Owens Corning (OC) 2025 Q1 法說會逐字稿

Hello, everyone, and welcome to Owens Corning's first-quarter 2025 earnings call. My name is Lydia, and I will be your operator today. (Operator instructions)

大家好，歡迎參加歐文斯科寧 2025 年第一季財報電話會議。我叫 Lydia，今天我將擔任您的接線生。（操作員指示）

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

現在我將把發言權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 first quarter of 2025. Joining us today are Brian Chambers, Owens Corning's Chair and Chief Executive Officer; and Todd Fister, our Chief Financial Officer.(Operator instructions)

早安.感謝您抽出時間參加今天的電話會議並回顧我們 2025 年第一季的業務業績。今天與我們一起出席的有歐文斯科寧公司董事長兼執行長 Brian Chambers 和財務長 Todd Fister。 （操作員指示）

Earlier this morning, we issued a news release and filed a 10-Q that detailed our financial results for the first quarter of 2025. 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.

今天早些時候，我們發布了一份新聞稿並提交了一份 10-Q 報告，詳細介紹了我們 2025 年第一季的財務表現。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。

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.

您可以在我們的網站 owenscorning.com 上存取收益新聞稿、10-Q 表和簡報。請參閱我們主頁「公司」版塊下的「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 few 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.

請參考投影片 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，這可能導致我們的實際結果大不相同。

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.

除適用證券法的要求外，我們不承擔更新這些聲明的義務。請參閱我們向美國證券交易委員會提交的文件中列出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.

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 指標的解釋和對帳可以在我們網站 owenscorning.com 的「投資者」部分找到的收益新聞稿和簡報中找到。

Third, financials and metrics for current and historical periods discussed on this call will be for continuing operations, except for capital expenditures and cash flow measures, which include amounts related to glass reinforcement until the closing of the sale of the business. For those of you following along with our slide presentation, we will begin on slide 4.

第三，本次電話會議上討論的當前和歷史時期的財務和指標將用於持續經營，但資本支出和現金流量指標除外，其中包括與玻璃增強相關的金額，直到業務出售結束。對於那些關注我們幻燈片簡報的人來說，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 our call, I will provide an update on our overall performance in the first quarter, including some color on the operating environment we are navigating, as well as the progress we are making on our strategic priorities and the actions being taken to position us for future success.

謝謝，Amber。大家早安，感謝大家今天加入我們。在電話會議中，我將介紹我們第一季的整體業績，包括我們正在經歷的經營環境，以及我們在策略重點方面取得的進展和為未來成功而採取的行動。

Todd will then provide a more detailed review of our quarterly performance, and then I'll come back and discuss our outlook for Q2. Our team delivered another strong quarter to start the year, demonstrating the durability of our earnings and the power of the enterprise to outperform in any operating environment.

然後，托德將對我們的季度業績進行更詳細的回顧，然後我會回來討論我們對第二季的展望。我們的團隊在年初又取得了強勁的業績，證明了我們盈利的持久性以及企業在任何營運環境下表現出色的能力。

Our results continue to reflect the positive impact of the structural changes we have made to focus Owens Corning in high-value building product categories, where we can build market-leading positions through our unique commercial capabilities and disciplined operational execution. As always, underpinning our performance is our ongoing focus on the safety of our people.

我們的業績繼續反映出我們進行的結構性變革的積極影響，即將歐文斯科寧的重點放在高價值建築產品類別上，我們可以透過獨特的商業能力和嚴格的營運執行來建立市場領先地位。像往常一樣，我們業績的基石是我們對員工安全的持續關注。

Our team's commitment to working safely resulted in a recordable incident rate for the first quarter of 0.54, which is 80% lower than the manufacturing industry average. Our enterprise safety results now includes our Doors business, which has been on a journey of continuous safety improvement. I'm pleased with how quickly our Doors team has integrated the OC Safer Together operating framework to build on a strong safety culture.

我們團隊致力於安全工作，使得第一季的可記錄事故率為 0.54，比製造業平均低 80%。我們的企業安全成果現在包括我們的門業務，該業務一直在不斷改進安全。我很高興看到我們的門團隊如此迅速地整合了 OC Safer Together 營運框架，從而建立了強大的安全文化。

Turning to other first quarter performance highlights. We delivered revenue of $2.5 billion, an increase of 25% year-over-year, compared to the prior year's revenue of $2 billion. Adjusted EBITDA in the first quarter totaled $565 million for an adjusted EBITDA margin of 22%. This marks our 19th consecutive quarter of delivering adjusted EBITDA margins above 20% as we continue our track record of sustaining strong and resilient margins in any operating environment. We also remain focused on our operating cash flow, delivering results in the quarter, consistent with the seasonality we historically see to start the year.

談談第一季其他業績亮點。我們實現了 25 億美元的收入，與前一年的 20 億美元收入相比成長了 25%。第一季調整後 EBITDA 總計 5.65 億美元，調整後 EBITDA 利潤率為 22%。這是我們連續第 19 個季度實現調整後 EBITDA 利潤率超過 20%，我們繼續保持在任何營運環境下保持強勁和有彈性的利潤率的記錄。我們也將繼續關注我們的營運現金流，在本季度取得成果，這與我們歷史上年初看到的季節性一致。

Given the cash-generative power of each of our businesses through the year, we continue to fund high-return organic investments. These phased investments in our roofing and insulation businesses coming online over the next three years, will add needed capacity to support our long-term growth, as well as provide network flexibility with improved cost positions.

鑑於我們每項業務全年的現金產生能力，我們將繼續為高回報的有機投資提供資金。我們在未來三年內分階段對屋頂和隔熱業務進行的投資將增加支持我們長期成長所需的產能，並透過改善成本狀況提供網路靈活性。

In addition to these strategic investments, we returned significant cash to shareholders through our dividend and share repurchases. Looking to the broader building products market in North America and Europe, we entered 2025 with a mixed environment. Overall demand for repair and remodel has remained challenged, with the exception of nondiscretionary reroof activity, which has remained solid.

除了這些策略投資之外，我們還透過股利和股票回購向股東返還了大量現金。放眼北美和歐洲更廣闊的建築產品市場，我們將以混合環境進入2025年。維修和改造的整體需求仍面臨挑戰，但非必要的翻修屋頂活動除外，需求仍保持穩定。

New residential construction, which accounts for about a quarter of our enterprise revenue started the year slower as interest rates remain elevated. And finally, our nonresidential markets, which account for about 20% of our business, remained fairly stable overall.

新住宅建設約占我們企業收入的四分之一，但由於利率持續高企，今年開局放緩。最後，占我們業務約 20% 的非住宅市場整體保持相當穩定。

Like all companies, we continue to evaluate and adjust to the impact of tariffs on our business. Given the localized nature of our production to meet demand, and the fact that our products are US MCA compliant, we would expect to see modest direct impact from current tariffs.

與所有公司一樣，我們會持續評估和調整關稅對我們業務的影響。鑑於我們為滿足需求而進行在地化生產，並且我們的產品符合美國 MCA 的規定，我們預計當前關稅將產生適度的直接影響。

The impact of future tariffs, however, and the potential impact on North America and European economies remains uncertain. Todd will provide additional information on potential impacts on our financial results and the mitigation actions we are implementing.

然而，未來關稅的影響以及對北美和歐洲經濟的潛在影響仍不確定。托德將提供有關對我們的財務表現的潛在影響以及我們正在實施的緩解措施的更多資訊。

Against this backdrop, our first quarter results once again demonstrated the strength of our businesses and resiliency of our earnings. As we move through the year, we will remain focused on the areas we can control, our customer share positions, our operating costs and our capital allocation. Regarding our longer-term organic investments to strengthen our market-leading positions we continue to make good progress on all fronts.

在此背景下，我們的第一季業績再次證明了我們業務的實力和盈利的彈性。隨著時間的推移，我們將繼續專注於我們能夠控制的領域、我們的客戶份額、我們的營運成本和我們的資本配置。關於我們為加強市場領先地位而進行的長期有機投資，我們在各個方面繼續取得良好進展。

In Roofing, we are on track to start up our laminate shingle production line in Medina, Ohio at the end of the second quarter to provide needed capacity to service our contractors and distributors. And we are narrowing our site selection for our new single manufacturing plant in the Southeastern US. Both of these investments complement our broader effort to enhance needed roofing capacity with a winning cost position as we further modernize our US roofing manufacturing network.

在屋頂方面，我們計劃在第二季末在俄亥俄州梅迪納啟動我們的層壓瓦生產線，以提供所需的產能來服務我們的承包商和分銷商。我們正在縮小在美國東南部建立新單一製造廠的選址範圍。隨著我們進一步實現美國屋頂製造網絡的現代化，這兩項投資都補充了我們更廣泛的努力，即以有利的成本優勢提高所需的屋頂產能。

In insulation, we also made good progress on our major investments to meet residential and commercial customer needs as we look to strengthen our flexible, cost-effective fiberglass network with a new line in Kansas City, expand our Formula XPS capabilities with our new facility in Arkansas and improve our mineral roll manufacturing efficiency and capability by converting our plant in Sweden from coke-fired furnaces to electric melting.

在絕緣方面，我們在滿足住宅和商業客戶需求的重大投資方面也取得了良好進展，我們希望透過在堪薩斯城的新生產線加強我們靈活、經濟高效的玻璃纖維網絡，透過我們在阿肯色州的新工廠擴大我們的 Formula XPS 產能，並透過將我們在瑞典的工廠從焦炭燃燒爐改造為電熔爐來提高我們的礦物捲製造效率和能力。

And in doors, we are actively driving margin improvement in the near term through our integration efforts, which are on track to exceed $125 million in cost synergies, as we position the business for future growth by applying the broad Owens Corning playbook. In addition to these growth investments, progress on our two strategic divestitures continue to track in line with our expectation to close both transactions later this year.

在室內，我們正透過整合努力在短期內積極推動利潤率的提高，成本協同效應預計將超過 1.25 億美元，同時我們透過應用廣泛的歐文斯科寧策略為未來成長做好了準備。除了這些成長投資之外，我們兩項策略性資產剝離的進展也持續符合我們在今年稍後完成兩項交易的預期。

The sale of glass reinforcements in our building materials business in China and Korea, allow us to streamline our operations and focus on geographies and applications where we can build market-leading positions. The combination of these growth investments and strategic divestitures show how we're reshaping the company into our branded building products leader and operating as a new Owens Corning, driving higher, more consistent returns and long-term value creation.

我們在中國和韓國的建築材料業務中銷售玻璃纖維增強材料，使我們能夠簡化運營，並專注於能夠建立市場領先地位的地區和應用。這些成長投資和策略性資產剝離的結合表明了我們如何將公司重塑為品牌建築產品的領導者，並作為新的歐文斯科寧運營，從而推動更高、更穩定的回報和長期價值創造。

Overall, our company is well positioned for future growth and performance, supported by key secular trends, including the age of existing US housing stock and a significant amount of homeowner equity, the need for heightened investment in new housing capacity, and the continued strength in US commercial construction applications and market opportunities emerging in Europe.

