PPG Industries Inc (PPG) 2025 Q1 法說會逐字稿

Good morning, all and thank you for joining us for the first-quarter of 2025 PPG earnings conference call. My name is Carly. I'll be coordinating the call today. (Operator Instructions)

大家早安，感謝您參加 2025 年第一季 PPG 收益電話會議。我的名字是卡莉。我今天將負責協調這次電話會議。（操作員指示）

I hand over to our host Alex Lopez. Floor is yours.

我把時間交給我們的主持人亞歷克斯洛佩茲 (Alex Lopez)。發言權歸你。

Thank you, Carly, and good morning, everyone. This is Alex Lopez. We appreciate your continued interest in PPG and welcome you to our first quarter 2025 earnings conference call. Joining me today from PPG are Tim Knavish, Chairman and Chief Executive Officer; and Vince Morales, Senior Vice President and Chief Financial Officer.

謝謝你，卡莉，大家早安。這是亞歷克斯·洛佩茲。感謝您對 PPG 的持續關注，並歡迎您參加我們的 2025 年第一季財報電話會議。今天與我一起出席的還有 PPG 董事長兼首席執行官 Tim Knavish；以及高級副總裁兼首席財務官文斯·莫拉萊斯 (Vince Morales)。

Our comments relate to the financial information released after US equity markets closed on Tuesday, April 29, 2025. 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. Following management's perspective on the company's results, we will move to Q&A session.

我們的評論涉及 2025 年 4 月 29 日星期二美國股市收盤後發布的財務資訊。我們在我們網站 PPG.com 的投資者中心發布了詳細的評論和隨附的簡報幻燈片，這些評論和幻燈片將在本次網路廣播中播放。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. These statements involve uncertainties and risks which may cause actual results to differ. The company is under no obligation to provide subsequent updates to these forward-looking statements.

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。這些聲明涉及不確定性和風險，可能導致實際結果有所不同。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. 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. For additional information, please refer to PPG's filings with the SEC.

此簡報也包含某些非公認會計準則財務指標。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。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.

現在讓我介紹一下 PPG 董事長兼執行長 Tim Knavish。

Thank you, Alex, and welcome, everyone. I'd like to start by providing a few highlights on our first quarter 2025 financial performance, and then I'll move to our outlook.

謝謝你，亞歷克斯，歡迎大家。我想先介紹我們 2025 年第一季的財務業績，然後再談談我們的展望。

The PPG team delivered sales of $3.7 billion. This is a decrease of 4% compared with the first quarter of 2024, primarily due to unfavorable foreign currency translation and the impact from business divestitures, including the Silicas business. We are beginning to realize the benefits of our enterprise growth strategy as organic sales grew year-over-year with increases in both sales volumes and selling prices.

PPG團隊實現了37億美元的銷售額。與 2024 年第一季相比，這一數字下降了 4%，主要原因是外幣折算不利以及包括二氧化矽業務在內的業務剝離的影響。隨著有機銷售額逐年成長，銷售量和銷售價格均有所上漲，我們開始意識到企業成長策略帶來的好處。

Regionally, we delivered year-over-year organic sales growth in Asia, driven by strong performance in China, India and Vietnam. In the US, after six quarters of declines or flat performance, we achieved 4% organic sales growth, led by share gains in several of our businesses and improvement in industrial production. Organic sales in Latin America were up slightly, with growth tempered by the recent geopolitical environment.

從地區來看，由於中國、印度和越南的強勁表現，我們在亞洲實現了同比增長。在美國，經過六個季度的下滑或持平之後，我們實現了 4% 的有機銷售額成長，這主要得益於我們多項業務的份額成長和工業生產的改善。拉丁美洲的有機銷售額略有上升，但近期地緣政治環境抑制了成長。

European organic sales were down 1%, which was a significant improvement versus prior quarters, as demand for our products are stabilizing in the region. Our top line results reinforce our positive organic growth momentum and contributed to improved manufacturing productivity. As we noted in our earnings materials released last night, our first quarter segment EBITDA margin was 19.4%, and adjusted earnings per diluted share was $1.72. Also, we repurchased approximately $400 million of our stock and ended the quarter with a strong balance sheet.

歐洲有機銷售額下降 1%，但與前幾季相比有顯著改善，因為該地區對我們產品的需求正在穩定。我們的營收業績鞏固了我們積極的有機成長勢頭，並有助於提高製造業生產力。正如我們昨晚發布的收益資料中所指出的，我們第一季的分部 EBITDA 利潤率為 19.4%，調整後每股收益為 1.72 美元。此外，我們回購了約 4 億美元的股票，並以強勁的資產負債表結束了本季。

Before we go through the quarterly details, let me first talk about how our results and momentum reflect the consistent, disciplined execution of the enterprise growth strategy that we launched in 2023. We are beginning to benefit from the actions we have taken to optimize and focus our portfolio. The development of PPG's organic growth muscle and strategic investments in innovation are driving positive momentum.

在我們討論季度細節之前，讓我先談談我們的業績和勢頭如何反映出我們在 2023 年啟動的企業成長策略的一致、嚴謹的執行。我們開始從優化和集中投資組合所採取的行動中受益。PPG 有機成長實力的提升和創新策略投資正在推動積極的發展勢頭。

The company is aggressively managing the bottom line, including decisive self-help. Combined with our disciplined capital allocation and strong balance sheet critical in today's environment, PPG is in a great and differentiated position to prevail in the current economic conditions.

該公司正在積極管理底線，包括果斷的自救。結合我們在當今環境下至關重要的嚴謹的資本配置和強勁的資產負債表，PPG 在當前經濟條件下佔據了有利的差異化優勢。

Looking at our segment performance. In the Global Architectural Coatings segment, first quarter net sales were significantly impacted by unfavorable foreign currency translation, which decreased sales by 7% as both the Mexican peso and Europe weakened year-over-year compared to the US dollar.

看看我們的分部表現。在全球建築塗料部門，第一季淨銷售額受到不利的外幣折算的嚴重影響，由於墨西哥比索和歐洲兌美元同比走弱，導致銷售額下降了 7%。

In Architectural Coatings EMEA, organic sales were flat versus prior year with improved selling prices, offset by slightly lower sales volumes. Sales increased in Central Europe and in the Nordic region, while they declined in Western Europe. Our volumes in Europe were slightly unfavorable, but stabilizing, and we expect flat to higher volumes year-over-year in the second quarter.

在建築塗料歐洲、中東和非洲地區，有機銷售額與去年持平，銷售價格上漲，但銷量略有下降。中歐和北歐地區的銷售額有所成長，而西歐地區的銷售額則有所下降。我們在歐洲的銷售量略有不利，但正在穩定下來，我們預計第二季的銷售量將與去年同期持平或上升。

We are making rapid progress reducing structural costs in this region and anticipate strong incremental earnings leverage as demand trends improve.

我們在降低該地區結構性成本方面正在取得快速進展，並預計隨著需求趨勢的改善，獲利槓桿將大幅增加。

In Architectural Coatings, Latin America and Asia Pacific, sales volumes declined, reflecting a pause in project-related business and governmental spending in Mexico due to recent geopolitical related uncertainty. However, core retail sales were solid. We anticipate economic activity and project spending in Mexico will resume in the upcoming quarters as more certainty regarding regional trade evolves.

在拉丁美洲和亞太地區的建築塗料領域，銷售額有所下降，反映出由於近期地緣政治不確定性，墨西哥的專案相關業務和政府支出出現暫停。然而，核心零售額穩健。我們預計，隨著區域貿易的確定性不斷增強，墨西哥的經濟活動和項目支出將在未來幾季恢復。

With its structural advantages, Mexico will remain a strong growth country for PPG. Segment EBITDA margin decreased 310 basis points versus prior year, driven by lower sales volumes and regional inflation stemming from the weaker peso, partially offset by cost control actions.

憑藉其結構性優勢，墨西哥仍將是PPG強勁成長的國家。由於銷售量下降和比索貶值導致的區域通貨膨脹，部門 EBITDA 利潤率較上年下降 310 個基點，但成本控制措施部分抵消了這一影響。

In the Performance Coatings segment, first quarter organic sales increased 9%, with both price and sales volume improvements. Within the segment, Aerospace delivered double-digit percentage organic sales growth, with record first quarter sales and earnings. Customer order backlogs were stable at $300 million, even with growth-related investments that improved our output in the quarter. The backlog demonstrates excellent industry dynamics and strong demand for our technology advantage products.

在高性能塗料領域，第一季有機銷售額成長 9%，價格和銷售量均有所提高。在該領域，航空航太實現了兩位數的有機銷售額成長，第一季的銷售額和收益創下了紀錄。儘管本季與成長相關的投資提高了我們的產量，但客戶訂單積壓仍穩定在 3 億美元。積壓訂單顯示產業動態良好，對我們的技術優勢產品的需求強勁。

In Automotive Refinish, global organic sales increased a low single-digit percentage versus the prior year. In the US, sales volumes improved the mid-single-digit percentage, with benefits from customer order patterns and share gains, offsetting lower industry collision claims. In the first quarter, the company grew the number of LINQ subscriptions as well as MOONWALK installations, which now total more than 2,700 in service, further supporting customer productivity and partnerships.

在汽車修補漆領域，全球有機銷售額與前一年相比僅實現了低個位數百分比的成長。在美國，銷售量實現了中等個位數百分比的成長，這得益於客戶訂單模式和市場份額的成長，抵消了行業碰撞索賠的下降。第一季度，該公司增加了 LINQ 訂閱數量以及 MOONWALK 安裝數量，目前總數已超過 2,700 個，進一步支持了客戶生產力和合作夥伴關係。

Protective & Marine Coatings delivered double-digit percentage organic sales growth, supported by increasing global demand for our technologies and our recent share gains in Marine. This was the eighth consecutive quarter with positive year-over-year sales volume growth in this business, and we are increasing our growth-related investments to support demand.

由於全球對我們技術的需求不斷增長以及我們近期在船舶領域的份額增長，防護塗料和船舶塗料業務實現了兩位數的有機銷售額百分比增長。這是該業務連續第八個季度實現銷售量同比增長，我們正在增加與成長相關的投資以支持需求。

Traffic Solutions delivered above-market mid-single-digit percentage sales growth in the quarter. Demand is expected to remain strong for this business throughout the year, including in the second quarter when demand steps up seasonally. Segment EBITDA was up 8% year-over-year, a new first quarter record, reflecting the organic sales growth as our various growth investments in the segment are yielding benefits.

