PPG Industries Inc (PPG) 2019 Q3 法說會逐字稿

Good afternoon, and welcome to the PPG Industries Third Quarter 2019 Earnings Conference Call.

下午好，歡迎參加 PPG Industries 2019 年第三季度收益電話會議。

My name is Carrie, and I will be your conference specialist today.

我的名字是 Carrie，今天我將成為您的會議專家。

(Operator Instructions)

（操作員說明）

Please note, this event is being recorded.

請注意，此事件正在記錄中。

I would now like to turn the conference over to John Bruno, Director, Investor Relations.

我現在想將會議轉交給投資者關係總監 John Bruno。

Please go ahead.

請繼續。

Thank you, Carrie, and good afternoon, everyone.

謝謝你，嘉莉，大家下午好。

Once again, this is John Bruno.

再一次，這是約翰布魯諾。

We appreciate your continued interest in PPG and welcome you to our third quarter 2019 financial results conference call.

感謝您對 PPG 的持續關注，並歡迎您參加我們的 2019 年第三季度財務業績電話會議。

Joining me on the call from PPG are Michael McGarry, Chairman and Chief Executive Officer; and Vince Morales, Senior Vice President and Chief Financial Officer.

與我一起接受 PPG 電話會議的還有董事長兼首席執行官 Michael McGarry；和高級副總裁兼首席財務官文斯·莫拉萊斯。

Our comments relate to the financial information released on Thursday, October 17, 2019.

我們的評論與 2019 年 10 月 17 日星期四發布的財務信息有關。

I will remind everyone that we have posted detailed commentary and accompanying presentation slides on the Investor Center of our website, ppg.com.

我會提醒大家，我們已經在我們網站 ppg.com 的投資者中心發布了詳細的評論和隨附的演示幻燈片。

The slides are also available on the webcast site for this call and provide additional support to the opening comments Michael will make shortly.

這些幻燈片也可在本次電話會議的網絡廣播網站上獲得，並為邁克爾不久將發表的開場評論提供額外支持。

Following Michael's perspective on the company's results for the quarter, we will move to a Q&A session.

根據邁克爾對公司本季度業績的看法，我們將進入問答環節。

Both the prepared commentary and discussion during this call may contain forward-looking statements, reflecting the company's current view of future events and their potential effect on PPG's operating and financial performance.

本次電話會議期間準備好的評論和討論都可能包含前瞻性陳述，反映了公司當前對未來事件的看法及其對 PPG 運營和財務業績的潛在影響。

These statements involve uncertainties and risks, which may cause actual results to differ.

這些陳述涉及不確定性和風險，可能導致實際結果不同。

The company is under no obligation to provide subsequent updates to these forward-looking statements.

公司沒有義務提供這些前瞻性陳述的後續更新。

This presentation also contains certain non-GAAP financial measures.

本演示文稿還包含某些非公認會計原則財務措施。

The company has provided in the appendix of the presentation materials, which are available on our website, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures.

公司已在我們網站上提供的演示材料的附錄中提供了這些非公認會計原則財務指標與最直接可比的公認會計原則財務指標的對賬。

For additional information, please refer to PPG's filings with the SEC.

如需更多信息，請參閱 PPG 向 SEC 提交的文件。

Now let me introduce PPG Chairman and CEO, Michael McGarry.

現在讓我介紹 PPG 董事長兼首席執行官 Michael McGarry。

Thank you, John, and good afternoon, everyone.

謝謝你，約翰，大家下午好。

We appreciate you joining our third quarter earnings call.

感謝您參加我們的第三季度財報電話會議。

Today, we reported third quarter 2019 financial results.

今天，我們公佈了 2019 年第三季度的財務業績。

For the quarter, our net sales were about $3.8 billion and our adjusted earnings per diluted share from continuing operations were $1.67.

本季度，我們的淨銷售額約為 38 億美元，調整後的持續經營業務攤薄後每股收益為 1.67 美元。

Earnings were a record for any third quarter.

任何第三季度的收益都是創紀錄的。

Consistent with our improvement targets, we delivered strong year-over-year adjusted earnings per growth -- per share growth of 15%.

與我們的改進目標一致，我們實現了強勁的調整後每股收益同比增長——每股增長 15%。

Our earnings growth was driven by continued selling price realization and strong cost management.

我們的盈利增長是由持續的售價實現和強大的成本管理推動的。

This quarter, we accelerated our momentum in margin recovery, with segment margins up about 220 basis points versus last year.

本季度，我們加快了利潤率恢復的勢頭，分部利潤率與去年相比上升了約 220 個基點。

As we stated in the past, our overall objective is to return to the aggregated segment margins that we maintained prior to this recent inflationary cycle, and we believe this objective is achievable in 2020.

正如我們過去所說，我們的總體目標是恢復到我們在最近的通脹週期之前保持的總分部利潤率，我們相信這個目標可以在 2020 年實現。

Now let me provide some additional color on our third quarter results.

現在讓我為我們的第三季度業績提供一些額外的顏色。

Our net sales in constant currency were higher than the prior year by about 2%.

我們按固定匯率計算的淨銷售額比去年高出約 2%。

Sales volumes were down nearly 3% and were notably impacted by weak global industrial production that continued to affect global automotive production and most of our general industrial end-use markets.

銷量下降了近 3%，並且受到全球工業生產疲軟的顯著影響，全球工業生產繼續影響全球汽車生產和我們的大部分一般工業最終用途市場。

This weakness was also broad-based geographically.

這種弱點在地理上也是廣泛的。

Aggregate selling prices were 2.6% higher, marking the 10th consecutive quarter of improved selling -- year-over-year selling prices and our sixth consecutive quarter with selling price increases of at least 2%.

總售價上漲 2.6%，這是連續第 10 個季度銷售價格同比增長，也是我們連續第六個季度銷售價格至少上漲 2%。

We're continuing to work with our customers to ensure that we're receiving fair value for our products and services and expect price gains of about 2% in the fourth quarter despite a more difficult pricing comparison in the prior year fourth quarter.

我們將繼續與我們的客戶合作，以確保我們的產品和服務獲得公允價值，並預計第四季度的價格漲幅約為 2%，儘管與去年第四季度的價格比較更加困難。

Finally, our net sales were affected by a significant unfavorable currency translation of about 2% or nearly $80 million.

最後，我們的淨銷售額受到約 2% 或近 8000 萬美元的重大不利貨幣換算的影響。

We expect unfavorable currency translation to continue at a similar rate in the fourth quarter.

我們預計不利的貨幣換算將在第四季度以類似的速度繼續。

Moving to some business trends in the third quarter.

轉向第三季度的一些業務趨勢。

In our Performance Coatings reporting segment, aerospace coatings continued to deliver very strong volume growth, outpacing industry performance in most major regions.

在我們的高性能塗料報告部分，航空塗料繼續實現非常強勁的銷量增長，超過了大多數主要地區的行業表現。

In automotive refinish, sales were higher as strong selling price gains and acquisition sales from SEM outpaced lower sales volumes, reflecting lower demand in most regions as many of our customers focused on inventory management.

在汽車修補漆方面，由於銷售價格的強勁增長和來自 SEM 的收購銷售額超過了較低的銷量，銷售額較高，這反映了大多數地區的需求下降，因為我們的許多客戶都專注於庫存管理。

Year-over-year, organic sales were again higher in our architecture coatings EMEA business driven by higher selling prices.

在銷售價格上漲的推動下，我們的建築塗料 EMEA 業務的有機銷售額同比再次增長。

Aggregate sales volumes were slightly lower as we saw mixed demand trends by country during the quarter.

由於我們在本季度看到不同國家/地區的需求趨勢參差不齊，因此總銷量略有下降。

In Mexico, our PPG-Comex business increased organic sales, aided by higher selling prices.

在墨西哥，我們的 PPG-Comex 業務在銷售價格上漲的幫助下增加了有機銷售額。

Sales volumes remained soft as consumer demand reflected the overall lower economic activity in Mexico's economy.

由於消費者需求反映了墨西哥經濟整體較低的經濟活動，銷量仍然疲軟。

The PPG-Comex business continued its growth by adding nearly 100 concessionaire stores through September of 2019.

到 2019 年 9 月，PPG-Comex 業務繼續增長，增加了近 100 家特許經營店。

Organic sales volumes in architectural coatings Americas and Asia Pacific modestly increased during the quarter as sales volumes growth in the DIY and independent dealer channels offset lower sales volumes at our company-owned stores, including a difficult comparison period last year, where we delivered strong high single-digit percentage growth.

由於 DIY 和獨立經銷商渠道的銷量增長抵消了我們公司自有商店的銷量下降，包括去年艱難的比較期，我們在該季度實現了強勁的高銷量，因此美洲和亞太地區建築塗料的有機銷量在本季度小幅增長個位數的百分比增長。

Led by strong growth in the Asia region, our protective and marine coatings business continued to deliver above-industry sales volume growth of mid-single-digit percentage during the quarter.

在亞洲地區強勁增長的帶動下，我們的防護和船舶塗料業務在本季度繼續實現中個位數百分比的高於行業的銷量增長。

We expect sales to remain at elevated levels in the fourth quarter, albeit with lower year-over-year growth due to the significant growth we have experienced in the past year.

我們預計第四季度的銷售額將保持在較高水平，儘管由於我們在過去一年經歷了顯著增長，同比增長將有所下降。

In our Industrial Coatings reporting segment, sales volumes continue to be adversely impacted by weak industrial demand in most major regions of the world.

在我們的工業塗料報告部分，銷量繼續受到世界大部分主要地區工業需求疲軟的不利影響。

Global automotive OEM industry builds declined, including the impact of unexpected or unintended and extended customer shutdowns in multiple regions during the quarter.

全球汽車 OEM 行業的增長有所下降，包括本季度多個地區的意外或意外和長期客戶停工的影響。

In aggregate, PPG's automotive sales volumes were lower by mid- to high single-digit percentage, consistent with the reduction in global builds.

總體而言，PPG 的汽車銷量下降了中高個位數百分比，這與全球製造量的減少一致。

As a partial sales offset, our automotive OEM business realized higher selling prices in each major region for the third consecutive quarter.

作為部分銷售抵消，我們的汽車 OEM 業務連續第三個季度在各主要地區實現了較高的銷售價格。

Weak global industrial production activity impacted most of our general Industrial Coatings business subsegments, including wood, general finishes and transportation end markets.

全球工業生產活動疲軟影響了我們的大部分一般工業塗料業務細分市場，包括木材、一般飾面和運輸終端市場。

Also, our packaging coatings sales volumes decreased modestly as solid beverage can demand was offset by weakness in other packaging end-market segments.

此外，由於固體飲料罐的需求被其他包裝終端市場的疲軟所抵消，我們的包裝塗料銷量略有下降。

We expect this business to return to growth in 2020.

我們預計該業務將在 2020 年恢復增長。

From an earnings perspective, as I mentioned earlier, our third quarter adjusted earnings per diluted share was $1.67.

從收益的角度來看，正如我之前提到的，我們第三季度調整後的每股攤薄收益為 1.67 美元。

Our earnings were negatively impacted by about $10 million of unfavorable foreign currency translation or about $0.04 per share.

我們的收益受到約 1000 萬美元不利的外幣折算或每股約 0.04 美元的負面影響。

Our effective tax rate was about 23% in the third quarter, which is higher than the approximately 21% rate in the third quarter of 2018.

我們第三季度的有效稅率約為 23%，高於 2018 年第三季度約 21% 的稅率。

The increase relates to realizing lower nonrecurring favorable discrete tax items in the third quarter of 2019.

增加與在 2019 年第三季度實現較低的非經常性優惠離散稅收項目有關。

We're anticipating a tax raise of about 24% for the full year 2019.

我們預計 2019 年全年將增稅約 24%。

Our EPS results were supported by increase in our selling prices, improved manufacturing performance, excellent progress on our cost savings programs, which delivered about $20 million in cost savings during the quarter and remains in line with our objectives.

我們的每股收益結果得到了銷售價格上漲、製造績效改善、成本節約計劃取得顯著進展的支持，該計劃在本季度節省了約 2000 萬美元的成本，並且仍然符合我們的目標。

In addition, as we targeted, we benefited from achieving comparable margins in our U.S. and Canadian architectural business to the third quarter of 2017 before our customer assortment changes.

此外，正如我們的目標，我們受益於在我們的客戶分類發生變化之前，我們在美國和加拿大的建築業務中實現了與 2017 年第三季度相當的利潤率。

The 4 acquisitions that we had made in the past year also contributed positively to earnings although at overall lower-than-company average margins.

