O-I Glass Inc (OI) 2025 Q1 法說會逐字稿

Hello, everybody, and welcome to the O-I Glass first-quarter 2025 earnings conference call. My name is Elliot and I'll be your coordinator today. (Operator Instructions)

大家好，歡迎參加 O-I Glass 2025 年第一季財報電話會議。我叫艾略特，今天我將擔任您的協調員。（操作員指示）

I'd like to hand over to Chris Manuel, Vice President of Investor Relations. Please go ahead.

我想把麥克風交給投資人關係副總裁克里斯‧曼努埃爾 (Chris Manuel)。請繼續。

Thank you, Elliot, and welcome, everyone to the O-I Glass first-quarter 2025 earnings conference call. Our discussion today will be led by Gordon Hardie, our CEO; and John Haudrich, our CFO.

謝謝艾略特，歡迎大家參加 O-I Glass 2025 年第一季財報電話會議。今天的討論將由我們的執行長 Gordon Hardie 和我們的財務長 John Haudrich 主持。

Following prepared remarks, we will host a Q&A session. Presentation materials for today's call are available on the company's website. Please review the Safe Harbor comments and the disclosure of our use of non-GAAP financial measures included in those materials.

在準備好的發言之後，我們將舉辦問答環節。今天電話會議的簡報資料可以在公司網站上找到。請查看安全港評論以及這些資料中包含的我們使用非公認會計準則財務指標的揭露。

Now I'd like to turn the call over to Gordon, who will start on slide 3.

現在我想把電話交給 Gordon，他從第 3 張投影片開始。

Good morning, everyone, and thank you for your interest in O-l Glass. Today, we will walk you through our first-quarter of 2025 performance, key market trends, and outlook for the rest of the year. First, I would like to take this opportunity to thank all my colleagues at O-I across the world for their efforts in this first quarter and for their agility and focus on driving the changes needed to turn O-I around.

大家早安，感謝大家對O-l Glass的關注。今天，我們將向您介紹 2025 年第一季的業績、主要市場趨勢以及今年剩餘時間的展望。首先，我想藉此機會感謝 O-I 世界各地的所有同事在第一季所做的努力，以及他們為推動扭轉 O-I 局面所需的變革所表現出的敏捷性和專注力。

Last night, we reported first quarter adjusted earnings of $0.40 per share. While down from last year, results significantly exceeded our plan due to stronger than anticipated sales volume and Fit to Win benefits. Market conditions have continued to gradually recover, and our shipments increased by more than 4% compared to last year.

昨晚，我們報告第一季調整後每股收益為 0.40 美元。儘管與去年相比有所下降，但由於銷售量和「Fit to Win」福利高於預期，業績仍大大超出了我們的計劃。市場行情持續逐步回暖，我們的出貨量較去年同期成長了4%以上。

Additionally, our Fit to Win program generated savings of $61 million which was a significant contributor to our better than expected results. Strong demand and initiative benefits helped offset expected headwinds, including lower net price and scheduled temporary production curtailments.

此外，我們的「Fit to Win」計畫節省了 6,100 萬美元，這對我們的業績好於預期起到了重要作用。強勁的需求和主動性優勢幫助抵消了預期的不利因素，包括較低的淨價和計劃中的臨時減產。

Looking at our business units, segment operating profit improved significantly in the Americas, reflecting healthier fundamentals and benefit from strategic initiatives. In Europe, results trended down, giving lower net price and temporary production downtime, which was partially mitigated by solid Fit to Win benefits.

縱觀我們的業務部門，美洲地區的分部營業利潤顯著提高，反映出更健康的基本面和策略舉措帶來的好處。在歐洲，業績呈下降趨勢，導致淨價格下降和生產暫時停工，但穩健的「Fit to Win」效益在一定程度上緩解了這一影響。

Overall, we are off to a strong start this year and are successfully managing the elements within our control. As such, we are reaffirming our full year 2025 guidance and expect adjusted earnings to improve between 50% and 85% from 2024.

總體而言，我們今年開局良好，並成功管理了我們可控制的因素。因此，我們重申 2025 年全年指引，並預計調整後收益將從 2024 年起成長 50% 至 85%。

John will discuss our outlook further, including an initial view on how changing global trade policies could affect the business. In summary then, we are pleased with our year-to-date performance trend, despite some anticipated lag in Europe, and we aim to deliver robust financial performance throughout the year.

約翰將進一步討論我們的前景，包括對全球貿易政策變化如何影響業務的初步看法。總而言之，儘管預計歐洲市場會有些滯後，但我們對今年迄今的業績趨勢感到滿意，我們的目標是全年實現強勁的財務表現。

Let's now turn to page 4 to discuss current market trends. Overall, conditions continued to gradually improve, and our shipments were up 4.4% in the first quarter. Solid growth reflected some rebuilding of packaging inventories across the value chain, benefits from recent contract negotiations supported by multiyear cost improvement plans, and likely some advanced purchases ahead of new tariff policies.

現在讓我們翻到第 4 頁來討論當前的市場趨勢。總體而言，情況持續逐步改善，第一季我們的出貨量成長了4.4％。穩健的成長反映了整個價值鏈中包裝庫存的一些重建、多年成本改進計劃支持的近期合約談判帶來的好處，以及新關稅政策出台前可能進行的一些提前採購。

Shipments were up more than 4% across the Americas. Here we see inventory normalization overall, as well as more structural demand improvements in Latin America, together with the positive impact of some expanded contracts in North America.

整個美洲的出貨量增加了4％以上。我們看到庫存整體趨於正常化，拉丁美洲的結構性需求有所改善，同時北美一些擴大合約也產生了正面影響。

Volumes increase in nearly all markets, driven by a strong rebound in beer and spirits with solid growth in food. Volumes grew nearly 4% in Europe, driven by customer inventory rebuilding and some buying ahead of tariffs for export customers.

受啤酒和烈酒強勁反彈以及食品穩健成長的推動，幾乎所有市場的銷售量均出現成長。受客戶庫存重建以及部分出口客戶在關稅前購買的推動，歐洲的銷售量增加了近 4%。

As with the Americas, shipments increased in nearly all markets and categories, with most growth coming from beer, wine, as well as food. Currently, we are addressing excess capacity in Europe through temporary curtailments, and we are in consultation with the European and local works councils regarding long term restructuring actions. These efforts should improve our competitive position and support profitable growth.

