PPG Industries Inc (PPG) 2024 Q4 法說會逐字稿

Good morning.

早安.

My name is Brika, and I will be your conference operator today.

我叫布里卡，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the fourth-quarter PPG's earnings conference call.

現在，我歡迎大家參加 PPG 第四季財報電話會議。

(Operator Instructions) Thank you, I would now like to turn the call over to Alex Lopez, Director of Investor Relations.

（操作員指示）謝謝，現在我想將電話轉給投資人關係總監 Alex Lopez。

Please go ahead, sir.

先生，請繼續。

Thank you, Brika, and good morning, everyone.

謝謝你，布里卡，大家早安。

This is Alex Lopez, Director, Investor Relations.

我是投資人關係總監 Alex Lopez。

We appreciate your continued interest in PPG and welcome you to our fourth-quarter and full year 2024 earnings conference call.

感謝您對 PPG 的持續關注，並歡迎您參加我們的 2024 年第四季和全年財報電話會議。

Joining me today from PPG are Tim Knavish, Chairman and Chief Executive Officer; and Vince Morales, Senior Vice President and Chief Financial Officer.

今天與我一起出席的還有 PPG 董事長兼執行長 Tim Knavish；以及高級副總裁兼財務長文斯·莫拉萊斯（Vince Morales）。

Our comments relate to the financial information released after US equity markets closed on Thursday, January 30, 2025.

我們的評論涉及 2025 年 1 月 30 日星期四美國股市收盤後發布的財務資訊。

We have posted detailed commentary and the accompanying presentation slides which are being shown on this webcast on the Investor Center of our website, ppg.com.

我們已在我們的網站 ppg.com 的投資者中心發布了詳細的評論和隨附的簡報幻燈片，並在本次網路廣播中播放。

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

根據管理階層對公司業績的看法，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.

本次電話會議中準備好的評論和討論可能包含前瞻性陳述，反映公司當前對未來事件的看法及其對 PPG 營運和財務表現的潛在影響。

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

這些聲明涉及不確定性和風險，可能會導致實際結果有所不同。

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

本公司沒有義務對這些前瞻性陳述提供後續更新。

The presentation also contains certain non-GAAP financial measures.

本報告也包含某些非公認會計準則財務指標。

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.

本公司已在我們網站上提供的簡報資料附錄中提供了這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳表。

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

欲了解更多信息，請參閱 PPG 向美國證券交易委員會 (SEC) 提交的文件。

Now let me introduce PPG Chairman and CEO, Tim Knavish.

現在讓我介紹PPG董事長兼執行長 Tim Knavish。

Thanks, Alex, and good morning, everyone.

謝謝，亞歷克斯，大家早安。

Welcome to our fourth-quarter and full year 2024 earnings call.

歡迎參加我們的 2024 年第四季和全年財報電話會議。

Before I start, I'd like to offer prayers and condolences to those who lost their lives in yesterday's terrible air collision in Washington, D.C. Our prayers are with their family, friends, loved ones.

首先，我想向昨天在華盛頓特區發生的可怕空難中喪生的人們表示祈禱和哀悼。

It's a terrible tragedy, and I hope and pray that none of you had any loved ones affected.

這是一場可怕的悲劇，我希望並祈禱你們的親人沒有人受到影響。

Now I'll begin by providing a few highlights of our full year 2024 and fourth quarter financial performance, and then I'll move to our outlook.

現在，我將首先介紹我們 2024 年全年和第四季度財務業績的一些亮點，然後再介紹我們的展望。

And on behalf of PPG, I'd also like to apologize for the volume of changes, recasting of financials, the new segmentation and the guide structure.

我謹代表 PPG 對大量的變更、財務重組、新的細分和指南結構表示歉意。

But this is a positive and critical inflection point for our company, and we wanted to structure the reporting on a go-forward basis to reflect this.

但這對我們公司來說是一個積極且關鍵的轉折點，我們希望在未來的基礎上建立報告來反映這一點。

As a result of the Architectural Coatings US and Canada divestiture, all financial information provided in the earnings material has been recast to reflect this business as a discontinued operation consistent with US GAAP requirements.

由於美國和加拿大建築塗料業務的剝離，收益材料中提供的所有財務資訊均已重新調整，以反映該業務為符合美國公認會計準則要求的停止經營業務。

In 2024, the team demonstrated resilience in a challenging macro by driving growth in adjusted EPS from continuing operations and aggregate segment EBITDA, led by sales of our technology advantage products, structural cost actions, and moderated input costs.

2024 年，在技術優勢產品的銷售、結構性成本行動和適度的投入成本的帶動下，團隊在充滿挑戰的宏觀環境中展現了韌性，推動了持續經營調整後每股收益和分部總息稅折舊攤銷前利潤的成長。

We delivered record results in several of our businesses, including Aerospace Coatings, Automotive Refinish Coatings, and Architectural Coatings, Latin America.

我們在航空塗料、汽車修補漆和拉丁美洲建築塗料等多個業務領域都取得了創紀錄的業績。

Despite strong share gains in certain businesses, organic sales declined a low single-digit percentage year-over-year driven by overall weak macros.

儘管某些業務的份額強勁增長，但受整體宏觀經濟疲軟的影響，有機銷售額比去年同期下降了個位數的低百分比。

However, we delivered growth in Mexico and China as well as growth in aerospace, protective and marine, packaging, traffic solutions businesses, offset by industry declines in auto OEM, industrial and our architectural EMEA coatings business.

然而，我們在墨西哥和中國以及航空航太、防護和海洋、包裝、交通解決方案業務方面實現了成長，抵消了汽車原始設備製造商、工業和建築 EMEA 塗料業務的行業下滑。

For the full year, adjusted EPS was $7.87, which grew 6% year-over-year and excludes $0.27 of EPS that has been reclassified to discontinued operations.

全年調整後每股收益為 7.87 美元，年增 6%，不包括重新歸類至停止經營業務的每股收益 0.27 美元。

It reflected results of the divestiture of the US and Canada architectural business with the exception of certain allocated costs.

它反映了美國和加拿大建築業務剝離的結果（某些分配成本除外）。

Strategically, during the fourth quarter, we further optimized our portfolio as we completed the divestitures of our Silica Products and Architectural Coatings US and Canada businesses.

從策略上講，在第四季度，我們完成了對美國和加拿大二氧化矽產品和建築塗料業務的剝離，進一步優化了我們的產品組合。

This is a significant step forward for our company, as these divestitures improve our financial profile, including higher operating margins and results in a more focused organization, which positions the company to deliver sustainable organic growth.

這對我們公司來說是向前邁出的重要一步，因為這些資產剝離改善了我們的財務狀況，包括更高的營業利潤率，並帶來了更專注的組織，使公司能夠實現可持續的有機增長。

As we've said, our portfolio moves this past year have strengthened the company's financial profile.

正如我們所說，我們去年的投資組合變動增強了公司的財務狀況。

When you combine the impact of these transactions with the organic improvement in margins we delivered on our remaining businesses, you will note that we have now achieved top-tier EBITDA margins.

當您將這些交易的影響與我們剩餘業務利潤率的自然提升結合起來時，您會注意到我們現在已經實現了頂級的 EBITDA 利潤率。

This performance reflects the value that our customers assign to our technology advantage products and services, our solutions, our well trusted brands, our strong global positions across the coatings verticals and the cross synergies of our business portfolio.

這項業績反映了客戶對我們技術優勢產品和服務、我們的解決方案、我們值得信賴的品牌、我們在塗料垂直領域的強大全球地位以及我們業務組合的交叉協同作用的重視。

We believe that both this margin profile and our enterprise growth actions are great catalysts for the future value creation of PPG.

我們相信，這種利潤狀況和企業成長行動都是 PPG 未來價值創造的巨大催化劑。

Given the revised portfolio, we have expanded our segment reporting structure, and we'll now report all of our Architectural Coatings businesses as a separate segment, Global Architectural Coatings.

鑑於修訂後的產品組合，我們擴大了分部報告結構，現在我們將所有建築塗料業務作為單獨的分部「全球建築塗料」進行報告。

The reporting of the remainder of the businesses within Performance Coatings and the Industrial Coatings segment will remain the same.

高性能塗料和工業塗料部門其餘業務的報告將保持不變。

This expanded segmentation provides investors with enhanced visibility, as we drive the company's growth and performance.

在我們推動公司成長和業績的同時，擴大細分市場為投資者提供了更高的可見度。

Our Global Architectural Coatings and Performance Coatings segments, both now have full year EBITDA margins at or above 20% reflecting the differential technologies and strong brand positions of our various businesses.

我們的全球建築塗料和性能塗料部門目前的全年 EBITDA 利潤率均達到或超過 20%，這反映了我們各個業務的差異化技術和強大的品牌地位。

Our Industrial Coatings segment delivered 16% EBITDA margin despite operating a weak global industrial macro environment.

儘管全球工業宏觀環境疲軟，我們的工業塗料部門仍實現了 16% 的 EBITDA 利潤率。

Each of our segments has unique characteristics that allow us to deliver exceptional value to our customers.

我們每個部門都有其獨特的特點，使我們能夠為客戶提供卓越的價值。

By leveraging the distinct strengths of our businesses, we are positioned to drive innovation, increase demand for our technology advantage products and deliver sustainable and profitable growth while increasing returns to our shareholders.

透過利用我們業務的獨特優勢，我們能夠推動創新，增加對我們的技術優勢產品的需求，實現可持續的獲利成長，同時增加股東回報。

In our Global Architectural Coatings segment, we have excellent and well-recognized brands with world-class distribution and a strong number one or number two position in more than 15 countries.

在我們的全球建築塗料領域，我們擁有優秀且知名的品牌，擁有世界一流的分銷網絡，並在超過 15 個國家/地區佔據第一或第二的強勁地位。

Our Performance Coatings segment is focused on various aftermarkets that traditionally are more stable and have a more fragmented customer base.

我們的高性能塗料部門專注於傳統上更穩定且擁有更分散的客戶群的各種售後市場。

Within this segment, we offer differentiated and highly specified product and digital solutions that enable our customers productivity.

在此領域，我們提供差異化、高度專業化的產品和數位解決方案，以提高客戶的生產力。

Our Industrial Coatings segment delivers highly technical products and services for our global B2B customers.

我們的工業塗料部門為全球 B2B 客戶提供高科技產品和服務。

We operate field service teams in our customers facilities, which allows us to develop strong relationships and deep understanding of their productivity needs.

我們在客戶設施內設立了現場服務團隊，這使我們能夠建立牢固的關係並深入了解他們的生產力需求。

Also, we typically grow with our customers as they expand around the world.

此外，隨著客戶在全球範圍內的擴張，我們通常會與其共同成長。

In the fourth quarter, despite the choppy environment, our adjusted EPS grew by 6% year-over-year, excluding the impact of unfavorable foreign currency translation.

第四季度，儘管環境波動，但剔除不利外匯折算的影響，我們的調整後每股盈餘較去年同期成長 6%。

We delivered strong organic sales growth in Aerospace Coatings, Protective & Marine Coatings and Traffic Solutions.