我們在過去一年進行的 4 次收購也對盈利做出了積極貢獻，儘管總體利潤率低於公司平均利潤率。

As we look ahead, we expect global economic activity to remain weak in the fourth quarter.

展望未來，我們預計第四季度全球經濟活動將保持疲軟。

We expect global general industrial demand to remain unfavorable year-over-year and roughly comparable to what we experienced in the third quarter.

我們預計全球一般工業需求將同比保持不利，與我們在第三季度的經歷大致相當。

Year-over-year sales comparisons will ease in the automotive OEM business, but we still forecast aggregate global automotive builds to decline in the fourth quarter compared to prior year.

汽車 OEM 業務的同比銷售比較將放緩，但我們仍預測第四季度全球汽車總產量將比去年同期下降。

Positive developments around regional and country trade disputes could provide a spark to industrials demand as inventory levels in many of our end-use markets remain low.

由於我們許多最終用途市場的庫存水平仍然很低，圍繞區域和國家貿易爭端的積極發展可能會刺激工業需求。

Specific to our businesses, we believe that lower U.S. interest rates could add growth in the U.S. housing market and also favorably impact automotive OEM and U.S. architectural sales.

具體到我們的業務，我們認為較低的美國利率可能會增加美國房地產市場的增長，並對汽車 OEM 和美國建築銷售產生有利影響。

There will be continuing impact to our sales related to customer shutdowns in the automotive OEM business in the U.S.

與美國汽車 OEM 業務的客戶關閉相關的銷售將繼續受到影響。

In Latin America, we anticipate economic activity to be similar to that experience in the third quarter, and we'll continue to add new PPG-Comex concessionaire locations to expand our customer reach.

在拉丁美洲，我們預計經濟活動將與第三季度的情況相似，我們將繼續增加新的 PPG-Comex 特許經營商地點以擴大我們的客戶範圍。

In Asia, demand rates are expected to remain consistent in comparison to the third quarter.

在亞洲，與第三季度相比，預計需求率將保持一致。

In the fourth quarter, sales comparisons to last year will be easier given the weakness in Asian demand that occurred late last year.

鑑於去年底出現的亞洲需求疲軟，第四季度與去年的銷售額比較將更容易。

We expect demand growth will return in China next year.

我們預計明年中國的需求增長將恢復。

Economic demand in Europe is expected to remain soft as industrial production is forecast to remain at low levels.

由於工業生產預計將保持在低水平，歐洲的經濟需求預計將保持疲軟。

In our automotive OEM business, comps are also easing year-over-year, and we should experience a lower sales volume decrement in the fourth quarter.

在我們的汽車 OEM 業務中，comps 也同比下降，我們應該在第四季度經歷較低的銷量下降。

We expect our architectural business to continue to grow driven by higher selling prices and strong cost management.

我們預計我們的建築業務將在更高的售價和強大的成本管理的推動下繼續增長。

Brexit remains an overhang and is beginning to modestly impact our business trends.

英國脫歐仍然是一個懸而未決的問題，並開始適度影響我們的業務趨勢。

We continue to closely monitor the situation and have prepared contingency plans to the best of our ability to prepare for unknown impacts.

我們將繼續密切關注事態發展，並已準備好應急計劃，盡我們所能為未知的影響做好準備。

As we said last quarter, we continue to work with our supplier base to ensure that our input costs are reflective of current industry demand conditions, including the ongoing uncertainty and weak global industrial production.

正如我們上個季度所說，我們將繼續與我們的供應商合作，以確保我們的投入成本能夠反映當前的行業需求狀況，包括持續的不確定性和疲軟的全球工業生產。

We will continue to focus on reducing our cost structure, and we target to reduce $20 million of cost in the fourth quarter related to our cost savings program, including the news program we announced in the second quarter, which will have a full year run rate savings of about $125 million upon completion of the program.

我們將繼續專注於降低成本結構，我們的目標是在第四季度減少 2000 萬美元與我們的成本節約計劃相關的成本，包括我們在第二季度宣布的新聞計劃，該計劃將具有全年運行率計劃完成後節省約 1.25 億美元。

Earlier today, we provided EPS guidance specific to the full year of 2019.

今天早些時候，我們提供了針對 2019 年全年的 EPS 指導。

The guidance of $6.17 to $6.27, which includes an unfavorable impact from foreign currency translation of $0.18 to $0.20 per share.

指導為 6.17 美元至 6.27 美元，其中包括每股 0.18 美元至 0.20 美元的外匯兌換的不利影響。

This puts us at the low to mid-range of our original full year 2019 adjusted earnings per share growth of 7% to 10%, excluding currency translation impacts.

這使我們處於原始 2019 年全年調整後每股收益增長 7% 至 10% 的中低端，不包括貨幣換算影響。

While we would like to be closer to the upper end of the range, our earnings performance has been very solid when considering the severity of the downturn in the global industrial activity.

雖然我們希望更接近該區間的上限，但考慮到全球工業活動低迷的嚴重程度，我們的盈利表現非常穩健。

We have generated strong cash flow through the first 9 months of 2019, with cash generation of nearly $1.3 billion.

我們在 2019 年前 9 個月產生了強勁的現金流，產生了近 13 億美元的現金。

This is an increase of about $600 million when compared to the same period last year and has been driven by strong working capital management.

與去年同期相比，這增加了約 6 億美元，這得益於強大的營運資金管理。

Our focus on cash flow generation will continue, and our goal remains to reduce working capital as a percent of sales compared to 2018 levels.

我們將繼續關注現金流的產生，我們的目標仍然是與 2018 年的水平相比，降低營運資本佔銷售額的百分比。

We completed the Dexmet acquisition early in the third quarter.

我們在第三季度初完成了對 Dexmet 的收購。

I continue to be pleased with the early performance of all 4 recently completed acquisitions, including Hemmelrath, SEM and Whitford, which collectively will add about $400 million of annualized revenue.

我繼續對最近完成的所有 4 項收購的早期表現感到滿意，包括 Hemmelrath、SEM 和 Whitford，這將共同增加約 4 億美元的年收入。

Acquisitions remain one of our preferred cash deployment options given the value that these have created for our shareholders over the year, and currently, our pipeline continues to remain solid.

鑑於收購在一年中為我們的股東創造的價值，收購仍然是我們首選的現金部署選項之一，目前，我們的管道繼續保持穩固。

In addition to acquisitions, we progressed our key capital expenditures during the third quarter, and we still expect total spending to be up to 3% of sales in 2019.

除了收購之外，我們在第三季度還增加了關鍵資本支出，我們仍然預計 2019 年總支出將高達銷售額的 3%。

In the third quarter, we increased our dividend to $0.51 per share or roughly a 6% increase.

在第三季度，我們將股息提高至每股 0.51 美元，增幅約為 6%。

We have paid uninterrupted annual dividends since 1899, and we are pleased to continue to prioritize our dividend increases.

自 1899 年以來，我們一直不間斷地支付年度股息，我們很高興繼續優先考慮增加股息。

We ended the third quarter with more than $1.5 billion of cash in short-term investments, which continues to provide us with significant financial flexibility.

我們在第三季度結束時擁有超過 15 億美元的短期投資現金，這繼續為我們提供了顯著的財務靈活性。

Finally, I'd like to recognize and thank our employees around the world for their continued commitment to serve our customers.

最後，我要承認並感謝我們在世界各地的員工持續致力於為我們的客戶服務。

Every day, our dedicated employees are focused on driving the PPG way in delivering value to all our stakeholders and shareholders.

每天，我們敬業的員工都專注於推動 PPG 為所有利益相關者和股東創造價值的方式。

This concludes our prepared remarks.

我們準備好的評論到此結束。

Once again, we appreciate your interest in PPG.

再次感謝您對 PPG 的關注。

And now, Carrie, would you please open the line for questions?

現在，嘉莉，請你打開電話提問嗎？

(Operator Instructions) The first question will come from Ghansham Panjabi with Robert W. Baird.

（操作員說明）第一個問題將來自 Ghansham Panjabi 和 Robert W. Baird。

I guess first off, you've obviously given us really good detail on how to think about volumes for the fourth quarter.

我想首先，您顯然已經向我們詳細介紹瞭如何考慮第四季度的交易量。

I understand it's early, but what is your initial view as it relates to the volume outlook for 2020 at this point, as it relates to your major end markets?

我知道現在還為時過早，但您對 2020 年的銷量前景有何初步看法，因為它與您的主要終端市場有關？

And on your margin recovery comment by 2020, Michael, are you referring to the run rate at the end of the year or margins on an absolute basis?

關於到 2020 年的利潤率恢復評論，邁克爾，您是指年底的運行率還是絕對利潤率？

Yes.

是的。

I do expect margins to continue to improve.

我確實預計利潤率會繼續提高。

As you can see, our margins in our Performance Coatings segment are essentially back to peak, and we think there's still more upside there, so we're going to continue to work hard on that.

正如你所看到的，我們在高性能塗料領域的利潤率基本上已經回到了峰值，我們認為那裡還有更多的上升空間，所以我們將繼續努力。

We also have made, as you saw, significant -- more than 200 basis point improvement in the industrial segment, and we still have more runway to go there.

如您所見，我們還在工業領域取得了顯著的進步——超過 200 個基點，而且我們還有更多的路要走。

As we said, we had positive price coming in the fourth quarter.

正如我們所說，我們在第四季度獲得了正價。

And I would expect that we would continue to push price as we move forward, as we still have an environment where we have inflation and think about salaries, warehouses, freight and distribution, things like that.

我預計隨著我們的前進，我們將繼續推高價格，因為我們仍然有一個通貨膨脹的環境，並考慮工資、倉庫、貨運和配送等問題。

So...

所以...

Yes.

是的。

And Ghansham, on your question with respect to the 2020.

還有 Ghansham，關於你關於 2020 年的問題。

A little early to answer that question, but what we can say confidently is that a lot of our customers are carrying very low inventory levels.

回答這個問題有點早，但我們可以自信地說，我們的許多客戶的庫存水平非常低。

Typically, they achieve their inventory levels at the end of the year, not by the end of Q3 as they have done this year.

通常，他們在年底達到庫存水平，而不是像今年那樣在第三季度末達到。

So heading into 2020, we do think there could be some inventory upside.

因此，進入 2020 年，我們確實認為庫存可能會有一些上漲空間。

It's too early to make a call in the economy and the other geopolitical issues.

現在就經濟和其他地緣政治問題發表意見還為時過早。

But a couple of our key industries, we know, auto, we feel a little bit better about auto next year, specifically in Asia, the biggest market.

但是我們知道的幾個關鍵行業，汽車，明年我們對汽車的感覺會好一些，特別是在最大的市場亞洲。

And a couple other markets, in general, industrial are down this year.

總體而言，其他幾個工業市場今年都在下滑。

We're hopeful that they will have at least a modest rebound next year, not counting the inventory rebuild.

我們希望明年它們至少會有適度的反彈，這還不包括庫存重建。

Okay.

好的。

And just as a follow-up to that, Vince, for the industrial segment specifically, how should we think about operating leverage for that segment as volumes start to recover?

作為對此的跟進，文斯，特別是對於工業領域，隨著銷量開始恢復，我們應該如何考慮該領域的運營槓桿？

I mean obviously, you're adjusting the cost footprint, and I've seen some of the cost will reverse as demand picks up.

我的意思很明顯，你正在調整成本足跡，我已經看到隨著需求的回升，一些成本會逆轉。

But I just want to get your sense as to operating leverage during the initial phase of improvement.

但我只是想了解您在改進的初始階段對運營槓桿的看法。

Ghansham, this is Michael.

甘沙姆，這是邁克爾。

That's going to be a strong positive for us.

這對我們來說將是一個強大的積極因素。

When you think about the past quarter, earnings in that industrial segment were up despite volumes being down.

當您考慮上個季度時，儘管銷量下降，該工業部門的收益卻在上升。

And we anticipate to continue to drive cost out.

我們預計將繼續降低成本。

And so you should expect to see a nice operating leverage should volumes come back.

因此，如果交易量回升，您應該會看到良好的運營槓桿。

And right now, we're certainly planning on our outlook for 2020 would include some modest recovery.

現在，我們當然正在計劃我們對 2020 年的展望，其中包括一些適度的複蘇。

The next question will come from Christopher Parkinson with Crédit Suisse.