與美洲一樣，幾乎所有市場和類別的出貨量都有所增加，其中大部分成長來自啤酒、葡萄酒以及食物。目前，我們正在透過臨時減產來解決歐洲的產能過剩問題，並正在與歐洲和當地的工會委員會就長期重組行動進行磋商。這些努力應該會提高我們的競爭地位並支持獲利成長。

Shipment activity has been encouraging, and our volumes are up about 3% year-to-date through April. Recently, we've seen some softer demand amid elevated uncertainty of new tariff policies, which may continue to impact near term shipments. As such, we are maintaining a cautious commercial outlook as well as our original sales volume guidance. We will reassess our 2025 sales volume outlook mid-year as trends evolve.

出貨活動令人鼓舞，截至 4 月份，我們的出貨量今年迄今已成長了約 3%。最近，由於新關稅政策的不確定性增加，我們看到需求疲軟，這可能會繼續影響近期的出貨量。因此，我們保持謹慎的商業前景以及我們最初的銷售量指引。隨著趨勢的發展，我們將在年中重新評估 2025 年的銷售量前景。

Let's now turn to page 5, and discuss progress on our Fit to Win program, which aims to radically reduce total enterprise cost as well as optimize our entire network and value chain to support future profitable growth. We generated $61 million in savings during the first quarter alone, which exceeded our initial plan. Momentum is building, and we are confident that we will achieve our targets of $250 million in 2025, and $650 million cumulatively by 2027.

現在我們翻到第 5 頁，討論一下我們的 Fit to Win 計劃的進展情況，該計劃旨在從根本上降低企業總成本，並優化我們的整個網絡和價值鏈，以支持未來的盈利增長。僅在第一季度，我們就節省了 6,100 萬美元，超出了我們最初的計劃。勢頭正在增強，我們有信心實現 2025 年 2.5 億美元的目標，到 2027 年累計達到 6.5 億美元的目標。

Phase A of our Fit to Win program is focused on reshaping our SG&A structure and initial network realignment to meet current market needs. Phase B seeks to fundamentally transform costs across the value chain, including the implementation of our total organization effectiveness program to optimize capacity within the system.

我們的「Fit to Win」計畫的第一階段重點是重塑我們的銷售、一般和行政費用 (SG&A) 結構和初始網路調整，以滿足當前的市場需求。B階段尋求從根本上改變整個價值鏈的成本，包括實施我們的整體組織效率計劃以優化系統內的容量。

Regarding Phase A, we have now completed all actions required to secure a $100 million SG&A savings target in 2025. Initial network optimization actions are well underway, and we are confident that we will achieve our 2025 goal. Likewise, additional efforts are in progress to achieve our 2027 targets.

關於 A 階段，我們現已完成所有必要行動，以確保在 2025 年實現 1 億美元的銷售、一般及行政費用 (SG&A) 節省目標。初步的網路優化工作正在順利進行，我們有信心實現2025年的目標。同樣，我們正在做出更多努力以實現 2027 年的目標。

We've also kicked off our Phase B initiatives. As we look to transform our cost base, the team has already made initial progress across several procurement programs, as well as efforts to improve efficiency and reduce energy utilization.

我們也啟動了 B 階段計劃。在我們尋求轉變成本基礎的過程中，團隊已經在多個採購計劃以及提高效率和降低能源利用率的努力中取得了初步進展。

Finally, our total organization effectiveness program is ramping up nicely. We successfully completed the pilot implementation at our Toano, Virginia plant, where we see significant performance improvements and lower inventory levels. Based on those results, we will begin the broader roll out starting in May 2025, which should be completed by the end of 2026. Importantly, many plants have initiated savings programs based on the TOE principles ahead of the formal rollout, generating early savings.

最後，我們的整體組織效能計畫正在順利進行中。我們在弗吉尼亞州托阿諾工廠成功完成了試點實施，我們看到了顯著的性能提升和庫存水平的降低。根據這些結果，我們將從 2025 年 5 月開始更廣泛的推廣，並預計在 2026 年底完成。重要的是，許多工廠在正式推行 TOE 原則之前就已經啟動了節約計劃，並提前實現了節約。

In summary, our Fit to Win program is delivering strong benefits, and we are making solid progress towards our savings target. We are confident in our ability to achieve our goals, enhance operational performance, and are well positioned for continued success throughout the year.

總而言之，我們的「Fit to Win」計畫正在帶來巨大的效益，我們正在朝著我們的儲蓄目標穩步前進。我們有信心實現目標、提高營運績效，並為全年的持續成功做好準備。

I will now turn it over to John, who will review our first quarter performance and our 2025 outlook in more detail starting on page 6.

現在我將把時間交給約翰，他將從第 6 頁開始更詳細地回顧我們的第一季業績和 2025 年展望。

Thanks, Gordon, and good morning, everyone. O-I reported first quarter adjusted earnings of $0.40 per share, while down from last year, results surpassed management's expectations due to stronger than anticipated sales volume growth and higher Fit to Win benefits.

謝謝，戈登，大家早安。O-I 報告第一季度調整後每股收益為 0.40 美元，雖然低於去年同期，但由於銷售量增長強於預期以及 Fit to Win 福利提高，業績超出了管理層的預期。

As you can see on the left, adjusted earnings was down modestly from the prior year. Single digit sales volume growth and significant Fit to Win benefits mostly offset anticipated headwinds, including lower net price and ongoing temporary production curtailments to reduce inventory.

正如您在左側看到的，調整後的收益較上年略有下降。銷售量個位數成長和顯著的「Fit to Win」效益基本上抵消了預期的不利因素，包括淨價下降和為減少庫存而持續的臨時減產。

Looking to the right, segment operating profit was up in the Americas, but down in Europe. Results improved significantly in Americas, reflecting strong demand, stable net price amid tight capacity, and around $27 million of Fit to Win benefits. Consistent with our expectations, earnings were down in Europe. While sales volume was up nearly 4%, net price was ahead, reflecting competitive pressures and excess capacity.

從右圖看，美洲的分部營業利潤上升，但歐洲的分部營業利潤下降。美洲地區的業績顯著改善，反映出強勁的需求、產能緊張情況下的穩定淨價，以及約 2,700 萬美元的「Fit to Win」福利。正如我們的預期，歐洲的收益下降。雖然銷量成長了近4%，但淨價卻上漲，反映出競爭壓力和產能過剩。

We did incur about $58 million of unabsorbed fixed costs as we curtailed significant capacity to draw down inventories, which was partially offset by $20 million of Fit to Win benefits, as well as other savings. Importantly, results should improve in the second half of the year as inventory reduction activities moderate, and we generate greater initiative benefits following current restructuring actions.