我們在航空塗料、防護和船舶塗料以及交通解決方案方面實現了強勁的有機銷售成長。

This was our ninth consecutive quarter of aggregate segment margin improvement and we have delivered cumulative margin improvement of approximately 400 basis points since 2022.

這是我們連續第九個季度實現分部總利潤率提高，自 2022 年以來，我們的累積利潤率提高了約 400 個基點。

In the Global Architectural Coatings segment, fourth quarter net sales were significantly impacted by unfavorable foreign currency translation, primarily from Mexican peso.

在全球建築塗料部門，第四季的淨銷售額受到不利的外幣折算的嚴重影響，主要是墨西哥比索的影響。

Sales volumes declined due to weak consumer confidence in the European architectural coatings market.

由於歐洲建築塗料市場消費者信心疲軟，銷售量下降。

However, we benefited from our strong concessionaire network in Mexico, where demand is robust for our products and services.

然而，我們受益於墨西哥強大的特許經營網絡，那裡對我們的產品和服務的需求旺盛。

For the full year, segment EBITDA margin improved by 70 basis points as lower volumes were offset by our cost control actions and net price impact during the year.

就全年而言，分部 EBITDA 利潤率提高了 70 個基點，因為我們採取的成本控制措施和淨價格影響抵消了銷售下降的影響。

In the Performance Coatings segment, fourth quarter organic sales grew 4%, with both price and sales volume improvements.

在高性能塗料領域，第四季有機銷售額成長 4%，價格和銷售量均有所改善。

Within the segment, Aerospace Coatings demonstrated continued strong performance with record fourth quarter sales and double-digit percentage organic sales growth.

在該部門中，航空塗料持續表現強勁，第四季銷售額創下歷史新高，有機銷售額實現兩位數百分比成長。

Despite improved production capacity and other productivity gains, the order backlog increased to approximately $300 million, demonstrating the strong demand for our technology advantage products as well as excellent industry dynamics.

儘管生產能力和其他生產力得到提高，但訂單積壓仍增加至約 3 億美元，這表明市場對我們的技術優勢產品有著強勁的需求，並且行業動態十分出色。

In Auto Refinish, sales volumes declined in the US with benefits from share gains more than offset by lower industry collision claims.

汽車修補漆在美國的銷售量下降，但份額成長帶來的好處被產業碰撞索賠的減少所抵消。

These share gains are a product of the demand for our technology advantage products and services.

這些份額的成長是對我們的技術優勢產品和服務的需求的結果。

In 2024, the company grew the number of linked services subscriptions and added more than 600 additional MoonWalk installations that now total more than 2,500 around the world, adding to our subscription revenue.

2024 年，該公司增加了連結服務訂閱數量，並增加了 600 多個 MoonWalk 安裝，現在全球總數已超過 2,500 個，增加了我們的訂閱收入。

Protective & Marine Coatings demonstrated strong growth in the fourth quarter, supported by increasing global demand of our technologies and our recent share gains.

由於全球對我們技術的需求不斷增長以及我們近期的市場份額增長，防護塗料和船舶塗料在第四季度表現出強勁增長。

This was the seventh consecutive quarter with positive year-over-year sales volume growth, and we expect the positive momentum to continue.

這是連續第七個季度實現銷量同比增長，我們預計這一積極勢頭還將繼續。

Segment EBITDA margin improved in both the fourth quarter and full year due to positive volume and strong net price impact.

由於銷售良好及淨價格強勁影響，第四季度和全年分部 EBITDA 利潤率均有所提高。

In the Industrial Coatings segment, demand was constrained by soft global industrial production and weak automotive OEM industry production.

在工業塗料領域，需求受到全球工業生產疲軟和汽車原始設備製造商產業生產疲軟的限制。

As expected and forecasted by industry consultants, auto OEM industry production was lower year-over-year in the US and Europe.

正如產業顧問預期和預測的那樣，美國和歐洲的汽車OEM產業產量較去年同期下降。

Our results followed that lower demand trend, and we were able to partially offset the decline in sales volumes with share gains in Latin America and China.

我們的業績遵循了需求下降的趨勢，我們能夠透過拉丁美洲和中國的份額成長來部分抵消銷售量的下降。

Industrial production was also sluggish in Europe and the US, which resulted in lower year-over-year sales volume in the Industrial Coatings business.

歐洲和美國的工業生產也表現低迷，導致工業塗料業務的銷售量年減。

Sales volume declines in those regions were partially offset by strong growth in Latin America.

這些地區銷售量的下滑被拉丁美洲的強勁成長部分抵銷。

Prices in the Industrial Coatings segments declined due to lower index-based selling prices as raw material costs declined in the latter part of 2024.

由於 2024 年下半年原物料成本下降，基於指數的銷售價格下降，工業塗料部門的價格也隨之下降。

This impact is expected to moderate in 2025 as most have reached their anniversaries and will be reset based on recent stability in raw material pricing.

預計這種影響將在 2025 年得到緩和，因為大多數政策已到達週年紀念日，並將根據近期原材料價格的穩定情況進行重置。

Segment EBITDA margin reduced 160 basis points for the quarter and was slightly lower on a full year basis as the lower volumes were partially offset by strong cost control actions.

本季分部 EBITDA 利潤率下降了 160 個基點，全年利潤率略有下降，因為強勁的成本控制措施部分抵消了銷售下降的影響。

We ended the fourth quarter with cash of about $1.4 billion.

截至第四季末，我們的現金餘額約為 14 億美元。

During the quarter, we completed $250 million in share repurchases and paid approximately $160 million in dividends.

本季度，我們完成了 2.5 億美元的股票回購，並支付了約 1.6 億美元的股息。

On a year-to-date basis, we repurchased approximately $750 million of stock, which represented approximately 3% of our outstanding shares.

年初至今，我們回購了約 7.5 億美元的股票，約占我們已發行股票的 3%。

We honored our pledge to return cash to shareholders and combined with our dividend, we've returned $1.4 billion to our shareholders in 2024.

我們履行了向股東返還現金的承諾，加上股息，我們在 2024 年向股東返還了 14 億美元。

Our balance sheet remains strong, which continues to provide us with financial flexibility, and we remain committed to driving shareholder value creation.

我們的資產負債表依然強勁，這持續為我們提供財務靈活性，我們仍然致力於推動股東價值創造。

Thus, we're deploying about $400 million towards share repurchases during the first quarter of 2025.

因此，我們將在 2025 年第一季投入約 4 億美元用於股票回購。

Looking ahead, we anticipate a slow start to 2025 as demand in Europe and in global industrial end-use markets remains challenged.

展望未來，由於歐洲和全球工業終端市場的需求仍面臨挑戰，我們預計 2025 年開局將較為緩慢。

However, we expect stabilization on a full year basis of some key economic indicators like light vehicle builds and global industrial production as well as additional aircraft deliveries.

不過，我們預計一些關鍵經濟指標（如輕型汽車生產量、全球工業生產量以及額外的飛機交付量）將在全年趨於穩定。

In the first quarter of 2025, we'll begin to see the impacts of already enacted tariffs, which is expected to result in low single-digit percentage inflation in raw material costs while raw material inflation was flat in the fourth quarter of 2024.

2025 年第一季度，我們將開始看到已經實施的關稅的影響，預計這將導致原物料成本出現低個位數百分比通膨，而 2024 年第四季原物料通膨持平。

Despite a challenging macro and economic landscape and a slow macro start for 2025, I'm genuinely optimistic about this year.

儘管宏觀和經濟形勢充滿挑戰，且 2025 年宏觀開局緩慢，但我對今年仍充滿信心。

We expect to deliver organic sales growth of low single-digit percentage for the year, with the first quarter organic growth flat to slightly down.

我們預計全年有機銷售額將實現低個位數百分比成長，第一季有機成長將持平或略有下降。

Stronger results in the second half of the year supported by the realization of more than $100 million in annual share gains in our Industrial Coatings segment.

由於工業塗料部門實現了超過 1 億美元的年度份額成長，下半年業績表現更加強勁。

As we enter the next chapter for PPG with a new sharper portfolio and focus, we're progressing further on the execution of our enterprise growth strategy with several elements that include: Building upon our organic growth capabilities on commercial excellence with the right processes, people, tools and incentives; taking decisive self-help actions to further reduce costs, including global structural costs and European manufacturing consolidations.

隨著PPG 以全新的、更清晰的產品組合和業務重點進入新篇章，我們將進一步實施企業成長策略，其中包括：以正確的流程、人才和創新為基礎，在商業卓越的基礎上，進一步增強有機成長能力。採取果斷的自助行動進一步降低成本，包括全球結構性成本和歐洲製造業整合。

This program will deliver approximately $175 million once fully implemented, including savings of $60 million in 2025.

該計劃全面實施後將帶來約 1.75 億美元的收益，其中包括 2025 年節省 6,000 萬美元。

Execution of our operational excellence programs will also deliver manufacturing productivity that will more than offset general inflation.

實施我們的卓越營運計劃還將帶來製造業生產力，其水準將超過抵消一般通貨膨脹的水平。

We'll deploy cash in a disciplined manner, investing for growth; selective M&A, if appropriate; and returning cash to shareholders.

我們將以有紀律的方式部署現金，為成長而投資；如果合適，選擇性併購；並向股東返還現金。

As a result of these actions, we expect to deliver adjusted earnings per share for the full year in 2025 in the range of $7.75 to $8.05, which at midpoint represents an EPS growth of 7%, excluding the impact of foreign currency and higher tax.

由於這些行動，我們預計 2025 年全年調整後每股收益將在 7.75 美元至 8.05 美元之間，中間值代表每股收益增長 7%，不包括外匯和更高稅收的影響。

Consistent with our sales growth, EPS growth will be weighted towards the second half of 2025, as global industrial demand weakened and the US dollar strengthened in the second half of 2024.

與我們的銷售額成長一致，由於 2024 年下半年全球工業需求減弱和美元走強，每股盈餘成長將集中在 2025 年下半年。

I'm excited about 2025 and beyond.

我對 2025 年及以後的事情感到興奮。

We have a sharper, more focused future facing portfolio and higher growth and margin profile company.

我們擁有更敏銳、更專注的面向未來的投資組合以及更高成長和利潤率的公司。

For our customers, we're both delivering solutions that ensure their success today and innovating tomorrow to improve both their productivity and their success.

對於我們的客戶，我們不僅提供確保他們當前成功的解決方案，還提供明天的創新以提高他們的生產力和成功。

We remain committed to our heritage of strong cost management and improved productivity that reinforces the ability to maintain our momentum in driving higher margins and earnings growth.

我們將繼續秉承強大的成本管理和提高生產力的傳統，以增強我們維持更高利潤率和獲利成長動能的能力。

The result will be profitable organic growth for PPG and shareholder returns for our owners.

其結果將是 PPG 實現盈利性有機增長並為我們的所有者帶來股東回報。

These successful divestitures and solid performance in 2024 would not have been possible without the dedication of our employees.

如果沒有我們員工的奉獻，這些成功的資產剝離和 2024 年的穩健業績是不可能實現的。

We are now a much more focused organization dedicated to driving ongoing growth with strong margins.

