RPM International Inc (RPM) 2025 Q3 法說會逐字稿

Good day and welcome to the RPM International fiscal third-quarter 2025 earnings call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Matt Schlarb, Vice President of Investor Relations and Sustainability. Please go ahead.

大家好，歡迎參加 RPM International 2025 財年第三季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係和永續發展副總裁 Matt Schlarb。請繼續。

Thank you, Nick, and welcome to RPM International's conference call for the fiscal 2025 third-quarter. Today's call is being recorded. Joining today's call are Frank Sullivan, RPM's Chairman CEO; and Rusty Gordon, Vice President and Chief Financial Officer; and Michael Laroche, Vice President, Controller and Chief Accounting Officer.

謝謝你，尼克，歡迎參加 RPM International 2025 財年第三季電話會議。今天的通話正在錄音。參加今天電話會議的有 RPM 董事長兼首席執行官弗蘭克·沙利文 (Frank Sullivan)、副總裁兼首席財務官拉斯蒂·戈登 (Rusty Gordon) 以及副總裁、財務主管兼首席會計官邁克爾·拉羅什 (Michael Laroche)。

This call is also being webcast and can be accessed live or replayed on the RPM website at www.rpminc.com. Comments made on this call may include forward-looking statements based on current expectations that involve risks and uncertainties, which could cause actual results to be materially different. For more information on these risks and uncertainties, please review RPM's reports filed with the SEC.

本次電話會議也將進行網路直播，您可以透過 RPM 網站 www.rpminc.com 觀看直播或重播。本次電話會議中的評論可能包含基於當前預期的前瞻性陳述，這些陳述涉及風險和不確定性，可能導致實際結果與預期有重大差異。有關這些風險和不確定性的更多信息，請查看 RPM 向美國證券交易委員會提交的報告。

During this conference call, references may be made to non-GAAP financial measures. To assist you in understanding these non-GAAP terms, RPM has posted reconciliations to the most directly comparable GAAP financial measures on the RPM website.

在本次電話會議中，可能會提及非公認會計準則財務指標。為了幫助您理解這些非 GAAP 術語，RPM 已在 RPM 網站上發布了與最直接可比較的 GAAP 財務指標的對帳表。

Also please note that our comments will be on an as adjusted basis and all comparisons are to the third quarter of fiscal 2024 unless otherwise indicated. We have provided a supplemental slide presentation to support our comments on this call. It can be accessed in the Presentations and Webcasts section of the RPM website at www.rpminc.com.

另請注意，我們的評論將以調整後的基礎為基礎，所有比較均與 2024 財年第三季進行比較，除非另有說明。我們提供了補充幻燈片演示來支持我們對此次電話會議的評論。您可在 RPM 網站 www.rpminc.com 的演示和網路廣播部分訪問它。

Now I'd like to turn the call over to Frank.

現在我想把電話轉給弗蘭克。

Thanks, Matt. I'll begin today's call with a high level review of our third quarter results and what we're currently seeing in our markets. Then Mike Laroche will cover the financials in more detail for the quarter. Next, Matt will provide an update on our balance sheet and some of the activity in our European market. And finally, Rusty Gordon will conclude our prepared remarks with our outlook for the fourth quarter, after which we'll take your questions.

謝謝，馬特。我將在今天的電話會議上首先對我們的第三季業績以及我們目前在市場上看到的情況進行高層回顧。然後 Mike Laroche 將更詳細地介紹本季度的財務狀況。接下來，馬特將介紹我們的資產負債表的最新情況以及我們在歐洲市場的一些活動。最後，Rusty Gordon 將以我們對第四季度的展望結束我們的準備好的發言，之後我們將回答大家的提問。

An overview of our third quarter results is on slide 3. During our most recent earnings call in January, I discussed how each of our segments generated solid organic growth in the second quarter, but how the US was experiencing a real winner for the first time in a couple of years, which will impact our third quarter.

我們的第三季業績概覽請見投影片 3。在我們一月份最近的財報電話會議上，我討論了我們的每個部門如何在第二季度實現了穩健的有機增長，但美國幾年來首次迎來了真正的贏家，這將對我們的第三季度產生影響。

As the third quarter progressed, weather conditions deteriorated further, including in the southern and western portions of the United States, two geographies that typically have outdoor construction and project activity during the winter months. The south experienced unseasonably cold temperatures right up through the end of March and the west was disrupted not only by weather but by wildfires.

隨著第三季的進展，天氣狀況進一步惡化，包括美國南部和西部地區，這兩個地區通常在冬季進行戶外建築和專案活動。直到三月底，南部地區經歷了異常寒冷的氣溫，西部地區不僅受到惡劣天氣的影響，還遭遇了野火的襲擊。

The third quarter is also our seasonal slowest quarter, so the financial impact of business changes gets magnified both positively and negatively. This was certainly true this year as the weather related headwinds and softness in some specialty OEM markets more than offset our MAP 2025 and SG&A improvements in the quarter.

第三季度也是我們季節性最慢的季度，因此業務變化的財務影響無論是正面還是負面都會被放大。今年的情況確實如此，因為天氣相關的不利因素和一些專業 OEM 市場的疲軟足以抵消我們本季的 MAP 2025 和 SG&A 改善。

During the quarter, our businesses made good progress, improving working capital efficiency, a key component of our MAP 2025 program by continuing to demonstrate disciplined production levels to reduce inventories, which temporarily put pressure on margins, but resulted in our second best ever third quarter operating cash flow in our company's history.

在本季度，我們的業務取得了良好的進展，提高了營運資本效率，這是我們 MAP 2025 計劃的一個關鍵組成部分，透過繼續展示嚴格的生產水平來減少庫存，這暫時給利潤率帶來了壓力，但卻使我們公司歷史上第三季度的營運現金流排名第二。

All of this resulted in our '25 third quarter profitability being closer to that in fiscal 2023 rather than last year when we had much more favorable weather conditions and huge year-over-year gains in sales and earnings.

所有這些因素使得我們 25 年第三季的獲利能力更接近 2023 財年的水平，而不是去年，當時我們的天氣條件更加有利，銷售額和收益也同比增長巨大。

By taking a more granular look at the segments over the past three years on slide 4, you can see that third quarter adjusted EBIT has increased at three of our four segments compared to two years ago, when demand conditions were similar to today. This is evidence that our MAP 2025 initiatives and SG&A streamlining are making a positive impact on our financial performance even in a challenging demand environment with lower fixed cost utilization.

透過更詳細地查看幻燈片 4 中過去三年的各個細分市場，您可以看到，與兩年前相比，當需求條件與今天相似時，第三季度調整後的息稅前利潤在我們四個細分市場中有三個市場都有所增加。這證明，即使在固定成本利用率較低的充滿挑戰的需求環境中，我們的 MAP 2025 計劃和 SG&A 精簡也對我們的財務表現產生了積極影響。

On slide 5, you can see some of the positive factors impacting our fourth quarter. Across RPM, we continue to implement our MAP 2025 initiatives, and this will continue into our fiscal 2026 New Year, which begins on June 1, as we identify new opportunities for improvement.

在第 5 張投影片上，您可以看到影響我們第四季的一些正面因素。在 RPM 中，我們將繼續實施我們的 MAP 2025 計劃，並將持續到 6 月 1 日開始的 2026 財年新年，因為我們會發現新的改進機會。

The financial impact of these improvements will become more evident as our volumes recover. Overall, we remain focused on the things within our control, implementing improvements across our businesses and outgrowing our markets.

隨著我們的銷售恢復，這些改進的財務影響將變得更加明顯。總體而言，我們仍然專注於我們能夠控制的事情，在我們的業務中實施改進並超越我們的市場。

We are also leveraging the fact that the primary function of many of our products and services is extending asset life. This value proposition becomes even more important to end users during times of economic uncertainty when budgets are tight. This repair and maintenance focus also helps us insulate our businesses from economic volatility and the impact it has on new construction.

我們也利用這一事實：我們的許多產品和服務的主要功能是延長資產壽命。在預算緊張的經濟不確定時期，這個價值主張對最終用戶來說變得更加重要。這種維修和保養重點還可以幫助我們保護業務免受經濟波動及其對新建築的影響。

The impact of tariffs, tariffs on inflation is dynamic, but we can tell you what we know. For the most part, RPM manufactures products in the countries or regions in which they are sold. RPM has limited cross-border procurement and sales, so tariffs will not play a large role in our cost structure as it might for some other companies.

關稅、關稅對通貨膨脹的影響是動態的，但我們可以告訴你我們所知道的。大多數情況下，RPM 在產品銷售的國家或地區生產產品。RPM 限制了跨境採購和銷售，因此關稅不會像對其他一些公司那樣對我們的成本結構產生很大影響。

Furthermore, while our sales, which do cross borders is limited, most of this activity takes place in North America between the United States, Canada and Mexico, which are still following the USMCA agreement, which currently is exempt from the most recent tariff impact.

此外，雖然我們的跨境銷售有限，但大部分銷售活動發生在北美，即美國、加拿大和墨西哥之間，這些國家仍然遵守 USMCA 協議，目前不受最新關稅的影響。

We anticipate that raw material inflation, which was previously assumed to be in the low single digits, will now be increasing in the mid-single digits as a result of the impact of recently announced tariffs and duties. Areas include resins, shellac, solvents and in particular, packaging and metal packaging, which impacts our Consumer segment the most.

我們預計，受近期宣布的關稅和稅費的影響，原物料通膨率（先前被認為是低個位數）現在將上升至中等個位數。這些領域包括樹脂、蟲膠、溶劑，特別是包裝和金屬包裝，對我們的消費者領域影響最大。

Looking at the segments in our construction focused businesses, the Construction Products and Performance Coatings Group are benefiting from our current key service model in roofing and flooring, from acquisitions, improved collaboration between operating segments and our passive fire protection businesses, and selling was systems and building envelope systems to high-performance buildings in areas like data centers.

從我們以建築為重點的業務領域來看，建築產品和高性能塗料集團受益於我們目前在屋頂和地板領域的關鍵服務模式、收購、營運部門和被動防火業務之間合作的改善，以及向資料中心等領域的高性能建築銷售防火系統和建築圍護系統。

In our Specialty Products Group, end markets remain challenged. However, our businesses continue to gain share in areas like custom wood coatings and specialty food coatings that help mitigate the impact of current market pressures. These will provide upside as demand recovers.

在我們的專業產品集團中，終端市場仍面臨挑戰。然而，我們的業務在客製化木器塗料和特殊食品塗料等領域的份額持續成長，這有助於減輕當前市場壓力的影響。隨著需求復甦，這些將帶來上行空間。

In our Consumer segment, we have launched multiple new products this spring to drive growth. This includes the main green refillable in the household cleaners category. This patent pending product contains two chambers, one with cleaning concentrate and the other with water, and the two mix when sprayed. The water is simply refilled when it runs out and the user gets the equivalent of four standard bottles of cleaner in one, which reduces waste and provides the user superior value.

在我們的消費領域，我們今年春季推出了多款新產品來推動成長。其中包括家用清潔劑類別中的主要綠色可再填充產品。這項正在申請專利的產品包含兩個腔室，一個腔室裝有清潔濃縮液，另一個腔室裝有水，噴灑時，兩者會混合。當水用完時，只需重新註水，用戶就可以獲得相當於四瓶標準清潔劑的量，從而減少浪費並為用戶提供卓越的價值。

We're proud to announce that this product was recently awarded the best concentrate in the cleaners category of the 2025 House Clean Awards from Better Homes and Gardens. The Consumer Group also launched a number of new products like Rust-Oleum low odor, a water based aerosol paint that has the durability to use both indoors and on outdoor projects.

我們很自豪地宣布，該產品最近被《美好家園與花園》雜誌評選的 2025 年家居清潔獎中清潔劑類別的最佳濃縮液獎。消費者集團還推出了許多新產品，如 Rust-Oleum 低氣味產品，這是一種水性噴漆，具有耐用性，可在室內和室外項目中使用。

Turning to slide 6. In addition to organic growth that we are generating in cleaners through innovations like the mean green recent introduction. We announced a definitive agreement to acquire The Pink Stuff to expand our offerings in the cleaning space. RPM has operated in this category for more than a decade with brands including Krud Cutter, Mean Green, Whink and Concrobium.