由於我們削減了大量庫存能力，我們確實產生了約 5800 萬美元的未吸收固定成本，但這部分被 2000 萬美元的 Fit to Win 福利以及其他節省所抵消。重要的是，隨著庫存減少活動的放緩，下半年業績應該會有所改善，而且我們在當前的重組行動後將獲得更大的主動效益。

As we focus on economic profit, we have made very good progress on reducing inventory across the enterprise, which is down around $225 million from the same time last year. Furthermore, we are on track to meet or be below our year in 2025 target of less than 50 days [IDS].

由於我們注重經濟利潤，我們在減少整個企業的庫存方面取得了非常好的進展，與去年同期相比減少了約 2.25 億美元。此外，我們預計將實現或低於 2025 年少於 50 天的目標[入侵偵測系統]。

In summary, we're off to a strong start this year. Despite some headwinds, results exceeded our expectations heading in the quarter, and we are well positioned for continued success throughout the year.

總而言之，我們今年開局良好。儘管面臨一些阻力，但本季的業績仍超出了我們的預期，我們已做好準備，在全年繼續取得成功。

Let's turn to page 7 and discuss our business outlook. We are reaffirming our full year 2025 guidance. Adjusted earnings should range between $1.20 and $1.50 per share, which represents a 50% to 85% improvement from fiscal year 2024. Significantly higher adjusted earnings should reflect ongoing efforts to enhance our operational performance, reduce costs, and capture market opportunities.

讓我們翻到第 7 頁，討論一下我們的業務前景。我們重申 2025 年全年指引。調整後的每股收益應在 1.20 美元至 1.50 美元之間，比 2024 財年增長 50% 至 85%。大幅提高的調整後收益應反映我們不斷努力提高營運績效、降低成本和抓住市場機會。

Likewise, we expect a significant rebound in free cash flow boosted by strong operating performance improvement and lower CapEx investment requirements. We have also provided a directional sense of how our annual earnings will unfold by quarter.

同樣，我們預計，在強勁的經營業績改善和較低的資本支出投資要求的推動下，自由現金流將大幅反彈。我們還提供了有關年度收益按季度如何展開的方向性資訊。

Based on a strong start to the year, our full year performance is currently tracking towards the high end of our earnings guidance range. However, we are maintaining our original business outlook given the uncertainty related to new tariff policies, which we will discuss further as we turn to page 8.

基於今年強勁的開局，我們全年業績目前正朝著獲利預期範圍的高端邁進。然而，鑑於新關稅政策的不確定性，我們維持原有的業務展望，我們將在第 8 頁進一步討論。

Changes in global trade policies will likely be disruptive in the short term and may create both new challenges and opportunities which cannot be fully determined at this stage. As illustrated in the chart, about 14% of our global sales volume crosses the border between the US and other nations. This includes both empty and filled bottles.

全球貿易政策的變化可能會在短期內造成破壞，並可能帶來新的挑戰和機遇，但目前還無法完全確定。如圖所示，我們全球銷售額的約 14% 跨越了美國和其他國家之間的邊界。這包括空瓶和滿瓶。

We estimate that only 4.5% is currently exposed to new tariffs. This primarily relates to imports of filled containers from Europe, while most cross-border sales between the US, Mexico, and Canada are exempt under the USMCA treaty. As such, we face a limited direct tariff exposure so far. The bigger unknown is how elevated market uncertainty may impact the consumer and demand elasticity.

我們估計，目前只有 4.5% 受到新關稅的影響。這主要涉及從歐洲進口的裝滿貨物的貨櫃，而根據 USMCA 條約，美國、墨西哥和加拿大之間的大多數跨境銷售均不受此限制。因此，到目前為止，我們面臨的直接關稅風險有限。更大的未知數是市場不確定性的加劇將如何影響消費者和需求彈性。

While we face a few challenges, there are potential opportunities. Glass is a local business and around 85% of the value chain is within 300 miles of the plant. So we do not rely on a global supply chain which is more exposed to tariffs. Favorable substrate dynamics may emerge as there are currently sector-specific tariffs on aluminum. Likewise, domestic glass production is now significantly more competitive compared to imports from China, given new tariffs.

雖然我們面臨一些挑戰，但也存在潛在的機會。Glass 是一家本地企業，約 85% 的價值鏈位於工廠 300 英里範圍內。因此，我們不依賴更容易受到關稅影響的全球供應鏈。由於目前對鋁徵收特定產業的關稅，有利的基質動態可能會出現。同樣，考慮到新的關稅，國內玻璃生產現在比從中國進口的玻璃更具競爭力。

Next, O-I has the largest class network in the US, so we are well positioned to take advantage of opportunities that emerge, especially if consumption shifts to more domestic products over time. Finally, policy changes have already led to sizable shifts in currency exchange rates that are helping improve earnings translation.

其次，O-I 擁有美國最大的班級網絡，因此我們完全有能力利用出現的機會，特別是如果消費隨著時間的推移轉向更多國內產品。最後，政策變化已經導致貨幣匯率大幅波動，有助於改善獲利轉換。

Naturally, we are working with our partners in the value chain to mitigate risk and capture opportunities. Overall, we continue to believe our best long-term strategy is to improve the competitive position of the company through Fit to Win.

當然，我們正在與價值鏈中的合作夥伴合作，以降低風險並抓住機會。總體而言，我們仍然相信，我們最好的長期策略是透過「Fit to Win」策略來提高公司的競爭地位。

Now I'll turn it back to Gordon, who will conclude our discussion on page 9.

現在我將話題轉回戈登，他將在第 9 頁結束我們的討論。

Thanks, John. In conclusion, O-I is well positioned for a strong year ahead. We are off to a fast start. We expect our performance and earnings in 2025 will rebound from prior year levels as we implement our Fit to Win initiatives.

謝謝，約翰。總而言之，O-I 已為未來一年的強勁發展做好了準備。我們已快速起步。隨著我們實施「Fit to Win」計劃，我們預計 2025 年的業績和收益將比前一年反彈。

While changes in the global trade policies create uncertainties, we are executing our long-term value creation roadmap as illustrated on the right and discussed at length during last month's Investor Day. Importantly, these actions are largely within our control. We are confident in our ability to achieve our goals, deliver strong future financial performance and create shareholder value.