總體而言，我們公司在未來的成長和業績方面處於有利地位，並受到主要長期趨勢的支持，包括現有美國住房存量的使用年限和大量的房主權益、對新住房容量增加投資的需求、美國商業建築應用的持續強勁以及歐洲新興的市場機會。

In summary, our strategic investments and decisions, combined with our disciplined operational execution, create multiple paths to drive organic growth, deliver 20% or more adjusted EBITDA margins, and generate significant cash flow and strong returns. Before I close, I'd like to highlight a few other important recognitions.

總而言之，我們的策略性投資和決策，加上我們嚴謹的營運執行，創造了多種途徑來推動有機成長，實現 20% 或更高的調整後 EBITDA 利潤率，並產生可觀的現金流和強勁的回報。在結束之前，我想強調其他幾個重要的認知。

Last week, we announced the promotion of Rochelle Marcon to President of our Doors business.

上週，我們宣布提升 Rochelle Marcon 為門業業務總裁。

Most recently, she led our [Glass nonwovens] business, which has delivered significant revenue and earnings growth for the company. We are excited to bring Rochelle's leadership capabilities and operational experiences to our Doors business. In addition, this quarter, we published our 19th annual sustainability report that highlights our efforts to keep employees safe, reduce greenhouse gas emissions and waste to landfill, and advance our portfolio of products that help customers save energy and lower emissions.

最近，她領導了我們的[玻璃不織布]業務，該業務為公司帶來了可觀的收入和盈利增長。我們很高興將羅謝爾的領導能力和營運經驗帶到我們的門業業務。此外，本季度我們發布了第 19 份年度永續發展報告，重點介紹了我們為保障員工安全、減少溫室氣體排放和垃圾掩埋以及改進幫助客戶節能減排的產品組合所做的努力。

I'm also proud to share that Owens Corning was once again recognized by Barron's as one of the 100 most sustainable companies in the US, ranking fourth on the annual list and showcasing the strength of our iconic brand and commitment to sustainable growth. Finally, I would like to remind everyone that we will host our 2025 Investor Day on May 14 at our world headquarters in Toledo, Ohio. Todd, myself and other senior leaders look forward to sharing more about our vision, strategy and longer-term financial goals for the new Owens Corning.

我還很自豪地告訴大家，歐文斯科寧再次被《巴倫周刊》評為美國 100 家最具可持續發展能力的公司之一，在年度榜單中名列第四，展現了我們標誌性品牌的實力和對可持續增長的承諾。最後，我想提醒大家，我們將於5月14日在俄亥俄州托萊多的全球總部舉辦2025年投資者日。托德、我本人以及其他高層領導期待與大家分享更多新歐文斯科寧的願景、策略和長期財務目標。

With that, I'll turn it over to Todd.

說完這些，我就把麥克風交給托德。

Thank you, Brian, and good morning, everyone. As Brian mentioned, we had a strong start to the year. Our performance in the quarter demonstrates the strength of the enterprise as we sustain higher and more resilient earnings in mixed markets.

謝謝你，布萊恩，大家早安。正如 Brian 所提到的，我們今年有一個好的開始。我們本季的業績證明了企業的實力，因為我們在混合市場中保持了更高、更有彈性的利潤。

I'd now like to turn to slide 5 to discuss the results for the quarter. As a reminder, these results are for continuing operations. We started the year with revenue growth of 25%, driven by the addition of our Doors business.

現在我想翻到第 5 張投影片來討論本季的業績。提醒一下，這些結果是針對持續經營的。受門業務成長的推動，我們年初的營收成長了 25%。

Adjusted EBITDA was $565 million, up 10% from prior year, and adjusted EBITDA margin was 22%. Adjusted earnings per diluted share for the first quarter were $2.97. In the quarter, adjusting items did not materially impact EBITDA.

調整後的 EBITDA 為 5.65 億美元，較上年成長 10%，調整後的 EBITDA 利潤率為 22%。第一季調整後每股攤薄收益為2.97美元。本季度調整項目未對EBITDA產生重大影響。

Turning to slide 6 and moving on to our cash generation and capital deployment during Q1. Free cash flow for the quarter was a net outflow of $252 million, driven by the timing of working capital from seasonality in the business and by capital additions. Capital additions for the quarter were $203 million, up $51 million from the same quarter prior year.

翻到第 6 張投影片，繼續介紹我們第一季的現金產生和資本部署。本季自由現金流淨流出 2.52 億美元，主要原因是業務季節性的營運資本時機以及資本增加。本季資本增加 2.03 億美元，比去年同期增加 5,100 萬美元。

At quarter end, the company had liquidity of $1.9 billion, consisting of approximately $400 million of cash and $1.5 billion of availability on our bank debt facility. In Q1, we established a commercial paper program and completed issuance of $500 million of short-term notes.

截至本季末，該公司擁有 19 億美元的流動資金，其中包括約 4 億美元的現金和 15 億美元的銀行債務融資可用額度。第一季度，我們建立了商業票據計劃，並完成了 5 億美元短期票據的發行。

During the first quarter, we returned $159 million to shareholders through share repurchases and dividends. We repurchased common stock for $100 million and paid a cash dividend totaling $59 million. In February, the Board declared a cash dividend of $0.69 per share. 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.

第一季度，我們透過股票回購和股利向股東返還了 1.59 億美元。我們以 1 億美元回購了普通股，並支付了總計 5,900 萬美元的現金股利。2 月份，董事會宣布派發每股 0.69 美元的現金股利。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. As a reminder, the Roofing segment now includes our vertically integrated glass nonwovens business and our structural lumber business.

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。提醒一下，屋頂部門現在包括我們的垂直整​​合玻璃不織布業務和結構木材業務。

Additionally, the two glass fiber plants that supply nonwovens and external customers now operate in the Insulation segment. The Roofing business started the year delivering a great first quarter as demand for our shingles remain strong. Sales in the quarter were $1.1 billion, up 2% from prior year on a like-for-like basis.

此外，為無紡布和外部客戶提供產品的兩家玻璃纖維工廠目前在絕緣領域運作。由於市場對屋頂瓦片的需求依然強勁，今年第一季屋頂業務表現良好。本季銷售額為 11 億美元，較上年同期成長 2%。

Positive price realization from previous announcements and strong demand for our nonwovens products more than offset the impact of lower components volumes due to normalized attachment rates. We expect Q1 to be the last quarter of a negative year-over-year comp from attachment rates.

先前公告中積極的價格實現和對我們不織布產品的強勁需求足以抵消由於標準化附著率導致的組件數量下降的影響。我們預計第一季將是附著率年減的最後一季。

The US asphalt shingle market on a volume basis was down slightly compared to the prior year. Lower demand in areas of the country impacted by winter weather was largely offset by growth in the Southeast. Our US shingle volume was in line with the market.

美國瀝青瓦市場銷量與前一年相比略有下降。受冬季天氣影響的地區需求下降在很大程度上被東南部地區的成長所抵消。我們的美國木瓦產量與市場一致。

EBITDA was $332 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 and absorb the cost of maintenance. We also saw modest cost inflation. Overall for the quarter, we delivered EBITDA margins of 30%.

本季的 EBITDA 為 3.32 億美元，較上年略有下降。隨著我們繼續投資資產以滿足產品的高需求並吸收維護成本，我們看到製造成本上升。我們還看到適度的成本上漲。總體而言，本季我們的 EBITDA 利潤率為 30%。

Now please turn to slide 8 for a summary of our Insulation business. The Insulation business started the year strong, expanding margins and delivering its 16th consecutive quarter of 20-plus percent EBITDA margins. Q1 revenues were $909 million, a 5% decrease from Q1 last year. In North America residential, volume was down due to market uncertainty tied to the broader US macro environment.

現在請翻到投影片 8 查看我們的絕緣業務摘要。絕緣材料業務年初表現強勁，利潤率不斷擴大，連續 16 個季度實現 20% 以上的 EBITDA 利潤率。第一季營收為 9.09 億美元，較去年第一季下降 5%。在北美住宅領域，由於與美國宏觀環境相關的市場不確定性，交易量下降。

During the quarter, we continued to realize positive price from our mid-2024 increase. In North America nonresidential volume was down in line with the market. In Europe, volume was relatively in line with prior year as we've continued to see market stabilization. These businesses both recognized positive price in the quarter. Insulation EBITDA for the first quarter was $225 million, up slightly compared to prior year. Strong operational performance in the quarter resulted in favorable manufacturing costs. As expected, we incurred input cost inflation but maintained a positive price, cost for the business overall. Insulation delivered EBITDA margins of 25% in the first quarter.

在本季度，我們繼續實現 2024 年中期價格上漲的正值。在北美，非住宅用房交易量隨市場下降。在歐洲，由於市場持續穩定，交易量與去年基本持平。這些業務在本季度均實現了正價格。第一季絕緣材料 EBITDA 為 2.25 億美元，較上年略有成長。本季強勁的營運業績帶來了有利的製造成本。正如預期的那樣，我們的投入成本有所上漲，但總體而言，業務價格和成本仍保持正成長。第一季度，絕緣材料的 EBITDA 利潤率為 25%。

Moving to slide 9, I'll provide an overview of the Doors business. Overall, the business performed well in a challenging market. In the quarter, the business generated revenue of $540 million, in line with the outlook we provided on our last call.

轉到幻燈片 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。本季度，該業務創造了 5.4 億美元的收入，與我們上次電話會議中給出的預期一致。

Revenue was down modestly from Q4, primarily on lower volume in North America and Europe. EBITDA for the quarter was $68 million with EBITDA margins of 13%. The integration is progressing very well. When we closed on 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 exceed the enterprise commitment that we'll share more at our upcoming Investor Day.

營收較第四季略有下降，主要原因是北美和歐洲的銷售下降。本季的 EBITDA 為 6,800 萬美元，EBITDA 利潤率為 13%。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務。我們預計將超越企業承諾，我們將在即將到來的投資者日分享更多內容。

Overall for the company, there was minimal impact from tariffs on our financial results in Q1. Our sourcing and supply chain teams responded immediately to the tariff announcements and focused on negotiating with our suppliers, shifting sources of supply and purchasing additional inventory ahead of tariffs. As a result, we expect to reduce the approximately $50 million of gross tariff exposure in the second quarter to a net impact of around $10 million, primarily in the Doors business.