交通解決方案部門本季實現了高於市場的中等個位數百分比的銷售額成長。預計全年該業務的需求將保持強勁，包括第二季季節性需求增加的情況。該部門 EBITDA 年成長 8%，創下第一季新高，反映出我們在該部門的各項成長投資正在產生效益，從而實現了有機銷售成長。

In the Industrial Coatings segment, net sales declined compared to the first quarter of 2024, primarily due to the impact of foreign currency translation and the divestiture of the Silica Products business in 2024. These items combined lowered sales by 6%. Organic sales for the segment were down less than 2%, which is a significant improvement versus the fourth quarter of 2024, which was down 6%.

工業塗料部門的淨銷售額與 2024 年第一季相比有所下降，主要原因是外幣折算的影響以及 2024 年二氧化矽產品業務的剝離。這些因素加起來導致銷售額下降了 6%。該部門的有機銷售額下降不到 2%，與 2024 年第四季的 6% 的降幅相比有了顯著改善。

In the first quarter, selling prices declined 1% due to carryover of certain index-based customer contract. Segment sales volumes also decreased 1% as strength in Industrial Coatings and Packaging Coatings was offset by soft automotive industry builds. From a business unit perspective, automotive OEM industry production was lower year-over-year in the US and Europe, and our results followed that lower demand trend. We partially mitigated this volume decline with growth in Asia and Latin America, including our share gains in Brazil.

第一季度，由於某些基於指數的客戶合約結轉，銷售價格下降了 1%。由於工業塗料和包裝塗料的強勁表現被汽車業疲軟的表現所抵消，該部門的銷售額也下降了 1%。從業務部門的角度來看，美國和歐洲的汽車原始設備製造商產業的產量年減，我們的表現也遵循了需求下降的趨勢。我們透過亞洲和拉丁美洲的成長（包括巴西的份額成長）部分緩解了銷量的下降。

During the first quarter, we narrowed the gap in our volume performance versus auto industry builds. We expect to grow above industry levels starting in the third quarter of this year, driven by already won share gains and our market outperformance in Asia.

在第一季度，我們縮小了與汽車產業產量之間的差距。我們預計，從今年第三季開始，我們的成長將超過行業水平，這得益於已獲得的市場份額增長以及我們在亞洲市場的優異表現。

Industrial Coatings organic sales were flat, with lower index-based pricing offset by improved sales volume after several quarters of weak industrial production. Demand for PPG's industrial products grew in all regions but varied across subsegments. Packaging Coatings organic sales increased by a low single-digit percentage year-over-year, driven by share gains on top of strong growth in the prior year.

工業塗料有機銷售量持平，在工業生產連續幾季疲軟之後，指數定價的下降被銷售量的增加所抵消。所有地區對 PPG 工業產品的需求均有所增長，但不同細分市場的需求有所不同。包裝塗料有機銷售額年增了低個位數百分比，這得益於上一年強勁增長基礎上的市場份額增長。

Segment EBITDA margin declined 90 basis points year-over-year as lower sales volumes and price were partially offset by strong cost control and productivity actions. For the Industrial segment, we expect organic results in the second quarter to be generally similar with the first quarter, with share gains aiding organic results in the back half of the year.

由於強勁的成本控制和生產力措施部分抵消了銷售和價格的下降，部門 EBITDA 利潤率較去年同期下降 90 個基點。對於工業部門，我們預計第二季的有機業績將與第一季大致相似，而股份成長將有助於下半年的有機業績。

Now let me talk about our balance sheet and cash. We issued EUR900 million of debt during the quarter at 3.25%. We have euro debt maturities of EUR300million and EUR600 million due in the second and fourth quarter, respectively.

現在讓我談談我們的資產負債表和現金。我們在本季以 3.25% 的利率發行了 9 億歐元的債務。我們分別在第二季和第四季到期的歐元債務為 3 億歐元和 6 億歐元。

During the quarter, we completed approximately $400 million in share repurchases and paid approximately $160 million in dividends. We have repurchased $1.2 billion in our stock over the last six quarters and paid $930 million in dividends over that same time period. Our balance sheet remains strong, which continues to provide us with financial flexibility, and we remain committed to driving shareholder value.

本季度，我們完成了約 4 億美元的股票回購，並支付了約 1.6 億美元的股利。過去六個季度，我們回購了價值 12 億美元的股票，並在同一時期支付了 9.3 億美元的股息。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，我們仍然致力於提高股東價值。

Looking ahead, obviously, the current macroeconomic environment is highly dynamic. Our business model has historically proven to be well positioned to navigate and perform during periods of uncertainty. As it relates specifically to recent tariffs, let me highlight a few relevant business traits that provide structural resilience for PPG.

展望未來，顯然，當前的宏觀經濟環境高度動態。歷史證明，我們的商業模式能夠在充滿不確定性的時期很好地應對並發揮作用。由於它與最近的關稅具體相關，讓我強調一下為 PPG 提供結構彈性的一些相關業務特徵。

We have a balanced global business portfolio without reliance on any single country, region or end market. We primarily buy, make and sell local for local. We are flexible batch process manufacturers, which results in an asset-light footprint that is easily adaptable to volume shifts. We have a highly variable cost structure, that allows us to adjust our conversion costs according to demand. Our input cost model is very dependent on commodity materials, including oil, that are reliant on supply and demand.

我們擁有均衡的全球業務組合，不依賴任何單一國家、地區或終端市場。我們主要在當地購買、生產並銷售產品給當地客戶。我們是靈活的大量生產製造商，因此資產佔用較少，可以輕鬆適應產量變化。我們的成本結構變化很大，這使我們能夠根據需求調整轉換成本。我們的投入成本模型很大程度上依賴依賴供給與需求的商品材料，包括石油。

Historically, we have been successful in adjusting our selling prices, including through surcharges, to account for any changes in our delivered cost of raw materials. Finally, we have a demonstrated track record of consistent cash generation through all stages of the business cycle to complement our strong balance sheet.

從歷史上看，我們成功地調整了銷售價格，包括透過附加費，以應對原材料交付成本的任何變化。最後，我們在商業週期的各個階段都有持續產生現金的記錄，這補充了我們強勁的資產負債表。

While these structural advantageous attributes of PPG provide a buffer for macro impacts, we are not immune to lower economic demand and continue to closely monitor customer order patterns and quickly adjust as necessary. Like all companies, we have potential downsides if overall demand significantly weakens, and we are diligently monitoring these conditions. With regard to our supply chain, we are executing our contingency plans and already working with suppliers on alternative sourcing, and you should expect us to aggressively manage our costs and productivity.

雖然 PPG 的這些結構性優勢屬性為宏觀影響提供了緩衝，但我們並不能免受經濟需求下降的影響，並將繼續密切關注客戶訂單模式並根據需要快速調整。與所有公司一樣，如果整體需求大幅減弱，我們也會面臨潛在的不利因素，我們正在密切監測這些情況。關於我們的供應鏈，我們正在執行應急計劃，並已與供應商合作尋找替代採購，您應該期待我們積極管理成本和生產力。

Now a few more details of what we are seeing. In the first quarter, we already realized a step down in demand in Mexico as project-related spending was paused, yet the overall PPG enterprise still performed. Beyond Mexico, we did not see any other significant changes to demand, and we did not experience any noteworthy customer pull forward into the first quarter.

現在讓我們進一步了解我們所看到的現象。在第一季度，我們已經意識到墨西哥的需求有所下降，因為專案相關支出暫停，但整體 PPG 企業仍然表現良好。除了墨西哥以外，我們沒有看到需求有任何其他重大變化，而且我們在第一季也沒有經歷任何值得注意的客戶拉動。

This pattern has continued for the first four weeks of the second quarter as we have not seen evidence of any curtailment of customer orders in our businesses. Some customers, however, have publicly expressed the need to eventually assess their production depending on the duration and eventual framework of trade outcomes.

這種模式在第二季的前四周一直持續，因為我們沒有看到我們業務中客戶訂單減少的證據。然而，一些客戶已公開表示，需要根據貿易結果的持續時間和最終框架來最終評估其產量。

Additionally, we have not yet experienced any significant change to our raw material pricing as our suppliers continue to favor volume over pricing. We're monitoring this situation, and we will react accordingly with pricing actions and or self-help cost actions to mitigate any impacts.

此外，由於我們的供應商仍然更重視數量而不是價格，我們的原材料定價尚未發生任何重大變化。我們正在監控這種情況，並將採取相應的定價行動或自助成本行動來減輕任何影響。

When considering our guidance, we see structural strength in our Performance Coatings segment, driven by our technology advantage products in Aerospace and Protective and Marine. We expect European Architectural Coatings volume trends to improve and also anticipate short-term tepid business conditions in Mexico given the economic uncertainty.

在考慮我們的指導時，我們看到了性能塗料部門的結構強度，這得益於我們在航空航太、防護和船舶領域的技術優勢產品。我們預期歐洲建築塗料銷售趨勢將會改善，同時考慮到經濟的不確定性，預計墨西哥的短期商業環境將不景氣。

Demand for various general industrial markets improved in the first quarter, and we see increasing momentum in the coming quarters. While auto OEM industry demand forecasts were slightly reduced, our share gains are beginning to yield benefits, and we expect to outperform the market beginning in the third quarter. We sized our annual share gains in the Industrial segment at $100 million, and we are tracking to that annualized figure.

第一季度，各類一般工業市場的需求都有所改善，我們預期未來幾季的需求將會成長。雖然汽車原始設備製造商產業需求預測略有下調，但我們的份額成長已開始產生效益，我們預計從第三季開始將跑贏市場。我們將工業領域的年度份額收益定為 1 億美元，並且我們正在追蹤這一年度數字。

Finally, we expect growing benefits from our self-help programs and other discretionary cost management programs, the pace and scope of which we have stepped up over the past few months.

最後，我們預計我們的自助計劃和其他可自由支配的成本管理計劃將帶來越來越多的收益，過去幾個月來，我們已經加大了這些計劃的步伐和範圍。

In closing, I am confident in our ability to successfully navigate this uncertainty given our improved business portfolio, the diversity of our regions and businesses, our self-help actions and our share gain momentum. We are reaffirming our full year earnings per share guidance range of $7.75 to $8.05.

最後，鑑於我們不斷改善的業務組合、地區和業務的多樣性、我們的自助行動以及我們的份額成長勢頭，我相信我們有能力成功應對這種不確定性。我們重申全年每股收益預期範圍為 7.75 美元至 8.05 美元。

Thank you to our PPG team around the world who make it happen and deliver on our purpose every day. We appreciate your continued confidence in PPG.

