Owens Corning (OC) 2025 Q2 法說會逐字稿

Hello, everyone, and welcome to Owens Corning's second quarter 2025 earnings call. My name is Lydia, and I will be your operator today. (Operator Instructions) I now hand you over to Amber Wohlfarth Vice President of Corporate FP&A, Investor Relations, to begin. Please go ahead.

大家好，歡迎參加歐文斯科寧 2025 年第二季財報電話會議。我叫 Lydia，今天我將擔任您的接線生。（操作員指示）現在我將您交給企業 FP&A、投資者關係副總裁 Amber Wohlfarth 來開始。請繼續。

Good morning. Thank you for taking the time to join us for today's conference call and review of our business results for the second quarter of 2025. Joining us today are Brian Chambers, Owens Corning's Chair and Chief Executive Officer; and Todd Fister, our Chief Financial Officer.

早安.感謝您抽出時間參加今天的電話會議並回顧我們 2025 年第二季的業務表現。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 和財務長 Todd Fister。

Following our presentation this morning, we will open this one-hour call to your questions. In order to accommodate as many call participants as possible, please limit yourselves to one question only. Earlier this morning, we issued a news release and filed a 10-Q that detailed our financial results for the second 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.

在我們今天上午的演講之後，我們將開始為期一小時的電話會議來回答大家的問題。為了盡可能容納更多的通話參與者，請將問題限制為一個。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 年第二季的財務表現。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, owensporting.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.

您可以在我們的網站 owensporting.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. We undertake no obligation to update these statements beyond what is required under applicable securities laws. Please refer to the cautionary statements and the risk factors identified in our SEC filings for more detail.

請參考投影片 2，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。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 reinforcements until the closing of the sale of this 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材料相關的金額，直到該業務出售結束。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 on our call today. At our Investor Day in May, we detailed how we are a new Owens Corning, a company that has been reshaped into a high-performing building products leader in North America and Europe, and structurally improved to drive above-market growth sustainable and more resilient margins and substantial cash flow, powered by the OC advantage, a set of capabilities that are unique to our company and central to our success. Our team delivered second quarter results that continue to demonstrate how the new Owens Corning outperforms in any set of market conditions.

謝謝，Amber。大家早安，感謝大家今天參加我們的電話會議。在五月的投資者日上，我們詳細介紹了我們如何成為全新的歐文斯科寧，一家經過重塑成為北美和歐洲高性能建築產品領導者的公司，並通過結構改進來推動高於市場的增長、可持續且更具彈性的利潤率和可觀的現金流，這一切都由 OC 優勢（一套我們公司獨有的能力，也是我們成功的核心）所驅動。我們的團隊發布的第二季業績繼續證明了新歐文斯科寧在任何市場條件下都表現出色。

During today's call, I will share highlights of our second quarter results and discuss the strategic actions we're taking to continue to outperform the market and deliver long-term value. Todd will then provide a detailed review of our financial results for the quarter. And I'll come back to share an overview of the current operating environment and our outlook for the third quarter.

在今天的電話會議上，我將分享我們第二季業績的亮點，並討論我們為繼續超越市場並實現長期價值而採取的策略行動。然後，托德將對我們本季的財務業績進行詳細回顧。我將回來分享當前經營環境的概況以及我們對第三季的展望。

As always, I will begin with safety. We maintained a very safe operating environment in the second quarter with a recordable incident rate of 0.60. In June, we hosted our first global Safety Week, a best practice adopted from our newly acquired Doors business that has been scaled across the enterprise and build on our Safer Together operating framework connecting processing and systems with behaviors and leadership to create a safer workplace.

像往常一樣，我將從安全開始。我們在第二季度保持了非常安全的營運環境，可記錄事故率為0.60。6月，我們舉辦了首屆全球安全週活動，這是我們新收購的門業務部門借鑒的最佳實踐，並已在整個企業範圍內推廣，並基於我們“攜手共進，更安全”的運營框架，該框架將流程和系統與行為和行為和領導力相結合，旨在打造更安全的場所。

Turning to our financial results. We continued our strong and consistent performance in the second quarter despite a more challenging environment. For the 20th consecutive quarter, we achieved adjusted EBITDA margins at or above 20%, an incredible milestone. Revenues were up 10% versus prior year, and earnings grew 30% year-over-year. Adjusted EBITDA in the second quarter was $703 million, with an adjusted EBITDA margin of 26%. This performance is a direct result of the structural changes we've made and is another proof point our ability to deliver higher and more resilient margins even in the face of softening market conditions.

談到我們的財務結果。儘管面臨更具挑戰性的環境，我們在第二季仍保持了強勁而穩定的表現。連續第 20 個季度，我們的調整後 EBITDA 利潤率達到或超過 20%，這是一個令人難以置信的里程碑。營收比上年增長了 10%，收益比上年增長了 30%。第二季調整後 EBITDA 為 7.03 億美元，調整後 EBITDA 利潤率為 26%。這項業績是我們進行結構性改革的直接結果，也再次證明了我們即使在市場環境疲軟的情況下也能提供更高、更有彈性的利潤率。

We also generated good cash flow and continue to return capital to shareholders through dividends and share repurchases. Through the first half of the year, we returned nearly $440 million of the $2 billion we committed to returning over this year and next. This commitment reflects our disciplined capital allocation strategy and confidence in our cash-generating capabilities.

我們也產生了良好的現金流，並繼續透過股利和股票回購向股東返還資本。今年上半年，我們已歸還近 4.4 億美元，而我們承諾今年和明年將歸還 20 億美元。這項承諾體現了我們嚴謹的資本配置策略以及對現金創造能力的信心。

As I shared at Investor Day, our performance as a result of a clear set of strategic choices and investments we've made that has shifted our product and geographic focus to high-value building materials sold in the most attractive markets. In short, we are a different company today than we have been historically, with a track record of growing revenues, increasing our margin profile and returning significant cash to our shareholders over the past five years. One key driver of this performance shift is our strategic business mix, which positions us to outperform given our unique product and application exposure.

正如我在投資者日上分享的那樣，我們的業績源於我們所做的一系列明確的策略選擇和投資，這些選擇和投資將我們的產品和地理重點轉移到最具吸引力的市場銷售的高價值建築材料。簡而言之，我們今天是一家與歷史上不同的公司，過去五年來，我們一直保持著收入成長、利潤率提高和向股東返還大量現金的記錄。這一業績轉變的一個關鍵驅動因素是我們的策略業務組合，憑藉我們獨特的產品和應用曝光度，我們能夠取得優異表現。

Today, over half of Owens Corning's revenue is generated from North American repair and remodel activity, including more than one-third from nondiscretionary reroute, which remained solid in the quarter. In nonresidential markets, which makes up about 25% of our revenues, North America demand in the quarter was stable, and we continue to see encouraging improvement in Europe. So while residential new construction demand continues to face pressure, it represents only about a quarter of our overall revenue.

如今，歐文斯科寧公司一半以上的收入來自北美的維修和改造活動，其中超過三分之一來自非自主性改道，該業務在本季保持穩定。在非住宅市場（約占我們收入的 25%）中，本季北美需求保持穩定，我們繼續看到歐洲市場令人鼓舞的改善。因此，儘管住宅新建需求繼續面臨壓力，但它僅占我們總收入的四分之一左右。

This strategic product mix positions us well to navigate near-term headwinds and to benefit from several longer-term secular tailwinds including an aging and underbuilt housing stock in the US and Europe, growing demand for products that improve energy efficiency and increasing investments in North American manufacturing and infrastructure.

這種策略性產品組合使我們能夠很好地應對短期逆風，並受益於幾個長期順風，包括美國和歐洲的住房老化和建設不足、對提高能源效率的產品的需求不斷增長以及對北美製造業和基礎設施的投資增加。

A second key driver of our strong performance is the strategic actions we've taken to concentrate resources on geographies and applications where we can build leading positions and deliver above-market growth. In July, we completed the sale of our building materials business in China and Korea to a member of the region's management team. The transaction included six insulation manufacturing facilities in China and a roofing manufacturing facility in Korea, and represented annual revenue of approximately $130 million.

我們強勁業績的第二個關鍵驅動因素是我們採取的策略行動，將資源集中在我們可以建立領先地位並實現高於市場的成長的地區和應用上。7月，我們完成了將中國和韓國的建築材料業務出售給該地區管理團隊成員的交易。該交易包括位於中國的六家絕緣材料製造廠和位於韓國的屋頂製造廠，年收入約 1.3 億美元。

In addition, the sale of our glass reinforcements business is progressing, and we expect the transaction to close later this year, subject to regulatory approvals. Another key driver to our performance are the strategic investments and choices we are making to strengthen our market-leading positions by expanding capacity, modernizing assets and increasing operating efficiencies.

此外，我們的玻璃纖維增強材料業務的出售正在推進中，預計交易將於今年稍後完成，但需獲得監管部門的批准。我們業績的另一個關鍵驅動因素是我們正在進行的策略投資和選擇，透過擴大產能、現代化資產和提高營運效率來鞏固我們的市場領先地位。

In our Roofing business, we started up our new laminate shingle line in Medina, Ohio during the second quarter. This line adds 2 million squares of capacity and has begun supporting current demand from our growing contractor network. In Fort Smith, Arkansas, we also commissioned a new nonwovens coating line co-located with our existing non-Women's plant. Both of these investments are examples of how we're investing to deliver above-market growth while enhancing our winning cost position.

在我們的屋頂業務中，我們於第二季在俄亥俄州梅迪納啟動了新的層壓瓦生產線。這條生產線增加了 200 萬平方的產能，並已開始滿足我們不斷增長的承包商網路的當前需求。在阿肯色州史密斯堡，我們還委託了一條新的不織布塗層生產線，與我們現有的非婦女工廠位於同一地點。這兩項投資都是我們如何透過投資實現高於市場的成長，同時增強我們的成本優勢的典範。

In addition to these capacity expansions, we are investing in leading technology through the use of new pilot lines across our roofing and insulation businesses. These lines accelerate both product and process innovation, enabling us to bring new solutions to the market faster to help our customers win and grow.

除了這些產能擴張之外，我們還透過在屋頂和隔熱業務中使用新的試驗生產線來投資領先技術。這些生產線加速了產品和製程創新，使我們能夠更快地將新的解決方案推向市場，幫助我們的客戶贏得成功並實現成長。

We are also unlocking value through the integration of our Doors business, where we are leveraging our enterprise scale and capabilities to drive efficiencies. This past May marked one year since we closed the Masonite acquisition, and we've made significant progress applying the OC playbook to doors. We are drawing on our unparalleled commercial strength deepen customer relationships and expand our reach as we structurally improve margins over time, like we have done in our Insulation and Roofing businesses.