我們如今已成為一個更專注的組織，致力於推動持續成長並實現強勁利潤。

Thank you to our PPG teams around the world who make it happen and deliver on our purpose every day.

感謝遍佈全球的 PPG 團隊，是他們讓這一切成為現實，並每天履行我們的目標。

Thank you for your continued confidence in PPG.

感謝您對 PPG 的持續信任。

And this concludes our prepared remarks.

我們的準備好的演講到此結束。

And would you now please open the line for questions?

現在您可以打開熱線來回答問題嗎？

(Operator Instructions)

（操作員指令）

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Thank you.

謝謝。

Could you talk about the $100 million new win for industrial?

能談談工業領域這 1 億美元新獎金的情況嗎？

Is that related to a major competitor pulling back or is something else driving that?

這是否與主要競爭對手的撤退有關，還是有其他原因？

Hey, good morning John.

嘿，早上好，約翰。

Thanks for the question.

謝謝你的提問。

Certainly the South American exit of one of our competitors is a part of that, I'd say slightly less than half of that.

當然，我們的一個競爭對手退出南美是其中的一部分，我認為應該說是其中的一半以下。

We've got a number of other significant wins in auto OEM as well as our Industrial Coatings and our Packaging Coatings businesses.

我們在汽車原始設備製造商以及工業塗料和包裝塗料業務中取得了許多其他重大勝利。

And as you know, in the Industrial segment, the time lag between when an conversion is longer than our other segments because these are B2B factories that need to change over time, et cetera.

如您所知，在工業領域，轉換之間的時間差比我們其他領域要長，因為這些是 B2B 工廠，需要隨著時間而改變，等等。

But the wins are kind of spread across those three major businesses, but a big piece of it is the exit in South America.

但勝利在某種程度上分散在這三大業務中，但其中很大一部分是南美業務的退出。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Thank you operator.

謝謝接線生。

Hey Tim, just given your comments on the slight increase in rate prices for 2025 tariffs and whatever else.

嘿，蒂姆，剛剛聽你談到了對 2025 年關稅和其他費用略有上漲的評論。

Can you just give us more specifics on how are you adjusting pricing across the portfolio to reduce the risk of any sort of price cost mismatches 2025 unfold in context of all this uncertainty on tariffs?

您能否向我們詳細介紹一下，在關稅存在不確定性的背景下，您如何調整整個產品組合的定價，以降低 2025 年出現任何類型的價格成本不匹配的風險？

Sure, Ghansham.

當然，Ghansham。

So what's in our guide for raw materials, which is basically up low single digits inflation throughout the year is almost entirely based on the tariffs that have already been enacted in our basket, which is pretty much TiO2 and epoxies.

因此，我們的原物料指南中所說的全年通膨率基本上都保持在個位數的低位，幾乎完全基於我們已經實施的一攬子商品關稅，而這籃子商品主要是二氧化鈦和環氧樹脂。

So we've got that as well as our mitigation efforts of those already baked into our guide.

因此，我們已經將這些以及我們的緩解措施融入了我們的指南中。

So what you'll see from a pricing standpoint is I think Q1 will be flattish to slightly positive as some of our businesses are on traditional calendars as to when they raise prices, and that's scattered throughout the first few months of the year.

因此，從定價的角度來看，我認為第一季的價格將持平至略有上漲，因為我們的一些業務是按照傳統日曆來提高價格的，而且這種提高價格的日期分散在一年的前幾個月。

In raw material pricing, index pricing on the Industrial segment, we'll still have a little bit of carryover for the first quarter.

在原物料定價、工業類股的指數定價方面，我們仍會對第一季有一點的延續。

But then for the full year, we're expecting positive pricing, low single-digit positive pricing for the company across the board.

但就全年而言，我們預期全公司定價將呈現正值，低個位數正值。

Now we'll remain flexible and agile and do what we need to do if there's other tariffs or things we need to do from a competition standpoint to remain competitive in the market, but that's what's baked into our guidance.

現在，我們將保持靈活性和敏捷性，如果有其他關稅或從競爭的角度我們需要做的事情以保持市場競爭力，我們將做我們需要做的事情，但這就是我們的指導方針中的內容。

And Ghansham, this is Vince.

甘沙姆，這是文斯。

If you pull back to 50,000 feet and look at the supply chain, it's still a loose supply chain, still a buyer's market for coatings commodities beyond the tariffs.

如果您退回到50,000英尺的高度並觀察供應鏈，它仍然是一個鬆散的供應鏈，除了關稅之外，塗料商品仍然是買方市場。

Got it.

知道了。

Thank you.

謝謝。

David Begleiter, Deutsche Bank.

德意志銀行的 David Begleiter。

Hi, it's David Huang here for Dave.

大家好，我是戴夫 (Dave Huang)。

I guess you're expecting full year segment margins to be up 50 bps and down 150 bps in Q1.

我猜您預計全年分部利潤率將上升 50 個基點，而第一季將下降 150 個基點。

How do you expect margins to trend, I guess, from Q2 to Q4?

您預計從第二季到第四季利潤率的趨勢如何？

This is Vince.

這是文斯。

I'll start and I'll let Tim add some color.

我先開始，然後讓蒂姆添加一些顏色。

As we noted in our materials in Q1, and Tim, just also noted, we have some raw material inflation around those enacted tariffs in Q1.

正如我們在第一季的資料中所提到的，而且 Tim 也剛剛提到，在第一季度，由於實施的關稅，我們出現了一些原材料通膨。

Pricing is coming in throughout the quarter.

定價將在整個季度內進行。

We also have expect a flat to low single-digit decline in volumes.

我們也預期銷售量將出現持平至低個位數的下降。

And as you progress through the year, our volume performance gets better.

隨著一年年的進步，我們的銷售表現也越來越好。

So that's a differential between Q1 and full year in terms of the margin progression.

因此，從利潤率成長的角度來看，這是第一季和全年之間的差異。

Yeah, I would just add a little bit of color, particularly on the Industrial Coatings segment.

是的，我只想添加一點顏色，特別是在工業塗料部分。

That's our most volume sensitive segment at this point from a margin standpoint because of the leverage that you get with a little uptick in margin.

從利潤率的角度來看，這是我們目前對交易量最敏感的部分，因為利潤率略有上升，你就能獲得槓桿。

So as we have a very soft Q1, you'll see that look pretty much like Q4, with the volume kicking in, in the Industrial segment more in the second half of the year.

因此，由於我們第一季的銷售非常疲軟，您會發現它與第四季度非常相似，工業領域的銷售量將在下半年進一步增加。

Chris Parkinson, Wolfe Research.

克里斯·帕金森（Chris Parkinson），沃爾夫研究公司。

Great.

偉大的。

Thank you so much.

太感謝了。

Tim, I'm guessing, getting on slide 5, no one was more excited to get that one out than you because it just represents obviously everything you've been working for.

提姆，我猜，看到第 5 張投影片時，沒有人比你更興奮，因為它顯然代表了你一直在努力的一切。

When we take a step back and look at the three new segments, can you just give kind of the one or two points on -- I understand the first half macro is what it is.

當我們退一步看看這三個新的部分時，您能否給出一兩點意見——我理解前半部分宏觀是什麼樣的。

But can you just talk about how you and your teams are now thinking about the respective growth rates of those end markets in terms of share gain, market outperformance?

但是，您能否談談您和您的團隊現在如何看待這些終端市場的份額成長和市場表現的各自成長率？

Just anything that would potentially fit into the buy side perceptions of PPG's ability to grow in the new framework, would be particularly helpful?

任何可能符合買方對 PPG 在新框架下發展能力的看法的事情都會特別有幫助嗎？

Thank you.

謝謝。

Yeah, sure, Chris.

是的，當然，克里斯。

So Global Architectural Coatings, now that we have our business refined to where we've got positions, where we've got a really good, strong right to win in those countries, we you could use housing, construction, GDP as kind of proxies for the base growth rate of the end markets, but then because of the strength of our position, you can add incremental share gain on top of that.

因此，全球建築塗料業務現在已精簡到我們的位置，我們在這些國家擁有真正強大、有力的取勝權，我們可以使用住房、建築、GDP 作為代理對於終端市場的基本增長率，但由於我們地位的強大，你可以在此基礎上增加增量份額。

If you look at Performance Coatings, that's now largely an aftermarket business.

如果你看一下高性能塗料，它現在基本上是一個售後市場業務。

And the demand there is a lot more steady on average.

那裡的需求平均而言更加穩定。

And as you know, from things like our refinish business and the new differentiated technology that we've launched for marine aftermarket, for example, we feel that we've got a pretty strong advantage in the Performance Coatings standpoint to pick up additional share.

如您所知，從我們的修補業務和為船舶售後市場推出的新型差異化技術等方面來看，我們認為在高性能塗料方面，我們具有相當大的優勢，可以獲得額外的份額。

And with Industrial Coatings, that's much more tied to industrial production.

而工業塗料則與工業生產聯繫更為緊密。

So automotive, that's the easiest, we'll all just follow the fields; beyond that will follow industrial production as the baseline market; and then share gains from our technologies on top of that.

所以汽車是最簡單的，我們只需要關注這個領域；此後將以工業生產為基準市場；然後在此基礎上分享我們的技術收益。

So that's how we think about those three different segments.

這就是我們對這三個不同部分的看法。

Yeah.

是的。

Chris, if I could just add a couple of bits of color here.

克里斯，如果我可以在這裡添加一些顏色的話。

As Tim mentioned on the industrial side, given the differential or specified technologies, we picked up share in packaging over the past two years.

正如蒂姆在工業方面所提到的，鑑於差異化或特定的技術，我們在過去兩年中在封裝領域獲得了更大的份額。

Certainly, in certain industrial end markets, we've grown our position globally, including growing our market share in powder, some of that inorganically.

當然，在某些工業終端市場，我們在全球範圍內的地位已經提升，包括增加我們在粉末方面的市場份額，其中一些是無機的。

And if you look at the Performance Coatings segment, we've talked a lot about some of our tools in the refinish area, especially the digital tools.

如果你看一下性能塗料部分，我們已經討論了很多關於修補領域的一些工具，特別是數位工具。

And on those digital tools, we're recognizing subscription revenue in addition to the customer intimacy that brings.

對於這些數位工具，我們除了獲得客戶親密度之外，還獲得了訂閱收入。

So those are some of the differential items that will give us, I think, an advantage for the market rates.

所以我認為，這些都是能帶給我們市場利率優勢的差異化項目。

Yeah, if I could just add one more piece of color, Chris.

是的，如果我可以再添加一種顏色，克里斯。

If you refinish in Performance Coatings, good example.

如果您重新使用性能塗料，這是一個很好的例子。

Collision claims in the US were down high single digits in 2024.

2024 年，美國的碰撞索賠數量下降了個位數。

And we far outperformed that and won about 2,500 net new shops.

而我們的表現遠遠超出了這一水平，淨增了約 2,500 家新店。

So that's how we should think about -- you think about the market drivers plus our differentiated advantage in each of those segments.