感謝我們遍佈全球的 PPG 團隊，是他們讓這一切成為現實，並每天努力實現我們的目標。我們感謝您對 PPG 的持續信任。

This concludes our prepared remarks. And now would you please open the line for questions.

我們的準備好的演講到此結束。現在請您開啟提問專線。

Thank you very much. We now open the lines for Q&A. (Operator Instructions)

非常感謝。我們現在開放問答熱線。（操作員指示）

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Thank you, good morning. Tim, just on Global Architectural, I know margins are under pressure here. How do you expect margins to trend in Q2? Any relief from the pressure you saw in Q1?

謝謝，早安。提姆，就全球建築而言，我知道這裡的利潤率面臨壓力。您預計第二季的利潤率趨勢如何？您在第一季感受到的壓力有減輕嗎？

Yeah. I don't think -- we'll get some margin benefit from sequential volume improvement, David. But otherwise, we've had positive price in that segment. And so really, it's a volume story for us with Europe still being down a bit and then the Mexico -- the project side of Mexico slowing down. It was really a volume story. So we fully expect that margin to recover.

是的。我不認為——我們會從連續銷售成長中獲得一些利潤收益，大衛。但除此之外，我們在該領域獲得了積極的價格。所以實際上，對於我們來說這是一個數量問題，歐洲仍然有點下降，然後墨西哥 - 墨西哥的項目方面正在放緩。這確實是一個很長的故事。因此我們完全預期利潤率將會恢復。

And David, just a reminder, typically, in Europe, there's a seasonal step up in the business, so we'll get some leverage from that.

大衛，我提醒一下，通常在歐洲，業務會出現季節性增長，因此我們可以從中獲得一些優勢。

Got it. And Tim, just on Comex, how much was the business down in Q1? And what gives you the confidence that business will come back over the next few quarters?

知道了。提姆，就 Comex 而言，第一季的業務下降了多少？您如何相信未來幾季業務將會復甦？

Yeah, look, the confidence comes from a couple of things. First of all, leading up to the tariff of April 2nd. Prior to that, there was already a pause in project-related spending for business and government investment projects. This pause -- it affected our Architectural segment and EBIT in Mexico. It's very important to note that our retail sales -- our core retail sales in Mexico, remained very solid in Q1.

是的，看，信心來自於幾件事。首先，關於4月2日的關稅。此前，企業和政府投資項目的項目相關支出已暫停。這次暫停影響了我們的建築部門和墨西哥的息稅前利潤。值得注意的是，我們的零售額——我們在墨西哥的核心零售額在第一季保持非常穩健。

Now why our confidence -- we're very well connected in Mexico with our scale and presence. We're very well connected to the project owners. We're connected to the project managers. We're well connected to key advisers that are close to the government and to the economists in the country. And they all believe that the things will continue to be a bit soft in Q2.

現在我們為什麼有信心——憑藉我們的規模和影響力，我們在墨西哥有著非常良好的聯繫。我們與專案業主保持著良好的聯繫。我們與專案經理保持聯繫。我們與政府關係密切的關鍵顧問和該國的經濟學家保持著良好的聯繫。他們都相信第二季的情況將繼續略顯疲軟。

But as we move through the year, the project spending will increase. Many of these projects are already in flight. We have not seen any cancellation of projects. We continue to see new projects coming on in our pipeline. So certainly, if trade discussions and with any reasonable framework for Mexico, that would allow all this spending to resume fully. But even without that, we do expect the project spending to increase again and particularly in the second half.

但隨著時間的推移，項目支出將會增加。許多此類項目已開始實施。我們還沒有看到任何項目被取消。我們不斷看到新的項目正在籌備中。因此，如果貿易談判和對墨西哥有任何合理的框架，那麼所有這些支出都可以完全恢復。但即使沒有這種情況，我們確實預計專案支出將再次增加，特別是在下半年。

And we're still confident that given a multitude of factors, favorable business climate, favorable unemployment, favorable inflation, good workforce, good population demographics, proximity, we still believe Mexico remains a strong growth country for some time for PPG.

我們仍然相信，考慮到多種因素，良好的商業環境、有利的失業率、有利的通貨膨脹、良好的勞動力、良好的人口結構、鄰近性，我們仍然相信墨西哥在一段時間內仍然是 PPG 強勁增長的國家。

Duffy Fischer, Goldman Sachs.

高盛的達菲費雪。

Yeah, good morning, guys. Just a question on Refinish. If you look at the last four years, you were kind of down mid-single digits, up mid-single digits, down low single digits, up low single digits. So that business seems to have gotten much more volatile than what it had been historically. So just -- and you kind of see it in the insurance claims data as well. What's really happening in that industry? Is there structural changes going on there? And does that in any way impair your ability to get kind of that consistent pricing year-on-year in that business?

是的，大家早安。這只是關於 Refinish 的一個問題。如果你回顧過去四年，你會發現成長率有下降中個位數、上升中個位數、下降低個位數、上升低個位數之分。因此，該業務似乎比歷史上更加不穩定。所以——您也可以在保險索賠數據中看到這一點。這個行業到底發生了什麼事？那裡正在發生結構性變化嗎？這是否會以某種方式損害您在該業務中逐年保持一致定價的能力？

Hey Duffy, thanks for the question. I'll answer the last part first. Let's call it, the lumpiness that we see with our sell out has nothing to do with our ability to get pricing in that business. And we've demonstrated that year-over-year-over-year-over-year despite this lumpiness. And the reason for that is the strength of our total value proposition around customer body shock productivity, where the actual cost of the paint is only a fraction of the cost of the total process, and our productivity solutions help that total process.

嘿，達菲，謝謝你的提問。我先回答最後一部分。我們可以這樣說，我們在銷售中看到的不平衡與我們在該業務中獲得定價的能力無關。儘管有這種不平衡，我們還是逐年證明了這一點。原因在於我們圍繞客戶車身衝擊生產力的整體價值主張的強大，其中油漆的實際成本只是整個過程成本的一小部分，而我們的生產力解決方案有助於整個過程。

So one, it does not at all impact our ability to get price. Second, to the lumpiness, this business has always had a bit of lumpiness because of the two-step distribution model. And the distributors are all independent private business people that are managing their own cash flows, trying to time things based on when they think pricing and demand may go to certain directions. So this business is always a bit lumpy quarter-over-quarter, and you really have to look at this at a yearly and multiyear basis sometimes.

因此，它根本不會影響我們獲取價格的能力。第二，關於不穩定性，由於採用兩步驟分銷模式，這項業務一直存在一些不穩定性。分銷商都是獨立的私人企業主，他們管理自己的現金流，並試圖根據他們認為價格和需求可能朝某個方向發展的時間來安排時間。因此，這個業務每季的表現總是有點不穩定，有時你真的必須從年度或多年的角度來看待這個問題。

Now to the longer-term picture in Refinish, and I think you're referring to some of the lower collision claims. Let me comment on that. This is a critical coating's vertical because of the reasons that I mentioned earlier, where our contributions, both inside the chemistry and outside the chemistry with our productivity tools, are so important to the body shop owners. You've got labor tightness when it comes to skilled painters. So we play a critical role to the body shop. And that's why you don't hear it just from us. Every coatings company in the world wants to be in refinish and grow and refinish.

現在談談 Refinish 的長期前景，我認為您指的是一些較低的碰撞索賠。讓我對此作出評論。由於我之前提到的原因，這是一個關鍵的塗層垂直領域，我們利用生產力工具在化學內部和化學外部做出的貢獻對於車身修理廠業主來說非常重要。當談到熟練的畫家時，就會面臨勞動力緊張的問題。因此，我們在車身修理廠中扮演著至關重要的角色。這就是為什麼你不會只從我們這裡聽到這個消息。世界上的每一家塗料公司都希望涉足修補塗料領域，並不斷發展壯大。

And collision claims have been trending lower for years, and we've continued to grow and perform during that time period, and that's because of our world-class, best-in-class total productivity value proposition. We have the best chemistry in the can, but you also -- we actually capture more value and additional value with what we do outside the can with -- you've heard about some of our digital productivity tools. We do a lot with related products -- allied products, which are associated with the painting process, but not actually inside the can of paint itself. We've done -- we've grown there organically and inorganically, and the CAGR over a multiyear period for those allied products has consistently been double digit despite these year-over-year decrease in collisions.

多年來，碰撞索賠一直呈下降趨勢，而我們在此期間也持續成長並表現出色，這要歸功於我們世界一流、一流的整體生產力價值主張。我們擁有罐內最好的化學成分，但您也——我們實際上通過在罐外所做的工作獲取了更多的價值和附加價值——您已經聽說過我們的一些數位生產力工具。我們做了很多相關產品——相關產品，它們與繪畫過程有關，但實際上並不在油漆罐內。我們已經做到了——我們在那裡透過有機和無機的方式實現了成長，儘管碰撞次數逐年減少，但這些相關產品的多年複合年增長率一直保持兩位數。

The reality is the players that deliver the best overall productivity solution will continue to win, will be -- continue to be able to capture price as long as they continue to increase the productivity solution that they deliver. It's probably the weaker players that don't have those solutions that are going to lose share and pay the price.

事實是，提供最佳整體生產力解決方案的參與者將繼續獲勝，只要他們繼續提高所提供的生產力解決方案，他們就將繼續能夠獲得價格優勢。那些沒有這些解決方案的較弱的參與者可能會失去市場份額並付出代價。

Kevin McCarthy of VRP.

VRP 的 Kevin McCarthy。

Yes, thank you and good morning. I was wondering if you could unpack the sales guidance that you've provided on Slide 11 for Global Architectural Coatings in particular. You were down 11% in the first quarter. I appreciate a lot of that was currency, which is swinging. But maybe you could kind of talk through your year-over-year volume expectations in that business? For example, would you expect the negative [3%] that you saw in the first quarter to penetrate positive territory? Any other color on that outlook would be much appreciated.

是的，謝謝你，早安。我想知道您是否可以解釋一下投影片 11 中針對全球建築塗料提供的銷售指示。第一季你們的銷售額下降了 11%。我非常欣賞貨幣，它正在波動。但也許您可以談談該業務的同比銷量預期？例如，您是否預期第一季看到的負成長 [3%] 會進入正成長區域？如果該外觀上有任何其他顏色，我們將非常感激。

Yeah. Thanks for the question, Kevin. I'm not going to comment on currency. I wish I was that smart as to predict what that's going to do. But I will talk about price and volume. We will price as we need to price. We got some positive price in Q1 and we'll continue to monitor all the stuff that's happening outside of our business in the macros. So you should expect that to be, again, incrementally positive like it was in Q1.