整體而言，對於公司而言，關稅對我們第一季的財務表現影響甚微。我們的採購和供應鏈團隊立即對關稅公告做出反應，並專注於與供應商談判、轉移供應來源並在關稅生效前購買額外庫存。因此，我們預計第二季約 5,000 萬美元的總關稅風險將減少至約 1,000 萬美元的淨影響，主要集中在門業務方面。

This impact is included in the outlook Brian will share in a moment. Owens Corning is well positioned to address rising tariffs with our primarily local for local manufacturing and US MCA compliant product portfolio, but we would expect a step up in net tariff exposure in the second half of 2025. The net impact of tariffs in the second half of the year could be in the range of 1% to 2% of cost of goods sold, assuming current tariff policies.

這種影響包含在 Brian 稍後將分享的展望中。歐文斯科寧憑藉其主要本地製造和符合美國 MCA 的產品組合，完全有能力應對關稅上漲，但我們預計 2025 年下半年淨關稅風險將會增加。假設目前的關稅政策，下半年關稅的淨影響可能在銷售成本的 1% 至 2% 之間。

Moving on to slide 10, I will discuss our full year 2025 outlook for key financial items. General corporate EBITDA expenses are expected to range from $240 million to $260 million. This year-over-year increase includes our best view of expenses for the glass reinforcements business that will not be included in discontinued operations.

接下來是第 10 張投影片，我將討論我們對 2025 年全年主要財務專案的展望。一般企業 EBITDA 費用預計在 2.4 億美元至 2.6 億美元之間。這一同比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。

As a reminder, our corporate eliminations changed with the re-segmentation. The $39 million in revenue eliminations we saw in Q1 should serve as a good proxy for the remainder of the year. 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.

提醒一下，隨著重新細分，我們的公司消除也改變了。我們在第一季看到的 3900 萬美元的收入消除應該可以作為今年剩餘時間的良好代表。預計新增資本約8億美元。這種水準的資本投資體現了 Brian 在開幕式上提到的策略投資。我們進行了數項多年期有機投資，以帶來新的製造能力並推動長期成長。

This CapEx continues to include glass reinforcements. We expect CapEx to remain elevated in the near term as we work towards completing the high-return capital efficient projects we've discussed on this call.

此資本支出繼續包括玻璃增強材料。我們預計，隨著我們致力於完成本次電話會議上討論的高回報資本效率項目，資本支出將在短期內保持在高位。

Now please turn to slide 11, and I'll turn the call back to Brian to further discuss our outlook. Brian?

現在請翻到第 11 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. Our first quarter results highlight the impact of the structural changes and strategic choices we've made to generate higher, more resilient earnings within very dynamic markets. As we move through Q2, we expect our building products end markets in North America and Europe to provide solid but mixed opportunities.

謝謝你，托德。我們第一季的業績凸顯了我們為在高度活躍的市場中創造更高、更有彈性的收益而進行的結構性變革和策略選擇的影響。隨著第二季的到來，我們預計北美和歐洲的建築產品終端市場將提供穩固但混合的機會。

In North America, we expect near-term demand for non-discretionary repactivity to remain solid. While residential new construction and other remodeling activity is expected to remain weaker through the first half of the year as interest rates remain elevated and consumers remain cautious.

在北美，我們預計短期內對非自由裁量權的需求將保持強勁。由於利率仍然高企且消費者依然謹慎，預計今年上半年住宅新建和其他改造活動仍將保持疲軟。

With non-residential construction in North America, we are starting to see some market headwinds emerge. But in Europe, we expect market conditions to gradually improve throughout the year. Given this near-term outlook, we anticipate second quarter revenue for continuing operations to grow high single digits compared to prior year's revenue of $2.5 billion.

隨著北美非住宅建築的發展，我們開始看到一些市場阻力的出現。但在歐洲，我們預期市場狀況將全年逐步改善。鑑於這一短期前景，我們預計第二季持續經營收入將較上年同期的 25 億美元實現高個位數成長。

For adjusted EBITDA, we expect to deliver another strong quarter with margins in the low to mid-20% range for the enterprise. Now consistent with prior calls, I'll provide a more detailed business specific outlook for the second quarter.

對於調整後的 EBITDA，我們預期企業將再創強勁季度，利潤率將在 20% 左右。現在與先前的電話會議一致，我將提供第二季更詳細的業務具體展望。

Earlier this week, we provided updated historical financials that reflect the resegmentation by quarter for 2024, which serves as the baseline for the year-over-year changes I will discuss.

本週早些時候，我們提供了更新的歷史財務數據，反映了 2024 年按季度重新細分的情況，這作為我將要討論的同比變化的基準。

Starting with our Roofing business, we anticipate revenue growth of low single digits, while demand for shingles remain solid as we enter peak Roofing season. We expect ARMA market shipments to decline by low to mid-single digits compared to prior year due primarily to more normalized storm demand. We expect our shingle volumes to track largely in line with the market. We anticipate normalized attachment rates and components with growth in nonwovens to partially offset lower shingle volumes.

從我們的屋頂業務開始，我們預計收入成長率將達到個位數，而隨著我們進入屋頂旺季，對瓦片的需求將保持強勁。我們預計 ARMA 市場出貨量將比上年下降低至中等個位數，主要原因是風暴需求更加正常化。我們預計我們的木瓦銷售將與市場基本保持一致。我們預計，隨著非織造布的成長，標準化的附著率和組件將部分抵消較低的瓦片體積。

Compared to Q2 of last year, we expect higher manufacturing costs as we invest in our assets to continue to meet the high level of demand for our products and absorb the necessary maintenance costs. We also anticipate moderate cost inflation during the quarter.

與去年第二季相比，我們預計製造成本將會更高，因為我們投資資產以繼續滿足我們產品的高需求並吸收必要的維護成本。我們也預計本季成本將出現溫和上漲。

For the business, we expect positive price from our previous announcements to drive year-over-year top line growth and positive price cost. Overall, for Roofing, we expect to generate an EBITDA margin slightly below prior year.

對於業務而言，我們預計先前公告中的積極價格將推動同比收入成長和積極價格成本。總體而言，對於屋頂業務，我們預計其 EBITDA 利潤率將略低於去年。

Moving on to our Insulation business. We anticipate revenue to decline mid-single digits compared to the prior year, with ongoing price realization slightly offsetting lower volumes and currency headwinds. In our North American residential inflation business, we expect revenue to be down low to mid-teens versus prior year due to lower demand as we work through a step-down in light housing starts and customers adjust to ongoing market uncertainty.

繼續討論我們的絕緣業務。我們預期收入將比上年下降中等個位數，持續的價格實現將略微抵消銷售下降和貨幣逆風的影響。在我們的北美住宅通膨業務中，我們預計收入將比上年下降 15% 至 17% 左右，原因是隨著我們努力應對輕型住房開工量的下降以及客戶適應持續的市場不確定性，需求下降。

For North American nonresidential we expect revenue to remain relatively in line with prior year, driven by steady demand for our products. And in Europe, we anticipate revenue to be similar to prior year. Overall, for the Insulation business this quarter, we expect cost inflation to be offset by positive pricing. Given all this, we expect EBITDA margin for Insulation near the mid-20% range.

對於北美非住宅領域，我們預期營收將與去年基本持平，這得益於我們產品需求的穩定。在歐洲，我們預計收入將與去年相似。總體而言，對於本季的絕緣業務，我們預計成本上漲將被積極的定價所抵消。考慮到所有這些，我們預計絕緣材料的 EBITDA 利潤率將接近 20% 左右。

Turning to our Doors business. We continue to perform well relative to market conditions and expect Q2 revenue to increase low single digits sequentially, driven by slightly stronger seasonal demand. Additionally, we anticipate ongoing synergies and cost controls to largely offset the impact of announced tariffs. In the near term, Doors faces the most tariff exposure due to cross-border product moves into Canada, which we are actively working to mitigate.

轉向我們的門業務。相對於市場狀況，我們繼續表現良好，預計將受略強的季節性需求推動，第二季營收將季增低個位數。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已宣布的關稅的影響。短期內，由於跨境產品進入加拿大，Doors 面臨的關稅風險最大，我們正在積極努力減輕這種風險。

Overall, for Doors, we expect EBITDA margin in the low double digits to low teens for the quarter, similar to Q1. As Todd mentioned, another factor that could impact our enterprise results in Q2 is the implementation of additional tariffs. While most of our products are made with local materials being sold in local markets, our integrated supply chain spans Canada, Mexico and the US, which could result in additional costs. We will continue to look for opportunities to mitigate the impact of tariffs as they unfold.

總體而言，對於 Doors，我們預計本季的 EBITDA 利潤率將在兩位數以下至十位數以下，與第一季相似。正如托德所提到的，另一個可能影響我們第二季企業表現的因素是實施額外關稅。雖然我們的大多數產品都是由當地材料製成並在當地市場銷售，但我們的綜合供應鏈橫跨加拿大、墨西哥和美國，這可能會產生額外的成本。我們將繼續尋找機會減輕關稅的影響。

In summary, our team continued to deliver strong results in the first quarter, within a very dynamic market environment. As we progress through the year, we will remain focused on delivering value to our customers and shareholders as we invest to further strengthen Owens Corning as a building products leader.

總而言之，在非常活躍的市場環境下，我們的團隊在第一季繼續取得強勁的業績。隨著時間的推移，我們將繼續專注於為客戶和股東創造價值，同時投資進一步加強歐文斯科寧作為建築產品領導者的地位。

We are well positioned to capitalize on key secular trends that provide significant long-term growth opportunities for our company. Although we anticipate mixed near-term market conditions, we are confident in our ability to continue outperforming the market.

我們已做好準備，利用關鍵的長期趨勢為公司帶來重大的長期成長機會。儘管我們預計短期市場狀況將好壞參半，但我們有信心繼續跑贏大盤。

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

現在，我們開始回答問題。

(Operator instructions)

（操作員指示）

Michael Rehaut, JPMorgan.

摩根大通的麥可雷豪特。

Thanks. Good morning, everyone. Thanks for taking my questions. I wanted to start off, I think there's some concern in the marketplace with some of the scheduled capacity additions in the Insulation section -- sector rather over the next year to two years.

謝謝。大家早安。感謝您回答我的問題。首先，我認為市場對未來一到兩年內絕緣部分領域的部分計畫產能增加存在一些擔憂。

And I was hoping if you could kind of review not just your plans, but maybe more broadly, the industry as you see it today, particularly as at least for the last few years? Single-family starts have been relatively steady, not showing too much growth. And the near term, you could argue is still somewhat uncertain from a macro standpoint.

我希望您不僅能回顧一下您的計劃，還能更廣泛地回顧一下您目前所看到的行業狀況，特別是至少過去幾年的行業狀況？單戶住宅開工率相對穩定，沒有太大的成長。從宏觀角度來看，你可以說短期內仍然存在一些不確定性。

Good morning, Mike, this is Todd. I appreciate the question. Let me start with a little bit of context about where we're at overall with capacity. We clearly have seen the Kanoff line in MacGregor, Texas come online, and we're seeing that capacity even now in the market. And we've seen other competitors announce capacity that will come online in future years.