所以我們應該這樣思考——考慮市場驅動因素以及我們在每個領域的差異化優勢。

Thank you so much.

太感謝了。

Duffy Fischer, Goldman Sachs.

高盛的達菲費雪 (Duffy Fischer)。

Yeah, good morning guys.

是的，大家早安。

I was hoping you can help me -- if you look the published number for last year was [787], the midpoint of your guide for this year is [790], right?

我希望你能幫助我——如果你看去年公佈的數字是 [787]，那麼今年的指南中間點是 [790]，對嗎？

So basically on top of each other for the year.

所以基本上這一年都是互相重疊的。

But when you look at the shape of how that 787 came about last year, how does that look this year.

但當你觀察去年 787 的狀況時，你會知道今年的狀況如何。

So can you help us kind of with the shape the year-over-year, either EPS or EBIT, whichever way you want to look at it, it sounds like you're going to be beating more in the second half, probably behind in the first half, but can you just help us with kind of the year-over-year shape of those two numbers?

那麼，您能否幫助我們了解同比的情況，無論是 EPS 還是 EBIT，無論您從哪個角度看，聽起來您下半年的業績會更好，可能落後於上半年，您能否幫助我們了解一下這兩個數字的同比變化情況？

Well, Duffy, considering how little time we gave you to digest all these new numbers, you're pretty darn close.

好吧，達菲，考慮到我們給你的時間太少，讓你消化所有這些新數字，你已經非常接近了。

We'll be behind last year in the first half, particularly in the first quarter and then we'll be nicely above it in the second half.

我們在上半年，特別是第一季的業績將落後於去年，但在下半年，我們將會遠遠超過去年。

That's your last comment.

這是你的最後一則評論。

If you look at it operationally, it's 7% operational EPS growth.

如果從營運角度來看，其營運每股收益成長率為 7%。

And then there's a couple of big things on top of that, that bring it down about to the same level with the biggest one being about $0.33 of EPS of FX.

然後，還有一些重大因素，使其下降到大約相同的水平，其中最大的因素是外匯每股收益約為 0.33 美元。

And then my CFO will give you all the details below it.

然後我的財務長會向您提供下面的所有詳細資訊。

But high level, weaker in the first half, especially first quarter, strong second half Y-o-Y, net-net, 7% operational EPS gain for the full year.

但水準較高，上半年較弱，特別是第一季度，下半年年比、淨利潤強勁，全年營業每股收益成長 7%。

Yeah, Duffy, we provided, as Tim mentioned, a flurry of information last night.

是的，達菲，正如蒂姆所提到的，我們昨晚提供了大量資訊。

One of the pieces we want to add to that is our quarterly EPS for the last two years on a recast basis.

我們要補充的是，我們過去兩年按重算後的季度每股收益。

So Alex, could you give those numbers?

那麼亞歷克斯，你能給出這些數字嗎？

Yeah.

是的。

For your reference, Duffy, last year, Q1, as you saw in the activity, it's $1.87, adjusted EPS; Q2, $2.35; Q3, $2.03; Q4, $1.61 for the full year of $7.87. In 2023, our Q1 adjusted EPS, $1.75; Q2, $2.12; Q3, $1.98; Q4, $1.56, with a full year of $7.42.

供您參考，達菲，去年第一季度，正如您在活動中看到的，調整後的每股收益為 1.87 美元； Q2，2.35 美元；第三季度，2.03 美元；第四季度，每股收益 1.61 美元，全年每股收益 7.87 美元。 2023年，我們的第一季調整後每股收益為1.75美元； Q2，2.12美元；第三季度，1.98 美元；第四季為 1.56 美元，全年為 7.42 美元。

And then if you look at the shape of the year, we talked about this on an earlier question, Duffy.

如果你看一下今年的情況，我們在之前的問題中討論過這個問題，達菲。

If you look at the shape of the year, again, because of the slightly negative volumes in Q1 and the additional tariffs that were enacted in Q4 that will affect Q1.

如果你看一下今年的情況，同樣，由於第一季的銷量略有下降，而第四季度實施的額外關稅將影響第一季。

Q1 is light, but we'll interject pricing as we go through that first quarter.

第一季的業務比較清淡，但我們會在第一季插入定價內容。

We'll see the volumes flatten and grow in the back half of the year.

我們將看到交易量在今年下半年趨於平穩並有所增長。

We'll also get some more restructuring benefit as we progress through the year.

隨著今年的進展，我們也將獲得更多的重組利益。

We talked about our self-help actions, and those will drive some cost benefit later in the year.

我們討論了我們的自助行動，這些行動將在今年稍後帶來一些成本效益。

Great.

偉大的。

Thank you guys.

謝謝你們。

Thank you, Duffy.

謝謝你，達菲。

Frank Mitsch, Fermium Research.

米奇 (Frank Mitsch)，鋤研究機構。

Hey, good morning [Russell] or

嘿，早安[Russell]或

[Justin].

[賈斯汀]。

Who are you putting your money on Frank?

你把錢押在誰身上，法蘭克？

And I'll go the opposite.

而我會反其道而行。

Good call.

好主意。

Good call.

好主意。

So the $400 million buyback in 1Q, I think, Vince, on the last call, you indicated that the sale of North American architectural with all your moves to the cash, et cetera, would wind up being neutral or accretive on EPS.

因此，文斯，我認為，在上次電話會議上，您表示，第一季的4 億美元回購，以及您向現金等採取的所有舉措，最終將對每股收益產生中性或增值作用。

I'm curious if that's still the case?

我很好奇情況現在仍然如此嗎？

And in terms of the $400 million buyback in 1Q that almost indicates that there's not much you're seeing right now on the M&A side of things because one would have thought that you might keep your powder dry.

就第一季的 4 億美元回購而言，這幾乎表明您現在在併購方面沒有看到太多進展，因為人們會認為您可能會保持謹慎。

Some of the coatings companies have indicated that they are looking at portfolio moves and divestitures and so forth.

一些塗料公司表示，他們正在考慮投資組合變動和資產剝離等。

So any comments in terms of uses of cash and when the final when all is said and done with respect to the divestiture of North American architectural accretive, neutral, dilutive?

那麼，對於現金的用途以及關於北美建築增值、中性、稀釋性的剝離的最終結果，您有什麼評論嗎？

Thank you.

謝謝。

Yeah.

是的。

Frank, this is Vince.

弗蘭克，這是文斯。

I'll take the $400 million and the proceeds from the divestiture.

我將拿走這 4 億美元和資產剝離的收益。

We did receive those proceeds in late in the fourth quarter in 2024.

我們確實在 2024 年第四季末收到了這些收益。

They're not appearing in our cash flow statement we put out last night because we didn't put out a discontinued operations cash item, but they'll be in the 10-K when we file that.

它們沒有出現在我們昨晚發布的現金流量表中，因為我們沒有發布已終止經營現金項目，但當我們提交 10-K 表時，它們會出現在裡面。

Certainly, we're putting those proceeds to work immediately as we committed to do in Q1, which, again, reflects that $400 million.

當然，我們會立即使用這些收益，正如我們在第一季承諾的那樣，這再次反映了那 4 億美元。

And Tim, do you want to take the M&A?

提姆，你想進行併購嗎？

Sure.

當然。

So let me just be very clear.

所以請讓我說清楚一點。

First of all, I think part of your question on the $400 million, was it accretive?

首先，我認為你提出的問題中關於 4 億美元的問題，它是否具有增值性？

And the answer is absolutely yes.

答案是肯定的。

And but on the M&A, let me be very clear, our strategy on M&A has not changed from what I told you all in May of 2023 when I first came into the job that it's not the tip of the spear for us and we're very focused on building an organic growth machine, but that we would still evaluate any targets because we believe there still is consolidation to happen in this industry and there are some good assets out there that would add shareholder value.

關於併購，我要明確一點，我們的併購策略與我 2023 年 5 月剛上任時告訴大家的併購策略沒有改變，這不是我們的矛頭，我們我們非常注重打造有機成長機器，但我們仍會評估任何目標，因為我們相信這個產業仍會發生整合，並且有一些優質資產可以增加股東價值。

So that has not changed.

所以這並沒有改變。

And if you look 2023, I told everybody we paid down net debt, we did that early, and then we started buying back shares for the first time in a long time in Q4 of '23.

如果你展望 2023 年，我告訴大家我們已經償還了淨債務，我們很早就這樣做了，然後我們在 2023 年第四季開始首次回購股票。

2024, I said that there was no targeted selective M&A we buy back shares, and we bought back $750 million.

2024年，我說沒有針對性的選擇性併購我們回購股票，我們回購了7.5億美元。

As we come into this year, we're starting off Q1 buying shares.

進入今年，我們從第一季開始買股票。

We fully expect to have another good cash generation year.

我們充分期待又一個現金創造豐厚的年份。

So we've got good optionality, especially with where our leverage is right now.

因此，我們擁有良好的選擇權，尤其是考慮到我們目前的槓桿作用。

There are also a couple of assets coming to market or already on market.

還有一些資產即將上市或已經上市。

One of them I've already said does not fit our enterprise growth strategy.

其中一個我已經說過，不符合我們的企業成長策略。

So not interested.

所以不感興趣。

One of them, the Brazilian asset is an attractive asset.

其中之一，巴西資產是一項有吸引力的資產。

It's a good asset.

這是一筆寶貴的財富。

It's a good fit to our strategy of either being a strong number one or strong number two.

這非常符合我們要麼成為強勢第一要麼成為強勢第二的戰略。

But we have to decide we were not the only ones that would draw that conclusion.

但我們必須承認，我們並不是唯一得出這個結論的人。

So we have to decide right price, right time.

因此我們必須在正確的時間決定正確的價格。

We want to make sure that whatever we do, if we do anything on acquisitions that it doesn't distract from building the organic growth machine, but if we do it, if we do want to take a look at that asset or any of the other assets that may come is it the best use of our shareholders cash?

我們希望確保無論我們做什麼，如果我們進行收購，都不會分散我們打造有機成長機器的注意力，但如果我們這樣做，如果我們確實想看看這項資產或任何可能產生的其他資產是否是我們股東現金的最佳用途？

Because right now, we believe our stock is undervalued, and we're generating cash, and so we can deliver returns by buying back shares.

因為現在，我們認為我們的股票被低估了，而且我們正在產生現金，所以我們可以透過回購股票來獲得回報。

So it'll all come down right asset, right time, so as to not distract the organization.

因此，一切都將在正確的時間歸結為正確的資產，以免分散組織的注意力。

And finally, of course, right price, is it the best use of the cash.

最後，當然，合適的價格是不是現金的最佳用途？

Tim.

提姆。

Thanks so much.

非常感謝。

Stephen Byrne, Bank of America.

美國銀行的史蒂芬伯恩 (Stephen Byrne)。

Yes, thank you.

是的，謝謝。

So Tim, your end markets normalized, and now you have three segments with more transparency and you've divested slower growth businesses and you focus on share gains, et cetera, what do you target as a sustainable earnings growth rate down the road here?