是的。謝謝你的提問，凱文。我不會對貨幣發表評論。我希望自己也能如此聰明，能夠預測到會發生什麼事。但我會談論價格和數量。我們將按需要定價。我們在第一季獲得了一些積極的價格，我們將繼續監控宏觀上我們業務之外發生的所有事情。因此，您應該預期它會再次呈積極態勢，就像第一季一樣。

On the volume side, we do think this project pause in Mexico will largely continue into Q2 may get sequentially better, but we're not counting on that in our guide. We've seen some momentum in Europe, finally, and we do expect that to improve. It could -- it's been down for a long, long time. It could be flat, it could be incrementally positive, and that's really the change in Q2 versus Q1, much more Europe-focused than anywhere else.

從數量方面來看，我們確實認為墨西哥的這個項目暫停將在很大程度上持續到第二季​​度，可能會逐漸好轉，但我們在指南中並不指望這一點。我們終於看到了歐洲的一些發展勢頭，我們確實預計這種情況會有所改善。它可能已經癱瘓了很長很長時間了。它可能是持平的，也可能是逐漸積極的，而這實際上是第二季度相對於第一季的變化，更多地集中在歐洲而不是其他任何地方。

Michael Sison, Wells Fargo.

富國銀行的麥可·西森。

Hey, good morning. Great start to the year. Season started in the Browns or Steelers draft but I just want to dig into Performance Coatings real quick, volumes, pretty impressive there. What do you think your volume should be for this year in total? And then what do you think market demand is? I know it's a little bit different per little business unit, but I suspect the market share gains are really what's driving that growth.

嘿，早安。今年的開始很好。賽季開始於布朗隊或鋼人隊的選秀，但我只是想快速深入了解性能塗料，其數量相當令人印象深刻。您認為今年的總銷售量應該是多少？那您認為市場需求是什麼？我知道每個小型業務部門的情況都有點不同，但我認為市場佔有率的成長才是真正推動這種成長的因素。

Hey Mike, thanks for the question. The challenge for our Performance Coatings business is to deliver higher growth than a number of quarter backs that Cleveland Browns now have in their quarterback room. That will be a challenge, but we're confident in it because you look at the performance in Q1 across the businesses, Aerospace, double-digit. As much as we can make, we'll ship.

嘿，麥克，謝謝你的提問。我們的高性能塗料業務面臨的挑戰是實現比克利夫蘭布朗目前的四分衛人數更高。這將是一個挑戰，但我們對此充滿信心，因為您可以看到第一季各業務的業績，航空航太業務的業績都達到了兩位數。只要我們能生產多少，我們就會出貨多少。

PMC, double-digit, great momentum, great pipeline. Traffic will sequentially improve. One, because of the share we won last year; and two, because of seasonality. So I think we see a good set there of dynamics and demand with each of the businesses in our Performance Coatings segment.

PMC，兩位數，強勁勢頭，出色的通路。交通狀況將逐步改善。一是因為我們去年贏得了份額；二是由於季節性。因此，我認為我們看到了高性能塗料部門中每項業務的良好動態和需求。

Mike, and this is Vince. Just a little tag along comment here. We are delivering consistent growth in these businesses. We are starting to comp -- again some more difficult comps in the back half of the year. On a two-year stack basis, most of these businesses are up. Aerospace, Protective & Marine, up double digits, Refinish and Traffic up low to mid-single digits in organic sales growth, and we expect those traits to continue.

麥克，這是文斯。這裡只是一點附帶評論。我們正在這些業務中實現持續成長。我們開始進行比賽－今年下半年又會進行一些更困難的比賽。從兩年期的堆疊來看，這些企業中的大多數都處於上升狀態。航空航太、防護和船舶領域的有機銷售額成長了兩位數，修補和交通領域的有機銷售額成長了低至個位數，我們預計這些趨勢將持續下去。

Ghansham Panjabi, Robert Baird.

甘沙姆‧潘嘉比 (Ghansham Panjabi)，羅伯特‧貝爾德 (Robert Baird)。

Thank you. Good morning, everybody. I just want to go back to your comments on Europe as a region. And just for the color as it relates to what do you think is going on there from a macro perspective? Is it just easier comparisons that are kind of flowing through to you specifically? Or do you sense an actual inflection in demand that could be a little bit more sustainable than what we've seen over the last few years?

謝謝。大家早安。我只是想回到你對歐洲地區的評論。就顏色而言，您認為從宏觀角度來看那裡發生了什麼？這只是一些對您來說更容易理解的比較嗎？或者您感覺到需求的實際變化可能比過去幾年所見的更可持續一些？

Ghansham, this is Vince. Let me start, and Tim will add some color here. When we look at Europe, we've seen obviously some easier comps. But across the continent, we're seeing stabilization in a couple of areas. Industrial production was stabilized relative to recent past. We also saw in Western Europe, better order pattern, especially exiting the quarter. For our Western European countries in architectural. We do know there's some sentiment on increased governmental spending there. And I think there is, in the Nordics, recovery underway from a couple of tough years.

甘沙姆，這是文斯。讓我開始吧，蒂姆會在這裡添加一些顏色。當我們觀察歐洲時，我們顯然看到了一些更容易的比較。但在整個非洲大陸，我們看到一些地區正在趨於穩定。工業生產較近期維持穩定。我們也看到西歐的訂單模式有所改善，尤其是在本季結束時。對我們西歐國家來說在建築方面。我們確實知道那裡存在一些增加政府支出的情緒。我認為北歐國家正在從過去幾年的艱難時期中復甦。

Yeah. I would just add to that, that it's -- a lot of it is based on the momentum we saw growing as we move through Q1, Ghansham. And even automotive, which has been down for quite some time, you've got the easier comps. You've got some of our key customers launching new models as we move through the second half of the year.

是的。我只想補充一點，這在很大程度上是基於我們在第一季看到的成長勢頭，Ghansham。即使是已經低迷了相當長一段時間的汽車產業，你也能更容易獲得比較結果。隨著下半年的到來，我們的一些主要客戶將推出新車型。

So we are not expecting a hockey stick at all. But we've been saying for years in Europe, all we need is stabilization and a little bit of volume because we've been doing so much structural cost action that we will get really good earnings leverage when that happens.

所以我們根本就沒期待曲棍球棒。但我們多年來在歐洲一直在說，我們需要的只是穩定和一點點的產量，因為我們已經採取了很多結構性成本行動，當這種情況發生時，我們將獲得非常好的獲利槓桿。

John McNulty, BMO.

約翰·麥克納爾蒂，BMO。

Yeah, good morning. Thanks for taking my question. So I guess the first one is, look, the first quarter came in a good bit better than I think was expected. It seems like you've got now an FX tailwind. It also looks like, if anything, from a volume perspective, year-over-year, you're thinking things are maybe better in 2Q than they were in 1Q, and yet you maintain the guide.

是的，早安。感謝您回答我的問題。所以我想第一個是，看，第一季的表現比我預期的要好得多。看起來你現在已經獲得 FX 順風了。從銷售角度來看，與去年同期相比，您似乎認為第二季的情況可能比第一季更好，但您仍維持指導價。

So I guess, can you help us to think about what is maybe holding you back on that? It sounds like tariffs don't seem to be making too many waves yet for you, but maybe that's just conservatism, but can you just help us to think about that?

所以我想，您能幫我們思考一下是什麼阻礙了您嗎？聽起來關稅似乎還沒有給您帶來太大的影響，但也許這只是保守主義，您能幫我們考慮一下嗎？

John, I'm going to give -- I'll give a little tariff overview for PPG, and then Vince can take your more specific questions around FX and volumes.

約翰，我將提供 - 我將提供 PPG 的一些關稅概述，然後文斯可以回答您有關外匯和交易量的更具體的問題。

So overall for PPG, based on what we know today -- look, the team, as you would expect, we've been running many scenarios and gain theories on how this is going to play out. We've got external help on -- we're on top of it on a very granular basis. And I put it into three buckets of potential PPG impact. First of all, our products, our finished goods, very minimal impact because we're almost completely local for local. So our finished goods don't really cross too many borders.

因此，總體而言，對於 PPG 而言，根據我們今天所了解的情況 - 你看，團隊，正如你所期望的那樣，我們已經運行了許多場景並獲得有關這將如何發展的理論。我們獲得了外部幫助——我們在非常細緻的基礎上對其進行了控制。我將其歸類為三類潛在的 PPG 影響類別。首先，我們的產品、我們的成品，影響非常小，因為我們幾乎完全是本地生產的。因此我們的成品其實不會跨越太多的國界。

Second bucket, the direct cost impact to PPG. We are heavily localized from a raw material standpoint, more than 95% of what we buy is locally sourced or no tariffs. And just a few [factors], If you look at our US businesses, our top 30 suppliers for our US businesses, zero of them are Chinese. We look at our top 100 suppliers in the US and add up that aggregate spend, 1% is from China. So we're largely locally sourced and the mitigation actions in the way we've taken advantage of our global footprint has positioned us well.

第二個面向是對 PPG 的直接成本影響。從原料的角度來看，我們的在地化程度很高，我們購買的 95% 以上的產品都是本地採購的或沒有關稅。僅舉幾個因素，如果你看看我們的美國業務，我們美國業務的前 30 名供應商中，沒有一個是中國的。我們查看了美國前 100 名供應商，並將總支出加起來，其中 1% 來自中國。因此，我們主要採用本地採購，並且我們利用全球影響力採取的緩解措施使我們處於有利地位。

In some of the larger categories, TiO2, epoxy, they were already tariffs coming into this year and mitigation actions were already put in place. The upstream chemical supply market is very long, so not all the announced tariffs will actually directly pass through to us. And if and when there is a direct impact to us, we work with our customers on pricing, surcharges, reformulations, substitutions, things like that.

在一些較大的類別中，如二氧化鈦、環氧樹脂，今年已經開始徵收關稅，並且已經採取了緩解措施。上游化學品供應市場很長，因此並非所有宣布的關稅都會直接轉嫁給我們。如果對我們產生直接影響，我們會與客戶就定價、附加費、重新配方、替換等事宜進行合作。

So the third bucket of potential impact for us is demand. We have built this into our guide. We built in everything we know, and everything we can estimate is already built into our guide. You'll note that Mexico already impacted in Q1 and the enterprise still performed. The biggest potential impact, you think auto, China, Mexico, we included that on the slides. Each of these impacts, based on everything that's out there today, we expect each of them to be less than 1% of total PPG sales.

