希悅爾 (SEE) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Sealed Air Q1 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference call is being recorded.

您好，感謝您的支持。歡迎參加 Sealed Air 2025 年第一季財報電話會議。（操作員指示）請注意，今天的電話會議正在錄音。

I would now like to hand the conference over to your first speaker today, Mark Stone.

現在我想將會議交給今天的第一位演講者馬克·斯通。

Thank you, and good morning, everyone. This is Mark Stone, Sealed Air's Vice President, Investor Relations. With me today are Dustin Semach, our President and CEO; and Roni Johnson, our interim CFO.

謝謝大家，早安。我是 Sealed Air 公司投資者關係副總裁 Mark Stone。今天和我一起的還有我們的總裁兼執行長達斯汀·塞馬赫 (Dustin Semach)；以及我們的臨時財務長羅尼·約翰遜 (Roni Johnson)。

Before we begin our call, I would like to note that we have provided a slide presentation to supplement today's discussion. This presentation, along with our first quarter earnings release, is available to download from our Investor Relations page on our website at car.com.

在我們開始通話之前，我想指出我們已經提供了幻燈片演示來補充今天的討論。此簡報以及我們的第一季財報可從我們網站 car.com 的投資者關係頁面下載。

I would like to remind everyone that during today's call, we may make forward-looking statements including our outlook or estimate for future periods. These statements are based solely on information that is currently available to us. Please review the information in the forward-looking statements section of our earnings release and slide presentation. These sessions also apply to this call.

我想提醒大家，在今天的電話會議中，我們可能會做出前瞻性陳述，包括對未來時期的展望或估計。這些聲明完全基於我們目前掌握的資訊。請查看我們的收益報告和幻燈片簡報中前瞻性陳述部分中的資訊。這些會話也適用於本次通話。

Our future performance may differ due to a number of factors, many of these factors are listed in our most recent filings with the SEC. Additionally, we will discuss financial measures that do not conform to US GAAP. Information on these measures and their reconciliation to US GAAP can be found in our earnings release or the appendix of our slide presentation.

我們未來的表現可能會因多種因素而有所不同，其中許多因素都列在我們最近向美國證券交易委員會提交的文件中。此外，我們也將討論不符合美國公認會計準則的財務指標。有關這些指標及其與美國公認會計準則 (US GAAP) 的調節的資訊可在我們的收益報告或幻燈片簡報的附錄中找到。

I will now turn the call over to Dustin and Roni. Operator, please turn to slide 3. Dustin?

現在我將把電話轉給達斯汀和羅尼。接線生，請翻到幻燈片 3。達斯汀？

Thank you, Mark, and thank you all for joining us for our first quarter earnings call. Today, I will discuss the progress we are making on our transformation, give an update on current market conditions, including our response to the recent trade policies, and walk through how we will navigate the second half.

謝謝你，馬克，也謝謝大家參加我們第一季的財報電話會議。今天，我將討論我們在轉型方面取得的進展，介紹當前的市場狀況，包括我們對最近的貿易政策的反應，並介紹我們將如何度過下半年。

Over the last year, we have been fixing the foundation of the business by reorganizing back into two market-focused businesses, Food and Protective.

在過去的一年裡，我們透過重組為兩個以市場為中心的業務（食品和防護）來鞏固業務基礎。

We recently completed the last major step by integrating our supply chains, including our planning and production back into each business. This now aligns all our commercial innovation and supply chain teams, all the way down to respective end markets, putting us in a better position to serve our customers. This is especially important periods of volatility.

我們最近完成了最後一項重要舉措，將我們的供應鏈（包括我們的規劃和生產）整合到每個業務中。現在，這使我們所有的商業創新和供應鏈團隊與各自的終端市場保持一致，使我們能夠更好地為客戶服務。這在波動時期尤其重要。

Now each business is better positioned to adapt quickly to their unique market dynamics and customer needs. With clear accountability and incentive alignment, we continue to see improvements in fundamentals throughout each business.

現在，每個企業都能更好地快速適應其獨特的市場動態和客戶需求。透過明確的責任和激勵機制，我們持續看到每個業務基本面的改善。

In parallel, we continue to enhance leadership across the organization with a strong orientation towards growth and ownership mindsets. I'm confident the actions we are taking to continue to better position each business to long-term sustainable growth and will help us successfully navigate the uncertainty ahead of us.

同時，我們持續加強整個組織的領導力，並強烈強調成長和主人翁意識。我相信，我們正在採取的行動將繼續使每個業務更好地實現長期可持續成長，並將幫助我們成功應對未來的不確定性。

Before I give updates on each segment, I would like to address the dynamic macro environment we continue to operate in, focusing on the changing global trade landscape and subsequent tariff.

在介紹每個部分的最新情況之前，我想先談談我們持續營運的動態宏觀環境，並專注於不斷變化的全球貿易格局和隨之而來的關稅。

Since our discussion in February, the landscape has continued to evolve with our focus first on potential tariffs in Canada and Mexico, then on broader reciprocal tariffs including China. As a reminder, we are largely domestic production for domestic consumption, which positions us well against direct tariffs.

自從我們二月進行討論以來，情況一直在不斷變化，我們首先關注的是加拿大和墨西哥的潛在關稅，然後是包括中國在內的更廣泛的互惠關稅。提醒一下，我們主要是國內生產，國內消費，這讓我們能夠很好地抵禦直接關稅。

In addition, most of our products are exempt under USMCA, which has put us in a better position on direct impacts since February, as the US has shifted its focus to the rest of the world. Since November, we have been actively reviewing our supply chain and optimizing production and procurement to mitigate potential tariffs and minimize inflation. Where we have exposure that cannot be mitigated, we are actively taking pricing actions largely in (inaudible).

此外，我們的大多數產品根據 USMCA 享有豁免權，自 2 月以來，隨著美國將重點轉移到世界其他地區，這讓我們在直接影響方面處於更有利的地位。自11月以來，我們一直在積極審查我們的供應鏈並優化生產和採購，以減輕潛在的關稅並最大限度地降低通貨膨脹。對於我們無法緩解的風險敞口，我們正在積極採取定價行動，主要（聽不清楚）。

At this point, based on current policy, the net tariff impact to our bottom line is minimal and reflected in our outlook. More importantly, we are assessing the downstream impact on our customers' businesses driven by a potentially weakening demand environment.

目前，根據現行政策，淨關稅對我們底線的影響微乎其微，並反映在我們的展望中。更重要的是，我們正在評估潛在疲軟的需求環境對客戶業務造成的下游影響。

In Protective, we are closely monitoring consumer and industrial sentiment and the potential knock-on effects in our fulfillment and industrial end markets. Food is a more resilient business in any economic cycle. With that said, we are continuing to monitor for protein trade-downs and trade-outs if the come comes under more pressure, to ensure we are adapting to our customer needs and mitigating mix impact.

在保護方面，我們密切關註消費者和工業情緒以及我們的履行和工業終端市場的潛在連鎖反應。在任何經濟週期中，食品都是一個較有彈性的產業。話雖如此，如果產品面臨更大壓力，我們將繼續監測蛋白質的降價和降價情況，以確保我們適應客戶需求並減輕混合影響。

We worked closely with our top customers and distribution partners to better understand the impacts on their businesses and how we can help them navigate the volatility in the market. While there is some indication of softness in the market to come, the trade policies are still not settled and it's too early to be definitive on the second half.

我們與頂級客戶和分銷合作夥伴密切合作，以更好地了解對其業務的影響以及我們如何幫助他們應對市場波動。儘管有跡象顯示未來市場將出現疲軟，但貿易政策仍未確定，現在就對下半年的情況下結論還為時過早。

Lastly, as the trade policies continue to evolve, we are assessing areas where our global footprint across both businesses could put us at an advantage relative to our competitors' footprints, creating opportunities to win further share.

最後，隨著貿易政策的不斷發展，我們正在評估我們在兩項業務中的全球影響力可以使我們相對於競爭對手佔據優勢的領域，從而創造贏得更多份額的機會。

For now, we are contemplating tariffs and some modest volume softness in both businesses, driven by our customers' cautiousness in this environment. This is offset by an improved FX outlook due to a weakening US dollar. We are taking further cost control and productivity actions in the second half to help offset potential further volume softness and or drive increased operational leverage.

目前，由於客戶在這種環境下持謹慎態度，我們正在考慮對這兩項業務徵收關稅並適度降低交易量。但美元走弱導致外匯前景改善，抵銷了這項影響。我們將在下半年採取進一步的成本控制和生產力措施，以幫助抵消潛在的進一步銷售疲軟和/或提高營運槓桿。

As a result, we are being prudent in reconfirming our full year guidance, which continues to contemplate tariffs and effect and our mitigation efforts related to them. As we progress through the second quarter, we expect to gain more visibility into trade policies and market demand and the impact of our mitigation actions.

因此，我們謹慎地重新確認我們的全年指導，繼續考慮關稅及其影響以及與之相關的緩解措施。隨著第二季的進展，我們期望對貿易政策和市場需求以及我們的緩解行動的影響有更深入的了解。

We will now move to each of our market-focused business segments. During the first quarter, our Food segment delivered modest volume growth against a strong first quarter last year that benefited from carryover demand. As part of our go-to-market strategy with the Food, we are focused on taking market share in our retail end markets. Our case rate solutions grew low single digits in the first quarter compared to prior year.

我們現在將轉向每個以市場為中心的業務部門。第一季度，我們的食品部門銷售量較去年同期的強勁成長略有下降，這得益於結轉需求。作為我們食品行銷策略的一部分，我們專注於佔領零售終端市場的份額。與去年同期相比，我們第一季的病例率解決方案成長了個位數。

Our strategy in accelerating growth in retail allows us to capitalize on market trends where consumers are looking to replace dining out and on-demand food delivery service with a grocery store spend, creating a balanced opportunity between away versus at-home consumption. Further, end user shifts from a frozen foods towards fresh foods benefits the retail market.

我們加速零售成長的策略使我們能夠利用市場趨勢，即消費者希望用雜貨店消費取代外出用餐和按需送餐服務，從而在外出消費和在家消費之間創造平衡的機會。此外，最終用戶從冷凍食品轉向新鮮食品也有利於零售市場。

Putting this together, this portion of the business is expected to continue to perform throughout the back half of the year, benefiting from evolving consumer preferences and the strength of our product offerings.