翻到幻燈片 6。除了透過最近推出的 Mean Green 等創新技術在清潔劑領域實現有機成長之外。我們宣布了一項最終協議，收購 The Pink Stuff，以擴大我們在清潔領域的產品供應。RPM 在該領域經營十多年，旗下品牌包括 Krud Cutter、Mean Green、Whink 和 Concrobium。

The addition of The Pink Stuff will broaden our product offerings and strengthen our position in several sales channels, including e-commerce, grocery and drug stores and importantly, opens RPM and principally our Rust-Oleum Group, to a market in North America in excess of $12 billion.

The Pink Stuff 的加入將擴大我們的產品範圍，加強我們在電子商務、雜貨店和藥局等多個銷售管道中的地位，更重要的是，將 RPM 以及我們主要的 Rust-Oleum 集團推向北美超過 120 億美元的市場。

The Pink Stuff is a global leader in household cleaning products, led by their high-performance cleaning paste. Calendar 2024 sales were approximately GBP150 million. Pink Stuff operates globally and in the US with Europe being their largest market. Over the past several years, this disruptive brand has been one of the fastest-growing cleaning products categories in the US household cleaning space.

Pink Stuff 是全球領先的家用清潔產品製造商，其產品以高性能清潔膏為主。2024 年銷售額約 1.5 億英鎊。Pink Stuff 的業務遍及全球，在美國也開展業務，其中歐洲是其最大的市場。在過去幾年裡，這個顛覆性品牌一直是美國家庭清潔領域成長最快的清潔產品類別之一。

We are well positioned to support future growth as The Pink Stuff in the US and elsewhere by leveraging our Consumer segment's expertise in category management, innovation, as well as our global operational footprint, which has been strengthened by our MAP initiatives over the last couple of years. We expect the transaction to close late in the fourth quarter of fiscal '25 or early in the first quarter of fiscal 2026.

我們充分利用消費者部門在品類管理、創新方面的專業知識以及我們的全球營運足跡，以 The Pink Stuff 在美國和其他地區的未來成長為優勢，而過去幾年我們的 MAP 計劃進一步加強了我們的全球營運足跡。我們預計該交易將於 2025 財年第四季末或 2026 財年第一季初完成。

During this time of heightened economic uncertainty, we are focused on the things within our control, such as completing our MAP 2025 program and leveraging our competitive strengths, including the ability of our products and services to extend asset life to deliver value to customers and outgrow our markets.

在經濟不確定性加劇的時期，我們專注於我們能夠控制的事情，例如完成我們的 MAP 2025 計劃和利用我們的競爭優勢，包括我們的產品和服務延長資產壽命、為客戶創造價值和超越我們的市場的能力。

I'll now turn the call over to Michael Laroche to provide details on our third quarter financials.

現在我將把電話轉給邁克爾·拉羅什 (Michael Laroche)，以提供有關我們第三季度財務狀況的詳細資訊。

Thanks, Frank. On slide 7, consolidated sales declined 3.0% versus the prior year record with unfavorable weather conditions and foreign currency translation, the biggest drivers. Adjusted EBIT declined by $31.9 million, driven by lower production volumes, including working capital efficiency initiatives that resulted in lower fixed cost absorption. FX and temporary inefficiencies from plant consolidation and startups contributed to the profitability decline.

謝謝，弗蘭克。在第 7 張投影片中，綜合銷售額較前一年下降 3.0%，主要原因是不利的天氣條件和外幣折算。調整後的息稅前利潤下降了 3,190 萬美元，原因是產量下降，包括營運資本效率措施導致固定成本吸收減少。外匯以及工廠整合和啟動造成的暫時效率低下導致了獲利能力的下降。

We also faced challenging comparisons as adjusted EBIT increased 31.3% in the prior year period, which was a third quarter record. Non-operating expenses increased driven by higher M&A expenses as well as increased employee compensation. These pressures more than offset MAP 2025 benefits and SG&A streamlining.

我們也面臨挑戰，因為調整後的息稅前利潤較去年同期成長了 31.3%，創下了第三季的最高紀錄。非營業支出因併購費用增加以及員工薪資增加而增加。這些壓力遠遠抵銷了 MAP 2025 帶來的好處和銷售、一般及行政費用精簡的效果。

Turning next to geographic results on slide 8. Sales declines in North America were primarily driven by weather, while in Europe, growth generated from sales and marketing initiatives, such as improved digital marketing and collaboration, were offset by FX. Africa Middle East sales were down slightly after growing 22.9% in the prior year. FX was the primary driver for sales decline in Latin America and Asia Pacific and they also faced challenging prior year comparisons.

接下來請看投影片 8 上的地理結果。北美銷售額的下滑主要受天氣影響，而歐洲銷售額的下滑則受到外匯影響，主要源自於銷售和行銷措施（如改善的數位行銷和協作）帶來的成長。非洲中東地區的銷售額在上一年增長 22.9% 之後略有下降。外匯是拉丁美洲和亞太地區銷售額下滑的主要原因，與去年同期相比，這些地區也面臨嚴峻的挑戰。

Next, moving to the segments on slide 9. Construction Products Group sales declined versus a record prior year level as it was impacted by unfavorable weather, particularly in the Southern and Western US. FX also pressured sales.

接下來，移至投影片 9 上的片段。由於受到惡劣天氣的影響，尤其是在美國南部和西部，建築產品集團的銷售額與去年同期相比有所下降。外匯也給銷售帶來壓力。

Lower volumes and the impact of temporary inefficiencies from plant consolidations, reduced fixed cost absorption during the quarter. This was partially offset by SG&A streamlining actions. CPG also faced challenging comparisons to the prior year when adjusted EBIT increased 69.8%.

產量下降以及工廠整合造成的暫時效率低下的影響，導致本季固定成本吸收減少。這被銷售、一般及行政費用精簡措施部分抵銷。與前一年相比，CPG 的調整後息稅前利潤成長了 69.8%，也帶來了挑戰。

On slide 10, Performance Coatings Group sales declined slightly against challenging prior year comparisons when organic sales increased 9.2% to a record level. Growth was led by the fiberglass reinforced plastics businesses, which saw strong sales in the data center construction market.

在投影片 10 中，性能塗料集團的銷售額與去年同期相比略有下降，而去年同期的有機銷售額增長了 9.2%，達到創紀錄的水平。成長主要由玻璃纖維增強塑膠業務帶動，該業務在資料中心建設市場銷售強勁。

Adjusted EBIT declined versus a record prior year as lower production volumes resulted in reduced fixed cost utilization. FX and plant startup costs also reduced profitability. The Performance Coatings Group faced challenging comparisons as adjusted EBIT grew 45.1% in the prior year.

由於產量下降導致固定成本利用率降低，調整後的息稅前利潤與去年同期相比有所下降。外匯和工廠啟動成本也降低了獲利能力。高性能塗料集團面臨嚴峻的挑戰，因為調整後的息稅前利潤較上年增長了 45.1%。

Moving to slide 11. Specialty Products Group sales declined as specialty OEM markets were weak and lower remediation activity reduced demand for the disaster restoration business. Partially offsetting these declines, our Food Coatings and Additive business continued its strong performance aided by a prior acquisition. Lower volumes resulted in reduced fixed cost absorption and adjusted EBIT.

移至投影片 11。由於專業 OEM 市場疲軟以及修復活動減少導致災難復原業務的需求下降，專業產品集團的銷售額出現下滑。部分抵消了這些下滑的影響，我們的食品塗料和添加劑業務在先前的收購的幫助下繼續保持強勁表現。銷量下降導致固定成本吸收和調整後息稅前利潤減少。

Additionally, several growth investments, including the Resin and Innovation Centers of Excellence impacted SBG's financial results but benefited all RPM segments. MAP 2025 improvements in SG&A streamlining actions helped offset the profitability decline.

此外，包括樹脂和創新卓越中心在內的幾項成長投資影響了 SBG 的財務業績，但使所有 RPM 部門受益。MAP 2025 在銷售、一般及行政費用精簡措施方面的改善有助於抵銷獲利能力的下降。

On slide 12, the Consumer Group generated slightly positive organic growth, aided by new product introductions and market share gains in areas like cleaners. The Consumer Group also faced challenging comparisons versus the prior year when adjusted EBIT increased 34.6%.

在第 12 張投影片上，消費者集團實現了略微積極的有機成長，這得益於新產品的推出和清潔劑等領域的市場份額的成長。與前一年相比，消費集團的調整後息稅前利潤成長了 34.6%，也帶來了挑戰。

Consumer demonstrated good discipline in working capital efficiency by limiting production to reduce inventory levels. Lower production levels had a temporary negative P&L impact, but served to structurally improve cash flow. The Consumer Group also experienced material inflation in areas including packaging and solvents, which put pressure on profitability.

消費者透過限制生產來降低庫存水平，在營運資本效率方面表現出良好的紀律。較低的生產水準對損益產生了暫時的負面影響，但有助於從結構上改善現金流。消費品集團在包裝和溶劑等領域也經歷了材料通膨，這給獲利能力帶來了壓力。

Now I'll turn the call over to Matt, who will cover the balance sheet and cash flow and provide more details on recent activities in Europe.

現在我將電話轉給馬特，他將介紹資產負債表和現金流，並提供有關歐洲近期活動的更多詳細資訊。

Thank you, Mike. On slide 13, our steady improvement in working capital efficiency continued in the third quarter, driven by inventory reductions, particularly at our Consumer segment, as Mike just mentioned. Working capital as a percentage of sales improved by 70 basis points and approached our goal of 20%.

謝謝你，麥克。在第 13 張投影片上，正如 Mike 剛才提到的，我們的營運資本效率在第三季繼續穩步提高，這得益於庫存減少，特別是在我們的消費者部門。營運資本佔銷售額的百分比提高了 70 個基點，接近我們的 20% 的目標。

As you see when our 10-Q is filed, our average days of inventory, or DIO, declined by eight days year-to-date. This improvement in working capital led to the second strongest third quarter operating cash flow generation in the company's history at $91.5 million.

正如您在提交我們的 10-Q 報告時所看到的，今年迄今為止，我們的平均庫存天數（DIO）減少了 8 天。營運資本的改善使該公司第三季的營運現金流達到了歷史上第二高的 9,150 萬美元。

During the quarter, we returned $83.1 million in cash to shareholders through dividend and share repurchases. We also have increased our year-to-date CapEx by nearly $21 million, driven by several growth projects, including the Resin Center of Excellence in Belgium, a new distribution center also in Belgium and a new production facility in India. The consolidation of eight plants through our MAP 2025 program also contributed to the higher CapEx. Liquidity remained strong at $1.21 billion.

本季度，我們透過股利和股票回購向股東返還了 8,310 萬美元現金。我們還將年初至今的資本支出增加了近 2,100 萬美元，這得益於幾個成長項目，包括比利時的樹脂卓越中心、比利時的新配送中心以及印度的新生產設施。透過我們的 MAP 2025 計畫合併八家工廠也導致了資本支出的增加。流動性依然強勁，達到 12.1 億美元。

Turning next to slide 14. I wanted to highlight the progress we have made over the past several years in Europe. Across the continent, we focused on implementing MAP initiatives to increase collaboration, improve efficiency and outgrow our markets.

接下來翻到第 14 張投影片。我想強調我們過去幾年在歐洲的進展。在整個非洲大陸，我們專注於實施 MAP 計劃，以加強協作、提高效率並擴大我們的市場。

In our Construction Products Group, our teams have taken a system selling approach, focusing on higher value-add products and services. Multiple small acquisitions in Europe have aided this strategy. In line with our building a better world program, we're also selling more products that advance sustainability like Nudura insulated concrete forms that improve energy efficiency and weather resiliency.

在我們的建築產品集團，我們的團隊採取了系統銷售方法，專注於更高附加價值的產品和服務。歐洲的多次小型收購有助於實現這一策略。為了配合我們建造更美好世界的計劃，我們還銷售更多促進永續發展的產品，例如可提高能源效率和耐候性的 Nudura 絕緣混凝土模板。

In our Performance Coatings Group, we are seeing momentum from improved collaboration among segments in our passive fighter protection businesses and the implementation of CS168 Commercial Excellence programs that are starting to show benefits. The acquisition of GMPC that we discussed last quarter, serving as a platform to accelerate sales of fiberglass reinforced products on the continent.