早安，麥克，我是托德。我很感謝你提出這個問題。首先，讓我先簡單介紹一下我們的整體產能狀況。我們清楚地看到德州麥格雷戈的卡諾夫生產線投入使用，我們現在甚至在市場上也看到了這種產能。我們也看到其他競爭對手宣布將在未來幾年內投入使用。

It is important in insulation to differentiate between capacity that produces bats and rolls and capacity that produces loosefill. Bat enrolled capacity is what analysts typically think of when they think of Insulation capacity. These tend to be larger assets. They tend to be assets that you run consistently. You can't turn them on and off frequently.

在絕緣過程中，區分產生球棒和捲狀物的容量與產生鬆散填充物的容量非常重要。當分析師考慮絕緣容量時，他們通常想到的是蝙蝠註冊容量。這些往往是更大的資產。它們往往是您持續運作的資產。您不能頻繁地打開和關閉它們。

Loose fill assets are very different. Loose fill assets, you can turn on and off as needed to meet market demand. We've said historically, we thought the Insulation industry could support market between $1.4 million and $1.5 million starts depending on single-family mix, depending on codes growth, depending on other factors. We also know that over time, consistently, codes growth has driven greater volume per unit for residential housing, increasing demand.

鬆散填充資產非常不同。鬆散填充資產，可以根據需要打開和關閉以滿足市場需求。我們曾經說過，我們認為絕緣產業可以支持 140 萬美元至 150 萬美元之間的市場起價，具體取決於單戶住宅組合、規範成長以及其他因素。我們也知道，隨著時間的推移，規範的成長不斷推動了住宅單位數量的增加，從而增加了需求。

And the third thing we know is that housing in the US has been underbuilt now for well over a decade. So long term, we do see a rising need for insulation materials. In the short run, the market will bounce around. We do know this is an industry that has a wide range of cost structures. Some assets are very cost effective.

我們知道的第三件事是，美國的房屋建設不足現像已經持續了十多年。因此從長遠來看，我們確實看到對絕緣材料的需求不斷增長。短期來看，市場將呈現震盪走勢。我們確實知道這個行業的成本結構多種多樣。有些資產非常具有成本效益。

Other assets are less cost-effective. And we -- and presumably other manufacturers continue to work through how they balance capacity to supply in any market condition that we're in. But long term, we continue to see North America housing as being under billed, and the secular demand for insulation to be good and provide support for incremental capacity additions. Thank you, Mike.

其他資產的成本效益較低。我們——以及其他製造商大概都在繼續研究如何在任何市場條件下平衡產能和供應。但長期來看，我們仍認為北美住房需求不足，且隔熱材料的長期需求良好，為增量產能增加提供支援。謝謝你，麥克。

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

Good morning guys. Thanks for taking my question. Sticking on the Insulation side, if North American residential Insulation revenue is expected to be down low to mid-teens in the second quarter. I mean how are you thinking about fiberglass insulation pricing? Is that going to be down year-over-year?

大家早安。感謝您回答我的問題。繼續看隔熱材料方面，預計第二季北美住宅隔熱材料收入將下降至十幾個百分點左右。我的意思是您如何看待玻璃纖維絕緣材料的價格？與去年同期相比，這數字會下降嗎？

Thank you, John. This is Todd. I'll take that one as well. When you look at the shape of pricing last year and this year, we did have a midyear increase in 2024 that get good traction for residential insulation. That drove pricing in the back half of last year, but then also into the first half of this year is we have a good year-on-year comp.

謝謝你，約翰。這是托德。我也會選擇這個。當你觀察去年和今年的價格走勢時，你會發現 2024 年中期價格確實出現了上漲，這對住宅隔熱材料來說是一個很好的推動力。這推動了去年下半年的價格上漲，但今年上半年我們的年比價格也表現良好。

We're certainly watching market dynamics very closely in res, to make sure we're staying on top of share positions and where we're placed. But certainly, in the second half, we still benefit from that favorable year-on-year comp and when we got the price increase last year.

我們當然會密切關注資源市場的動態，以確保我們能夠掌握最佳的股票部位和所處的位置。但可以肯定的是，下半年我們仍將受益於同比良好表現以及去年的價格上漲。

You have certainly seen analyst reports that suggest limited uptake on the 2025 increase and that's certainly consistent with what we're seeing in the market. But as you saw in the first quarter, we did have positive price. And even in the second quarter, we're guiding overall for positive price in the Insulation segment. Thank you, John

您肯定已經看到分析師報告顯示 2025 年的成長幅度有限，這與我們在市場上看到的情況肯定一致。但正如您在第一季看到的，我們確實獲得了正價格。即使在第二季度，我們也總體上預期絕緣領域的價格將保持正值。謝謝你，約翰

Steven Kim, Evercore ISI.

史蒂文金（Steven Kim），Evercore ISI。

Hi, this is [Atish] on for Steve. I just want to touch on some of the tariff exposure that you spoke to, specifically, what mitigation efforts will be used to kind of offset the impact in 2Q and in the back half that mostly pricing? And I don't know if you could expand on that a little bit, that would be helpful.

大家好，我是史蒂夫的[Atish]。我只想談談您提到的一些關稅風險，具體來說，將採取哪些緩解措施來抵消第二季度和下半年的影響，主要是定價方面的影響？我不知道您是否可以稍微詳細說明一下，這將會很有幫助。

Thanks, [Atish]. I'll take that one as well. Let me go back to what we shared on the last call on tariffs and then bring it forward to the guidance and then the mitigation actions. So in the last call, we shared that we thought less than 5% of our total cost could be impacted by tariffs. We also said it would disproportionately impact our Doors business with about two-thirds of the impact and then Insulation with about one-third of the impact with little net impact on Roofing.

謝謝，[阿蒂什]。我也會選擇這個。讓我回顧一下我們在上次關稅會議上所分享的內容，然後討論指導意見，再討論緩解措施。因此，在上次通話中，我們表示，我們認為不到 5% 的總成本會受到關稅的影響。我們也表示，這將對我們的門業造成不成比例的影響，約佔三分之二，其次是隔熱業，約佔三分之一，而對屋頂的淨影響則很小。

Since then, we've seen a couple of things move around. As Brian shared in his prepared comments, we've got a lot of good movement that occurs between the US, Canada and Mexico. The good news is our products are largely US MCA compliant. So those tariffs are no longer impacting us. We also, though, saw higher tariffs on Chinese imports, which are now around 145%, which is higher than what we knew of on the last call.

從那時起，我們看到了一些事情的變化。正如布萊恩在他準備好的評論中分享的那樣，美國、加拿大和墨西哥之間發生了很多良好的合作。好消息是我們的大多數產品都符合美國 MCA 標準。因此這些關稅不再影響我們。不過，我們也看到中國進口商品的關稅有所提高，目前約為 145%，高於我們上次通話中所了解的水平。

So when we look at the shape of the quarters and the impact of our mitigation efforts, we saw very little impact in the first quarter from tariffs in the results that we just shared. In the second quarter, we expect to see $50 million of gross tariff impact.

因此，當我們觀察各季度的情況以及我們的緩解措施的影響時，我們發現，在我們剛剛分享的結果中，關稅對第一季的影響很小。在第二季度，我們預計總關稅影響將達到 5,000 萬美元。

But when we look at all the mitigation steps that we've taken, and I'll have color on that in a minute, the net impact is down to about $10 million, and that's mostly in the Doors business. What did we do to go from $50 million of gross to $10 million of net exposure? Our sourcing and supply chain teams stepped in immediately on the announcement of the tariffs to do a few things.

但是，當我們回顧我們已採取的所有緩解措施時，我馬上就會詳細說明，淨影響已降至約 1000 萬美元，而且大部分用於門業務。我們做了什麼才使得總風險敞口從 5,000 萬美元上升到 1,000 萬美元的淨風險敞口？關稅宣布後，我們的採購和供應鏈團隊立即介入並採取了一些措施。

Where we could, we position inventory in the US in advance of the tariffs taking effect. So you do see a bit more cash use in the first quarter than we typically have is a result of us building inventory to make sure we're well positioned in advance of the tariffs. We also, though, did other things. We worked with our suppliers where possible to reduce the impact of tariffs on us.

只要條件允許，我們就會提前在關稅生效前在美國儲備庫存。因此，您確實會看到第一季的現金使用量比通常情況要多一些，這是因為我們建立了庫存，以確保我們在關稅之前做好充分準備。不過，我們也做了其他事。我們盡可能與供應商合作，以減少關稅對我們的影響。

We're also seeking sources of supply outside of China. Obviously, with China at 145% tariffs. That's a big number on anything we're importing from China. So we're doing what we can to offset that. So with all of those moves, some of which are longer term, the work we're doing to move supply out of China, the work that we're doing in negotiation with our suppliers, that tends to be longer term.

我們也正在尋找中國以外的供應來源。顯然，中國徵收的關稅為145%。對於我們從中國進口的任何產品來說，這都是一個很大的數字。因此我們正在盡我們所能來抵消這一影響。因此，在所有這些舉措中，有些是長期的，我們正在做的將供應移出中國的工作，我們正在與供應商談判的工作，這些往往是長期的。

The work to position inventory in advance of tariffs is clearly short term. So when we guide to the back half of the year, we talked about the exposure, the net exposure from tariffs under current policies ranging between 1% and 2% of cost of goods sold. You can think of the high end of that range, the 2% number is being our current mitigation plans, tracking into the back half of the year.

在關稅生效前做好庫存定位的工作顯然是短期的。因此，當我們展望下半年時，我們討論了風險敞口，即現行政策下關稅的淨風險敞口佔銷售成本的 1% 至 2%。你可以想像這個範圍的高端，2% 這個數字是我們目前的緩解計劃，追蹤到今年下半年。

You could think of 1% as being we do additional mitigation steps, everything I described as well as working in Canada to address some of the reciprocal tariffs that we're still facing in our Doors business. We are looking very closely at our own supply chain and product portfolio to make sure we mitigate tariff exposure.

您可以將 1% 視為我們採取的額外緩解措施，我所描述的一切以及在加拿大開展的工作，以解決我們在門業務中仍然面臨的一些互惠關稅問題。我們正在密切關注我們自己的供應鏈和產品組合，以確保減輕關稅風險。

We're looking at all of that to try to offset is much of the gross tariff exposure as we can in the back half, but those are plans in progress, which is why we guided to that 1% to 2% range. So clearly, it's a dynamic environment.