綜合起來，得益於消費者偏好的不斷變化和我們產品實力的增強，預計這部分業務將在下半年繼續保持良好的表現。

Industrial food processing markets were relatively flat in the first quarter compared to last year. The South American cattle cycle remains strong. In Australia, the cycle remains near peak levels, which is now expected to last through 2027, given favorable weather patterns and growing export demand.

與去年同期相比，第一季工業食品加工市場相對穩定。南美牛的周期依然強勁。在澳大利亞，由於氣候條件良好且出口需求不斷增長，該週期仍接近峰值水平，預計該週期將持續到 2027 年。

Within the US, the beef market was slightly better than expected and offset by weaker pork and turkey markets. Cattle herd sizes continue to hover around 50-year lows, though changing consumer sentiment and weakening spending may reduce demand for premium beef cuts and reaccelerate herd rebuilding.

在美國，牛肉市場略好於預期，但受到豬肉和火雞市場疲軟的影響。儘管消費者情緒的變化和支出的減弱可能會減少對優質牛肉的需求並重新加速牛群重建，但牛群規模仍然徘徊在 50 年來的最低水平。

We continue to pursue growth opportunities within our fluids business as we move towards the summer season when many of our fluid solutions are in peak demand. Dairy is a growing end market, particularly in Europe, Australia and New Zealand, which is creating opportunities in both packaging applications. Looking forward, we expect our Food end markets to be stable outside of China and the US, which are operating in a higher period of volatility due to the trade environment.

隨著夏季的臨近，我們的許多流體解決方案的需求都處於高峰期，我們將繼續尋求流體業務的成長機會。乳製品是一個不斷成長的終端市場，尤其是在歐洲、澳洲和紐西蘭，這為包裝應用創造了機會。展望未來，我們預期中國和美國以外的食品終端市場將保持穩定，由於貿易環境的影響，這兩個市場的波動性較大。

While some large industrial food processor in the US are indicating potential trade downs away from premium beef, based on our current volumes, we are not seeing trade-downs and trade-offs in our US business at this point in time. However, if we do see mix shift, CRYOVAC's portfolio covers a wide range of fresh produce across the trade-down spectrum from ground beef, poultry and to processed proteins, putting us in a position to move with the consumer.

儘管美國一些大型工業食品加工商表示可能會減少對優質牛肉的採購，但根據我們目前的數量，我們目前在美國的業務中還沒有看到採購量下降和減少的現象。然而，如果我們確實看到產品組合發生變化，CRYOVAC 的產品組合涵蓋了從碎牛肉、家禽到加工蛋白質等各種消費層次的新鮮農產品，使我們能夠隨著消費者的變化而變化。

I'm confident our Food business continues to be well positioned to fully achieve its underlying long potential. It is a longer cycle business that previously demonstrated strength and resilience in this prior economic cycles.

我相信我們的食品業務將繼續處於有利地位，充分發揮其潛在的長期潛力。這是一個週期較長的業務，在先前的經濟週期中已經展現出實力和韌性。

Transitioning to Protective. Our first quarter performance was in line with expectations. Throughout the first quarter and into early weeks of the second quarter, we did not see significant shifts in order patterns or buying behaviors.

過渡到保護性。我們第一季的業績符合預期。在整個第一季以及第二季初期，我們並沒有看到訂單模式或購買行為發生重大變化。

Turning to market trends in Protective. As a reminder, approximately 60% of our product offerings largely served industrial end markets. Overall, industrials are proceeding with caution in the current low visibility environment, with PMI hovering around 50 and trending down as approached the end of the quarter.

轉向防護市場的趨勢。提醒一下，我們大約 60% 的產品主要服務工業終端市場。總體而言，在當前低能見度的環境下，工業企業正在謹慎行事，PMI 徘徊在 50 左右，並隨著接近本季末而呈下降趨勢。

The remaining 40% of the Protective protected portfolio printers fulfillment end markets where sentiment is weakening. Box shipments in the US, our largest market, were down low single digits in the first quarter, coupled with the declining consumer confidence throughout the quarter.

其餘 40% 的保護性組合印表機履行終端市場情緒正在減弱。我們最大的市場美國的箱裝出貨量在第一季下降了個位數，加上整個季度消費者信心都在下降。

As I mentioned in February, the Protective turnaround will take time to realize. However, I'm encouraged by the progress we are making on our transformation. The reorganized North American go-to-market team has now been in place for over a quarter, with our investment in field sales now fully ramped.

正如我在二月提到的那樣，保護性轉變需要時間才能實現。然而，我們在轉型過程中所取得的進展令我感到鼓舞。重組後的北美市場推廣團隊現已成立一個多季度，我們對現場銷售的投資現已全面增加。

By strengthening our customer distribution relationships, we are gaining better insights into their needs in the state of our end markets. We remain confident that our revised go-to-market approach will continue to increase customer satisfaction, reduce churn and improve our right to win in the market.

透過加強與客戶的分銷關係，我們可以更了解他們在終端市場中的需求。我們堅信，我們改進後的市場進入方式將繼續提高客戶滿意度、減少客戶流失並增強我們在市場上獲勝的權利。

As a proof point, we minimize large customer churn throughout 2024 that now fully lapped key customer losses from the beginning of last year, improving our prior year comparisons for the second quarter of 2025 and beyond. While there may be heads on the horizon in our end markets, based on our transformation initiatives, we see headroom in the markets we serve to win back share lost over the last couple of years, with early signs of traction building throughout the first quarter.

作為證明，我們在 2024 年全年將大客戶流失降至最低，目前已完全彌補了去年年初以來的關鍵客戶流失，從而改善了 2025 年第二季度及以後與去年同期的比較。雖然我們的終端市場可能面臨挑戰，但根據我們的轉型舉措，我們看到我們所服務的市場有空間贏回過去幾年失去的份額，並且第一季出現了初步跡象。

Following the success of the go-to-market reorganization in North America, we are now focused on enhancing our commercial organizations and market strategies in other key geographies. The reorganization has positioned the protective team to better identify opportunities to drive efficiencies and effectiveness within the business, lowering our cost to serve, improving speed of decision-making and increasing operational leverage.

繼北美市場重組成功之後，我們現在專注於加強其他主要地區的商業組織和市場策略。重組使保護團隊能夠更好地發現機會，提高業務效率和效力，降低服務成本，提高決策速度並增加營運槓桿。

We are targeting to capitalize further on these opportunities in the second half of 2021. While the Protective business is short cycle and more sensitive to global trade dynamics versus Food, we are, heads down, focused on controlling the controllables and and improving fundamentals in the business. I'm confident that the actions we are taking to continue to better position the business in the market.

我們的目標是在 2021 年下半年進一步利用這些機會。儘管保護性業務週期短，且對全球貿易動態比食品更為敏感，但我們仍專注於控制可控因素並改善業務基本面。我相信，我們正在採取的行動將繼續使企業在市場上佔據更好的地位。

Before turning the call to Roni to review our first quarter financial results, I'd like to reiterate my confidence that as an organization, we are on the right path. Our priorities are unchanged and remain keeping the customer front and center, operating with urgency, driving further productivity and transforming the business to deliver long-term sustainable growth.

在打電話給羅尼回顧我們的第一季財務表現之前，我想重申我的信心：作為一個組織，我們正走在正確的道路上。我們的優先事項沒有改變，仍然把客戶放在第一位，緊急運營，進一步提高生產力，轉變業務，實現長期可持續增長。

Roni?

羅尼？

Thank you, Dustin, and good morning, everyone. Let's turn to slide 4 to review Sealed Air's first quarter performance.

謝謝你，達斯汀，大家早安。讓我們翻到幻燈片 4 回顧 Sealed Air 第一季的業績。

The team executed well in the quarter, and we came in ahead of expectations. Net sales were $1.27 billion in the quarter, down 2% on a constant currency basis. Adjusted EBITDA in the quarter was $276 million, up 2% on a constant currency basis. Adjusted earnings per share in the quarter of $0.81 was up 4% as reported and 9% on a constant currency basis compared to a year ago. Our adjusted tax rate was 25.7% and compared to 25.9% in the same period last year. Our weighted average diluted shares outstanding in the first quarter were [$147 million].

本季團隊表現良好，我們的業績超出了預期。本季淨銷售額為 12.7 億美元，以固定匯率計算下降 2%。本季調整後的 EBITDA 為 2.76 億美元，以固定匯率計算成長 2%。本季調整後每股收益為 0.81 美元，與去年同期相比成長 4%，以固定匯率計算成長 9%。我們的調整後稅率為 25.7%，去年同期為 25.9%。我們第一季的加權平均稀釋流通股數為[1.47億美元]。

Turning to slide 5. During the first quarter, volumes were down 2%, primarily on anticipated declines in Protective due to prior year business churn and continued softness in our fulfillment and industrial portfolios. Protective weakness was partially offset by modest volume growth in Food of less than 1%. Price was flat for the quarter, with Protective down 1%, fully offsetting marginal pricing gains in Food.

翻到幻燈片 5。第一季度，銷售量下降了 2%，主要是因為上年業務流失以及我們的履行和工業投資組合持續疲軟，導致防護產品銷售預計出現下降。食品銷量小幅成長（少於 1%）部分抵消了保護性疲軟的影響。本季價格持平，保護性價格下降 1%，完全抵銷了食品的邊際價格上漲。

First quarter adjusted EBITDA of $276 million decreased $2 million or less than 1% as reported and increased 2% on a constant currency basis compared to last year, with margins of 21.7%, up 80 basis points. This performance was mainly driven by cost takeout and productivity efficiencies, partially offset by unfavorable net price realization.

第一季調整後的 EBITDA 為 2.76 億美元，據報告減少 200 萬美元或不到 1%，以固定匯率計算比去年同期增長 2%，利潤率為 21.7%，上升 80 個基點。這項業績主要得益於成本削減和生產效率的提高，但被不利的淨價實現部分抵銷。

Moving to slide 6. In the first quarter, Food net sales of $852 million were up 1% on an organic basis, primarily driven by pricing actions and formula pass-throughs, combined with marginal volume growth due to continued growth in our case-ready solutions.

移至幻燈片 6。第一季度，食品淨銷售額為 8.52 億美元，有機成長 1%，主要受定價行動和配方傳遞的推動，加上由於我們的即食解決方案持續增長而導致的銷量小幅增長。

The protein markets overall were flat from prior year and slightly worse than our initial expectations. While the US deepwater was better than expected, this was more than offset by reductions in pork and poultry.

蛋白質市場整體與前一年持平，略低於我們最初的預期。儘管美國深水區的情況好於預期，但豬肉和家禽產量的下降抵消了這種影響。

From a regional perspective, volumes continued to grow in our EMEA, Latin American and Australian businesses, partially offset by flattish volumes in North America and declines in Asia.