那麼蒂姆，你的終端市場已經正常化，現在你有三個透明度更高的細分市場，而且你已經剝離了增長較慢的業務，而專注於份額增長等等，你未來可持續盈利增長率的目標是多少？

And what do you think it needs to get to, to move you out of a 15 multiple?

您認為需要達到什麼程度才能讓您擺脫 15 倍的困境？

Yeah.

是的。

Hey, Steve, I'll be consistent with what I've been saying in my first two years-plus now is that as we start to deliver on each of our commitments, this is 8% to 12% EPS growth company.

嘿，史蒂夫，我會堅持我在前兩年多以來一直在說的話，那就是當我們開始兌現我們的每一個承諾時，這是一家每股收益增長率為8% 到12% 的公司。

And where it falls in that range is dependent on macros.

並且它在這個範圍內的位置取決於巨集。

If you look at 2025, operationally, we're going to be a seven, which Compared to the macros that are in front of everybody right now is a good -- I think, a pretty robust number.

如果你展望 2025 年，從營運角度來看，我們的目標將達到 7，與現在擺在大家面前的宏觀目標相比，這是一個不錯的數字——我認為，這是一個相當強勁的數字。

Now going forward, all the things you said in the beginning of your question are exactly right, more focused portfolio.

現在繼續前進，你在問題開頭所說的一切都是完全正確的，更專注的投資組合。

We don't have the drag on the company from a business that was underperforming we're not distracted by a high CapEx business that didn't fit our ambitions.

我們不會因為表現不佳的業務而拖累公司，也不會因為不符合我們目標的高資本支出業務而分散注意力。

And we've been investing in the organic growth muscle.

我們一直在投資有機成長力量。

And so we're still confident that this is an 8% to 12% EPS growth company.

因此我們仍然相信這是一家每股收益成長率為 8% 至 12% 的公司。

Yes, Steve, I can just add a couple bits of color.

是的，史蒂夫，我只需添加一點顏色。

This is Vince.

這是文斯。

Again, if you look by segment, we've got two segments at or above 20% EBITDA margins.

同樣，如果按細分市場來看，我們有兩個細分市場的 EBITDA 利潤率達到或超過 20%。

So obviously, as they grow, that will enforce our mix benefits.

顯然，隨著它們的成長，這將增強我們的混合優勢。

The Industrial segment, which has been -- we've been in a two-year industrial recession globally.

工業領域—全球已經陷入了兩年的工業衰退。

So we think that business in that segment by itself is hopefully close to trough or a trough in terms of volumes.

因此，我們認為，就業務量而言，該領域本身的業務預計將接近低谷或處於低谷。

And as Tim mentioned earlier, that's our most volume sensitive segment.

正如蒂姆之前提到的，這是我們對交易量最敏感的部分。

So as we see any volume return there, it should come at enhanced incrementals and get back to a differential EBITDA margin on a go forward basis.

因此，當我們看到任何交易量的回升時，它都應該以增強的增量出現，並在未來的基礎上回到差異 EBITDA 利潤率。

Thank you.

謝謝。

Thank you.

謝謝。

Kevin McCarthy, VRP.

凱文·麥卡錫，VRP。

Yes.

是的。

Tim, I think you mentioned that in the first quarter, you would expect volume to be flat to down.

提姆，我想你提到過，在第一季度，你預計交易量將持平或下降。

My question would be how do you expect volume to trend through the balance of the year?

我的問題是，您預計今年餘下的時間內交易量將呈現怎樣的趨勢？

And how much of the implied improvement in the progression relates to potential macro uplift, getting out of this two-year industrial recession that we've been in?

而這種進步所隱含的改善有多少與潛在的宏觀提升有關，有多少能讓我們擺脫目前所經歷的兩年工業衰退？

And how much relates to company specific controllables such as the $100 million share pickup that John asked about in Industrial?

那麼有多少與公司特定的可控因素有關，例如約翰在工業領域詢問的 1 億美元股份回購？

Maybe you can kind of parse that out and give us a sense of your level of confidence in restoring volume growth here and what that balance looks like?

也許您可以分析一下，並讓我們了解您對恢復銷售成長的信心程度，以及這種平衡是什麼樣的？

Thank you.

謝謝。

Yeah.

是的。

Hey, Kevin.

嘿，凱文。

So the first quarter will be a challenge, as we've said multiple times and you just reinforced.

因此，第一季將是一個挑戰，正如我們多次所說的，而且你剛才也強調的那樣。

So we're expecting negative volume, a similar trend to what we saw in Q4.

因此，我們預期交易量將為負值，與第四季的趨勢類似。

You'll then start to see it flattish to positive low single digits, and we expect that then for certainly for the rest of the year, low to mid-single digits as we get in the second half.

然後，您將開始看到它趨於平穩至正的低個位數，並且我們預計，在今年剩餘時間內，隨著下半年的到來，它的增長率肯定會處於低到中等個位數。

All in, what we are expecting is positive volume on a full year basis at about low single digits.

整體而言，我們預計全年交易量將維持在約個位數的正值水準。

Now as far as the breakdown of the components, we are not in none of the segments, are we excluding a hockey stick kind of recovery.

現在就組件的細分而言，我們並沒有處於任何一個部分，我們是否排除了曲棍球棒式的復甦。

We're expecting stabilization, frankly.

坦白說，我們期待穩定。

Stabilization in if you look at Europe, for example, stabilization in European architectural demand, stabilization in refinish, but we're not expecting recovery, frankly, in Europe.

以歐洲為例，歐洲建築需求穩定，修補需求穩定，但坦白說，我們並不認為歐洲會出現復甦。

Auto builds, IHS has them essentially flat for the year.

IHS 預計今年汽車產量基本持平。

So we're not it's not like we've got this big hope and prayer build into that.

所以我們並不是對此抱太大的希望和祈禱。

It's about stabilization in the end markets plus the $100 million-or-so share gains in the industrial segment and then the ongoing share gains that we have in some of our key Performance Coatings and Global Architectural Coatings, those are a lot of singles as opposed to triples and home runs that you get on the industrial side.

這是為了穩定終端市場，加上工業領域 1 億美元左右的份額增長，以及我們一些關鍵性能塗料和全球建築塗料的持續份額增長，這些都是單方面的，而不是在工業方面，您可以獲得三壘安打和全壘打。

So all in, we're expecting the year to be positive volume in low single digits, negative in Q1 and then ramping up from there.

所以總的來說，我們預計今年的銷售量將為低個位數正成長，第一季為負成長，然後逐漸上升。

Yeah, Kevin, this is Vince.

是的，凱文，這是文斯。

I'll add a couple of points of color about Q1.

我將添加一些有關 Q1 的內容。

We did have a strong -- very strong Q1 in 2024, especially in China, high single-digit growth in China.

我們確實在 2024 年第一季取得了非常強勁的業績，尤其是在中國，實現了高個位數成長。

So we're comping against that.

因此我們正在對此進行競爭。

We also had double-digit growth in a couple of businesses, including packaging.

我們的一些業務也實現了兩位數的成長，包括包裝業務。

So some of the Q1 year-over-year comp is related to just the hard comparables.

因此，第一季的部分年比數據僅與硬性可比較數據相關。

And again, as Tim mentioned, the trend line in our industrial business really just continuing in the second half of 2024.

正如蒂姆所提到的，我們工業業務的趨勢線實際上將在 2024 年下半年持續下去。

We saw activity globally decline in the second half.

我們看到下半年全球活動下滑。

So as we anniversary that in the first half of 2025, again, we're not expecting significant hockey stick in the back half.

因此，當我們在 2025 年上半年慶祝這一周年紀念日時，我們再次預計下半年不會出現重大的曲棍球棒現象。

Thank you both.

謝謝你們兩位。

Michael Sison, Wells Fargo.

富國銀行的麥可·西森。

Hey guys, thanks.

嘿夥計們，謝謝。

For Performance Coatings and Industrial Coating, when you look at the business units within that, are they all -- are the businesses in there the ones that you want to run similar to US architecture, you exited that?

對於性能塗料和工業塗料，當您查看其中的業務部門時，它們都是 - 其中的業務是否與您想要運營的美國建築類似，您退出了嗎？

Are there businesses you want to exit?

有沒有想退出的業務？

Just maybe give us your thoughts on why -- what's left or what's in Performance Coatings and Industrial Coatings can support your goal of growing, I think you said 8% to 12% longer term for PPG?

請告訴我們您為什麼認為剩下的東西或高性能塗料和工業塗料能夠支持您的成長目標，我認為您說的是 PPG 的長期成長 8% 到 12%？

Yeah.

是的。

Hey Mike, it's Tim.

嘿，麥克，我是提姆。

We don't have any additional divestitures in our recipe right now.

我們目前的方案中還沒有任何額外的資產剝離。

Every business has to or its right to stay in a portfolio on a longer-term basis.

每項企業都必須或有權利長期留在投資組合中。

But as we sit here today, there's no other divestiture announcements coming out.

但截至今天，還沒有其他資產剝離公告發布。

We like our portfolio.

我們喜歡我們的投資組合。

We believe we've got strong position, strong right to win in all of the businesses that we have.

我們相信，我們在所有業務中都擁有強勢地位和強大競爭力。

Performance Coatings, frankly, it's crushed it.

坦白說，高性能塗料已經徹底完蛋了。

We've got a really strong position in all those businesses.

我們在所有這些業務中都佔據著非常強勢的地位。

Aerospace, you've heard about refinish, you've heard about PMC, seven straight quarters of growth.

航空航天，您聽說過修補，您聽說過 PMC，連續七個季度增長。

We've now got our traffic business prune to where -- we've got a really strong position in North America, and it's performing.

現在，我們的流量業務已經精簡到可以在北美佔據非常強勢的地位，並且表現良好。

So -- and it's this business -- or that segment is almost all aftermarket.

所以 — — 這是這個業務 — — 或者那個部分幾乎都是售後市場。

So we're really happy with that portfolio.

所以我們對投資組合非常滿意。

If you look at industrial, those businesses are high technology businesses, which is right in our wheelhouse.

如果你看一下工業，這些企業都是高科技企業，這正是我們所能掌控的。

And you might look at the margin today and say, Oh, well, it's not up to snuff with the other two segments.

而您可能會看到今天的利潤率並說，哦，好吧，它與其他兩個部分相比沒有達到標準。

But as Vince mentioned, we're delivering 16%-plus EBITDA at, frankly, the trough with a lot of volume leverage to come as things recover and a lot of our self-help is directed at that segment as well.

但正如文斯所提到的，坦白說，我們在低谷時實現了16% 以上的EBITDA，隨著情況的復甦，我們將獲得很大的銷售槓桿，而我們的許多自助措施也針對的是這一細分市場。

Also, as we start to anniversary that index pricing, that stabilizes, and we'll have opportunistic -- opportunities there.

此外，隨著我們開始紀念該指數定價，它將趨於穩定，我們將獲得機會。

All in, Mike, if you -- I think it's slide 4, the actions we took moved us up 220 bps top tier now in EBITDA margin.

總而言之，麥克，如果你 - 我認為是第 4 張幻燈片，我們採取的行動使我們的 EBITDA 利潤率上升了 220 個基點。

So we really like the blend of businesses we have with upside given where we are from a macro standpoint.