我們也透過整合門業務來釋放價值，利用我們的企業規模和能力來提高效率。今年五月是我們完成 Masonite 收購一周年，我們在將 OC 劇本應用於門業方面取得了重大進展。我們正在利用我們無與倫比的商業實力來加深客戶關係並擴大我們的業務範圍，同時隨著時間的推移從結構上提高利潤率，就像我們在隔熱和屋頂業務中所做的那樣。

We have already captured more than 75% of our enterprise run rate synergy target of $125 million, the majority of which we committed to achieve by the end of year two of ownership. In addition, we are targeting another $75 million of cost improvements, mostly through our doors network optimization actions that will begin to make an impact in 2026. Through each of these initiatives, we are investing with purpose, to meet customer demand, modernize our production lines, improved capital efficiency and sustain strong margins and consistent returns.

我們已經實現了 1.25 億美元的企業運作率協同目標的 75% 以上，其中大部分是我們承諾在所有權的第二年年底前實現的。此外，我們還計劃再投入 7,500 萬美元進行成本改進，主要透過門市網路優化措施，這些措施將在 2026 年開始產生影響。透過每項舉措，我們都在有目的地進行投資，以滿足客戶需求、實現生產線現代化、提高資本效率並保持強勁的利潤率和穩定的回報。

As we move forward, we will continue to capitalize on our position as a building products leader serving North American Europe to execute our enterprise strategy to grow the company and deliver durable results across market cycles. Fueling our strategy is the OC advantage, which includes our iconic brand, unparalleled commercial strength, leading technology and winning cost position. These advantages form a playbook that can be scaled across the company to create multiple paths to generate value for our customers and shareholders.

隨著我們繼續前進，我們將繼續利用我們作為服務於北美和歐洲的建築產品領導者的地位來執行我們的企業策略，以發展公司並在整個市場週期中取得持久的成果。我們的策略的動力來自 OC 優勢，其中包括我們的標誌性品牌、無與倫比的商業實力、領先的技術和致勝的成本地位。這些優勢形成了一個可以在整個公司範圍內擴展的劇本，以創建多種途徑為我們的客戶和股東創造價值。

Before I close, I want to highlight a few recent organizational moves. In July, we announced the appointment of Nico Del Monaco to the role of Roofing President and named Jose Canovas, President of the Insulation business. Both our seasoned leaders with a proven ability to strengthen customer partnerships and maximize operating performance.

在結束之前，我想強調一下最近的一些組織舉措。7 月，我們宣布任命 Nico Del Monaco 為屋頂業務總裁，並任命 Jose Canovas 為隔熱業務總裁。我們的兩位領導者都擁有豐富的經驗，能夠加強客戶合作夥伴關係並最大限度地提高營運績效。

Nico most recently led the insulation business. and his expertise in leveraging our high-value branded building products and customer engagement model to generate growth. Jose has held leadership roles at OC for more than a decade, most recently leading our nonresidential insulation business and has demonstrated his ability to deliver value across dynamic markets.

Nico 最近領導了隔熱業務，他的專業知識是利用我們高價值品牌的建築產品和客戶參與模式來實現成長。何塞在 OC 擔任領導職務已有十多年，最近領導我們的非住宅隔熱業務，並展示了他在動態市場中創造價值的能力。

We are excited to leverage their expertise to drive strategic growth within their businesses and across the enterprise. I also want to thank and recognize Gunner Smith was leaving to pursue another professional opportunity for his countless contributions to Owens Corning. Under his leadership, the roofing business achieved outstanding results through an incredibly talented team, broad product offering and durable contractor engagement model, which will leave a lasting impact on our customers and our company.

我們很高興利用他們的專業知識來推動其業務和整個企業的策略成長。我還要感謝並認可 Gunner Smith 離開去尋求另一個職業機會，因為他為歐文斯科寧做出了無數貢獻。在他的領導下，屋頂業務憑藉一支才華橫溢的團隊、廣泛的產品供應和持久的承包商參與模式取得了出色的業績，這將對我們的客戶和公司產生持久的影響。

And finally, I want to recognize our team for earning the spot on the Fortune 500 list for the 71st consecutive time, one of only 49 companies to appear on this prestigious list every year since its inception. This achievement reflects the company's depth and breadth of talent, the strength of our iconic branded products and unwavering focus on our customers' success, and a commitment to winning in the right way.

最後，我要表揚我們的團隊連續第 71 次入選《財富》500 強榜單，我們是自該榜單創立以來每年都上榜的僅有的 49 家公司之一。這項成就體現了公司人才的深度和廣度、我們標誌性品牌產品的實力、對客戶成功的堅定關注以及以正確方式取勝的承諾。

With that, I'll turn the call over to Todd to discuss our second quarter in more detail.

說完這些，我將把電話轉給托德，更詳細地討論我們的第二季。

Thank you, Brian, and good morning, everyone. As Brian mentioned, our results in the second quarter and through the first half of the year demonstrate the value we are creating through the OC advantage in our overall enterprise strategy. We continue to demonstrate the strength of the enterprise as we sustained higher and more resilient earnings in softening markets.

謝謝你，布萊恩，大家早安。正如 Brian 所提到的，我們第二季和上半年的業績證明了我們透過 OC 優勢在整體企業策略中創造的價值。在市場疲軟的情況下，我們維持了更高、更有彈性的獲利，持續展現出企業的實力。

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. In the second quarter, we built on our strong Q1 performance. Revenue increased 10%, driven by the strategic addition of our doors business last May. Our unparalleled commercial strength, coupled with our winning cost position, generated adjusted EBITDA of $703 million and an adjusted EBITDA margin of 26%.

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。第二季度，我們延續了第一季的強勁業績。由於去年 5 月策略性地增加了門業務，收入成長了 10%。我們無與倫比的商業實力，加上我們成功的成本地位，產生了 7.03 億美元的調整後 EBITDA 和 26% 的調整後 EBITDA 利潤率。

The sale of our Building Materials business in China and Korea is another step in sharpening our focus on what we do best, building products in North America and Europe. In the quarter, we had adjusting items of $26 million driven by an additional held-for-sale loss of $24 million on this business. Adjusted earnings per diluted share for the second quarter were $4.21, reflecting both the strength of our earnings as well as the continued capital allocation commitment and ongoing share repurchase activity.

出售我們在中國和韓國的建築材料業務是我們進一步專注於我們最擅長的領域——北美和歐洲的建築產品。本季度，我們的調整項目為 2,600 萬美元，這是由於該業務的額外持有待售損失為 2,400 萬美元。第二季調整後每股攤薄收益為 4.21 美元，反映了我們強勁的獲利以及持續的資本配置承諾和持續的股票回購活動。

Turning to slide 6, to go further into our cash generation and capital deployment during Q2. Free cash flow for the quarter was $129 million compared to $336 million in the same period last year, driven by the timing of working capital, including an increase in inventory as a result of our ongoing tariff mitigation efforts and higher capital additions.

翻到第 6 張投影片，進一步了解我們第二季的現金產生和資本部署。本季自由現金流為 1.29 億美元，而去年同期為 3.36 億美元，這得益於營運資本的時間安排，包括我們持續的關稅減免措施導致的庫存增加以及更高的資本增加。

As we have shared, we are investing in capital projects at elevated levels in the near term to expand capacity and drive improvement in long-term capital efficiency. As a result, capital additions for the quarter were $198 million, up $41 million from the same quarter prior year. Our return on capital was 13% for the 12 months ending June 30, 2025. At quarter end, the company had debt-to-EBITDA of 2.1 times at the low end of our targeted range of 2 to 3 times.

正如我們所分享的，我們正在短期內加大對資本項目的投資，以擴大產能並推動長期資本效率的提高。因此，本季資本增加 1.98 億美元，比去年同期增加 4,100 萬美元。截至 2025 年 6 月 30 日的 12 個月，我們的資本報酬率為 13%。截至季末，該公司的債務與 EBITDA 比率為 2.1 倍，處於我們 2 至 3 倍目標範圍的低端。

During the second quarter, we returned $279 million to shareholders through share repurchases and dividends. We repurchased common stock for $220 million and paid a cash dividend totaling $59 million. We also received Board approval for a new share repurchase authorization for up to 12 million shares. This authorization supports our commitment to a $2 billion return of cash to shareholders through 2026. We are still on track for this level of return as we expect seasonality to create a step-up in free cash flow generation in the second half of the year.

第二季度，我們透過股票回購和股利向股東返還了 2.79 億美元。我們以 2.2 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。我們也獲得了董事會批准，授權回購最多 1,200 萬股股票。此授權支持了我們在 2026 年向股東返還 20 億美元現金的承諾。我們仍有望實現這一回報水平，因為我們預計季節性因素將在今年下半年推動自由現金流的產生。

Our cattle allocation strategy remains focused on generating strong free cash flow delivering mid-teen returns on capital, returning cash to shareholders and maintaining an investment-grade balance sheet, while we invest in attractive capital projects for growth. Our capital allocation strategy is focused on compounding long-term value for shareholders.

我們的牛隻配置策略仍然專注於產生強勁的自由現金流，實現中等水平的資本回報率，向股東返還現金並維持投資級資產負債表，同時我們投資於有吸引力的資本項目以實現增長。我們的資本配置策略專注於為股東創造長期價值。

Now turning to slide 7, I'll provide additional details on our segment results. Our Roofing business continues to exemplify the strength of our enterprise model, leveraging our contractor engagement strategy and vertically integrated cost position to outperform the market and deliver resilient earnings in the second quarter. Sales in the second quarter were $1.3 billion, up 4% from prior year.

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。我們的屋頂業務繼續反映我們企業模式的優勢，利用我們的承包商參與策略和垂直整合的成本地位，在第二季度超越市場並實現強勁盈利。第二季銷售額為 13 億美元，比上年成長 4%。

In the quarter, revenue growth was primarily driven by positive price realization on our April increase. Components volume was in line with prior year, and we saw growth in non Owens, where we've been investing in capacity. The US asphalt shingle market on a volume basis was down mid-single digits compared to the prior year unless storm-related demand.