從區域角度來看，我們在歐洲、中東和非洲、拉丁美洲和澳洲的業務量持續成長，但北美業務量的持平和亞洲業務量的下滑部分抵消了這一成長。

Food adjusted EBITDA of $203 million in the first quarter was up 7% as reported or 10% in constant currency. Adjusted EBITDA margin was 23.8%, up 200 basis points compared to last year. The increase in adjusted EBITDA was mainly driven by productivity and cost takeout savings, partially offset by unfavorable net price realization.

第一季食品調整後息稅折舊攤提前利潤 (EBITDA) 為 2.03 億美元，以報告數字計算成長 7%，以固定匯率計算成長 10%。調整後 EBITDA 利潤率為 23.8%，較去年同期上升 200 個基點。調整後 EBITDA 的成長主要得益於生產力和成本降低的節省，但卻被不利的淨價格實現部分抵銷。

Protective first quarter net sales of $420 million were down 8% organically, driven primarily by volume declines of 6% with growth in Asia and Latin America being more than offset by declines in other geographies and primarily North America. As a reminder, all of our large customer churn came from North America last year and will have fully ramped in the second quarter.

第一季保護性淨銷售額為 4.2 億美元，有機下降 8%，主要原因是銷量下降 6%，而亞洲和拉丁美洲的成長被其他地區（主要是北美）的下降所抵消。提醒一下，去年我們所有大客戶流失都來自北美，並將在第二季全面上升。

North America was where much of our transformation effort was initially focused, and we expect results in this region to improve throughout the year. EMEA continued to show signs of stabilization having its best quarter since 2021, with volumes down 1%.

北美是我們最初轉型努力的重點地區，我們預計該地區的業績全年都會有所改善。歐洲、中東和非洲地區繼續呈現穩定跡象，本季表現為 2021 年以來最佳，但交易量下降了 1%。

Protective adjusted EBITDA of $74 million was down 18% in the first quarter as reported or 16% on a constant currency basis. The adjusted EBITDA margin was 17.6%, down 180 basis points from the prior year. The year-over-year decrease in adjusted EBITDA was primarily attributable to lower volumes and unfavorable net price realization, partially offset by productivity and cost takeout savings.

第一季保護性調整後 EBITDA 為 7,400 萬美元，以報告數字計算下降 18%，以固定匯率計算下降 16%。調整後的 EBITDA 利潤率為 17.6%，較前一年下降 180 個基點。調整後 EBITDA 年比下降主要歸因於銷售下降和淨價實現不利，但被生產力和成本降低節省部分抵消。

On a sequential basis, margin improved 280 basis points compared to the fourth quarter driven by continued productivity and cost takeout initiatives.

與上一季相比，受持續提高生產力和降低成本措施的推動，利潤率環比提高了 280 個基點。

Now let's turn to free cash flow and leverage on slide 7. During the first quarter, free cash flow was a use of $12 million compared to a source of $78 million in the same period a year ago. The primary driver of the anticipated use of cash with an increase in incentive compensation and tax payments, partially offset by lower interest payments.

現在讓我們轉到第 7 張投影片上的自由現金流和槓桿率。第一季度，自由現金流使用量為 1,200 萬美元，而去年同期的自由現金流為 7,800 萬美元。預期現金使用的主要驅動力是激勵薪酬和稅收支付的增加，但部分被利息支付的減少所抵消。

At the end of the quarter, our total liquidity position was $1.3 billion, including $335 million in cash and the remaining amount in a committed and fully undrawn revolver. Our net debt leverage ratio was 3.7 times, down from 3.9 times a year ago. We remain on track to drive net debt to adjusted EBITDA to approximately 3.0 times by the end of 2026.

截至本季末，我們的總流動資金狀況為 13 億美元，其中包括 3.35 億美元現金以及已承諾且未完全提取的循環信貸餘額。我們的淨負債槓桿率為3.7倍，低於一年前的3.9倍。我們仍有望在 2026 年底前將淨負債與調整後 EBITDA 的比率提高到約 3.0 倍。

Let's turn to slide 8 to review our 2025 outlook. During the first quarter, we generated strong earnings against sales that were slightly ahead of our expectations as we navigated a shifting landscape, executed business fundamentals and continued our ongoing efforts to turn around Protective.

讓我們翻到第 8 張投影片來回顧 2025 年的展望。在第一季度，我們適應了不斷變化的市場環境，執行了業務基本面，並繼續努力扭轉保護性業務的局面，從而實現了強勁的盈利，銷售額略高於我們的預期。

We continue to operate in a low visibility environment, especially in Protective, and anticipate we will have better visibility into how tariffs are impacting our end markets and the translation into second half performance during our next call.

我們繼續在低能見度環境中運營，特別是在保護領域，並預計我們將在下次電話會議中更好地了解關稅如何影響我們的終端市場以及對下半年業績的轉換。

As Dustin mentioned, we are reaffirming our full year 2025 outlook ranges across sales, earnings and free cash flow. We see a softer volume outlook offsetting improved foreign currency in both Food and Protective, reflecting a slight shift in industrial and consumer sentiment. Foreign currency headwinds are now expected to be approximately 1% better than previously anticipated in our February outlook. Our net price realization assumptions across the total company trending relatively the same for the full year.

正如達斯汀所提到的，我們重申了 2025 年全年銷售額、收益和自由現金流的展望。我們認為，交易量前景疲軟將抵消食品和保護領域外匯改善的影響，反映出工業和消費者情緒的輕微轉變。目前預計外匯逆風將比我們 2 月展望的預測好約 1%。我們對整個公司的淨價格實現假設在全年趨勢上相對相同。

Looking ahead to the second quarter, we anticipate a sequential increase in sales in both segments, reflecting an improving trend within the Protective portfolio, and more favorable turkey and pork outlook than in the first quarter in Food. As a result, we expect second quarter net sales of approximately $1.3 billion, adjusted EBITDA of $270 million and adjusted earnings per share around $0.71.

展望第二季度，我們預計這兩個部門的銷售額都將環比成長，這反映出防護產品組合的改善趨勢，以及火雞和豬肉的前景比第一季食品部門更為有利。因此，我們預計第二季淨銷售額約為 13 億美元，調整後 EBITDA 為 2.7 億美元，調整後每股收益約為 0.71 美元。

We remain committed to restoring underlying fundamentals by executing in the market, progressing our transformation, navigating the changing trade policy and deleveraging balance sheet.

我們將繼續致力於透過在市場中執行、推動轉型、應對不斷變化的貿易政策和去槓桿資產負債表來恢復基本面。

With that, Dustin and I look forward to your questions. Operator, we would like to begin the Q&A session.

因此，達斯汀和我期待您的提問。接線生，我們想開始問答環節。

(Operator Instructions)

（操作員指示）

Ghansham Panjabi, Robert W. Baird & Co. Incorporated

Ghansham Panjabi, Robert W. Baird & Co. Incorporated

Thank you, Alfredo. Good morning everybody.

謝謝你，阿爾弗雷多。大家早安。

I guess, first off, on the comments on Protective volumes as it relates to progress that you're seeing over the past year. If we kind of zoom out, that segment had seen volumes down on a year-over-year basis since the first quarter of '22. So I'd love to hear some color as to what specific progress you're referring to as it relates to how the business is unfolding. And if you gave this, I missed it, but what were the volumes by vertical, industrial versus fulfillment?

我想，首先，關於保護量的評論與您在過去一年中看到的進展有關。如果我們稍微縮小一下範圍，就會發現自 2022 年第一季以來，該細分市場的銷量比去年同期一直在下降。因此，我很想聽聽您所指的具體進展，因為它與業務的進展有關。如果您給了這個，我錯過了，但是垂直、工業和履行方面的數量是多少？

Sure. Ghansham, and a pleasure for the question and to talk to you today. So a couple of ways I'll qualify that. One is we talked about volume being down roughly -- think of it as 6% kind of in Q1 and then some pressing impact on top of that. And if you go back to the prepared remarks, both in Roni's and mine, what we refer to is really around the wrapping effect of that churn.

當然。Ghansham，很高興回答您的問題並與您交談。我將用幾種方法來說明這一點。一是我們談到了交易量大致下降——可以認為第一季的交易量下降了 6%，然後還會產生一些緊迫的影響。如果你回顧羅尼和我的準備好的發言，我們提到的實際上是這種流失的包裹效應。

And just for context, the large customer churn kind of fully ran out. Think of this as a piece of it, we would have talked about, which is like the Fill-Air business with Amazon. That happened in Q1 of 2024 with the last quarter. And so we've really minimized churn along the way. So no major customer churns since the first quarter of '24. And you've seen that wrap around to the fact now starting in Q2, which you'll see a sequential improvement of roughly 2 points relative to year-over-year. So we're down, think of it as 6% volume will be down 4%.

就背景而言，大量客戶流失已經完全消失了。把這看作是其中的一部分，我們會討論它，就像與亞馬遜的 Fill-Air 業務一樣。這發生在 2024 年第一季和最後一個季度。因此，我們確實最大限度地減少了客戶流失。因此，自 2024 年第一季以來，沒有重大客戶流失。你已經看到了這一事實，從第二季度開始，你將看到與去年同期相比，環比增長了大約 2 個百分點。因此，我們可以認為，交易量下降了 6%，即下降了 4%。

Also, if you go back to the commentary, if you look at -- if you go back to even '21, '22, every -- was down, pretty much every product line was down. Now you're talking about Asia showing growth. You're talking EMEA stabilizing, being down roughly 1 point. And again -- and you have LatAm growing as well. So really, what we've narrowed it down to is really North America, which is where we've been spending our time. The piece around the positivity is around the minimization of churn and a lot of the initiatives that we're doing when it goes back to the go-to-market reorganization.

此外，如果你回顧評論，你會發現——如果你回顧 21 年、22 年，幾乎每條產品線都在下滑。現在您正在談論亞洲的成長。您說的是 EMEA 地區正在穩定下來，大約下降了 1 個百分點。再說一次——拉丁美洲也在成長。所以實際上，我們的範圍已經縮小到北美，這也是我們一直花費時間的地方。積極性在於盡量減少客戶流失，以及我們在回歸市場重組時所做的許多舉措。

Again, it's too early to call the ball, but the feedback we're getting relative to our distribution partners, our major customers, and I mean directly as I'm spending time with them, it's been overwhelmingly positive in terms of our approach. And going back to this whole getting closer to the customer, improving our service levels, improving business fundamentals, really tackling -- kind of blocking, tackling and doing it better, and it's working. And that's what we're seeing. And you're going to see it in the Q2 guide right now relative to Protective.

