments delivered robust year-over-year margin expansion, driving an adjusted EBIT margin of 19%, and adjusted EBITDA margin of 25% for the company overall.

現在我想翻到第 5 張投影片來討論本季和全年的業績。第四季度，我們實現了營業收入和淨利潤的成長。第四季調整後每股攤薄收益為 3.22 美元，與去年同期持平。2024 年全年，調整後的 EBIT 成長至 20 億美元，調整後的 EBITDA 成長至 27 億美元。我們的屋頂和隔熱業務部門的利潤率較去年同期強勁成長，推動公司整體調整後息稅前利潤率達到 19%，調整後息稅折舊攤銷前利潤率達到 25%。

Our full year adjusted earnings per diluted share were $15.91, up 10% from 2023. For the year, adjusting items, mostly noncash charges tied to the three major strategic moves we made this year, totaled approximately $910 million, and are excluded from our full year adjusted EBIT and adjusted EBITDA. They include $483 million of asset impairment charges resulting from the strategic review of our glass reinforcements business, $132 million of transaction and integration costs stemming from our acquisition of Masonite, which took place in May, $91 million of charges associated with the announced sale of our Building Materials business in China and Korea, and $86 million of charges associated with our ongoing cost optimization and product line rationalization actions.

我們全年調整後的每股攤薄收益為 15.91 美元，較 2023 年成長 10%。全年調整項目（主要是與我們今年採取的三大策略措施相關的非現金費用）總計約 9.1 億美元，不計入我們的全年調整後息稅前利潤 (EBIT) 和調整後息稅折舊攤銷前利潤 (EBITDA)。其中包括因我們對玻璃增強材料業務進行戰略審查而產生的4.83億美元資產減值費用、因我們於5月份收購Masonite而產生的1.32億美元交易和整合成本、與宣佈出售我們在中國和韓國的建築材料業務相關的9100萬美元費用，以及與我們正在進行的成本優化和產品線合理化行動相關的8600萬美元費用。

Turning to slide 6. Throughout 2024, we demonstrated the power of our cash generation and disciplined capital allocation strategy. At the end of the year, our net debt to adjusted EBITDA was below our target range of 2 times to 3 times, including taking on the additional debt from the Masonite acquisition, paying off $400 million on our 2024 notes and meeting our commitment to return at least 50% of free cash flow to shareholders over time.

翻到幻燈片 6。在整個 2024 年，我們展現了現金創造和嚴謹的資本配置策略的力量。截至年底，我們的淨債務與調整後 EBITDA 比率低於我們 2 倍至 3 倍的目標範圍，其中包括承擔收購 Masonite 產生的額外債務、償還 2024 年 4 億美元票據以及履行我們的承諾，即隨著時間的推移向股東返還至少 50% 的自由現金流。

Strong earnings and continued discipline on working capital resulted in $479 million of free cash flow in the quarter and $1.2 billion of free cash flow for the year, an increase of over $50 million from prior year. Free cash conversion was 89% of adjusted earnings. Full year capital additions were $647 million, inclusive of $73 million of capital expenditures related to the door segment.

強勁的獲利能力和對營運資本的持續嚴格控制，導致本季自由現金流達到 4.79 億美元，全年自由現金流達到 12 億美元，比上年增加 5,000 多萬美元。自由現金轉換佔調整後收益的89%。全年資本增加 6.47 億美元，其中包括與門業務部門相關的 7,300 萬美元資本支出。

Even as we make significant new organic investments in US and European manufacturing capacity, we remain focused on capital efficiency through productivity and process innovations. As a result of strong commercial and operational execution, our return on capital was 16% for the year. At year-end, the company had liquidity of $1.7 billion, consisting of approximately $400 million of cash and $1.3 billion of availability on our bank debt facilities.

即使我們對美國和歐洲的製造能力進行了大量的新有機投資，我們仍然專注於透過生產力和流程創新來提高資本效率。由於強大的商業和營運執行力，我們今年的資本回報率達到了16%。截至年底，該公司流動資金為 17 億美元，其中包括約 4 億美元現金和 13 億美元銀行債務可用額度。

During the fourth quarter of 2024, we returned $152 million to shareholders through share repurchases and dividends, bringing the year-to-date total to $638 million, or 51% of free cash flow. In December, the Board declared a cash dividend of $0.69 per share, an increase of approximately 15%. Our commitment to our capital allocation strategy remains focused on generating strong free cash flow, returning approximately 50% to investors over time and maintaining an investment-grade balance sheet, all while executing on our business strategies to grow the company.

2024 年第四季度，我們透過股票回購和股利向股東返還了 1.52 億美元，使年初至今的總額達到 6.38 億美元，佔自由現金流的 51%。12月，董事會宣布派發每股0.69美元的現金股息，增幅約15%。我們對資本配置策略的承諾仍然集中在產生強勁的自由現金流，隨著時間的推移向投資者返還約 50% 並維持投資等級資產負債表，同時執行我們的業務策略來發展公司。

Now turning to slide 7. I'll provide additional details on our segment results. The Roofing business finished the year with another quarter of strong demand for our shingles. Sales in the quarter were $912 million, down slightly from prior year. We continue to see strong demand for our shingles and had positive price realization, inclusive of our August price increase.

現在翻到第 7 張投影片。我將提供有關我們分部業績的更多詳細資訊。今年，屋頂業務又一個季度對我們的瓦片需求強勁。本季銷售額為 9.12 億美元，較上年略有下降。我們繼續看到對我們的瓦片的強勁需求，並實現了積極的價格實現，包括我們八月份的價格上漲。

The US asphalt shingle market on a volume basis was up 1% compared to the prior year. The higher demand was primarily in Florida, the Southwest and the Southeast, driven by higher storm demand. Our US shingle volume was in line with the market. Components volumes were down as attachment rates continue to normalize and distributors work through channel inventories of these products. This also was the last quarter with the year-over-year impact from the strategic exit of our protective packaging business. EBIT was $280 million for the quarter, down slightly versus prior year. We saw higher manufacturing costs as we continue to invest in our assets to meet the high level of demand for our products.

美國瀝青瓦市場銷量比上年增長了 1%。受風暴需求增加的影響，佛羅裡達州、西南部和東南部的需求較高。我們的美國木瓦銷售與市場一致。隨著附件率繼續正常化以及分銷商透過通路庫存處理這些產品，零件數量下降。這也是我們保護性包裝業務策略退出產生年比影響的最後一個季度。本季息稅前利潤為 2.8 億美元，較上年略有下降。為了滿足我們產品的高需求，我們不斷投資資產，發現製造成本上升了。

For the quarter, we delivered EBIT margins of 31% and EBITDA margins of 32%. For the full year, sales were $4.1 billion, up slightly versus 2023. Our contractor engagement model continued to drive demand for our shingles, and we had positive price realization on our announced increases in April and August.

本季，我們的息稅前利潤率達到 31%，息稅折舊攤提前利潤率達 32%。全年銷售額為 41 億美元，較 2023 年略有成長。我們的承包商參與模式繼續推動對木瓦的需求，我們在四月和八月宣布的漲價中實現了積極的價格實現。

The US asphalt shingle market on a volume basis was up 2% compared to the prior year. Storm-related demand remained above the long-term average. Our US shingle volumes are relatively flat as we remain unplanned availability throughout the year. The market continued to shift to a higher mix of laminate shingles. We were able to serve more demand for these products as a result of investments in debottlenecking to create additional capacity, which delivered record laminate shingle production.

美國瀝青瓦市場銷量比上年增長了 2%。與風暴相關的需求仍高於長期平均。由於我們全年仍保持計劃外供應，因此我們的美國木瓦銷售相對平穩。市場繼續向更高組合的層壓瓦轉變。透過投資消除瓶頸、創造額外產能，我們能夠滿足對這些產品的更多需求，從而實現創紀錄的層壓瓦產量。

For the year overall, components volumes were down due to the normalizing attachment rates throughout most of the year. Volume also was impacted by the strategic exit of our Protective Packaging business. For the full year, EBIT was $1.3 billion, up $124 million versus last year. The increase was primarily due to positive price and favorable mix offsetting the components volume decline. The resulting EBIT margins for the year were 32%, and EBITDA margins were 34%.

就全年而言，由於全年大部分時間的附著率都處於正常化狀態，因此零件產量有所下降。我們的保護性包裝業務的策略性退出也對銷售產生了影響。全年息稅前利潤為 13 億美元，較去年同期成長 1.24 億美元。成長的主要原因是價格上漲和產品組合有利，抵消了零件銷售量的下降。當年的息稅前利潤率為 32%，息稅折舊攤提前利潤率為 34%。

Now please turn to slide 8 for a summary of our Insulation business. The Insulation business finished the year strong with its 15 consecutive quarter of 20%-plus EBITDA margins. Q4 revenues were $926 million, in line with prior year. We saw revenue growth in North America residential on continued realization on our midyear price increase. Volumes in Residential were down slightly.