下一個問題將來自瑞士信貸的克里斯托弗·帕金森。

Regarding your volume outlook, can you kindly walk us through the key end-market verticals for which you believe PPG is poised to benefit from, let's say, secular themes, regulatory changes under new products?

關於您的銷量前景，您能否向我們介紹一下您認為 PPG 有望從長期主題、新產品監管變化中受益的關鍵終端市場垂直領域？

Non-BPA and the move towards aluminum cans will be one, I guess, in packaging; low cure products and EV battery-protected in auto.

我猜，非 BPA 和向鋁罐的轉變將是包裝中的一個。低固化產品和電動汽車電池保護。

Just -- if there are a few others just generally based on what's inside of your control?

只是——如果有一些其他的只是一般地基於你控制的範圍？

What are the key verticals for which we can expect you to outperform and why?

我們可以期望您在哪些關鍵垂直領域表現出色，為什麼？

So Christopher, you've covered automotive pretty well, so I'll pass on that one.

所以克里斯托弗，你已經很好地涵蓋了汽車，所以我會傳遞那個。

We have on -- in the industrial business, as part of the industrial segment, that one I would point to like high-edge powder as one of them.

我們在工業業務中，作為工業領域的一部分，我認為高端粉末是其中之一。

And if you think about moving into packaging itself, the sustainability to can is number one, so you could see the shift away from plastic.

如果你考慮進入包裝本身，罐頭的可持續性是第一位的，所以你可以看到從塑料的轉變。

That's going to be a long-term secular win.

這將是一個長期的長期勝利。

For -- housing is continuing to -- we got low interest rates around the world, so I think housing has continued to be a nice little market for us.

因為——住房繼續——我們在世界各地獲得了低利率，所以我認為住房對我們來說仍然是一個不錯的小市場。

Aerospace is clearly going to be a continued winner for us.

航空航天顯然將成為我們的持續贏家。

We're going to continue to outgrow the industry there with the launches that we have had, whether it's new transparencies or new coatings.

無論是新的透明膠片還是新的塗層，我們都將繼續通過我們已經推出的產品超越那裡的行業。

And then talk about -- we talked about, in our press release, MOONWALK for refinish.

然後談談——我們在新聞稿中談到了用於修補漆的 MOONWALK。

This is a new technology that allows people in Europe to be able to mix refinished paints more precisely, allows the technician to spend more time painting the car as opposed to mixing paint, drives higher productivity in the paint shop.

這是一項新技術，使歐洲的人們能夠更精確地混合修補漆，使技術人員能夠花更多的時間為汽車噴漆而不是混合油漆，從而提高噴漆車間的生產力。

So I think net-net, we're in a pretty good shape long term-wise.

所以我認為net-net，從長遠來看，我們的狀態非常好。

And just in regards to your margin outlook, can you simply outline in order which variables will be the most material to achieving and surpassing prior peak margins just between price, input cost, inflation, mix, acquisition, integrations and just broader volume improvement?

就您的利潤率前景而言，您能否簡單地概述一下，僅在價格、投入成本、通貨膨脹、混合、收購、整合和更廣泛的銷量改善之間，哪些變量將最重要地實現和超過先前的峰值利潤率？

Just any key thoughts on how The Street should be thinking about that as we head into 2020.

在我們進入 2020 年時，關於華爾街應該如何考慮這一點的任何關鍵想法。

Hey, Chris, I'll start, and Michael could certainly add to what I say.

嘿，克里斯，我會開始，邁克爾當然可以補充我所說的。

But the -- we're still sitting on a significant amount of inflation that's a multiyear inflation.

但是——我們仍然面臨著大量的通脹，這是多年的通脹。

We have seen very little of that unwind to this point.

到目前為止，我們很少看到這種放鬆。

We alluded in our call about the economy, the weakness in industrial activity, so we're still working to get price to offset this accumulated inflation.

我們在關於經濟的電話中提到了工業活動的疲軟，因此我們仍在努力讓價格抵消這種累積的通脹。

But there is a significant amount of inflation we would not expect with the supply/demand environment, where it is in our supplier base.

但是，在供需環境中，我們預計不會出現大量通貨膨脹，因為它在我們的供應商基礎中。

We still have self-help.

我們仍然有自助。

We announced the self-help program in May.

我們在五月宣布了自助計劃。

We still have a variety of actions to do against that program.

我們仍然要針對該計劃採取各種行動。

We're expecting significant savings from that program.

我們期望從該計劃中節省大量資金。

That will be primarily next year.

那將主要是明年。

And then the last one is we don't know the volume outlook so the things within our control we're managing, but as Michael just mentioned on a prior question, if we do get any volume especially in some of our industrial businesses, we should have a significant amount of leverage.

最後一個問題是我們不知道銷量前景，所以我們正在管理我們控制範圍內的事情，但正如邁克爾剛剛在之前的問題中提到的那樣，如果我們確實獲得了任何銷量，特別是在我們的一些工業業務中，我們應該有很大的槓桿作用。

So those would be the way I'd prioritize.

所以這些將是我優先考慮的方式。

And Chris, I would -- the one thing I would add is that with a couple of the acquisitions we've made, they're below company average.

克里斯，我會 - 我要補充的一件事是，通過我們進行的一些收購，它們低於公司平均水平。

They're fairly decent-sized ones.

他們是相當體面的。

I'm excited because I get a monthly report on the integration as well as the performance, and we are seeing month-over-month improvement.

我很興奮，因為我收到了關於集成和性能的月度報告，而且我們看到了逐月的改進。

In fact, when I look at the Hemmelrath numbers for the month of September, it was the best month they've had ever.

事實上，當我查看 Hemmelrath 9 月份的數據時，這是他們有史以來最好的月份。

And obviously, they're benefiting from some of our ability to integrate them, but I see even more positive coming.

顯然，他們從我們整合他們的一些能力中受益，但我看到更積極的未來。

They have relationships with customers that are slightly different customers than we have from a standpoint of mix.

從組合的角度來看，他們與客戶的關係與我們的客戶略有不同。

And so we're able to take the best of both worlds.

因此，我們能夠兩全其美。

Their great relationships and our great technology, and put the 2 together and we've already won a substantial number of new program wins since we bought Hemmelrath.

他們的良好關係和我們出色的技術，將兩者結合在一起，自從我們收購 Hemmelrath 以來，我們已經贏得了大量新項目的勝利。

The next question will come from Bob Koort of Goldman Sachs.

下一個問題將來自高盛的 Bob Koort。

Michael, you guys gave some commentary about your U.S. architectural business.

邁克爾，你們對你們的美國建築業務發表了一些評論。

I guess it seems like going on a few years now, there's puts and takes and maybe not complete uniform consistency by channel.

我想這似乎已經持續了幾年，有投入和投入，可能還沒有按渠道完成統一的一致性。

Can you talk a little bit about the DIY market?

你能談談DIY市場嗎？

It sounds like maybe that's starting to percolate a little bit.

聽起來這可能開始有點滲透了。

Certainly, we're seeing some of these housing stocks rally dramatically.

當然，我們看到其中一些住房股票大幅上漲。

Are there some signs that maybe we're going get liftoff in DIY?

是否有跡象表明我們可能會在 DIY 中起飛？

And then in your store base, I guess I would have thought maybe some of those contractors that were hiding from the rainy weather in the June quarter would have come back out in the September quarter.

然後在您的商店基地中，我想我可能會認為，在 6 月季度躲避陰雨天氣的那些承包商中的一些可能會在 9 月季度回來。

So is there anything idiosyncratic to your store base, either regionally or end market-wise, that would have precluded you from having a little bit better volume there?

那麼，您的商店基礎是否有任何特殊之處，無論是區域性的還是最終市場方面的，都會阻止您在那裡擁有更好的銷量？

Yes.

是的。

So Bob, let me first start with the DIY.

所以鮑勃，讓我先從DIY開始。

So we're gaining share in the DIY segment.

因此，我們在 DIY 領域獲得了份額。

Our customers are doing pretty well and inside our customers, we have continued to launch new products, and that's been a real positive.

我們的客戶做得很好，在我們的客戶內部，我們繼續推出新產品，這是一個真正的積極因素。

So you think about PPG TIMELESS at Home Depot as well as the OLYMPIC Stain at Home Depot, both those guys are growing above company average.

所以你想想 Home Depot 的 PPG TIMELESS 和 Home Depot 的 OLYMPIC Stain，這兩個人的增長都高於公司平均水平。

So we're really pleased with that.

所以我們對此非常滿意。

I think the one thing that doesn't really come through when you think about our company store average is, if you remember in some of the prior calls, we kind of talked about doing a little bit of everything in that segment.

我認為當您考慮我們公司商店的平均水平時，並沒有真正實現的一件事是，如果您還記得在之前的一些電話中，我們談到了在該細分市場中做一些事情。

So some of it is delivery, some of it is the stores, and some of it is what we call our premier authorized dealer network or where we're trying to make it simple for the customer to say I can pick up in a dealer location or I can pick up in a PPG store location.

所以其中一些是交付，一些是商店，還有一些是我們所謂的首要授權經銷商網絡，或者我們試圖讓客戶簡單地說我可以在經銷商位置取貨或者我可以在 PPG 商店取貨。

And obviously, we have, let's call it, a little bit less than 900 stores between U.S. and Canada.

很明顯，我們在美國和加拿大之間的門店數量略少於 900 家。

Well, if you include that plus the nearly 5,000 dealers that we have, that gives our customers a lot more opportunities to pick up paint.

好吧，如果您將其加上我們擁有的近 5,000 家經銷商，這將為我們的客戶提供更多獲取油漆的機會。

And so if you look at our dealers, if you noticed in our commentary in our press release, we said dealers were positive, and historically, as you know, this has been a long-term secular minus 1 kind of trend line as dealers age out and move on.

因此，如果您查看我們的經銷商，如果您在我們的新聞稿中的評論中註意到，我們說經銷商是積極的，從歷史上看，正如您所知，隨著經銷商年齡的增長，這一直是長期的長期負 1 趨勢線出去繼續前進。

But with this new strategy, we are picking up additional business through the dealers.

但通過這一新戰略，我們正在通過經銷商獲得更多業務。

We added 50 new dealer locations in the third quarter.

我們在第三季度增加了 50 個新的經銷商地點。

We're up to about 140 locations in the third quarter, a total of 427 new locations where they can pick up paint.

我們在第三季度增加了大約 140 個地點，總共有 427 個可以取漆的新地點。

And we expect that to continue to accelerate.

我們預計這將繼續加速。

As other dealers see this work, they're going to want to jump on that bandwagon as well.

當其他經銷商看到這項工作時，他們也將想要加入這股潮流。

So I think that's a little bit nuanced, that maybe doesn't come out in the overall numbers.

所以我認為這有點微妙，可能不會出現在整體數字中。

Bob?

鮑勃？

Can I ask you on the balance sheet?

我可以在資產負債表上問你嗎？

You've been accruing cash nicely through the year and haven't been doing any share repurchase.

你這一年一直在很好地積累現金，並且沒有進行任何股票回購。

Should that be a reflection of the acquisition activity?

這應該反映收購活動嗎？

Or is there some other reason you want to put more of that capital back to use to repurchase?

還是有其他原因您想將更多資金用於回購？

Yes, Bob.

是的，鮑勃。

Just as Michael pointed out in the opening remarks, we've had a very good cash generation.

正如邁克爾在開場白中指出的那樣，我們的現金產生非常好。

Year-to-date, we've got about $1.5 billion on the balance sheet.

年初至今，我們的資產負債表上大約有 15 億美元。

We do have some term debt coming due in Q4, so some of that cash will be applied to the term debt coming due.

我們確實有一些在第四季度到期的定期債務，因此其中一些現金將用於到期的定期債務。

But besides that, we do have a strong balance sheet, and we're still looking at a variety of acquisitions.

但除此之外，我們確實擁有強大的資產負債表，而且我們仍在考慮進行各種收購。

The acquisition pipeline is still rich.

收購渠道依然豐富。

We are not immune to doing share repo.

我們不能倖免於做股票回購。

We haven't done any to date based on just the acquisition pipeline.

迄今為止，我們還沒有僅僅基於收購管道做任何事情。

But if the acquisition pipeline lessens or we think there's a need to do share repo for different reasons, we'll do so.

但是，如果收購渠道減少，或者我們認為出於不同原因需要進行股票回購，我們會這樣做。

The next question will come from Michael Sison of Wells Fargo.

下一個問題將來自富國銀行的邁克爾·西森。

Question on the -- just quickly on the stores.