再說一次，現在下結論還為時過早，但我們從分銷合作夥伴、主要客戶那裡得到的反饋，以及我與他們直接交流時得到的反饋，都對我們的方法給予了極其積極的評價。回到整個過程，更加貼近客戶，提高我們的服務水平，改善業務基礎，真正解決問題——阻止問題，解決問題，做得更好，而且它正在發揮作用。這就是我們所看到的。現在您將在 Q2 指南中看到與 Protective 相關的內容。

Going back to your question around fulfillment industrials, industrials have continued to -- our industrial portfolio has continued to outperform our fulfillment portfolio, and it has done so as well in Q1. But keep in mind, churn that I'm referring to, that's fully lapping. To give you an idea, if you go to Q1, the net six number is down 4% in industrial, down 9% of fulfillment. But all of that merch churn that we talked about in North America is in fulfillment, going back to the Fill-Air business in Amazon.

回到您關於履行工業的問題，工業繼續——我們的工業投資組合的表現繼續優於我們的履行投資組合，並且在第一季也是如此。但請記住，我所指的流失是完全重疊的。舉個例子，如果你看一下第一季度，工業淨六位數下降了 4%，履行率下降了 9%。但我們在北美討論的所有商品流失都是在履行過程中發生的，可以追溯到亞馬遜的 Fill-Air 業務。

And so as you go forward, fulfillment gets a lot more positive, but begins to perform similar to our industrial specials have been performing along the way and to continue to improve. And so hopefully, that answers the question. But we're quite positive about the progress we're making and hopefully give you some insight into how we're driving it.

因此，隨著您的前進，履行情況會變得更加積極，但開始表現得類似於我們的工業特種產品一路以來的表現，並不斷改進。希望這能回答這個問題。但我們對於所取得的進展非常樂觀，並希望能夠讓您了解我們如何推動這項進程。

George Staphos, BofA Securities

喬治‧斯塔福斯，美國銀行證券

Dustin, I just want to talk a bit on how you're measuring your customer improvement and whether you're doing Net Promoter Scores or anything to that effect? And how you're managing that and how you're trying to improve scoring with customers for all the right reasons? While at the same time, you're taking out cost, which is kind of a difficult balancing act, right? You're taking out, in some ways, people while also trying to improve your position with your customers. So how is that going?

達斯汀，我只想談談您如何衡量客戶改善情況，以及您是否正在進行淨推薦值或類似的事情？您是如何管理這一點的？又是如何嘗試以正確的方式提高客戶評分的？同時，你還要降低成本，這是一種很難平衡的行為，對嗎？某種程度上來說，你在淘汰人才的同時，也試著提高你在客戶心目中的地位。那麼進展如何？

And then broadly, if you could give us a view relative to where you sit today versus, say, when you were talking about fourth quarter, would it be fair to say that Protective is maybe trending a bit better than you would have expected relative to Food or vice versa? How would you have us think about that as we think about momentum in the second half.

然後從總體上來說，如果您能給我們一個相對於您目前所處位置的看法，與您談論第四季度時相比，是否可以公平地說，防護用品的趨勢可能比您預期的要好一些，相對於食品，反之亦然？當我們考慮下半年的發展勢頭時，您希望我們如何看待這一點。

Yes. Thank you, George, and I appreciate the question. I'll give it to you in the three parts, right? So the first is, yes, to customer satisfaction. If you think about going back even 1.5 years ago, two years ago, that was really the starting point to really go out there and get our customer feedback, which is something that had been lost along the way. And since then, we've repeatedly gone back and checked it. And beyond that, it's also just being out there in front of our distribution partners personally and with our customers and our executive team to be out in the field a lot more than they have been historically.

是的。謝謝你，喬治，我很感謝你提出這個問題。我分三部分給你，可以嗎？是的，首先是客戶滿意度。如果你回想一下，甚至回到一年半前或兩年前，那才是我們真正走出去獲取客戶回饋的起點，而這正是我們一路走來所失去的東西。從那時起，我們就多次回去檢查。除此之外，我們還會親自出現在我們的分銷合作夥伴、我們的客戶和執行團隊面前，比以往更多地出現在現場。

And so the combination of those three things are -- when you think about customer scoring, that's absolutely -- there's the analytical side of it and then there's the softer side of it, just actually being out in the field. And in both cases, that's how we're getting the feedback today to make sure that we're certain that things are improving. And the answer would be -- so far, the answer is yes. It is improving. It's not where it needs to be is. I don't want to leave you with that. There's still a lot more work for us to do to continue to do that, and that will continue to happen through the efforts that we're talking about.

因此，當您考慮客戶評分時，這三件事的結合就是——它既有分析的一面，也有更軟性的一面，實際上就是在現場進行。在這兩種情況下，我們今天都是透過這種方式獲得回饋，以確保事情正在改善。答案是──到目前為止，答案是肯定的。情況正在好轉。它不在它該在的地方。我不想讓你留下這個。要繼續做到這一點，我們還有很多工作要做，而且我們會透過我們正在談論的努力繼續實現這一目標。

On the balancing act, I wanted if you go back to the prepared remarks because it's a great question, this balance between how do you continue to drive effectiveness in the business and efficiencies, while at the same time maximizing growth. And it really comes from the starting point. Do you think you're organized effectively, structured effectively? Are you processes effective?

關於平衡行為，我希望您回顧一下準備好的發言，因為這是一個很好的問題，即如何在繼續提高業務效率和效益的同時實現成長最大化之間取得平衡。它確實來自於起點。您認為您的組織有效、結構有效嗎？你的流程有效嗎？

And so where are we focused, and if you go back to the prepared remarks, we've actually been investing back into Protective sales, right? So we've been putting more feet on the street, particularly in North America over the past past, I would say, 90 days has really started as part of our planning effort in Q4 and that we've executed across Q1. And this is really a restoration.

那我們的重點是什麼？如果你回顧準備好的發言，我們實際上一直在投資保護性銷售，對嗎？因此，我們在過去特別是在北美進行了更多的街頭宣傳，我想說，90 天計劃實際上已經開始，這是我們在第四季度規劃工作的一部分，並且我們已經在第一季執行了該計劃。這確實是一種恢復。

If I go back to prior cycles, there was areas where we touched -- I go back and think of it as four or five years ago, where feet on the street were touched as part of some of the restructuring process. That's not been the case this time around. And it's really about trying to find efficiencies in other areas of the business. A perfect example of that is we shared a significant portion of our back office operations to Manila. And as a result of that, we're able to take some of those savings and put it back into the -- to still drive net leverage in the business.

如果我回顧之前的週期，就會發現我們觸及過一些領域——我回想起來那是四、五年前，當時作為重組過程的一部分，我們觸及了街頭的人們。這次的情況並非如此。這實際上是為了嘗試在業務的其他領域尋找效率。一個很好的例子就是我們將很大一部分後台業務轉移到了馬尼拉。因此，我們可以將部分節省的資金重新投入到業務中，並繼續推動淨槓桿率。

And so I still think there's plenty of opportunities across the business for us to become more effective and efficient. So it's not just about cost takeout for cost's sake, how do we actually drive that in a way that brings about organizational agility, speed to decision-making, reducing spans and layers, getting us closer to the customer. So it doesn't have to be perceived as a negative or impaired growth.

因此我仍然認為，整個業務中仍有許多機會可以讓我們變得更有效和更有效率。因此，這不僅僅是為了成本而降低成本，我們如何真正推動成本降低，從而帶來組織敏捷性、決策速度、減少跨度和層級，讓我們更貼近客戶。因此，它不必被視為負面或受損的成長。

And then your question on the last and the third part around is Protective trending better than original thought or relative to Food. And I would say right now, both businesses are kind of performing in line with our expectations kind of coming into the year. We talked about a drop in the second half, but these transformational efforts of Protective have been ongoing for the past year, and they've been waves of implementation and execution. And from that perspective, I feel good about where that's at.

然後你關於最後一部分和第三部分的問題是，保護趨勢比最初的想法或相對於食品更好。我想說的是，目前，這兩項業務的表現都符合我們對今年的預期。我們談到了下半年的下降，但 Protective 的這些轉型努力在過去一年中一直在持續進行，並且是一波又一波的實施和執行。從這個角度來看，我對目前的狀況感到滿意。

Keep in mind, over the past couple of months, we've actually accelerated a number of those initiatives. But the benefit of that acceleration will happen more in the second half. So I feel good about some of the language we've used around urgency and pace and how do we drive those improvements. So I do feel that stepping up, but the strategy has been the same, and it's just about how quickly we can pull forward those results, and that's what we're focused on.

請記住，在過去的幾個月裡，我們實際上已經加速了許多舉措。但這種加速的好處將在下半年更體現出來。因此，我對我們在緊迫性和節奏方面所使用的一些語言以及我們如何推動這些改進感到滿意。所以我確實感覺到了進步，但策略一直都是一樣的，關鍵在於我們能多快地取得這些成果，而這就是我們所關注的。

Matt Roberts, Raymond James.

馬特羅伯茲、雷蒙詹姆斯。

Hey, good morning, Dustin Ron and Mark, thanks for taking the question.

嘿，早安，達斯汀·羅恩和馬克，謝謝你們回答這個問題。

On the price side, you noted that net price was relatively unchanged. But maybe in each segment. Protective, are you seeing any changes in the competitive landscape? Or how do you think about price, particularly now that the areas where you saw churn out of the portfolio? Similarly on food, any changes or impacts from underlying resins? And it seems like everybody seems to be gaining share in Food. So any changes in the competitive environment? How that impacts price through the rest of the year?

在價格方面，您注意到淨價相對沒有變化。但也許在每個部分都是如此。保護性，您是否看到競爭格局有任何變化？或者您如何看待價格，特別是現在您看到的投資組合中的某些領域已經流失了？同樣，對於食物來說，底層樹脂會有什麼變化或影響嗎？似乎每個人在食品領域的份額都在增加。那麼競爭環境有什麼改變嗎？這對今年剩餘時間的價格有何影響？

Matt, great question, and I'll work through it step by step. So what we mean relatively unchanged, it really is. Like to give you an idea, we were down in our prior guidance on roughly 63%, now we're down roughly negative 57%. So it's improved slightly, but really not material in the full year. And the composition actually by segment is pretty comparable as well.