現在請翻到第 8 張投影片查看我們的絕緣業務摘要。絕緣材料業務以連續 15 個季度的 EBITDA 利潤率超過 20% 的成績強勢結束本年度。第四季營收為 9.26 億美元，與上年持平。由於年中價格上漲的持續實現，我們看到北美住宅收入成長。住宅銷量略有下降。

In technical and global revenue was down. while strong execution resulted in growth for our fiberglass technical insulation products in North America, demand headwinds were fueled by a soft market environment outside of the US. Insulation EBIT for the fourth quarter was $155 million, up $5 million compared to prior year. We saw incremental manufacturing costs that was more than offset by positive price realization.

技術和全球收入都有所下降。雖然強勁的執行力推動了我們的玻璃纖維技術絕緣產品在北美的成長，但需求逆風卻受到美國以外疲軟的市場環境的推動。第四季絕緣材料息稅前利潤為 1.55 億美元，比前一年增加 500 萬美元。我們看到增量的製造成本被積極的價格實現所抵消。

Overall, Insulation delivered EBIT margins of 17%, and EBITDA margins of 23%, in the fourth quarter. For the full year, Insulation net sales were $3.7 billion, up slightly compared to prior year. Strong commercial execution delivered positive price realization overall, which was partially offset by the ongoing volume impact of weak international markets. EBIT increased $63 million to $682 million, with EBIT margins of 18%, and EBITDA margins of 24% for the full year.

整體而言，第四季絕緣材料的息稅前利潤率為 17%，息稅折舊攤提前利潤率為 23%。全年絕緣材料淨銷售額為 37 億美元，較上年略有成長。強勁的商業執行總體上帶來了積極的價格實現，但被持續疲軟的國際市場銷售影響部分抵消。息稅前利潤增加 6,300 萬美元，達到 6.82 億美元，息稅前利潤率 18%，全年息稅前利潤率 24%。

Moving to slide 9. I'll provide an overview of the Doors business. Overall, the business performed well in a challenging market with volumes remaining relatively flat sequentially. In the quarter, the business generated revenue of $564 million. This revenue includes the volume and price impact of the softer markets in North America and Europe. EBIT for the quarter was $29 million, including $18 million of impact from purchase accounting. EBITDA for the quarter was $82 million.

移至幻燈片 9。我將概述門業務。總體而言，該業務在充滿挑戰的市場中表現良好，銷量較上月保持相對穩定。本季度，該業務創造了 5.64 億美元的收入。該收入包括北美和歐洲市場疲軟帶來的數量和價格影響。本季的息稅前利潤為 2,900 萬美元，其中包括購買會計的影響 1,800 萬美元。本季的 EBITDA 為 8,200 萬美元。

Overall, Doors generated an EBIT margin of 5% and EBITDA margin of 15% in the fourth quarter. The integration is progressing very well. When we close an the acquisition, we had line of sight to delivering $125 million of enterprise synergies by the end of year two with about half hitting the Doors business. We are on track to meet or exceed the enterprise commitment.

整體而言，Doors 第四季的息稅前利潤率為 5%，息稅折舊攤提前利潤率為 15%。整合工作進展非常順利。當我們完成收購時，我們預計到第二年年底將實現 1.25 億美元的企業協同效應，其中約一半將用於門業。我們正在努力實現甚至超越企業承諾。

In 2024, we have recognized approximately $30 million of OpEx and sourcing synergies in our consolidated P&L, which would run rate to about $75 million annually. Since acquiring Masonite on May 15, 2024, the Doors segment has delivered $1.4 billion of revenue, and $232 million of EBITDA.

2024 年，我們在合併損益表中確認了約 3,000 萬美元的營運支出和採購綜效，每年的營運率將達到約 7,500 萬美元。自 2024 年 5 月 15 日收購 Masonite 以來，門業部門已實現 14 億美元的收入和 2.32 億美元的 EBITDA。

Slide 10 provides an overview of our Composites business. Before I discuss the results, as Brian mentioned, we have successfully finished the strategic review of the glass reinforcements business and entered into an agreement to sell the business to Praana Group. The enterprise value of the business is $755 million, and we expect net after-tax proceeds of approximately $360 million, including $225 million of notes to be issued at the company by the purchasers.

幻燈片 10 概述了我們的複合材料業務。在我討論結果之前，正如布萊恩所提到的，我們已經成功完成了玻璃增強材料業務的策略審查，並達成了將該業務出售給 Praana 集團的協議。該企業的企業價值為 7.55 億美元，我們預計稅後淨收益約為 3.6 億美元，其中包括購買者將在該公司發行的價值 2.25 億美元的票據。

We also expect to sell approximately $100 million of excess metal alloy from the glass reinforcements business after closing. We will look to deploy the proceeds in line with our capital allocation strategy, investing to strengthen our existing businesses and return cash to shareholders. With the conclusion of the strategic review, glass reinforcement results will be reported as discontinued operations.

我們也預計在交易完成後出售玻璃增強材料業務中約1億美元的過剩金屬合金。我們將尋求根據我們的資本配置策略來部署收益，進行投資以加強我們現有的業務並向股東返還現金。隨著策略審查的結束，玻璃增強材料的結果將被報告為已停止的業務。

Our vertically integrated glass nonwovens business and our structural lumber business will operate within the Roofing segment. We also will continue to operate two glass fiber plants that supply nonwovens and external customers. These plants will operate and be integrated into the Insulation segment. These changes will be effective for 2025 reporting, and we expect EBITDA margins for the added revenue to be approximately in line with the overall segment margins. We will share more details on the comparable periods when we report Q1 results.

我們的垂直整​​合玻璃不織布業務和結構木材業務將在屋頂部門內運作。我們也將繼續營運兩家為不織布和外部客戶提供產品的玻璃纖維工廠。這些工廠將投入運作並整合到絕緣部門。這些變更將在 2025 年報告中生效，我們預計增加的收入的 EBITDA 利潤率將與整體分部利潤率大致持平。我們將在報告第一季業績時分享更多有關可比較時期的詳細資訊。

With glass reinforcements being reported as discontinued operations going forward, I will review the business results briefly. Sales for the quarter were $515 million, in line with prior year. Nonwovens grew in the quarter with positive price and stronger demand in North America. EBIT for the quarter was $47 million, up $21 million from prior year. Overall, Composites delivered 9% EBIT margins and 18% EBITDA margins for the quarter.

由於玻璃增強材料被報告為今後停止的業務，我將簡要回顧業務結果。本季銷售額為 5.15 億美元，與上年持平。由於價格上漲和北美需求增強，本季非織造布實現成長。本季息稅前利潤為 4,700 萬美元，較上年同期增加 2,100 萬美元。整體而言，複合材料本季的息稅前利潤率 (EBIT) 為 9%，息稅折舊攤銷前利潤率 (EBITDA) 為 18%。

For the full year, net sales of $2.1 billion decreased 7% compared to prior year. Nonwovens recognized positive price on stable volumes. EBIT for the year was $215 million, a decrease of $27 million from last year. Overall, Composites delivered 10% EBIT margins and 19% EBITDA margins for 2024.

全年淨銷售額21億美元，較上年下降7%。非織造布銷量穩定，價格呈現正態勢。全年息稅前利潤為 2.15 億美元，較去年同期減少 2,700 萬美元。整體而言，複合材料 2024 年的息稅前利潤率達到 10%，息稅折舊攤提前利潤率達到 19%。

Moving on to slide 11, I will discuss our full year 2025 outlook for key financial items. General corporate expenses are expected to range from $240 million to $260 million. This increase includes our best view of expenses for the glass reinforcements business that will not be included in discontinued operations. We are early in the process and we'll provide updates as we work towards the close.

接下來是第 11 張投影片，我將討論我們對 2025 年全年主要財務項目的展望。預計一般公司開支將在 2.4 億美元至 2.6 億美元之間。這一增長包括了我們對玻璃增強材料業務費用的最佳看法，這些費用不會包括在已停止的業務中。我們尚處於這一進程的早期階段，我們將在接近尾聲時提供最新進展。

Our corporate eliminations will also change with the re-segmentation. Nonwoven sales to shingles will now be eliminated within the Roofing segment, and the glass fiber sales to nonwovens will be eliminated at the corporate level. This should result in corporate eliminations of approximately half of what we saw in 2024.

我們的公司消除也將隨著重新細分而改變。現在，屋頂部門中將不再銷售不織佈到木瓦，公司層級也將不再銷售玻璃纖維到不織布。這將導致企業裁員數量達到 2024 年的一半左右。

Capital additions are expected to be approximately $800 million. This level of capital investment reflects the strategic investments Brian mentioned in his opening. We have several multiyear organic investments to bring on new manufacturing capacity and drive long-term growth. This CapEx continues to include glass reinforcements. We expect CapEx to remain elevated in the near term as we progress towards completing the attractive, high-return capital efficient projects we've discussed on this call, before CapEx is expected to return to levels in line with our previous guidance.

預計資本增加額約8億美元。這一水準的資本投資體現了 Brian 在開幕式上提到的策略投資。我們進行了幾項多年的有機投資，以提高生產能力並推動長期成長。此資本支出繼續包括玻璃增強材料。我們預計，隨著我們逐步完成在本次電話會議上討論的具有吸引力、高回報的資本效率項目，資本支出將在短期內保持高位，然後預計資本支出將恢復到符合我們之前指導的水平。

One other item I would like to discuss before turning the call back to Brian is a change in the primary measure we will use for year-over-year comparisons. Historically, we have used adjusted EBIT as our primary operational performance metric. Beginning in 2025, we will use adjusted EBITDA. This gives more visibility to the cash generation of Owens Corning and provides a more accurate view of operational performance without the impact of purchase accounting.