我們正在考慮所有這些，試圖在下半年盡可能地抵消大部分總關稅風險，但這些計劃仍在進行中，這就是我們將其指導到 1% 到 2% 範圍的原因。顯然，這是一個動態的環境。

Tariffs could move before the next time we connect on our next call. But our teams have proven, over the last five years, through very dynamic market conditions. Whether it's COVID, whether it's supply chain challenges, whether it's inflation, whether it's now the tariff scenario, that we react very quickly to address this. And Brian and I are both very proud of what our teams are doing in this environment to deliver the lowest cost we can. Thank you.

在我們下次通話之前，資費可能會有所變動。但在過去五年中，我們的團隊已經透過非常動態的市場條件證明了自己的實力。無論是新冠疫情、供應鏈挑戰、通貨膨脹，或是現在的關稅情勢，我們都會迅速做出反應來應對。布萊恩和我都對我們的團隊在這種環境下所做的努力感到非常自豪，我們以盡可能低的成本交付產品。謝謝。

Brian Biros, Thompson Research.

布萊恩·比羅斯，湯普森研究公司。

Hey, good morning. Thanks for taking my question. How are you thinking about balancing, taking market share versus defending margins in the current environment of rising prices and trying to pass on price increases into the challenging market conditions that are out there? Thank you.

嘿，早安。感謝您回答我的問題。在當前價格上漲的環境下，您如何考慮取得平衡，搶佔市場份額與維護利潤率，並試圖將價格上漲轉嫁到充滿挑戰的市場環境中？謝謝。

Yes. Thanks, Brian. I think we continue to operate with the same playbook in terms of how we always balance price and share. We want to invest in the items that can bring value for our customers and help them win and grow the market.

是的。謝謝，布萊恩。我認為，在如何平衡價格和份額方面，我們將繼續採用相同的策略。我們希望投資那些能為客戶帶來價值並幫助他們贏得和發展市場的項目。

We make investments in innovation and marketing tools, our brand, our commercial teams, all that helps them grow their businesses, that results in a value that then we can charge for our products into the market. So we continue to be value focused in terms of bringing more to our customers that they want to partner with us and do more business with us.

我們投資於創新和行銷工具、我們的品牌、我們的商業團隊，所有這些都有助於他們發展業務，從而產生價值，然後我們可以將我們的產品推向市場。因此，我們將繼續注重價值，為客戶帶來更多價值，使他們願意與我們合作並開展更多業務。

When we come into environments that we start to see demand challenges, or we start to see pricing pressures, we clearly are going to want to retain and maintain our competitiveness in the market. Most of our product categories, we are able to maintain some price premiums relative to that value we bring over other manufacturers, and we look to maintain that.

當我們進入開始看到需求挑戰或開始看到價格壓力的環境時，我們顯然希望保持並維持我們在市場上的競爭力。對於我們的大多數產品類別，我們能夠保持相對於其他製造商所提供的價值的一定價格溢價，並且我們希望保持這種狀態。

But we are going to be competitive in the market to the market dynamics we're facing. And then we continue to work the value side with our customers, and we continue to work the cost side internally to make sure we're optimizing our network.

但我們將在市場上保持競爭力，以應對我們面臨的市場動態。然後，我們繼續與客戶合作解決價值問題，並繼續在內部解決成本問題，以確保優化我們的網路。

We're sourcing in the best way, and we are being the most efficient with a winning cost position that allows us to flex our pricing and still maintain high and sustainable to be strong margins for each of the businesses we operate in.

我們以最佳方式採購，並以最高效的方式贏得成本優勢，這使我們能夠靈活定價，同時仍能為我們經營的每一項業務保持高額且可持續的強勁利潤率。

And that's generally been our philosophy in all economic conditions, and that's one we certainly are going to continue and the playbook we're going to continue to run in the market conditions we're facing here in the near term.

在所有經濟條件下，這基本上都是我們的理念，我們肯定會繼續堅持這一理念，並且在短期內我們面臨的市場條件下，我們將繼續執行這項策略。

Matthew Bouley, Barclays.

巴克萊銀行的馬修·布萊（Matthew Bouley）。

Hey, morning everyone. Thank you for taking the question. I wanted to follow up on the Insulation capacity side in the context that you guys in the past have been really disciplined and, I would say, flexible around capacity. It's not easy to do, but you both opened and closed capacity where it's right to do so over the years.

大家早安。感謝您回答這個問題。我想跟進一下絕緣容量方面的情況，因為你們過去一直非常自律，而且我想說，在容量方面很靈活。這並不容易，但多年來，你們在正確的地方開放和關閉了產能。

So I wanted to kind of press on your thoughts around being flexible with capacity decisions here. I guess not knowing how your competitors may act, but I guess at what point would you make a decision to adjust your capacity investments? Or are there other higher cost facilities in the network today or lines where you could be more flexible? So really, what I'm asking is kind of what is the risk of the industry becoming overcapacitized for a period? Thank you.

所以我想強調你關於靈活做出容量決策的想法。我猜不知道你的競爭對手會如何行動，但我想你會在什麼時候決定調整你的產能投資？或者目前網路中是否存在其他成本更高的設施或可以更靈活的線路？所以實際上，我想問的是，該行業在一段時間內產能過剩的風險是什麼？謝謝。

Thanks, Matt. I appreciate the question. Let me add a bit more color here. And let me step back and say, we've made a number of operating choices and strategic choices in the Insulation business over the last five years to position our business for exactly market conditions like these.

謝謝，馬特。我很感謝你提出這個問題。讓我在這裡添加一點顏色。讓我回顧一下，過去五年來，我們在絕緣業務方面做出了許多營運選擇和策略選擇，以使我們的業務適應這樣的市場條件。

We've created a business that can do well whether housing starts are at [1.5, 1.4, 1.3, 1.2] based on the moves that we've made, which includes the work to build a more flexible network, including the exit of our Santa Clara facility and the addition of a much more flexible facility in [NiFi] to support the West Coast.

我們已經創建了一項無論房屋開工率是 [1.5, 1.4, 1.3, 1.2] 都能表現良好的業務，這基於我們所採​​取的舉措，其中包括構建一個更靈活的網絡，包括退出我們的聖克拉拉設施並在 [NiFi] 增加一個更靈活的設施以支持西海岸。

So we believe we're well positioned to deal with a market like this. We're also entering this market environment with low inventories. We've been largely in sold-out conditions in our Insulation business for an extended period of time.

因此我們相信我們有能力應對這樣的市場。我們也正以低庫存進入這個市場環境。我們的絕緣材料業務長期以來一直處於銷售一空的狀態。

So we're in a position where we would seek to rebuild our inventories to better serve our customers going forward. And this market condition allows us actually to do that, that positions us better for both customer service and future growth coming out of this.

因此，我們將尋求重建庫存，以便將來更好地服務我們的客戶。而這種市場條件實際上允許我們這樣做，這讓我們在客戶服務和未來成長方面處於更有利的地位。

We're always very disciplined about understanding the market, understanding our inventory levels, understanding how we want to be positioned. As I alluded to earlier, we continue to have high cost and low cost assets within our network.

我們始終非常嚴格地了解市場、了解我們的庫存水平以及了解我們希望如何定位。正如我之前提到的，我們的網路中仍然擁有高成本和低成本的資產。

In markets like this, there's always opportunities to make sure low-cost assets continue to operate and produce and we mix manage on the cost side to have the most cost-effective network that we can. That's our plan going forward. What I would say is, certainly, we're in two quarters now of relatively weak lag starts.

在這樣的市場中，總是有機會確保低成本資產繼續運作和生產，並且我們在成本方面進行混合管理，以擁有最具成本效益的網路。這就是我們的未來計劃。我想說的是，目前我們已經進入了兩個季度，但開局相對疲軟。

But this also is a market that can change quickly as we think about the future. So we want to make sure we're well positioned not just for today, but to serve our customers very well in what could be a strengthening market in future quarters. Thank you.

但當我們思考未來時，這也是一個可以快速變化的市場。因此，我們希望確保我們不僅在目前處於有利地位，而且能夠在未來幾季可能走強的市場中為客戶提供良好的服務。謝謝。

Sam Reid, Wells Fargo.

富國銀行的薩姆·里德。

Awesome, thanks so much. I actually wanted to drill down a little bit on Insulation, just to keep on that topic. Could you disaggregate the pricing that's embedded in your guidance for Q2, specifically between resi insulation and commercial end market insulation? It sounds like overall price is going to be positive based on what you're telling us. But are there any deviations between expected pricing on the resi side versus the non-resi side that we should be contemplating here? Thanks.

太棒了，非常感謝。我實際上想深入研究絕緣問題，只是為了繼續這個主題。您能否細分第二季指引中包含的定價，特別是住宅絕緣材料和商業終端市場絕緣材料的定價？根據您告訴我們的情況，聽起來總體價格將會是正數。但是，住宅方面的預期定價與非住宅方面的預期定價之間是否存在我們應該考慮的偏差？謝謝。

Thanks. I appreciate the question. I appreciate the question. I'll add a bit more color on our Q2 outlook. Let me start with our non-res in Europe piece of the business, which actually now is the majority of our business in Insulation. We're seeing good pricing dynamics in both of those markets.

謝謝。我很感謝你提出這個問題。我很感謝你提出這個問題。我將對我們的第二季展望進行更詳細的說明。讓我先從我們在歐洲的非住宅業務部分開始，實際上這部分業務現在是我們絕緣業務的主要部分。我們看到這兩個市場的定價動態都很好。

We've talked about the improving conditions in Europe. And certainly, starting with the Ukraine conflict, Europe has been a relatively weak market overall for Insulation. But we're seeing green shoots in market for volume growth.

我們討論了歐洲正在改善的狀況。當然，從烏克蘭衝突開始，歐洲就一直是絕緣材料市場相對較弱的市場。但我們看到市場銷售成長的跡象。

And Europe has a lot of pent-up demand for both new construction, as well as repair and remodel, and ultimately reconstruction in Ukraine that all should be constructive in terms of future volume trends for Europe. We're also seeing a good price environment for our products in Europe.

歐洲對新建築、維修和改造以及烏克蘭的最終重建都存在大量被壓抑的需求，這些對於歐洲未來的數量趨勢都是有建設性的。我們也看到我們的產品在歐洲擁有良好的價格環境。

The same thing is true in non-res for North America. We're seeing a good backdrop for our products. It certainly is an inconsistent market in North America. There are pockets of real strength in manufacturing, partially as a result of onshoring, but also in sectors like data centers that continue to be robust. Both of those sectors use a lot of our insulation, not just for the buildings, but also for the process technologies that occur within those structures.

北美的非房地產領域也存在著同樣的情況。我們看到我們的產品有著良好的背景。北美市場確實不穩定。製造業確實存在著實力雄厚的領域，部分原因是國內生產毛額的成長，但資料中心等產業也持續保持強勁成長。這兩個行業都大量使用我們的隔熱材料，不僅用於建築物，也用於這些結構內發生的工藝技術。

But there are pockets of weakness also in res around retail and some other areas of commercial and health care. But within that backdrop, we're still seeing positive price in non-res for North America and a constructive price environment.