馬特，這個問題問得很好，我會一步一步解決。因此，我們所說的相對不變，確實如此。給你一個概念，我們之前的預期下降了大約 63%，現在下降了大約-57%。因此，情況略有改善，但全年來看並不重要。實際上，按部分劃分的構成也相當具有可比性。

So if you remember going back to February, what we talked about is that a majority of the negative price realization is in Protective for the reasons we've discussed in the past, due to a lower-for-longer volume environment in that business and just the competitive pressure, particularly in some of the areas like Fill-Air, et cetera, where, when Amazon decided to lead that business, it created a lot of supply in the market and put pricing pressure in that business. And so that's -- and all of us, whether you're IPG or StorePack, we're all feeling the effects of that decision.

因此，如果您還記得 2 月份的情況，我們談到的是，由於我們過去討論過的原因，大多數負價格實現都發生在 Protective 領域，這是由於該業務的長期低銷量環境和競爭壓力，特別是在一些領域，例如 Fill-Air 等，當亞馬遜決定領導該業務時，它在市場上創造了大量供應並對該業務施加了定價壓力。所以——我們所有人，無論是 IPG 還是 StorePack，都感受到了這個決定的影響。

And so going back to -- so the dynamics really haven't shifted and they're kind of in line with expectation. There's no been real shift in direct material inflation, nondirect material inflation. And if you get back to resins specifically, what I would say is that -- and this maybe dives a little bit into that tariff conversation in terms of the questions around that, is that right now, particularly with the recent change in China where they made an exemption for polyethylene, to be able to freely trade without being tariffed, it really kind of -- PEs kind of settled out right now.

所以回過頭來看——動態其實並沒有發生變化，而且它們有點符合預期。直接物質通膨和非直接物質通膨都沒有真正的轉變。如果你具體回到樹脂問題上，我想說的是——這可能與關稅對話有點相關，就目前有關問題而言，特別是隨著中國最近對聚乙烯做出豁免，使其能夠自由貿易而不被徵收關稅，這真的有點——聚乙烯現在已經解決了。

And you're seeing maybe even some flattish sequential movement right now, but it's still inflationary for the full, year. which is baked into our formula pricing. So that's not really changed much. It hasn't been a material impact. And with that change, you see the PE market kind of settled out. Because there was a period there where we were concerned there may be oversupply in the US market. Just as a reminder, for polyethylene, most of those are produced kind of domestic production for domestic consumption.

現在您看到的可能是一些持平的連續走勢，但全年仍然處於通膨狀態。這已融入我們的公式定價中。所以這其實並沒有太大的改變。這並沒有造成實質影響。隨著這種變化，你會看到 PE 市場趨於穩定。因為有一段時間我們擔心美國市場可能會出現供應過剩的情況。需要提醒的是，對於聚乙烯而言，大多數都是國內生產，供國內消費。

The area where we are seeing some pressure is in specialties. And a lot of those right now today are sourced outside of the US And obviously, with that, it could have some inflationary kind of indirect inflationary pressure relative to tariffs. But so far, we have not really experienced that. We don't see an impact, at least in Q2, at this point that's material. And so those are the areas that -- and that's why net price realization right now is relatively the same.

我們看到一些壓力的領域是專業領域。目前，其中許多都來自美國境外，顯然，這可能會帶來與關稅相關的某種間接通膨壓力。但到目前為止，我們還沒有真正經歷過這種情況。至少在第二季度，我們目前還沒有看到實質的影響。這些都是領域——這就是為什麼目前的淨價格實現相對相同。

Jeff Zakukas, JPMorgan

傑夫·扎庫卡斯（Jeff Zakukas），摩根大通

Thanks very much. Your sales were down year-over-year, but your gross margins expanded nicely. Why is that?

非常感謝。你們的銷售額較去年同期下降，但毛利率卻大幅提高。這是為什麼？

Jeff, pleasure and good question. So there's a couple of things. If you go back to really to the prior year, we continue to drive productivity initiatives into the into the business and cost takeout, right? So if you go over the prior year, we were kind of on track to obviously exceed the $150 million, $160 million we talked about as our cost takeout program. We're on track this year for $90 million. And what you've seen is that a lot of that goes into cost of goods sold, right, in terms of focusing on improving our cost positions in the business, in both businesses.

傑夫，很高興回答這個問題。所以有幾件事。如果回顧去年，我們繼續推動生產力計劃，以提升業務並降低成本，對嗎？因此，如果回顧去年，我們顯然預計將超過我們所說的 1.5 億美元、1.6 億美元的成本削減計劃。我們今年的預算為 9,000 萬美元。而您所看到的是，其中很大一部分都計入了銷售成本，對吧，就專注於改善我們在業務中（包括兩個業務）的成本狀況而言。

And so that's been really the -- as we've kind of talked about it over the past three or four quarters, and we're continuing to focus on it. What we're doing now as we think about the second half is actually looking at and saying, okay, is there more opportunity in the business beyond the $90 million that we really have baked into our outlook at this point in time. And that's where we're focused, and that's what's been able to drive our improvements.

所以這確實就是這樣——正如我們在過去三、四個季度中討論過的那樣，我們將繼續關注它。當我們考慮下半年時，我們現在所做的實際上是在觀察並思考，好吧，除了我們目前已納入展望的 9000 萬美元之外，業務中是否還有更多機會。這就是我們關注的重點，也是推動我們進步的動力。

And if you get into specifically why is that the case, it's optimizing production, optimizing scheduling, being able to try to minimize impactful supply base in terms of negotiation with suppliers from a pricing standpoint. It's everything from network optimization. I mean it's a whole swath of activity that we've been undergoing over the past over the past year to really drive that outcome. It's a great point, and we've been really pleased with the outcomes. So thank you for the question.

如果你具體了解為什麼會出現這種情況，那就是優化生產、優化調度，能夠從定價的角度在與供應商談判方面盡量減少有影響力的供應基礎。一切都與網路優化有關。我的意思是，為了真正實現這一結果，我們在過去的一年裡進行了一系列的活動。這是一個很好的觀點，我們對結果非常滿意。謝謝你的提問。

Philip Ng from Jefferies

Jefferies 的 Philip Ng

Congrats on a solid quarter in a choppy environment. So Dustin, I guess to kind of kick things off. Can you give us a little more color on the order patterns in April and May for Food and Protective? It sounded pretty steady, which is pretty encouraging, particularly on Protective. Appreciating at the shorter cycle business, how much line of sight do you have? And then certainly, you sell an element of that business through distribution, so that adds to element of visibility. But what are your channel partners saying as well?

恭喜您在動盪的環境中取得了穩健的季度業績。所以我想達斯汀可以開始做這件事了。您能否向我們詳細介紹一下四月和五月食品和防護用品的訂單模式？聽起來相當穩定，這相當令人鼓舞，特別是在保護方面。欣賞週期較短的生意，你的眼界有多大？當然，你可以透過分銷來銷售該業務的一部分，這樣就增加了知名度。但是您的通路夥伴又怎麼說呢？

Yes. So it's a great question. I would tell you that for the most part, whether you're in Food or Protective and you're talking to our end customers, their Q1s were in line with expectations in terms of their understanding, and most people are focused on what does that mean for the second half. So we actually haven't seen, going back to the prepared remarks, it was intentional in there and -- Phil, around -- we have -- our Q1 was really in line with expectations. We were ahead in a couple of areas.

是的。這是一個很好的問題。我想告訴你，在大多數情況下，無論你是從事食品還是防護行業，並且你正在與我們的最終客戶交談，他們的第一季業績都符合他們的理解預期，大多數人都關注這對下半年意味著什麼。因此，我們實際上還沒有看到，回到準備好的演講稿中，這是故意的，而且——菲爾，大約——我們——我們的第一季確實符合預期。我們在幾個領域都領先。

And then if you go to April and May, I mean, May is obviously very early at this point, but April has been largely on track. I would say the businesses where we're closely watching, potential trade downs in that beef area is a real close watch out. And you've seen some of the large industrial processors begin to hone in on that in the US But it's really a US specific commentary that I make in that comment around. But so far, Protective for April is in line with our expectations. And obviously, May, it's too early to call right now at this point, but we're quite pleased with where we're at.

如果你看一下四月和五月，我的意思是，五月顯然現在還很早，但四月基本上已經步入正軌。我想說的是，我們正在密切關注牛肉領域的潛在貿易下滑，需要我們密切關注。你已經看到美國的一些大型工業加工商開始關注這一點，但我在那條評論中所做的評論實際上是針對美國的特定評論。但到目前為止，四月的保護措施符合我們的預期。顯然，梅，現在下結論還為時過早，但我們對目前的狀況非常滿意。

Now it doesn't mean that we're not being cautious or being thoughtful about the second half. And going back to your question about distribution partners, the feedback I've gotten so far is that their Q1s were also kind of in line and on track, and April is kind of trending line where they think it needs to be.

這並不意味著我們對下半年不謹慎或不深思熟慮。回到您關於分銷合作夥伴的問題，到目前為止我得到的反饋是，他們的第一季業績也基本上符合預期，四月份的業績也達到了他們認為應該達到的趨勢線。

And -- but again, I go back to it, they're also cautious about the second half and trying to figure out which industries may be affected and what does that mean to overall demand and what does it mean by geographical composition. And those are the areas that we're going to be focused on in the second half, beyond what can we do to mitigate. And so if you think about it over the next couple of months, I think a lot of this will play out, and we'll get a lot more it across the entire ecosystem, whether it's our distribution partners or ourselves directly or our direct customers.

而且 — — 但我再次回到這個問題，他們也對下半年持謹慎態度，並試圖弄清楚哪些行業可能會受到影響，這對總體需求意味著什麼，對地理構成意味著什麼。除了我們可以採取的緩解措施之外，這些都是我們下半年要重點關注的領域。因此，如果你考慮接下來的幾個月，我認為很多事情都會發生，我們會在整個生態系統中獲得更多，無論是我們的分銷合作夥伴，還是我們自己，還是我們的直接客戶。

Michael Roxland, Truist Securities

Truist Securities 的 Michael Roxland

Yeah, thank you, Dustin Rooney and Mark for taking my questions

是的，謝謝達斯汀魯尼和馬克回答我的問題

I'll echo a big congrats on a good quarter despite the backdrop. Dustin, you mentioned that the Protective turnaround is going to take some time to realize, and you've been working on it actually, it sounds like the last year or so. But in your transition to see the Board stressed that they have a sense of urgency around timing. So given the fact you've been working on the Protective turnaround for about a year, can you help us frame what the timing looks like on a go-forward basis? Is it nine months, 12 months, 18 months?