在我們的高性能塗料集團，我們看到被動戰鬥機防護業務各部門之間合作的改善以及 CS168 商業卓越計劃的實施正在產生積極作用，這些計劃已開始顯現效益。我們上個季度討論的對 GMPC 的收購，作為加速非洲大陸玻璃纖維增強產品銷售的平台。

In Specialty Products Group, we recently celebrated the opening of the Resin Center of Excellence, and they have begun production of materials for other RPM companies and third parties. We have also consolidated facilities to help improve efficiencies.

在特種產品集團，我們最近慶祝了樹脂卓越中心的開業，他們已經開始為其他 RPM 公司和第三方生產材料。我們也整合了設施以幫助提高效率。

Finally, the Consumer Group has had success in implementing targeted marketing campaigns to DIYers and contractors alike and those businesses continue to grow. As we've gotten better data to analyze SKU profitability, you've rationalized lower margin SKUs, which has enabled us to consolidate production. We are also making investments in efficiency like the new centralized distribution center in Belgium.

最後，消費者集團成功地針對 DIY 愛好者和承包商實施了有針對性的行銷活動，這些業務持續成長。由於我們獲得了更好的數據來分析 SKU 獲利能力，您已經合理化了利潤率較低的 SKU，這使我們能夠整合生產。我們也在效率方面進行投資，例如在比利時建立新的集中配送中心。

We have not completed implementing MAP in Europe, but the work we have done positions us to better leverage the growth investments we have made and will make in the region. Now I'd like to turn the call over to Rusty to cover the outlook.

我們尚未在歐洲完成 MAP 的實施，但我們所做的工作使我們能夠更好地利用我們在該地區已經進行和將要進行的成長投資。現在我想把電話轉給 Rusty 來介紹一下前景。

Thank you, Matt. Our fourth quarter outlook can be found on slide 15. Frank already provided some of the reasons why we expect consolidated sales to be flat and return to modest earnings growth and margin expansion in the fourth quarter in what is a challenging macro environment.

謝謝你，馬特。我們的第四季展望可見第 15 張投影片。弗蘭克已經提供了一些理由，說明為什麼我們預計在充滿挑戰的宏觀環境下，第四季度綜合銷售額將持平，盈利和利潤率將恢復溫和增長。

This growth is expected to be led by our Performance Coatings Group which is benefiting from spending on high performance buildings, growth in passive fire protection as well as its acquisition of TMPC which is a seasonal business that generates most of its sales and profits in the fourth and first quarters. PCG also faces easier comparisons to the prior year.

預計這一增長將由我們的高性能塗料集團帶動，該集團受益於高性能建築的支出、被動防火的增長以及對 TMPC 的收購，TMPC 是一項季節性業務，其大部分銷售額和利潤來自第四季度和第一季。PCG 與前一年相比也更容易進行比較。

In Construction Products Group, our teams have done a good job focusing on selling systems for high performance buildings and on repair and maintenance solutions in a challenging macro environment. However, they are facing challenging comparisons to the prior year when organic sales increased 6.6%. So sales are expected to be flat for the quarter.

在建築產品集團，我們的團隊在充滿挑戰的宏觀環境下，專注於銷售高性能建築系統以及維修和維護解決方案，做得很好。然而，與上年同期有機銷售額成長 6.6% 相比，他們面臨挑戰。因此預計本季銷售額將持平。

In Consumer, the benefit of new product introductions is expected to be offset by a more cautious consumer spending, resulting in a low single digit sales decline. While consumer confidence has weakened recently, over time, our products serving DIY customers have historically outperformed during times of economic stress and as consumers look to extend the life of what they own rather than buying new. Also, our guidance assumes no impact from the acquisition of The Pink Stuff.

在消費品方面，預計新產品推出帶來的好處將被更謹慎的消費者支出所抵消，導致銷售額出現低位數下降。雖然最近消費者信心有所減弱，但隨著時間的推移，我們為 DIY 客戶提供的產品在經濟困難時期以及消費者希望延長現有產品的使用壽命而不是購買新產品時表現優異。此外，我們的指導假設收購 The Pink Stuff 不會產生任何影響。

Specialty Products Group is expected to have a low single digit sales decline as market share gains in certain businesses are offset by more than -- are being more than offset by sluggish demand in specialty OEM markets, which includes the impact of weak new home construction.

預計特種產品集團的銷售額將出現低個位數下滑，因為某些業務的市佔率成長被特種 OEM 市場需求低迷（包括新房建設疲軟的影響）所抵消。

Adjusted EBIT is expected to be up low single digits as many of the MAP 2025 improvements are masked by under-absorption, including temporary inefficiencies as we consolidate plants. Foreign currency is also expected to be a headwind in the quarter, but less so than it was in the third quarter. This concludes our prepared comments. We are now pleased to answer your questions.

調整後的息稅前利潤預計將上漲個位數，因為 MAP 2025 的許多改進都被吸收不足所掩蓋，包括我們整合工廠時出現的暫時效率低下。預計外匯也將在本季成為阻力，但阻力程度將小於第三季。我們的準備評論到此結束。我們現在很高興回答您的問題。

(Operator Instructions) Kevin McCarthy, Vertical Research Partners.

（操作員指示）Kevin McCarthy，Vertical Research Partners。

Good morning Kevin.

早安，凱文。

Thank you and good morning. Good morning, Frank. Obviously, a lot of uncertainty increasing over the last week or so. So I was wondering if you could speak to what you have assumed in terms of macro growth and other key assumptions in formulating your guidance here for the fourth quarter. Do you anticipate positive or negative GDP growth, for example? And any noticeable impact thus far in the early days on your order books?

謝謝，早安。早安，弗蘭克。顯然，過去一周左右，不確定性增加了很多。所以我想知道您是否可以談談在製定第四季度指引時，您對宏觀增長和其他關鍵假設做了哪些假設。例如，您預期 GDP 成長是正成長還是負成長？到目前為止，早期對您的訂單有任何明顯的影響嗎？

Sure. First of all, from a manufacturing perspective, I would tell you, we've been a low growth, no growth environment for 18 months. It's not unique to RPM. And we do not see that changing either in this quarter or the foreseeable future. I think relative to our MAP initiatives, we're pretty well positioned to outperform in that environment.

當然。首先，從製造業的角度來看，我想告訴你，我們已經連續 18 個月處於低成長、無成長的環境。這並不是 RPM 獨有的。我們認為本季或可預見的未來這種情況都不會改變。我認為相對於我們的 MAP 計劃，我們在該環境中處於非常有利的地位，能夠取得優異的表現。

As you heard from Rusty, we are pleased to be returning to profitable growth in Q4. So I think with the nasty weather behind us, particularly in comparison to a mild winter last year, our Q4 is going to look more like our Q2. Most of that is self-help, some market share gains, some new product introductions.

正如您從 Rusty 那裡聽到的，我們很高興在第四季度恢復了盈利增長。因此我認為，惡劣天氣已經過去，特別是與去年溫和的冬天相比，我們的第四季將更像第二季。其中大部分是自助，有些是市場佔有率的增加，有些是新產品的推出。

We're benefiting, as you can see throughout the year, again, with the exception of the seasonal third quarter in our Construction Products Group and Performance Coatings Group by project selling and also those product categories where we're providing the labor, which has become more of a competitive advantage in a labor constrained market. So I think we feel good about the dynamics underlying RPM and what's otherwise a GDP no growth environment, and we don't see that changing.

正如您在全年所看到的，我們再次受益，除了我們的建築產品集團和高性能塗料集團的季節性第三季度外，透過專案銷售以及我們提供勞動力的產品類別，這在勞動力受限的市場中已成為一種競爭優勢。因此，我認為我們對 RPM 背後的動態以及 GDP 無成長環境感到滿意，我們認為這種情況不會改變。

Very good. And as a follow-up, if I may, how much lower were your operating rates in the February quarter? And is there a way to quantify the impact that, that would have had on your operating margin?

非常好。另外，如果可以的話，請問一下，二月季度您的營業率下降了多少？有沒有辦法量化這對您的營業利潤率的影響？

Sure. I can provide a high level comment on that, and Rusty can provide some more detail. But as we've talked about in the past, and you can see in most of our quarters, Q1 of this year is a good one. We had lower sales, but nice leverage to our bottom line.

當然。我可以對此提供高層次的評論，Rusty 可以提供更多細節。但正如我們過去所討論過的，你可以在我們的大多數季度中看到，今年第一季表現良好。我們的銷售額雖然下降了，但對我們的底線卻有很好的槓桿作用。

We need unit volume to take advantage of the MAP initiatives that have been principally operating efficiency driven and with the declines in Q3 year-over-year, we've had negative impacts. We've also had some higher transition costs as we move production from plants that are being consolidated into new plants. Rusty, you want to add some details to that?

我們需要單位數量來利用主要由營運效率驅動的 MAP 計劃，並且隨著第三季度同比下降，我們受到了負面影響。當我們將生產從合併的工廠轉移到新工廠時，我們的過渡成本也增加了。Rusty，你想添加一些細節嗎？

Sure, yeah. We -- as you heard, our organic growth was down 1.8% and there was a slightly positive pricing. So most of that was volume decline. And then you couple that with our initiative to reduce inventory, which inventory days were down about eight days on a year-to-date basis, that leads to reduced production and the under absorption of fixed cost.

當然，是的。正如您所聽到的，我們的有機成長率下降了 1.8%，而且定價略有上漲。因此，其中大部分是銷量下降。然後，再加上我們減少庫存的舉措，年初至今庫存天數減少了約八天，這導致產量減少和固定成本吸收不足。

I see. Thank you very much.

我懂了。非常感謝。

Thank you.

謝謝。

Mike Sison, Wells Fargo.

富國銀行的麥克·西森。

Morning Michael.

早上好，麥可。

Hey guys. If you think about the portfolio you have now, you have the MAP, and I understand the industrial downturn that we've seen forever it seems. How do you think the portfolio holds up if the US does go into a recession, a GDP type recession?

嘿，大家好。如果你考慮一下你現在擁有的投資組合，你就有了 MAP，而且我理解我們似乎一直看到的工業衰退。如果美國真的陷入經濟衰退，也就是 GDP 類型的衰退，您認為投資組合將如何維持？

Sure. I think we're, again, in pretty good shape to outperform. Our Tremco Roofing business is predominantly in reroofing and repair and maintenance. Our Pure Air business is part of that, it's a couple of years old.

當然。我認為我們再次處於非常有利的狀態，可以取得優異表現。我們的 Tremco 屋頂業務主要涉及屋頂翻修、維修和保養。我們的純淨空氣業務是其中的一部分，已有幾年歷史了。

We've taken the last 18 months to get certified, that is an air handling HVAC refurbishment business that we've been asked about for years because we're up on roofs. We've spent the last 18 months getting certified throughout all 50 states. We have good momentum there.

我們花了 18 個月的時間才獲得認證，這是一項空氣處理 HVAC 翻新業務，由於我們在屋頂上，所以多年來一直有人詢問我們這項業務。我們花了 18 個月的時間在所有 50 個州獲得認證。我們在那裡有著良好的發展勢頭。

Interestingly enough, OE. So we're really competing against a replacement of the major commercial HVAC providers. Most of that equipment is Chinese made. And so we think we'll have some pickup there. And the other piece of that is we're pretty focused on some of the areas where we see continued strength.

有趣的是，OE。因此，我們實際上是在與主要商業 HVAC 供應商的替代者競爭。大部分設備都是中國製造的。因此我們認為我們會在那裡取得一些進展。另一點是，我們非常關註一些我們認為持續強勁的領域。

Data centers is a good example where stone hard flooring, Carboline coatings and in particular, fiber grade FRP grading are being specified. So I think we're in a pretty good position to continue the decent performance that you've seen of our Performance Coatings Group and Construction Products Group over the last year, putting aside the seasonal impact and weather impact of Q3.

資料中心就是一個很好的例子，其中指定了石質硬地板、卡寶拉因塗料以及特別是纖維級 FRP 等級。因此，我認為，拋開第三季的季節性影響和天氣影響，我們處於一個相當有利的位置，可以延續我們高性能塗料集團和建築產品集團在過去一年中看到的良好表現。

Got it. And as a quick follow-up, just wanted your thoughts on the tariffs again. Do you think sort of this raw material inflation, is this going to be sort of a pure price increase? Or do you kind of see it as a tariff surcharge, meaning if they go away, they come back down. And then -- so how do you think about that and what you plan to do in terms of pricing to offset it?