本季度，營收成長主要得益於 4 月份價格上漲帶來的積極實現。零件產量與去年持平，我們在非歐文斯地區也看到了成長，我們一直在這些地區投資產能。除非出現與風暴相關的需求，否則美國瀝青瓦市場銷量與前一年相比下降了中個位數。

Our US shingle volume outperformed the market as demand for our shingles continue to be strong. EBITDA was $457 million for the quarter, up 5% versus prior year. Positive price more than offset the impact of modest cost inflation and higher manufacturing costs as we continue to invest in our assets to meet the high level of demand for our products. Overall, for the quarter, we delivered EBITDA margins of 35%.

由於市場對我們的木瓦的需求持續強勁，我們的美國木瓦銷售超過了市場。本季 EBITDA 為 4.57 億美元，較上年成長 5%。由於我們繼續投資資產以滿足對我們產品的高需求，積極的價格足以抵消適度成本通膨和更高製造成本的影響。總體而言，本季我們的 EBITDA 利潤率為 35%。

Now please turn to slide 8 for a summary of our Insulation business. Our Insulation business demonstrated the impact of structural improvements and disciplined execution, sustaining 20%-plus EBITDA margins despite market headwinds. This highlights our ability to win with customers and deliver results well above historical performance in similar markets. Q2 revenues were $934 million, a 4% decrease from Q2 last year.

現在請翻到投影片 8 查看我們的絕緣業務摘要。我們的絕緣業務展現了結構改進和嚴格執行的影響，儘管面臨市場逆風，但仍保持了 20% 以上的 EBITDA 利潤率。這凸顯了我們贏得客戶並取得遠超同類市場歷史表現的成果的能力。第二季營收為 9.34 億美元，較去年第二季下降 4%。

In North America residential, volume was down due to market uncertainty and a weaker demand in residential new construction. In North America nonresidential volume was up, including demand to service data center construction related to AI, as well as demand for our phone less product being used in commercial and industrial applications.

在北美住宅領域，由於市場不確定性和新建住宅需求疲軟，交易量下降。在北美，非住宅用量上升，包括對與人工智慧相關的服務資料中心建設的需求，以及對我們的無電話產品在商業和工業應用中的需求。

In Europe, we continue to see market stabilization. These businesses both recognized positive price in the quarter. Insulation EBITDA for the second quarter was $225 million, down $21 million from prior year. Strong operational performance partially offset the impact of lower demand and the corresponding production downtime, as we remain disciplined in our inventory management. Additionally, positive price nearly offset the impact of cost inflation. Insulation delivered EBITDA margins of 24% in the second quarter.

在歐洲，我們繼續看到市場穩定。這些業務在本季度均實現了正價格。第二季絕緣材料 EBITDA 為 2.25 億美元，較上年下降 2,100 萬美元。由於我們在庫存管理方面保持嚴格，強勁的營運績效部分抵消了需求下降和相應的生產停工的影響。此外，正價格幾乎抵銷了成本通膨的影響。絕緣材料第二季的 EBITDA 利潤率為 24%。

Moving to slide 9, I'll provide an overview of the Doors business. Overall, the business continued to perform well in a challenging market. In the quarter, the business generated revenue of $554 million, in line with the outlook we provided on our last call. Revenue was up modestly from Q1, primarily on higher volume in North America. EBITDA for the quarter was $75 million with EBITDA margins of 14%. The integration is progressing well, reflecting our ability to apply our unique capabilities. When we closed on the acquisition, we had line of sight to delivering $125 million of enterprise synergies with about half hitting the doors business.

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繼續表現良好。本季度，該業務創造了 5.54 億美元的收入，與我們上次電話會議上給出的預期一致。營收較第一季略有成長，主要得益於北美銷量的增加。本季的 EBITDA 為 7,500 萬美元，EBITDA 利潤率為 14%。整合進展順利，體現了我們運用獨特能力的能力。當我們完成收購時，我們預計將實現 1.25 億美元的企業協同效應，其中約一半將用於門市業務。

To date, we have seen about 40% of our synergies captured in the business and the other 60% across the remainder of the enterprise. This reflects our ability to scale the OC advantage while applying the same playbook that structurally improved margins in Roofing and Insulation.

到目前為止，我們已經看到約 40% 的協同效應體現在業務上，而另外 60% 的協同效應體現在企業的其餘部分。這反映了我們擴大 OC 優勢的能力，同時應用相同的策略來從結構上提高屋頂和隔熱材料的利潤率。

We are on track to exceed the original enterprise commitment with an additional $75 million of structural cost savings generated through operational improvements. We have already begun taking actions to achieve these savings, including a recent example where we made the decision to close a components facility in Oregon in the second quarter.

我們有望超越最初的企業承諾，透過營運改善額外節省 7,500 萬美元的結構性成本。我們已經開始採取行動來實現這些節約，包括最近我們決定在第二季度關閉俄勒岡州的一個零件工廠。

Overall, for the company, there was minimal impact from tariffs on our financial results in Q2. Our sourcing and supply chain teams have continued to demonstrate agility and discipline mitigating tariff exposure in preserving margins. As a result, we expect the third quarter to be similar to the second quarter with approximately $50 million of gross tariff exposure reduced to a net impact of around $10 million, primarily in the Doors business. This impact is included in the outlook Brian will share in a moment.

整體而言，對於公司而言，關稅對我們第二季財務表現的影響微乎其微。我們的採購和供應鏈團隊繼續表現出敏捷性和紀律性，以降低關稅風險並保持利潤率。因此，我們預計第三季的情況將與第二季類似，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，主要在門業務方面。這種影響包含在 Brian 稍後將分享的展望中。

Owens Corning is well positioned to address rising tariffs with our primarily local for local manufacturing and US MCA compliant product portfolio, but we expect a small step-up in net tariff exposure in the fourth quarter. With the latest round of tariffs in our mitigation efforts, we expect the net tariff impact to be less than 1% of COGS in the second half. favorable to our previous guidance of 1% to 2% COGS exposure.

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，但我們預計第四季度淨關稅風險將小幅上升。隨著我們緩解措施中最新一輪的關稅，我們預計下半年淨關稅影響將低於 COGS 的 1%，這有利於我們先前對 1% 至 2% COGS 曝險的指導。

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. As a reminder, 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。提醒一下，這一同比增長包含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。

We expect our 2025 effective tax rate to be 24% to 26% and anticipate a cash tax benefit of more than $90 million in the year from the recent tax bill. Capital additions are expected to be approximately $800 million. This level of capital investment reflects the strategic investments we are making to expand capacity and drive improved efficiency.

我們預計 2025 年的有效稅率為 24% 至 26%，並預計最近的稅收法案將為當年帶來超過 9,000 萬美元的現金稅收收益。預計新增資本約8億美元。這一水準的資本投資反映了我們為擴大產能和提高效率所做的策略性投資。

This CapEx continues to include glass reinforcements, which is expected to be approximately $80 million in 2025. We expect CapEx to remain elevated in the near term as we work towards completing the high-return capital efficient projects we have in process.

該資本支出繼續包括玻璃增強材料，預計到 2025 年將達到約 8,000 萬美元。我們預計，隨著我們正在努力完成正在進行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 second quarter results reflect the strength of our company and the disciplined execution of our strategy, even as we navigate a more challenging macro environment, with leading positions in roofing, insulation and doors, our product and application diversity continues to support good margin stability even as we face tougher market conditions.

謝謝你，托德。我們的第二季業績反映了我們公司的實力和我們策略的嚴格執行，即使我們面臨更具挑戰性的宏觀環境，憑藉在屋頂、隔熱材料和門領域的領先地位，即使在面臨更嚴峻的市場條件的情況下，我們的產品和應用多樣性仍能繼續支持良好的利潤率穩定性。

In the third quarter, we expect overall market demand for nondiscretionary roofing repair activity to remain solid, but declined versus prior year, driven by lower storm activity. We expect residential new construction and discretionary R&R in the US to remain challenged.

在第三季度，我們預計非必需屋頂維修活動的整體市場需求將保持穩定，但由於風暴活動減少，與前一年相比有所下降。我們預計美國住宅新建和可自由支配的 R&R 仍將面臨挑戰。

In North America nonresidential construction, we expect a relatively stable market. And in Europe, we expect market conditions in the second half to gradually improve with the broader economic recovery in the region. Given this near-term outlook, we anticipate third quarter revenue for continuing operations to be approximately $2.7 billion to $2.8 billion, slightly below to in line with prior year. For adjusted EBITDA, we expect to deliver another strong quarter with margins of approximately 23% to 25% for the enterprise.

在北美非住宅建築方面，我們預期市場相對穩定。在歐洲，我們預計下半年市場狀況將隨著該地區整體經濟復甦而逐步改善。鑑於這一短期前景，我們預計第三季持續經營收入約為 27 億美元至 28 億美元，略低於或與上年持平。對於調整後的 EBITDA，我們預期企業將再創強勁季度，利潤率約為 23% 至 25%。

Now consistent with prior calls, I'll provide a more detailed business specific outlook for the third quarter. Starting with our Roofing business. We anticipate revenue growth of low to mid-single digits. While market demand for shingles in many regions should remain solid. We expect ARMA shipments to decline from prior year, assuming normalized storm demand versus elevated levels in 2024.

現在與先前的電話一致，我將提供第三季更詳細的業務具體展望。從我們的屋頂業務開始。我們預計收入成長率將達到低至中等個位數。但許多地區對木瓦的市場需求仍將保持強勁。我們預計，假設 2024 年風暴需求恢復正常而非上升水平，ARMA 出貨量將比前一年下降。

We expect our shingle volumes to remain relatively stable versus prior year as we continue to see strong demand for the OC brand and our roofing products. We anticipate normalized attachment rates and components to continue and another quarter of top line growth in nonwovens.

由於我們繼續看到對 OC 品牌和屋頂產品的強勁需求，我們預計我們的瓦片銷售將與去年相比保持相對穩定。我們預計標準化的附著率和組件將繼續存在，且非織造布的營收將再成長一個季度。

In the third quarter, we expect moderate cost and delivery inflation. We also anticipate manufacturing costs and SG&A to be up as we invest in our assets and absorb the necessary maintenance cost. 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 similar to prior year, which was 34%.

我們預計第三季成本和交付通膨將溫和。我們也預計，隨著我們對資產進行投資並吸收必要的維護成本，製造成本和銷售、一般及行政費用（SG&A）將會上升。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的價格/成本。整體而言，我們預期屋頂業務的 EBITDA 利潤率與前一年相似，為 34%。

Moving on to our Insulation business. We anticipate overall revenue to decline mid- to high single digits compared to the prior year, primarily due to a volume decline in North American residential and the sale of our building materials business in China. As a reminder, this business had approximately $130 million of revenue annually.