因此，從宏觀角度來看，我們真的很喜歡我們現有的具有上行潛力的業務組合。

All right.

好的。

Thank you.

謝謝。

Patrick Cunningham, Citigroup.

花旗集團的 Patrick Cunningham。

Hi, good morning.

嗨，早安。

On the Architectural Coatings EMEA business, your demand seems to be weak on consumer confidence.

就歐洲、中東和非洲地區的建築塗料業務而言，由於消費者信心下降，你們的需求似乎較弱。

You experienced demand declines in all regions, but said you had some growth in Eastern and Central Europe.

你們在所有地區都經歷了需求下降，但表示東歐和中歐地區的需求有所增加。

Is that mostly a price impact?

這主要是價格影響嗎？

Are you making some share gains here?

您在這裡獲得了一些份額收益嗎？

And what do you see as some of the catalysts to get consumer confidence off the bottom here?

您認為哪些因素可以推動消費者信心從低潮回升？

I know you're not calling for a hockey stick recovery, but just wondering what gives you some confidence that we can be stable here?

我知道您並不是在呼籲曲棍球棒式復甦，但我只是想問，是什麼讓您有信心我們能夠在這裡保持穩定？

Yeah.

是的。

So performance of our business, you're right.

因此，就我們的業務表現而言，您是對的。

In Q4, most, east to west, north to south was a pretty weak quarter.

在第四季度，從東到西、從北到南，大多數地區都是一個相當疲軟的季度。

But if you look at the full year basis, we performed really well in Poland.

但如果從全年來看，我們在波蘭的表現確實很出色。

We performed really well frankly in the UK and Ireland.

坦白說，我們在英國和愛爾蘭的表現非常出色。

So we had pockets of strength.

因此，我們擁有一些實力雄厚的人。

France was very weak for us and the Nordics were very weak for us.

對我們來說，法國非常弱，北歐也非常弱。

So that that's kind of a breakdown of the performance by country by sub region.

這就是按照國家和子區域劃分的表現的細分。

We from your statement about, how is the outperformance being driven share price?

我們從您的聲明中了解到，優異的表現是如何推動股價上漲的？

It's both, this team has done an outstanding job for the last decade of pricing appropriately to, offset input costs pricing appropriately on our differentiated products and in pricing at the street fighting level when we need to win shelf space.

這兩點都很重要，在過去十年中，這個團隊在合理定價、抵消投入成本、對差異化產品進行合理定價以及在我們需要贏得貨架空間時在街頭戰鬥層面進行定價方面做得非常出色。

So the team does a great job of price volume management and we have gained some share in those countries where, where we are performing as far as Europe more broadly.

因此，團隊在價格量管理方面做得非常出色，並且我們在那些國家獲得了一定的份額，我們的業務範圍遍布歐洲各地。

Again, we are not expecting what I would call a recovery, but more of a stabilization as inflation stabilizes as you know what, whenever central banks, begin the journey in the other direction, some increases in consumer confidence, we're not baking in end of the Ukraine War or anything like that.

再說一遍，我們並不期待所謂的復甦，而更多的是隨著通膨趨於穩定，正如你們所知道的，無論何時央行開始轉向另一個方向，消費者信心都會有所增加，我們不會將其納入考慮範圍。

But that would certainly help.

但這肯定會有幫助。

We just believe that there's enough factors out there and we've come down so far over the last, five years from COVID and then the war and then high interest rates and high inflation, we believe that there's enough easing there to stabilize but not hockey stick.

我們只是相信，有足夠多的因素存在，過去五年來，由於新冠疫情、戰爭、高利率和高通脹，我們已經走低到這個程度，我們相信，有足夠的寬鬆政策來穩定經濟，但還不夠戳。

Yeah.

是的。

Yeah.

是的。

And Patrick, Vince here.

還有派崔克和文斯。

Just some confidence from a pace perspective is if you look at 2023 in this business, Architectural Europe, we were down, let's say, roughly mid-single digits.

從步伐角度來看，如果您展望 2023 年歐洲建築業這個行業，我們會發現我們的收入下降了，大概是個位數的中間值。

We were down mid-to-low in the first half of 2024.

2024 年上半年，我們的業績處於中低水準。

We were flat in the back half of 2024.

2024 年下半年，我們的業績持平。

So again, that's stabilization.

再次強調，這就是穩定。

And we know the COVID, we did -- when we had COVID, we had a pull forward of activity into, let's call it, '21 and even early '22.

我們了解 COVID，我們確實了解 — — 當我們感染 COVID 時，我們將活動提前到，我們稱之為 21 年，甚至是 22 年初。

This is on -- this is a maintenance cycle type business.

這是－這是一個維護週期類型的業務。

So we pulled forward some of that maintenance, which was reflected in our '23 and '24 volume numbers.

因此，我們提前了部分維護工作，這反映在我們的'23和'24年銷售數字中。

And as that stabilizes and we start to see some of that maintenance come back, we will benefit from that in terms of volume as well as we'll be able to price accordingly, as Tim said.

隨著情況穩定下來，我們開始看到部分維護工作恢復，我們將從數量上受益，並且能夠相應地定價，正如蒂姆所說的那樣。

Thank you.

謝謝。

Mike Harrison, Seaport Research Partners.

麥克‧哈里森（Mike Harrison），海港研究夥伴。

Hi, good morning.

嗨，早安。

I wanted to go into a little more detail about three different regions or countries that you've mentioned so far.

我想更詳細地談談您迄今為止提到的三個不同地區或國家。

First is Latin America where it sounds like architectural and industrial are pretty solid.

首先是拉丁美洲，那裡的建築和工業聽起來都相當穩固。

Second, you mentioned India, I think, in your prepared remarks as a growth opportunity.

第二，我認為您在準備好的發言中提到印度是一個成長機會。

Maybe give us an update on how you position your key businesses there?

您能向我們介紹一下您在那裡如何定位您的關鍵業務嗎？

And then finally, China, I was just hoping you could give us some thoughts on how you're thinking about demand trends going forward, maybe with or without some trade policy shifts?

最後，中國，我只是希望您能給我們一些關於您對未來需求趨勢的看法，無論是否有一些貿易政策轉變？

Yeah, sure.

是的，當然。

So LatAm has been and continues to be rockstar performer for us, some of the stronger GDPs in the world and we're outperforming the GDPs.

因此，拉丁美洲一直是、並將繼續成為我們的明星地區，其 GDP 在世界上名列前茅，而我們的表現甚至超越了這些 GDP。

I just came back from our concessionaire meeting, which the owners of our 5,200 stores across Mexico, and their sellout is just fantastic.

我剛從特許經營商會議回來，我們在墨西哥的 5,200 家商店的所有者參加了此次會議，他們的銷售情況非常出色。

And they're bullish going forward.

他們對未來前景充滿信心。

The near-shoring helps them, but also just the strong consumer confidence and GDP.

近岸外包不僅對他們有幫助，而且強勁的消費者信心和 GDP 也對他們有幫助。

Our businesses in South America automotive business outperformed last year, our industrial business.

去年，我們南美的汽車業務表現優於我們的工業業務。

So not as big as Mexico, of course, but good fundamentals down there, and then we'll pick up some additional share, as we mentioned earlier on this call.

因此，當然，規模沒有墨西哥那麼大，但那裡的基本面很好，然後我們將獲得一些額外的份額，正如我們之前在電話會議上提到的那樣。

So Latin America performance will continue, particularly as we take to the next chapter of our Comex business where we start to use that network to distribute other business unit products.

因此，拉丁美洲的表現將會持續下去，特別是當我們進入 Comex 業務的下一章時，我們開始使用該網路來分銷其他業務部門的產品。

India.

印度。

India, we have a very unique situation there where we have a joint venture with the number one deco player, the number one overall paint company in India, and that's Asian Paints.

在印度，我們的情況非常獨特，我們與印度第一大裝飾公司、第一大塗料公司亞洲塗料公司成立了合資企業。

Obviously, they run the deco side, but we've got a joint venture that covers essentially all of the industrial and performance businesses where we bring more to the game from a technology standpoint global products, specifications, application expertise, all those things.

顯然，他們負責裝飾方面，但我們有一個合資企業，基本上涵蓋了所有的工業和性能業務，我們從技術的角度為遊戲帶來更多的全球產品、規格、應用專業知識等等。

And so we leverage the strength of Asian paints and their footprint and their brands and their kind of reputation in the country and complement that with our technologies and our people, and we've been outgrowing what's been a very nice growth market for us.

因此，我們利用亞洲塗料的優勢、影響力、品牌和在該國的聲譽，再加上我們的技術和人才，我們已經超越了對我們來說非常好的成長市場。

Then the million or billion or many billion-dollar question is China.

那麼價值數百萬、數十億美元或數十億美元的問題就是中國。

And our business in China, unlike many other industrials, we are tying up for China.

我們在中國的業務與許多其他工業企業不同，我們是與中國合作的。

We don't make and ship product.

我們不生產和運送產品。

We make and paint product locally.

我們在當地生產和噴塗產品。

So and even within that, we're in the right segments.

因此，即使在此範圍內，我們也處於正確的領域。

We're in the right segments like auto, aero, PMC and industrial, not anything really associated with real estate construction.

我們處於汽車、航空、PMC 和工業等正確的領域，而不是與房地產建設相關的任何領域。

So local for local, we're in the right segments and throughout '24 despite some of the really challenging macros that you've heard about from us and others, we grew every quarter somewhere between low-single digits and mid-single digits.

因此，對於本地公司而言，我們處於正確的細分市場，並且在整個24年，儘管您從我們和其他人那裡聽說了一些非常具有挑戰性的宏觀因素，但我們每個季度的成長率都介於低個位數和中個位數之間。

And so it's not it's definitely not the China of a decade ago where you had high-single digits, low-double digits kind of growth, but we're very pleased with the progression of China, once we had to reprogram ourselves to think of an elongated recovery as opposed to a hockey stick recovery.

因此，這肯定不是十年前的中國，那時中國的經濟成長率只有高個位數或低兩位數，但我們對中國的發展感到非常高興，一旦我們重新規劃自己，開始思考與曲棍球棒式恢復相反，這是一種延長的恢復。

But that elongated recovery has another benefit for us in that it really helps to drive the supply demand equation on raw materials in our favor because it's elongated, it keeps that supply situation in favorable or on a favorable side for buyers.

但這種長期復甦對我們來說還有另一個好處，那就是它確實有助於推動原材料的供需方程式對我們有利，因為它是長期的，它使供應狀況保持有利或對買家有利。

So we're not having big celebration parties about a hockey stick recovery in China, but we're pleased with the results of '24, and we're looking forward to a good '25.

因此，我們不會舉行大型聚會來慶祝中國曲棍球棒式復甦，但我們對24年的業績感到滿意，並期待25年的良好業績。

Very helpful.

非常有幫助。

Thanks.

謝謝。

Aleksey Yefremov, KeyCorp.

阿列克謝·葉夫列莫夫（KeyCorp）。

Thanks and good morning guys.