知道了。作為快速的跟進，我只是想再次了解您對關稅的看法。您認為這種原物料通膨會導致純粹的價格上漲嗎？或者您是否將其視為一種關稅附加費，即如果取消，就會再次下降。然後——那麼您如何看待這個問題以及您計劃在定價方面做些什麼來抵消它？

Sure. It's a great question. And our companies have done a really good job on a pretty short notice basis. I assume all companies are doing this of identifying the impact of tariffs across RPM. I can tell you, we did this in February with the China 10%. We updated in March with the impacts on China. And then we've updated it most recently for the April 2 tariff announcements.

當然。這是一個很好的問題。我們的公司在很短的時間內就完成了非常出色的工作。我認為所有公司都在這樣做，以確定關稅對 RPM 的影響。我可以告訴你，我們在二月與中國 10% 一起做過這件事。我們在三月更新了對中國的影響。然後，我們最近針對 4 月 2 日的關稅公告進行了更新。

Across RPM, the impact -- the unmitigated impact as we sit here today, and that's important because obviously things can change is about 3.2%, it will be larger in -- larger in the United States at about 4.3%. And obviously, that's subject to change based on the increase or reduction of tariffs. And so we have done that work unit by unit. I'll give you an example of that in a minute.

對 RPM 而言，其影響——我們今天坐在這裡的未減輕的影響，這很重要，因為顯然情況可能會發生變化，約為 3.2%，在美國會更大——約為 4.3%。顯然，這可能會根據關稅的增加或減少而改變。因此，我們逐個單位地完成了這項工作。我馬上就會給你舉一個例子。

The mitigating activities that we are looking at is a couple of things. One, Annex 2 that was announced as part of the April 2 tariff announcements. It's essentially specific raw material categories exempted from those tariffs, some alternative sources. So in some cases, we're able to move production from a foreign country to the US or from China to India.

我們正在考慮採取一些緩解措施。一是作為 4 月 2 日關稅公告的一部分發布的附件 2。本質上是免徵這些關稅的特定原材料類別和一些替代來源。因此在某些情況下，我們可以將生產從國外轉移到美國或從中國轉移到印度。

Vendor partnerships, at this point, we have certain solvent vendors that we would get imported who have eaten the tariffs for the time being, product substitutions. And then lastly, price increases. We are in the process of addressing and, or instituting price increases where necessary.

供應商夥伴關係，目前，我們有一些有償付能力的供應商，我們會進口這些供應商，他們暫時承擔關稅，進行產品替代。最後，價格上漲。我們正在處理或在必要時提高價格。

So I think for the most part, we will offset all of that impact. And in the grand scheme of things, at this point, it's about $74 million, $75 million of raw material impact on a $2.5 billion spend. So not material to RPM, but we have a unit by unit way to address it.

所以我認為在很大程度上我們將抵消所有這些影響。從整體來看，目前，25 億美元的支出中原料的影響約為 7,400 萬美元、7,500 萬美元。因此對於 RPM 來說並不重要，但我們有一個逐個單元的方法來解決它。

And then I'll provide one more example, which gives you a sense of the detail we get down to. We announced The Pink Stuff acquisition, and we have done the analysis of their business. They export mostly intercompany about $35 million from the UK to the US. For example, about $13 million or $14 million of that is their iconic paste cleaner.

然後我將再提供一個例子，讓您了解我們所討論的細節。我們宣布了對 The Pink Stuff 的收購，並且對他們的業務進行了分析。他們主要透過公司間出口從英國到美國，出口額約為 3500 萬美元。例如，其中約有 1300 萬美元或 1400 萬美元是其標誌性的膏體清潔劑。

And we have a plan where we can spend about $400,000 or $500,000 in an existing US consumer production facility in the next couple of months that will allow us to move production of US sold Pink Stuff Paste in the US to being produced in the US. There are six different categories and Pink Stuff where that applies. So that's just one example.

我們有一個計劃，我們可以在未來幾個月內在美國現有的消費生產設施中投資約 40 萬或 50 萬美元，這將使我們能夠將在美國銷售的 Pink Stuff Paste 的生產轉移到美國生產。有六個不同的類別和適用的 Pink Stuff。這只是一個例子。

And I appreciate the question, Michael, because that is exactly the type of analysis we have done across every one of RPM's 20 SBUs. So I think we have a pretty good handle on the impact of this, mitigating factors.

邁克爾，我很感謝你提出這個問題，因為這正是我們對 RPM 的 20 個 SBU 所做的分析類型。所以我認為我們已經很好地控制了這一影響並找到了緩解因素。

We're on the lookout for changes and, or reciprocal tariff increases. And then the last comment I'll make is where we started, which is for the most part, we produce products in the countries or regions in which we sell them. So we don't see this as being a significant impact on RPM.

我們正在關注變化和/或相互的關稅增加。我最後要說的是我們的起點，大多數情況下，我們在銷售產品的國家或地區生產產品。因此，我們認為這不會對 RPM 產生重大影響。

Great, thanks. Let's hope it warms up for the Guardians today.

太好了，謝謝。希望今天守護者能熱身。

Yeah, thank you.

是的，謝謝。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴。

Good morning Mike.

早上好，麥克。

Hi, good morning. I was hoping, Frank, you can maybe give us some thoughts on the near shoring trend that's been a nice contributor to some of the strength that you've been seeing in the CPG and PCG segments over the last few years.

嗨，早安。弗蘭克，我希望您能給我們一些關於近岸外包趨勢的看法，這種趨勢對過去幾年您在 CPG 和 PCG 領域看到的一些強勁表現做出了很好的貢獻。

I'm just curious, have you seen that trend starting to slow a little bit? And I guess, would your expectation be that this newest round of tariffs could potentially reinvigorate some of that nearshoring trend and drive some additional investment in US manufacturing facilities?

我只是好奇，你是否發現這種趨勢開始放緩？我想，您是否預計最新一輪的關稅可能會重新激發一些近岸外包趨勢並推動對美國製造設施的額外投資？

Sure. So in general, I think the answer is yes, both the Biden administration and now the Trump administration with tariffs have indicated their focus on and the importance of reshoring. And so we've been a beneficiary of that, particularly in the technology area, and that's continuing. We serve broadly manufacturing.

當然。所以總的來說，我認為答案是肯定的，拜登政府和現在加徵關稅的川普政府都顯示了對回流的關注和重要性。因此，我們從中受益，特別是在技術領域，而且這種情況還在持續。我們廣泛服務於製造業。

I'll tell you the one area where we see and anticipate things slowing down is auto and so that's the one area of spend where I think over time, you might see some reshoring. But in the current moment, there seems to be some paralysis to try and understand what all this means for the auto industry.

我會告訴你，我們看到並預計會放緩的一個領域是汽車行業，所以我認為隨著時間的推移，這是一個支出領域，你可能會看到一些回流。但目前看來，人們似乎還未能理解這一切對汽車產業意味著什麼。

Aside from that, we don't see any change in the reshoring in technology and the announcements that you're hearing from the intels or the apples, the continuing build-out of data centers, things like that, which we're in a pretty good position to be part of.

除此之外，我們沒有看到技術回流有任何變化，英特爾或蘋果也宣布將繼續建造資料中心，諸如此類的事情，而我們處於非常有利的位置來參與其中。

All right, thank you. And then I wanted to ask specifically in the Construction business. You referenced the unfavorable weather. And I just wanted to understand a little bit better, a lot of this activity just get pushed out of Q3 and into Q4?

好的，謝謝。然後我想具體問一下建築業的狀況。您提到了惡劣的天氣。我只是想更好地理解一下，很多這樣的活動只是從第三季推遲到第四季？

Or are you seeing cases where there are longer delays or even some cancellations of projects. I think I'm just curious to understand why we wouldn't see some better demand or better numbers out of construction in the fourth quarter? Thank you.

或者您是否看到過專案長期延期甚至取消的情況。我想我只是好奇，為什麼我們在第四季沒有看到更好的需求或更好的建築數據？謝謝。

Sure. So it starts with a seasonal comparison, we are weather impacted. People don't get up on roofs when there's snow on them. And we saw snow this year in Florida and in Texas and the Carolinas and disruptions throughout the country.

當然。因此，先從季節比較開始，我們受到天氣的影響。當屋頂上有雪時，人們不會爬上去。今年佛羅裡達州、德克薩斯州和卡羅來納州都出現了降雪，全國各地都出現了混亂。

And a challenging comparison when last year, we had a very mild winter. So you'll recall last year, in the third quarter, Construction Products Group sales were up 4.3%, and EBIT was up 70%. So that's a big mountain decline. We had to reverse this year weather wise.

與去年相比，今年的冬天非常溫和，這是一個挑戰。您會記得，去年第三季度，建築產品集團銷售額成長了 4.3%，息稅前利潤成長了 70%。所以這是一次巨大的山體下滑。今年我們不得不扭轉天氣狀況。

Most of those projects have been pushed off. And so we are starting to see some of that come back. But again, that winter weather were its way right through March. We are sitting here in Cleveland, Ohio. It is 26 degrees and their snow on the ground. It must be opening days for the Cleveland Guardians, which it is. And so certainly, that impacts us.

大多數項目已被推遲。因此，我們開始看到其中一些回歸。但冬季天氣又會持續整個三月。我們現在坐在俄亥俄州克利夫蘭。氣溫 26 度，地上有雪。這肯定是克里夫蘭衛隊開幕的日子，事實也確實如此。這肯定會對我們產生影響。

Really a good backlog in our roofing business that continues. And as we move from selling components to selling systems in the areas of construction that we've talked about, I think we're in a pretty good shape. So our backlog has not shrunk and our people are anxious to get back up on roofs and get back to work and start selling stuff.

我們的屋頂業務確實有持續良好的積壓訂單。當我們從銷售零件轉向銷售我們所談論的建築領域的系統時，我認為我們的狀況相當不錯。因此，我們的積壓訂單並未減少，我們的員工都急於重新上樓、重新工作並開始銷售產品。

All right, very helpful. Thank you.

好的，非常有幫助。謝謝。

Thank you.

謝謝。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Hey guys, good morning.

大家好，早安。

Good morning. How are you?

早安.你好嗎？

Good morning Frank. Maybe you could just give us a bit of an update on the MAP progress plan specific to Europe. What's been done so far? What's left to do? And maybe in terms of the outlook for 2026 in terms of flow through savings specific to that region?

早安，弗蘭克。也許您可以向我們介紹一下針對歐洲的 MAP 進展計劃的最新情況。到目前為止做了什麼？還有什麼事要做？也許就 2026 年該地區儲蓄流量的前景而言？

Sure. In general, we're moving later than we would have anticipated, mostly because of COVID disruptions in Europe. And so in the past year, we have initiated and completed I want to say eight manufacturing facility closures and consolidations, principally in Europe. And so that's moving very well. We are pulling together administrative areas around accounting and IT. That's moving very well.

當然。總體而言，我們的行動比預期的要晚，主要是因為歐洲的新冠疫情造成了乾擾。因此，在過去的一年裡，我們啟動並完成了八家製造工廠的關閉和合併，主要是在歐洲。一切進展順利。我們正在整合會計和 IT 周圍的行政領域。進展非常順利。

Dave Dennsteadt, who is the President of our Performance Coatings Group, you may recall, moved his family 1.5 years ago to Europe to really provide some senior leader oversight there. So that's helped kind of drive better coordination to get at these MAP savings that we got first in North America, and now we're getting in Europe.

您可能還記得，我們​​的高性能塗料集團總裁 Dave Dennsteadt 在一年半前舉家搬到了歐洲，以便在那裡提供一些高級領導監督。因此，這有助於推動更好的協調，以實現我們首先在北美實現的 MAP 節省，現在我們在歐洲也實現了。

MAP savings in Q3 in general were about $28 million across all of RPM. Obviously, that was offset by an equivalent amount of under absorption and some of the other challenges we faced in the quarter. But we're making good progress there.

總體而言，第三季 RPM 的 MAP 節省約為 2,800 萬美元。顯然，這被等量的吸收不足和我們在本季面臨的一些其他挑戰所抵消。但我們在這方面取得了良好的進展。

I think we communicated in the last call that we anticipate, obviously, running through the finish line at May 31, 2025, of the MAP initiatives, we'll have some bleed over in '26, the impact on the MAP initiatives through MAP 2025 on fiscal '26 should be about $100 million.