關於商店的問題 - 很快就到了。

You said you're a little bit less than 900.

你說你還不到900。

Can you maybe walk us through what your strategy is there going forward?

您能否向我們介紹一下您的未來戰略？

Are you looking to continue to expand the stores?

您是否希望繼續擴大商店？

Or is kind of this dealer network really the area where you can have the combined growth for your business there?

或者這種經銷商網絡真的是您可以在那裡實現業務綜合增長的區域嗎？

But just kind of curious where you think the store strategy and growth potential is going forward.

但只是有點好奇你認為商店戰略和增長潛力在哪裡發展。

Yes.

是的。

So Michael, what I would tell you is our strategy hasn't changed.

所以邁克爾，我要告訴你的是我們的策略沒有改變。

We're going to add stores where it makes sense in those markets that are growing, so think the Southeast and the Southwest.

我們將在那些正在增長的市場中增加有意義的商店，所以想想東南部和西南部。

We're not going to be adding stores in the Northeast or in the West or the Upper Midwest.

我們不會在東北部、西部或中西部增加商店。

Those aren't focus areas for us for stores.

這些不是我們商店的重點領域。

What they are, are focus areas for us for this premier authorized dealer network because we think there's plenty enough between our stores and our dealers to adequately service our customers.

它們是我們這個首要授權經銷商網絡的重點領域，因為我們認為我們的商店和經銷商之間有足夠的空間來充分服務我們的客戶。

So we're going to continue to do that.

所以我們將繼續這樣做。

I -- compare and contrast that to Mexico, where we've added nearly 100 stores year-to-date, and we're going to finish the year at nearly 200 new stores.

我 - 將其與墨西哥進行比較和對比，墨西哥今年迄今為止已經增加了近 100 家商店，我們將在今年結束時新增近 200 家商店。

Same thing where we've added stores in the U.K., we've added stores in Australia.

我們在英國增加了商店，我們在澳大利亞也增加了商店。

So we're going to take what we call a micro-market strategy.

因此，我們將採用我們所說的微觀市場策略。

We're going to look at each of the different markets and make the best decision for our shareholders in that regard.

我們將著眼於每個不同的市場，並在這方面為我們的股東做出最佳決定。

Great.

偉大的。

And then just a quick follow-up.

然後只是快速跟進。

When you think about volume growth whenever, I mean, whether it comes next year or sooner than later, what do you think your leverage is going to be?

當您想到銷量增長時，我的意思是，無論是明年還是遲早，您認為您的影響力將是多少？

Meaning, if you grow your sales to 1%, is that leveraged to 2% EPS growth, 3% EPS growth?

意思是，如果你的銷售額增長到 1%，那是否會影響到 2% 的 EPS 增長、3% 的 EPS 增長？

I just kind of want to feel for the upside potential, and we all hope that demand picks up at some point.

我只是想感受一下上行潛力，我們都希望需求在某個時候回升。

Mike, this is Vince.

邁克，這是文斯。

In the past, we've said pretty regularly that our leverage on a normal increase in sales is somewhere in the mid-20% range.

過去，我們經常說，我們對銷售額正常增長的影響在 20% 左右。

And in Europe, it's higher because of the latent opportunity we have there, so we said, in Europe, it's in the mid-30% range.

在歐洲，由於我們在那裡擁有潛在的機會，它更高，所以我們說，在歐洲，它在 30% 的中間範圍內。

I'd actually say that if you look at the cost we've taken out globally, we're inching up to 30% on average for the globe in terms of a leverage factor.

我實際上會說，如果你看看我們在全球範圍內的成本，就槓桿因素而言，我們在全球範圍內平均微升了 30%。

Now this obviously can be based on which business, et cetera, but on average, I think we're closer to 30% now than the 25% we were previously.

現在這顯然可以基於哪個業務等等，但平均而言，我認為我們現在比以前的 25% 更接近 30%。

The next question will come from Frank Mitsch of Fermium Research.

下一個問題將來自 Fermium Research 的 Frank Mitsch。

Looking at the refinished business, following the second quarter, there was an expectation that the volumes would improve in the third quarter given the easy year-ago comp because of inventory destock that occurred.

回顧第二季度之後的整修業務，由於發生庫存去庫存，預計第三季度的銷量會有所改善，因為去年同期比較容易。

And that didn't come.

而那並沒有到來。

So the volumes were down in 3Q, and you called out inventory management as well, lower collision claim activity.

因此，第三季度的銷量下降了，而且您還調用了庫存管理，降低了碰撞索賠活動。

Is there any reason for us to anticipate that we're going to see a rebound in this business?

我們有什麼理由預計我們將看到這項業務的反彈？

Obviously, you highlighted MOONWALK, so maybe from a technology perspective, but just from an overall macro perspective, would you say, if the future's on the cards, et cetera, how should we be thinking about automotive refinish down the line?

顯然，您強調了 MOONWALK，所以也許從技術角度來看，但從整體宏觀角度來看，您是否會說，如果未來就在眼前，等等，我們應該如何考慮汽車修補漆？

Frank, this is Michael.

弗蘭克，這是邁克爾。

I think this is still a great business, so I don't want anybody to walk away, to think anything differently.

我認為這仍然是一項偉大的業務，所以我不希望任何人走開，以不同的方式思考任何事情。

I mean certainly, claims were down 1.2% and a little bit more than that in Europe.

我的意思是當然，索賠下降了 1.2%，比歐洲的下降了一點點。

But we had a couple of large customers, CEO changes who came in and take even a more aggressive approach on inventory.

但是我們有幾個大客戶，CEO 更換了進來，他們對庫存採取了更積極的方法。

I mean we've continued to have net body shop wins in all regions of the world, so that is a positive.

我的意思是，我們繼續在世界所有地區獲得淨車身車間的勝利，這是一個積極的方面。

When you look at our integration of SEM, that is primarily a U.S.-based business.

當您查看我們對 SEM 的集成時，這主要是一家美國業務。

We've launched those products in Canada.

我們已經在加拿大推出了這些產品。

The first set of products went to Australia in September, so we'll start to see some sales there.

第一批產品於 9 月銷往澳大利亞，因此我們將開始看到那裡的一些銷售。

We're doing better in sundries.

我們在雜貨方面做得更好。

But I think, overall, the one message I want to leave you is our earnings in refinish will be up year-over-year at the end of the year.

但我認為，總的來說，我想給你留下的一個信息是，我們在修補漆方面的收入將在年底同比增長。

So we're able to price effectively in this business, and this remains a great business for us.

所以我們能夠在這項業務中有效地定價，這對我們來說仍然是一項偉大的業務。

All right, very helpful.

好的，很有幫助。

And just in general, as I look at the third quarter, you hit the high end of the guidance that you put out following the second quarter.

總的來說，當我看第三季度時，你達到了第二季度之後發布的指導的高端。

And it's clear that the macros were mostly running against you during the quarter, particularly in European activity in autos, et cetera.

很明顯，在本季度，宏觀經濟主要與您不利，特別是在歐洲汽車等活動中。

So I'm just curious, what on the other side really went right for you in order to again hit the high end?

所以我只是好奇，為了再次打入高端市場，你真正適合的另一邊是什麼？

So Frank, this is Vince.

弗蘭克，這是文斯。

I'll let Michael again add here.

我會讓邁克爾在這裡再次添加。

But we are pacing ahead of our cost targets.

但我們正在超越我們的成本目標。

So we did have additional cost benefit in Q3 that we thought may come in Q4 but we caught up to a little bit earlier.

因此，我們確實在第三季度獲得了額外的成本收益，我們認為可能會在第四季度出現，但我們趕得及早了一點。

That's one item that was helpful to us.

這是對我們有幫助的一項。

Michael, I don't know if you want to add...

邁克爾，我不知道你是否想添加...

Yes, the other one I would tell you is the automotive team.

是的，我要告訴你的另一個是汽車團隊。

We've been challenged in the automotive team to get ahead of this volume decline, and they really have worked exceptionally hard to do that in the second and third quarter.

我們在汽車團隊中一直面臨挑戰，以應對銷量下降，他們在第二季度和第三季度確實非常努力地做到了這一點。

And I think that what we saw in the back half of the third quarter was that accelerating.

我認為我們在第三季度後半段看到的是這種加速。

So I think that would be the other one I would point to.

所以我認為那將是我要指出的另一個。

Very interesting.

很有意思。

So the automotive side, and I presume you're talking about the OEM side.

所以汽車方面，我想你是在談論 OEM 方面。

Yes.

是的。

Was able to outpace kind of your initial expectations even though sales were down, you faced strikes, et cetera?

即使銷售額下降、面臨罷工等等，是否能夠超出您最初的預期？

That's very interesting that, that would be the area that you would [point out to.]

非常有趣的是，這將是您[指出]的區域。

Yes.

是的。

So the automotive team has done a good job this year, OEM.

所以汽車團隊今年做的不錯，代工。

The next question will come from David Begleiter of Deutsche Bank.

下一個問題將來自德意志銀行的 David Begleiter。

Michael, were raws up year-over-year in Q3?

邁克爾，第三季度的數據同比增長了嗎？

And what are you thinking about for Q4 on raws?

你對第四季度的原始數據有什麼看法？

Well, of course, we think about our costs more than raws, David.

好吧，當然，我們考慮的不僅僅是原材料，大衛。

So in the third quarter, they were moderating.

所以在第三季度，他們正在緩和。

We had a couple up.

我們有一對。

We had some down.

我們有些失望。

But net-net, they were moderating.

但是net-net，他們正在緩和。

As I've tried to point out in my opening comments, we still have freight and distribution.

正如我在開場評論中試圖指出的那樣，我們仍然有貨運和配送。

If you think about dangerous goods warehouse cost, especially in Asia, they have significantly increased.

如果您考慮危險品倉庫成本，尤其是在亞洲，它們已顯著增加。

And so that's why we continue to invest in our business, we continue to invest in our people.

這就是為什麼我們繼續投資於我們的業務，我們繼續投資於我們的員工。

So that's obviously a cost on the rising side.

所以這顯然是一個上升的成本。

But net-net, I would say raw materials were moderating.

但是net-net，我會說原材料正在放緩。

Perfect.

完美的。

And just on the impact of the GM strike in Q3 and Q4, do you have an estimate on that impact?

就第三季度和第四季度通用汽車罷工的影響而言，您對這種影響有估計嗎？

Well, we're not going to talk about any individual customers.

好吧，我們不打算談論任何個人客戶。

What I would tell you is that we have a very diverse customer mix in automotive, and so no one particular customer is going to have a significant impact on our overall business.

我要告訴你的是，我們在汽車領域擁有非常多樣化的客戶組合，因此沒有一個特定的客戶會對我們的整體業務產生重大影響。

And our team, when it was announced, immediately took aggressive cost action to ensure that the impact was minor.

我們的團隊在宣布這一消息後立即採取了積極的成本行動，以確保影響很小。

So I think, overall, like I said to Frank's question, the automotive team did a good job.

所以我認為，總的來說，就像我對弗蘭克的問題所說的那樣，汽車團隊做得很好。

The next question will come from P.J. Juvekar of Citi.

下一個問題將來自花旗的 P.J. Juvekar。

This is Eric Petrie on for P.J. So what kind of vehicles represents a market opportunity for you?

這是 P.J. 的 Eric Petrie。那麼什麼樣的車輛代表了您的市場機會？

How much coatings could you sell into EVs compared to other light vehicles?

與其他輕型車輛相比，您可以向電動汽車銷售多少塗料？

Well, Eric, what we've always said is that the EV vehicles can be anywhere from 2 to 3x more coatings on them than a standard vehicle.

好吧，埃里克，我們一直說的是，電動汽車上的塗層可以比標準汽車多 2 到 3 倍。

Right now, I don't have the latest number in my figure, but I think it's 0.7% of all cars are electric vehicles, so it's still a very small number.

目前，我的數據中沒有最新的數字，但我認為所有汽車中有 0.7% 是電動汽車，所以這仍然是一個非常小的數字。

And what's interesting is that everybody does that differently.

有趣的是，每個人的做法都不同。

So one guy might, through their batteries, might need protective coatings.

因此，一個人可能通過他們的電池可能需要保護塗層。

Another guy might just need industrial coatings.

另一個人可能只需要工業塗料。

Another guy might use all 3. Some are using powders.

另一個人可能會使用所有 3 個。有些人正在使用粉末。

Some are using liquids.