繼續討論我們的絕緣業務。我們預計總收入將與上年相比下降中高個位數，主要原因是北美住宅銷量下降以及我們在中國的建築材料業務的出售。提醒一下，該企業每年的收入約為 1.3 億美元。

In our North American residential insulation business, we expect revenue to be down low double digits versus prior year due to lower demand as we work through a step down in housing starts and lower backlog. For North American nonresidential, we expect revenue to be up slightly versus prior year. And in Europe, we anticipate revenue to be up versus prior year as we see gradual market recovery and currency tailwinds. Overall, for the Insulation business, we expect ongoing cost inflation, resulting in negative price cost in the quarter.

在我們的北美住宅隔熱業務中，我們預計收入將比前一年下降兩位數，原因是隨著住房開工量和積壓訂單量的下降，需求下降。對於北美非住宅領域，我們預計收入將比上年略有上升。在歐洲，隨著市場逐漸復甦和貨幣順風，我們預期收入將比去年上升。總體而言，對於絕緣業務，我們預計成本將持續上漲，導致本季價格成本為負。

Additionally, with the volume pressure in North American residential, we anticipate incremental production downtime, partially offset by productivity. Given all this, we expect EBITDA margin for insulation to be in the low 20% range. Turning to our Doors business. We continue to perform well relative to market conditions as we realize synergies and drive ongoing network optimization. Now that we have operated the Doors business for a full year post acquisition, we will begin providing guidance versus prior year.

此外，由於北美住宅用電量壓力，我們預計生產停工時間將會增加，但生產力將部分抵銷這種影響。考慮到所有這些，我們預計絕緣材料的 EBITDA 利潤率將在 20% 以下。轉向我們的門業務。隨著我們實現協同效應並推動持續的網路優化，我們繼續在市場條件下表現良好。現在，我們在收購後已經運營了門業務一整年，我們將開始提供與前一年相比的指導。

In Q3, we expect challenging market conditions to continue, resulting in a revenue decline of low to mid-single digits versus prior year, driven primarily by lower demand and pricing down slightly. While we anticipate synergies and cost control realization to continue, we expect EBITDA to be impacted by inflation, including the ongoing impact of announced tariffs.

在第三季度，我們預計充滿挑戰的市場環境將持續下去，導致收入與去年相比出現低至中等個位數的下降，主要原因是需求下降和價格略有下降。雖然我們預期協同效應和成本控制的實現將持續，但我們預計 EBITDA 將受到通貨膨脹的影響，包括已宣布的關稅的持續影響。

In the near term, Doors faces more tariff exposure than our other businesses due to the cross-border product moves into Canada, which we are actively working to mitigate. Overall, for doors, we expect EBITDA margin of low double digits to low teens for the quarter.

短期內，由於跨境產品進入加拿大，Doors 面臨的關稅風險將高於我們的其他業務，我們正在積極努力緩解這種風險。總體而言，對於門業而言，我們預計本季的 EBITDA 利潤率將達到低兩位數至低十位數。

As Todd mentioned, another factor that could impact our enterprise results in Q3 is the implementation of additional tariffs. We expect the net impact of tariffs for Owens Corning in the third quarter to be similar to what we incurred in Q2. In summary, our team delivered strong performance in the second quarter with an outstanding response to a dynamic market, executing with discipline and focus.

正如托德所提到的，另一個可能影響我們第三季企業表現的因素是實施額外關稅。我們預計第三季關稅對歐文斯科寧的淨影響將與第二季相似。總而言之，我們的團隊在第二季表現強勁，對動態市場做出了出色的反應，執行紀律嚴明、專注。

The strategic choices and structural improvements we've made over the past several years have created a new Owens Corning, a more focused, resilient company that is built to outperform. We remain confident in our ability to deliver higher, more durable margins through a cycle generates strong free cash flow and create long-term value for our shareholders. As we move through the second half of the year, we will continue to invest in our people, our capabilities and our customer relationships while maintaining a sharp focus on execution and operational discipline.

過去幾年來，我們所做的策略選擇和結構改進打造了一個全新的歐文斯科寧公司，一家更專注、更具韌性、力求超越的公司。我們仍然有信心，我們有能力透過一個週期提供更高、更持久的利潤率，產生強勁的自由現金流，並為我們的股東創造長期價值。隨著下半年的到來，我們將繼續投資於我們的員工、我們的能力和我們的客戶關係，同時高度關注執行和營運紀律。

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）

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

The question is on North American industry capacity utilization. I think it was in the low to mid-80% range. I think you guys highlighted that 90% is typically kind of the pricing trigger point. The question is how has capacity utilization trended since last quarter? And how are you thinking about pricing, especially considering the expectation for negative price cost in the third quarter?

問題是關於北美工業產能利用率。我認為它處於 80% 到 80% 的低位範圍內。我認為你們強調 90% 通常是定價觸發點。問題是自上個季度以來產能利用率趨勢如何？您如何考慮定價，尤其是考慮到第三季價格成本為負的預期？

John, this is Todd. Happy to provide more color on res pricing and market conditions. Let me start at the highest level for the enterprise because we've done a lot of work over time to grow into the repair and remodel space in roofing with nondiscretionary remodel as well as repair and remodel elsewhere. And we're at a point where the res exposure on an enterprise basis is a lot smaller than it used to be historically. We're down to about 13% of enterprise revenue in North America res in Q2.

約翰，這是托德。很高興提供更多有關資源定價和市場狀況的詳情。讓我從企業的最高層面開始介紹，因為隨著時間的推移，我們做了很多工作，以發展到屋頂維修和改造領域，包括非自由裁量改造以及其他方面的維修和改造。我們現在處於這樣一個階段：企業的資源暴露比歷史上小得多。我們第二季在北美的企業營收下降至約 13%。

So with that as the backdrop, when we look at the second quarter, we had another quarter of weak leg starts, and that's following a weak quarter that we had in Q1. So we were down about 5% in leg starts in Q1, down 1% in Q2, and then legs start to be down another 1% for Q3.

因此，以此為背景，當我們回顧第二季度時，我們會發現我們又經歷了一個開局疲軟的季度，這是繼第一季之後的另一個疲軟季度。因此，第一季的航段開航量下降了約 5%，第二季下降了 1%，第三季的航段開航量又下降了 1%。

When you look at what TopBuild announced earlier this week, they showed 11% lower volume in Q2 in their TruTeam business, which is the installation business that handles a lot of the res fiberglass. And they guided to low double-digit declines in res for 2025.

查看 TopBuild 本週稍早宣布的消息，他們顯示其 TruTeam 業務（處理大量玻璃纖維的安裝業務）第二季的銷量下降了 11%。他們預計到 2025 年資源將出現兩位數的低降幅。

We're seeing then market volumes be a little worse than leg starts, is a result of a couple of things. One is we're seeing completions decline at a faster rate than leg starts. We're also seeing a shift away from single-family construction towards multifamily in the back half of this year. And we have a higher take per unit for single-family than we do for multifamily.

我們看到市場交易量比起起步階段略差一些，這是由幾件事造成的。一是我們發現完成率下降的速度比起航程開始率下降的速度還要快。我們也看到今年下半年建築業從單戶住宅轉變為多戶住宅。而且單戶住宅的單位收入比多戶住宅更高。

So if I step back up with that context to industry utilization, we still believe the industry can support between 1.4 million and 1.5 million housing starts, depending on the mix of single-family, multifamily and that does imply first half utilization that was below 90%. What we've shared is above 90%, typically has been a market where we're able to get positive price. But there's no conclusive trends below 90%. In some of those markets, we're able to get positive price in other markets, price is neutral and price can decline as well below that 90% utilization level.

因此，如果我回到行業利用率的背景，我們仍然相信該行業可以支持 140 萬至 150 萬套新屋開工，具體取決於單戶住宅和多戶住宅的組合，這確實意味著上半年的利用率低於 90%。我們所分享的份額超過 90%，通常是我們能夠獲得正價的市場。但低於 90% 則沒有確切的趨勢。在其中一些市場，我們能夠在其他市場獲得正價，價格是中性的，價格可能會下降到 90% 的利用率水準以下。

So what we're seeing right now is we saw limited traction on the price increase that we took this year for res, fiberglass. We're still seeing a lot of inflation come through in the business. We have inflation on materials, some longer contracts that didn't reset in the peak inflationary period. We're starting to absorb some of that inflation now. We're seeing inflation in labor. We're seeing inflation and warehousing expenses. And we're not seeing much positive price in the market to offset that.

因此，我們現在看到的是，今年玻璃纖維價格上漲的勢頭有限。我們仍然看到該行業存在大量通貨膨脹。我們面臨材料通貨膨脹，一些長期合約在通貨膨脹高峰期沒有重新設定。我們現在開始吸收部分通貨膨脹。我們看到勞動力價格正在上漲。我們看到了通貨膨脹和倉儲費用。但我們並沒有看到市場上出現太多正面的價格來抵銷這種影響。

We are making very surgical price moves as needed in the market for certain products, in certain markets. But again, they're very targeted and they're very surgical moves to meet competitive situations with pricing. So overall, we are seeing a market where there is free supply. We're not sold out as we have been in recent quarters.

我們會根據市場需要，針對特定產品、特定市場採取非常精準的價格調整措施。但同樣，他們非常有針對性，並且採取非常精準的定價措施來應對競爭情勢。所以整體而言，我們看到的是一個自由供應的市場。與最近幾季的情況不同，我們的產品並未售罄。

We're navigating through that effectively with our teams. We're maintaining a price premium over competitors. We're maintaining a relatively stable share in the market. So we're doing the things we want to do commercially in this market. and we know how to navigate through this. We've seen this multiple times before with utilization at this level. So nothing unusual for us and our teams. Thanks, John, for the question.

我們正在與我們的團隊一起有效地解決這個問題。我們保持著高於競爭對手的價格。我們在市場上保持著相對穩定的份額。因此，我們正在這個市場上做我們想做的商業化的事情，我們知道如何應對這一切。我們之前已經多次看到過這種程度的利用率。所以對於我們和我們的團隊來說這沒什麼不尋常的。謝謝約翰提出這個問題。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Maybe sticking with insulation, but nonres in Europe. I think you expect revenue to be up for both of those businesses in 3Q. I'm wondering if it's possible to kind of size that and then talk about the price/cost dynamic that you're seeing in commercial and Europe installation.