我想我們在上次電話會議上已經表達過，我們預計，顯然，MAP 計劃將在 2025 年 5 月 31 日完成，我們將在 26 年產生一些影響，MAP 2025 對 MAP 計劃的影響將在 26 財年達到約 1 億美元。

Okay, very helpful. And then just to clarify the previous comments on CPG and the backlogs, the backlogs you're referring to are just specific to the fact that 3Q came in below forecast just based on weather. Is it -- did I hear that correctly?

好的，非常有幫助。然後，只是為了澄清先前關於 CPG 和積壓的評論，您所指的積壓只是由於第三季度的業績低於預測這一事實，而這僅僅是基於天氣原因。是嗎——我沒聽錯吧？

The backlogs are a pretty good, strong quote activity in Tremco Roofing and reroofing projects in our WTI business, which is the contracting arm of Tremco. So historically, mostly roofing maintenance repair and, or general GC activity on major reroofing projects.

在我們的 WTI 業務（Tremco 的承包部門）中，Tremco Roofing 和翻修屋頂專案的積壓訂單表現相當不錯，報價活動強勁。因此從歷史上看，主要是屋頂維護修理和/或大型屋頂翻修項目的一般 GC 活動。

It's starting to incorporate Pure Air and as another category of kind of self-supplied. And so those activities are continuing. We are not seeing a slowdown in the backlog. And I would anticipate, as I said, a return to profitable growth in Q4 and into the summer.

它開始融入純淨空氣並成為另一個自給自足的類別。這些活動仍在繼續。我們並未看到積壓案件數量的減少。正如我所說，我預計第四季和夏季將恢復獲利成長。

And then just finally, Frank, on The Pink Stuff acquisitions, just remind us, how big is cleaning products for you at this point? And what will it be as a percentage of sales following The Pink Stuff acquisition close?

最後，弗蘭克，關於 The Pink Stuff 的收購，請提醒我們一下，目前清潔產品對你來說有多大？那麼，The Pink Stuff 收購完成後，其銷售額佔比為何？

Sure relatively modest and all at Rust-Oleum, about $50 million, and Pink Stuff is, call it, $180 million, $190 million, about GBP150 million and growing very nicely. So we'll be looking at a $225 million category. Huge opportunities there, $12 billion, $15 billion market both in North America and Europe.

當然，Rust-Oleum 的規模相對較小，約為 5000 萬美元，而 Pink Stuff 的規模則為 1.8 億美元、1.9 億美元，約為 1.5 億英鎊，並且增長非常良好。因此我們將關注 2.25 億美元的類別。那裡有巨大的機遇，北美和歐洲的市場規模達 120 億美元至 150 億美元。

Pink Stuff has really strong brand recognition and good trajectory in the UK. It's got nice growth through Continental Europe, and it's been introduced in the last few years and growing in the US. So it's got a nice growth profile. It has a margin profile at the gross margin and EBIT line that is higher than the RPM average.

Pink Stuff 在英國擁有很高的品牌知名度和良好的發展軌跡。它在歐洲大陸取得了良好的發展，並且在過去幾年中被引入美國並不斷發展。因此它具有良好的成長前景。其毛利率和息稅前利潤 (EBIT) 線的利潤率狀況高於 RPM 平均值。

And we're pretty excited about both that and the fact that they have a very sophisticated social media online marketing initiative that we think will enhance not only our cleaner categories, but other parts of RPM's Consumer Group. So they have a great management team. We're excited about their addition to RPM, and it really makes us a bigger player and what's a huge new market for us.

我們對此感到非常興奮，而且他們有一個非常複雜的社交媒體線上行銷計劃，我們認為這不僅會增強我們的清潔產品類別，還會增強 RPM 消費者集團的其他部分。所以他們擁有一支優秀的管理團隊。我們很高興他們加入 RPM，這確實使我們成為一個更大的參與者，這對我們來說是一個巨大的新市場。

Thanks Frank.

謝謝弗蘭克。

Thank you.

謝謝。

John Roberts, Mizuho Group.

瑞穗集團的約翰羅伯茲。

Morning, John. Good morning.

早安，約翰。早安.

Hey, good morning. This is actually Fabian Jimenez on for John.

嘿，早安。這實際上是 Fabian Jimenez 代替 John 上場。

Good morning.

早安.

So, just -- good morning. So taking back on your raw material comments, you're not guiding for a mid-single digit percentage versus low single percentage. Are you thinking that tariffs will more than offset the decline in oil prices? And then again, could you share on which raw materials you're expecting to see the biggest tariff impacts? Thank you.

那麼，早安。因此，回到您的原始評論，您並沒有預測中等個位數百分比還是低個位數百分比。您是否認為關稅將足以抵銷油價下跌的影響？那麼，您能否分享一下您預計哪些原材料將受到最大的關稅影響？謝謝。

Sure. First of all, the oil price decline is a function of the last couple of days and really in response to tariffs and concerns about economic activity. But the tariff situation will have little or no impact there. The largest categories that will be impacting tariffs for us are things like resins, pigments, solvents, specific additives, certain components of raw materials for our Food Group.

當然。首先，油價下跌是過去幾天的表現，實際上是對關稅和對經濟活動的擔憂的反應。但關稅情況對此不會產生什麼影響。對我們影響關稅的最大類別是樹脂、顏料、溶劑、特定添加劑以及食品集團原料的某些成分。

The largest one, which is hundreds of millions of dollars is metal packaging. And so the dynamics we're facing are both managing what I indicated at this point is about $74 million we perceive impact on a $2.5 billion spend from tariffs. And so we talked about the mitigating factors there and then dealing with the pricing. And some of the pricing is a function of the tariffs themselves.

其中最大的一項是金屬包裝，價值達數億美元。因此，我們面臨的動態是管理我目前指出的約 7,400 萬美元，我們認為關稅對 25 億美元支出的影響。因此，我們討論了緩解因素，然後處理定價問題。部分定價取決於關稅本身。

Quite candidly, some of it is predatory. We're seeing significant pricing increases in metal packaging as US steel producers are taking advantage of the tariff situation to prematurely raise their prices and they're doing it. And so those are the dynamic factors that we see as we sit here today, in the US, for instance, which will drive an additional 4% or so of raw material inflation. That is an unmitigated 4%.

坦白說，其中一些是掠奪性的。我們看到金屬包裝的價格大幅上漲，因為美國鋼鐵生產商正在利用關稅情況提前提高價格，而且他們正在這樣做。這些就是我們今天看到的動態因素，例如在美國，這些因素將導致原物料通膨再上漲 4% 左右。這是絕對的 4%。

And as I indicated earlier, pricing, shifting sourcing to the US or to lower tariff country are all things that we are actually doing now on a business unit by business unit basis. So we would expect to offset most of that 4% as we get into the quarter and into the summer.

正如我之前指出的，定價、將採購轉移到美國或關稅較低的國家都是我們現在正在根據業務部門實際情況進行的事情。因此，我們預計進入本季和夏季時，可以抵消這 4% 的大部分。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

David Huang, Deutsche Bank.

德意志銀行的 David Huang。

Hi, good morning. Just on PCG, I think so far, it's been a lumpy year. Can you talk about the mix of the backlog here. And I think there has been some pullback in data center spending recently when people talk about it. So I guess, what are you seeing in your backlog in terms of those trends?

嗨，早安。就 PCG 而言，我認為到目前為止，這是不平靜的一年。能談談這裡的積壓情況嗎？我認為，當人們談論資料中心時，最近資料中心的支出有所回落。那麼我想，從這些趨勢來看，您在積壓訂單中看到了什麼？

Sure. So our PCG business has the same strong backlog that we see in CPG. So I would anticipate, again, a return to profitable growth in Q4. Our outlook in our PCG business is a little shorter than CPG. So would be hard pressed to tell you where we're going to be in the summer or the fall. It's also a more global business.

當然。因此，我們的 PCG 業務擁有與 CPG 相同的強勁積壓訂單。因此，我預計第四季將再次恢復獲利成長。我們對 PCG 業務的展望比 CPG 業務略短。因此很難告訴你我們夏天或秋天會去哪裡。這也是一項更全球化的事業。

And so it's hard to predict what our fiscal '26, which starts June 1 is going to look like depending on where we sit with tariffs the possibility of reciprocal or competitive tariffs from other countries. And so it is very uncertain in terms of longer term outlook. In terms of the next 90 days, we got a really solid backlog, and we're going to generate some pretty good business.

因此，很難預測從 6 月 1 日開始的 2026 財年將會是什麼樣子，這取決於我們的關稅政策以及其他國家實施互惠或競爭性關稅的可能性。因此，就長期前景而言，情況非常不確定。就未來 90 天而言，我們有大量積壓訂單，並且將會產生一些相當不錯的業務。

Okay, thanks. And then on The Pink Stuff acquisition, can you give more details on the margin profile of the business relative to the Consumer segment? And what types of multiples you have paid pre-synergy? And do you expect any meaningful synergy from that business?

好的，謝謝。那麼關於 The Pink Stuff 的收購，您能否提供更多有關該業務相對於消費者部門的利潤率狀況的詳細資訊？在協同效應之前您支付了哪些類型的倍數？您是否期望該業務能夠產生任何有意義的綜效？

Sure. So a couple of things. We'll provide more details in July after the transaction is closed. It's expected to close at the end of May or first part of June. I will tell you, in general, I think we feel pretty good about the M&A market. We see multiples coming down.

當然。有幾件事。交易結束後，我們將在 7 月提供更多詳細資訊。預計五月底或六月初結束。我會告訴你，總的來說，我認為我們對併購市場感覺相當好。我們看到倍數正在下降。

In the case of The Pink Stuff, we were able to do the transaction at a multiple or two lower than kind of the headline transactions out there. We were also able to structure it such that 80% of the purchase price is paid upfront and 20% is on an earnout based on meeting sales and profitability targets.

就 The Pink Stuff 的案例而言，我們能夠以比市場上主流交易價格低一到兩倍的價格完成交易。我們也可以這樣建構：80% 的購買價格為預付，20% 則根據達到的銷售和獲利目標進行獲利支付。

And so we -- that is Pink Stuff, in particular, but we're seeing multiples coming down. We're seeing a pretty good collection of opportunities M&A wise. I think people are willing to look at structured transactions, given all the uncertainty here. So that's an area that feels like we're going to see some more activity than we have in the last couple of years.

所以我們——特別是 Pink Stuff，但我們看到倍數正在下降。我們看到了許多不錯的併購機會。我認為，考慮到這裡的所有不確定性，人們願意考慮結構化交易。因此，我們感覺我們將會看到該領域比過去幾年更加活躍。

Pink Stuff is a great opportunity for us because it is a global brand, whereas most of our Consumer brands are very strong, typically number one in North America, but not much presence outside of that. It also, both in its UK and Europe markets, but as importantly for us in the US is in grocery, drugstore and so some major distribution channels that we typically don't participate in. And so we're excited about that.

Pink Stuff 對我們來說是一個很好的機會，因為它是一個全球品牌，而我們的大多數消費品牌都非常強大，通常在北美排名第一，但在北美以外的影響力並不大。它也在英國和歐洲市場，但對我們來說同樣重要的是在美國雜貨店、藥局等一些我們通常不參與的主要分銷管道。因此我們對此感到興奮。

And it's across a broad collection of cleaning categories. Its iconic paste, which is its strongest brand and our strongest product, but also a trigger spray, multipurpose cleaner, that's very effective and then cleaning products in a number of other areas.

它涵蓋了廣泛的清潔類別。它的標誌性膏體是我們最強大的品牌和最強大的產品，同時也是一種非常有效的觸發式噴霧、多用途清潔劑，也可用於許多其他領域的清潔產品。

So a really nice addition. And I think after getting our feet wet over the last 10 years in the cleaning category, really helps us become a more significant player with better opportunities for growth.

所以這確實是一個不錯的補充。我認為，經過過去 10 年在清潔領域的摸索，我們確實能夠成為更重要的參與者，並擁有更好的成長機會。

Yes, thank you.

是的，謝謝。

Thank you.

謝謝。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Thank you. Good morning, everyone. Just wanted to follow up, Frank. You talked about March, it doesn't sound like you saw much sequential improvement from the bad weather months of Jan and Feb, and maybe there still were some weather challenges in March.