在將電話轉回給布萊恩之前，我想討論的另一件事是我們用於同比比較的主要衡量標準的變化。從歷史上看，我們一直使用調整後的息稅前利潤作為我們的主要營運績效指標。從 2025 年開始，我們將使用調整後的 EBITDA。這使得歐文斯科寧的現金創造過程更加清晰，並能更準確地了解營運績效，而不受採購會計的影響。

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

現在請翻到第 12 張投影片，我將把電話轉回給 Brian，進一步討論我們的前景。布賴恩？

Thank you, Todd. Throughout 2024, our team delivered great results, demonstrating the strength of our market positions and impact of the strategic choices we have made over the past several years to position Owens Corning to deliver long-term growth, generate significant free cash flow and sustain higher margins.

謝謝你，托德。在整個 2024 年，我們的團隊取得了出色的成績，展示了我們市場地位的強大以及過去幾年我們所做的戰略選擇的影響，這些選擇使歐文斯科寧能夠實現長期增長、產生大量自由現金流並維持更高的利潤率。

Turning to our outlook. We expect our residential and commercial end markets to provide solid but mixed opportunities as we enter into the first half of 2025. In North America, we expect near-term demand for nondiscretionary repair activity, especially in Roofing, to remain stable. While residential new construction and other remodeling activity is expected to be weaker to start the year as interest rates remain elevated.

轉向我們的展望。我們預計，進入 2025 年上半年，我們的住宅和商業終端市場將提供穩健但喜憂參半的機會。在北美，我們預計近期對非必需維修活動的需求（尤其是屋頂維修）將保持穩定。由於利率持續處於高位，預計年初住宅新建及其他改建活動將會較為疲軟。

Commercial construction activity is also expected to start the year slower than prior year. And in Europe, we expect near-term market conditions to remain challenging but stable, similar to the second half of 2024. Within this environment, we still expect first quarter revenue for continuing operations to grow mid-20%, compared to prior year's revenue of $2 billion after adjusting for glass reinforcements. For EBITDA, we expect to deliver another strong quarter of low 20% for the enterprise.

預計今年商業建築活動的開局也將比去年慢。在歐洲，我們預期近期市場狀況仍將充滿挑戰但保持穩定，與 2024 年下半年相似。在這種環境下，我們仍預期第一季持續經營收入將成長 20% 左右，而去年同期調整玻璃增強材料後的營收為 20 億美元。對於 EBITDA，我們預期企業將再創一個強勁季度，成長率低於 20%。

Now consistent with prior calls, I'll provide a more detailed business specific outlook for the first quarter. Starting with our Roofing business. We anticipate our revenue for the legacy Roofing segment to be in line with prior year. We expect ARMA market shipments to be flat to slightly down versus prior year. We anticipate our shipments to be relatively flat as distributors continue to see high demand for our products and are expected to build inventory of our shingles.

現在與先前的電話會議一致，我將提供第一季更詳細的業務具體展望。從我們的屋頂業務開始。我們預計傳統屋頂部門的收入將與去年持平。我們預計 ARMA 市場出貨量將與上年持平或略有下降。我們預計出貨量將相對持平，因為分銷商繼續看到對我們產品的高需求，並有望建立我們的木瓦庫存。

For components, we anticipate volumes in the quarter to be down versus prior year as we expect another quarter of attachment rates normalizing. We expect positive price from our previous announcements to offset the revenue impact of lower components volumes. Compared to Q1 of last year, we anticipate higher manufacturing costs, which is being carried over from the end of 2024, as we invest in our assets that continue to meet the high level of demand for our products and absorb the cost of maintenance. Compared to Q1 of last year, we also anticipate input cost inflation.

對於組件而言，我們預計本季的銷量將較上年同期下降，因為我們預計下一個季度的附著率將恢復正常。我們預計，先前公告中的積極價格將抵消零件銷售下降對收入造成的影響。與去年第一季相比，我們預計製造成本將會更高，並將從 2024 年底開始結轉，因為我們對資產進行投資，以繼續滿足對我們產品的高需求並吸收維護成本。與去年第一季相比，我們預計投入成本也會上漲。

In addition to shingle and components, as Todd mentioned, nonwovens and our structural lumber businesses will now be part of the Roofing segment going forward. With this change, we expect approximately $130 million of additional revenue in the Roofing segment in Q1, at similar margins to the Roofing business. Overall for Roofing, we anticipate generating an EBITDA margin of approximately 30% in the first quarter.

正如托德所說，除了瓦片和組件之外，不織布和我們的結構木材業務也將成為屋頂部門的一部分。透過這項變化，我們預計第一季屋頂部門的收入將增加約 1.3 億美元，利潤率與屋頂業務相似。總體而言，對於屋頂業務，我們預計第一季的 EBITDA 利潤率約為 30%。

Moving on to our Insulation business. We expect revenue for the legacy segment to be down slightly versus prior year, with ongoing price realization largely offsetting lower volumes. We expect the newly added glass fiber plants to add approximately $30 million of revenue.

繼續討論我們的絕緣業務。我們預計傳統部門的收入將較上年略有下降，持續的價格實現將在很大程度上抵消銷售量的下降。我們預計新增的玻璃纖維工廠將增加約3000萬美元的收入。

In our North American residential inflation business, we anticipate revenue to be up slightly versus prior year. We expect carryover price realization from the June increase to be partially offset by lower volumes, as we work through slower lagged housing starts versus prior year and construction cycles returning to normal.

在我們的北美住宅通膨業務中，我們預計收入將比上年略有上升。我們預計，隨著房屋開工速度較上年同期放緩且建築週期恢復正常，6 月份上漲的結轉價格實現將被銷售下降部分抵銷。

In technical and global, we expect revenue to be down modestly versus prior year, with lower volume partially offset by positive price. In North America, our top line is expected to be relatively stable. While in Europe, the market demand remained soft but stable sequentially. For the overall Insulation business in the quarter, we expect to incur cost inflation with price cost remaining positive. Given all this, we expect to generate EBITDA margin for insulation, including re-segmentation of low 20%.

從技術和全球角度來看，我們預計收入將較上年略有下降，但銷售下降將被積極的價格部分抵消。在北美，我們的營業額預計將相對穩定。而在歐洲，市場需求仍疲軟但較上季穩定。對於本季的整體絕緣業務，我們預計成本將上漲，但價格成本將保持正值。考慮到所有這些，我們預計絕緣材料（包括重新分割）的 EBITDA 利潤率將低於 20%。

Turning to Doors. The business continues to perform well relative to market conditions, with Q1 revenue anticipated to be down modestly versus Q4 on a slightly lower price and volume sequentially. In addition, we anticipate ongoing synergies and cost controls to largely offset the tariff recovery we recognized in the fourth quarter.

轉向門。相對於市場情況，該業務繼續表現良好，預計第一季營收將較第四季略有下降，因為價格和銷量將環比略有下降。此外，我們預計持續的協同效應和成本控制將在很大程度上抵消我們在第四季度確認的關稅恢復。

Overall, for Doors in the quarter, we anticipate EBITDA margin of low double digits to low teens. With the re-segmentation, the results of our glass reinforcements business will be excluded from continuing operations. One other item that could impact our results going forward is the implementation of additional tariffs. While the majority of our products are made with local materials and sold in local markets, we operate an integrated supply chain that spans Canada, Mexico and the US, that could result in additional costs.

總體而言，我們預計本季門業的 EBITDA 利潤率將處於低兩位數至低十位數之間。隨著重新細分，我們的玻璃增強材料業務的業績將被排除在持續經營之外。另一個可能影響我們未來績效的因素是實施額外的關稅。雖然我們的大部分產品都是採用當地材料生產並在當地市場銷售，但我們經營著橫跨加拿大、墨西哥和美國的一體化供應鏈，這可能會導致額外的成本。

With that view of our businesses, I'll turn to a few enterprise items. As I shared at the start of the call, 2024 was a transformative year, reshaping the company into a focused building products leader in North America and Europe. Through our unique enterprise capabilities, market-leading positions and consistent execution, we are positioning Owens Corning to continue to outperform the market. As we grow, we will continue to be disciplined operators, committed to strong cash flow generation and a balanced capital allocation strategy, returning at least 50% of free cash flow to shareholders over time.

基於對我們業務的這種看法，我將討論一些企業項目。正如我在電話會議開始時所說，2024 年是變革的一年，將公司重塑為北美和歐洲專注於建築產品的領導者。透過我們獨特的企業能力、市場領先地位和始終如一的執行力，我們正在使歐文斯科寧繼續超越市場。隨著我們的成長，我們將繼續成為嚴謹的營運商，致力於強勁的現金流創造和平衡的資本配置策略，隨著時間的推移向股東返還至少 50% 的自由現金流。

Before moving on to the Q&A session, I'd like to highlight one other item from this morning's press release. We will be hosting an Investor Day at our world headquarters in Toledo, Ohio this May. As a new Owens Corning, members of our executive leadership team and I look forward to sharing more about our strategy and financial goals for the future.