儘管全球貿易政策的變化帶來了不確定性，但我們正在執行如右圖所示並在上個月的投資者日期間詳細討論過的長期價值創造路線圖。重要的是，這些行動在很大程度上是在我們的控制範圍內的。我們有信心實現我們的目標、實現強勁的未來財務業績並創造股東價值。

Thank you for your attention, and we look forward to taking your questions.

感謝您的關注，我們期待回答您的問題。

(Operator Instructions) George Staphos, Bank of America.

（操作員指示）美國銀行喬治‧斯塔福斯 (George Staphos)。

Thanks very much, everyone, good morning. Thank you for the details. I guess the question I have to start is, can you talk a bit about any prebuy effects you've sort of touched on within Europe, what kind of volume effect might that be that has to reverse itself in the back half of the year or whenever?

非常感謝大家，早安。感謝您提供詳細資訊。我想我要問的問題是，您能否談談您在歐洲提到的任何預購效應，這種效應可能是什麼樣的，必須在下半年或任何時候逆轉？

And then overall, can you talk a little bit about some of the work you're doing on TOE, in Toano and elsewhere, and why that supports your overall Fit to Win goals? So prebuy, and then TOE and what you're seeing in Toano. Thank you.

總的來說，您能否談談您在 TOE、托阿諾和其他地方所做的一些工作，以及為什麼這些工作支持您的整體 Fit to Win 目標？因此，先預購，然後是 TOE 以及您在 Toano 中看到的內容。謝謝。

Yeah, George, thanks for the question. I'll kick things off. This is John. On the prebuy point, as included in our comments, sales volume was up 4.4% in the first quarter. We actually saw probably a fairly limited amount of that. It was not the driver of the stronger volume in the quarter. And in fact, what we had seen is that our sales volumes were actually stronger in January and February, but they were still up in March. So we believe that maybe some of the strength in March was there.

是的，喬治，謝謝你的提問。我先開始吧。這是約翰。在預購方面，正如我們的評論中所述，第一季的銷售量增加了 4.4%。我們實際上看到的可能只是相當有限的數量。這並不是本季銷售強勁的推動因素。事實上，我們看到的是，我們的銷售量在一月和二月實際上更加強勁，但三月的銷售量仍然上升。因此，我們相信，三月可能存在一些強勁勢頭。

So in other words, if volume was a $0.06 or so benefit in the quarter, maybe there was a penny or two in there associated with prebuying, but it was not the driver of the stronger volume in the quarter.

換句話說，如果本季交易量帶​​來 0.06 美元左右的收益，那麼其中可能與預購有關，但這並不是本季交易量增加的驅動因素。

Hey, Gordon. Just quickly, April, you said softened. So are we looking at negative volumes to get to a year-to-date growth rate of 3% from up 4%? Or just maybe another kind of detail there.

嘿，戈登。很快，April，你說話就軟化了。那麼，我們是否認為年初至今的成長率會從 4% 降至 3% 呢？或者可能只是另一個細節。

What I would say is, while that's not our base case view, we are remaining cautious in the commercial outlook. So we are maintaining our full-year view of stable volume over for the year -- on a year-over-year basis, so kind of flattish overall for the year. But again, that's out of an abundance of caution on just the uncertainty on tariffs. It's certainly not the direction we hope things go.

我想說的是，雖然這不是我們的基本觀點，但我們對商業前景仍持謹慎態度。因此，我們維持全年銷售穩定的觀點——與去年同期相比，全年銷售量整體持平。但同樣，這只是出於對關稅不確定性的謹慎考量。這當然不是我們希望事情發展的方向。

And in April, just to give you a little bit of color, adjusted for Easter, volumes were down about 1% or 2%. It wasn't a significant decline. Volumes were up in the Americas, low single digit. Again, that remains healthy.

而四月份，僅給你一點顏色看看，根據復活節調整後，交易量下降了約 1% 或 2%。這並不是一次顯著的下降。美洲的銷量上漲了低個位數。再次，這仍然是健康的。

And our business really isn't exposed to tariffs there, but we did see a little bit of decline in Europe, and it was primarily in use categories and markets that we know are exposed to exports, considering that about 40% of what we make in Europe ultimately gets exported. It was kind of the wines and the spirits categories that we saw a little bit of softness in April.

我們的業務實際上並沒有受到那裡的關稅影響，但我們確實看到歐洲的業務有所下滑，主要是在使用類別和我們知道受到出口影響的市場方面，因為我們在歐洲生產的產品約有 40% 最終都出口到了國外。我們發現四月葡萄酒和烈酒類的銷售量略有疲軟。

Yeah, George. We'll update the -- as we get more visibility in this quarter, and we'll update in -- at the half year.

是的，喬治。隨著本季度獲得更多關注，我們將進行更新，並且我們將在半年內進行更新。

With regards to the second part of your question, TOE and Toano, as we outlined, in July and October, there is a process that we put each of the plants through, in that there are performance opportunities identified, and then we go and execute against those opportunities.

關於您問題的第二部分，TOE 和 Toano，正如我們在 7 月和 10 月概述的那樣，我們對每家工廠都進行了一個流程，確定了績效機會，然後我們根據這些機會進行執行。

In Toano, we have a very clear line of sight to 100% of the opportunities we identified. And we've established the metrics, the operating system, validated some of our hypothesis, which have come out strongly. And now we will begin the rollout across the whole fleet in waves. And that's a very structured kind of disciplined approach over the next 15 to 18 months. So we're very happy with the outcome of Toano, and we expect similar results as we roll out the program across the whole fleet.

在托阿諾，我們對所發現的所有機會都有著非常清晰的認識。我們已經建立了指標和作業系統，驗證了我們的一些假設，這些假設已經得到了有力的證實。現在我們將分批在整個船隊推出這項舉措。這是未來 15 到 18 個月內非常結構化、標準化的方法。因此，我們對 Toano 的結果非常滿意，我們期望在整個車隊推廣該計劃時也能獲得類似的結果。

Thank you, Gordon. I just mentioned because Toano is one of your better plants over the years, but I'll turn it over. Thanks very much.

謝謝你，戈登。我剛才提到，因為托阿諾是多年來你們最好的植物之一，但我會把它翻過來。非常感謝。

Mike Roxland, Truist Securities.

Truist Securities 的 Mike Roxland。

Thank you, Gordon, John, and Chris for taking my questions. And congrats on all the progress on the nice quarter.