謝謝。大家早安。只是想跟進一下，弗蘭克。您談到了三月，聽起來與一月和二月的惡劣天氣相比，情況並沒有很大改善，三月可能仍然存在一些天氣挑戰。

But March is typically a much bigger quarter than Jan -- sorry, much bigger month than Jan and Feb are. So could you just clarify that? Do you not see much of an improvement sequentially out of February?

但三月通常比一月大得多——抱歉，比一月和二月大得多。你能澄清一下嗎？自二月以來，您是否沒有看到很大的改善？

We basically saw a year-over-year, part of it was the comparison again the last year. I know you've heard this, but with sales up 4%, and EBIT up 70% in CPG, and sales up 7%, EBIT up 45% last year in PCG. Sales down last year in Consumer and EBIT up 35%. We faced a really tough comparison.

我們基本上看到了同比情況，其中一部分是與去年的比較。我知道你已經聽說過這個，但是去年 CPG 的銷售額增長了 4%，息稅前利潤增長了 70%，PCG 的銷售額增長了 7%，息稅前利潤增長了 45%。去年消費品銷售額下降，息稅前利潤上漲 35%。我們面臨著一次非常艱難的比較。

In March, sales were flat and EBIT was up marginally. And so that was a big improvement over December and January. Flat sales and modestly up EBIT, it's not anything to write home about, but it was an improvement versus the first two months of the year. And again, it's been really weather related. And we saw that as we got into the further into the quarter after our January call.

3月份，銷售額持平，息稅前利潤略有上升。因此，與 12 月和 1 月相比，這是一個巨大的進步。銷售額持平，息稅前利潤略有上升，這沒有什麼值得大書特書的，但與今年前兩個月相比有所改善。再次強調，這確實與天氣有關。我們在一月份電話會議之後進入本季後看到了這一點。

Okay. And then if I could ask you on The Pink Stuff, and you just kind of referenced this, but it does offer RPM entree into some other distribution channels, retail and also sounds like maybe e-commerce that you're maybe not as active in. What parts of the portfolio do you think you have some low hanging fruit in terms of leveraging The Pink Stuff distribution relationships with?

好的。然後，如果我可以問您關於 The Pink Stuff 的問題，您剛才提到了這一點，但它確實為 RPM 提供了進入其他分銷渠道、零售和電子商務的機會，聽起來您可能沒有那麼活躍。就利用 The Pink Stuff 分銷關係而言，您認為投資組合中的哪些部分可以輕易實現？

I think that Pink Stuff introduces our North American Consumer Group and businesses in the cleaning category in general into grocery and drug store, which is not a channel that we plan, literally thousands of new outlets. And so that's something we're going to be focused on. And then building on their social media expertise is something we're excited about as well.

我認為 Pink Stuff 將我們的北美消費者群體和清潔類別的企業引入了雜貨店和藥店，這不是我們計劃的管道，實際上是數千個新網點。所以這是我們要重點關注的事情。然後，我們也很高興能夠利用他們的社群媒體專業知識。

And then lastly, they are a global brand. They're not in China or India, but they are throughout the European continent, the UK and the US. And so maybe it can help us to launch some of our other cleaning products and other Consumer products more broadly into the UK and European market.

最後，他們是一個全球品牌。它們並不在中國或印度，而是遍佈歐洲大陸、英國和美國。因此，也許它可以幫助我們將我們的其他一些清潔產品和其他消費產品更廣泛地推向英國和歐洲市場。

We've got a nice presence in our small project paint categories in the UK and Europe, but literally nothing until now in the cleaning category. And we've got some really good products with the Mean Green, Krud Cutter.

我們在英國和歐洲的小型專案塗料類別中佔有不錯的地位，但到目前為止，我們在清潔類別中仍處於劣勢。我們有一些非常好的產品，包括 Mean Green 和 Krud Cutter。

We're excited about Mean Green, that just -- that was an internal growth investment. It has a patented spray nozzle that actually pulls the exact amount of water and concentrate you need and people end up getting the equivalent of four containers in one and it's gotten a lot of awards.

我們對 Mean Green 感到非常興奮，這只是一項內部成長投資。它擁有專利噴嘴，可以精確噴出您需要的水量和濃縮液，人們最終可以獲得相當於四個容器合一的濃縮液，並且它獲得了很多獎項。

And so it's not just The Pink Stuff, but we have been building on our strength in cleaners and doing some internal investment, including this new innovative product that we're excited about. And we expect to see some significant growth from this Mean Green dual chamber product that was literally just introduced and started shipping at the end of March.

因此，不僅僅是“粉紅產品”，我們還一直在增強清潔劑方面的優勢，並進行一些內部投資，包括這款令我們興奮的創新產品。我們預計這款 Mean Green 雙房產品將會出現顯著的成長，該產品剛推出並於三月底開始出貨。

Okay sounds great. I'll pass it along. Thank you.

好的，聽起來不錯。我會傳達的。謝謝。

Thank you.

謝謝。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特。

Morning.

早晨。

Hey, good morning, Frank. Just a question on the Consumer segment. I understand the year-over-year comp becomes a little bit less easy, but you're forecasting low single-digit declines versus slight growth. And I think on a two year comp, it actually does look a little bit easier.

嘿，早上好，弗蘭克。這只是關於消費者領域的一個問題。我知道同比數據不太容易計算，但您預測的是低個位數下降而不是小幅增長。我認為，從兩年的比較來看，這實際上確實看起來容易一些。

So I'd just be curious if you could talk about what you're seeing in that market, kind of what your big customers are maybe doing from a buying perspective. Is that impacting you, or what else you comment on there? Thanks.

所以我很好奇，您是否可以談談您在該市場看到的情況，以及從購買角度來看您的大客戶可能在做什麼。這對您有影響嗎，或者您對此還有什麼評論？謝謝。

Sure. Thank you. In terms of comparable products, not new product introductions that we've been talking about. We have been through 18 months of really flat or declining consumer takeaway and consumer sentiment is not terribly hot right now. And so we don't see the catalyst other than market share gains or new product introductions for meaningful growth in that category.

當然。謝謝。就可比產品而言，而不是我們一直在談論的新產品介紹。我們已經經歷了 18 個月的消費者外送持平或下降的時期，目前消費者情緒也不太高漲。因此，除了市場份額的成長或新產品的推出之外，我們看不到該類別實現有意義成長的其他催化劑。

I think our Consumer leadership teams and our associates have done a good job on a comparative basis. We've outperformed our peers in a difficult environment. In some quarters, that means that our revenue dropped less than theirs. That's not anything we're excited about. But from a performance perspective, I think we're doing pretty well.

我認為我們的消費者領導團隊和我們的同事在比較的基礎上做得很好。我們在困難的環境中表現優於同儕。在某些方面，這意味著我們的收入下降幅度小於他們的收入下降幅度。這並不是什麼讓我們興奮的事情。但從業績角度來看，我認為我們做得相當不錯。

But unlike our comments on the Construction Products Group or Performance Coatings Group, there's no big, huge catalysts that suggest that consumers are running back into the stores, and we're going to get back to the 3% to 4% or better product takeaway from the economy. And so most of our performance will be self-help. It will be market share gains and, or new product introductions.

但與我們對建築產品集團或高性能塗料集團的評論不同，並沒有什麼大的催化劑表明消費者正在重返商店，我們將從經濟中恢復到 3% 到 4% 或更好的產品外賣水平。因此，我們的大部分錶現將是自助的。這將是市場份額的成長和/或新產品的推出。

All right, thanks Frank. Just one quick one. In your comments, you talked about Specialty Products Group managing innovation centers and that being a cost. Is that a headwind we should bake in on an ongoing basis? Like is that $1 million, $2 million a quarter that impacts Specialty on a forward basis? Or is that not the right way to think about it?

好的，謝謝弗蘭克。只需一個快速的。在您的評論中，您談到了專業產品集團管理創新中心以及這是一項成本。這是我們應該持續應對的逆風嗎？例如，每季 100 萬美元、200 萬美元是否會對 Specialty 產生遠期影響？還是這不是正確的思考方式？

No, it is the right way to think about it, but that's been fully loaded into the Industrial Coatings Group. So our Industrial Coatings Group of the Specialty Products Group is about half of their $750 million in sales and that's where that cost is varied. And we have absorbed that cost for the most part as a new expense throughout fiscal '25.

不，這是正確的思考方式，但這已經完全被納入工業塗料集團。因此，我們的專業產品集團的工業塗料集團約佔其 7.5 億美元銷售額的一半，這就是成本變化的地方。我們已經將這筆成本的大部分作為 25 財年的一項新支出吸收。

So as we get into fiscal '26, it will be comparable. And we'll talk about our outlook and guidance for fiscal '26 and any adjustments that we want to make for the new year when we provide results for our fourth quarter in July.

因此，當我們進入 26 財年時，它將具有可比性。當我們在 7 月提供第四季度業績時，我們將討論對 26 財年的展望和指導，以及我們希望在新的一年做出的任何調整。

Very clear. Thanks, Frank.

非常清楚。謝謝，弗蘭克。

Thank you.

謝謝。

Frank Mitsch, Fermium Research.

弗蘭克米奇，費米研究中心。

Hey, good morning, Frank. I want to come back to the fiscal -- I want to come back to the fiscal fourth quarter outlook. So three months ago, the implied guide was for double digit EBIT growth and we're talking low single digits today.

嘿，早上好，弗蘭克。我想回到財政問題——我想回到第四季財政展望。因此，三個月前，隱含的指導是兩位數的息稅前利潤成長，而今天我們談論的是低個位數成長。

And as I look at the some of the mitigating or some of the factors that are on the negative side, one thing is tariffs and raw material inflation. I think you've done an excellent job of explaining on this call how that -- those issues are going to be offset.

當我看到一些緩解因素或一些消極因素時，其中之一就是關稅和原物料通膨。我認為您在這次通話中很好地解釋瞭如何解決這些問題。

So they're not going to be a very big factor. So can you just kind of give us a rank order or the areas as to where the degradation in outlook for the fourth quarter has come from over the last three months?

所以它們不會成為一個非常重要的因素。那麼，您能否給我們一個排序，或者說過去三個月裡第四季前景惡化的領域是什麼？

Sure. Part of it is just as we roll out of a weather impacted Q3. And we generally don't provide any guidance on months, but I just talked about an improved -- modestly improved March. And so aside from the underlying dynamics, that's where we were in the month of March. I'm sitting here on April 8 staring at snow on the ground. And so that's not helpful.

當然。部分原因是我們剛剛擺脫了受天氣影響的第三季。我們通常不會提供任何月份的指導，但我剛才談到了三月的改善——略有改善。因此，除了潛在的動態之外，這就是我們三月的狀況。四月八日，我坐在這裡凝視著地上的雪。所以這沒有幫助。

But I think the dynamics are what they are in terms of the things that we've already explained, Frank, on this call, good backlog at CPG. Same thing for PCG. And pretty much more of the same for Consumer. I would expect that our Specialty Products Group just because of an easier comp will have positive results in Q4. A lot of that's MAP driven and expense driven, not necessarily top line growth.

但我認為，就我們在這次電話會議上已經解釋過的事情而言，動態就是如此，弗蘭克，CPG 的積壓訂單很好。PCG 也是如此。對消費者來說，情況也大致相同。我預計，由於競爭更加激烈，我們的專業產品集團將在第四季取得正面的成果。其中很多是由 MAP 和費用驅動的，不一定是營收成長。

You mix in the uncertainty that all of this tariff craziness is creating and I think there's a little bit of a hedge for us in terms of nervousness about people being indecisive or not making decisions. It's just an interesting time. And the place where we've seen that is we do -- as I said, we do work across all manufacturing, particularly in our Construction Products Group. We do some good work in the automotive sector.

考慮到所有這些關稅瘋狂行為所造成的不確定性，我認為，在人們猶豫不決或不做決定的緊張情緒方面，我們可以採取一些防範措施。這真是一個有趣的時刻。我們看到的是我們所做的事——正如我所說，我們的工作涉及所有製造業，特別是在我們的建築產品集團。我們在汽車領域做了一些出色的工作。

We're seeing indecision and, or little paralysis and decision-making there in terms of capital spending and projects. We're not seeing it in specific other areas that we serve in terms of markets industry wise. Canada is the same way.