有些人正在使用液體。

Some use third parties.

有些使用第三方。

Some do it in-house.

有些是在內部完成的。

Right now, unlike when you look at a traditional car, you can use kind of broad guidelines.

現在，與您查看傳統汽車不同，您可以使用廣泛的指導方針。

Right now, this is still in its infancy and there's still a lot of unknowns about how this is going to shake out.

目前，這仍處於起步階段，關於如何擺脫困境還有很多未知數。

But clearly, what we see in every case is more paint on an EV vehicle than on a traditional vehicle.

但很明顯，我們在每種情況下看到的是電動汽車上的油漆比傳統汽車上的油漆多。

For my follow-up in packaging, can you discuss the market opportunity to continue gaining share in non-BPA coatings?

對於我在包裝方面的後續行動，您能否討論一下繼續在非 BPA 塗料中獲得份額的市場機會？

And then is the industry shift from plastic bottles to cans, is this a tailwind for the business?

然後是行業從塑料瓶轉向罐頭，這對企業來說是順風嗎？

Certainly, the plastics to cans will be a tailwind.

當然，塑料罐頭將是順風。

It's too early in that process to know what that curve will look like, but it's certainly a long-term positive.

在這個過程中要知道這條曲線會是什麼樣子還為時過早，但這肯定是一個長期的積極因素。

Our BPA-NI has -- we significantly outpaced the market in '16, '17 and '18.

我們的 BPA-NI 在 16 年、17 年和 18 年顯著超過了市場。

We've been slightly less than the market in '19.

我們在 19 年的表現略低於市場。

We expect to be back on that track of at/or above market in 2020.

我們預計將在 2020 年重回處於/或高於市場的軌道。

We have some new technology that's coming out.

我們有一些新技術即將問世。

Right now probably, I would say food has been probably, let's call it, 70% converted; beverages less than 50%, and it varies conservatively by region, with Europe much farther ahead and Asia, much further behind.

現在可能，我會說食物可能，我們稱之為，70% 的轉化率；飲料不到 50%，而且因地區而異，歐洲領先得多，亞洲落後得多。

But there's still more work to be done there.

但是還有更多的工作要做。

Eric, just back on your first question, I mean, the statistics we've seen, these aren't our statistics, but a 1% drop in plastic bottles, if this converts to aluminum cans, is a 6% increase in cans.

埃里克，回到你的第一個問題，我的意思是，我們看到的統計數據，這些不是我們的統計數據，但是塑料瓶下降 1%，如果這轉化為鋁罐，則罐頭增加 6%。

We are seeing also efforts in the industry to replace our single-use serving cups as well.

我們也看到業界也在努力更換我們的一次性服務杯。

So I think the industry in overall packaging, aluminum packaging industry does have some positive traits forward as we head into next year.

所以我認為整個包裝行業，鋁包裝行業在我們進入明年時確實有一些積極的特徵。

The next question will come from Kevin McCarthy of VRP.

下一個問題將來自 VRP 的 Kevin McCarthy。

I think you've been very clear that your contribution margins are higher regionally in Europe relative to the U.S., for example.

我認為您已經非常清楚，例如，相對於美國，您在歐洲的區域貢獻率更高。

I was wondering if you'd be willing to comment on which product lines are your highest and your lowest contribution margins in a given region.

我想知道您是否願意評論在給定地區哪些產品線是您的最高和最低的邊際貢獻。

Not something we typically comment on, Kevin.

不是我們通常評論的東西，凱文。

Okay.

好的。

Secondly, I had a small question on the financial side.

其次，我有一個關於財務方面的小問題。

Your Slide 9 indicates net interest expense of $27 million to $28 million, and I believe the 3Q number was $23 million.

您的幻燈片 9 顯示淨利息支出為 2700 萬美元至 2800 萬美元，我相信第三季度的數字為 2300 萬美元。

And so I'm wondering why your net interest would increase $4 million, $5 million sequentially when your leverage seems to be down roughly $450 million.

所以我想知道為什麼當你的槓桿似乎下降了大約 4.5 億美元時，你的淨利息會依次增加 400 萬美元、500 萬美元。

Does that have to do with capital structure or deployment plans?

這是否與資本結構或部署計劃有關？

Well, a couple things on that, Kevin.

好吧，有幾件事，凱文。

First of all, we are paying off some term debt, but that term debt has very low interest associated with it and one of them was close to a 0% interest.

首先，我們正在償還一些定期債務，但該定期債務的利息非常低，其中一個利息接近 0%。

So even though we're paying debt off, it doesn't have an effect on lowering the interest cost.

因此，即使我們正在償還債務，也不會降低利息成本。

We have been carrying extra cash and earning some money on that cash in Q3, that will go away in Q4 as we pay down that term debt.

我們在第三季度一直攜帶額外的現金並從這些現金中賺取了一些錢，隨著我們償還該定期債務，這將在第四季度消失。

And we do have, as is traditional in our business, seasonally, a much higher CapEx spending in the fourth quarter.

而且，正如我們業務的傳統一樣，我們確實有季節性的第四季度資本支出支出要高得多。

We typically spend 30% to 40% of our capital between October 1 and the end of the year, so we'll have additional capital outlays versus what we did earlier in the year.

我們通常在 10 月 1 日至年底之間花費 30% 到 40% 的資本，因此與今年早些時候相比，我們將有額外的資本支出。

So those would be the biggest factors.

所以這些將是最大的因素。

The next question will come from John Roberts of UBS.

下一個問題將來自瑞銀的約翰·羅伯茨。

Michael, there have been some press reports that PPG has been working as part of a joint bid for Axalta.

邁克爾，有一些媒體報導稱，PPG 一直在參與聯合競購艾仕得。

Could we assume antitrust issues for both auto OEM and refinish would be really high so that your interest is primarily in the industrial non-auto?

我們是否可以假設汽車 OEM 和修補漆的反壟斷問題會非常高，因此您的興趣主要集中在工業非汽車？

Well, John, first of all, we are always flattered when people associate ourselves in the rumor market.

好吧，約翰，首先，當人們將自己與謠言市場聯繫起來時，我們總是感到受寵若驚。

But as you can imagine, we're not in a position to comment about another public company.

但正如您可以想像的那樣，我們無法評論另一家上市公司。

We are going to continue to drive the consolidation of the coatings space.

我們將繼續推動塗料領域的整合。

And as we mentioned earlier, our pipeline remains active.

正如我們之前提到的，我們的管道仍然活躍。

But as far as any particular company, it would be inappropriate for us to comment.

但就任何特定公司而言，我們不宜發表評論。

Okay.

好的。

Then maybe based on the IHS auto builds outlook for the fourth quarter, could you -- just based on their assumptions, can you give us maybe a range for your auto OEM coatings volumes in the fourth quarter by region and what it would roll up to in aggregate?

然後也許基於 IHS 第四季度的汽車製造前景，您能否 - 僅基於他們的假設，您能否給我們一個按地區劃分的第四季度汽車 OEM 塗料數量的範圍以及它將匯總到什麼？合計？

So John, we're going to bet for just an easing of comps as we look at prior year.

所以約翰，我們將賭注只是在我們看前一年的時候放寬比賽。

So I would look at the IHS' revision that just came out this week, and we would be looking at our performance being somewhere in line with that -- with those build forecasts.

因此，我將查看本周剛剛發布的 IHS 修訂版，我們將查看我們的表現是否與該修訂版相符 - 與那些構建預測。

And John, the only other thing I would add is that from a very, very small minor green shoot area, we did see build start to pick up in the last 2 weeks of September in China.

約翰，我唯一要補充的另一件事是，從一個非常非常小的小綠芽區域，我們確實看到在 9 月的最後兩週在中國開始建設。

So we'll wait and see whether this is a trend line.

因此，我們將拭目以待，這是否是趨勢線。

Some of the local Chinese guys were behind the curve on meeting the emission standards, so maybe they're just catching up, but we'll continue to keep an eye on it.

一些當地的中國人在達到排放標準方面落後於曲線，所以也許他們只是在追趕，但我們會繼續關注它。

The next question will come from Don Carson of Susquehanna.

下一個問題將來自 Susquehanna 的 Don Carson。

First, a question on the sustainability of the price increases.

首先，關於價格上漲的可持續性的問題。

Michael, you mentioned that most probably price increase will moderate in the fourth quarter, but you've had 6 quarters now of over 2%.

邁克爾，您提到價格上漲很可能會在第四季度放緩，但您現在已經有 6 個季度超過 2%。

How much longer do you think you can sustain that and particularly as you get pushback from customers in the industrial sector?

您認為您可以維持多長時間，尤其是當您受到工業部門客戶的反對時？

Well, first of all, John -- I mean, Don, we have not had any pushback yet from customers.

好吧，首先，約翰——我的意思是，唐，我們還沒有受到客戶的任何反對。

I mean you get your normal pushback, but at the end of the day, they know full well, that we've had more inflation than what we've recovered.

我的意思是你得到了正常的阻力，但歸根結底，他們非常清楚，我們的通貨膨脹比我們恢復的要多。

They can read the financial statements just as well as you can.

他們可以像您一樣閱讀財務報表。

So they know we're behind.

所以他們知道我們落後了。

They also know that we're -- if you look at some of our regions, we're below the curve line, if you will, on volume.

他們也知道我們 - 如果你看看我們的一些地區，如果你願意的話，我們在曲線下方。

And some of that is because we've said we're going to need to continue to get price, and we're going to take price.

其中一些是因為我們已經說過我們將需要繼續獲得價格，我們將接受價格。

And if they want to move volume away, that's perfectly acceptable to us.

如果他們想減少音量，我們完全可以接受。

And so right now, we know we're going to get price in the fourth quarter.

所以現在，我們知道我們將在第四季度獲得價格。

I'm pretty optimistic we'll still have a positive price number in Q1, and we're going to continue to push because at the end of the day, we should be asking for value commensurate with the value that we create for our shareholders -- or our customers.

我非常樂觀，我們在第一季度仍然會有一個積極的價格數字，我們將繼續推動，因為歸根結底，我們應該要求與我們為股東創造的價值相稱的價值——或者我們的客戶。

And so we're going to continue to ask for it.

所以我們將繼續要求它。

And a follow-up on U.S. architectural.

以及對美國建築的跟進。

How do you see the industry growing given some fairly good housing data, both maintenance and new homes?

鑑於一些相當不錯的住房數據，包括維護和新房，您如何看待該行業的增長？

And now that you've got the law -- the customer mix issues behind you, do you think PPG can grow in line with the market or greater than the overall market?

既然你已經掌握了法律——你背後的客戶組合問題，你認為 PPG 可以與市場同步增長還是超過整體市場？

Well, for the industry next year, we have budgeted between 2% and 3% growth.

好吧，對於明年的行業，我們的預算增長在 2% 到 3% 之間。

We think that's a realistic number.

我們認為這是一個現實的數字。

Our architectural team is on the optimistic side, but I think this is a point where we have to show and not -- it's kind of like the show-me stage, let's see what happens.

我們的建築團隊是樂觀的，但我認為這是我們必須展示而不是展示的一點——這有點像展示階段，讓我們看看會發生什麼。

And I think our goal would be to start with continuing to meet the industry numbers, and we'll see how well the team does.

我認為我們的目標是從繼續滿足行業數據開始，我們將看看團隊的表現如何。

The next question will come from Arun Viswanathan of RBC Capital Markets.

下一個問題將來自 RBC Capital Markets 的 Arun Viswanathan。

Just a question here, a little bit higher level and looking into 2020, if I could just ask this in a different way.

這裡只是一個問題，稍微高一點，展望 2020 年，如果我能以不同的方式問這個問題。

Yes, you guys had referenced kind of 2%-plus price now for a little while.

是的，你們已經參考了 2% 以上的價格有一段時間了。

Volumes have been kind of flat to down.

交易量一直持平到下降。

Next year, if I think about some of your end markets: aerospace facing some pretty tough comps; architectural could be up slightly in your comments here; automotive, it doesn't really appear that it's getting better, although you cited that may be slightly better than your expectations.

明年，如果我考慮一下你們的一些終端市場：航空航天面臨一些相當艱難的競爭；在您的評論中，建築可能會略有上升；汽車，它似乎並沒有真正變得更好，儘管你提到的情況可能比你的預期略好。

So when I put all that together, it sounds like, next year, volumes could be also flat to down slightly, and then I don't know if you're necessarily going to have the price.