感謝 Gordon、John 和 Chris 回答我的問題。並祝賀本季取得的所有進展。

My first question is just on a follow-up to what George was asking about with respect to volumes. Can you give us a sense, just in terms of the volume progress that you're seeing by end market, whether it be wine, spirits, beer, NAB, just want to get a sense of the growth or the headwinds that you may be encountering in some of those end markets? And where do order book stand currently? So any outlook you can share with respect to how early read on May, for instance?

我的第一個問題是關於喬治關於數量的問題的後續問題。您能否就終端市場（無論是葡萄酒、烈酒、啤酒或 NAB）的銷售成長情況給我們一個大致的印象，只是想了解一下您在某些終端市場可能遇到的成長或阻力？目前訂單狀況如何？那麼，您能分享一下關於 5 月早期閱讀情況的展望嗎？

Sure, Michael. I'll take that question. So in both the Americas and Europe, we saw strong volumes in the first quarter. And literally, it was across most categories in each of the regions. So we -- in the Americas, for example, beer up close to 4%; food performing strongly, high single digits; spirits in the Americas has actually had a very strong quarter, up double digits for us, as had RTDs; so overall, strong volume growth in the Americas, strong demand, tight capacity.

當然，邁克爾。我來回答這個問題。因此，無論是在美洲還是歐洲，我們在第一季都看到了強勁的銷售量。從字面上看，它涵蓋了每個地區的大多數類別。例如，在美洲，啤酒銷量上漲近 4%；食品表現強勁，漲幅達個位數；美洲的烈酒銷量實際上本季度表現非常強勁，漲幅達兩位數，即飲啤酒也是如此；因此，總體而言，美洲的銷量增長強勁，需求強勁，產能緊張。

In Europe, beer performed very strongly in the quarter. Nonalcoholic beverages also performed strongly, up high single digits for us; food, up mid-single digits; wine, a bit of a comeback in low-single digits in Europe. Spirits were off in Europe, off mid-single digits; and RTDs, which is a much smaller category in Europe, was also slightly off.

在歐洲，本季啤酒表現非常強勁。非酒精飲料也表現強勁，在我們這裡上漲了高個位數；食物上漲了中等個位數；葡萄酒在歐洲略有回升，漲幅為低個位數。歐洲的烈酒銷量出現下滑，下滑幅度在個位數左右；而在歐洲，即飲飲料（RTD）的銷量規模小得多，也略有下滑。

So all in all, there's -- we see kind of green shoots in a lot of the categories, in a lot of the geographies coming back. So order books at this stage are good. There's certainly uncertainty out there regarding where all this tariff discussions are going to play out, and that is causing consumer uncertainty as well. So I think this quarter will be telling to see where everything lands.

總而言之，我們看到許多類別、許多地區都出現了復甦的跡象。因此現階段的訂單情況良好。關於所有這些關稅討論將如何進行，確實存在不確定性，這也導致了消費者的不確定性。因此我認為本季將會告訴我們一切的走向。

And yeah, that's our view at the moment. As I said, as we look to the end of the year, we're sticking with our initial thinking at the start that it would be stable over the year. There may be a few bumps here and there, but overall, off to a strong start.

是的，這就是我們目前的觀點。正如我所說，展望今年年底，我們仍然堅持最初的想法，即全年經濟將保持穩定。雖然這裡或那裡可能會有一些小問題，但總體來說，開局不錯。

That's great, Gordon. Thank you for all the color. And just one quick follow-up. You're looking to streamline your French operations, given the slowdown in wine. Now is that a structural issue, just related to French wines? Is that a structural issue for all wines?

太棒了，戈登。謝謝你帶來的所有色彩。還有一個快速的後續問題。鑑於葡萄酒市場的放緩，您正在尋求精簡法國的業務。那麼這是一個結構性問題嗎，僅與法國葡萄酒有關？這是所有葡萄酒的結構性問題嗎？

Does it relate to more mainstream wine brands versus, let's say, premium products in terms of -- when I say premium products, it would be like top regions, top brands. So just wanting to get a sense of what you're trying to do with your French operations and really what the driver is there in terms of your realignment?

它是否與更主流的葡萄酒品牌有關，或者說與高端產品有關——當我說高端產品時，它指的是頂級地區、頂級品牌。所以，只是想了解一下您在法國業務上想要做什麼，以及您進行重新調整的真正驅動力是什麼？

Yeah. Look, overall, it's fitting assets to market opportunities. As I said, we're looking now at the portfolio in terms of two streams, mainstream and premium. We see tremendous opportunities in premium across wine, and across spirits in France. And so some of this is the realignment of these footprints to get ourselves ready to expand into premium as we go forward.

是的。總體來看，這是將資產與市場機會相匹配。正如我所說，我們現在從兩個方面來審視投資組合：主流和高端。我們看到法國高檔葡萄酒和烈酒領域存在著巨大的商機。因此，其中一些是對這些足跡的重新調整，以便我們為未來向高端市場擴張做好準備。

And of course, we continue to invest strongly in France. We have a big investment in [Gironcourt], which has gone live and is delivering to expectations. We're very happy with it. And we will continue to invest in France, which is a key market for wines and spirits, particularly wines and spirits.

當然，我們將繼續大力投資法國。我們對[Gironcourt]進行了大量投資，該專案已經上線並達到了預期效果。我們對此非常滿意。我們將繼續在法國投資，法國是葡萄酒和烈酒的重要市場，尤其是葡萄酒和烈酒。

Longer term, wine, particularly economy wines have suffered some impact across the whole market. But I think if you look through the cycle over the long term, premium and super premium wine, premium spirits, super-premium spirits will continue to perform strongly.

從長遠來看，葡萄酒，尤其是經濟型葡萄酒，整個市場都受到了一定的影響。但我認為，如果從長遠來看，高檔和超高檔葡萄酒、高檔烈酒和超高檔烈酒將繼續表現強勁。

And that really is looking at the footprints and making sure we're set up properly for that, as we execute on what we laid out in our I Day, our best of both strategy being the lowest cost producer in mainstream, and best cost producer in premium. So that really is the context for the operations review across Europe.

這實際上是在關注足跡並確保我們為此做好了適當的準備，因為我們執行了我們在 I Day 中製定的​​計劃，我們的最佳策略是成為主流中成本最低的生產商，以及高端中成本最高的生產商。這確實是整個歐洲營運審查的背景。

Joshua Spector, UBS.

瑞銀的 Joshua Spector。

It's Anojja Shah, sitting in for Josh. On slide 8, you mentioned tariffs on aluminum as an opportunity, one of the opportunities of tariffs. Have you seen signs of this yet with customers, where this could potentially be of benefit, like maybe you're having introductory conversations about substrates? Or just any color on what you're seeing there and how you think it might benefit you?