我們看到，在資本支出和項目方面，存在著猶豫不決，或者說幾乎沒有決策的癱瘓和決策。就市場產業而言，我們在所服務的其他特定領域中沒有看到這種情況。加拿大也同樣如此。

If I look at regionally, Europe is what it is, the performance and I don't say that cavalierly, it's been impacted by the Russian war in Ukraine, but we're making significant improvements in EBIT margin. So we're generating some decent results and no growth.

如果從地區來看，歐洲的表現就是這樣，我並不是輕率地說，它受到了俄羅斯在烏克蘭戰爭的影響，但我們的息稅前利潤率正在顯著提高。因此，我們取得了一些不錯的成果，但沒有成長。

In North America, Canada has decidedly slowed down in the last couple of weeks. So I would put that in the same category as maybe auto. I think there's some paralysis or some halting and decision making until both they have an election and they figure out what all these tariff means.

在北美，加拿大的經濟成長率在過去幾週明顯放緩。因此，我可能會將其歸類為與汽車相同的類別。我認為，在雙方舉行選舉並弄清楚所有這些關稅意味著什麼之前，會出現一些癱瘓或停頓以及決策。

So there are consequences economically outside of a pretty good analysis that our people have done of what the impact on our raw materials or our businesses would be and how we mitigate those. I think those are the two biggest areas that I can point to as we sit here and stare at the fourth quarter.

因此，除了我們的人員已經就其對我們的原材料或業務的影響以及如何減輕這些影響所做的相當周密的分析之外，還會產生經濟後果。我認為，當我們坐在這裡關注第四季度時，這是我可以指出的兩個最重要的領域。

Very helpful. And I'm cautiously optimistic that in a month's time or so, we'll have a much better visibility and some of this paralysis may fade. We'll have a better understanding of the new world order because we clearly don't today.

非常有幫助。我謹慎樂觀地認為，大約一個月後，我們將會有更好的了解，一些癱瘓狀態可能會消失。我們將對新的世界秩序有更好的理解，因為我們今天顯然還不了解。

And just lastly, corporate expenses were on the high side in the quarter, you referenced M&A and compensation. How should we think about corporate expenses for RPM in the fourth quarter and beyond?

最後，您提到了併購和薪酬，本季公司支出偏高。我們該如何看待第四季及以後 RPM 的企業費用？

Yeah, Frank, this is Rusty here. In terms of the corporate non-op segment, we're running at about an average of $35 million a quarter. It was up and elevated as you noticed in Q3 because of higher acquisition costs. We will have higher acquisition cost to in the fourth quarter. So probably a bit elevated, but hopefully not quite as high as you saw in Q3, but probably over $35 million in non-op in Q4.

是的，弗蘭克，我是拉斯蒂。就企業非營運部門而言，我們每季的平均營運額約為 3,500 萬美元。正如您在第三季注意到的，由於收購成本較高，這一數字有所上升。第四季我們的收購成本將會更高。因此可能會略有上升，但希望不會像第三季那麼高，但第四季的非營運支出可能超過 3500 萬美元。

Frank, don't usually contradict my CEO -- our CFO on conference calls. But I for one, hope we have higher acquisition costs in Q1, Q2 and Q3.

弗蘭克，通常不要在電話會議上反駁我的執行長——我們的財務長。但我個人希望我們在第一季、第二季和第三季的收購成本更高。

Noted, thank you.

知道了，謝謝。

Great.

偉大的。

Steve Byrne, Bank of America.

美國銀行的史蒂夫伯恩。

Thank you. For your Construction and Performance segments, is it reasonable to say that the volumes that you can have visibility on in those two segments is pretty firm for the remaining eight weeks of fiscal fourth quarter.

謝謝。對於您的建築和性能部門，是否可以合理地說，在第四財季剩下的八週內，這兩個部門的可見銷售量相當穩定。

But if we look out over the next year, how would you assess the level of volumes that are contracted? How far out would you say you have visibility on volumes in those two segments of whether it's new commercial products or the repair and maintenance products that you have, what's the visibility you have on those volumes?

但如果我們展望明年，您如何評估合約簽訂量水準？您認為您對這兩個領域（無論是新商用產品還是維修和保養產品）的銷售有多大的了解？您對這些銷售量的了解程度如何？

Sure. Depending on the level, we track quotes, we track bids and then we track awarded projects. And so your quote activity could go out six to nine months, your bidding activities a little shorter. And then obviously, the contracts that you win, but you haven't shipped is even a smaller, tighter group.

當然。根據級別，我們追蹤報價、追蹤投標，然後追蹤中標項目。因此，您的報價活動可能會持續六到九個月，而您的投標活動可能會更短一些。顯然，您贏得但尚未發貨的合約數量甚至更小、更緊密。

In each case, we're seeing pretty good activity there. Things that you're quoting, things that you're specifically bidding on can start to dry up. And so as we sit here today, we're not seeing that. But given the economic circumstances that we're in, again, I mentioned auto and Canada is the two areas that are noticeably slowing down in terms of putting a pause on projects and, or just seeing -- in Canada, we're seeing a negative impact in almost every one of our segments.

在每種情況下，我們都看到了相當不錯的活動。您所引用的東西、您專門競標的東西可能會開始枯竭。所以，當我們今天坐在這裡時，我們並沒有看到這一點。但考慮到我們所處的經濟形勢，我再次提到汽車和加拿大是兩個在項目暫停方面明顯放緩的領域，或者只是看到——在加拿大，我們看到幾乎每個領域都受到了負面影響。

And so listen, these tariffs will have consequences. With this administration, it's hard to know if the game will change in a few weeks or we're going to end up with negotiating settlements and pull a rabbit out of a hat that makes us all feel good. But if we're in an extended tariff trade war, obviously that will have a negative impact on the economy and on business results.

所以聽著，這些關稅將會產生後果。在本屆政府的領導下，很難知道遊戲規則是否會在幾週內發生變化，或者我們最終會透過談判達成和解，並變出一隻讓我們都感覺良好的兔子。但如果我們陷入長期關稅貿易戰，顯然會對經濟和企業績效產生負面影響。

And then one question for you on the Consumer segment, Frank. What specifically, are you targeting your marketing to pick up share in residential maintenance products?

然後我想問您一個關於消費者方面的問題，弗蘭克。具體來說，您的行銷目標是什麼，以獲得住宅維護產品的份額？

So in the Consumer area, it's mostly around new product introductions. We introduced a low odor. Companies have been -- our competitors here in Europe have been trying to introduce high performing water-based aerosols. We've been part of that. We have one. We're very excited about it. and that just got introduced this spring, and it works.

因此，在消費者領域，主要圍繞著新產品的推出。我們推出了一種低氣味產品。我們在歐洲的競爭對手一直在嘗試推出高性能水性氣霧劑。我們已經參與其中了。我們有一個。我們對此感到非常興奮。它是今年春天剛推出的，而且效果很好。

We introduced a Rust-O product that's targeted at urban art, it's pretty exciting and not anything that we would have thought to do from a marketing or a social media perspective a decade ago. Aside from the Pink acquisition, you heard me talk about the Mean Green refillables.

我們推出了一款針對城市藝術的 Rust-O 產品，它非常令人興奮，而且十年前我們從行銷或社群媒體的角度還未想到會這麼做。除了收購 Pink 之外，您還聽到我談論 Mean Green 可再填充產品。

So we're really looking at innovation in terms of packaging. We introduced the five in one 1.5 years ago. So there's a lot of innovation coming out of our Consumer Group some new be able to take a two component foam insulation product DAP and turn it into a one component product for kind of light commercial.

所以我們確實在關注包裝方面的創新。我們在一年半前就推出了五合一產品。因此，我們的消費者集團推出了許多創新產品，一些新產品能夠將雙組分泡棉絕緣產品 DAP 轉變為適用於輕型商用的單組分產品。

So a lot of innovation going on that's going to be introduced as new products. And we feel that's what's going to drive growth in our businesses until we see a return to kind of the steady 3%, 4% base DIY takeaway that existed pretty consistently for quite a while, and then really has been ripsawed by COVID when it went way up and then came way down. And now we've been in about an 18 month period of slightly negative to flat Consumer takeaway. And it feels like we're in that same environment.

因此，許多創新將以新產品的形式推出。我們認為，這將推動我們業務的成長，直到我們看到回歸到穩定的 3%、4% 基本 DIY 外賣水平，這種水平在相當長的一段時間內一直穩定存在，然後受到 COVID 的嚴重衝擊，先是大幅上升，然後又大幅下降。現在我們已經進入了大約 18 個月的消費者外賣略微下降到持平的時期。感覺我們在同一個環境。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Aleksey Yefremov, KeyBanc.

阿列克謝·葉夫列莫夫，KeyBanc。

Morning, Aleksey.

早安，阿列克謝。

Aleksey, your line is unmuted.

阿列克謝，您的線路已取消靜音。

Jeff Zekauskas, JPMorgan.

摩根大通的 Jeff Zekauskas。

Hi Jeff.

你好，傑夫。

Hi, good morning. Thanks very much. At the outset of the call, what you did is you said, 2023 really should be the right comparison. And what you did is you said that you could see progress and MAP. So is the analytical force of that, that weather conditions were normal in 2025 in the February quarter, only they were adverse versus very favorable conditions in 2024.

嗨，早安。非常感謝。在通話開始時，您說 2023 年確實應該是正確的比較。你說你可以看到進展和 MAP。分析力量也是如此，2025 年 2 月季度的天氣條件正常，但 2024 年的天氣條件卻非常不利，而 2024 年的天氣條件卻非常有利。

So when we think about next year, we should think about this as more of a base case? Or were weather conditions actually adverse versus the history? And will there be a weather penalty in the fourth quarter versus year-over-year?

那麼，當我們考慮明年時，我們應該將其視為一個基本情況嗎？或者天氣狀況實際上與歷史情況相反？與去年同期相比，第四季是否會受到天氣因素的影響？

Sure. It's a great question. We are seeing globally and certainly US and more severe weather events to the extent that that's happening RPM has products, whether it's Nudura, our Legend Brands business, they can help solve problems in those environments.

當然。這是一個很好的問題。我們在全球範圍內，當然也包括美國，都看到了更嚴重的天氣事件，RPM 的產品，無論是 Nudura 還是我們的 Legend Brands 業務，都可以幫助解決這些環境中的問題。

And particularly in our Construction Products Group, we are developing versus our peers, particularly Nudura and around it, high-performing 250 mile wind rating, high energy efficiency in terms of sustainability products that lend themselves to that environment.

特別是在我們的建築產品集團，我們正在與同行（特別是 Nudura 及其周邊公司）競爭，開發適合該環境的高性能 250 英里風力等級、高能源效率的永續性產品。

Last year was a particularly mild winter. And when it's 60 degrees in February, people go into Home Depot and buy a can of spray paint and work outside. When it's 26 degrees in Cleveland, Ohio on April 8, people aren't tending to go by a can of spray paint and do anything outside. People don't get on roofs when it's snowing. And it literally snowed in Texas and the Carolinas.

去年的冬天特別溫暖。當二月氣溫達到 60 度時，人們就會去家得寶 (Home Depot) 買一罐噴漆然後在戶外進行噴漆。4 月 8 日，俄亥俄州克利夫蘭的氣溫為 26 度，人們不會拿著噴漆罐在戶外做任何事情。下雪時人們不會爬上屋頂。德克薩斯州和卡羅來納州確實下雪了。

So I can't answer your question with specificity other than if we have the same kind of winter next year that we had this year, it should be a comp. And so you shouldn't hear from us crying about a bad winter because it will be a bad winter at normal winter versus this one.

因此，我無法具體回答你的問題，但如果明年的冬天與今年的冬天相同，那應該是一場較量。因此，您不應該聽到我們抱怨冬天很糟糕，因為與今年的冬天相比，在正常的冬天裡，冬天也會很糟糕。

If we have a very mild winter next year, we should have a big tailwind in terms of literally how people use our products and the impact of weather on usability when a lot of your products, whether it's in Construction products or Consumer are used or consumed outside.

如果明年冬天氣候非常溫和，那麼在人們使用我們產品的方式以及天氣對可用性的影響方面，我們應該會有很大幫助，因為很多產品，無論是建築產品還是消費品，都是在戶外使用或消費的。

Okay. That's clear. And then in terms of the prospective Chinese tariffs, like all kinds of metal fittings and building products come from China, both for you and for other factors in the building products area. Is this an issue? Or could this lead to various product shortages or longer lead times and building things in the coming quarters or not really?