因此，對我們來說，第三個潛在影響是需求。我們已將其納入我們的指南中。我們將我們所知道的一切都融入其中，我們可以估計的一切都已融入我們的指南中。您會注意到，墨西哥已經在第一季產生了影響，但企業仍在正常運作。您認為最大的潛在影響是汽車、中國、墨西哥，我們在幻燈片中提到了這一點。根據目前的情況，我們預計每種影響都將佔 PPG 總銷售額的 1% 以下。

China, example, everything that we paint in China, only 10% of it gets shipped to the US. So the vast majority of what we do is local to local. And as I mentioned, one month into quarter two, our order patterns are consistent with our expectations. Then you get to mitigations. I mentioned a few of them, but a number of our levers. We're doing volume deals with suppliers. We're working with customers on formulation tweaks and adjustments, maximizing our footprint flexibility, and we always have, in our toolbox, pricing surcharges, if necessary.

以中國為例，我們在中國繪製的所有作品，只有 10% 運往美國。因此，我們所做的絕大部分工作都是本地對本地的。正如我所提到的，第二季一個月後，我們的訂單模式與我們的預期一致。然後你就可以採取緩解措施了。我提到了其中的幾個，但也提到了我們的一些槓桿。我們正在與供應商進行批量交易。我們正在與客戶合作對配方進行調整，最大限度地提高我們的足跡靈活性，並且如果有必要，我們的工具箱中始終包含定價附加費。

And look, there's a key mitigator that I think is differentiated for PPG, and I call it the PPG shock absorber, a little bit of a buffer impact, it's structural. Our diverse portfolio, lack of dependency on any individual country, geography or segment, our highly variable cost structure. We're even more asset-light than we've ever been with the divestitures. We divested two of our heaviest asset -- fixed asset businesses when we got rid of 11 factories and 750 brick-and-mortar stores. And we've got a natural hedge where demand drops typically, so does the price of our primary input costs. So we have a shock absorber that does help us with macro events.

而且，我認為 PPG 有一個與眾不同的關鍵緩解因素，我稱之為 PPG 減震器，有一點緩衝衝擊力，它是結構性的。我們的產品組合多元化，不依賴任何單一國家、地區或市場，成本結構高度多樣化。剝離資產後，我們的資產比以往任何時候都更加輕量化。當我們關閉 11 家工廠和 750 家實體店時，我們剝離了兩項最重的資產——固定資產業務。當需求下降時，我們有一個自然的對沖，我們的主要投入成本的價格也會下降。因此，我們有一個減震器，它確實可以幫助我們應對宏觀事件。

And then finally, our guide, based on everything we know, we have identified a clear path, clear path to meet our full year EPS guide. I mean we've got momentum in share. We've got momentum in self-help. We've got momentum in productivity combined with the structural resilience and mitigation efforts that I just meant, we do have line of sight to our guide. So look, we clearly recognize there's uncertainty and a lot of things are moving fast, and we're not immune to that. We'll flex things as they change and charge forward, but we are laser-focused on controlling what we can control.

最後，根據我們所知道的一切，我們的指南已經確定了一條清晰的路徑，一條滿足我們全年 EPS 指南的清晰路徑。我的意思是我們的份額成長勢頭強勁。我們在自助方面取得了進展。我們的生產力有了發展勢頭，再加上我剛才提到的結構性彈性和緩解措施，我們確實對我們的指導有了一定的了解。所以，我們清楚地意識到存在不確定性，很多事情都在快速發展，我們也無法倖免。我們會隨著事物的變化而靈活變通，不斷向前邁進，但我們最關注的是控制我們能夠控制的事情。

Yeah. Just to try to provide some granular thoughts on what I would call where we were in January versus what we see today on a full year basis. A couple of things that are moving against us. Mexico, we were not aware in January, obviously, of the project spending pause. Again, we feel that will eventually come back.

是的。我只是想嘗試提供一些詳細的想法，比較我們一月份的狀況和今年全年的狀況。有幾件事對我們不利。墨西哥，我們一月份顯然沒有意識到項目支出暫停。再次，我們感覺它最終會回歸。

The automotive industry has stepped down 1% or 2% versus the guide and the forecast in January. Offsetting that, foreign currencies moved in our direction. We had a pretty stiff headwind of foreign currencies coming into the year. We still have a headwind in Q2.

汽車產業較 1 月的指導值和預測值分別下降了 1% 或 2%。與此相抵銷的是，外幣匯率朝著我們的方向變動。今年我們遇到了相當嚴峻的外匯逆風。我們在第二季度仍然面臨阻力。

And for some currencies, the balance of the year based on current rates. We've upped our self-help expectations for the year, and we're tracking to those higher expectations. We got share gains that are coming in quicker than we had anticipated.

對於某些貨幣，年度餘額將基於當前匯率。我們提高了今年的自助期望，並且正在追蹤這些更高的期望。我們的份額成長速度比我們預期的要快。

And finally, Tim alluded to this on an earlier question, Europe is stabilizing at a faster clip, albeit modest than we anticipated in our original guide. So some puts and takes like there are every quarter, but those are the bigger pieces.

最後，蒂姆在先前的問題中提到了這一點，歐洲正在以更快的速度穩定下來，儘管速度比我們在最初的指南中預期的要慢。因此，每個季度都會有一些投入和產出，但這些是較大的部分。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Congrats on a return to growth here. Tim, there were a lot of not yets in your opening comments. Assuming the tariffs stay as is, how long before you see customers repositioning production? And do you think you'll have to idle any of your auto OEM paint lines?

恭喜我們恢復成長。提姆，你的開場白中有很多「尚未解決」的問題。假設關稅保持不變，多久之後您會看到客戶重新定位生產？您是否認為您將不得不停產任何汽車 OEM 噴漆生產線？

Hey John, thanks. Second part first. I don't think we'll have to idle any lines. We may decrease staffing, decrease output as necessary, we'll flex, but we don't have to idle any factories. And I can't really say what, when any customer would decide to significantly change their production plans.

嘿，約翰，謝謝。先說第二部分。我認為我們不需要讓任何線路閒置。我們可能會減少人員，根據需要減少產量，我們會靈活變通，但我們不必閒置任何工廠。我真的不知道什麼時候客戶會決定大幅改變他們的生產計畫。

We are positioned virtually everywhere in the world. So wherever they decide to go, we can make coatings for them. So we feel that we have a lot of flexibility. If there's something dramatic and severe well, we'll talk about that. But we have the ability to follow our customers wherever they go.

我們的業務幾乎遍布世界各地。因此，無論他們決定去哪裡，我們都可以為他們製作塗層。因此，我們覺得我們有很大靈活性。如果出現戲劇性、嚴重的事情，我們會討論。但我們有能力跟隨我們的客戶，無論他們去哪裡。

Yeah, John, Vince here. Just two things I'd reiterate what Tim said. We are a batch process. So small or large changes in customer order patterns, we're able to easily see and adapt our staffing levels to. Just also what we said in our opening remarks, we have not seen any significant change in our customer order patterns through April. And we have order patterns looking into May depending on our short cycle or long cycle businesses and in our short-cycle businesses, looking at the first couple of weeks of May, again, no discernible change right now.

是的，約翰，我是文斯。我只想重申提姆說過的兩件事。我們是一個批次流程。因此，無論客戶訂單模式發生多大或多小的變化，我們都能夠輕鬆地看到並調整我們的人員配備水準。正如我們在開場白中所說的那樣，截至四月份，我們沒有看到客戶訂單模式發生任何重大變化。根據我們的短週期或長週期業務，我們可以預測 5 月的訂單模式，而對於短週期業務，從 5 月的前幾週來看，目前還沒有明顯的變化。

Yeah. One last part on the idling of assets that you questioned. We don't need to do that in response to what our customers may do. But I want to remind everyone that we have a significant rightsizing as part of our self-help already underway where we'll be closing a number of facilities over the next three years. And so that's separate from what's happening, but that will give us even more leverage going forward than what we have today.

是的。最後再說一下您所質疑的資產閒置問題。我們不需要根據客戶可能採取的行動來做出這樣的反應。但我想提醒大家，作為我們自助計畫的一部分，我們已經進行了重大的調整，我們將在未來三年內關閉一些設施。這與正在發生的事情無關，但這將為我們帶來比現在更大的優勢。

Laurent Favre, PNB Paribas.

巴黎銀行（PNB Paribas）的 Laurent Favre。

Yes, good morning. A question on capital allocation, if I may. So you didn't get the BSS assets. And with all the uncertainty, I assume that deal activity is going to come to a pause anyway. So I was wondering if you could talk about the intensity and the intent, I guess, intention and intensity on share buybacks after the $400 million in Q1. Thank you.

是的，早安。如果可以的話，我問一個關於資本配置的問題。所以你沒有獲得BSS資產。由於存在種種不確定性，我認為交易活動無論如何都會暫停。所以我想知道您是否可以談談在第一季 4 億美元之後股票回購的力度和意圖，我想，就是回購的意圖和力度。謝謝。

Yeah. Laurent, let me answer M&A first, and then I'll get to repo. So we've been very consistent on this since 2023 that we're changing from the tip of the spear for growth, being M&A, and secondary, organic, to tip of the spear for us being organic and secondary, M&A. So it's still part of our long-term growth strategy, but it's not what we're leading with.

是的。勞倫特，讓我先回答併購問題，然後再回答回購問題。因此，自 2023 年以來，我們一直堅持這一方針，即從成長的矛尖（併購和次要的有機成長）轉變為有機成長和次要的併購成長。因此，它仍然是我們長期成長策略的一部分，但不是我們的主導策略。

We will look at any asset that comes available or any asset that we think would fit with our enterprise growth strategy. But I continue to say it's got to be the right asset fitting with our enterprise growth strategy. It's got to be the right price. We're not going to overpay. And it's got to be the right time relative to what else we have growing on with focus and balance on organic growth.

我們將考慮任何可用的資產或任何我們認為適合我們企業成長策略的資產。但我還是要說，它必須是適合我們企業成長策略的正確資產。價格一定要合適。我們不會多付錢。而且相對於我們正在進行的其他成長而言，現在必須是正確的時機，專注於並平衡有機成長。

And you mentioned Brazil. I said many times that, that was a good asset that we would look at and we were interested in, but that didn't fit my right price category. The price wasn't where we would have paid relative to other options for use of that cash, which then brings us to the repo question.

您提到了巴西。我說過很多次，這是我們會關注並且感興趣的優質資產，但它並不符合我合適的價格類別。與使用該現金的其他選擇相比，這個價格並不是我們願意支付的價格，這就引出了回購問題。

I hope -- again, I've been consistent with saying exactly the same thing since I took over. Relative to capital deployment, that the first thing we did, we paid down debt back in '23. Beyond that, I said it wouldn't let it grow on the balance sheet. And after not buying shares for many quarters, we've now gone six straight quarters of buying shares. It's been the best use of our cash to deliver shareholder value.