儘管背景如此，我還是要對本季的良好表現表示祝賀。達斯汀，你提到保護性轉變需要一些時間才能實現，實際上你一直在努力，聽起來像是去年左右。但在過渡期間，董事會強調，他們對時間有一種緊迫感。那麼，考慮到您已為保護性轉變工作了大約一年的時間，您能否幫助我們確定未來的時間安排？是九個月、十二個月還是十八個月？

I'm realizing it's a delicate balance between expediency and ensuring that the changes you're making are the right ones. But just trying to get a sense of -- help us frame how we should think about the Protective changes and the timing for the change to occur? And then one last one quick one. Just realizing the Protective has multiple portfolios across many geographies, is it possible to separate some of those portfolios that you determined maybe are not core without negatively impacting the remainder of this? Thank you.

我意識到，這需要在權宜之計和確保所做的改變是正確的之間取得微妙的平衡。但只是想了解——幫助我們建立我們應該如何看待保護性變化以及變化發生的時間？最後再簡單說一下。只是意識到 Protective 在多個地區擁有多個投資組合，是否有可能分離出一些您確定可能不是核心的投資組合，而不會對其餘部分產生負面影響？謝謝。

Mike, it's a great question. So a couple of things, because I'm going to contextualize it in two ways because you talked about the urgency and then you're balancing the commentary in the script around taking time to realize. So -- and then you're just posing that all what does that mean in terms of translating to results. So you got to park to the side to the second on the macro row backdrop in some of those areas.

麥克，這個問題問得很好。所以有幾件事，因為我將從兩個方面來將其具體化，因為你談到了緊迫性，然後你在腳本中平衡了關於需要時間去實現的評論。那麼 — — 然後你只是提出，就轉化為結果而言，這一切意味著什麼。因此，您必須將車停在其中一些區域的宏觀行背景第二側。

So what's happened? The question is really you go back to the transition to CEO and what have we been doing differently. We've really been focused on accelerating the transformation programs that we've had within that business. We talk about it in the script, and we hit on a couple of different areas. But one of them is -- again, we talked about the North American go-to-market transition. The focus now is translating some of that benefit into our other geographic regions, right? That's an acceleration that's happened over the past, say, 70 days.

那麼發生了什麼事？問題實際上是回顧執行長的過渡時期，我們做了哪些不同的事情。我們一直致力於加速該業務的轉型計劃。我們在劇本中討論了這個問題，並涉及了幾個不同的領域。但其中之一是──我們再次討論了北美市場進入轉型。現在的重點是將部分利益轉化為我們的其他地理區域，對嗎？這是過去 70 天內發生的加速。

And then if you go into this kind of idea of having a fit purpose cost model to continue to drive effectiveness and efficiencies in the business, also giving us the ability to reinvest in growth and continue to maintain operational leverage as we work through the deleveraging the business from a volume perspective. That's also relatively new and also being accelerated as part of this effort. And then beyond that, just -- we've talked about it briefly, but some of the enhancements in our leadership. That piece of it continues to be underway, and I think that we'll be in a much better position, think of it over the next 90 days to six months.

然後，如果你有這樣的想法，即擁有一個適合用途的成本模型來繼續提高業務的有效性和效率，同時也使我們能夠在從數量角度去槓桿的過程中，對增長進行再投資，並繼續保持運營槓桿。這也是相對較新的，並且作為這項努力的一部分正在加速。除此之外，我們已經簡要地討論了我們領導力的一些增強。這部分工作仍在進行中，我認為我們將處於更有利的地位，想想未來 90 天到 6 個月的情況。

On the last piece, which we didn't really touch on the script because a lot of that work is still ongoing and we've highlighted in the past, is really around -- and I'll touch on your point about portfolio optimization. But when you think about this idea around the fiber side, how we're approaching mailers, how we're approaching our paper systems, how are we thinking about our APS business, particularly in our hybrid auto bagger bringing to market now over the summer, we feel really good about those areas. And that portfolio relative to fulfillment and making sure that we're more substrate agnostic, that we're making progress in that area, and that's an area of acceleration.

關於最後部分，我們並沒有真正觸及腳本，因為很多工作仍在進行中，而且我們過去已經強調過，這確實是關於——我將談談你關於投資組合優化的觀點。但是當你從光纖方面考慮這個想法時，我們如何處理郵件，我們如何處理我們的紙張系統，我們如何看待我們的 APS 業務，特別是我們的混合自動裝袋機在夏季推向市場，我們對這些領域感到非常滿意。該產品組合與履行相關，並確保我們更加了解基材，我們在該領域取得了進展，這是一個加速領域。

So when you put those things together, and you think about the business over holistically, we're already demonstrating that if you look at our perception of quarters that we have currently in our guide, you're already talking about being down roughly 6%, being down 4%, and that progression will continue throughout the second half. And we're still targeting that, take outside the macro backdrop for a second if there's something cyclical impact associated with that.

因此，當你把這些因素綜合起來，並從整體上考慮業務時，我們已經證明，如果你看一下我們指南中目前對各個季度的看法，你會發現，銷售額已經下降了大約 6%，下降了 4%，而且這種下降趨勢將持續到下半年。我們仍然以此為目標，暫時拋開宏觀背景，看看是否有與之相關的周期性影響。

But right now -- and you're seeing this, so I'll go back to is a proof point, is that you're seeing some of these outcomes already being driven. And another highlight, just to reiterate the commentary, which is on EMEA being the best quarter we've had since 2021. And whilst down 1 point, it's a significant improvement over the past, say, two years. And our Asia business is growing. It's really North America that we're really focused on improving that bottom line.

但現在——你們看到了這一點，所以我會回過頭來看，這是一個證明點，那就是你們已經看到其中一些結果正在實現。另一個亮點是重申評論，即 EMEA 是我們自 2021 年以來最好的一個季度。雖然下降了 1 個百分點，但與過去兩年相比已經有了顯著改善。我們的亞洲業務正在成長。我們真正關注的是北美，以改善這一底線。

So to answer your last question around specifically the portfolio optimization, at this point in time -- and just as a reminder, we have -- we're still the largest protective packaging business in the world by a factor of almost two. And it's the breadth of our portfolio, the strength -- that drives the strength of our relationships and distribution.

因此，為了回答您關於投資組合優化的最後一個問題，目前——只是提醒一下，我們——仍然是世界上最大的保護性包裝企業，其規模幾乎是其他企業的兩倍。我們的產品組合的廣度和實力推動了我們的關係和分銷的實力。

And we -- it's an area that, at least at this point in time, outside of the smaller things that we prune, if you think about EVOH fill business, if you think about (inaudible), if you think about a couple of these areas that were smaller we've already called out, we don't see large portfolio shifts at this point in time. We're really trying to optimize the business that we have, particularly in this current M&A environment.

而且我們 — — 這是一個領域，至少在目前這個時間點，除了我們修剪的較小的東西之外，如果你考慮 EVOH 填充業務，如果你考慮（聽不清楚），如果你考慮我們已經提到的幾個較小的領域，我們目前沒有看到大的投資組合轉變。我們確實在努力優化現有的業務，特別是在目前的併購環境下。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特。

Yeah, hi, good morning. I had just a couple of follow-ups on Protective. First, can you say explicitly what your volume assumption is for the second half? I'm not entirely clear if you've updated that or you're saying you're going to update that next quarter relative to the 4% decline you're assuming in second quarter. And then somewhat related, I guess, with tariffs. I was just curious on the equipment side, how domestically sourced those materials and parts are? I guess, more explicitly, how much of that comes directly from China? Is that a risk on cost and delaying or pushing out some deployments for you guys?

是的，你好，早安。我對 Protective 只進行了幾次跟進。首先，您能否明確說明下半年的交易量假設是多少？我不太清楚您是否已經更新了該數據，或者您是否說您將在下個季度更新該數據，相對於您假設的第二季度 4% 的降幅。我想，這和關稅有些相關。我只是好奇在設備方面，這些材料和零件是如何從國內採購的？我想，更明確地說，其中有多少是直接來自中國？對你們來說，這是否存在成本風險以及延遲或推遲某些部署？

Josh, this is Dustin. And the equipment question, just to be specific, are how about Food and Protective, or Protective, or both?

喬希，這是達斯汀。關於設備的問題，具體來說，是食物和防護設備怎麼樣，還是防護設備怎麼樣，還是兩者兼具？

I was asking more about protective, but if it's easy to answer for both, go ahead.

我問的更多是關於保護的問題，但如果兩者都很容易回答，那就繼續吧。

Yes. So to be explicit about the second half, we're down about 1 point in -- in Protective. And so going back to the question on equipment, so again, on the tariff piece of it, for the most part with the USMCA exemptions, that's largely significantly reduce our exposure to any potential direct tariff impacts. There are some in equipment, but we right now we see them as relatively material, and that we're able to manage through sourcing and changes that we can put in our supply chain.

是的。因此，明確一下下半場的情況，我們在保護方面下降了約 1 個百分點。所以回到設備問題，再次，關於關稅部分，在很大程度上有了 USMCA 豁免，這在很大程度上大大減少了我們受到任何潛在直接關稅影響的風險。設備上有一些，但我們現在認為它們相對重要，並且我們能夠透過採購和改變我們的供應鏈來管理它們。

So at this point in time, we don't see a material impact in terms of being able to place or drive equipment sales outside the demand environment. And our equipment business, to answer the question directly, right now is still in line with our expectations. And just as a reminder for everyone, holistically, it's about -- it rounds to about $0.5 billion, 50-50 between equipment sales and parts and services. And split 50-50 between both businesses.

因此，目前，我們還沒有看到在需求環境之外定位或推動設備銷售方面產生實質影響。而我們的設備業務，直接回答這個問題，目前仍符合我們的預期。需要提醒大家的是，整體而言，大約是 5 億美元，設備銷售額和零件及服務銷售額各佔 50%。並將兩家企業各佔一半份額。

And so -- and right now, the first quarter, to give you a sense in both businesses, our book-to-bill was above one, kind of indicating some of the strength in the order intake. And so hopefully, that answers the question. So quite positive about that with there.

因此 — — 現在，第一季度，為了讓大家了解這兩個業務的情況，我們的訂單出貨比都高於 1，這在一定程度上表明了訂單量的強勁。希望這能回答這個問題。所以對此非常樂觀。

Gabe Hajde, Wells Fargo.

富國銀行的 Gabe Hajde。

Dustin, Ronnie, good morning.