好的。這很清楚。然後就未來的中國關稅而言，各種金屬配件和建築產品都來自中國，這對您以及建築產品領域的其他因素都是如此。這是一個問題嗎？或者這會導致各種產品短缺或更長的交貨時間，並在未來幾季內進行建設，或者實際上並非如此？

Yeah, it's a great question. A lot of fasteners come out of China. And so at that point, at this point, things are a function of price and, or impact of tariffs on costs or negotiations over who's going to eat the cost of tariffs. We're seeing that. We're not a buyer of those products, Jeff. But we're seeing that in some solvents. And in some cases, you have bulk solvent importers who for now have decided to absorb the cost of those tariffs.

是的，這是一個很好的問題。很多緊固件都產自中國。因此，在這一點上，事情取決於價格和/或關稅對成本的影響或關於誰將承擔關稅成本的談判。我們看到了這一點。我們不是這些產品的買家，傑夫。但我們在一些溶劑中看到了這種情況。在某些情況下，大宗溶劑進口商目前決定承擔這些關稅的成本。

In other cases, we'll negotiate a split, in which case we got to go out and negotiate price. We're already negotiating some prices in some categories. I won't provide more specifics, but in some cases, those buyers or customers are sophisticated enough to say, yeah, they're going to we'll give you your price increase 30 days or 45 days after the impact of this tariff because of your existing inventory, in which case, we get to negotiate all right.

在其他情況下，我們會協商分成，在這種情況下我們必須出去協商價格。我們已經在就某些類別的價格進行協商。我不會提供更多細節，但在某些情況下，那些買家或客戶足夠老練，他們會說，是的，我們會在關稅影響後的 30 天或 45 天內根據你現有的庫存給你漲價，在這種情況下，我們可以進行談判。

We won't have a discussion about relieving those tariff related prices for 30 or 45 days after they're ended. Those are the kind of negotiations that you're involved in. The last comment I'll make is just reinforcing what I said when it comes to steel items specifically, US steel manufacturers have been pretty predatory in terms of raising prices in front of threatened tariffs and now real tariffs. And so that's a different element of the impact of tariffs, but nonetheless causes inflation in those categories.

在關稅結束後的 30 或 45 天內，我們不會討論減免這些關稅相關價格。這些就是你所參與的談判。我最後要說的是，在談到鋼鐵產品時，我強調了這一點，美國鋼鐵製造商在面臨關稅威脅和現在的實際關稅時，一直在提高價格，這是相當掠奪性的。這是關稅影響的另一個因素，但仍然會導致這些類別的通貨膨脹。

Thank you very much, Frank.

非常感謝，弗蘭克。

Thank you.

謝謝。

(Operator Instructions) Arun Viswanathan, RBC Capital Markets.

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

Morning, Arun.

早安，阿倫。

Good morning. This is Adam on for Arun. If we could back up to the M&A. Good morning. If we get back up maybe to some of the M&A stuff, I was wondering if you'd be able to provide any additional commentary there. I mean, I think your leverage is still pretty low. Would you guys potentially have any appetite for any larger transactions? And if so what kind of categories might you be focused on?

早安.這是亞當 (Adam) 代替阿倫 (Arun)。如果我們可以支持併購。早安.如果我們重新討論一些併購事宜，我想知道您是否可以提供任何額外的評論。我的意思是，我認為你的槓桿率仍然很低。你們有可能對更大規模的交易有興趣嗎？如果是的話，您可能會關注哪些類別？

We have an appetite for anything in our space, and so we've looked at stuff. But we have had pretty good discipline on valuation and what we're willing to pay. I think that's been evidenced by, quite honestly, a disappointing level of M&A activity over the last six years. It's lower than what we would have hoped for and anticipated.

我們對我們的領域中的任何事物都感興趣，所以我們對它們進行了研究。但我們對於估值和願意支付的價格有著相當好的紀律。坦白說，我認為過去六年併購活動令人失望的程度就證明了這一點。這低於我們所希望和預期的水平。

But I think we weren't willing to pay some of the multiples that people were paying out there when you're in your mid-teen multiples and 3 or 4 times sales for Construction Products and Building Materials, those values didn't make sense to us.

但我認為，我們不願意支付人們在那裡支付的一些倍數，當你的十幾歲倍數和建築產品和建築材料銷售額的 3 或 4 倍時，這些價值對我們來說沒有意義。

We are seeing a meaningful reduction in multiples and even a willingness to structure transactions and a pretty good pipeline of M&A activity. So I would expect our next three years to be much more impacted by smart well-valued M&A transactions than the last five or six years event.

我們看到倍數顯著減少，甚至出現了建構交易的意願，併購活動也相當順利。因此，我預計未來三年我們將受到智慧且估值合理的併購交易的影響，而過去五、六年則不會如此。

So we're excited about that and as I said, Pink Stuff is a good example of that. A couple of multiple turns lower than what some of the headline deals had a few years ago, still a huge return for those owners and structured transaction, which I hope we pay out. Because if we do, they'll be happy, we'll be happy and the return improves modestly and the accretion gets significantly better.

所以我們對此感到很興奮，正如我所說，Pink Stuff 就是一個很好的例子。與幾年前的一些頭條交易相比，雖然回報率低了好幾倍，但對於那些業主和結構化交易來說，這仍然是一筆巨大的回報，我希望我們能夠支付這筆費用。因為如果我們這樣做，他們會很高興，我們也會高興，而且回報會適度提高，增值也會顯著改善。

Great, thanks. That's really helpful. I'll be looking for more detail on Pink Stuff once that transaction closes. If I could possibly sneak one more in, of the inventory actions you're taking this quarter, is that mostly going to be contained into this quarter? Do you expect any of that to be lingering into late Feb, early March?

太好了，謝謝。這真的很有幫助。交易結束後，我將尋找有關 Pink Stuff 的更多詳細資訊。如果我可以再偷偷加一句，您本季採取的庫存行動大部分都會包含在本季度嗎？您預計這種情況會持續到二月底或三月初嗎？

No, we are continuing with our MAP initiatives. And I will tell you the work that our operating people have done through six years of MAP initiatives have been tremendous. And we've had some outside help. But Tim Kinser leads that effort.

不，我們將繼續我們的 MAP 計劃。我要告訴你們，我們的營運人員在六年的 MAP 計劃中所做的工作非常出色。我們也得到了一些外界的幫助。但蒂姆·金瑟 (Tim Kinser) 領導了這項工作。

Andrew Polanco, our VP of Manufacturing, hundreds of people across our operations. We're much more efficient. We brought our conversion costs down, and we're much more flexible. And so this quarter was actually put aside the disappointment in terms of top line to generate $92 million of cash from ops in a third quarter, which not too many years ago, between our dividend and other things might have been a flat or negative cash-generating quarter because of the seasonality, and also not have the inventory build, which historically was quite candidly a function of not so much not having enough capacity, but not being as efficient with the capacity that we do have.

我們的製造副總裁 Andrew Polanco 以及我們業務部門的數百名員工。我們的效率更高了。我們降低了轉換成本，並且變得更加靈活。因此，本季實際上已經拋開了營收的失望，第三季營運現金流為 9,200 萬美元。就在幾年前，由於季節性因素，加上股息和其他因素，這一季度的現金流可能持平或為負值。此外，也沒有庫存增加，從歷史上看，庫存增加並不是因為產能不足，而是因為現有產能的利用效率不夠。

And so it's a much improved RPM in terms of not having to have that huge January, February, March inventory build going into a spring selling season, whether that's in Consumer or Roofing. And that's how we end up with a $92 million cash from operations in our third quarter when historically, it would be flat or negative, because we're paying a dividend evenly across the year, and we're eating -- historically eating working capital in Q3 building for Q4.

因此，對於進入春季銷售旺季，無需在 1 月、2 月和 3 月建立大量庫存（無論是消費品還是屋頂產品），RPM 將會大幅提升。這就是我們在第三季度獲得 9,200 萬美元營運現金的原因，而從歷史上看，這一數字應該是持平或為負的，因為我們在全年均勻地支付股息，而且我們歷史上在第三季度消耗了營運資金，為第四季度做準備。

So hats off to the people that have done this. We tried in the past, not sustainably, and the work that's been done in the last five or six years is real. It's been significant and it's sustainable.

因此，我向那些做到了這一點的人致敬。我們過去曾嘗試過，但不可持續，過去五、六年所做的工作是真實的。它意義重大且可持續。

Great, thanks for the detail.

太好了，謝謝你的詳細說明。

Thank you.

謝謝。

Aleksey Yefremov, KeyBanc.

阿列克謝·葉夫列莫夫，KeyBanc。

Morning Aleksey.

早安，阿列克謝。

Thanks. Good morning. This is actually Ryan on for Aleksey. I apologize for the technological difficulties. Just one quick one for me. Just in the slide deck, you guys mentioned temporary inefficiencies from plant consolidation here in Q4. How large is this headwind anticipated to be? And is this something that might leak into kind of fiscal '26? Thanks.

謝謝。早安.這實際上是 Ryan 為 Aleksey 表演的。對於技術上的困難我深表歉意。對我來說只有一個快速答案。就在幻燈片中，你們提到了第四季工廠整合造成的暫時效率低。預計逆風會有多大？這是否會對 26 年財政年度產生影響？謝謝。

Yeah, so as we've talked about, like Frank mentioned, we've done eight plant consolidations. Some of these are really large plants. And so what's happening here is we need to maintain a high level of service for our customers.

是的，正如我們所討論的，就像弗蘭克所提到的，我們已經完成了八家工廠的合併。其中一些確實是大型植物。所以我們現在需要為客戶提供高水準的服務。

So we have some temporary redundancies at these plants so we can make sure that we can get the products out to the customers. And those are temporary. And so once those go away, they will actually result in a more efficient operating footprint for our organization.

因此，我們在這些工廠暫時裁員，以確保能夠將產品送到客戶手中。這些都是暫時的。因此，一旦這些問題消失，它們實際上將為我們的組織帶來更有效率的營運足跡。

But we do have these temporary headwinds that will continue into the fourth quarter. The thing is, as we've talked about also, the third quarter is a seasonally slow quarter. So the impact on our financials is magnified a bit to our fourth quarter where we'll have higher volumes.

但我們確實面臨這些暫時的逆風，這些逆風將持續到第四季。事實是，正如我們所討論的，第三季是一個季節性的淡季。因此，對我們財務的影響在第四季度會有所放大，屆時我們的銷量將會更高。

The actual closure cost and, or severance costs are adjusted out of our results as part of our MAP initiative, and you can see that build in our footnotes. But the transition cost or the prep work to the plant that production is going to is temporary, but at a higher level of expense than once we've completed the closure and have a smooth ongoing operation. And in every much more volume -- yeah and in every instance, more volume will show up in the bottom line.

作為 MAP 計劃的一部分，實際關閉成本和/或遣散成本已從我們的結果中調整出來，您可以在我們的腳註中看到這一點。但是，生產工廠的過渡成本或準備工作是暫時的，但其費用會比我們完成關閉並順利進行持續營運後的費用更高。在每個更大的交易量中——是的，在每種情況下，更多的交易量都會出現在底線上。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Frank Sullivan, Chairman and CEO, for any closing remarks.

我們的問答環節到此結束。我想將會議交還給董事長兼執行長弗蘭克·沙利文先生，請他致閉幕詞。

Thanks, Nick. We look forward to delivering our fourth quarter results as well as providing commentary and guidance for our fiscal 2026 when we have our next investor call in July. We will look forward to delivering the details of a return to some level of profitable growth in Q4.

謝謝，尼克。我們期待在 7 月下一次投資者電話會議時公佈第四季度業績，並為 2026 財年提供評論和指導。我們期待公佈第四季度恢復一定程度獲利成長的具體細節。

From a balance sheet perspective, cash flow and operating leverage perspective, we're really well positioned to outperform in this challenging environment. And we greatly appreciate your interest and investment in RPM. Have a great day.

從資產負債表、現金流量和經營槓桿的角度來看，我們確實有能力在這種充滿挑戰的環境中取得優異表現。我們非常感謝您對 RPM 的關注和投資。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。