所以當我把所有這些放在一起時，聽起來，明年的銷量也可能持平或略有下降，然後我不知道你是否一定會得到這個價格。

So just kind of trying to understand how you're thinking about sales growth from here.

所以只是試圖從這裡了解你如何看待銷售增長。

It would appear that next year would likely be lower than this year just given the lack of pricing actions.

鑑於缺乏定價行動，明年似乎可能會低於今年。

Well, Arun, I think it might be a little bit early to call that.

好吧，阿倫，我認為現在打電話給這個可能有點早。

When I think about some of the innovations that we have out there, I think if you think about the low temperature cure, that's still an opportunity for us.

當我想到我們的一些創新時，我想如果你想到低溫固化，那對我們來說仍然是一個機會。

For aerospace, we have a number of customers who are qualifying in ecoat for airlines, so that's still an opportunity for growth.

對於航空航天，我們有許多符合航空公司 ecoat 資格的客戶，因此這仍然是一個增長機會。

We still have more share to gain back in Europe because we have been leading the price charge over there on that.

我們仍然有更多的份額可以在歐洲獲得，因為我們一直在這方面領先價格。

So I'm not where you are right now.

所以我現在不在你的位置。

It's a little early to say that.

現在說這個有點早。

So I will say that we should be more on the positive side.

所以我會說我們應該更加積極。

Yes, Arun, just to reiterate what I said earlier.

是的，Arun，只是重申我之前所說的話。

We think most of our customers and many channels are carrying very low inventory levels, so with any modest economic recovery, we think there's going to be a dual effect, the recovery itself plus some kind of inventory replenishment level.

我們認為我們的大多數客戶和許多渠道的庫存水平都非常低，因此，隨著經濟適度復甦，我們認為將產生雙重影響，即復蘇本身加上某種庫存補充水平。

So it's again still early to make that call, but as we talk to our customers, they're very low in terms of their inventory on the balance sheet.

所以現在打電話還為時過早，但當我們與客戶交談時，他們的資產負債表上的庫存非常低。

Okay.

好的。

That's helpful.

這很有幫助。

And just as a follow-up, it looks like you've taken some very swift action on the cost front.

作為後續行動，您似乎在成本方面採取了一些非常迅速的行動。

Those are coming through nicely.

這些進展順利。

Your price cost is heading in the right direction.

您的價格成本正朝著正確的方向發展。

I guess I'm just curious, and then you have the new product pipeline.

我想我只是好奇，然後你就有了新的產品管道。

What else could you do from a standpoint?

從一個角度來看，你還能做什麼？

You've completed 4 deals.

您已完成 4 筆交易。

Are you also open to something a little bit more transformative?

您是否也對更具變革性的事物持開放態度？

The strategic review kind of unveiled that breaking the company up isn't really advantageous.

戰略審查揭示了拆分公司並不是真正有利的。

But is there anything larger or more strategic that you could pursue to shift the focus a little bit forward, I guess?

但是，我猜有沒有什麼更大或更戰略性的東西可以讓您將重點向前轉移一點？

Well, Arun, I would tell you that nothing is off the table.

好吧，阿倫，我會告訴你，沒有什麼是不可能的。

We're always going to be looking to do what's in the best interest of our shareholders.

我們總是會尋求做最符合股東利益的事情。

We're going to be disciplined though.

不過，我們要遵守紀律。

We're not going to be -- do anything that doesn't create value.

我們不會——做任何不會創造價值的事情。

We still have more opportunities.

我們還有更多的機會。

When I think about the EV market, that is still a wonderful opportunity for us, and we're obviously anxious for it to play out sooner rather than later.

當我想到電動汽車市場時，這對我們來說仍然是一個絕佳的機會，我們顯然很期待它早日出現。

We can't control that.

我們無法控制它。

There's still a challenge where the EV cars cost significantly more than a traditional car, and they have to figure out a way to get those costs more in line, just so they can sell more cars.

電動汽車的成本遠高於傳統汽車仍然是一個挑戰，他們必須想辦法讓這些成本更符合要求，這樣他們才能賣出更多的汽車。

The next question will come from John McNulty of BMO Capital Markets.

下一個問題將來自 BMO Capital Markets 的 John McNulty。

Just going back to the architectural stores business that you have, last quarter, you had expected for this quarter, at least in the guidance, you had kind of indicated you were looking for low single-digit demand growth.

回到上個季度您所擁有的建築商店業務，您對本季度的預期，至少在指導中，您已經表明您正在尋找低個位數的需求增長。

And I guess given some of the pent-up demand around the wet season, we would have thought it would be even better than that.

而且我猜考慮到雨季期間一些被壓抑的需求，我們會認為它會比這更好。

I guess relative to those expectations, what change or what was off?

我想相對於這些期望，有什麼變化或有什麼問題？

Is it just that it went more and more quickly to the independent dealers?

只是它越來越快地流向了獨立經銷商嗎？

Or is there something else in the mix that we should be thinking about?

或者還有其他我們應該考慮的東西？

Well, John, first of all, I'm not sure where that -- your inference came from.

好吧，約翰，首先，我不確定你的推論是從哪裡來的。

We grew third quarter of '18 at high single digits.

我們在 18 年第三季度以高個位數增長。

And jumping over that comp was going to be a challenge.

跳過那個組合將是一個挑戰。

And given the way we structured the stores and the dealers, we thought it would be a challenge.

鑑於我們構建商店和經銷商的方式，我們認為這將是一個挑戰。

So overall, I would tell you that we're pleased with the rollout of this premier authorized dealer network.

所以總的來說，我會告訴你，我們對這個首要授權經銷商網絡的推出感到滿意。

So Vince, I don't know if you'll say anything...

所以文斯，我不知道你會不會說什麼...

No, I -- well, I'm going to say the same thing, but maybe in different ways.

不，我——好吧，我會說同樣的話，但可能會用不同的方式。

We look at the stores in our dealer network as -- we're kind of merging that into a singular channel.

我們將經銷商網絡中的商店視為 - 我們正在將其合併到一個單一的渠道中。

We're trying to optimize what we do on a micro-market basis, as Michael mentioned earlier, so we're not overlapping as much, and whether the sale goes to a dealer or to our store is inconsequential to us.

正如邁克爾之前提到的，我們正在努力優化我們在微觀市場上所做的事情，所以我們不會有太多重疊，銷售是發給經銷商還是我們的商店對我們來說無關緊要。

So we have to look at these combined.

所以我們必須把這些結合起來看。

And again, if you look at the dealer results this quarter and year-to-date, they're up nicely, and that's a lower cost to serve for us.

再說一次，如果您查看本季度和年初至今的經銷商業績，它們的表現很好，而且為我們服務的成本更低。

So I think we're -- it's probably more semantics than anything.

所以我認為我們 - 它可能比任何東西都更具語義。

Got it.

知道了。

No, that's helpful.

不，這很有幫助。

And then on the unexpected customer shutdowns, is this something that you typically recapture as the volumes come back on?

然後在意外的客戶關閉時，這是您通常會在卷恢復時重新捕獲的東西嗎？

I mean do you see the customers -- your customers essentially try to run harder to catch back up?

我的意思是你看到客戶了嗎——你的客戶基本上是在努力追趕？

Or is it something where, look, the business, it's come and gone and it's kind of something we kind of have to just get past?

或者它是什麼地方，看，業務，它來來去去，這是我們不得不過去的東西？

No.

不。

I would suspect that if you take the case of our friends up in Detroit, they're kind of being short of trucks, so they're going to be trying to catch up that volume.

我懷疑如果你拿我們在底特律的朋友的案例來看，他們有點缺卡車，所以他們會努力趕上那個數量。

Now on the car side, they're probably not as worried about that.

現在在汽車方面，他們可能並不那麼擔心。

But net-net, I think they will be trying to optimize their inventories, and it may be different at one plant versus another on how hard they're going to ramp up.

但是net-net，我認為他們將嘗試優化庫存，並且一家工廠與另一家工廠的增產難度可能有所不同。

But some of that volume will come back, but definitely not all of it.

但是其中的一部分會回來，但絕對不是全部。

Yes.

是的。

We've seen customers' curtailments on both sides of the quarter.

我們已經看到本季度雙方的客戶削減開支。

You saw July shutdowns are normally traditional annual time periods to do shutdowns.

您看到 7 月的停工通常是傳統的年度停工時間段。

Some of those were extended.

其中一些被延長了。

We saw obviously different shutdowns in September.

我們在 9 月看到了明顯不同的停工。

If you look -- but again, if you look at the inventories as a microcosm in the automotive OEM business, the inventory levels are very low in almost every region relative to historical levels.

如果你看 - 但同樣，如果你將庫存視為汽車 OEM 業務的一個縮影，與歷史水平相比，幾乎每個地區的庫存水平都非常低。

And so again, I think that's another good news story at some point.

再說一次，我認為這是另一個好消息。

They are running below -- well below historical inventory levels.

它們的運行低於 - 遠低於歷史庫存水平。

The next question will come from Jeff Zekauskas of JPMorgan.

下一個問題將來自摩根大通的 Jeff Zekauskas。

Earlier in the call, Michael, you talked about raw materials moderating.

在電話的早些時候，邁克爾，你談到了原材料的緩和。

Were they down about 2% in the quarter?

他們在本季度下跌了約 2% 嗎？

And can you comment on raw materials in the United States, in that propylene is, I don't know, $0.38 a pound and last year, at this time, it was $0.58 a pound, so maybe it's down 35%?

你能評論一下美國的原材料嗎，我不知道，丙烯是每磅 0.38 美元，而去年，當時是每磅 0.58 美元，所以可能下降了 35%？

So is there much more raw material depreciation in the United States than there is in other regions?

那麼美國的原材料貶值是否比其他地區多得多？

Let me take the total question, Jeff, and Michael -- in total, our cost buckets were not down 2%, anywhere near that.

讓我來回答一下整個問題，傑夫和邁克爾——總的來說，我們的成本桶並沒有下降 2%，幾乎沒有下降。

We did, as Michael mentioned, have a variety of other costs that are elevated or are still elevating.

正如邁克爾所說，我們確實有各種其他成本升高或仍在升高。

We aggregate that.

我們將其匯總。

And then when you aggregate that, we had very modest moderation of raw material costs in the quarter and year-over-year.

然後，當您將其匯總時，我們在本季度和同比的原材料成本上都有非常適度的緩和。

And again, that's after several years of accumulation of inflation.

再說一次，那是在通貨膨脹積累了幾年之後。

And Jeff, I know you sound like one of our customers who are selectively picking up propylene in North America.

傑夫，我知道你聽起來像是我們在北美有選擇地採購丙烯的客戶之一。

But you forgot to mention ethylene in North America is at $0.27 and this time last year was at $0.20.

但是你忘了提到北美的乙烯價格為 0.27 美元，而去年這個時候是 0.20 美元。

So -- and I always tell people, we don't buy ethylene, we don't buy propylene, we buy the derivatives, so the supply and demand of the derivatives is also important.

所以——我總是告訴人們，我們不買乙烯，我們不買丙烯，我們買衍生物，所以衍生物的供需也很重要。

So where you might have propylene down 15%, you have ethylene up 30%.

因此，丙烯下降 15%，乙烯上升 30%。

So there are some puts and takes.

所以有一些看跌期權。

Well, contract ethylene was $0.33.

好吧，合同乙烯是 0.33 美元。

But -- so secondly, when you contemplate your acquisition strategy, are you -- do you have a bolt-on strategy?

但是——其次，當你考慮你的收購策略時，你是否有一個補強策略？

Or is it something larger than a bolt-on for the next year?

或者它是否比明年的螺栓更大？

Well, I think as we've always mentioned, we're active in looking at the pipeline where we're going to take the best use of our shareholder's money, and we're going to be disciplined in that approach.

好吧，我認為正如我們一直提到的那樣，我們正在積極研究我們將充分利用股東資金的管道，並且我們將在這種方法上受到紀律處分。

So it could be either/or.

所以它可能是非此即彼。

But right now, the opportunities are -- historically have been on the bolt-ons.

但現在，機會是——從歷史上看，一直是附加的。

The next question will come from Duffy Fischer with Barclays.

下一個問題將來自巴克萊的 Duffy Fischer。

You've mentioned a number of times kind of the cumulative impact of the inflation you've seen over the last couple of years.

你已經多次提到你在過去幾年看到的通貨膨脹的累積影響。

How much price do you need from here if you hold those costs constant?

如果您保持這些成本不變，您需要從這裡獲得多少價格？

Do you need to get back to par?