在進入問答環節之前，我想強調一下今天早上新聞稿中的另一個內容。今年 5 月，我們將在俄亥俄州托萊多的全球總部舉辦投資者日。作為新的歐文斯科寧公司員工，我和我們的執行領導團隊成員期待分享更多關於我們未來的策略和財務目標。

In closing, I want to recognize the outstanding results our team delivered in 2024, while making significant strides to position OC for the future. We have built multiple paths to achieve 20% or more adjusted EBITDA margin, mid-teen returns on invested capital and significant free cash flow. As we begin 2025, we are focused on successfully integrating the Doors business, continuing to strengthen our core product lines, and leveraging our enterprise scale and capabilities to help our customers win and grow in the market while creating value for our shareholders.

最後，我要表揚我們的團隊在 2024 年取得的優異成績，同時為 OC 的未來發展做出了重大貢獻。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、中等水準的投資資本回報率和可觀的自由現金流。邁入2025年，我們將專注於成功整合門業務，繼續加強我們的核心產品線，並利用我們的企業規模和能力幫助我們的客戶在市場上取勝和成長，同時為我們的股東創造價值。

With that, we would like to open the call up for questions.

現在，我們想開始回答問題。

(Operator Instructions) Anthony Pettinari, Citi.

(操作員指示) 花旗銀行，Anthony Pettinari。

Good morning, I was wondering if you could walk through, maybe in a little bit more detail, potential tariff impact and the mitigation strategies that you referenced. And if there's any way to kind of quantify either percentage of COGS, percentage of sales (inaudible)

早安，我想知道您是否可以更詳細地介紹潛在的關稅影響以及您提到的緩解策略。如果有辦法量化銷售成本百分比、銷售百分比（聽不清楚）

Good morning, Anthony, this is Todd. I appreciate the question. When we step back, we look at our execution over a longer period of time, the last five years, and we've been in a lot of different markets. We were in the COVID period where demand was really weak. The COVID period where demand was really strong. We had the supply chain challenges. We had an inflationary period. We had relatively mixed markets last year. And I think what you've seen from us is really consistent execution through all those periods, driving good, stable, high EBITDA margins, as well as free cash generation.

早安，安東尼，我是陶德。我很感謝你提出這個問題。當我們回顧過去，我們會回顧我們在較長時期內的執行情況，過去五年，我們已經進入了許多不同的市場。我們正處於 COVID 時期，需求非常疲軟。在新冠疫情期間，需求確實非常強勁。我們面臨供應鏈的挑戰。我們經歷了通貨膨脹時期。去年我們的市場相對好壞參半。我想您從我們身上看到的是，在所有這些時期，我們都始終如一地執行，從而帶來了良好、穩定、高的 EBITDA 利潤率以及自由現金的產生。

When we look at tariff exposure, as Brian shared in his comments, we are mostly local for local. We produce with significantly local cost of goods sold for local customers. When we look then at what our tariff exposure could be, if we look at all of the discussed tariffs. So China, steel and aluminum as well as Canada and Mexico. To scope that you're looking at 5% or less of our total cost for the enterprise.

當我們審視關稅風險時，正如布萊恩在評論中分享的那樣，我們主要是針對本地的。我們以當地成本為主要生產成本，銷售給當地客戶。當我們查看所有討論過的關稅時，我們就會知道我們的關稅風險可能是什麼。因此，中國、鋼鐵和鋁以及加拿大和墨西哥都是如此。為了確保您所查看的成本佔企業總成本的 5％ 或更少。

So when we think about that, a lot of that is finished goods where we've got an integrated supply chain across North America, where we're supplying product from Mexico and Canada into the US. That's not really a big deal in our Roofing business. It's sort of a de minimis exposure in Roofing. So when you think about that COGS exposure, or the cost exposure across the enterprise, it's about two-third Doors and then about one-third of Insulation.

所以當我們考慮這一點時，很多都是成品，我們在北美擁有一條綜合的供應鏈，我們將產品從墨西哥和加拿大供應到美國。對於我們的屋頂業務來說，這並不是什麼大問題。這算是屋頂方面的一種最低限度的暴露。因此，當您考慮 COGS 風險或整個企業的成本風險時，大約三分之二是門，然後大約三分之一是絕緣材料。

And as I started with, our track record of execution is we're in dynamic markets. And as we face those dynamic markets, we use all the tools that we have available to us to offset that in the short run, in the long term and get back to market-leading margins. I appreciate the question, Anthony.

正如我開始所說，我們的執行記錄表明我們處於動態市場中。面對這些動態市場，我們會利用所有可用的工具來在短期和長期內抵銷這種影響，並重新獲得市場領先的利潤率。我很感謝你提出這個問題，安東尼。

Michael Rehaut, JP Morgan.

摩根大通的麥可‧雷豪特 (Michael Rehaut)。

Thanks for taking my question. I wanted to focus on pricing trends as you see them coming out of 2024 and into '25, especially around your residential markets. I think there's been various amounts of concern regarding, as you kind of alluded to, the potentially softer start and some of the new res and repair remodel segments.

感謝您回答我的問題。我想重點關注 2024 年至 2025 年的定價趨勢，尤其是在住宅市場。我認為，正如您所提到的，人們對潛在的較軟起步和一些新的修復和改造部分有不同程度的擔憂。

How are you thinking about pricing power in 2025? Particularly, I mean, across -- if you could kind of hit on Insulation, Roofing and Doors? And if there's any changes perhaps that you're might be anticipating this year relative to the pricing power you've enjoyed over the last couple of years?

您如何看待 2025 年的定價權？具體來說，我的意思是——如果您能談談隔熱材料、屋頂和門的話？您是否預計今年與您過去幾年所享有的定價權相比會發生任何變化？

Okay. Thanks, Mike. I'll start, and maybe I'll have Todd join in well -- as we walk through this. Just if I step back, I think we -- we've had very good pricing trends in our core residential Insulation businesses, our techno-inflation business, our Roofing business. And we're stepping into the market now with the Doors business. So I think across that, the product platforms, we have seen some mixed end market conditions through '24 and into '25, and that's probably leading to a little bit of mixed pricing trends that we're seeing.

好的。謝謝，麥克。我先開始，然後也許我會讓托德也加入進來——當我們討論這個問題時。如果我退一步來看，我認為我們的核心住宅隔熱業務、科技通膨業務和屋頂業務的定價趨勢都非常好。現在我們正透過門業務進軍市場。因此，我認為，在整個產品平台上，我們看到了從24年到25年的混合終端市場狀況，這可能導致我們看到混合的定價趨勢。

But overall, I'd say within our Roofing business, we continue to see good demand for our products. We continue to bring great value to our customers. And so there, you've seen really positive price cost over the last year through some of the price realization that we've gotten through the increases last year.

但總體而言，我想說，在我們的屋頂業務中，我們產品的需求仍然強勁。我們持續為客戶帶來巨大價值。因此，透過去年我們透過上漲實現的部分價格實現，您已經看到了去年真正積極的價格成本。

We've got another one announced in April in Roofing. And given the strength of the market conditions we see in front of us, the strength of our product offering we would expect to continue to see good realization there.

我們將於四月在 Roofing 上發布另一個消息。鑑於我們面臨的市場條件的強勁，以及我們提供的產品的強勁，我們預計將繼續看到良好的業績表現。

In the Doors business, I think we've seen a little bit choppier end markets. Overall, the pricing in the market is relatively stable as we start the year, which is good to see. Our pricing moves that we've seen a little bit of pricing headwinds that you're seeing in our outlook, is really related to our focused moves, to get our price points in the market in line with historic premiums that we've had in the market relative to our service, our quality and our innovation.

在門業方面，我認為我們已經看到了一些波動的終端市場。整體而言，今年以來市場定價相對穩定，這是令人欣喜的。我們在定價舉措方面看到了一些定價阻力，您在我們的展望中看到了這些阻力，這實際上與我們的重點舉措有關，即讓我們在市場上的價格點與我們在市場上相對於我們的服務、我們的質量和我們的創新所擁有的歷史溢價保持一致。

But in terms of stability in the market, we're seeing relatively good stability in the pricing. But some of the pricing moves we're making we made in the back half of the year and in the fourth quarter, we're going to see some carryover effects as we get those price points stabilize in the market.

但就市場穩定性而言，我們看到價格相對較穩定。但我們在今年下半年和第四季進行的一些定價調整，隨著市場價格點趨於穩定，我們將看到一些延續效應。

And then maybe I'll pass it over to Todd who can talk a little bit more about some of the pricing trends in the residential markets.

然後我可能會把它交給托德，他可以再談談住宅市場的一些定價趨勢。

Mike, this is Todd. I appreciate the question. So when we step back and look at res in Insulation, we've said before, we think the industry can serve a market around 1.4 million to 1.5 million housing starts. And that was before we saw the big shift towards single-family from multifamily. And when we look at single-family, we see about 30% higher take per unit for a start then with multifamily.