我希望——再說一次，自從我上任以來，我一直在說同樣的話。相對於資本部署，我們做的第一件事就是在 23 年償還債務。除此之外，我說它不會讓它在資產負債表上成長。在連續多個季度沒有購買股票之後，我們現在已經連續六個季度購買股票。這是我們對現金的最佳利用，為股東創造價值。

And I would just -- you should expect to see that continued prioritization for me. And the reason I can't and won't commit to a specific number is more than ever right now, it is a highly variable environment. And so we'll make that decision as we move through the months and quarters. But I would just say, you should expect to see the same decision-making process that has been made for the last seven quarters -- or six quarters.

而我只是——你應該會看到我繼續優先考慮這一點。而我現在不能、也不會承諾一個具體數字的原因是，這是一個高度多變的環境。因此，我們會隨著月份和季度的推移而做出決定。但我只想說，你應該會看到與過去七個季度或六個季度相同的決策過程。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Thank you. Good morning. Just had a few cleanup questions for me on the guidance. You didn't put out the full year details the way you did last quarter. So just some of it, Vince, you covered already, but do you still expect segment margins to be up 50 basis points for the full year? And then if I could also ask, my recollection is that usually the EPS guidance does not include the benefit from share repurchases. Is there any change in that for this year or for the reiteration of the guide?

謝謝。早安.我剛剛在指導中遇到了一些清理問題。您沒有像上個季度那樣公佈全年詳細資訊。文斯，您已經談到了其中的一部分，但您是否仍然預計全年分部利潤率將上漲 50 個基點？然後如果我還可以問的話，我記得通常每股盈餘指引不包括股票回購的收益。今年這方面有什麼改變嗎？或者會重申該指南嗎？

Vincent, you're spot on, on both. No change to our margin profile and guide, again, moving around within the segments, but in totality, we're still holding to that, and we typically do not include cash deployment in our EPS guide.

文森特，你說得非常正確，兩點都是正確的。我們的利潤率狀況和指南沒有變化，再次在各個細分市場內變動，但總體而言，我們仍然堅持這一點，並且我們通常不會在 EPS 指南中包括現金部署。

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov，KeyBanc 資本市場。

Thanks. Good morning, everyone. In Performance Coatings, your price was up 3%, volumes up 6%. So I would have expected margins to be up a bit more than 20 basis points. Could you just describe what's going on with the margin there?

謝謝。大家早安。在高性能塗料方面，你們的價格上漲了 3%，銷量上漲了 6%。因此我預期利潤率將上升 20 個基點以上。您能描述一下那裡的邊距情況嗎？

Yeah. Aleksey, this clearly remains our highest margin and best growth segment, if you look at this quarter or the last several quarters. And given the increase in growth prospects, we've increased our growth-related investments, our growth-related spending in several of these businesses to capitalize on the opportunities, capture more share for the longer term.

是的。阿列克謝，如果你看一下本季或過去幾個季度，這顯然仍然是我們利潤率最高、成長最快的部分。鑑於成長前景的增加，我們增加了與成長相關的投資，以及在其中幾項業務中與成長相關的支出，以利用機遇，在長期內獲得更多份額。

We've had a backlog in Aerospace. As you know, we've been spending some money there to gain incremental output, which delivers incremental sales not only for current quarter, but for future with debottlenecking. And by the way, we're also looking at longer-term, more significant capital investments to support that growth.

我們在航空航太領域有大量積壓訂單。如您所知，我們一直在那裡投入一些資金來獲得增量產出，這不僅可以為本季度帶來增量銷售，而且可以透過消除瓶頸為未來帶來增量銷售。順便說一句，我們也在尋求更長期、更重要的資本投資來支持這一成長。

We're applying incremental growth spending to Protective & Marine, where we've delivered 8 straight quarters of growth and volume growth, and we expect that to continue. And so we've had to make some investments there to keep that kind of strong growth rate, strong rate going.

我們正在對防護和船舶領域增加支出，該領域已連續 8 個季度實現成長和銷售成長，我們預計這種趨勢將持續下去。因此，我們必須在那裡進行一些投資，以保持這種強勁的成長率。

And finally, we continue to invest in the next gen of those productivity tools that I mentioned in Refinish. Those allied products, those digital tools have been tremendous drivers of growth for us in Auto Refinish in a flat to down market. So that's really the reason why you're not seeing, let's say, the typical leverage in this quarter that you would see for Performance Coatings.

最後，我們將繼續投資我在 Refinish 中提到的下一代生產力工具。這些相關產品和數位工具在汽車修補漆市場平穩甚至下滑的情況下，成為我們成長的巨大動力。所以這就是為什麼你在本季沒有看到高性能塗料的典型槓桿率的原因。

Patrick Cunningham, Citigroup Inc.

派崔克‧坎寧安（Patrick Cunningham），花旗集團

Hi, good morning. Just on the Industrial Coatings subsegment within Industrial, you had positive volumes in the quarter. How meaningful were share gains here? And was there any evidence of some prebuying impact that may mute sales into 2Q? I guess how should we think about volume sensitivity going forward for the remainder of the year?

嗨，早安。光是在工業領域的工業塗料子領域，本季的銷售就呈現正成長。這裡的股價上漲有多大意義？是否有證據顯示預購效應可能會抑制第二季的銷售？我想我們該如何看待今年剩餘時間的成交量敏感度？

Yes, Pat, thanks for asking that great question because we're excited about this. We have momentum in Industrial Coatings. You should think about it as positive going forward. And it's two things. A lot of it is share gain delivered. As we started to execute on our enterprise growth strategy and build that organic growth muscle throughout '24 and into early '25, we've been winning business and we're starting to launch that business.

是的，帕特，感謝您提出這個好問題，我們對此感到非常興奮。我們在工業塗料領域發展勢頭強勁。您應該將其視為一種積極的進步。這是兩件事。其中很大一部分是實現的份額收益。隨著我們開始執行企業成長策略，並在 2024 年和 2025 年初建立有機成長實力，我們一直在贏得業務，並且我們正在開始啟動這項業務。

And you do see, of course, the country dependent, you see a little bit of improvement in industrial production in some countries and because of our portfolio, we're well positioned to capture that. We've seen some positive. China, India, both grew for us in the quarter. We've seen it in general finishes. We saw Industrial Coatings United States grow in the quarter. So the word I would use here, and we use it every day when I spoke with my leader of this business, and its momentum. We've got momentum in this business.

當然，你確實看到，依賴國家，你會看到一些國家的工業生產有所改善，而且由於我們的投資組合，我們完全有能力抓住這一點。我們看到了一些正面的情況。本季度，中國和印度都實現了成長。我們已經在一般的完成中看到了它。我們看到美國工業塗料在本季實現了成長。所以我在這裡會用這個詞，而且當我和我的領導者談論這個業務及其發展勢頭時，我們每天都會使用這個詞。我們在這個行業中發展勢頭良好。

Frank Mitsch, Fermion Research LLC.

Frank Mitsch，費米子研究有限責任公司。

Thank you. I want to follow up on the 2025 guide. You answered the questions, obviously, on the margin expectations and also gave us some puts and takes. I'm just curious on the organic growth expectations. Obviously, Performance Coating is very strong in the first quarter, exceeding the 1Q guide. Your expectation for the full year was up low single digits to up mid-single digits.

謝謝。我想跟進 2025 年的指南。顯然，您回答了有關保證金預期的問題，並且還給了我們一些收益和利弊。我只是對有機成長預期感到好奇。顯然，性能塗料在第一季表現非常強勁，超過了第一季的指導值。您對全年的預期是上漲低個位數至上漲中個位數。

I suspect we should probably start thinking about Performance Coatings organically up in 2025, moving that up to high single digits, low double digits. So curious to comment on that. And while I've got you, I might as well ask about the other two segments, which in 2025, Global Architectural was expected up low single digits to up mid-single digits. So is that still hold? And the same with Industrial Coatings, where we have momentum, is that still expected to get up low single digits? Thank you.

我認為我們應該在 2025 年開始考慮高性能塗料的有機成長，將其提升至高個位數、低兩位數。我很好奇想對此發表評論。既然我已經聯絡您了，我也不妨問問其他兩個細分市場的情況，預計到 2025 年，全球建築業的成長率將達到低個位數到中個位數。那麼這仍然成立嗎？工業塗料也是一樣，我們擁有強勁的發展勢頭，預計仍將維持低個位數成長嗎？謝謝。

Yes. Let me -- you gave us a lot of parts to that question. So let's take a team effort to answer that, Frank. But you should expect, as a total company, as a total company, low single-digit growth for us for the year, okay? And again, that's based on what we know today, but we've built in not only known but estimated impacts from our team. And it's all about the momentum and share.

是的。讓我——你給了我們這個問題的很多部分。所以讓我們齊心協力來回答這個問題，弗蘭克。但是，作為一家整體公司，您應該預料到，我們今年的成長率將達到低個位數，好嗎？再次強調，這是基於我們今天所知的情況，但我們不僅考慮了已知的影響，還考慮了我們團隊估計的影響。這一切都與動力和份額有關。

We said last quarter that we won a bunch of share in Industrial Coatings segment that will launch in the second half of this year. We still see that on time. Some of them actually even pulled forward. And we've continued to win share. There are smaller pieces across the other businesses, just the nature of the customer, but we continue to win share across a number of them.

我們上個季度表示，我們在工業塗料領域贏得了大量份額，並將於今年下半年推出。我們仍然準時看到這一點。其中一些人甚至真的向前邁進了一步。我們的市場佔有率持續成長。其他業務中存在較小的部分，只是客戶的性質，但我們繼續在許多業務中贏得份額。

Performance Coatings, you should expect mid-single digits for the year due to that growth momentum in that space. And Vince, you can --

高性能塗料，由於該領域的成長勢頭，預計今年的銷售額將達到中等個位數。文斯，你可以--

Yes. Just a reminder, what we said earlier, Frank, on Performance Coating is certainly performing well. Comps get harder as we go through the year. If we look at our Industrial segment, and we talked about this on the January call. Comps. We started to see industrial activity in the back half of 2024, weakened. So comps in that segment get easier. And we talked earlier in the call about what's happening in the architectural business, both in Q1 and on a forward look, especially in Mexico.