你需要回到標準桿嗎？

That's a great question, Duffy, because we still need more price, and that's why we tell our sales guys and ladies everyday that we're still not, on a cumulative basis, recovered.

這是一個很好的問題，達菲，因為我們仍然需要更高的價格，這就是為什麼我們每天都告訴我們的銷售人員和女士們，我們仍然沒有在累積的基礎上恢復。

It's different obviously by region, by business, but we still need -- we're not able to give an exact number, but it's more than we have today.

顯然，不同地區、不同業務的情況有所不同，但我們仍然需要——我們無法給出確切的數字，但比我們今天擁有的要多。

And cumulatively, our prices that we've given out the past couple of years were up just shy of mid-single digits, and we need to be just north of mid-single digits.

累積起來，我們過去幾年給出的價格只上漲了接近個位數的中位數，我們需要剛好在中個位數的北邊。

All right.

好的。

And then historically, when you've built cash, sometimes, you've put parameters around that cash or you'll give us a time frame, or either via acquisitions or buybacks, you'll consume that cash.

然後從歷史上看，當你建立現金時，有時你會為這些現金設置參數，或者你會給我們一個時間框架，或者通過收購或回購，你會消耗這些現金。

Has that worked in your mind historically when you've done that?

當你這樣做時，這在你的腦海中是否曾經奏效過？

And if it has or hasn't, how would that impact what you might do going into 2020 with the cash you've built?

如果它有或沒有，這將如何影響你在 2020 年用你所建立的現金可能會做什麼？

Well, yes, I'll remind you that we have about $600 million or $650 million of the cash on the balance sheet today is slated for term debt paydown.

嗯，是的，我會提醒你，我們今天的資產負債表上有大約 6 億美元或 6.5 億美元的現金用於償還定期債務。

And we did some term debt issuance in Q3.

我們在第三季度發行了一些定期債券。

We like the interest rates, and we're going to swap that out for payment in Q4.

我們喜歡利率，我們將在第四季度將其換成付款。

We'll look at our -- we look on a recurring basis, a monthly basis at a minimum at our cash and our cash uses and potential cash use for the next couple of quarters.

我們將查看我們的 - 我們定期查看，至少每月查看我們的現金和我們的現金使用以及未來幾個季度的潛在現金使用。

We'll do that again certainly through the fourth quarter.

我們肯定會在第四季度再次這樣做。

And if we want to give guidance on that, we'll do so in January.

如果我們想就此提供指導，我們將在 1 月份提供。

Right now, as Michael said, the acquisition pipeline is active, and we'd still like to keep some dry powder until some of the things get out there.

現在，正如邁克爾所說，收購渠道很活躍，我們仍然希望保留一些乾粉，直到一些事情得到解決。

But we're not immune to giving it.

但我們也不能倖免於難。

We're not immune to not giving it.

我們不能倖免於不給予它。

It just depends on what we see going forward and what we feel shareholders want to hear from us.

這僅取決於我們對未來的看法以及我們認為股東希望從我們那裡聽到的內容。

The next question comes from Laurence Alexander of Jefferies.

下一個問題來自 Jefferies 的 Laurence Alexander。

This is Dan Rizzo on for Laurence.

這是勞倫斯的丹·里佐。

You mentioned before that Brexit is kind of cropping up as a headwind.

您之前提到英國退歐有點像逆風。

I was just wondering if -- what a no-deal Brexit means or what a deal would mean or if it doesn't matter as long as there's like just a removal of the uncertainty.

我只是想知道 - 無協議脫歐意味著什麼，或者達成協議意味著什麼，或者只要消除不確定性，這是否無關緊要。

Well, the best thing would be the removal of the uncertainty without having aborted prices.

好吧，最好的辦法是在不中止價格的情況下消除不確定性。

Right now, we're not able to predict that, as you can guess.

現在，我們無法預測這一點，正如您可以猜到的那樣。

We are prepared for either way.

無論哪種方式，我們都做好了準備。

What we do see is our architectural business has hung in there pretty good, but then if you look at our little business up in Northern Ireland, that is -- there's way more consternation and churn up there than there might be in, say, Southern Europe -- or in Southern England.

我們確實看到，我們的建築業務在那裡表現得非常好，但是如果你看看我們在北愛爾蘭的小生意，那就是——那裡的恐慌和攪動比可能在南部的要多得多歐洲——或者在英格蘭南部。

So I'd say it varies.

所以我會說它因人而異。

But at this point in time, it's still a huge watchout for us.

但在這個時間點，對我們來說仍然是一個巨大的警惕。

Okay.

好的。

And then my second question, you mentioned, I think, adding 50 new distributors this quarter.

然後我的第二個問題，你提到，我認為，本季度增加了 50 家新分銷商。

I was wondering if we should think about it as a kind of a general run rate going forward, like 50 a quarter and 200 a year.

我想知道我們是否應該將其視為一種未來的總體運行率，例如每季度 50 次和每年 200 次。

Am I thinking about that, right?

我在考慮這個，對嗎？

Well, that is a new program this year, so we do have some earlier sign-ups.

嗯，這是今年的一個新項目，所以我們確實有一些較早的註冊。

That's probably a good number we should probably look at for our Q4 call to try to give you guys some parameters.

這可能是一個很好的數字，我們可能應該在第四季度的電話會議上考慮給你們一些參數。

It's too early to make that call right now.

現在打這個電話還為時過早。

The next question will come from Vincent Andrews of Morgan Stanley.

下一個問題將來自摩根士丹利的文森特安德魯斯。

Just trying to think through the comments earlier about the potential for customers to rebuild inventory next year.

只是想仔細考慮一下早些時候關於客戶明年重建庫存的潛力的評論。

And I guess what I'm trying to square in my head is that we've had, as you say, 6 quarters of very solid 2% price increases going through and yet the customer base seems to be running at lower than average or normal levels of inventory despite the fact that it's very clear you're going to -- were to continue to take pricing.

而且我想我想弄清楚的是，正如你所說，我們已經經歷了 6 個季度非常穩定的 2% 的價格上漲，但客戶群的運行似乎低於平均水平或正常水平儘管很明顯您將要繼續定價，但庫存水平仍然很高。

So other than some economic fly-ups, what is it that's going to -- or could cause customers to rebuild inventory levels versus if they've been at low levels for a long period of time and they're generating greater cash flow for that reason?

因此，除了一些經濟飛漲之外，這將是什麼 - 或者可能導致客戶重建庫存水平，而不是他們長期處於低水平並且他們為此產生更大的現金流原因？

Why wouldn't they just stay where they are?

他們為什麼不留在原地？

So what are the pros and cons on that?

那麼這有什麼好處和壞處呢？

Well, the first reason why they've rebuilt and if they had confidence that their end-use demand is going to pick up, so think about the heavy-duty equipment guys, right?

嗯，他們重建的第一個原因，如果他們有信心最終使用需求會回升，那麼想想重型設備的人，對吧？

They're wondering what the heck is going on in the farming business and whether or not they're going to be selling more combines.

他們想知道農業業務到底發生了什麼，以及他們是否會出售更多的聯合收割機。

Right now, there's a lot of churn in that segment, so they're trying to figure that out.

目前，該細分市場的流失率很高，因此他們正試圖弄清楚這一點。

If they had more clarity on what the future will look like, the farmers would be more willing to spend their money.

如果他們更清楚未來會是什麼樣子，農民會更願意花錢。

If they had a better idea about the crops, they would have a better chance of spending it.

如果他們對農作物有更好的了解，他們就有更好的機會花錢。

So I think that would be one.

所以我認為那將是一個。

The other one is consumer confidence in China.

另一個是中國消費者的信心。

Right now, consumer confidence in China is down.

目前，消費者對中國的信心正在下降。

PMI in China is down.

中國採購經理人指數下降。

And so if they thought that the trade churn was behind them, I think people in China would get behind that and start making major purchases.

因此，如果他們認為貿易動盪已經過去，我認為中國人會支持這一點並開始大舉採購。

Right now, they have deferred on major purchases.

目前，他們已經推遲了大宗採購。

The next question will come from Stephen Byrne of Bank of America.

下一個問題將來自美國銀行的斯蒂芬伯恩。

You mentioned just a few moments ago about your volumes in OEM auto to be roughly in line with IHS expectations.

您剛才提到您在 OEM 汽車中的銷量大致符合 IHS 的預期。

It seems your third quarter volumes underperformed or were more challenged than the global auto build rate contracted.

與全球汽車製造率收縮相比，您的第三季度銷量似乎表現不佳或面臨更大挑戰。

Is there something in there that you can attribute that to?

那裡有什麼東西可以歸因於嗎？

Well, part of it, Stephen, was in China.

嗯，其中一部分，斯蒂芬，在中國。

So we have a pretty good split of the local Chinese OEMs.

因此，我們對中國本土 OEM 有很好的拆分。

And these guys were behind on the emission changeovers, and so they were suffering from that standpoint.

這些傢伙在排放轉換方面落後了，所以他們從這個角度受到了影響。

So they underperformed significantly the China as well as the Asian standard.

因此，它們的表現明顯落後於中國和亞洲標準。

So that's probably the single biggest thing.

所以這可能是最大的事情。

And then just a quick one on your stores, your architectural stores.

然後在您的商店，您的建築商店中快速瀏覽。

If you have a loyal paint contractor to your own stores, if they were to shift to a dealer location, is that particular mix of paint that they're buying and the composition and the menu and all of that, is that transferred to that dealer?

如果你有一個忠誠的油漆承包商到你自己的商店，如果他們要轉移到經銷商的位置，他們購買的油漆的特定組合，成分和菜單等等，是轉移到那個經銷商的嗎？ ?

And how is your margin on that gallon of paint that's shifted from your store to a dealer?

從你的商店轉移到經銷商的那一加侖油漆的利潤如何？

Yes.

是的。

So think about it this way, without getting into the specifics, we're agnostic to whether he picks up in the store or picks up at the dealer.

所以這樣想，不深入細節，我們不知道他是在商店取貨還是在經銷商處取貨。

The key is that he can pick up at his price at the location that's most conducive for him winning the business.

關鍵是他可以在最有利於他贏得業務的位置以他的價格接手。

The next question will come from Mike Harrison of Seaport Global Securities.

下一個問題將來自 Seaport Global Securities 的 Mike Harrison。

Just wondering if I can maybe build on this idea of the premium dealer channel or dealer network.

只是想知道我是否可以建立在優質經銷商渠道或經銷商網絡的這個想法上。

Can you help us understand exactly what is changing in the model and maybe if there are any costs associated with it and what stage you're in, in this process?

您能否幫助我們準確了解模型中發生了什麼變化，以及是否有任何相關成本以及您在此過程中處於哪個階段？

Mike, I think we heard your question about trying to understand the differences in the business model.

邁克，我想我們聽到了你關於試圖理解商業模式差異的問題。

You were coming through pretty lightly.

你來得很輕鬆。

But if I understood your question right, we'll just give you one example.

但是，如果我正確理解了您的問題，我們將只舉一個例子。

We have a city in the Northeast -- in the Midwest.

我們在東北部有一座城市——在中西部。

We had 8 or 10 stores in that city.

我們在那個城市有 8 或 10 家商店。

We sold those stores at a dealer in that area.

我們在該地區的經銷商處出售了這些商店。

We're selling through that dealer.

我們是通過那個經銷商銷售的。

And we're no longer competing with them.

我們不再與他們競爭。

It's lowered everybody's cost to serve.

它降低了每個人的服務成本。

The paint contractor has the same opportunities they had before.

油漆承包商擁有與以前相同的機會。

So again, what we're trying to do is optimize our distribution points to the customer.

因此，我們再次嘗試做的是優化我們對客戶的分銷點。

That's really the focus of this strategy.

這確實是該策略的重點。

And I hope that was your question.

我希望這是你的問題。

Yes, I guess the question I was really trying to get to is what stage are we at in that process of shifting to a different strategy with the dealers and -- or other costs associated with it?

是的，我想我真正想要解決的問題是，在與經銷商轉向不同策略的過程中，我們處於哪個階段，或者與此相關的其他成本？

Yes, Mike, we're in, I would say, a little bit more than a year.

是的，邁克，我想說，我們已經過了一年多一點。

The first -- early on, it was the trial stage.

第一個——早期，是試驗階段。

We saw some real good positives with that, now we've accelerated it.

我們看到了一些真正好的積極因素，現在我們已經加速了它。

There's no real additional cost.