麥克，這是托德。我很感謝你提出這個問題。因此，當我們回顧並審視隔熱材料行業時，我們之前就說過，我們認為該行業可以滿足約 140 萬至 150 萬套新屋開工的市場需求。那是在我們看到從多戶住宅向單戶住宅發生巨大轉變之前。當我們觀察單戶住宅時，我們發現其每戶收入比多戶住宅高出約 30%。

So we're in a market where we're still seeing good demand trends. Recent starts activity has been right around that level of 1.4 million to 1.5 million. And we think utilization is still at healthy levels for the industry. Our estimates would be in Q4, we were into the high 90% range of utilization for insulation in these markets.

因此，我們仍處於需求趨勢良好的市場。最近的開工量一直維持在140萬至150萬左右。我們認為該行業的利用率仍然處於健康水平。我們的估計是，在第四季度，這些市場的絕緣材料利用率將達到 90% 的高水準。

So we had positive price in Q4. Our guide for Q1 is positive price in res insulation. We know how to navigate through markets like these where there is a bit of noise from builders and others right now as we start the year, but that's not uncommon in res, and we'll execute the way we have been in these markets to make sure we drive the right -- right price in the market for the year. I appreciate the question, Mike. Thank you.

因此我們在第四季度獲得了正價格。我們對第一季的指導價格是再生能源的正價。我們知道如何在這樣的市場中前行，在年初時，建築商和其他方會發出一些噪音，但這在房地產中並不罕見，我們將按照我們在這些市場中的做法執行，以確保我們在一年內推動正確的市場價格。我很感謝你提出這個問題，麥克。謝謝。

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

Thank you for taking my call. The question is, I guess, Roofing will include about $130 million of revenue from structural lumber in nonwovens and Insulation, about $30 million from the glass fiber plants. How do we think about the cadence of that as we move through the year? Should we expect the revenue contribution to just step up seasonally? Or what's the right way to think about that?

感謝您接聽我的電話。我猜問題是，屋頂業務將包括來自無紡布和絕緣材料結構木材的約 1.3 億美元收入，以及來自玻璃纖維工廠的約 3000 萬美元收入。我們如何看待這一年中這趨勢的節奏？我們是否應該預期收入貢獻會隨季節增加？或是正確的思考方式是什麼？

Yes. Thanks, John. I think you can think about the revenue in that side of the business as being fairly consistent across the year. There's a little bit of seasonality on the nonwoven side that we see in the fourth quarter because some of that production is tied to Roofing demand, which tends to slow down a little bit in the fourth quarter on seasonality. But overall, you could kind of look at those revenue guides as pretty ratable in terms of quarterly guides going forward in the business. And then the margin profile is going to stay again very consistent with the underlying businesses that we've attached those to.

是的。謝謝，約翰。我認為你可以認為該業務的收入全年來看是相當穩定的。我們在第四季度發現不織布方面存在一些季節性，因為其中一些生產與屋頂需求有關，而屋頂需求在第四季度往往會因季節性而略有放緩。但總體而言，你可以把這些收入指南視為未來業務季度指南中相當可觀的部分。然後，利潤率狀況將再次與我們附加的底層業務保持高度一致。

So maybe a little bit of a -- bit of color on why we're doing that and how that's setting up. When we go back and talk about the Composites business overall, when we announced our strategic review, that was really focused on the glass reinforcements business, more industrial base, not really fitting this long-term strategy of the company to focus on building and products.

因此，也許我們可以稍微解釋為什麼我們這樣做，以及這樣做的方式。當我們回過頭來整體談論複合材料業務時，我們宣布了戰略評估，當時的重點是玻璃增強材料業務，更多的是工業基礎，這並不符合公司專注於建築和產品的長期戰略。

So when we look at the nonwovens, lumber, now those businesses are very focused in building products. They give us great capabilities in the roofing business with a vertical integration play. The lumber business uses distribution partners and a go-to-market strategy very similar to shingles. So we thought bringing the nonwovens and lumber business in the Roofing gives us great operational efficiencies and great commercial opportunities to kind of expand the growth of those product lines.

因此，當我們看看不織布、木材時，現在這些企業非常專注於製造產品。他們透過垂直整合的方式，賦予了我們在屋頂業務方面的強大能力。木材業務使用分銷合作夥伴和與木瓦非常相似的行銷策略。因此，我們認為，將不織布和木材業務引入屋頂領域可以提高我們的營運效率，並提供巨大的商業機會，以擴大這些產品線的成長。

But then in the nonwovens business, we make a specialty fiber called [WEX] We have two facilities in North America, and we wanted to maintain that vertical integration supply chain for supply security because the WEX and nonwovens is so critical to the support of our roofing profitability. So those are glass melting operations, we felt those were best served operationally to sit inside our Insulation business.

但在無紡布業務中，我們生產一種名為 [WEX] 的特殊纖維。所以這些都是玻璃熔化操作，我們認為從操作上來說，將它們放在我們的絕緣業務中是最好的。

So I think there's an operational and commercial rationale for why we place these businesses with Roofing and Insulation. And again, I think what you're seeing in our guide and our outlook is that these are going to be businesses that generate margin profiles very similar to the underlying Roofing and Insulation businesses that they're sitting in. So we think they're going to be a good fit operationally and give us good margin stability going forward in the businesses.

所以我認為我們將這些業務放在屋頂和隔熱材料行業有營運和商業上的理由。而且，我認為您在我們的指南和展望中看到的是，這些業務產生的利潤率與他們所在的基礎屋頂和隔熱業務非常相似。因此，我們認為他們在營運上非常合適，並為我們的未來業務帶來良好的利潤穩定性。

Sam Reid, Wells Fargo.

富國銀行的薩姆·里德。

Thanks so much. I wanted to touch on some of the Medina capacity that's coming on online later this year in Roofing. And specifically, can you talk to the margin lift from mix that should come from incremental laminate capacity, I think especially if some of that is replacing some lower-margin strip single capacity that's coming offline?

非常感謝。我想談談今年稍後將在 Roofing 上線的一些 Medina 產能。具體來說，您能否談談增量層壓板產能帶來的利潤提升，我認為特別是如果其中一些產能正在取代一些即將下線的低利潤單條產能？

Thanks Sam. Yes, we've not really gotten into the details of splitting margin profiles, performance between strips and lands, but you're absolutely correct in saying that we would expect to see a positive mix shift with more laminate sales. And in fact, that's been a driver to the margin performance in the business over the last several years and our ability to raise the margin outlook and sustain the margins we have today is that mix of laminate shingles relative to strips, the mix of components.

謝謝山姆。是的，我們還沒有真正深入討論利潤率分佈、條帶和焊盤之間的性能等細節，但您說得完全正確，隨著層壓板銷售的增加，我們預計會看到積極的組合轉變。事實上，這在過去幾年中一直是業務利潤表現的驅動力，而我們提高利潤前景和維持現有利潤的能力就是層壓瓦相對於條帶的組合，即組件的組合。

So there's a few factors inside the mix where we don't get specific, but in terms of the strip the lamb differential, but it does bring a higher profile. And we're seeing this as a mix shift overall in the market. I've talked about this in the past few calls.

因此，混合物中有幾個因素我們無法具體說明，但就羊肉的差異而言，它確實帶來了更高的知名度。我們認為這是市場整體的混合轉變。我在過去幾次通話中已經談到了這個問題。

And when we look overall on the market dynamics, kind of seen this [1 point, 1.5 point] mix shift from strips to lands in the industry. And that's really why we've been investing so heavily to find additional throughput in our existing network, to find additional lamb capacity. And why we've made the decision to convert the Medina facility from strip to lamb.

當我們整體觀察市場動態時，我們可以看到，該行業中的這種 [1 點，1.5 點] 組合正在從條帶轉向土地。這就是為什麼我們投入如此多的資金來在現有網路中尋找額外的吞吐量，以尋找額外的羊肉產能。這就是我們決定將 Medina 工廠從屠宰條肉轉換為屠宰羔羊肉的原因。

So to your point, that facility, we expect to be coming online midyear, that's going to bring about two additional laminates, so that will rank up and rate up through the back half of this year and then full production into next. So that gives us a great platform in terms of growth in the Midwest with a product offering that we need more capacity to service the customer demand.

正如您所說，我們預計工廠將在年中投入使用，將帶來兩種額外的層壓板，因此將在今年下半年進行排名和評級，然後在明年全面投入生產。因此，這為我們在中西部地區的成長提供了良好的平台，我們需要更多的產品產能來滿足客戶的需求。

Matthew Bouley, Barclays.

巴克萊銀行的馬修‧布萊 (Matthew Bouley)。

Thank you for taking the question. So I wanted to ask on the new Roofing capacity of the new plant. So I guess in an industry that is also adding capacity beyond your own over the next couple of years, depending on where we go with industry volumes over these next couple of years, it would be helpful if you could give us some perspective on how do you think about kind of that -- the impact of new capacity on the Roofing industry margins, and Roofing industry price and kind of how you think about the incentives of getting plant utilization to a certain level?

感謝您回答這個問題。所以我想詢問一下新廠的新屋頂產能。因此，我想，在一個未來幾年內也會增加產能的行業中，這取決於未來幾年行業產量的走向，如果您能給我們一些關於您如何看待這種現象的觀點，那將會很有幫助——新產能對屋頂行業利潤率和屋頂行業價格的影響，以及您如何看待將工廠利用率提高到一定水平的激勵措施？

Okay. Let me walk through -- first, I guess, our view on why we're adding capacity, then I can touch on the industry side. For us, we're very excited to be adding a new plant in the network. As I mentioned and talking with sam, we've the teams have done great work are they to increase the efficiencies of our existing network. But even through all of those capacity increases in terms of the lamp production that we're opening up, we still continue to run full out we still have extended service cycles and we have very limited opportunity to continue to service the growth we're seeing for our product platforms.