是的。提醒一下，弗蘭克，我們之前說過，性能塗層的表現確實很好。隨著時間的流逝，比賽變得越來越難。如果我們看一下我們的工業部門，我們在一月份的電話會議上討論了這個問題。比較。我們開始看到 2024 年下半年的產業活動減弱。因此該領域的競爭變得更容易了。我們在電話會議中早些時候討論了建築業在第一季和未來的發展情況，特別是在墨西哥。

Chris Parkinson, War Research. Chris, your line is now open.

克里斯帕金森，戰爭研究。克里斯，您的線路現已開通。

Great, thank you so much. Can you talk a little bit more about the aerospace opportunity and just go through aftermarket OE and military. On one hand, you've got there a few airlines pulling guidance. On the other hand, you have a pretty strong backlog. So just how should we be thinking about that? And is there any potential to further debottleneck and add capacity to facilitate the intermediate to long-term growth algo?Thank you so much.

太好了，非常感謝。您能否再多談一下航空航太領域的機遇，並簡單介紹一下售後市場 OE 和軍事領域。一方面，有幾家航空公司正在撤回指導。另一方面，你的積壓訂單相當多。那我們究竟該如何思考這個問題呢？是否有可能進一步消除瓶頸並增加容量以促進中長期成長演算法？謝謝非常感謝你。

Chris, so military, commercial, general aviation aftermarket, strong, strong, strong, strong. And even with the like noise that you hear today, the backlogs are -- the backlogs are years in these segments, not months, not quarters, years. And part of that is what happened during COVID. Not a lot of planes were produced during COVID. Everybody depleted their inventories. So we're trying to keep up not only with production, but we're also -- the whole industry is trying to gradually rebuild aftermarket and OE pipelines. So we see no slowdown here for -- on the horizon.

克里斯，軍事、商業、通用航空售後市場都非常強大、強大、強大、強大。即使有您今天聽到的類似聲音，這些領域的積壓訂單也是數年之久，而不是數月、數季或數年。其中一部分就是在 COVID 期間發生的事情。在疫情期間，飛機產量不多。每個人的庫存都耗盡了。因此，我們不僅努力跟上生產步伐，整個產業也努力逐步重建售後市場和 OE 管道。因此，我們認為短期內不會出現經濟放緩的跡象。

Despite the little -- you'll have news pieces here about what this airline is doing, what this country is doing. But you saw what Boeing said in their comments that they -- no matter what happens with China, that their backlog remains multiple years.

儘管──你還是會在這裡看到有關這家航空公司、這個國家正在做什麼的新聞。但你看到波音公司在評論中表示，無論中國發生什麼，他們的積壓訂單仍將持續數年。

So we're fully confident that this is going to be a strong business for us for the foreseeable future. There is still -- we have many active debottlenecking projects going on right now across a number of our facilities for Aerospace. And I would just say, stay tuned for kind of larger capital investments that are under engineering analysis now that would position this business for even better growth in rewards for our shareholders long term.

因此，我們完全有信心，在可預見的未來，這將是我們的一項強勁業務。目前，我們在許多航空航天設施中仍在進行許多積極的瓶頸消除專案。我想說的是，請繼續關注目前正在進行工程分析的更大規模的資本投資，這將使這項業務在長期內為我們的股東帶來更好的回報。

And Chris, this is Vince. Just if you look at our manufacturing, we have the flexibility to move between OEM, aftermarket and military. So if we do see some pause and any activity, we can work at that backlog, which is primarily aftermarket for us is a net positive.

克里斯，這是文斯。只要看看我們的製造業，我們就能靈活地在 OEM、售後市場和軍事之間轉換。因此，如果我們確實看到一些暫停和任何活動，我們就可以處理積壓訂單，這對我們來說主要是售後市場，是一個淨利好。

And one thing Tim didn't mention as we look at the business today versus prepandemic, military has also picked up, unfortunately. But that's unfortunately for the geopolitical reasons. But that's another leg of growth that we didn't see prepandemic.

不幸的是，當我們將今天的業務與疫情前的業務進行比較時，蒂姆沒有提到的一件事是，軍事業務也有所回升。但不幸的是，這是出於地緣政治原因。但這是我們在疫情前沒有看到的另一個成長階段。

Very helpful thank you so much.

非常有幫助，非常感謝。

Michael Leithead, Barclays.

巴克萊銀行的邁克爾·萊特黑德。

Great, thank you. Good morning, guys. I just had two quick follow-ups. First, on the Comex performance. How does the Comex business split between residential and commercial? You mentioned that retail is quite strong, so it seems commercial at a much more meaningful drop-off.

太好了，謝謝。大家早安。我剛剛進行了兩次快速的跟進。首先，關於 Comex 的表現。Comex 的住宅業務和商業業務是如何劃分的？您提到零售業相當強勁，因此商業的下降趨勢似乎更為顯著。

And then second, apologies if I missed this in the answer to an earlier question. But what is your updated full year currency EPS headwind you're assuming in your guidance?

其次，如果我在回答之前的問題時遺漏了這一點，我深感抱歉。但是，您在指導中假設的最新全年貨幣每股收益逆風是什麼？

Yeah. I'll take the first one and let Vince take the currency, Michael. It's mostly -- the core business in PPG Comex is mostly residential. We don't give out the specific percentages because that does fluctuate depending on project activity, but it's mostly residential. That's the history and legacy of Comex. In recent years, we've been expanding significantly, the outside of store sales, which is the project business.

是的。我會拿第一個，讓文斯拿貨幣，麥可。PPG Comex 的核心業務主要是住宅業務。我們沒有透露具體的百分比，因為這會根據項目活動而波動，但主要是住宅。這就是 Comex 的歷史和遺產。近年來，我們在店面銷售以外的領域，也就是專案業務方面，進行了大幅的擴張。

So for FX, we have $0.09 impact that I think we laid out in the materials. That will diminish as we go through the year as we started to see the currencies weakened especially in the fourth quarter. So $0.09 impact in Q1, that will step down in the subsequent quarters.

因此，對於外匯而言，我們有 0.09 美元的影響，我認為我們在材料中已經列出了這一點。隨著我們開始看到貨幣貶值，尤其是在第四季度，這種現象將會逐漸減少。因此，第一季的影響為 0.09 美元，在接下來的幾季中將會逐漸減少。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

So, good morning. Just wanted to unpack the comments around Industrial. I think in the prepared remarks, you indicated you thought momentum would be accelerating in the -- over the next several quarters. And it sounds as if you were referring to the underlying end markets rather than just share gain. Can you just clarify whether that's sequential or year-over-year because of the easy comp effect? And in particular, kind of what you're seeing in the wood and heavy-duty market.

早安.只是想解讀一下有關工業的評論。我認為，在準備好的發言中，您表示您認為未來幾季的發展動能將會加速。聽起來您指的是底層終端市場，而不僅僅是份額成長。您能否澄清一下，由於容易比較的影響，這是連續的還是同比的？特別是您在木材和重型市場中看到的情況。

Sure. It's actually both, Laurence, that's driving the momentum going forward. We do see some slight upticks in industrial production in the segments that we are strongest. And we also have booked a number of share gains around the world that it's a bit -- these things on industrial, you have to work with customer lines, so it's not an immediate benefit. So that will be spread out throughout the year. So it's really a combination of both of those.

當然。勞倫斯，實際上，兩者都在推動我們前進的勢頭。我們確實看到，在我們實力最強的領域，工業生產略有上升。而且，我們還在全球範圍內實現了一定程度的市場份額增長，但在工業領域，你必須與客戶線合作，所以這並不是一個直接的好處。因此這將貫穿全年。所以它實際上是兩者的結合。

We're not a big player in wood. It's not a segment that we track very close. And heavy-duty remains down for us. But other segments, general finishes, coil has continued to do well for us. And I mentioned earlier, broadly across our book of business is in China, which is China for China and broadly across India as well that we've seen good growth across multiple, multiple segments.

我們在木材產業並不是一個大公司。這不是我們密切追蹤的領域。而重型設備對我們來說仍然很落後。但其他領域，一般飾面，線圈繼續為我們帶來良好的業績。我之前提到過，我們的業務主要集中在中國，也就是為中國服務的中國，同時也主要集中在印度，我們在多個領域都看到了良好的成長。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特。

Yeah, good morning. This may be a bit redundant, but I'll try this around the EPS guide for the year. So if I look at what you guys are guiding to roughly for 2Q, maybe $2.20, $2.30 in EPS. Roughly normal seasonality in second half kind of plus what you did in first half, probably gets to you around the $7.65 range. If I add back some of the Mexico project coming back, maybe that's $0.05 a quarter or so about $0.10. So you get to kind of the low end of the guide with just those assumptions.

是的，早安。這可能有點多餘，但我會根據今年的 EPS 指南嘗試這樣做。因此，如果我看一下你們對第二季度的大致預期，每股收益可能是 2.20 美元或 2.30 美元。下半年的季節性大致正常，加上上半年的表現，大概能達到 7.65 美元左右。如果我加上一些墨西哥項目的回報，那可能就是每季 0.05 美元左右，約 0.10 美元。因此，僅憑這些假設，您就可以獲得指南的低端。

So I guess the easiest way to ask this is second half versus first half, what needs to sequentially improve to get that extra $0.15, $0.20 to your midpoint? Is it markets and we talked about Europe improving? Or is it something else within your control cost savings, new wins? Just wondering if you can bridge that out for us a little bit. Thanks.

因此，我想最簡單的提問方式是，與上半年相比，下半年需要如何連續改進才能將額外的 0.15 美元、0.20 美元帶到中點？是市場嗎？我們談論的是歐洲的改善嗎？還是在您的控制範圍內的其他東西，如成本節省、新勝利？我只是想知道您是否可以為我們稍微解決這個問題。謝謝。

Yeah, Josh, this is Vince. First of all, a good reminder to everybody. We did recast our financials in January for the prior years based on the sale of our US Architectural Canada business and the seasonality of our recast business changed dramatically because the US Architectural business had peak seasonality in Q2, Q3, and weaker, obviously, bracket quarters.

是的，喬希，這是文斯。首先，向大家好好提醒一下。我們確實在一月份根據美國建築加拿大業務的銷售情況重新調整了前幾年的財務狀況，而且我們重新調整的業務的季節性發生了巨大變化，因為美國建築業務在第二季度、第三季度以及顯然較弱的季度達到季節性高峰。

Just a reminder, our EPS last year adjusted on a recast basis were $1.87 in Q1. We were $2.35 in Q2, $2.03 in Q3 and $1.61 in Q4. So total, $7.87. We did see in the back half of last year, as we alluded to earlier, weaker industrial activity. So if industrial activity would remain constant, the seasonality of last year would have been different.