但零售業、商業和醫療保健等一些領域的資源也存在一些薄弱之處。但在這種背景下，我們仍然看到北美非住宅價格保持積極態勢，價格環境也較為良好。

Within res, as I shared earlier, we are seeing carryover price from the midyear increase. Now some of that is the comp, that we do have an easier comp against Q1 and Q2 last year where we don't have a pricing increase in that number. The comp gets harder as we get into Q3, Q4 when we start to lap that increase.

在資源方面，正如我之前分享的，我們看到了年中上漲的結轉價格。現在其中一些是比較，與去年第一季和第二季相比，我們確實有一個更容易的比較，當時我們的價格沒有上漲。當我們進入 Q3、Q4 並開始追趕成長速度時，競爭變得更加艱難。

And we did not see a lot of traction on the 2025 price increase that was in market. So we're not guiding to Q3, Q4 today. But certainly, we're considering that as we look at the back half of the year. And we're following starts and lag starts very closely to understand pricing dynamics in the res market.

我們並沒有看到 2025 年市場價格上漲的明顯跡象。所以我們今天不指導 Q3、Q4。但當然，我們在展望下半年時正在考慮這一點。我們密切注意開工和滯後開工情況，以了解再生能源市場的定價動態。

Philip Nig, Jefferies.

菲利普‧尼格，傑富瑞集團。

Hey, guys. A question for Brian. I mean a lot of focus on Insulation and Doors. Do you have a update what you're seeing on the Roofing side? It sounds like demand is pretty resilient there. Give us some color on carryover storm demand and any storm activity this year?

嘿，大家好。問 Brian 一個問題。我的意思是重點關注隔熱和門。您對屋頂方面的情況有什麼更新嗎？聽起來那裡的需求相當有彈性。請提供一些有關今年的風暴結轉需求和風暴活動的資訊？

And certainly, you got a price increase out there for Roofing for spring, you seeing any traction in that? And just lastly, on the Medina ramp, how should we think about that impact? Whether it's a demand (inaudible) or any headwinds from a start-up cost standpoint -- sorry, a lot (inaudible)

當然，春季屋頂價格上漲了，您看到有什麼影響嗎？最後，關於麥地那坡道，我們該如何看待這種影響？無論是需求（聽不清楚）還是從啟動成本的角度來看的任何阻力——抱歉，很多（聽不清楚）

Right Phil, let me take them, kind of, one at a time. To start just with the overall Roofing market. We continue to see very good demand in the business, starting with the first quarter and our guide in Q2, even down a little, but this is down off of very strong market conditions in the first half of last year.

好的，菲爾，讓我一個一個地處理它們。首先從整體屋頂市場開始。從第一季開始，我們繼續看到業務需求非常好，根據我們第二季的指導，甚至略有下降，但這是在去年上半年非常強勁的市場條件下下降的。

So overall, a very good demand environment for our Roofing business. And I think this really highlights the nondiscretionary nature of this business when you look at the repair and reroof activity that is still being needed out there and the work that's still being done.

整體而言，我們的屋頂業務需求環境非常好。我認為，當你看到仍然需要修復和翻修屋頂的活動以及仍在進行的工作時，這確實凸顯了這項業務的非自由裁量性質。

So overall good demand, and we think that continues into Q2 here. Around storm volumes, if I kind of break that out, we talked on the last quarter's call that we were coming into the year with a little less carryover than the prior year, but still a good carryover from some of the storms that were taking place in the back half of last year.

因此整體需求良好，我們認為這種情況將持續到第二季​​。關於風暴量，如果我詳細說一下的話，我們在上個季度的電話會議上談到，今年的風暴量比前一年略有減少，但仍然比去年下半年發生的一些風暴有較好的延續性。

We saw some of that materialize in terms of stronger demand in Florida, North Carolina as they continue to do that storm repair work. We think a lot of that gets done here through the second quarter. A little bit of that carries over into Q3.

我們看到，隨著佛羅裡達州和北卡羅來納州繼續進行風暴修復工作，這些地區的需求增加。我們認為很多工作將在第二季完成。其中一部分將延續到第三季。

When we think about Q2 now in terms of overall opportunity in terms of the market, we think repair work that's ongoing is strong. Contractor backlogs are still strong in most parts of the country. So that underlying repair and reroof business is staying pretty solid.

當我們從市場整體機會的角度考慮第二季時，我們認為正在進行的修復工作非常強勁。全國大部分地區承包商積壓訂單仍然很多。因此，基礎維修和翻修屋頂業務保持相當穩固。

For storm demand into Q2, we're just kind of coming into the season, but we've seen a pickup in some activity here over the last few weeks. So a big part of our guide when we say Q2 could be down low to mid-single digits is really going to depend on how the storm season materializes.

對於第二季度的風暴需求，我們才剛進入這個季節，但過去幾週我們看到這裡的一些活動有所回升。因此，當我們說第二季的降幅可能達到低至中等個位數時，我們的指導方針很大一部分實際上取決於風暴季節如何實現。

Q2, Q3 is where we see the bulk of the storms coming through the US market. But we're assuming in our guide a more normalized kind of Q2 storm environment, but that could change and fluctuate here over the next four or five weeks, depending on how hail season materializes and any other kind of storm damage we see.

我們看到，第二季和第三季的大部分風暴都襲擊了美國市場。但我們在指南中假設了更正常化的 Q2 風暴環境，但在接下來的四到五週內，這可能會發生變化和波動，這取決於冰雹季節的到來以及我們看到的任何其他類型的風暴破壞。

But I think we're set up relatively well in terms of how we're positioned in the market. For price realization, given that market demand, and given the strength of our contractor engagement model, we are -- we announced an April increase. We're seeing good realization of that to start the quarter. So we would expect that to continue as we carry on into Q3 and into the back half of the year.

但我認為，就我們在市場中的定位而言，我們已經做好了相對較好的準備。對於價格實現，考慮到市場需求，以及考慮到我們承包商參與模式的實力，我們宣布了 4 月的漲價。我們在本季度初就看到了這一情況的良好實現。因此，我們預計這種情況將持續到第三季和下半年。

And then lastly, on Medina, this is one we're really excited to be bringing up this new capacity. The laminate growth we've seen in the market and the laminate growth we've seen inside our business over the last few years, has exceeded our ability to even continue to optimize and expand capacity on our existing (inaudible).

最後，關於麥地那，我們非常高興能夠提升這項新能力。過去幾年，我們在市場上看到的層壓板成長以及我們業務內部看到的層壓板成長已經超出了我們繼續優化和擴大現有產能的能力。（聽不清楚）。

So this will be a new laminate line that we're going to be starting up at the end of the second quarter. We're excited to bring that capacity online here starting kind of Q3 and really ramping up through Q3 and Q4 to service our customers with additional land products.

這將是一條新的層壓生產線，我們將在第二季末啟動它。我們很高興從第三季開始將這產能投入使用，並在第三季和第四季真正實現提升，為我們的客戶提供更多的陸地產品。

Part of the operating cost and some of the manufacturing costs that are a little higher as we came into the year, we talked about this as well on last quarter's call, that we did expect to see a step-up in some of the manufacturing costs in the business. Really set up in two buckets.

今年進入以來，部分營運成本和部分製造成本有所上升，我們在上個季度的電話會議上也談到了這一點，我們確實預計業務中的部分製造成本會上升。確實設置了兩個桶。

One was ongoing maintenance of existing assets that we just continue to run our assets full out and we've needed to just take some downtime here in the first half of the year to make needed just updates and modernizations and service that equipment.

一是對現有資產進行持續維護，我們將繼續全力運行我們的資產，並且我們需要在上半年暫停一段時間以進行必要的更新、現代化和維修設備。

And then the second part of it is going to be tied to some startup of some new assets and Medina is one of them. So that is going to create a little bit of a manufacturing cost headwind here in Q2, probably still over into Q3 as we start that line up. But the teams have done great work to bring that asset in line. We're on track to start that up at the end of the quarter, and we're excited to bring some needed capacity into the market.

第二部分將與一些新資產的啟動有關，而麥地那就是其中之一。因此，這將在第二季度造成一些製造成本的阻力，並可能持續到第三季度，屆時我們開始生產。但團隊已經做出了巨大努力來使這項資產步入正軌。我們計劃在本季末啟動該項目，我們很高興能為市場帶來一些所需的產能。

Mike Dahl, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Mike Dahl。

Morning, thanks for taking my question. I guess I'll stick with Roofing, but maybe broaden that a little bit. Can we talk about non-tariff-related costs on the input side? Obviously, it still seems like you're absorbing some higher costs maybe in 2Q, but you've seen a big decline in oil. You've seen some pullback in natural gas. Walk us through the time line and magnitude of how that may impact Roofing?

早上好，感謝您回答我的問題。我想我會堅持使用屋頂，但也許會稍微擴大一點。我們可以談談投入的非關稅相關成本嗎？顯然，看起來你在第二季可能仍在吸收一些更高的成本，但你已經看到石油價格大幅下跌。您已經看到天然氣價格有所回落。請向我們介紹一下這可能會對屋頂產生怎樣的影響的時間線和程度？

And then in your Insulation business, maybe how that -- the pullback in natural gas would impact you as we look out over the next couple of quarters?

那麼，在您的絕緣業務中，也許天然氣的回落會對您產生什麼影響呢？展望未來幾個季度，天然氣的回落會對您產生什麼影響？

Yes, thanks. So when we look overall, the inflation we're seeing inside Roofing business, big buckets are one large material input cost, big bucket has always been asphalt. I'd say we historically see asphalt costs rise through the first and second quarter as we get into the heart of paving season, we expect to see that today, and we expect to realize that as we come into Q2 with asphalt costs kind of rising seasonally.

是的，謝謝。因此，當我們整體看時，我們看到屋頂業務內部的通貨膨脹，大桶是一種巨大的材料投入成本，大桶一直是瀝青。我想說，從歷史上看，隨著我們進入鋪路季節的核心，瀝青成本在第一季和第二季會上升，我們預計今天也會看到這種情況，我們預計隨著進入第二季度，瀝青成本會出現季節性上漲。

But right now, we've not seen any dramatic decreases coming through related to WTI oil cost reductions. And I think when we look inside of that, we've seen some of the asphalt market pricing disconnect from WTI over the last couple of years.

但目前，我們還沒有看到與 WTI 石油成本降低相關的任何大幅下降。我認為，當我們深入研究時，我們會發現過去幾年瀝青市場定價與 WTI 有脫節。

Part of that is because with lighter crudes being processed, there's less asphalt being done. So it's less sensitive. And asphalt inventory levels have actually been running pretty low over the last 12 months. So we've not seen any of that WTI cost really impact the asphalt cost in a significant way.