好的。讓我來介紹一下——首先，我想先談談我們對增加產能的原因的看法，然後我可以談談行業方面。對我們來說，我們非常高興能夠在網路中增加一個新工廠。正如我和 Sam 提到的，我們的團隊已經做出了巨大的努力，提高了現有網路的效率。但即使我們在燈俱生產方面提高了產能，我們仍然在全力運轉，服務週期仍然延長，我們繼續滿足產品平台成長需求的機會非常有限。

So we're excited to be adding into the Southeast. It is the largest asphalt shingle market in the country. And when you look at population trends into the Southeast, we think that just continues to grow. It's also a market that sees quite a lot of storm activity. And while that's not easy to predict, when you think about the incremental storm demand that gets created pretty frequently, right now, we have very limited capacity with our three plants that are in the region today to service any of that incremental demand. So that would give us opportunities to service more incremental storm demand as we see moving forward.

因此我們很高興能夠進軍東南部。它是全國最大的瀝青瓦市場。當你觀察東南部的人口趨勢時，我們認為人口趨勢只會繼續增長。這個市場也是風暴頻繁的市場。雖然這並不容易預測，但當你考慮到經常產生的增量風暴需求時，目前，我們位於該地區的三家工廠的產能非常有限，無法滿足任何增量需求。因此，這將為我們帶來機會，滿足未來更多的增量風暴需求。

And then lastly, for us, it really gives us enough of a capacity platform in that region that we can start looking at potentially servicing other regions in a different way. So we can change service cycles that create additional capacity up in the Midwest into the Southwest. And that gives us a lot of opportunities. And our view when we look at the additional capacity in the newer network, if to your point, volumes start to trend down at some point in the future, the Roofing production process is a material conversion business. So it gives us the ability to flex our production to the most efficient manufacturing platforms. And that might be now to a newer asset.

最後，對我們來說，它確實為我們在該地區提供了足夠的容量平台，我們可以開始考慮以不同的方式為其他地區提供服務。因此，我們可以改變服務週期，從而為中西部和西南部創造額外的產能。這給了我們很多機會。當我們查看新網路中的額外容量時，我們的觀點是，如果按照您的觀點，未來某個時間點產量開始呈下降趨勢，那麼屋頂生產過程就是材料轉換業務。因此，它使我們能夠靈活地適應最高效的製造平台。現在這可能已經成為一種較新的資產。

So I think we -- it allows us to optimize our network in new and very efficient ways with this additional capacity that we can balance out any kind of market fluctuations over the future years. When I think about how that sets into the industry capacity, there has been a lot of industry capacity announced. I would say our view is that that's not all incremental capacity. We know some of the manufacturers who have made these announcements are also taking more inefficient, or older assets, out of their networks and replacing that. And some of that's regulation driven. Some of that is just, I think, cost and efficiency driven. So I don't think all the announcements are generally adding up to all incremental capacity because of some of the capacity that's going to be taken out.

因此我認為，它使我們能夠利用這種額外的容量以新的、非常有效的方式優化我們的網絡，從而平衡未來幾年的任何市場波動。當我思考這對產業產能有何影響時，已經有許多產業產能被宣布了。我想說，我們的觀點是，這並不是全部的增量容量。我們知道，一些發表這些聲明的製造商也正在從他們的網路中剔除效率較低或較舊的資產，並進行替換。其中一些是由法規驅動的。我認為其中一些只是由成本和效率驅動。因此，我認為並非所有公告都與增量產能有關，因為部分產能將被取消。

But even again, said that, if you look at some of the industry capacity that's been added over the last four or five years, I think you've not seen really any impact in terms of the demand structure, the pricing structure, the margin profile of our business as a result of that. And that goes back to, again, Roofing is a material conversion business. So the fixed cost, the labor costs are fairly low. You can flex these lines very cost efficiently and still generate very, very good margins in the business.

但即便如此，如果你看看過去四、五年來增加的一些產業產能，我認為你並沒有看到需求結構、定價結構、我們業務的利潤率狀況受到任何影響。這又回到了，屋頂是一種材料轉換業務。因此固定成本、勞動成本相當低。您可以非常經濟高效地調整這些線路，同時仍能為業務帶來非常非常好的利潤。

So we feel good about the add for us, in terms of servicing our customer demand, and our customers have been very pleased with this announcement to bring capacity to service their needs. And we think it gives us great flexibility over time to continue to generate great margins, but also service some incremental volumes that we just haven't been able to get to over the last few years.

因此，就滿足客戶需求而言，我們對這項新增功能感到非常滿意，我們的客戶也對這項公告感到非常滿意，因為它能夠滿足他們的需求。我們認為，隨著時間的推移，這將為我們帶來極大的靈活性，讓我們能夠繼續創造巨大的利潤，同時也能滿足過去幾年我們一直未能實現的一些增量需求。

Stephen Kim, Evercore.

史蒂芬金（Stephen Kim），Evercore。

Thinking on the utilization rates, Insulation, I think you indicated that utilization rates were in the high 90s in the fourth quarter. I believe that was for fiber glass in North America. Can you talk about what utilization rates look like across your technical footprint?

考慮到利用率，絕緣，我認為您指出第四季度的利用率達到了 90% 的高位。我相信那是北美洲的玻璃纖維。您能談談您的科技足跡的使用率是怎麼樣的嗎？

And then also with the glass plants that you're transferring to the business, the glass melters, I guess, I mean. Can you give us a sense for what the annual DNA looks like associated with those two facilities? And I think you said that margins are going to be pretty similar I was just wondering because in the Roofing side of the business, your margins are so high. I just want to make sure that we kind of have a sense. Are you talking within a couple of hundred basis points here? Or is it similar mean something much broader than that?

然後還有您要轉移到企業的玻璃工廠，我想，我的意思是玻璃熔爐。您能否向我們介紹一下與這兩個設施相關的年度 DNA 是什麼樣的？而且我認為您說過利潤率會非常相似，我只是想知道，因為在屋頂業務方面，您的利潤率非常高。我只是想確保我們能理解。您說的是在幾百個基點之內嗎？或者它的類似含義比這更廣泛的含義？

Stephen, thanks for the questions. Let me start with the question around what we're seeing within technical and global insulation. So when we look at North America, the bulk of that business in North America actually uses similar assets to what we have on the res side. So we are seeing relatively healthy and attractive utilization rates on North America, fiberglass as well.

史蒂芬，謝謝你的提問。讓我先問一下我們在技術和全球隔離方面看到的情況。因此，當我們放眼北美時，北美的大部分業務實際上使用的資產與我們在資源方面擁有的資產相似。因此，我們看到北美的玻璃纖維利用率相對健康且具有吸引力。

When you look at technical and global , the areas we've seen a lot of weakness really are the international markets. especially Europe and Asia. Clearly, we haven't announced transaction to divest of Asia. So Europe really is our remaining big global exposure for technical and global. When we look at that business, our team has performed extremely well in difficult market conditions. Since we saw the Ukraine war begin, we've seen demand be soft in Europe. And our team has been laser-focused on the cost structure and the cash generation potential of that business, really repositioning it for the market conditions that we're in. And they've done a phenomenal job with that over the last couple of years.

當你從技術和全球角度來看，我們發現國際市場確實是存在很大弱點的領域。尤其是歐洲和亞洲。顯然，我們還沒有宣布撤資亞洲的交易。因此，歐洲確實是我們在全球技術和全球影響力的剩餘重要組成部分。當我們審視這項業務時，我們的團隊在困難的市場條件下表現出色。自從烏克蘭戰爭爆發以來，我們就看到歐洲的需求疲軟。我們的團隊一直專注於該業務的成本結構和現金創造潛力，真正根據我們所處的市場條件重新定位。過去幾年裡，他們在這方面做得非常好。

So we are in a position where there is excess capacity in Europe in Stonewall. And when that market comes back, we are really well positioned then to take advantage of really attractive incremental margins in Europe on the basis of all the work we've done in the last couple of years and weaker market conditions to take full advantage of it.

因此，我們處於石牆歐洲產能過剩的情況。當市場復甦時，憑藉過去幾年我們所做的所有工作以及較弱的市場條件，我們就有充分的條件利用歐洲極具吸引力的增量利潤率。

When you look at the second question you had around re-segmentation, and what it means for the different businesses. When you look at the two works plants that Brian mentioned that we're adding to the insulation business, you can think of the DNA structure of that as being pretty similar to overall composites.

當您查看有關重新細分的第二個問題時，您會想到它對不同業務意味著什麼。當您查看 Brian 提到的我們正在添加到絕緣業務的兩家工廠時，您可以認為它們的 DNA 結構與整體複合材料非常相似。

When you look at the nonwovens plants, we have invested a lot of capital in that business the last few years to add capacity because those are growing very attractive markets for us. But the structural requirements for CapEx going forward for nonwovens look more like the Roofing business in terms of these assets being placed and then they don't require ongoing rebuilds in the kind of heavy maintenance cycle we would see in our glass melting or stone melting facilities, which is part of the logic of why we integrated those into the roofing segment.