他是 Anojja Shah，代替 Josh 上場。在第 8 張投影片上，您提到對鋁徵收關稅是一個機遇，是關稅帶來的機會之一。您是否已經在客戶身上看到了這種跡象，這可能會帶來好處，例如您可能正在進行有關基材的介紹性對話？或者只是關於您在那裡看到的任何顏色以及您認為它可能對您有何益處？

Yeah. Just for some clarity there, if you go back to our Investor Day, we did profile that overall glass containers in North America are at a higher cost than aluminum. That's 25% to 30% kind of differential. And we believe if that goes to 15% or lower historically, we've seen shifts over to glass. And we believe that the difference on the aluminum tariff side could impact that, call it, 5, 10 percentage points against that 25% to 30% premium. So it could help.

是的。為了更清楚地了解這一點，如果你回顧我們的投資者日，我們確實指出北美的整體玻璃容器成本高於鋁。這是 25% 到 30% 的差異。我們相信，如果這一比例從歷史上看降至 15% 或更低，我們就會看到向玻璃的轉變。我們認為，鋁關稅方面的差異可能會對這一溢價產生 5 到 10 個百分點的影響，而溢價幅度則為 25% 到 30%。所以它可能會有幫助。

I think it's a little early. Some of these things are supply-chain related, they're filling related. They are contractually related. So I would say just as we look at the -- back to the prepared comments, the challenges -- we'll probably see some of the broader market-related areas probably over the shorter to medium term. And the opportunity section that we show on page 8 is probably something that unfolds a little bit more over time than what we're seeing in the way.

我認為現在有點早。其中一些事情與供應鏈有關，與填充有關。它們是合約相關的。因此我想說，正如我們回顧準備好的評論和挑戰一樣，我們可能會在短期到中期內看到一些與更廣泛的市場相關的領域。我們在第 8 頁展示的機會部分可能會隨著時間的推移而比我們現在看到的更明顯。

Yeah. Just -- and I'll add to that. Obviously, if there's increases in prices in aluminum that helps close the gap a bit. But that's not a controllable for us. And so what we're focused on is getting our cost base into a position that we close the gap very significantly to cans and become more competitive to cans, particularly in North America, driving those elements that are within our control.

是的。只是——我會補充一點。顯然，如果鋁價上漲，將有助於縮小差距。但這對我們來說是無法控制的。因此，我們關注的是將我們的成本基礎調整到能夠大幅縮小與罐裝飲料的差距並提高其競爭力的位置，特別是在北美，推動那些在我們控制範圍內的因素。

And that really is our primary focus. Tariffs for us is an noncontrollable. And while it may help us over a short-, medium-term period, it's not something we wish to rely on as we get fit.

這確實是我們關注的重點。關稅對我們來說是不可控的。雖然它可能在短期或中期內對我們有幫助，但我們在健身過程中不想依賴它。

Great, thank you. That's very helpful. I'll turn it over.

太好了，謝謝。這非常有幫助。我把它翻過來。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Good morning. In Europe, you have year-over-year headwinds for net price and then operating costs with the curtailments in 1Q. As you envision the year, can you talk about maybe the cadence of how you'd expect those headwinds to trend and ultimately inflect over the four quarters of the year?

早安.在歐洲，由於第一季的減產，淨價格和營運成本較去年同期面臨阻力。正如您對今年的展望一樣，您能否談談您預計這些不利因素將如何發展並最終在一年的四個季度中產生影響？

Yeah, Anthony, this is John. I'll take that one. As we take a look at net price for the business, it will be front-end loaded this year. So you saw the $37 million impact in the quarter, it should be less than that in the second quarter and then be a relatively minor headwind for the business in the back half of the year. That's primarily because last year, we had started to see a little bit of pricing pressure in the marketplace in the back half of last year.

是的，安東尼，這是約翰。我要那個。從該業務的淨價來看，今年它將是前端加載的。因此，您看到本季的影響為 3700 萬美元，但它應該比第二季度的要少，並且對下半年的業務來說只是一個相對較小的阻力。這主要是因為去年下半年我們開始看到市場上出現了一些定價壓力。

So we're going to comp that. So that will show a year-over-year moderation in that pressure point. And then when it comes to the curtailment cost, we believe that, that also is going to be front-end loaded. We're trying to bring our inventories down to 50 days or lower. We're making good progress on that.

所以我們要對此進行補償。因此，這將表明該壓力點同比有所緩和。然後，當談到削減成本時，我們相信，這也將是前端加載的。我們正在努力將庫存降至 50 天或更低。我們在這方面取得了良好的進展。

If you take a look at just the calculations and everything on a year over year basis, the operating cost impact of that is, it peaks in the first quarter, we'll have some negative impact in the second quarter, not to the same degree in the first quarter and by the back half of the year, on a year-over-year basis, that's going to be a strong year-over-year headwind against obviously weaker comps in the prior year. So hopefully, that gives you the cadence that you're looking for.

如果你只看計算結果和同比數據，你會發現營運成本的影響在第一季度達到峰值，在第二季度會受到一些負面影響，但程度不如第一季和下半年那麼嚴重，與去年同期相比，這將會是一個強勁的同比阻力，而去年同期的業績顯然較弱。所以希望這能給你想要的節奏。

Got it. That's very helpful. And then just a quick follow-up. You talked about tariff impacts and competitive intensity with aluminum, which I guess is maybe too soon to tell. But in the US, can you talk about how fewer Chinese bottles -- fewer Chinese imports, how you're seeing that impact the market this year?

知道了。這非常有幫助。然後只是快速的跟進。您談到了關稅的影響以及與鋁的競爭強度，我想現在下結論可能還為時過早。但在美國，您能否談談中國葡萄酒的減少—中國進口葡萄酒的減少，您認為這對今年的市場有何影響？

Yeah. We're currently not seeing a lot of impact, because there does seem to have been quite a bit of prebuying by importers and distributors. So we see there's a fair bit of stock in the market. Obviously, buyers may also look to see if there are other cheaper import markets such as India. But -- so at the moment, we're not seeing a huge impact, Anthony.

是的。目前我們還沒有看到太大的影響，因為進口商和分銷商似乎確實進行了相當多的預購。因此我們看到市場上有相當多的庫存。顯然，買家可能還會看看是否有其他更便宜的進口市場，例如印度。但是——目前我們還沒有看到巨大的影響，安東尼。

One thing I would add, Anthony, is if we tried to take a look at those opportunity sections in that tariff. If those emerge, those are kind of upsides to our baseline view of the business. So those are opportunities that are not factored into our current outlook at all.