沒有真正的額外費用。

There is some -- we need to make sure when they pick up in our dealer stores that they're getting the PPG price.

有一些——我們需要確保當他們在我們的經銷商商店提貨時，他們得到的是 PPG 價格。

So there is some transfer of data that has to happen, but that's electronic, and so I would not regard this as any material cost.

所以必須進行一些數據傳輸，但那是電子的，所以我不認為這是任何材料成本。

And as Vince said earlier, typically, it's a lower cost-to-serve channel to support our dealers.

正如文斯之前所說，通常，這是一個支持我們經銷商的服務成本較低的渠道。

All right.

好的。

And then the other question I had was within the industrial business, were there pockets within that business that were stronger or weaker?

然後我遇到的另一個問題是在工業領域，該行業中是否存在更強或更弱的口袋？

And just in terms of the trends across all 4 regions, it looks like volumes were down during the quarter.

就所有 4 個地區的趨勢而言，本季度的銷量似乎有所下降。

Were the trends stable, or were the trends worsening in industrial?

是趨勢穩定，還是工業趨勢惡化？

Yes.

是的。

So I would say that the trends were somewhat moderately lower, and it really varied by region.

所以我會說趨勢稍微低一些，而且確實因地區而異。

So Europe was a little bit lighter, Asia Pacific a little bit lighter, U.S. relatively the same, Latin America relatively the same.

所以歐洲輕一點，亞太輕一點，美國相對一樣，拉丁美洲相對一樣。

The segment that outperformed were like extrusion, electronic materials, those kind of things.

表現優異的部分是擠壓、電子材料等。

We were on the upper end of that curve.

我們處於這條曲線的上端。

Clearly, the ones that were weak were general finishes, wood and parts or transportation equipment under -- the under-the-hood parts that typically show up in our industrial segment.

顯然，薄弱的是一般飾面、木材和零件或運輸設備——通常出現在我們工業領域的引擎蓋下零件。

But based on our cautious outlook, Mike, again, I'd say industrial activity modestly weakened throughout the quarter.

但基於我們謹慎的前景，邁克，我再次認為整個季度工業活動適度減弱。

The next question will come from Dmitry Silversteyn of Buckingham Research.

下一個問題將來自 Buckingham Research 的 Dmitry Silversteyn。

A couple of questions, kind of regional, I guess.

我猜有幾個問題，有點區域性。

Vince, you talked about sort of in your expectations for 2020 that you would expect China to recover a little bit from a macroeconomic perspective.

文斯，您在對 2020 年的預期中談到了從宏觀經濟的角度來看，您預計中國會稍微復甦。

Trying to understand, besides the easy comps in automotive, what gives you the confidence that the Chinese economy and the Chinese consumers are going to come back in 2020?

試圖了解，除了汽車行業的簡單競爭之外，是什麼讓您對中國經濟和中國消費者將在 2020 年回歸充滿信心？

Well, we have been talking about this all year, Dmitry, that the Chinese consumer is still accruing buying power.

好吧，我們一整年都在談論這個，德米特里，中國消費者仍在積累購買力。

Employment rate there is no different than it was 3 or 4 years ago.

那裡的就業率與 3 或 4 年前沒有什麼不同。

They've moved to more of a saving economy.

他們已經轉向更多的儲蓄經濟。

I think they're feeling -- they're apprehensive about the geopolitical environment.

我認為他們感覺——他們對地緣政治環境感到擔憂。

And our expectation, our hope is that gets somewhat resolved or some of that breaks free because they've moved to more of a consumption model and they've saved for, I'd say, well over of 9 months to a year now.

我們的期望，我們的希望是，這會得到一定程度的解決，或者其中一些會擺脫困境，因為他們已經轉向更多的消費模式，並且他們已經存了，我想說，現在已經超過 9 個月到一年了。

And I think that they will be more comfortable spending next year.

而且我認為他們明年會更自在地消費。

That's the biggest single item.

這是最大的單項。

If you look at the service economy, they're doing well.

如果你看看服務經濟，他們做得很好。

So again, I think there's still some good trades in that economy that would bode well for increased consumer spending.

再說一次，我認為該經濟體仍有一些良好的交易，這對增加消費者支出來說是個好兆頭。

Got it.

知道了。

And then to follow up on your comment on Comex about the growth there being on same-store basis at least in the low single-digit range.

然後跟進您對 Comex 的評論，即至少在低個位數範圍內，同店增長。

It was a much faster business when you bought it.

當您購買它時，這是一項更快的業務。

I think you grew it very nicely in the first few years of ownership.

我認為你在擁有它的頭幾年發展得非常好。

You talked about some kind of political headwind and economic headwind.

你談到了某種政治逆風和經濟逆風。

Looking in your -- at your tea leaves, when can we -- or when do you expect the -- whatever the situation there that's going on to resolve itself?

看看你的 - 看看你的茶葉，我們什麼時候 - 或者你預計什麼時候 - 無論那裡的情況如何自行解決？

Or is that something that's going to drag on to -- through 2020?

還是會一直拖到 2020 年？

In other words, is there a particular data point or an event that you're looking for?

換句話說，是否有您正在尋找的特定數據點或事件？

Or is it just a matter of anniversary-ing whatever headwinds are being faced by that business?

或者這只是一個週年紀念的問題，無論該業務面臨什麼逆風？

So Dmitry, I'd say there are 2 factors that we're watching closely.

所以德米特里，我想說我們正在密切關注兩個因素。

The first one is government spending.

第一個是政府支出。

So with the transition to the new government that -- run by AMLO, as they call him, they are cautious, and they have not cranked out the government spending that we typically see.

因此，隨著向由 AMLO 管理的新政府的過渡，正如他們所說的那樣，他們很謹慎，並且他們沒有像我們通常看到的那樣增加政府支出。

We think that will loosen up, so that should be up year-over-year.

我們認為這會有所放鬆，因此應該會同比增長。

And then the other one that we're watching cautiously is major projects.

然後我們正在謹慎關注的另一個是重大項目。

So a lot of the folks that have the money were nervous when AMLO was elected, and so they let their major projects wind down.

所以當AMLO當選時，很多有錢的人都很緊張，所以他們讓他們的主要項目結束了。

They haven't restarted new major projects.

他們還沒有重新啟動新的重大項目。

But what's interesting is that the president has the highest approval ratings ever.

但有趣的是，總統的支持率是有史以來最高的。

And so I think, over time, people are going to start to loosen up and start to go back to restarting major projects.

所以我認為，隨著時間的推移，人們將開始放鬆並開始重新啟動重大項目。

So those are the 2 factors that we're watching.

所以這些是我們正在關注的兩個因素。

The good news is our mix continues to improve significantly, and our earnings are going to be an all-time record for Mexico.

好消息是我們的組合繼續顯著改善，我們的收入將成為墨西哥的歷史記錄。

And we're projecting another record year for them next year.

我們預計明年他們將再創紀錄。

The business feels very good about themselves.

企業自我感覺良好。

We're moving into the major paint season.

我們正在進入主要的油漆季節。

As you know, the holidays, Thanksgiving through Christmas in Mexico, huge family time, and this is going to be a period of time when we see our highest volumes in the fourth quarter.

如您所知，假期，墨西哥的感恩節到聖誕節，家庭時光，這將是我們在第四季度看到最高銷量的一段時間。

The next question will come from Garik Shmois of Longbow Research.

下一個問題將來自 Longbow Research 的 Garik Shmois。

I just wanted to follow up just on the dealer network evolution there.

我只是想跟進那裡的經銷商網絡演變。

Will that end up changing your end-market exposure in architectural, particularly in the U.S.?

這最終會改變您在建築領域的終端市場曝光率，尤其是在美國嗎？

Does that make you more exposed to new construction versus repaint or not really?

這會讓你更多地接觸新建築而不是重新粉刷嗎？

No.

不。

No material change, Garik.

沒有實質性變化，加里克。

Okay.

好的。

And then just lastly, just on aerospace, you talked about in the outlook for the fourth quarter moderating growth, but I think it's really just a function of a tough comp from a year ago.

最後，就航空航天而言，您在展望第四季度放緩增長時談到了這一點，但我認為這實際上只是一年前艱難競爭的結果。

So I just want to be clear on that and then just wonder if you can maybe provide an outlook into 2020, how you view aero just because the comp will be tough throughout the balance of next year.

所以我只想澄清這一點，然後想知道你是否可以提供一個到 2020 年的展望，你如何看待航空，因為在明年的平衡中，比賽將是艱難的。

Yes.

是的。

We still expect clearly the comps that we put in place this year, high single digits and even in Q1, Q2, when we had low double digits.

我們仍然清楚地期待我們今年實施的補償，高個位數，甚至在第一季度，第二季度，當我們有低兩位數時。

It's going to be tough to jump over.

跳過去會很困難。

But when I look at the new technology we rolled out, the new wins we've had, I'm still optimistic that they're going to have a very good year in aerospace.

但是當我看到我們推出的新技術，我們已經取得的新勝利時，我仍然樂觀地認為他們將在航空航天領域度過一個非常好的一年。

The next question will come from Jim Sheehan of SunTrust Robinson Humphrey.

下一個問題將來自 SunTrust Robinson Humphrey 的 Jim Sheehan。

In packaging, you talked about some customers were trialing some things.

在包裝方面，您談到一些客戶正在試用一些東西。

You had some packed tests.

你有一些打包的測試。

Could you give some more detail on that?

你能提供更多細節嗎？

Where these food packages or beverage packages?

這些食品包裝或飲料包裝在哪裡？

And how did the test turn out?

測試結果如何？

Well, it's mostly on the beverage side.

嗯，它主要是在飲料方面。

As I had mentioned earlier, Jim, the food guys are much, much further along in these conversions.

正如我之前提到的，吉姆，食品專家在這些轉變中走得更遠。

So on the beverage side, basically, we don't get packed test results for quite some period of time.

所以在飲料方面，基本上，我們在相當長的一段時間內都沒有得到包裝好的測試結果。

It depends upon the severity of it, whether they're moving them all around the world, sending them to hot spots like Saudi and cold places like Norway or how extensive are the changes.

這取決於它的嚴重性，他們是否將它們轉移到世界各地，將它們送到像沙特這樣的熱點地區和像挪威這樣的寒冷地區，或者變化有多大。

So we basically have packed tests going on all the time in this business.

所以我們基本上在這個行業一直在進行打包測試。

What I would tell you is that we fared pretty well in these things.

我要告訴你的是，我們在這些事情上做得很好。

And as these tests come in, typically, that then leads to new business.

隨著這些測試的出現，通常會帶來新的業務。

Got it.

知道了。

And then in European automotive OEM, I think that you had some difficult comps with last year due to some emissions changes, which had pulled forward demand.

然後在歐洲汽車 OEM 中，我認為由於一些排放變化，你與去年相比有一些困難，這拉動了需求。

And you would think that might lead to an easier comp in the fourth quarter, but it looks like the IHS numbers are still not that optimistic.

你會認為這可能會導致第四季度的比較容易，但看起來 IHS 的數字仍然沒有那麼樂觀。

Is there something else -- or is the export demand trend from Europe offsetting the benefit you might get from the change in the WLTP implementations?

是否還有其他問題——或者來自歐洲的出口需求趨勢是否抵消了您可能從 WLTP 實施變化中獲得的好處？

Yes, Jim, I think you've hit the nail right on the head.

是的，吉姆，我認為你一針見血。

We do see fewer exports out of Europe to Asia.

我們確實看到歐洲對亞洲的出口減少。

That's one of the drags year-over-year, no different than the Asian sales indigenous in the region.

這是與去年同期相比的拖累之一，與該地區本土的亞洲銷售沒有什麼不同。

So that's a factor.

所以這是一個因素。

And obviously, the industrial activity and the lack of industrial activity in Europe is another factor.

顯然，歐洲的工業活動和缺乏工業活動是另一個因素。

And this concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to management for any closing remarks.

我想把會議交還給管理層，以便發表任何結束語。

Yes.

是的。

So thank you, Carrie.

所以謝謝你，嘉莉。

I'd like to thank everybody on the call today for your time and interest in PPG.

我要感謝今天電話會議上的每一個人，感謝你們花時間和對 PPG 的興趣。

If you have any further questions, please contact our Investor Relations department.

如果您有任何其他問題，請聯繫我們的投資者關係部門。

This concludes our third quarter earnings call.

我們的第三季度財報電話會議到此結束。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect your lines.

您現在可以斷開線路。

Have a great day.

祝你有美好的一天。