看看無紡布工廠，過去幾年我們在該業務上投入了大量資金來增加產能，因為這些市場對我們來說非常有吸引力。但就這些資產的放置而言，未來不織布資本支出的結構性要求看起來更像屋頂業務，而且它們不需要像我們的玻璃熔化或石材熔化設施那樣在繁重的維護週期內進行持續重建，這也是我們將它們整合到屋頂部門的部分原因。

So there is a bit more DNA today for nonwovens as a result of the investments that we've made. But you should not read anything into that in terms of the ongoing capital intensity or rebuild cycle because it's very, very different for those assets than traditional glass melting assets. Thanks, Stephen.

因此，由於我們的投資，如今無紡布產業擁有了更多的 DNA。但你不應該從持續的資本密集度或重建週期的角度來解讀這一點，因為這些資產與傳統的玻璃熔化資產有著非常非常大的不同。謝謝，史蒂芬。

Brian Biros, Thompson Research.

布萊恩‧比羅斯 (Brian Biros)，湯普森研究公司。

Hey, good morning. Thank you for taking my question. On the R&R side, I guess, on our demand becomes in a little bit better for the year or just whenever, you start pick back up. That should be a boost to the Door segment just given the R&R aspect there. How are you guys thinking about price versus volume and share gains for the Door segment when R&R returns to growth?

嘿，早安。感謝您回答我的問題。就 R&R 方面而言，我想，我們的需求在今年或任何時候都會變得更好一些，然後就會開始回升。考慮到 R&R 方面，這應該會對門類細分市場產生促進作用。當 R&R 恢復成長時，你們如何考慮門類部門的價格與銷售量以及份額成長？

Yes. Thanks, Brian. I think we're looking for that kind of rebound in recovery as we move into 2025 across the board. Because as you know, the business -- our Doors business is pretty evenly mixed between new construction and R&R activity, a little bit more slanted towards new construction. But big part in the R&R front. We've seen that fairly weak through 2024, and we do expect that to improve as we go through the year.

是的。謝謝，布萊恩。我認為，隨著我們全面進入 2025 年，我們正在期待這種復甦的反彈。因為如您所知，我們的門業業務在新建築和 R&R 活動之間相當均勻地混合，稍微傾向於新建築。但在 R&R 方面佔有重要地位。我們已經看到，到 2024 年，這種情況會相當疲軟，但我們確實預計，隨著時間的推移，這種情況會有所改善。

So when we think about that price line share, I think I would say, look, we are applying the same operating model in our Doors business that we've been successfully running inside our Insulation business and inside our Roofing business, which is a focus to grow the business by starting with being very customer-centric and focus on how we can help our customers win and grow in the market. We're focused on increasing product and process innovation that brings new products to market and drives efficiency, and we're focused on great manufacturing performance, service, quality, cost competitiveness.

因此，當我們考慮價格線份額時，我想我會說，看，我們在門業務中應用了相同的運營模式，該模式已在隔熱業務和屋頂業務中成功運行，即專注於以客戶為中心開始發展業務，並專注於如何幫助我們的客戶在市場上獲勝和發展。我們專注於提高產品和製程創新，將新產品推向市場並提高效率，我們專注於卓越的製造性能、服務、品質和成本競爭力。

So when we think about how we're going to manage as we go forward in the business, we want to start with -- we want to drive customer growth through our products, through innovation, through our service, through our quality, and that's the playbook that we've been running. And we're seeing some momentum starting to pick up with that playbook.

因此，當我們思考如何在業務發展過程中進行管理時，我們首先要透過我們的產品、透過創新、透過我們的服務、透過我們的品質來推動客戶成長，這就是我們一直在運作的劇本。我們看到這項策略開始獲得一些進展。

Our volumes in Q4 were a little better. Our commercial teams have done great work, really building and strengthening our distribution partnerships. We're looking at investments in terms of downstream pull-through activities with lumber dealers and other customers. We're focusing on the home centers in terms of driving our service proposition. So I think we're going to be focused always on pricing to value and we carry a price premium today based on our value proposition that we think is going to continue.

我們第四季的銷量略有好轉。我們的商業團隊做出了出色的工作，真正建立並加強了我們的分銷合作夥伴關係。我們正在考慮與木材經銷商和其他客戶進行下游拉動活動的投資。在推動我們的服務主張方面，我們將重點放在家居中心。因此，我認為我們將始終專注於定價價值，並且根據我們認為將持續的價值主張，我們今天的價格會更高。

But we're going to stay focused on winning with our customers. And we think as the markets recover, that's going to drive good volume growth for us and good margin improvement for us as we go forward.

但我們將繼續專注於贏得客戶。我們認為，隨著市場的復甦，這將推動我們的銷售良好成長，並提高我們的利潤率。

Trevor Allinson, Wolfe Research.

艾林森（Trevor Allinson），沃爾夫研究公司（Wolfe Research）。

Hi, good morning. Thank you for taking my question. First, going back to Roofing margins in 2025, maybe excluding any impact from the nonwovens. You've got a couple of price increases in 2024 that carryover. You've got another one for April. You did mention some cost inflation, but you're also expecting to be price/cost positive.

嗨，早安。感謝您回答我的問題。首先，回顧2025年的屋頂利潤率，或許可以排除不織布的影響。2024 年將會有幾次價格上漲，並且會延續下去。四月您還有另外一個。您確實提到了一些成本通膨，但您也預期價格/成本將呈現正成長。

So should we think about pretty healthy core Roofing margins year-over-year as we go into 2025? Or are there any other notable offsets we should be considering?

那麼，當我們進入 2025 年時，我們是否應該考慮核心屋頂利潤率比去年同期相當健康？或者我們還應該考慮其他值得注意的抵銷因素嗎？

Yeah. Trevor, I think you're thinking about it the right way. I think we're set up for another very good year in Roofing. You've outlined the price carryover we're seeing. We are going to -- and we expect to see more inflation in the year than last year. So we're expecting that as we're starting the year, we're starting to see those come through. So there's a little bit of inflation headwinds. And we're also seeing some investment headwinds in just some of the upgrades to the facilities that we're going to see. So probably some increased maintenance and potential downtime as we continue to just make those adjustments to improve the efficiency and lam and capacity on the existing networks.

是的。特雷弗，我認為你的想法是正確的。我認為我們在屋頂行業又將迎來非常好的一年。您已概述了我們看到的價格延續。我們將會—並且預計今年的通貨膨脹將比去年更高。因此，我們預計，在新的一年伊始，我們將開始看到這些目標的實現。因此存在一點通膨阻力。我們也看到，在一些設施升級方面，投資面臨阻力。因此，由於我們持續進行調整以提高現有網路的效率、容量和效能，因此維護工作量可能會增加，停機時間也可能會增加。

But I think overall, you've got it dialed in. The first quarter, probably a little bit of headwind we're still seeing is in the components volume. And this, again, is just the last quarter that I would expect us to see that kind of year-over-year negative comp. The run rate of our components volumes and the attachment rates have been very consistent, Q2, Q3, Q4 of last year. They're holding up as we start the year.

但我認為整體而言，你已經掌握了訣竅。第一季度，我們可能仍會看到零件銷售方面出現一些阻力。而且，這只是我預期會出現這種年比負成長的最後一個季度。我們的零件產量運作率和附著率一直非常一致，去年第二季、第三季、第四季。當我們開始新的一年時，他們仍在堅持。

So there's nothing underlying the decline in component volumes. It's just we were resetting off a very strong year in 2023 where there were some supply shortages that we thought caused some purchases that aren't repeating. But that's kind of the only near-term headwind here in Q1 that we're seeing in terms of some of the lower volumes. But outside of that, as we move through the rest of the year, we see good demand on the repair side, the R&R side. We got some storm carryover that we're bringing into the year. So I think we're set up for a good first half.

因此，零件產量下降並沒有什麼根本原因。只是，我們剛從 2023 年非常強勁的一年中恢復過來，那一年出現了一些供應短缺，我們認為這導致了一些購買沒有重複。但從交易量較低來看，這算是第一季唯一的短期阻力。但除此之外，隨著今年剩餘時間的推進，我們看到維修方面、R&R方面的需求良好。我們受到了一些風暴的影響，並將把它們帶入今年。所以我認為我們上半年的表現會很好。

Philip Ng, Jefferies.

傑富瑞 (Jefferies) 的 Philip Ng。

Doors is still a very new business for me. So I just wanted to drill down on that a little bit, Brian. I think if I heard you correctly, you're dialing back some of your pricing to kind of be more in line with the broader market. And when I look at your margins, you're guiding it to drifting closer to low teens to low double digit from mid-teens.

門業對我來說仍然是一個非常新的行業。因此，我只是想深入探討這個問題，布萊恩。我想如果我沒聽錯的話，您正在下調部分定價，以便更符合大盤的市場規律。當我查看您的利潤率時，您將其引導至接近十幾歲的低位十幾歲到兩位數的低點十幾歲。

So I guess my question to you is what's your path to getting margins back to mid teens this year? And I believe that business probably has a little more risk as it relates to tariffs. Just help us understand the Colombian lumber exposure. Do you have any of that? Any hardware to that gives me some concerns about costs being a little more elevated, if pricing is a little more challenged. Just kind of help us think through the path for profitability in that doors business this year.