達斯汀、羅尼，早安。

I wanted to go to margins, and you guys kind of came in 100 bps above our model on a consolidated basis. Maybe drilling in a little bit on Food, that was where some of the outperformance was. And I appreciate that things can move around based on timing of resin recovery and raw material movements, et cetera.

我想討論利潤率，而你們的利潤率在合併基礎上比我們的模型高出 100 個基點。也許對食品進行一些深入研究，這就是一些表現優異的地方。我很欣賞事情會根據樹脂回收的時間和原材料的移動等而改變。

But just higher level, Dustin, as you look at the business and the value-add that you bring to your customers, are you performing in line with where you would expect in that business? Was there anything peculiar in the first half of '25 that would kind of prevent you from being in that range on a go-forward basis?

但是從更高的層次來說，達斯汀，當你審視業務以及你為客戶帶來的附加價值時，你的表現是否符合你對該業務的預期？25 年上半年是否有什麼特殊情況，導致您無法繼續維持這個範圍？

It's a great question, Gabe. And again, what I would tell you goes back to some of the prior commentary. If you look at our guidance right now, I mean, we're expecting to be in the -- for the Food business overall holistically, in that -- think of it as 23 points of margin range, which is obviously kind of in line with how we performed in 2025 and we demonstrated again in Q1. So I don't see anything peculiar in either year that would not lead to be long-term sustainable margin growth.

這是一個很好的問題，加布。再次，我想告訴你們的是一些先​​前的評論。如果你看一下我們現在的指導，我的意思是，我們預計——就整個食品業務而言——利潤率範圍為 23 個百分點，這顯然與我們在 2025 年的表現一致，我們在第一季度再次證明了這一點。因此，我認為這兩年都不會出現任何異常情況，從而實現長期可持續的利潤成長。

There is a -- or in terms of that 23 percentage point range, we get the question often times about how much more leverage you're trying to drive in that business. And right now, this has been really on growth. And so as you think about stepping that margin up, that we don't really see it from here in terms of having like this long growth ramp relative to margin expansion, unlike Protective where there's more room to run.

就 23 個百分點的範圍而言，我們經常被問到您試圖在該業務中推動多少槓桿。而現在，這確實在成長。因此，當您考慮提高利潤率時，我們實際上並沒有看到它相對於利潤率擴張有如此長的成長坡度，而不像 Protective 那樣有更大的成長空間。

And so right now, we're focused on how do we find areas to step up our growth kind of above market, which is where we've been performing kind of here recently in terms of market growth rates. Think of it as pre '24 and '25, and that's our focus right now.

因此，現在我們專注於如何找到能夠提高我們高於市場成長水平的領域，這也是我們最近在市場成長率方面表現良好的領域。將其視為 24 年和 25 年之前，這就是我們現在的重點。

The question is how have we been able to drive, that. It goes back to some of the prior commentary, a lot of that is really just putting -- driving productivity in both the businesses and cost takeout. And there's nothing, at least at this point in time that would indicate we're not able to do it. On a positive note as well, if you look at this year, our net price realization is -- while it's not positive or 0 yet, it's still is still relatively low compared to prior year. So you're seeing that gap begin to narrow, which obviously makes it a little easier of kind of managing the business going forward, where pricing kind of help offset a lot of that inflationary impact.

問題是我們如何能夠實現這一點。這可以追溯到之前的一些評論，其中許多實際上只是為了提高企業的生產力和降低成本。至少目前為止，沒有任何跡象表明我們無法做到這一點。從積極的一面來看，如果你看看今年，我們的淨價格實現是 - 雖然它還不是正數或 0，但與去年相比仍然相對較低。因此，你會看到差距開始縮小，這顯然使得未來的業務管理變得更容易一些，定價有助於抵消許多通膨影響。

Stefan Diaz, Morgan Stanley.

摩根士丹利的史蒂芬·迪亞茲。

Hi Dustin, Ronnie Mark, thanks for taking my question.

你好，達斯汀，羅尼馬克，謝謝你們回答我的問題。

So you originally, and I guess still do, sort of expect a second half recovery in Protective volumes as you fully lap some of the customer churn that you mentioned earlier. But your original guide, I guess, was given before Liberation Day and before the escalation of the US-China trade tensions. Maybe if you could just give us your thinking about sort of holding that guide. And maybe to the extent you have the ability in your Protective business, how much of your international Protective exposure is for importation into the US?

因此，您最初（我想現在仍然如此）預計保護性銷售將在下半年復甦，因為您完全解決了之前提到的部分客戶流失問題。但我猜，您最初的指南是在解放日之前和中美貿易緊張局勢升級之前給出的。也許您可以告訴我們您對持有該指南的想法。也許就您在保護業務方面的能力而言，您的國際保護業務有多少是用於進口到美國的？

Stefan, all great questions. There's a couple of things that I will comment on on this particular one. Keep in mind that when we talked about the outlook for the year, we are seeing some volume pressure in Protective, and we called that out and the numbers I quoted already reflect that. So while the guide overall is intact, we're really seeing some modest volume softness based on what we can see already today and think of how that's going to cascade and proceed throughout the year, and then that's being offset by a benefit in FX.

史蒂芬，這些都是很棒的問題。針對這一點，我想評論幾件事。請記住，當我們談論今年的前景時，我們看到了防護產品方面存在一些銷售壓力，我們指出了這一點，我引用的數字已經反映了這一點。因此，儘管總體指南是完整的，但根據我們今天已經看到的情況，我們確實看到了一些適度的成交量疲軟，並思考這種疲軟將如何在全年持續下去，然後被外匯帶來的好處所抵消。

And it's a moderated FX outlook is similar to others, where we don't think the yields of these other currencies will remain at the levels they are out today in terms of devaluation, in terms of the US dollar weakening against them. And so that's guide is constructed. And so you see some slight volume loss and kind of reductions in Food, and you see it some in Protective kind of reflecting that uncertainty in the marketplace, being offset by an improved FX outlook.

與其他貨幣類似，外匯前景也趨於溫和，我們認為，就貶值和美元兌其他貨幣的匯率而言，這些其他貨幣的收益率不會維持在目前的水平。這就是指南的建造過程。因此，您會看到食品方面的交易量略有下降，保護性方面的交易量也有所減少，這反映了市場的不確定性，但外匯前景的改善抵消了這一影響。

So in terms of international exposure, paring through this lens and really understanding Protective packaging materials, what's coming in from import, export, how does that eventually make it to the end user and what's being affected by, as an example, the reduction in potential Chinese imports into the US, that area is an area where we have limited visibility. Other than to say this, which is, if you think about our business, a majority of it is obviously in industrials, which is going to have far less exposure from that particular perspective.

因此，就國際影響力而言，透過這個視角，真正了解保護性包裝材料，了解進口和出口的情況，了解這些材料最終如何到達最終用戶手中，了解哪些因素會受到影響，例如，美國中國進口量減少，這些因素對我們的影響有限。除此之外，如果你考慮我們的業務，你會發現其中大部分顯然是在工業領域，從這個特定角度來看，工業領域的風險敞口要小得多。

And keep in mind that most of our business outside of the import export is domestic production for domestic consumption. So it is hedged to some degree, geographically from the tariff impacts themselves and the demand localized to those economies. And so right now, at this point in time, we haven't seen a change in buying patterns, change in order behavior. No living cautiousness relative to saying, hey, we could let's destock for a bit and wait and see what happens before we restock. We haven't seen any form of that, at least at this point in time.

請記住，除了進出口之外，我們的大部分業務都是國內生產，國內消費。因此，從地理上來說，它在一定程度上避免了關稅本身的影響以及這些經濟體本地化的需求。所以現在，就目前而言，我們還沒有看到購買模式的變化，訂單行為的變化。我們沒有絲毫謹慎，只是說，嘿，我們可以先減少庫存，等著看會發生什麼，然後再補貨。至少目前我們還沒有看到任何形式的這種情況。

And then going back to the prior commentary, because it's an excellent question, this is an area that we're going to continue to pressure over the next two to three months to really understand if there's back half. Because going back to the prepared remarks, there is limited visibility in Protective. It's not just for us or for our distribution partners, and to some degree, the diversification of the business geographically, product-wise, and then just diversity relative to customer base.

然後回到先前的評論，因為這是一個很好的問題，我們將在接下來的兩到三個月內繼續對這個領域施加壓力，以真正了解是否還有後半部分。因為回到準備好的發言，保護性的可見性有限。這不僅對我們或我們的分銷合作夥伴而言，而且在某種程度上，業務的地理多樣化、產品多樣化，以及相對於客戶群的多樣化。

Christopher Parkinson, Wolf Research.

克里斯托弗·帕金森，沃爾夫研究中心。

Great, thank you so much for taking my question. Can you hit on a little bit on the trends that you're seeing in red meat markets? If you could just parse out international trends versus the US and how that flows in not only to your second half assumptions, but also just intermediate to long term in terms of your competitive positioning? Thank you so much.

太好了，非常感謝您回答我的問題。能否稍微談談您所看到的紅肉市場趨勢？您是否可以分析一下與美國相比的國際趨勢，以及這不僅如何影響您下半年的假設，而且如何從中期到長期的競爭定位來看？太感謝了。

Chris, all great questions. And so going back to some of the prepared commentary, I would say, in general, market expectations have largely been the same. If you go back to February to today across the protein markets, was an exception of really in the US And so in the US is where -- the question has been around the US beef cycle.

克里斯，這些都是很棒的問題。因此，回顧一些準備好的評論，我想說，總體而言，市場預期基本上相同。如果回顧二月到今天的蛋白質市場，你會發現美國確實是一個例外，所以在美國，問題一直圍繞著美國牛肉週期。

In Q1, we had some a little bit of a flip where beef was better than we anticipated similar to last year, where kind of every quarter, industrial food processors were still taking advantage of market pricing, continuing to keep the herd low, but effectively slaughtering everything they could along the way, where you've seen that dynamic kind of play out in Q1, but there was an offset this time relative to turkey and to pork.

在第一季度，我們遇到了一些小變化，牛肉市場比我們預期的要好，與去年類似，幾乎每個季度，工業食品加工商仍在利用市場定價，繼續保持低存欄量，但實際上在屠宰過程中盡可能多地屠宰牲畜，您在第一季度已經看到了這種動態變化，但這次相對於火雞和豬肉而言有所抵消。

We're going to see that reverse going back to the remainder of the, year where we do believe that to come back and help offset some of that weakness that we do perceive to be in beef. And what we've talked about, going back to the commentary, and you've seen this in some of the other industrial food processors where there is a perspective that with the impacts we're having potentially on the consumer it may apply pressure on premium beef purchases, and you start working your way down, trade downs and trade-outs and working our way down that spectrum.