也許堅持使用絕緣材料，但在歐洲卻沒有。我認為您預計這兩項業務的第三季收入都會上升。我想知道是否有可能確定其規模，然後討論您在商業和歐洲安裝中看到的價格/成本動態。

Thanks, Anthony. I'd be happy to give more color on nonres in Europe. When we look at revenue dynamics in those two markets, we are guiding to positive growth in Q3. It's fairly modest growth in both I'll talk a bit about North America and then we can talk about Europe.

謝謝，安東尼。我很樂意為歐洲的非資源領域提供更多資訊。當我們觀察這兩個市場的收入動態時，我們預期第三季將實現正成長。這兩個地區的成長都相當溫和，我將先談一下北美，然後我們可以談談歐洲。

In North America, the overall backdrop for the market is a bit of a decline in construction spending in the nonres space. what's interesting is we're seeing growth in the market in some of the end markets where take per unit is higher for insulation. So we highlighted data centers in our prepared remarks. But that's a really important one because the take per unit is really high for data centers. And we know there's a lot of construction occurring to support the boom in AI.

在北美，市場的整體背景是非住宅領域的建築支出略有下降。有趣的是，我們看到一些終端市場的市場正在成長，這些市場的單位隔熱材料需求更高。因此我們在準備好的發言中強調了資料中心。但這確實很重要，因為資料中心的單位收入非常高。我們知道，為了支持人工智慧的繁榮發展，正在進行大量建設。

But we're seeing the same thing in some of the process insulation we sell for manufacturing and an insulation for oil and gas, all of those are good end markets for us now. So we're seeing relatively good conditions for our products in market. I'll remind everybody in the nonres space, these products tend to be more specified into the applications. And we tend to compete on multiple performance attributes. What that means for us practically is pricing tends to be a bit more stable in this space.

但我們在銷售用於製造業的某些工藝絕緣材料以及用於石油和天然氣的絕緣材料中也看到了同樣的情況，所有這些現在對我們來說都是良好的終端市場。因此，我們看到我們的產品在市場上的狀況相對較好。我要提醒非資源領域的每個人，這些產品往往在應用上更具體。我們傾向於在多種性能屬性上競爭。對我們來說，這實際上意味著這個領域的定價趨於更加穩定。

And we're seeing that come through our Q2 results where we are seeing positive price in nonres. We are seeing inflation come through in this market. Similar dynamics to what we've seen in many of the product lines to what I described in res, but pricing isn't -- typically has not moved the same way we've seen it move in the nonres space in North America -- or in North America res space compared to North American nonres.

我們在第二季的業績中看到了非房地產價格的上漲。我們看到通貨膨脹正在這個市場出現。我們在許多產品線中看到的動態與我在 res 中描述的類似，但定價卻不是——通常沒有像我們在北美非 res 領域看到的那樣變動——或者與北美 res 領域與北美非 res 領域的變動相比。

When we look at Europe, Europe overall, we're seeing green shoots and especially in some of the markets where we've got a strong position in the Nordics, in the UK. We're seeing pockets in Southern Europe be strong. We're seeing others in the industry share that on their earnings calls. Our revenue was down in Q2 in Europe, largely due to a couple of product lines that we chose to exit in the region.

當我們放眼歐洲，整個歐洲時，我們看到了復甦的跡象，特別是在我們佔據強勢地位的北歐和英國的一些市場。我們看到南歐的一些地區表現強勁。我們看到業內其他公司在他們的收益電話會議上分享了這一點。我們第二季在歐洲的收入下降，主要是因為我們選擇退出該地區的幾條產品線。

But overall, we're encouraged with the trends off of a low base in Europe. Europe has been weak since we saw the Ukraine invasion. Our teams have done a great job in Europe getting costs out of our business and driving productivity. We're in a really good position now with capacity to sell and to grow into where we're going to like the incremental margins on that business as the market recovers. So it's early days in the European recovery. but we're encouraged with what we see with the green shoots. Thanks, Anthony.

但總體而言，我們對歐洲低基數的趨勢感到鼓舞。自從烏克蘭入侵以來，歐洲一直很弱。我們的團隊在歐洲做出了巨大貢獻，降低了業務成本並提高了生產力。我們現在處於非常有利的地位，擁有銷售能力，隨著市場復甦，我們將會喜歡該業務的增量利潤率。歐洲經濟復甦尚處於初期階段，但我們對所見的復甦跡象感到鼓舞。謝謝，安東尼。

Michael Rehaut, JPMorgan.

摩根大通的麥可雷豪特。

Nice results. Wanted to shift gears a little bit to the doors business. You guided for the third quarter low double digit to low teens, which might imply slight improvement, if I'm reading into that correctly from the 2Q performance.

效果不錯。想要稍微轉變一下方向，轉向門業。如果我對第二季的表現理解正確的話，您預測第三季的成長率將在兩位數以下到十幾位以下之間，這可能意味著略有改善。

Just wanted to get a sense of what's driving that if it's the ongoing cost synergy realization? And kind of bigger picture, when you look at this business, pre-acquisition. If you look at North America, Europe blended, they did about a 19% EBITDA margin. Obviously, over the last year or two has taken a real hit from the new res market, but how do you see line of sight back to that? Obviously, the 75 additional synergies may give you another 3 points. But how would you see line of sight back to like a 20-ish type of EBITDA margin?

只是想了解一下，如果這是持續的成本協同效應實現，那麼推動它的因素是什麼？當你審視這項業務時，可以看到收購前的更大圖景。如果你看看北美和歐洲的混合情況，他們的 EBITDA 利潤率約為 19%。顯然，過去一兩年新住宅市場確實受到了衝擊，但您如何看待這種情況的發生？顯然，額外的 75 種協同作用可能會為您帶來另外 3 分。但是您如何看待 EBITDA 利潤率回到 20 左右的水平呢？

Mike, thanks for the comments and the questions. And we are really pleased overall with the performance of the business. Every business, I think, is outperforming the market, even with the tough res market environment, as Todd pointed out, our res business is still performing at a very high level, very blended in terms of our noncommercial Europe residential rates.

麥克，感謝您的評論和提問。我們對公司的整體業績感到非常滿意。我認為，即使在嚴峻的房地產市場環境下，每項業務的表現都優於市場，正如托德指出的那樣，我們的房地產業務仍然表現得非常高，就我們的非商業歐洲住宅利率而言，表現非常混合。

Our Roofing business is performing at a probably high level. In our doors business, continues to perform at a really high level relative to the market challenges we're facing into. So in terms of our Q3 guide versus Q2, to answer your first part of your question, we're actually guiding to pretty much in-line performance to Q2. So while this is going to be the first quarter, our Q3 guide on a year-over-year basis. And while we're seeing volumes kind of step down on the year-over-year, sequentially, we've seen really good volume stability through the first half of the year, and we expect that to continue.

我們的屋頂業務表現可能處於高水準。在我們的門業中，相對於我們面臨的市場挑戰，我們繼續保持著非常高的表現。因此，就我們的第三季指南與第二季的指南而言，回答您問題的第一部分，我們實際上指導的表現與第二季基本一致。因此，雖然這是第一季度，但我們的第三季度指南是按同比計算的。雖然我們看到銷量比去年同期有所下降，但上半年銷量保持了非常好的穩定性，我們預計這種情況將持續下去。

So I think we're seeing that kind of continued volume stability, which is the core of why we're giving a guide that's pretty much in line with Q2. We're seeing good market pricing stability and good pricing stability. We're seeing good mix staying pretty constant. So we've seen certainly a step down in both the new construction and R&R part of the business year-over-year, but some good stability month-over-month and quarter-over-quarter.

所以我認為我們看到了這種持續的銷售穩定性，這也是我們給出與第二季度基本一致的指導的核心原因。我們看到市場價格穩定性良好，價格穩定性良好。我們看到良好的組合保持相當穩定。因此，我們看到新建築和 R&R 業務部分同比都有所下降，但環比和環比保持了良好的穩定性。

And we think that gives us confidence we can sustain that kind of margin performance. We do expect to see a little bit of tariff headwind in Q3 with some of the step-up tariff rates, particularly around steel and aluminum. And we're also starting to work through some of the inventory pre-buys and some of the materials we're bringing in to be in front of that. So that's going to be a little bit of headwind, that we think is offset through some of the continuing cost optimization work through our network integration.

我們認為這給了我們信心，我們可以維持這種利潤率表現。我們確實預期第三季會出現一些關稅阻力，部分產品關稅將會上調，尤其是鋼鐵和鋁產品。我們也開始著手處理一些庫存預購和一些我們引入的材料。所以這將會有點不利因素，但我們認為可以透過網路整合持續進行的一些成本優化工作來抵銷。

So back to your second part, you're right in terms of how you characterize the long-term performance in that high-teen EBITDA margin performance, we feel that the business can perform at or above that level. That was what made it an attractive product category for us to get into. It is a category that we could scale up. We could grow -- and we felt we could really improve the margin performance with our ownership advantages, kind of applying the same playbook around commercial execution, operational execution that we've done in roofing and insulation to improve the margin performance in those businesses within doors.

回到您的第二部分，就您如何描述高青少年 EBITDA 利潤率表現的長期表現而言，您說得對，我們認為業務可以達到或超過該水平。這使得它成為我們頗具吸引力的產品類別。這是一個我們可以擴大規模的類別。我們可以發展——而且我們認為，我們可以利用我們的所有權優勢真正提高利潤率，在商業執行、營運執行方面應用我們在屋頂和隔熱材料領域所做的相同策略，以提高室內業務的利潤率。

And that's the path we laid out at Investor Day around the long-term guide that we can see an EBITDA margin performance in this business 20% or above. In the near term, there's going to be a lot of work around the cost optimization side. Network integration is tracking on path to our $125 million. We also then continue to see network optimization opportunities. That's going to be another leg up.

這就是我們在投資者日圍繞長期指南制定的路線，我們可以看到該業務的 EBITDA 利潤率表現達到 20% 或以上。短期內，在成本優化方面將會有很多工作要做。網路整合正朝著 1.25 億美元目標邁進。我們也將繼續看到網路優化機會。這將是另一項優勢。

We're just getting started with that. We did announce the closure of a facility in Oregon, that's part of that network optimization as we think about where we can realize productivity benefits and drive more scale efficiency inside the network, so that's going to be another big leg up in terms of margin improvement as we optimize the production network.

我們才剛開始做這件事。我們確實宣布關閉俄勒岡州的一個工廠，這是網路優化的一部分，因為我們正在考慮在哪裡可以實現生產力效益並在網路內部提高規模效率，因此，隨著我們優化生產網絡，這將是利潤率提高的又一大助力。

And then we continue to make great progress commercially. In terms of how we're looking at positioning this product along with roofing and with insulation on a more integrated basis to some of our larger distribution partners. And we're starting to see a little bit of traction in that work where we can take a more integrated product offering to our contractor base, our builder base, our dealer base and then that gets pulled through distribution, and we think that's the third piece of this in terms of the commercial execution side that drives margin performance.