提醒一下，我們去年第一季按重算後的每股收益為 1.87 美元。我們在第二季為 2.35 美元，第三季為 2.03 美元，第四季為 1.61 美元。所以總計 7.87 美元。正如我們之前提到的，去年下半年我們確實看到工業活動疲軟。因此，如果工業活動保持不變，去年的季節性就會有所不同。

As we look at our seasonality this year, again, we're comping against those weaker numbers plus we have share gains in industrial. So we're not wearing a lot of pieces you asked, Josh, trying to go through blow-by-blow those pieces.

當我們回顧今年的季節性時，我們再次發現，我們正在與那些較弱的數字進行比較，而且我們在工業領域的份額有所增長。因此，喬希，我們並沒有穿你要求的很多衣服，而是試著逐一檢查這些衣服。

But things helping us going into the back half of the year, second quarter, back half of the year, additional self-help, as I said earlier, some improvement in Europe, some share gain and easier comps in industrial. So those affect the year-over-year seasonality comparisons that you're doing. So those would be the things I pull forward.

但正如我之前所說，一些因素幫助我們進入下半年、第二季、下半年，額外的自助，歐洲的一些改善，一些份額的增長以及工業領域更容易的比較。所以這些會影響您進行的年比季節性比較。所以這些就是我要推動的事情。

Jeffrey Zekauskas, JPMorgan.

摩根大通的 Jeffrey Zekauskas。

Thanks very much. In your Protective & Marine business, roughly how much is Protective and how much is Marine? And do any of the issues having to do with China shipbuilding affect that business for you? Is it something that accelerates your growth or detracts from your growth? And can you talk about your China exposure in that business?

非常感謝。在您的防護和船舶業務中，防護業務和船舶業務分別佔多少比例？與中國造船業有關的任何問題是否對您的業務產生影響？它能加速你的成長還是阻礙你的成長？您能談談您在該業務中對中國的了解嗎？

Sure, Jeff. So your first question, a strong majority of that business is Protective, and that's true around the world.

當然，傑夫。所以您的第一個問題是，該業務的絕大部分是保護性的，而且在世界各地都是如此。

China shipbuilding, obviously, we do participate there. That's actually been quite strong for us this year. But in Marine, our biggest strength has actually been aftermarket, aftermarket dry docks.

顯然，我們確實參與了中國船舶製造業。這對我們來說今年確實相當強勁。但在船舶領域，我們最大的優勢其實是售後市場、售後乾船塢市場。

And so we feel good about a healthy mix from a country standpoint, a healthy mix from a segment standpoint. But to your particular question on China, shipbuilding, China Marine, it's been part of our growth story over the last several quarters.

因此，從國家角度和細分市場角度來看，我們對健康的組合感到滿意。但對於您關於中國、造船業、中國海洋的具體問題，它是我們過去幾季成長故事的一部分。

Yes. And Jeff, I think you're alluding to the fact that some of the Chinese activity is in question, at least that's what the periodical say. In terms of shipbuilding, we also participate in Korea, which is where you may see if the shipbuilding that moves to a different country, we have beachheads and have participated in the Korea market for quite some time.

是的。傑夫，我認為你暗示中國的一些活動受到質疑，至少期刊上是這麼說的。在造船方面，我們也參與了韓國的業務，你可以看到，如果造船業轉移到其他國家，我們就有灘頭陣地，並且已經參與韓國市場很長一段時間了。

So again, Tim's earlier comments about our business being a shop absorber local for local, we're in different regions. If our customers move production, we're there to handle the production wherever they're moving to.

所以，正如蒂姆之前所說，我們的業務是為當地居民提供商店吸收服務，我們分佈在不同的地區。如果我們的客戶轉移生產，無論他們轉移到哪裡，我們都會負責處理生產。

Arun Viswanathan.

阿倫·維斯瓦納坦。

Thanks for taking my question. I just had a quick question on auto OEM and auto Refinished. So in auto OEM, I understand that there's some choppy demand trends right now, but would you say that your customer mix or maybe your mixed towards, EVs or ICEs would be in any way a mitigating factor and then similarly in Refinish it sounds like you know you were able to turn the corner on a little bit better quarter there but despite lower claims activity. So is that also maybe your customer mix more towards MSOs or maybe just comment on customer mix and those two auto businesses? Thanks.

感謝您回答我的問題。我只是想問一個關於汽車 OEM 和汽車修補的問題。因此，在汽車 OEM 領域，我了解目前存在一些波動的需求趨勢，但您是否認為您的客戶組合或您對電動車或內燃機的混合會成為一種緩解因素，然後同樣在修補漆領域，聽起來您知道儘管索賠活動較少，但您能夠在該季度扭轉局面，實現稍微好轉。那麼，您的客戶組合是否也更傾向於 MSO，或者只是對客戶組合和這兩家汽車企業進行評論？謝謝。

Arun, so let me take auto OEM first. Customer mix has been a challenge for us in a couple of regions. I talked about that in previous quarters. And the team is doing a lot of work to rebalance that mix. And we will see a lot of that [$100 million] in share gain is auto OEM, both with -- on the body side, but also the parts side. So we'll see that both the customer mix and the overall performance of that business continue, especially starting in Q3 when we expect to be outperforming the industry.

阿倫，那麼讓我先來談談汽車 OEM。在某些地區，客戶組合對我們來說是一個挑戰。我在前幾個季度討論過這個問題。該團隊正在做大量工作來重新平衡這種組合。我們將看到，這一 [1 億美元] 份額增長很大一部分來自汽車原始設備製造商，既包括車身方面，也包括零件方面。因此，我們將看到客戶結構和該業務的整體表現都將持續下去，特別是從第三季開始，我們預計將超越行業。

EV wise, the only thing I'd say there is the EV outside of China is not a huge part of our business today. EV inside of China, we are number one with the largest player, and that player is doing quite well, and they are obviously not shipping to the US. It's largely local for local, and that business is doing well for us.

就電動車而言，我唯一要說的是，中國以外的電動車目前並不是我們業務的重要組成部分。在中國，EV 是第一大市場，擁有最大的參與者，而且該參與者表現相當不錯，但他們顯然沒有向美國發貨。它主要是為當地人服務，而且這項業務對我們來說做得很好。

On the Refinish side, it's not so much a customer mix issue. The strength in Q1 was really driven by two things. Lot of share wins in the last several quarters in that business. And in the US, we did have some favorable customer order path.

在修補方面，這並不是一個很大的客戶混合問題。第一季的強勁表現實際上由兩件事推動。該業務在過去幾個季度中贏得了大量市場份額。在美國，我們確實有一些有利的客戶訂單路徑。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴。

Hi, good morning. A couple of questions on the Performance Coatings business. First of all, that pricing number of 3%, was that a pretty similar number across all the subsegments? Or were there pockets where pricing was stronger? And then within -- specifically on Traffic Solutions, I'm just curious, does the strength that you see in Q1 suggest a stronger busy season or high season for that business? What are some of the leading indicators that you have available in that business? And what are those indicators saying right now about traffic demand into the high season? Thank you.

嗨，早安。關於高性能塗料業務的幾個問題。首先，3% 的定價數字在所有細分市場中是否都相當相似？或者是否存在定價更高的領域？然後，特別是在交通解決方案方面，我很好奇，您在第一季看到的強勁表現是否意味著該業務的旺季或旺季會更加強勁？您在這項業務中擁有哪些領先指標？那麼，這些指標目前對旺季的交通需求有何影響？謝謝。

Mike, this is Vince. I'll take the pricing question and let Tim answer the traffic question. And if you look at our four businesses in there, some are long-cycle businesses, some are project-oriented businesses and some are shorter cycle.

麥克，這是文斯。我將回答價格問題，讓提姆回答交通問題。如果你看看我們的四項業務，你會發現有些是長週期業務，有些是專案導向型業務，有些是短週期業務。

Certainly, we're still seeing some benefits in pricing from our long-cycle businesses that typically would take six months, nine months. So we're seeing some carryover benefits from that. We are also interjecting additional pricing in a couple of these businesses in Q2. So you should see a solid pricing number moving forward. In our short-cycle businesses, we're reacting to market trends on price.

當然，我們仍然看到長週期業務在定價方面有一些優勢，這些業務通常需要六個月或九個月的時間。因此，我們看到了一些由此帶來的後續效益。我們還將在第二季對其中一些業務施加額外的定價。因此，您應該會看到一個穩定的定價數字。在我們的短週期業務中，我們對價格的市場趨勢做出反應。

Yes. And on traffic specifically, I'd say there's three factors here that are driving the strong performance in Q1 and we expect to see in Q2 as well and going forward.

是的。具體到流量方面，我認為有三個因素推動了第一季的強勁表現，我們預計第二季及未來也會出現同樣的表現。

Number one, we've got momentum in the businesses or that business from share gains that we won in the latter part of 2024. So number one is share.

首先，我們在 2024 年下半年贏得了市場份額，從而為業務發展注入了動力。因此，最重要的是份額。

Number two is, believe it or not, weather. This is the most weather sensitive business that we have. And last year was very wet year in many parts of the United States, particularly where we have the strongest positions. And so there's a lot of miles of road that need painted that are pent up from last year. And so as the weather improves here as we move through the end of Q1 and into Q2, the stripers are out there trying to catch up on pent-up demand as well as this year's demand.

不管你信不信，第二個因素就是天氣。這是我們的對天氣最敏感的業務。去年美國許多地區雨水豐富，特別是我們最強陣地的地區。因此，有很多英里的道路需要粉刷，而這些道路從去年起就被擱置了。隨著第一季末和第二季的到來，這裡的天氣逐漸好轉，鱸魚開始試圖滿足被壓抑的需求以及今年的需求。

And the third would be just overall infrastructure spending has been a growing tailwind for that business, and some of that is finally starting to come to fruition. So we're expecting, because of those three factors and other, another strong performance in Q2 and beyond.

第三，整體基礎設施支出一直是該業務的順風，其中一些支出終於開始取得成果。因此，由於這三個因素以及其他因素，我們預計第二季及以後將再次表現強勁。

Okay. We currently have no further questions. So I'd like to hand back to Alex Lopez for any further remarks.

好的。目前我們沒有其他問題。因此，我想將發言權交還給亞歷克斯洛佩茲 (Alex Lopez)，請他發表進一步的評論。

Thank you, Carly. We appreciate your interest and confidence in PPG. This concludes our first quarter earnings call.

謝謝你，卡莉。我們感謝您對 PPG 的關注和信任。我們的第一季財報電話會議到此結束。

This will conclude today's call. We'd like to thank everyone for joining. You may now disconnect your lines.

今天的電話會議到此結束。我們感謝大家的加入。現在您可以斷開線路了。