我們將看到這種逆轉趨勢在今年剩餘時間內繼續下去，我們確實相信這種逆轉趨勢將會回歸並有助於抵消我們認為的牛肉市場的一些疲軟跡象。回到評論，我們已經討論過了，你可以從其他一些工業食品加工商那裡看到這種情況，他們有一種觀點認為，由於我們可能對消費者產生影響，可能會對優質牛肉的購買造成壓力，因此你開始逐步降低價格，減少交易，逐步淘汰，並逐步降低價格。

We're well positioned to make sure to take share across those product lines. So today, we have great share across most of those areas. So it's not that we're not in a position, but there is a potential mix impact that we would need to mitigate throughout the second half as those trade downs to occur. But again, it's a US market.

我們已做好準備，確保在這些產品線上佔據份額。所以今天我們在大多數領域都佔有很大的份額。因此，並不是說我們沒有能力，而是隨著這些交易的減少，我們需要在下半年減輕潛在的混合影響。但再說一次，這是美國市場。

If you go to the international markets, the Australian beef cycle, Latin American beef cycle, continue to be very strong. We are seeing some shifts in exporting. So if you think about, as an example, in the US, you're seeing lower exports to China and you're seeing that demand being picked up by Australia, by Brazil and other geographies. But again, we're well positioned in all these geographies that pick up that demand.

如果你看看國際市場，澳洲牛肉週期、拉丁美洲牛肉週期持續保持強勁。我們看到出口出現了一些變化。以美國為例，你會發現對中國的出口下降，而澳洲、巴西和其他地區的需求正在上升。但同樣，我們在所有這些滿足這一需求的地區都佔據著有利地位。

It's just the big area that we're focused on is North America. And really looking at how this market plays out in, because it does still, being roughly 65% of the Food, it's hard for the other markets to offset it. But if you go back to the commentary, those markets outside the US continue to perform incredibly well.

我們關注的重點區域是北美。看看這個市場是如何運作的，因為它仍然佔據食品市場的約 65%，所以其他市場很難抵消它的影響。但如果你回顧一下評論，你會發現美國以外的市場繼續表現得非常好。

Arun Viswanathan, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Arun Viswanathan。

Thanks for taking my question. Hope you guys are well. Congrats as well. Congrats on the Q1 there. '

感謝您回答我的問題。希望你們一切都好。也恭喜你。恭喜第一季取得如此佳績。'

I'm just curious on the guidance. So it's not like you've been -- understanding there is a lot of -- out there. But I guess have you seen any slowdown in maybe in Food volumes, you continue to outperform there. And maybe if I asked another way, in keeping the guidance as is, are you saying that there's maybe some pull forward? Or mainly just on that kind of 9% swing in volumes that you've kind of maintained your guide and just building in some conservatism?

我只是對指導感到好奇。所以這並不像你曾經了解的那樣——那裡有很多東西。但我想您是否看到食品銷量有所放緩，而您仍繼續在該領域表現出色。如果我換個方式問，在保持原有指導的情況下，您是否是說可能會有一些向前的推動？或者主要只是因為交易量出現了 9% 的波動，所以您才維持了指導方針並採取了一些保守態度？

Yes. All great questions. And so a couple of things I would say. One is going back to the question around kind of the first quarter and then what we're seeing in the month of April and the question around pull forwards, there was, I would say, in Q1, very minimal pull forwards, particularly in our Canadian business, where you saw some customers being concerned around the current tariffs that were impacted, but this is really de minimis relative to the overall kind of performance for the company.

是的。這些都是很棒的問題。我想說幾點。首先回到第一季的問題，然後是我們在四月份看到的情況以及關於向前推進的問題，我想說，在第一季度，向前推進非常小，特別是在我們的加拿大業務中，你會看到一些客戶擔心當前的關稅會受到影響，但相對於公司的整體業績而言，這確實是微不足道的。

And so in terms of slowdown overall, we haven't really seen a slowdown in the business. Other than I would say, the concern around premium beef and those cuts, and that's more a recent phenomenon that we're looking out for. But in general, we haven't seen any material change.

因此，就整體放緩而言，我們並沒有真正看到業務放緩。除此之外，我想說的是，人們對優質牛肉和那些切塊的擔憂，以及我們正在關注的最近出現的現象。但總體來說，我們還沒有看到任何實質的變化。

The concern on is really what's to come, right, relative to the economic outlook in the second half and what can we do to mitigate it if those outcomes do play out the way they they may. And that's where we're focused right now. But this is the challenging part of where we sit today, is just that the business itself for the first quarter as well as kind of heading into April has been performing really in line with expectations.

我們真正擔心的是下半年的經濟前景會發生什麼，以及如果這些結果確實按照預期發展，我們該如何緩解這種影響。這就是我們現在關注的重點。但這是我們今天所面臨的挑戰，第一季以及四月的業務本身的表現確實符合預期。

Edlain Rodriguez, Mizuho Securities.

瑞穗證券的埃德萊恩·羅德里格斯 (Edlain Rodriguez)。

Okay, thank you. Good morning, everyone.

好的，謝謝。大家早安。

I mean just a quick one for me. If we see supply chain and other costs increasing because of tariffs, do you believe like you're positioned well to raise prices to pass through those costs? Or do you think you need like stronger volume to be able to do that? And also, which segments will have like an easier or harder time to pass through those costs?

我的意思只是快速地做一下。如果我們看到供應鏈和其他成本因為關稅而增加，您是否認為您可以提高價格來轉嫁這些成本？或者您認為需要更大的音量才能做到這一點？此外，哪些部分將更容易或更難轉嫁這些成本？

Again, I was waiting for the tariff question. So I'm glad I got it here. And so a couple of things I would tell you around the tariff specifically, is that, in general, with the change with USMCA being exempt, that really minimized our exposure across both businesses.

我再次等待關稅問題。所以我很高興在這裡得到它。因此，關於關稅，我想具體告訴你幾件事，總的來說，隨著 USMCA 豁免的變化，這確實最大限度地減少了我們在兩家企業中的風險。

There's more exposure in Protective -- excuse me, in Food than Protective. But in general, right now, keep in mind our Food business, contractually, in many cases, we can push through the price if necessary. But we see it relatively minimal.

防護方面的曝光度更高——抱歉，是食品方面的曝光度比防護方面的更高。但總的來說，現在，請記住我們的食品業務，根據合同，在很多情況下，如果有必要，我們可以提高價格。但我們見到的這種情況相對較少。

I mean I don't want to overplay the exposure we have in each business. Right now, it's relatively minimal in both Food and Protective. And as we mentioned in the script, we, at this point in time, we believe we can mitigate whatever we need to through pricing actions and or supply chain actions. And that's the supply chain we've been -- we've had in motion really since November and have really continued to focus on that over the past four, five months.

我的意思是我不想誇大我們在每個業務領域的曝光率。目前，食品和保護方面的投入都相對較少。正如我們在腳本中提到的那樣，目前，我們相信我們可以透過定價行動和/或供應鏈行動來緩解任何我們需要緩解的問題。這就是我們一直以來的供應鏈——我們從 11 月就開始運作了，並且在過去的四、五個月裡我們一直持續關注這一點。

The other area I'll leave you with is that the one that's kind of -- to play out. I think we got the question earlier, which is around how will resins perform in the full year. So we're highly focused there, and managing that with our suppliers. And seeing, as an example, opportunities where we may be getting a particular specialty from another country, but they have assets in another country where can we get it produced there to help mitigate it as an example.

我要留給你們的另一個領域是──發揮作用的領域。我想我們之前已經提出過這個問題，即樹脂全年的表現如何。因此，我們高度關注這一點，並與我們的供應商一起管理。舉個例子，我們可能從另一個國家獲得某種特定的專業，但他們在另一個國家擁有資產，我們可以在哪裡生產它以幫助緩解這種情況。

Same thing for our equipment business, while there may be some impacts on this question came up earlier, we're looking at ways to source the different parts and components from other areas. And right now, at this point in time, we see a path in many of these cases to be able to do that. It's just a question of when, timing, et cetera. And also keep in mind that the trade policies themselves have evolved quite a bit already, and we expect that evolution to continue throughout the second half. So to some degree, it's not a -- it's not quite stable yet.

對於我們的設備業務來說也是一樣，雖然這個問題可能會受到一些影響，但我們正在尋找從其他地區採購不同零件的方法。而現在，在這個時候，我們在許多情況下都看到了實現這一目標的途徑。這只是時間、時機等等的問題。還要記住，貿易政策本身已經發生了很大變化，我們預計這種變化將在整個下半年持續下去。所以從某種程度上來說，它還不夠穩定。

But anyway, I'll leave you with that, is we feel really good about in both cases. And to your question around do we need the volume? The answer is no, right? Because in most cases, we're in a similar position relative to our competitors. And so if one has to price, we'll probably most like you see the market price.

但無論如何，我要告訴你們的是，我們對這兩種情況都感覺很好。至於您問的我們是否需要音量呢？答案是否定的，對嗎？因為在大多數情況下，我們與競爭對手處於類似的地位。因此，如果必須定價，我們可能最希望您看到的是市場價格。

At this time, I am showing no further questions. I would now like to turn it back to Dustin Semach for closing remarks.

目前，我沒有其他問題。現在我想請達斯汀·塞馬赫作最後發言。

I'd like to thank everyone for joining us this morning. I look forward to updating you over the coming quarters on our ongoing transformation and how we will continue to successfully navigate the environment.

我要感謝大家今天早上的參加。我期待在未來幾季向您通報我們正在進行的轉型以及我們將如何繼續成功應對環境。

We have weathered similar challenges before and learned lessons that made us more resilient and prepared. From navigating past economic cycles to the turbulence of COVID-19, our business has demonstrated strength, resilience and adaptivity. This challenge is no different, and I'm confident that we will navigate the landscape accordingly.

我們以前也經歷過類似的挑戰，並從中吸取了教訓，使我們更有韌性、更有準備。從過去的經濟週期到 COVID-19 的動盪，我們的業務展現了實力、韌性和適應性。這次的挑戰也不例外，我相信我們能夠順利應付。

I'd like to close by thanking the global Sealed Air team, you continue to focus on what's more important, delivering out for our customers day in and day out and each other. Thank you.

最後，我要感謝全球 Sealed Air 團隊，你們繼續關注更重要的事情，日復一日地為我們的客戶和彼此提供服務。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。