然後我們繼續在商業上取得巨大進步。就我們如何將該產品與屋頂和隔熱材料一起以更全面的方式定位給我們的一些較大的分銷合作夥伴而言。我們開始看到這項工作取得了一些進展，我們可以向我們的承包商、建築商、經銷商提供更一體化的產品，然後透過分銷進行銷售，我們認為這是商業執行的第三個部分，可以推動利潤表現。

But certainly, in the near term, we're going to work through a choppy environment. A lot of the cost optimization and network realization work we're seeing is being consumed by kind of tariffs and some of the volume headwinds we're facing into the market today. But we're really set up with an improved cost structure, I think, an improved commercial position that once we start to see market conditions come back, I think we really can accelerate the earnings at a pretty fast pace going forward.

但可以肯定的是，在短期內，我們將在一個動盪的環境中開展工作。我們看到，許多成本優化和網路實現工作都被關稅和我們今天在市場上面臨的一些數量阻力所消耗。但我認為，我們確實已經建立了改進的成本結構和改進的商業地位，一旦我們開始看到市場狀況回暖，我認為我們真的可以以相當快的速度加速未來的盈利。

Stephen Kim, Evercore ISI.

史蒂芬金 (Stephen Kim)，Evercore ISI。

Appreciate all the color here so far. I wanted to ask you guys about mix. In Insulation, just kind of starting there, I think you'd indicated that there was overall some negative mix, which offset some of your positive pure price. But I think you also indicated that FOAMGLAS sales were stronger, nonres is performing well, and the North American residential was kind of pulling of some softness, which I think everybody understands. But is it nonres and FOAMGLAS kind of higher mix. So I was wondering if you could provide a little more clarity on the negative mix in insulation.

欣賞到目前為止這裡的所有色彩。我想問你們關於混合的問題。在絕緣材料方面，從那裡開始，我認為您已經指出總體上存在一些負面混合，這抵消了部分積極的純價格。但我認為您也指出了 FOAMGLAS 銷售更加強勁，非住宅表現良好，北美住宅市場有所回暖，我想大家都明白這一點。但它是 nonres 和 FOAMGLAS 類型的高級混合。所以我想知道您是否可以更清楚地解釋絕緣中的負面混合物。

And then in Roofing, I wanted to kind of get a sense for what you're seeing there in terms of mix. You've had a lot of really good mix. Some of that was due to the Protective Packaging going away. Some of that was the increase in laminated shingles. Kind of curious what we should be thinking there? And is there any impact from the reclass of nonwovens that might pull out the numbers a little bit. Just help us understand mix broadly in roofing as well.

然後在屋頂方面，我想大致了解你在那裡看到的混合情況。您已經擁有了很多非常好的混音。部分原因是由於保護性包裝的消失。其中一些是層壓瓦片的增加。有點好奇我們該在那裡想什麼？不織布的重新分類是否會產生影響，從而稍微拉低產量？也幫助我們廣泛了解屋頂的混合。

Stephen, I'll take insulation first, and then Brian can step in on the roofing piece. So we did see negative mix in Q2. We believe it's mostly timing related to some projects and when they hit compared to prior year. So we don't see it as an ongoing dynamic. We don't think this is something that is permanent. Just a little bit of noise in Q2 as a result of that timing.

史蒂芬，我先來做隔熱層，然後布萊恩再來做屋頂部分。因此我們確實看到了第二季的負面情況。我們認為這主要與一些項目的時間有關，以及與去年相比它們的完成時間。所以我們並不認為這是一個持續的動態。我們認為這不是永久的事。由於時間原因，第二季只出現了一點點噪音。

Yes. And Stephen, on Roofing, we're really not seeing big variations in terms of overall mix. that's impacting the results. We've continued to see a step-up of laminate shingle demand in the market, and we've been keeping pace with that, with our investments. It's why we've been investing to increase our land capacity at Medina and the new facility in the Southeast. So we've seen that continue to tick up, but continue to support that in components.

是的。史蒂芬，關於屋頂，我們確實沒有看到整體組合方面的巨大變化。這影響了結果。我們持續看到市場對層壓瓦片的需求不斷增加，我們也一直在透過投資來跟上這一成長步伐。這就是我們一直投資增加麥地那土地容量和東南部新工廠的原因。因此，我們看到這一趨勢持續上升，但組件方面仍繼續支持這一趨勢。

We've really have settled into a really nice attachment rate, so part of that is the branded roofing system we can offer contractors can take into the home where they buy our underlayments or starter or hip and rigs all part of a complete system in package, OC branded. And that has really driven a lot of the components volume. But we've seen those attachment rates stay fairly steady, a little bit of positive momentum, but in increments.

我們確實已經確定了一個非常好的附著率，其中一部分是我們可以提供的品牌屋頂系統，承包商可以將其帶回家中，他們購買我們的襯墊或啟動器或臀部和鑽機，所有這些都是完整系統包的一部分，OC 品牌。這確實推動了大量組件產量的成長。但我們看到這些附著率保持相當穩定，有一點正面的勢頭，但呈現遞增趨勢。

And then to your other question on the nonwovens bring that in, that really is not having any impact in terms of the mix overall. Part of the focus and desire to bring that into roofing is it really is an integral part of the vertical integration strategy in roofing, to have that nonwoven seeding in and gives us great opportunities, driving productivity in our manufacturing processes, driving innovation with the structural design of the shingle.

然後回答您關於非織造布的另一個問題，就整體混合而言，這實際上沒有任何影響。將其引入屋頂的重點和願望的一部分是，它確實是屋頂垂直整合戰略的一個組成部分，將不織布播種進來並給我們帶來巨大的機會，提高我們製造過程的生產力，推動瓦片結構設計的創新。

And then the external sales carry a margin profile very similar to our overall roofing business. So it's a great fit in terms of the complements the vertical integration piece and gives us a good margin structure very similar to components and in the roofing business. So really no impact in terms of overall mix with the nonwovens business coming in.

然後，外部銷售的利潤狀況與我們的整體屋頂業務非常相似。因此，就補充垂直整合部分而言，這是一個很好的契合，並且為我們提供了一個與零件和屋頂業務非常相似的良好利潤結構。因此，就非織造布業務的整體組合而言，實際上沒有影響。

Sam Reid, Wells Fargo.

富國銀行的薩姆·里德。

It sounds like you're planning to drive roofing volumes ahead of ARMA in the third quarter. maybe just contextualize what you mean by industry single market down. Does it mean down low single digits, down mid-single digits? And then maybe talk through your outperformance. Is that just better execution on your part? Or would you also characterize that as some incremental volumes coming out of Medina, would just love to get a sense of the contribution from that new capacity on roofing and how plays into your guidance?

聽起來您計劃在第三季度推動屋頂銷售超過 ARMA。也許只是將您所說的產業單一市場下滑具體化。這是否意味著下降低個位數，下降中個位數？然後也許再談談你的出色表現。這是否只是您執行得更好了？或者您也將其描述為來自麥地那的一些增量，只是想了解新產能對屋頂的貢獻以及如何發揮您的指導作用？

Yes. Thanks, Sam. Overall, we came into the second quarter expecting to see a step down in market shipments based on a more normalized storm season. And that's really what we think happened in Q2 and what we expect to continue to happen here in Q3. So in the third quarter, while we expect it to be very solid from a historical standard, it could be down mid-single digits depending on storm activity as well.

是的。謝謝，山姆。總體而言，進入第二季度，我們預計由於風暴季節更加正常化，市場出貨量將會下降。我們認為這確實是第二季發生的情況，我們預計第三季也會繼續發生這種情況。因此，在第三季度，雖然我們預計其從歷史標準來看會非常穩健，但根據風暴活動的情況，其可能會下降中等個位數。

So we could see a similar evolution of that. Again, overall in the market, good conditions, but it's a step down to more normalized storm volume. So the last time we saw this was in the back half of 2022, and this is where you saw the strength of our contractor engagement model. And that's really the success of our business is centered around that model where we go out, we convert contractors to our brand, our products.

因此我們可以看到類似的演變。再次，總體而言，市場狀況良好，但風暴量正在向更正常化的方向下降。因此，我們上次看到這種情況是在 2022 年下半年，這時您就看到了我們的承包商參與模式的優勢。我們的業務成功確實圍繞著這種模式，即我們走出去，將承包商轉變為我們的品牌和產品。

We help them win and grow in the market through our marketing tools, our digital tools, our commercial and training capabilities, all those things that really drive the contractors' success helps them grow their businesses. And then in turn, that creates a loyalty to our product brand and also creates demand for our distribution partners. So it's a win-win across the channel in terms of how we focus that.

我們透過我們的行銷工具、數位工具、商業和培訓能力幫助他們在市場上贏得勝利並發展，所有這些真正推動承包商成功的因素都有助於他們發展業務。反過來，這會為我們的產品品牌創造忠誠度，也會為我們的分銷合作夥伴創造需求。因此，就我們的關注點而言，這是跨渠道的雙贏。

And we continue to invest to improve and increase that contractor engagement model and add contractors to the network. So when we talk about outperformance relative to the market, what we delivered in Q2 and what we expect to deliver in Q3, we're really not driving volume. We're just responding and servicing the contractor base that has built their business around our products and brands. and are continuing to grow in the market. So it's really servicing that base overall.

我們將繼續投資以改善和增加承包商參與模式並將承包商添加到網路中。因此，當我們談論相對於市場的優異表現、我們在第二季度的表現以及我們預計在第三季度的表現時，我們實際上並沒有推動銷售。我們只是回應並服務那些圍繞我們的產品和品牌建立業務並在市場上持續成長的承包商群體。所以它實際上是在為整個基地提供服務。

It is why we've invested in increasing land capacity. You mentioned Medina. So we were able to start that up towards the end of the second quarter. That volume is ramping up and getting into the market, but that's going to be a ramp-up over the back half of the year, really won't get to full capacity utilization until we get to the first part of next year when we hit that spring selling season, but it absolutely is a big part of now having more land capacity to service that contractor demand that we've seen.