部分原因是由於加工的原油越來越輕，導致瀝青產量減少。因此它不太敏感。過去 12 個月，瀝青庫存水準實際上一直處於相當低的水平。因此，我們尚未發現 WTI 成本對瀝青成本有顯著影響。

Now having said that, as we come through the year, if oil costs stay low, that's going to keep our asphalt costs running at similar levels. So we would probably see a little bit of seasonal inflation as we work through the year, but not as high as we've seen in some historical years.

話雖如此，但隨著時間的流逝，如果石油成本保持在低位，我們的瀝青成本也將保持在類似的水平。因此，我們可能會在一年中看到一些季節性通貨膨脹，但不會像歷史上某些年份那麼高。

So I think that could be a net positive in terms of moderating asphalt inflation as we move through the year depending on what WTI does. In terms of nat gas, maybe I'll ask Todd to talk a little bit about that in terms of impact on Insulation.

因此，我認為，隨著 WTI 價格的走勢，這對於緩解瀝青通膨可能是一個淨利好。就天然氣而言，也許我會請托德談談其對絕緣的影響。

Sure, Brian. Happy to. Mike, when we look at natural gas, clearly, we're seeing a volatile market right now is liquefied natural gas exports and the impact of tariffs on that starts to make its way through the market. We do hedge on a go-forward basis.

當然，布萊恩。很開心。麥克，當我們看天然氣時，顯然，我們看到目前液化天然氣出口市場動盪，關稅對其的影響開始在市場中顯現。我們確實在遠期基礎上進行對沖。

So some of -- any benefit we would see and a decline in natural gas would benefit us in the back part of this year, but then also would roll into to next year as we think about those hedge positions just changing over time. So there could be some impact. We don't think it's a really big impact based on where the markets are today. But we are following the cost closely.

因此，我們看到的任何好處以及天然氣價格的下降都會在今年下半年使我們受益，但隨後也將延續到明年，因為我們認為這些對沖頭寸會隨著時間的推移而變化。所以可能會產生一些影響。根據目前的市場狀況，我們認為這不會造成太大影響。但我們正在密切關注成本。

Trevor Allinson, Wolfe Research.

特雷弗·阿林森（Trevor Allinson），沃爾夫研究公司。

Good morning. Thank you for taking my question. Todd, I want to follow up on your comments on tariff mitigation. You mentioned several strategies, but I didn't hear you mention price. Last year, in Doors, you guys took some price adjustments and channels. So is it your expectation that you don't use price as a primary offset? And perhaps, can you talk about the current demand environment in Doors and how that may be playing a role in that decision? Thanks.

早安.感謝您回答我的問題。托德，我想跟進一下你關於降低關稅的評論。您提到了幾種策略，但我沒有聽到您提到價格。去年，在Doors方面，你們進行了一些價格調整和通路調整。那麼，您是否期望不以價格作為主要抵銷因素？或許，您能談談門的當前需求環境以及它在該決策中扮演了什麼角色嗎？謝謝。

Yes. Maybe I'll jump in on this one, Trevor. I think overall, we look at a lot of mitigation strategies when it comes to offsetting the impact of tariffs. And we lean hard on optimizing our supply chains in terms of where we're sourcing, what types of materials suppliers we're working with. And that's going to be always our primary focus in terms of how we just optimize cost of production for our company.

是的。也許我會加入這個，特雷弗。我認為整體而言，在抵消關稅影響方面，我們會考慮許多緩解策略。我們致力於優化我們的供應鏈，包括我們的採購地點以及與我們合作的材料供應商類型。就如何優化公司生產成本而言，這始終是我們的首要關注點。

So that's going to be always a key driver. Price is also a lever that we can use and potentially may need to use in certain product categories or in certain situations if we can't find offsets in terms of the material cost, supply choices and changes that we can make inside our supply chain.

所以這將永遠是一個關鍵驅動因素。價格也是我們可以使用的槓桿，如果我們無法在材料成本、供應選擇和供應鏈內部可以做出的改變方面找到抵銷因素，那麼我們可能需要在某些產品類別或某些情況下使用它。

So it's certainly not an option that's off the table, but it's one that we try to utilize several other levers in that space to mitigate the operating costs. We have used that and looked at that in the past. When I look at the Doors business overall, again, part of this is also determining the long-term nature of these cost increases.

因此，這當然不是一個不可能的選擇，但我們會嘗試利用該領域的其他幾個槓桿來降低營運成本。我們過去曾使用過它並研究過它。當我從整體上看待門業務時，我發現部分原因也決定了這些成本增加的長期性。

So in the near term, if these are near-term impacts, we want to offset them through the mitigation factors and efforts that Todd talked about. If we see long-term cost rising because of more permanent tariffs being put in place, or changing how we can produce our products, then price is always an option.

因此，在短期內，如果這些是短期影響，我們希望透過托德談到的緩解因素和努力來抵消它們。如果我們看到由於實施更永久的關稅或改變我們生產產品的方式而導致長期成本上升，那麼價格始終是一個選擇。

In Doors, the biggest impact right now is coming through with some of the retaliatory tariffs on interior doors, we're shipping into Canada to serve our customers there. Some of that has been rolled out. Canada put those in place when the US announced the initial 25% tariffs on all products, they've since rolled back many of those products that are being impacted by that.

在門業，目前最大的影響是對室內門徵收一些報復性關稅，我們將這些門運往加拿大為那裡的客戶提供服務。其中一些已經推出。當美國宣布對所有產品徵收 25% 的關稅時，加拿大就實施了這些措施，此後他們取消了許多受此影響的產品。

We're in active discussions with Canadian officials, and we hope to get doors included, in interior doors included in the next round of roll-off. So then that would not require us to make any pricing moves around that.

我們正在與加拿大官員進行積極討論，我們希望在下一輪的採購中將門納入其中，包括室內門。因此，我們不需要對此做出任何定價調整。

We would return back to just US MCA compliant materials flowing across borders. And then we would stabilize our cost position. And that's our hope that we get that resolved in a constructive way that we don't require price to have to offset any of the impact going forward.

我們將恢復僅符合美國 MCA 規定的跨境材料流動。然後我們就能穩定我們的成本狀況。我們希望以建設性的方式解決這個問題，這樣我們就不需要用價格來抵消未來的任何影響。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

Thank you. Good morning, everyone. I want to focus a bit on the synergies in Doors. In your comments, you mentioned that you were on track to exceed those targets in there. Can you talk a bit more about the sources of some of those? How we should think about the ramp? And any implications of the weaker macro and some of the implications of the tariffs that you're seeing relative to achieving some of those targets?

謝謝。大家早安。我想重點關註一下 Doors 中的協同作用。在您的評論中，您提到您有望超越其中的那些目標。您能否進一步談談其中一些資訊的來源？我們該如何看待坡道？您認為宏觀經濟疲軟和關稅對實現部分目標有何影響？

Thanks Sue. Our teams continue to do great work on the integration front and integrating the bringing the two businesses together. So as I talked about in my prepared comments, we're tracking to exceed the $125 million. So if we step back when we came into the year, we talked about a pretty even split on OpEx synergies that we saw the opportunities for particularly non-customer-facing operations that we could integrate, we can consolidate within the company. And then a big part, the rest of that really tied to sourcing, supply chain synergies that we've seen come through.

謝謝蘇。我們的團隊繼續在整合方面以及將兩家企業整合在一起方面做出出色的工作。正如我在準備好的評論中提到的那樣，我們的目標是超過 1.25 億美元。因此，如果我們回顧今年的情況，我們談到了營運支出協同效應的相當均勻的分配，我們看到了特別是非面向客戶的營運的機會，我們可以整合這些機會，我們可以在公司內部進行整合。其餘的很大一部分實際上與我們已經看到的採購、供應鏈協同效應有關。

So as we continue to make progress on those fronts, we're finding a little more opportunities on the sourcing side. That gives us confidence that we can exceed the $125 million, and we'll talk more about that at our Investor Day next week.

因此，隨著我們在這些方面不斷取得進展，我們在採購方面發現了更多的機會。這使我們有信心突破 1.25 億美元，我們將在下週的投資者日上詳細討論這個問題。

We're also in early innings looking at the network overall, the network optimization and we've got a very good track record inside our company of looking at manufacturing networks and really looking at how best to optimize those to still meet customer demands around service and quality and capabilities to meet their needs, but doing that in a very cost-effective and efficient way.

我們也正處於網路整體研究和網路優化的早期階段，我們在研究製造網絡方面有著非常好的記錄，並真正研究如何最好地優化這些網絡，以仍然滿足客戶對服務、品質和能力的需求，但要以非常經濟高效的方式做到這一點。

So we're just getting started really with that work, but we see additional opportunities around the network optimization side to drive even more on the cost synergy front. So I think we're set up well there.

因此，我們才剛開始這項工作，但我們看到網路優化方面有更多機會在成本協同方面取得更大進展。所以我認為我們已經準備好了。

Now unfortunately, a lot of this work, while it's generating a positive impact to our P&L, it's getting offset in the near term by some of these tariff impacts. And that's certainly playing out here in Q2 where the incremental work, where we continue to see gains in our cost structure and improvements in our cost structure, benefiting the P&L. they're getting really offset by now some of these tariffs.

不幸的是，雖然這些工作對我們的損益產生了正面影響，但在短期內會因部分關稅影響而被抵銷。這肯定會在第二季度發揮作用，我們將繼續看到增量工作，成本結構不斷改善，從而使損益表受益。現在，這些關稅確實已經抵消了部分影響。

So think as we work through the year, we're going to continue to be able to deliver more to the bottom line. But then as a reminder, just when we set up that $125 million and some of the increases we're seeing, that's roughly split about half and half between what's going to materialize inside the Doors P&L and then what gets materialized across the enterprise. But we do expect that it's going to continue to generate a positive impact on our cost structure in the Doors business going forward.

因此，我們認為，隨著我們全年的工作，我們將繼續能夠實現更多的利潤。但隨後提醒一下，就在我們設定 1.25 億美元以及我們看到的一些成長時，這筆錢大致分成了一半，一部分將體現在 Doors 的損益表中，另一部分將體現在整個企業中。但我們確實預期它將繼續對我們未來門業務的成本結構產生積極影響。

We see some more opportunities that we can work in the near term to drive the margin improvement. And then the last thing I'd say is we really are getting more and more confident too that we're setting up now with a more optimized cost structure in the business where we start to see volumes come back with a stronger market.

我們看到了更多可以在短期內努力提高利潤率的機會。最後我想說的是，我們確實越來越有信心，我們現在已經建立了更優化的業務成本結構，我們開始看到銷售量隨著市場更加強勁而回升。

The accretive margins that we can generate off of these gains are going to be much better than historically been done in the business. And we think that's the upside ramp-up where we get a little bit of volume leverage that generates additional margins for the business.