安東尼，我想補充一點，如果我們試著看看該關稅中的那些機會部分。如果出現這些情況，那麼這對我們對業務的基本看法來說是一種好處。因此，這些機會根本沒有被納入我們當前的展望中。

Got it. And do you think those inventories potentially they run down by the summer? Is it a few months or a few quarters? Or any framing there?

知道了。您認為這些庫存有可能在夏季耗盡嗎？是幾個月還是幾季？或者那裡有框架嗎？

Yeah, I would imagine by the end of the summer.

是的，我想到夏天結束時就會發生。

Got it. I'll turn it over.

知道了。我把它翻過來。

(Operator Instructions) Arun Viswanathan, RBC Capital Markets.

（操作員指示） Arun Viswanathan，RBC Capital Markets。

Great, thanks for taking my question. So just congrats on the strong progress thus far. I guess maybe you can just review what you're hearing from some of your customers on the spirits side in North America. I know there's been some volatility there. I guess, globally as well, that would be helpful. Thanks.

太好了，感謝您回答我的問題。所以，恭喜您迄今為止的巨大進展。我想也許您可以回顧一下您從北美烈酒方面的一些客戶那裡聽到的消息。我知道那裡存在一些波動。我想，從全球來看，這也會有所幫助。謝謝。

Yeah. As we work through these kind of uncertain times, obviously, we're staying as close as we can to customers and working with them on maybe different scenarios and how we position capacity. And I think there's a bit of a wait and see over the next 60 days now.

是的。當我們度過這種不確定的時期時，顯然，我們會盡可能地貼近客戶，並與他們合作解決不同的情況以及如何定位產能。我認為接下來的 60 天還需要等待一段時間才能看到結果。

And I think there has been last year, maybe some shifting of product into different markets, and we saw that -- a bit of that in January. But no big structural decisions about onshoring capacity or onshoring bottling, for example, from Europe. There -- people are talking about it, but no actual moves on that. And neither do we see moves currently into -- from the US into Europe.

我認為去年可能有一些產品轉移到了不同​​的市場，我們在一月份就看到了這一點。但並未做出關於將產能或瓶裝業務（例如從歐洲）轉移回國內的重大結構性決策。人們正在談論它，但尚未採取任何實際行動。目前我們也沒有看到從美國進入歐洲的舉措。

So I think we're very much in a wait-and-see period. And some of these decisions once you make them, you're long on that decision. And then if tariff policies change, people can be caught out of position. So I think it's very much a wait and see at the moment, Arun.

所以我認為我們目前處於觀望期。而有些決定一旦你做出，你就會長期堅持下去。一旦關稅政策發生變化，人們就會陷入困境。因此，我認為目前還是需要等待觀望，阿倫。

The one thing I would add on that, what we had seen last year is that the spirits activity, they were drawing down inventories. And I think we've seen some normalization of that. In fact, our volumes in the first quarter in spirits were actually pretty good, because people are beyond past that destocking phase, and now we're going into the -- obviously, the uncertainty with tariffs.

我想補充一點，我們去年看到的是，烈酒活動正在減少庫存。我認為我們已經看到這種情況有所正常化。事實上，我們第一季的烈酒銷售實際上相當不錯，因為人們已經度過了去庫存階段，現在我們顯然正進入關稅的不確定性階段。

Thanks, John. Yeah. And I guess I also had some questions on the raw side. Maybe just give us some thoughts on how you're thinking about your energy hedges as it relates to natural gas, as well as potentially your sourcing of [coal] and soda ash, if there's anything we need to be mindful of on that side. Thanks.

謝謝，約翰。是的。我想我在原始方面也有一些疑問。也許您可以告訴我們一些關於您對與天然氣相關的能源對沖的看法，以及您對[煤炭]和純鹼的潛在採購的看法，看看我們在這方面是否需要注意什麼。謝謝。

Yeah. I'll address the energy component of it. So just as background, we had very favorable energy long-term contracts that we set before the Russia-Ukraine war. We've been benefiting from that, we're highly covered and contracted through the balance of the year. So as it stands for this year, we're in very good shape when it comes to energy.

是的。我將討論其能量成分。因此，作為背景，我們在俄烏戰爭之前簽訂了非常有利的長期能源合約。我們從中受益匪淺，全年都保持著良好的覆蓋範圍和簽約關係。因此，就今年的情況而言，我們的能源狀況非常好。

Now going into next year, '26 and beyond, we have been layering in overtime some of our positions and contracts for the future. We take a multiyear view on that. Now at the same token, some of those prices had peaked up at the beginning of the year. So we're being judicious about that.

現在進入明年，即 26 年及以後，我們一直在為未來加班安排一些職位和合約。我們對此持多年的看法。同樣，一些價格在年初已經達到高峰。所以我們對此非常謹慎。

What I would point you back to, Arun, is back to our Investor Day about a month ago, we kind of gave a longer-term view of -- from our bridge from today or at the end of '24 to 2027, where we're going to $1.45 billion of EBITDA. Included in that outlook was our expected headwind for resetting of those long-term energy contracts. And I would say that view still holds. So I think you can look back at that, and even with the moving energy markets, I think it's still an appropriate outlook.

阿倫，我想讓你回顧一下大約一個月前的投資者日，我們給了一個長期展望——從今天或者說從 2024 年底到 2027 年，我們的 EBITDA 將達到 14.5 億美元。這項展望包括我們預計重新設定這些長期能源合約將面臨阻力。我想說這種觀點仍然成立。所以我認為你可以回顧一下，即使能源市場瞬息萬變，我認為這仍然是一個合適的前景。

Yeah. And with regard to raw materials, generally, as we've laid out as part of our strategy is a value chain approach. So working differently, both with customers on the front end, but also working differently with suppliers on the backend, and doing so in a way that strips waste and inefficiency out of that part of the chain.

是的。至於原材料，一般來說，正如我們策略中所述，我們採用的是價值鏈方法。因此，我們不僅要以不同的方式與前端的客戶合作，還要以不同的方式與後端的供應商合作，並以一種可以消除鏈條中這一部分的浪費和低效率的方式進行合作。

And we're working very well with our key suppliers. There's a tremendous focus on productivity plans. And so we're very happy with the progress we're making there, and in managing that area of the value chain, and the cost base far more tightly than heretofore. So we feel we're in good shape there.