這就是我們投資增加土地容量的原因。您提到了麥地那。因此我們能夠在第二季末開始實施這項計劃。數量正在增加並進入市場，但這將在下半年大幅增加，直到明年上半年進入春季銷售旺季時才能真正達到滿負荷產能利用率，但這絕對是現在擁有更多土地產能來滿足我們所看到的承包商需求的重要組成部分。

And frankly, we have been lagging in service to our distribution partners as well as our contractors. So we expect that even if the market conditions shift down a little bit like we would expect to see, we're going to see good demand for our contractors that's going to drive volume through distribution. We also think across the board, we probably have some lean inventories in several regions of OC product, relative to other brands in the market. So we think there's going to be some inventory buying there.

坦白說，我們對分銷合作夥伴和承包商的服務一直落後。因此，我們預計，即使市場狀況如我們預期的那樣略有下滑，我們的承包商仍將面臨良好的需求，從而推動分銷業務量的成長。我們也認為，相對於市場上的其他品牌，我們在 OC 產品的幾個地區可能存在一些精益庫存。因此我們認為那裡會有一些庫存購買。

And then lastly, we're going to continue to operate our facilities full out in the quarter because we're operating with very, very low inventory levels. We've been doing this for several years. And we would actually like to be able to rebuild some inventory levels in our facilities just to improve our service and commitments and service cycles to our customers. So that's all work that's kind of going in as we work through Q3 and finish the year.

最後，我們將在本季繼續全力營運我們的設施，因為我們的庫存水準非常非常低。我們已經這樣做好幾年了。我們實際上希望能夠重建我們設施中的一些庫存水平，以改善我們對客戶的服務和承諾和服務週期。這就是我們在第三季和年底期間進行的所有工作。

Brian Biros, Thompson Research Group.

布萊恩·比羅斯（Brian Biros），湯普森研究小組。

I guess can you talk a little bit more about the specification in your nonres insulation nonres in our view as a long outlook for good growth. You talked a little bit about it earlier. But if you could expand on, I guess, how your products play into that opportunity in data centers and manufacturing that you mentioned? And maybe Sure, if you have any metrics around win rates or market share in those specific end markets would be great.

我想您能否再多談非再生能源絕緣非再生能源的規格，我們認為這具有長期良好的成長前景。您之前已經談論過一點這個話題。但是，我想，如果您可以詳細說明一下，您的產品如何利用您提到的資料中心和製造業的機會呢？當然，如果您有任何關於這些特定終端市場的贏率或市場份額的指標，那就太好了。

Thanks, Brian. We don't share a lot on win rates or market share within the verticals. But I can give more context on how our insulation is used on the nonres side. There's two major areas that you would see our insulation in, for example, a data center or in a manufacturing facility.

謝謝，布萊恩。我們並沒有分享太多有關垂直領域的勝率或市場份額的資訊。但我可以提供更多關於我們的絕緣材料在非可再生能源方面的用途的背景資訊。您可以在兩個主要區域看到我們的絕緣材料，例如資料中心或製造工廠。

One is in the building envelope itself to make sure that we control temperature, but also moisture within a data center, which tends to have pretty extensive HVAC requirements associated with all the equipment that's there. And Insulation plays a really big role in making sure that the building itself performs at a high level. These also are mission-critical facilities. We're making sure that you control moisture, especially in the roofing system is important. In a couple of our products, in particular, our XPS foam product and our cellular glass product performed really well when it comes to moisture performance. So the building is one piece of it.

一方面是建築圍護結構本身，以確保我們控制溫度，另一方面也要控制資料中心內的濕度，因為資料中心內的所有設備往往對 HVAC 有相當廣泛的要求。隔熱對於確保建築物本身的高水準性能起著非常重要的作用。這些也是關鍵任務設施。我們確保您控制濕度，尤其是屋頂系統的濕度，這一點很重要。在我們的幾款產品中，特別是我們的 XPS 泡棉產品和泡棉玻璃產品在防潮性能方面表現非常出色。所以建築是其中的一部分。

The other piece is process equipment. So when you think about HVAC itself or when you think about hot or cool air liquid in a manufacturing plan or a data center or other facility, it is important to insulate pipes and pieces of process equipment. And you would see our products go into those markets as well, either directly with us selling a final product that goes into the application or indirectly as we sell a product into someone that then converts it into a final product for the application.

另一部分是製程設備。因此，當您考慮 HVAC 本身或當您考慮製造計劃或資料中心或其他設施中的熱空氣或冷空氣液體時，對管道和製程設備進行隔離非常重要。而且您會看到我們的產品也進入這些市場，要么直接透過我們銷售用於應用程式的最終產品，要么間接地將產品銷售給某人，然後將其轉換為應用程式的最終產品。

So we're encouraged with what we see as the long-term secular trends towards onshoring of manufacturing as well as the growth in oil and gas as well as the growth in data centers. All of that plays well to the products that we have. Typically, our products are designed. They're engineered for the application that they're in. So in some cases, we have hard specifications where our product is specified by name. In other cases, our product is designed for that application, which makes it a stickier relationship with the customer going forward. and also creates the more stable pricing dynamics we see in that space.

因此，我們對製造業回流、石油和天然氣以及資料中心成長的長期趨勢感到鼓舞。所有這些都對我們的產品起到了很好的作用。通常，我們的產品都是經過設計的。它們是根據其應用場合而設計的。因此在某些情況下，我們有嚴格的規範，我們的產品是透過名稱來指定的。在其他情況下，我們的產品是為該應用程式設計的，這使得它與未來的客戶關係更加緊密，並且還創造了我們在該領域看到的更穩定的定價動態。

Matthew Bouley, Barclays.

巴克萊銀行的馬修·布萊（Matthew Bouley）。

I wanted to ask about sort of high level on insulation and margins specifically. I'm wondering if you can either quantify or maybe speak directionally to the difference in margins between the residential business and the nonresidential businesses within insulation. And I ask because once upon a time when the segment was much heavier residential and you saw these type of double-digit declines in residential revenues, the margins would have been, I'll say, significantly more volatile, but today, you're holding these EBITDA margins at 24% in Q2 and guiding to low 20% range in Q3. So how do you explain that change today versus then? And kind of any color on that relative profitability between residential and nonresidential.

我想具體詢問一下絕緣和利潤率的高水準問題。我想知道您是否可以量化或直接說明隔熱領域住宅業務和非住宅業務之間的利潤差異。我之所以問這個問題，是因為以前該部門主要以住宅業務為主，住宅收入出現兩位數的下滑，利潤​​率波動會更大，但今天，你們將第二季度的 EBITDA 利潤率維持在 24%，並將第三季度的利潤率控制在 20% 左右。那麼，您如何解釋今天與當時相比的變化呢？以及住宅和非住宅之間的相對盈利能力的任何顏色。

Thanks, Matt Happy to add more color on why we're delivering stable margins in the business. What you're seeing on the res side is the culmination of the work we've been doing for really a decade now in restructuring that business. And making sure that we've got a flexible and cost-efficient network to serve our markets and our customers.

謝謝，馬特很高興能夠進一步解釋為什麼我們能夠在業務中實現穩定的利潤。您在資源方面看到的是我們十年來重組該業務工作的成果。並確保我們擁有靈活且經濟高效的網路來服務我們的市場和客戶。

It was actions like the sale of our Santa Clara plant, starting up a lower cost, more flexible facility in Nephi, Utah to serve that market, leveraging our capacity differently and focusing on both our planned overhead costs as well as our variable cost in our network.

這些行動包括出售我們的聖克拉拉工廠，在猶他州尼腓建立一個成本更低、更靈活的工廠來服務該市場，以不同的方式利用我們的產能，並關注我們的計劃間接成本以及網路中的變動成本。

So we've done all of that. At the same time, we did a lot of commercial work to make sure we serve customers that we're really happy to be positioned with long term. And all of that has created a business that we believe is more resilient and could perform at higher margin levels than we have historically in similar types of markets.

我們已經完成了所有這些。同時，我們做了大量的商業工作，以確保我們能夠長期服務我們真正樂意合作的客戶。我們相信，所有這一切創造了一個更具彈性的業務，並且可以實現比歷史上類似市場更高的利潤水平。

The additional color I would add for the second quarter is while we were able to rebuild inventories in insulation in the quarter, which we sought to do for actually a number of years as we were sold out in that business. We also saw some curtailment impacting our results, our margins in Insulation in Q2, and we would expect to see that again in Q3.

我想為第二季度補充的一點是，我們能夠在本季度重建絕緣材料庫存，實際上，我們已經嘗試這樣做很多年了，因為該業務已經售罄。我們也發現，第二季的絕緣產品利潤率受到了一定程度的影響，我們預計第三季還會再次出現這種情況。

So the margin results, you commented on are actually inclusive of taking idle to make sure we remain disciplined from a working capital standpoint in our insulation business around inventory in the quarter. So we're not sharing the margins specifically by subsegment as we have historically. But certainly, all of the work that we've done to position in our res business, but then also to grow our nonres business and create higher and more durable margins there, is paying off in terms of really strong insulation EBITDA margins and what are weakening residential markets, and we're happy with that result.

因此，您評論的利潤率結果實際上包括閒置，以確保我們在本季的絕緣業務中從營運資本的角度保持紀律。因此，我們不會像過去那樣按細分市場具體分享利潤。但可以肯定的是，我們為定位我們的住宅業務，以及發展我們的非住宅業務並在那裡創造更高、更持久的利潤率所做的所有工作，都在真正強勁的隔熱 EBITDA 利潤率和疲軟的住宅市場方面獲得了回報，我們對這一結果感到滿意。

Philip Ng, Jefferies.

傑富瑞的 Philip Ng。

Another question on Insulation, sorry, guys. I guess on North America, Todd, you kind of hit it on taking some downtime. Can you expand on that? Like are you taking -- and have you have any comp, are you contemplating taking more extended downtime? What are your carriers doing I suspect some of the weakness you're seeing in North American resi destocking, where kind of we in that destocking cycle? And just lastly, when you look at your price gaps for pricing for North American resi insulation, have the gap widened this year? Any color would be really helpful.

還有一個關於絕緣的問題，抱歉，各位。托德，我想在北美，你有點想利用這段時間休息一下。能詳細闡述嗎？例如，您是否正在考慮—您是否有任何補償，您是否正在考慮延長停機時間？我懷疑您在北美住宅去庫存過程中看到了一些疲軟跡象，那麼您的承運商在做什麼呢？我們處於去庫存週期的哪個階段？最後，當您查看北美住宅絕緣材料的價格差距時，今年的差距是否擴大了？任何顏色都會很有幫助。

Thanks, Phil. Happy to add more color. Let me start with the market and what we're seeing, and then I can work into what we're doing within our business. As I shared before, we are seeing volumes in the market, we believe, for the industry, trend down at a greater rate than leg starts. And in part, that's driven by completions declining at a greater rate than leg starts are declining.