謝謝大家，早安。

This is Ryan on for Aleksey Just wanted to pull the curtain back a little bit on China autos.

這是瑞安 (Ryan) 為阿列克謝 (Aleksey) 做的節目，只是想稍微拉開一點中國汽車的面紗。

Obviously, you mentioned improvement in 4Q and discussed the increase in exports just overall during '24.

顯然，您提到了第四季度的改善，並討論了 24 年全年出口整體的成長。

So wondering what you're hearing from customers at this stage and kind of what your expectation is here in 2025?

那麼想知道您現階段從客戶那裡聽到了什麼，以及您對 2025 年的期望是什麼？

Thanks.

謝謝。

Yeah.

是的。

Hey Ryan, thank you for joining us this morning.

嘿，Ryan，感謝您今天早上加入我們。

Here's the most one of the more exciting data points for us in our China auto business is the China, first of all, remember, China produces approximately one out of every three cars manufactured in the world.

對於我們中國汽車業務來說，最令人興奮的數據點之一是中國，首先請記住，中國生產的汽車約佔全球汽車產量的三分之一。

And yes, there's an export portion of that, but most of that is for domestic consumption.

是的，其中一部分用於出口，但大部分用於國內消費。

Great data point is that China Q4 retail sales were up 19% on autos.

重要數據是中國第四季汽車零售額成長了19%。

So and this is an industry and China certainly has its economic problems as we all know.

眾所周知，這是一個行業，而且中國肯定存在其經濟問題。

But this is an industry that is very critical to the overall China economy and China employment.

但這個產業對於整個中國經濟和中國就業至關重要。

And so it's one that gets helped from the government and stimulus activity.

因此，它得到了政府和刺激活動的幫助。

And I'm confident that going forward, I believe there will be additional help in China from the government as we move toward through '25 and into '26.

我相信，展望未來，在我們邁過2025年和2026年之際，中國政府將會給予我們更多的幫助。

So on the ground, our teams are telling us the China domestic market is doing well.

我們的團隊在實地告訴我們，中國國內市場表現良好。

We are gaining share with the domestic players.

我們正在贏得國內企業的青睞。

So historically, we've had a nice mix of the JVs of Western companies and China domestics.

從歷史上看，我們的合資企業由西方公司和中國本土企業組成，結構較好。

And over this last couple of years, we've really, really had a nice share gain with the Chinese domestics, including the one that everybody talks about.

在過去的幾年裡，我們在中國國內市場的份額確實取得了可觀的成長，其中包括大家都在談論的市場。

And so you've got this combined effect of local consumption being pretty good and share gain of us with the winners on the ground in China auto.

所以，你就得到了這種綜合效應：本地消費表現良好，並且我們與中國汽車產業的贏家共享收益。

Yes, and just one last piece to that, Ryan, is the Shine has certainly come off of the EV story globally.

是的，Ryan，最後一點是，Shine 確實已經從全球的電動車故事中脫穎而出。

But EVs in China are now as at the end of 2024, 37% of every car built in China.

但截至 2024 年底，中國生產的每輛汽車中電動車的比例將達到 37%。

And so yes, we won't see as many EV sales here in the US and Europe and other parts of the world as what everybody thought two years ago.

因此，是的，我們不會看到美國、歐洲和世界其他地區的電動車銷量像兩年前大家想像的那麼多。

But within China, it's still a big growth market and that's more content for companies like PPG.

但在中國，它仍然是一個巨大的成長市場，這對 PPG 這樣的公司來說更為有利。

John McNulty, BMO Capital Markets.

BMO資本市場部的約翰·麥克納爾蒂 (John McNulty) 說。

Yeah, good morning.

是的，早安。

Just a quick question on Comex.

這只是關於 Comex 的一個簡單問題。

Just given how you've broadened it out in terms of the platform, can you help us to think about how much of the product that they're selling is tied to Mexico for Mexico versus export just to give us a little bit of color on potential tariff risk around that potential platform?

鑑於你在平台方面已經擴大了範圍，你能幫我們想想他們銷售的產品中有多少是與墨西哥掛鉤的，有多少是出口到墨西哥的，以便讓我們了解一下該潛在平台存在的潛在關稅風險？

Yeah, within maybe a couple of decimal points way to the right, it's 100% domestic use from what we distribute through Comex.

是的，可能在小數點後幾位之內，我們透過 Comex 分銷的產品 100% 都是國內使用。

I mean I may be missing some small piece of metal that gets painted and comes across the border, but it is really immaterial.

我的意思是我可能會遺漏一些被塗上顏色並穿過邊界的小塊金屬，但這真的不重要。

It's even the PMC parts of our business that we're now distributing into Mexico are for Mexico construction for near shoring for data centers, automotive plants, industrial plants, our traffic business that we're now running through those concessionaires is obviously for roads in Mexico, a refinish that we've started to run through the networks or for collisions in Mexico of Mexican cars.

我們現在分銷到墨西哥的 PMC 業務部分是用於墨西哥數據中心、汽車廠、工業廠房的近岸建設，我們現在透過這些特許經營商運營的交通業務顯然是用於墨西哥的道路墨西哥，我們已經開始在網路或墨西哥發生的墨西哥汽車碰撞事故中進行修補。

So nothing that I can think of that Comex concessionaire distribute for us would end up being shipped back to the US.

因此，我認為 Comex 特許經銷商為我們分發的任何東西最終都不會被運回美國。

But I maybe again, I may be missing a fraction of a decimal somewhere, but I can't think of it.

但我可能又一次在某個地方遺漏了小數點後的分數，但我卻想不起來。

And John, I just want to pick up on those last three things, Tim mentioned.

約翰，我只想談談蒂姆提到的最後三件事。

We started an active program and the concessionaires are pulling through product in the middle of '24, and it will grow one of our growth engines in '25 is more through that world-class distribution network.

我們啟動了一項積極的計劃，特許經營商將在24年中期推出產品，透過世界一流的分銷網絡，它將成為我們25年的成長引擎之一。

I think we talked about on the third quarter call, and that includes, again, Protective Coatings, really around the amount of capital structure being built in Mexico due to near shoring.

我想我們在第三季的電話會議上討論過這個問題，其中再次包括保護塗料，實際上是圍繞由於近岸外包而在墨西哥建立的資本結構的數量。

Our Traffic Solutions products are world-class, and we're now pushing those through the concessionaire network, same with Refinish.

我們的交通解決方案產品是世界一流的，現在我們正在透過特許經營網絡推廣這些產品，Refinish 也是如此。

We have 5,200 distribution points.

我們有 5,200 個分銷點。

So that refinish product, these are all growth platforms for us in '25 and frankly, beyond.

所以修補產品，這些都是我們2025年以及以後的成長平台。

Got it.

知道了。

Appreciate The Color.

欣賞色彩。

Steven Haynes, Morgan Stanley.

摩根士丹利的史蒂文·海恩斯。

Hey, good morning.

嘿，早安。

Thanks for squeezing me in here.

謝謝你擠我來這裡。

Here, just a quick one on the CapEx, $750 million at the midpoint, a bit higher, I guess, than historically what you would be guiding to.

這裡，我簡單說一下資本支出，中間值 7.5 億美元，我想，這個數字比歷史上預期的要高一點。

And I think there's some catch up in there, but how would we be thinking about that CapEx number kind of evolving over the next couple of years?

我認為其中存在一些追趕因素，但我們如何看待未來幾年資本支出數字的變化？

Is this kind of the right range or would you expect it to step down or step up to help kind of fund growth initiatives from here?

這是正確的範圍嗎？

Thank you.

謝謝。

Thanks, Steven.

謝謝，史蒂文。

I'm glad you asked it.

我很高興你問這個問題。

It is not our aspiration to be spending CapEx at this level going forward, and it won't be.

我們不希望今後的資本支出達到這個水平，我們也不會這麼做。

We will get back to our normal kind you should think about 3% of sales as a normal run rate CapEx for us, which is what we did for a very long time.

我們將恢復正常，您應該將銷售額的 3% 視為我們的正常營運資本支出，這也是我們長期以來所做的。

And then we stopped spending, frankly, in some COVID times for obvious reasons.

坦白說，由於顯而易見的原因，我們在某些​​疫情時期停止了支出。

So we do some of what you're seeing in there in that elevated CapEx, honestly, both for '24 and '25 is, let's call it, catch-up for the COVID era.

因此，我們在提高資本支出方面做了一些你們看到的事情，老實說，無論是 24 年還是 25 年，我們都可以說這是對 COVID 時代的追趕。

But that we do have some kind of transitory incremental spend on a couple of key growth organic growth areas.

但我們確實在幾個關鍵的有機成長領域進行了一些暫時的增量支出。

Mexico, building a new resin capacity down there because we need it because we've grown so much.

墨西哥正在那裡建造新的樹脂產能，因為我們的成長非常迅速，我們需要它。

We've got some incremental CapEx in Aero because we've got more orders than we can fill.

我們在 Aero 方面的資本支出有所增加，因為我們的訂單量超出了我們能夠滿足的數量。

And you'll see some CapEx there.

您會在那裡看到一些資本支出。

Refinish, a growing business for us.

重新裝修，對我們來說是一項正在成長的業務。

We've spent more CapEx even in our US Refinish factory, we spent CapEx there.

即使在我們的美國修補漆工廠，我們也在那裡花費了更多的資本支出。

We've been investing in our digital capabilities and we're now over $1.3 billion of digitally enabled sales.

我們一直在投資我們的數位化能力，現在我們的數位化銷售額已經超過 13 億美元。

So we've had some incremental there.

因此我們在那裡取得了一些進展。

And then last one as far as this wasn't didn't impact us in '24, but it will in '25.

最後一點，就 24 年而言這並沒有對我們造成影響，但會在 25 年產生影響。

As part of our self-help program, we're exiting some surplus capacity that we have in some higher-cost regions, particularly Europe.

作為我們自助計劃的一部分，我們正在退出一些成本較高地區（特別是歐洲）的一些過剩產能。

And as you go from, say, three factories down to one in a particular subregion, we've got to spend some CapEx at the one to get it ready to receive the volume coming from the other two.

假設你在某個特定的子區域從三家工廠減少到一家，我們就必須在一家工廠投入一些資本支出，使其準備好接收來自另外兩家工廠的產量。

So thank you for the question because it's not a number, it's a red number for us, but we believe it's a good use of shareholder money, one, to catch up for what we didn't spend for a couple of years; and two, to drive organic growth and margin as we move forward.

感謝您的提問，因為這不是一個數字，對我們來說這是一個紅色數字，但我們相信這是股東資金的良好用途，第一，可以彌補我們幾年來沒有花掉的錢；二是推動我們未來的有機成長和利潤率。

Great.

偉大的。

Thank you.

謝謝。

Laurent Favre, BNP Paribas.

法國巴黎銀行的 Laurent Favre。

Sorry, my questions have been answered.

抱歉，我的問題已經回答了。

So thanks, and have a great day.

謝謝您，祝您有愉快的一天。

Thank you.

謝謝。

Laurence Alexander, Jefferies.