我們與主要供應商的合作非常良好。生產力計劃受到極大關注。因此，我們對在那裡取得的進展感到非常高興，並且在管理價值鏈的這一領域以及比以往更加嚴格地控製成本基礎方面也取得了進展。所以我們覺得我們在那裡的狀況很好。

(Operator Instructions) Gabe Hajde, Wells Fargo Securities.

（操作員指示）Gabe Hajde，富國證券。

Gordon, John, Chris, good morning. Thanks for taking the question.

戈登、約翰、克里斯，早安。感謝您回答這個問題。

Hey, how are you?

嘿，你怎麼樣？

Hi, Gabe.

你好，加布。

Well, I joined a moment late, so I apologize if you guys addressed this. I didn't see you call out any sort of curtailments in the Americas. So A, confirm that; B, I think I heard the word tight-ish across the production system. Is that true across the specific geographies US, Mexico, and Brazil?

好吧，我加入晚了一點，所以如果你們提到了這一點，我深表歉意。我沒有看到你呼籲美洲採取任何形式的削減措施。所以 A，確認一下；B，我想我聽到了整個生產系統中「tight-ish」這個詞。在美國、墨西哥和巴西等特定地區，情況確實如此嗎？

And then maybe what are you seeing, I know we're going into the winter months, but any discussion with your customers in terms of kind of cadence for the back half of the year?

那麼也許您看到了什麼，我知道我們即將進入冬季，但是您是否與客戶討論過下半年的節奏？

Yeah, I could take the first part of that, Gabe. You did hear right. Yeah. Okay, sure. You did hear right. overall, there were no curtailments of any consequence in the Americas, all the way from Canada down to Brazil. We're very, very balanced in that particular marketplace.

是的，我可以接手第一部分，加布。你確實沒聽錯。是的。好的，當然。你確實沒聽錯。整體而言，從加拿大到巴西，美洲地區沒有任何重大減產。我們在那個特定的市場上非常非常平衡。

Certainly, we will continue to seek through TOE going forward opportunities to improve capacity utilization, but we've done most of the heavy lifting of the network -- initial network optimizations in the Americas. And as I mentioned before, we continue in Europe, but we hope by midyear, maybe later part of summer, we're beyond the worst of the temporary curtailment activity.

當然，我們將繼續透過 TOE 尋求提高容量利用率的機會，但我們已經完成了網路的大部分繁重工作——美洲的初步網路優化。正如我之前提到的，我們會繼續在歐洲開展業務，但我們希望到年中，也許是夏末，我們能夠度過臨時減產活動最糟糕的時期。

Yeah. And the outlook for the rest of the year, I think, is largely more of the same in the Americas. Demand is good. Capacity is tight. Pricing is stable. And we expect that to kind of run through probably to the end of the year in those geographies for sure.

是的。我認為，今年剩餘時間美洲的前景大致相同。需求良好。產能緊張。物價穩定。我們預計，這些地區的這項進程可能會持續到今年底。

Okay. And then, John, I think you kind of mentioned, and I fully appreciate being cautious and pragmatic here, given the macro. But kind of if we were to free things today, tracking towards the upper end of the range, based on kind of what you expect through the first half. I also know that you guys have talked about trying to reduce the volatility in earnings and produce closer to sell, maybe not hang on to as much inventory. I think I know Gordon, you talked about that.

好的。然後，約翰，我想你提到過，考慮到宏觀因素，我完全理解在這裡要謹慎和務實。但是如果我們今天釋放一些東西，根據你對上半年的預期，追蹤範圍的上限。我還知道，你們已經談到要努力降低收益波動，並更注重生產以銷售為目的的產品，也許不要保留太多庫存。我想我了解戈登，你談到了這一點。

The Q4 guide, is that where we would see the big swing factor. And I think you also just mentioned not taking as many curtailments in the fourth quarter. So is that the big swing factor and unknown as we sit today that could dictate higher end of the range, lower end of the range? Because it seems like you guys got some visibility into Q2, Q3.

第四季指南是我們會看到巨大波動因素的地方。我認為您剛才也提到了第四季不會採取那麼多的削減措施。那麼，這是否是目前我們面臨的巨大波動因素和未知因素，可以決定區間的高端和低端？因為看起來你們對第二季、第三季有了一些了解。

I think it's a fair observation, Gabe. The fourth quarter, as you took a look at that pie chart, is the weakest quarter from an earnings -- quarterly earnings standpoint. It is also the seasonally slowest period for our business, given just the seasonality of the business, and being predominantly Northern Hemisphere. But if there's an opportunity, I think there is, again, line of sight is better in the second and third, and a little bit more cautious in the fourth quarter.

我認為這是一個公正的觀察，加布。從圓餅圖可以看出，從收益（季度收益）的角度來看，第四季是最疲軟的一個季度。考慮到業務的季節性以及主要在北半球，這也是我們業務最淡的時期。但如果有機會，我認為，第二和第三節的視線會更好，而第四節則要更加謹慎。

Of course, the fourth quarter is also an active period. Sometimes you do more maintenance, sometimes you don't, depending on the activity. And I would also say our earnings are very sensitive to tax rates, especially in those softer periods -- seasonally softer periods.

當然，第四季也是一個活躍的時期。有時您需要進行更多維護，有時則不需要，這取決於活動。我還想說，我們的收益對稅率非常敏感，尤其是在那些較為疲軟的時期——季節性疲軟時期。

So that could also be a swing factor too. So to the degree that we're at the higher end of the range and the tariff challenges don't manifest themselves to materially impact the business, I think you could see the fourth quarter being a little better.

所以這也可能是影響因素。因此，如果我們處於較高水平，關稅挑戰不會對業務產生實質影響，我認為第四季度的情況會更好一些。

(Operator Instructions) We have no further questions. I'll now hand back to Chris Manuel for any final remarks.

（操作員指示）我們沒有其他問題了。現在我將把最後的發言權交還給克里斯·曼努埃爾 (Chris Manuel)。

Thanks, Elliot. That concludes our earnings call. Please note, our second quarter call is currently scheduled for Wednesday, July 30. And as a reminder, make it a memorable moment by choosing safe, sustainable glass. Thank you.

謝謝，艾略特。我們的收益電話會議到此結束。請注意，我們的第二季電話會議目前定於 7 月 30 日星期三舉行。提醒一下，選擇安全、永續的玻璃，讓這一刻成為難忘的回憶。謝謝。

Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路了。