所以我想我要問您的是，今年您將如何讓利潤率回到十五六成的水平？我認為，與關稅相關的業務可能會面臨更大的風險。只是幫助我們了解哥倫比亞的木材暴露情況。你有這些嗎？如果定價更具挑戰性，任何硬體都會讓我擔心成本會更高。只是幫助我們思考今年門業獲利的途徑。

Yeah. Thanks. So let me start with the back end. We're not terribly exposed to a lot of input materials. We've reshuffled the supply chain. So nothing out of Columbia lumber, things like that. We're not seeing that. We've really kind of dialed in most of our input materials being in local supply. We're still bringing some in from Asia, but that's not any major concern in terms of driving additional tariff inflation.

是的。謝謝。因此讓我從後端開始。我們並沒有過度接觸大量的輸入材料。我們已經重組了供應鏈。所以沒有哥倫比亞木材之類的東西。我們沒有看到這一點。我們確實已經撥打了大部分輸入資料的本地供應電話。我們仍從亞洲進口一些產品，但這並不會對進一步的關稅通膨造成重大擔憂。

What Todd said, and this is important to call out, though, we do operate a very integrated supply chain for finished good materials inside the Doors business, particularly, where we will do production in Monterrey, Mexico, and we'll bring that into the US. We'll do production in the US, bring it into Canada and vice versa.

托德說了，這一點很重要，但是，在門業務內部，我們確實運營著一個非常一體化的成品材料供應鏈，特別是我們將在墨西哥蒙特雷進行生產，然後將其帶入美國。我們將在美國進行生產，然後將其帶到加拿大，反之亦然。

So where our exposure is going to be in finished goods, not input materials. And that's why we're more exposed in Doors because of that integrated supply chain we've built. And then we're also exposed in Insulation on that because also that integrated supply chain where we move finished good products cross-border pretty seamlessly to service our customers. So that's going to be a little bit longer term issue if those tariffs come in, in terms of how we offset those.

因此，我們的投資重​​點在於成品，而不是投入材料。這就是為什麼我們透過建立整合的供應鏈在門業中擁有更大的曝光。然後，我們也在絕緣領域進行了探索，因為還有整合的供應鏈，我們可以無縫地跨境運輸成品以為客戶提供服務。因此，如果這些關稅出台，就我們如何抵消這些影響而言，這將是一個長期問題。

But having said that, I think the underlying fundamental of the business that we're seeing now that's kind of stepping down margins is a little bit of just the volume headwinds. So our path to improving margins is consisting of, one, we continue to drive the integration synergies. And we're seeing that across the board, particularly on sourcing and OpEx savings as we bring the business together. So that's a source of just cost savings that we continue to see ramping up that's going to drop through to the bottom line.

但話雖如此，我認為我們現在看到的業務的基本面，即利潤率的下降，在一定程度上只是銷量阻力所致。因此，我們提高利潤率的途徑包括：第一，我們持續推動整合綜效。我們在各個方面都看到了這一點，特別是在我們將業務整合在一起時在採購和營運成本節省方面。所以，這只是成本節約的一個來源，我們看到成本節約不斷增加，並且會持續到利潤。

We also are starting work around our network optimization. Even was seen in the (inaudible) we've shut down one small facility in Chile. And we're looking at other facilities in terms of how we can optimize this production network very similar to the work we've done inside Roofing and Insulation. And we see a big opportunity that's going to take us a little bit of time, but that would be a next big opportunity that we see in terms of cost synergies.

我們也正開始致力於網路優化。甚至可以看到（聽不清楚）我們關閉了智利的一家小型工廠。我們正在研究如何優化其他設施，以優化這個生產網絡，這與我們在屋頂和隔熱材料部門所做的工作非常相似。我們看到了一個巨大的機遇，雖然這需要花費一點時間，但從成本協同效應的角度來看，這將是我們看到的下一個重大機會。

And then third on the -- would be on the revenue front. And that's going to be really a lever of volume because we've got a cost base that's very solid that we're reducing and improving. That's going to give us great operating leverage once we see volume starting to come back, which we do expect through the course of this year, we're going to see new construction grow. We're going to see R&R grow. And the volume leverage, the incremental margin on that is going to be stronger than historic given the cost work we have done. So we think that's an opportunity.

第三是收入方面。這實際上會成為產量的槓桿，因為我們的成本基礎非常穩固，而且我們正在降低和改善這一成本基礎。一旦我們看到交易量開始回升，這將為我們提供巨大的營運槓桿，我們確實預計今年全年新建築將會成長。我們將會看到 R&R 的成長。考慮到我們所做的成本工作，數量槓桿和增量利潤將比歷史更高。因此我們認為這是一個機會。

And then we're just really in the early innings starting to look at how we can be stronger across our distribution network with bringing the full suite of Owens Corning products to them. How we're thinking about downstream pull-through with our contractors today that are exterior contractors that use Doors and Roofing and how can we expand the offering, our lumber dealers that are using our multiple products.

然後，我們才剛開始研究如何透過為分銷網絡提供全套歐文斯科寧產品，使我們的分銷網絡變得更加強大。我們現在如何考慮與使用門和屋頂的外部承包商進行下游合作，以及我們如何擴大供應範圍，我們的木材經銷商正在使用我們的多種產品。

So I think we've got a couple of paths that we're just starting in terms of the commercial efforts to not only see the recovery of volumes to a market recovery, but also some of the work we can do to create a stronger customer partnership and potentially get some additional volumes as we go through the year.

因此，我認為我們在商業努力方面剛開始採取一些措施，不僅要看到銷售恢復到市場復甦，還要做一些工作來建立更強大的客戶夥伴關係，並在全年獲得一些額外的銷售。

So it's cost focus in the near term, I'd say, Phil, and then we see the opportunities for revenue synergies as we go through this year and into next year as we build that path to 20% EBITDA margins.

所以我想說，菲爾，短期內我們將重點關注成本，然後，隨著今年和明年我們努力實現 20% 的 EBITDA 利潤率，我們將看到收入協同效應的機會。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

I had a question just on the CapEx increase for '25. I was wondering if you could speak to what's incremental this year? And what would be a good maintenance CapEx figure to use when considering the divestment of the -- what was a highly capital-intensive GR business?

我對 25 年的資本支出增加有一個疑問。我想知道您是否可以談談今年的增量是多少？當考慮剝離一項資本密集的 GR 業務時，應使用多少維護資本支出數字比較合理？

Thanks, Garik. I'll take that. So when we look at the step up in CapEx this year, it's really driven by the increase in the major projects that we've discussed on the call. For growth for productivity, for sustainability investments that position us for our earnings growth and cash flow growth in the future. So in the near term, we would expect this stepped-up level to continue as many of these projects are multiyear projects from start to finish.

謝謝，加里克。我接受。因此，當我們看今年資本支出的成長時，它實際上是由我們在電話會議上討論的重大項目的成長所推動的。為了提高生產力，為了永續投資，我們將為未來的獲利成長和現金流成長做好準備。因此，在短期內，我們預計這種逐步提升的水平將會持續下去，因為其中許多項目都是從開始到結束的多年期項目。

Long term, though, I would go back to the guidance that we've consistently given externally, which is we want to build a business that structurally is in the 4% to 5% of sales range in terms of ongoing CapEx.

不過，從長遠來看，我會回到我們一貫對外給予的指導方針，那就是我們希望建立一個結構上持續資本支出佔銷售額 4% 到 5% 的業務。

We've added a Doors business that is very capital efficient. And we're really going to like the cash flows of that business as the markets improve and the volume returns because of the ongoing capital requirements are really modest. And we're under contract to sell the most capital-intensive piece of our business, the glass reinforcements element.

我們增加了一項資本效率極高的門業業務。而且，隨著市場好轉，以及由於持續的資本需求確實適中而帶來的交易量回報，我們將會非常喜歡該業務的現金流。我們已簽訂合同，出售業務中資本密集度最高的部分——玻璃增強材料。

So when we look at that, we think that plus the investments that we're making in a very modern fleet of assets, position us for attractive ongoing capital requirements as we go forward. We just have to work through this near-term period as we wrap up some of those major projects. Thanks, Garik.

因此，當我們考慮這一點時，我們認為，加上我們對非常現代化的資產組合的投資，將使我們在未來獲得有吸引力的持續資本需求。我們只需要在近期內完成一些重大專案。謝謝，加里克。

We now have no time for further questions. So I'll pass back to Brian Chambers for any closing comments.

我們現在沒有時間回答其他問題。因此我將把結論轉交給 Brian Chambers。

Okay. 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. We look forward to speaking with you again on our first quarter call, and I hope everyone will be able to join us at our Investor Day in May and Toledo. Thanks.

好的。謝謝，莉迪亞。我要感謝大家抽出時間參加今天的電話會議，並感謝大家對歐文斯科寧的持續關注。我們期待在第一季電話會議上再次與您交談，希望大家能夠參加我們五月和托萊多的投資者日。謝謝。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。