我們透過這些收益所獲得的增值利潤將比歷史上的業務增值利潤好得多。我們認為這是一種上行成長，我們可以利用一點數量槓桿來為企業創造額外的利潤。

David MacGregor, Longbow Research.

麥格雷戈（David MacGregor），長弓研究公司（Longbow Research）。

Hi, good morning. This is Joe Nolan on for David. You guys are guiding to positive price cost in the second quarter. I was just hoping you could talk through on a higher level about some of the puts and takes of how you're thinking about price cost into the second half of the year? Thanks.

嗨，早安。喬諾蘭 (Joe Nolan) 代替大衛上場。你們正在引導第二季的價格成本趨於正值。我只是希望您能從更高層次談談您對下半年價格成本的看法？謝謝。

Yes, let me come back a little bit to my comments earlier, I think when we, again, always look to balance the price points in the market relative to demand, relative to the value we're getting. But across our product categories, we've purposely chosen high-value product categories where we can build out a premium through our commercial activities around brand, growing with our customers around an innovation strategy.

是的，讓我稍微回顧一下我之前的評論，我認為我們總是試圖平衡市場中相對於需求、相對於我們所獲得的價值的價格點。但在我們的產品類別中，我們特意選擇了高價值的產品類別，我們可以透過圍繞品牌的商業活動來打造溢價，並圍繞創新策略與客戶共同成長。

So we really look at how we can continue to invest and drive value that translates into price and get that price recognition into the market. So that's kind of our natural operating philosophy. And so the high-value product categories we're in, where we can bring that value, we're able to see price.

因此，我們真正關注的是，如何能夠繼續投資並推動價值轉化為價格，並獲得市場對價格的認可。這就是我們的自然經營理念。因此，對於我們所處的高價值產品類別，我們可以提供其價值，並且能夠看到價格。

Now we're always going to be reacting to market dynamics, but we feel that we've got a great long-term strategy to maintain a price premium in the market. When it comes to cost, we take an equal view around making sure we're getting up every day focused on how we can optimize our operations. And we look at this across our OpEx. We look at this across our manufacturing network. We look at this across our sourcing and supply chain teams.

現在，我們將始終對市場動態做出反應，但我們認為，我們有一個很好的長期策略來維持市場價格溢價。當談到成本時，我們同樣重視確保我們每天都專注於如何優化我們的營運。我們會從整個營運支出的角度來看這個問題。我們在整個製造網路中關注這個問題。我們的採購和供應鏈團隊都在關注這個問題。

So we are continually looking at how we can balance our production network and how we can drive cost efficiencies across the company. And it's that kind of one, two punch around how we look at premiums that we can gain through value creation by helping our customers win and grow with a more optimized cost structure. And so that's always our balance. But we take a long-term approach to our market positions. We take a long-term approach to our customer partnerships.

因此，我們一直在研究如何平衡我們的生產網絡以及如何提高整個公司的成本效率。我們如何看待保費，我們可以透過幫助客戶以更優化的成本結構贏得勝利和發展來創造價值，從而獲得這種雙重收益。所以這始終是我們的平衡。但我們對我們的市場地位採取的是長期方針。我們採取長期的方式來與客戶建立合作關係。

So we're going to always navigate through some of the quarterly choppiness between pricing cost. But over time, we feel that we are helping our customers. We're bringing them innovative products. We bring them quality products that we're going to get a price premium. And then we're always going to work on the cost efficiency side to make sure we can maintain that winning cost position moving forward.

因此，我們將始終努力解決定價成本之間的一些季度波動問題。但隨著時間的推移，我們覺得我們正在幫助我們的客戶。我們為他們帶來創新產品。我們為他們提供優質的產品，並獲得溢價。然後，我們將始終致力於成本效率方面，以確保我們能夠在未來保持成功的成本地位。

Rafe Jadrosich, Bank of America.

美國銀行的 Rafe Jadrosich。

Hi, good morning. Thanks for taking my question. I just wanted to follow up just on the Roofing margins in the second quarter. You're guiding for it to be down a little bit year-over-year, but it sounds like volume is pretty consistent and you have positive price cost.

嗨，早安。感謝您回答我的問題。我只是想跟進第二季的屋頂利潤率。您預計其銷售量較去年同期會略有下降，但聽起來銷量相當穩定，而且價格成本也為正。

I'm just wondering, can you quantify the start-up costs or maintenance that you're -- that we should expect kind of in the first half and into the third quarter? And then excluding those, would you have have expected margins to grow year-over-year?

我只是想知道，您能否量化我們預計上半年和第三季的啟動成本或維護成本？然後排除這些因素，您是否預期利潤率會比去年同期成長？

Yes. I think if you look inside the MDA, we quantify out some of the manufacturing costs that while we were impacted in the Roofing business in Q1, and that was about $19 million that we saw come through the P&L. And we think that's a kind of a cost run rate that probably moves into Q2. So if you look at it from a margin perspective, the delta between first quarter last year, first quarter this year, was a little over 1 point. You could see that primarily in the manufacturing cost.

是的。我認為，如果你看一下 MDA，我們就會量化一些製造成本，而這些成本在第一季的屋頂業務中受到了影響，我們看到的損益表中的金額約為 1900 萬美元。我們認為這是可能進入第二季的成本運行率。因此，如果從利潤率的角度來看，去年第一季與今年第一季之間的差異略大於 1 個百分點。您主要可以從製造成本中看到這一點。

When we think about Q2. There's probably going to be a similar impact that we're guiding to a manufacturing cost. So it probably gives you a pretty good view of what we're expecting here in Q2. And you're right, it's really kind of a temporary step-up we're seeing in some of these costs as we needed maintenance and downtime on the manufacturing lines to service them. We're going to continue that into Q2 on a couple of factories.

當我們考慮 Q2 時。這可能會對製造成本產生類似的影響。因此它可能會讓你很好地了解我們對第二季度的預期。你說得對，我們看到這些成本確實出現了暫時性的上升，因為我們需要對生產線進行維護和停機來為它們提供服務。我們將在第二季繼續對幾家工廠採取這項措施。

And then we've got some of the startup costs coming at us as I talked about. We started to see in Q1, we expect to see in Q2, Q3 as we ramp up Medina. So that's probably going to be a good guide in terms of what we would expect carrying on in Q2, but that's really the delta between the margin performance year-on-year. It's not in price volume mix. The strength of the business is still performing at that same level, but we're just seeing a little bit more manufacturing headwinds hitting us here in the first half.

然後，正如我所說的，我們還需要承擔一些啟動成本。我們在第一季就看到了這一點，隨著麥地那的擴張，我們預計在第二季、第三季也能看到這一點。因此，這可能對我們預期第二季的業績表現有很好的指導作用，但這實際上是利潤率表現與去年同期之間的差異。它不在價格數量組合中。業務實力仍然保持在同一水平，但我們只是看到上半年製造業面臨的阻力增加。

[Colin Lauren], Deutsche Bank.

[科林·勞倫]，德意志銀行。

Sorry about that. Thank you for taking my questions. In the Doors outlook, you noted that you're performing well relative to the market. Can you just give a little bit more color on what the market is doing it sequentially or year-over-year and sort of the drivers of that performance? And then why do you expect sort of a better-than-normal seasonal step-up in demand, which you called out in the outlook as well?

很抱歉。感謝您回答我的問題。在《大門》的展望中，您指出您的表現相對於市場而言良好。您能否更詳細地介紹市場環比或同比的表現，以及推動其表現的因素？那麼，為什麼您預期需求會出現比正常情況更好的季節性成長，您在展望中也提到了這一點？

Yes, thanks. So we are seeing some demand headwinds coming in the business that we've talked about. But overall, yes, the business continues to perform well. We're seeing declines tied to, as we talked about in our res insulation business, some weaker light housing starts coming through and some pretty sluggish remodel sales coming at it. So on a net-net basis, I think we're getting hit by both slower housing starts and less investments in the remodel markets.

是的，謝謝。因此，我們看到我們所談論的業務中出現了一些需求阻力。但總體而言，業務持續表現良好。正如我們在隔熱業務中所討論的那樣，我們看到了與一些較弱的輕型住宅開工和一些相當低迷的改造銷售有關的下滑。因此，從淨值來看，我認為我們正受到新屋開工放緩和改造市場投資減少的打擊。

Overall, though, I'd say our wholesale distribution business probably -- which is tied a little bit more towards new construction as being a little more impacted than our retail business, where it's a little bit more tied into repair and remodeling. So while we're still seeing some volume headwinds, we've seen those kind of start to stabilize a little bit here as we start the year at lower levels, but at least we're seeing kind of a trough emerge, we think, in some of the volumes that we're seeing on both the new construction and the remodel side of the business.

總體而言，我認為我們的批發分銷業務可能與新建築的聯繫更緊密，而零售業務則與維修和改造的聯繫更緊密，因此受到的影響可能比零售業務更大一些。因此，雖然我們仍然看到一些交易量逆風，但我們已經看到這些逆風開始有所穩定，因為今年的開局處於較低水平，但至少我們看到某種低谷出現，我們認為，在新建築和改造業務方面的一些交易量中。

So that gives us some confidence now as we look at Q2 that if we see that stability starting to emerge, we normally start to see some seasonal pickup just with more new construction going on, more remodeling activity as we get into the warmer weather and we get into the remodel market season. So we're expecting that to play out this year, similar, but at a lower pace.

因此，當我們展望第二季度時，這給了我們一些信心，如果我們看到穩定性開始出現，我們通常會開始看到一些季節性的回升，隨著天氣變暖和進入改造市場季節，更多的新建築正在建設中，更多的改造活動正在發生。因此，我們預計今年的情況將類似，但速度會較慢。

I would say we are expecting year-over-year volumes to be down, but we're seeing that order book kind of steady out. And then we would normally expect to see a modest pickup here as we get into more construction activity in the second and third quarter, and that's really driving our outlook for a slight seasonal uptick.

我想說，我們預計同比銷量會下降，但我們看到訂單量趨於穩定。然後，我們通常會預期這裡會出現溫和的回升，因為我們在第二季和第三季開展了更多的建築活動，這確實推動了我們對輕微季節性上漲的預期。

Thank you. We have no further questions in queue. So I'd like to turn the call back over to Brian Chambers for any closing comments.

謝謝。我們沒有其他問題。因此，我想將電話轉回給 Brian Chambers，請他發表最後評論。

All right. 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 hope to see many of you at our Investor Day next week in Toledo. Thanks, and have a great day.

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，我們希望下週在托萊多舉行的投資者日上見到大家。謝謝，祝您有愉快的一天。

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

今天的電話會議到此結束。非常感謝您的加入。現在您可以斷開線路了。