勞倫斯·亞歷山大（Laurence Alexander），傑富瑞（Jefferies）。

Hi, this is Dan Rizzo from Lawrence.

你好，我是來自勞倫斯的丹·里佐。

Thanks for fitting me in.

謝謝你給我安排。

If we think about the newly kind of formed architectural segment, how should we think about incremental margins in a recovery and how it compares to Industrial and Performance?

如果我們考慮新形成的建築領域，我們應該如何看待復甦中的增量利潤以及它與工業和性能相比如何？

Yeah.

是的。

So as a recovery, we'll get some good leverage and maybe Vince can try to estimate the quantification of it, but we'll get some good leverage, particularly in Europe, right?

因此，作為復甦，我們將獲得一些良好的槓桿作用，也許文斯可以嘗試估計它的量化，但我們會獲得一些良好的槓桿作用，特別是在歐洲，對嗎？

Because our Mexico our business global architecture is almost all Mexico and Europe now. right?

因為我們墨西哥我們的業務全球架構現在幾乎都是墨西哥和歐洲。正確的？

We have a small presence in -- a very small presence in China, almost negligible and a decent number two position in Australia, but relative to the other two, it's quite small.

我們的市佔率在中國非常小，幾乎可以忽略不計。

So let's talk Europe.

那我們來談談歐洲吧。

We will get fairly significant incremental leverage within not volume uptick, just volume stabilization because of the self-help and pricing that we've done over the last couple of years, just a stabilization of volume we would view as a win.

我們將獲得相當大的增量槓桿，不是在銷售上升，而是在銷售穩定，因為我們在過去幾年中所做的自助和定價，只是銷量穩定，我們會將其視為一種勝利。

And then, of course, any uptick, we would get great leverage,

當然，任何上漲，我們都會獲得巨大的槓桿，

[John].

[約翰]。

On the Mexico side, really, it would just be approximation of the gross margin dropping to the bottom line because we're pretty well utilized down there.

在墨西哥方面，實際上，這只是毛利率下降到底線的近似值，因為我們在那裡的使用率已經很高了。

So there's not a tremendous amount of fixed cost leverage.

因此，固定成本槓桿並不大。

It's mostly just the variable margin dropping to the bottom line.

這主要只是可變利潤下降到了底線。

Dan, this is Vince.

丹，這是文斯。

If you put some numbers to it and you look at our portfolio, to Tim's point, the architectural businesses, they typically have a higher gross margin, and they have a higher SG&A to support the feet on the street, the sales teams, et cetera.

如果你拿一些數字來看看我們的投資組合，正如蒂姆所說，建築業務通常有更高的毛利率，而且他們有更高的銷售、一般和行政費用來支持街頭的顧客、銷售團隊等等。

We are underutilized, certainly in Europe, we don't need to add any SG&A for any of our businesses, any of our countries.

我們的使用率較低，尤其是在歐洲，我們不需要為我們的任何業務、任何國家增加任何銷售、一般和行政費用。

So that will come through at close to gross margin, which is depending on the country, mid-40s to mid-50s.

因此，這將接近毛利率，具體數字取決於國家，介於 45% 到 55% 之間。

And Mexico, as Tim said, we are sold out.

至於墨西哥，正如蒂姆所說，我們的產品已經銷售一空。

So we do have to add some commensurate cost, but most of the cost is borne by the concessionaires on their dime, and they get the growth for that.

因此，我們確實需要增加一些相應的成本，但大部分成本都由特許經營者自掏腰包承擔，而他們也因此獲得了成長。

So again, we're talking high incrementals relative to the company average.

因此，我們再說一遍，相對於公司平均水平，增量是比較高的。

Alright, thank you very much.

好的，非常感謝。

That was helpful.

這很有幫助。

Thank you.

謝謝。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特（Josh Spector）

Hi, good morning.

嗨，早安。

This is

這是

[Lukas Baumann].

[盧卡斯·鮑曼]。

I'm for Josh.

我支持喬許。

I just wanted to ask about pricing.

我只是想問價格。

So looking at the new segment structure, legacy performance pricing was up about 7% in the last two years.

因此，從新的細分結構來看，傳統績效定價在過去兩年中上漲了約 7%。

That is 5% in '23, 2% in '24.

即1923年為5%，1924年為2%。

Could you give us the splits on the contribution there in '23 and '24 from the new architecture and the new performance segments?

您能否告訴我們 23 年和 24 年新架構和新效能部分的貢獻是如何劃分的？

So I'd assume Performance would be above Architectural, but correct me if I'm wrong.

因此，我認為效能應該高於架構，但如果我錯了，請糾正我。

And then just kind of what are you assuming there for reach in '25?

那麼，您認為 25 年的覆蓋範圍是多少？

And lastly, like, I mean, we have the history in Industrial, but just what are you assuming in Industrial for '25, upside or down?

最後，我的意思是，我們有工業的歷史，但是您對 25 年工業的預期是怎樣的，是上漲還是下跌？

Thanks.

謝謝。

Yeah, this is Vince.

是的，這是文斯。

So we're not going to give specifics by business.

因此我們不會提供具體業務資訊。

Just when you look at the segments, as we've said in the past, the Industrial segment, we get some, we'll certainly get some pricing if there's raw material inflation.

正如我們過去所說的那樣，當你查看各個細分市場時，在工業細分市場中，如果原材料出現通膨，我們肯定會獲得一些定價。

That's typically it comes on a lag, and then we get pricing above that for differential technology.

這通常會出現滯後，然後我們會針對差異化技術獲得高於該滯後的定價。

The Performance segment, and Tim said this in his opening remarks, it's a business where we heavily impact our customers productivity.

在績效部分，提姆在開場白中說，這是一個對客戶生產力產生重大影響的業務。

We get paid for that.

我們因此得到報酬。

They get paid for that.

他們因此得到報酬。

We typically see one of our better pricing segments there on a recurring basis.

我們通常會反覆看到更好的定價細分之一。

Some of that's perennial pricing.

其中一些是常年定價。

I mean Global Architectural, it's really market by market, and it depends what's happening competitively.

我的意思是，全球建築其實是一個市場一個市場，取決於競爭的情況。

We typically have the capability to more real time offset inflation and where we have differential products where we have differential distribution and service capabilities, we price above that.

我們通常有能力更即時地抵消通貨膨脹，並且當我們擁有差異化的產品、差異化分銷和服務能力時，我們的定價就會高於這一水平。

So if we rack and stack them, performance is typically the best pricing, Architectural is steady, but good pricing; and industrial, it depends on the environment.

所以如果我們把它們堆疊起來，性能通常是最好的定價，建築是穩定的，但定價也不錯；而對於工業來說，這取決於環境。

Thank you.

謝謝。

Arun Viswanathan, RBC.

阿倫·維斯瓦納坦（Arun Viswanathan），RBC。

Thanks for taking my question.

感謝您回答我的問題。

I guess, I got a couple of questions.

我想，我有幾個問題。

So if you go back over the last couple of years, I think we've often thought that maybe low single-digit organic growth was in the cards, but then we have kind of seen a lot of volatility in the form of inflation and interest rates and many of the things you mentioned.

所以，如果你回顧過去幾年，我想我們經常認為低個位數的有機增長是可能的，但後來我們看到通貨膨脹和利率出現了很多波動。

So as you look into '25, I know you're guiding to a softer first half and a lot of that is reflected in your outlook.

因此，當您展望25年時，我知道您預計上半年將會較為疲軟，而這在很大程度上反映在您的展望中。

What would you say are some risks that you do see in front of you?

您認為您面前確實存在哪些風險？

It doesn't look like SG&A would be one of those.

看起來銷售、一般及行政費用 (SG&A) 並不是其中之一。

It looks like you still have the $100 million-or-so of share gains across industrial.

看起來你們在工業領域仍然擁有約 1 億美元的份額收益。

But and then the recovery there as well.

但那裡也出現了復甦。

But what are some of the risks that you guys are keeping an eye on that would kind of prevent you from achieving that growth rate of organic low single digits?

但是，你們關注的哪些風險可能會阻礙你們實現有機低個位數的成長率？

And as a follow-up, if you look into '26, do you see any impediments to achieving that 8% to 12% EPS growth?

接下來，如果您回顧 26 年，您是否發現任何阻礙實現 8% 至 12% 的每股盈餘成長的障礙？

Thanks.

謝謝。

So let me start, Arun.

那麼就讓我開始吧，阿倫。

You mentioned history, and we didn't hit the low single digit organic growth this year.

您提到了歷史，今年我們並沒有實現低個位數的有機成長。

I think we hit 3%, if I remember correctly, in 2023; and this year, organic is about minus 1%, minus 2% all in, but all in includes FX and things like that.

如果我沒記錯的話，我們會在 2023 年達到 3%；今年的有機收入約為負 1%，總收入為負 2%，但總收入包括外匯和諸如此類的東西。

So the organic side of that was minus 1%.

因此有機部分是負 1%。

This year, as we project to low single digits organic growth that $100 million that we've talked about earlier, those that's not a hope and a prayer, those are deals that we've won.

今年，我們預計有機成長率將達到個位數低點，也就是我們之前談到的 1 億美元，這不是一個希望或祈禱，而是我們已經贏得的交易。

Now there could be some variability in timing of execution of our customers' launches and things like that.

現在，我們客戶發布產品的執行時間等等可能會出現一些變化。

But we feel confident about that.

但我們對此充滿信心。

We have done a tremendous amount of work over the last two years of building our organic growth muscle across all of the businesses and that is starting to deliver results.

過去兩年來，我們做了大量工作來增強所有業務的有機成長能力，並且開始取得成果。

So I feel good about the full year guide for everything that's within our control.

因此，我對全年所有我們可以控制的事情的指南感到滿意。

I just can't tell you what this is a strange geopolitical environment with post elections in many countries, we have really good plans and contingency plans for what we can do in the event of various scenarios, but at the end of the day, those would be the risks to achieving both '25 and '26, what's going to happen with all of the potential stressors between the United States and other countries, other countries in Europe.

我無法告訴你，在許多國家選舉之後，這是一個奇怪的地緣政治環境，我們有很好的計劃和應急計劃，以應對各種情況，但最終，這些實現25 年和26 年目標所面臨的風險以及美國和其他國家、歐洲其他國家之間所有潛在壓力因素將會發生什麼。

But with everything we know today, we are committed to our full year guide, and we feel good about what we have in our commercial and launch pipeline.

但根據我們今天所了解的一切，我們致力於實現全年目標，並且我們對我們的商業和發布管道感到滿意。

Thanks.

謝謝。

Thank you.

謝謝。

That does conclude the question-and-answer session, and I will now turn it back over to Alex Lopez.

問答環節到此結束，現在我將把發言權交還給亞歷克斯·洛佩茲。

Thank you, Brika, and thank you, everyone, for joining us this morning.

謝謝你，布里卡，也謝謝大家今天早上加入我們。

We appreciate your interest and confidence in PPG.

我們感謝您對 PPG 的關注和信任。

This concludes our fourth-quarter earnings call.

我們的第四季財報電話會議到此結束。

Thank you.

謝謝。

This does conclude today's call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。