謝謝，菲爾。很高興能增添更多色彩。讓我先從市場和我們所看到的情況開始，然後我再談談我們在業務中所做的事情。正如我之前分享的，我們看到市場交易量下降，我們認為，對於整個產業而言，下降速度比起航程開始的速度要快。部分原因是，完成航班數量的下降速度高於出發航班數量的下降速度。

It's also the shift towards multifamily away from single family. I also believe it is destocking that we're seeing because we shifted from an industry that was tight in terms of supply, not that long ago, to an industry that now I would characterize as being in free supply.

這也是從單戶住宅轉變為多戶住宅的過程。我還認為，我們看到的這種去庫存現像是因為我們不久前從一個供應緊張的行業轉變為一個現在供應自由的行業。

So we are seeing an environment where inventories through the channel, we believe, have been destocked in the quarter. In terms of price gaps, I'd characterize it as we're roughly in line with where historic gaps have been. I don't think we're seeing a real shift in either direction in terms of the gaps. Those gaps are a function of the value we provide to customers, and that value is still there today as it was a year ago and two years ago and five years ago in terms of what we provide. What we're doing now for curtailment is we have a target inventory that we wanted to rebuild in the second quarter to make sure we can service our customers well.

因此，我們看到這樣一種環境：我們認為，本季通過通路的庫存已經減少。就價格差距而言，我認為我們大致與歷史差距持平。我認為，就差距而言，我們並沒有看到任何真正的轉變。這些差距取決於我們為客戶提供的價值，就我們所提供的服務而言，該價值今天仍然與一年前、兩年前和五年前相同。我們現在採取的削減措施是，我們有一個目標庫存，我們希望在第二季重建，以確保我們能夠很好地為客戶提供服務。

And we were light on inventory quarter after quarter of the last few years. So we wanted to rebuild that and we were able to rebuild that in the second quarter. But we also want to make sure we're disciplined in terms of free cash generation and working capital. So we started to take curtailment.

過去幾年裡，我們的庫存一直處於低點。因此，我們希望重建這一點，並且我們能夠在第二季度重建這一點。但我們也希望確保我們在自由現金產生和營運資本方面遵守紀律。因此我們開始採取削減措施。

The form that's taking for us now is what we would call hot idle curtailment, which is the lines are still operational, but we're taking longer maintenance downtime. We're slowing down lines. We're doing the normal things we do to build curtailment into our business. We still have optionality to move to what we would call cold idle, which is where we take a line down completely, where it takes a while for that to restart.

我們現在採取的形式就是所謂的熱閒置削減，即生產線仍在運行，但我們需要更長的維護停機時間。我們正在放慢排隊速度。我們正在採取正常措施，將削減納入我們的業務。我們仍然可以選擇轉向所謂的冷閒置狀態，也就是完全關閉生產線，然後需要一段時間才能重新啟動。

We tend to look at longer-term supply-demand dynamics within the industry before we make those more permanent or semi-permanent capital and capacity decisions. So that's still possible for us to do. But right now, we're managing curtailment through hot idle and trying to manage it through longer maintenance downtime and other kind of normal course actions. Thank you, Phil.

在做出更永久或半永久的資本和產能決策之前，我們傾向於考慮產業內長期的供需動態。所以我們仍然可以做到這一點。但目前，我們正在透過熱怠速來管理削減，並嘗試透過更長的維護停機時間和其他類型的正常行動來管理削減。謝謝你，菲爾。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

My question is on the SG&A. You mentioned in your prepared remarks that you are looking to increase there, especially in roofing. When you consider the current operating environment, how do you think about measuring the returns on the investments that you're making in there? And also, what is your ability to flex that spend depending on how things change in the broader housing and macro in the next couple of quarters.

我的問題是關於銷售、一般及行政費用 (SG&A)。您在準備好的發言中提到，您希望增加這方面的收入，特別是在屋頂方面。當您考慮當前的營運環境時，您如何衡量您在其中進行的投資回報？此外，根據未來幾季整體住房和宏觀情勢的變化，您如何靈活調整支出？

Thanks, Sue. We are seeing some step-up of very specific investments, particularly in roofing, where we've built really a great model. I'll go back to the center of our success is that contractor engagement model we have built. That's really driving the margin performance of the business going forward.

謝謝，蘇。我們看到一些非常具體的投資正在增加，特別是在屋頂領域，我們在該領域建立了一個非常棒的模型。我要回到我們成功的核心，那就是我們建立的承包商參與模式。這確實推動了未來業務的利潤表現。

So we will continue to invest in the right commercial tools, marketing tools, digital tools and commercial resources to support a growing contractor base. That would be an example of a very targeted investment to drive revenue growth and to support margin growth as well in the business. And that's how we really look at it across the enterprise. We are looking very surgically to where we want to make investments around our commercial strength, our brand, our technology and innovation efforts that we've stepped up to drive product and process investment innovations at a faster rate. So those are investments that we make that really come through then the business returns.

因此，我們將繼續投資正確的商業工具、行銷工具、數位工具和商業資源，以支援不斷增長的承包商基礎。這是一個非常有針對性的投資的例子，可以推動收入成長並支持業務利潤成長。這就是我們在整個企業中真正看待它的方式。我們正在非常仔細地尋找我們想要在商業實力、品牌、技術和創新努力方面進行投資的地方，我們已經加強了投資力度，以更快的速度推動產品和流程投資創新。所以，這些都是我們進行的投資，確實會帶來回報。

So how we measure success is in the margin profile than the business that we're investing in. And do we continue to see opportunities to grow revenues and expand the margin rates inside the businesses based on those investments.

因此，我們衡量成功的標準是利潤率，而不是我們所投資的業務。我們是否會繼續看到基於這些投資來增加收入和提高企業內部利潤率的機會？

We always look at the overall market environment. So we want to be aware of how dynamics are shifting, how that might impact volumes, price, margins, and performance of the business. But the investments we've made on both the CapEx side, you've seen us making, are really focused on productivity investments around automation and modernization of our assets and on growth, that we think supports our market positions over time. And then you're going to see us invest in very specific market commercial initiatives where we can drive again and support that revenue and margin profile within the businesses through those investments going forward.

我們始終關注整體市場環境。因此，我們希望了解動態如何變化，以及這將如何影響業務的數量、價格、利潤和績效。但是，正如您所看到的，我們在資本支出方面所做的投資實際上都集中在圍繞資產自動化和現代化的生產力投資以及成長上，我們認為這將長期支持我們的市場地位。然後你會看到我們投資於非常具體的市場商業計劃，我們可以透過這些投資再次推動並支持企業的收入和利潤狀況。

Mike Dahl, RBC Capital Markets.

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

Just wanted to ask on resi in gold pricing. It seems like there was a pretty healthy uptake on the April increase. Our sense is maybe some like slight regional variations just given the differences in demand that have emerged. So as you think about the market being down in the back half of the year, how would you characterize pricing sequentially? And what are your expectations embedded in the guide for price maybe more specifically for resi and gold at least through 3Q?

只是想詢問黃金的定價。看起來四月的成長勢頭相當強勁。我們的感覺是，考慮到出現的需求差異，可能會有一些輕微的地區差異。那麼，當您想到下半年市場低迷時，您會如何描述連續的定價？您對價格指南（尤其是至少到第三季的房地產和黃金價格指南）有何預期？

Thanks, Mike. Yes, we have seen good price realization of our April increase. We saw that materialize through Q2. And embedded in our guide is a continued realization of that pricing as we see good demand for our product, as I talked about earlier, in terms of the contractor demand we're still seeing outdoor sales of our products are strong, and we're seeing just good overall market demand.

謝謝，麥克。是的，我們看到四月漲價的良好實現。我們在第二季度看到了這項成果。而且，我們的指南中嵌入了對定價的持續實現，因為我們看到對我們的產品有良好的需求，正如我之前提到的，就承包商的需求而言，我們仍然看到我們產品的戶外銷售強勁，而且我們看到整體市場需求良好。

So as the markets play out in terms of the back half of the year, I would expect that we would continue to see good price realization. We are lapping August 24 increase from last year. that will have a little bit of an impact as we go forward. But in terms of the April increase, we continue to see good price realization in the market and expect that to continue through Q3.

因此，隨著下半年市場走勢，我預計我們將繼續看到良好的價格實現。我們正在將 8 月 24 日的成長與去年同期進行比較。這將對我們今後的發展產生一點影響。但就 4 月的成長而言，我們繼續看到市場價格實現良好，並預計這種情況將持續到第三季。

Keith Hughes, Truist.

基斯·休斯，Truist。

Thank you. Just shifting over to the domestic commercial industrial insulation. You said some positive comments here around several ag markets we always focus on. If you could speak a little bit more some of the light commercial -- it seems like it's been a little more pressured than some of the heavy. What's -- how's your results been there? What's the outlook?

謝謝。剛剛轉向國內商業工業絕緣。您對我們一直關注的幾個農業市場給了一些正面的評價。如果您能多談一些輕商業的話——似乎它比一些重商業的壓力更大一些。您的結果怎麼樣？前景如何？

Keith, when we look at light commercial, we do sell insulation into some of those markets, retail, health care, office buildings, warehouses -- there is a mixed outlook there depending on the specific end markets. And I would say that the take per unit for installation in those kind of facilities compared to the ones that I talked about earlier is a lot less. So while we do see mixed results in some of those end markets, overall, we're seeing enough strength in the high-tech per unit end markets that are growing at an accelerated rate. we like the overall answer for that domestic commercial and industrial exposure.

基思，當我們看輕型商用時，我們確實向一些市場銷售絕緣材料，包括零售、醫療保健、辦公大樓、倉庫——根據具體的終端市場，這些市場的前景好壞參半。我想說的是，與我之前談到的相比，這類設施的單位安裝成本要低得多。因此，儘管我們確實看到一些終端市場的結果好壞參半，但總體而言，我們看到高科技單位終端市場實力強勁，並且正在加速成長。我們喜歡國內商業和工業曝光的整體答案。

Thank you. We're unfortunately out of time for any further questions today. So I'll pass back over to Brian Chambers for any closing comments.

謝謝。很遺憾，我們今天已經沒有時間回答其他問題了。因此我會把主題轉回給 Brian Chambers，請他發表最後的評論。

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

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。我們期待在第三季電話會議上再次與您交談。謝謝，祝您平安。

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

今天的通話到此結束。非常感謝您的加入。現在您可以斷開線路了。