宣偉 (SHW) 2025 Q1 法說會逐字稿

Good morning. Thank you for joining The Sherwin-Williams Company's review of first quarter 2025 results and our outlook for the second quarter and full year of 2025. With us on today's call are Heidi Petz, Chair, President and CEO; Al Mistysyn, Chief Financial Officer; Paul Lang, Chief Accounting Officer; and Jim Jaye, Senior Vice President, Investor Relations and Communications. This conference call is being webcast simultaneously in listen-only mode by Issuer Direct via the Internet at www.sherwin.com. An archived replay of this webcast will be available at www.sherwin.com beginning approximately 2 hours after this conference call concludes.

早安.感謝您參與宣偉公司 2025 年第一季業績回顧以及對 2025 年第二季和全年的展望。參加今天電話會議的有董事長、總裁兼首席執行官 Heidi Petz； Al Mistysyn，首席財務官；保羅·朗 (Paul Lang)，首席會計官；以及投資者關係和傳播高級副總裁 Jim Jaye。本次電話會議將由 Issuer Direct 透過網際網路 www.sherwin.com 以只聽模式同步進行網路直播。本次網路廣播的存檔重播將於本次電話會議結束後約 2 小時在 www.sherwin.com 上提供。

This conference call will include certain forward-looking statements as defined under the U.S. federal securities laws with respect to sales, earnings and other matters. Any forward-looking statement speaks only as of the date of which such statement is made, and the company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A full declaration regarding forward-looking statements is provided in the company's earnings release transmitted earlier this morning. After the company's prepared remarks, we will open the session to questions.

本次電話會議將包括美國聯邦證券法所定義的有關銷售、收益和其他事項的某些前瞻性陳述。任何前瞻性聲明僅代表聲明發布之日的觀點，本公司不承擔更新或修改任何前瞻性聲明的義務，無論其是否出現新資訊、未來事件或其他原因。該公司今天早上發布的收益報告中提供了有關前瞻性陳述的完整聲明。在公司發表完準備好的發言後，我們將開始回答問題。

I will now turn the call over to Jim Jaye.

現在我將電話轉給 Jim Jaye。

Thank you, and good morning to everyone. Sherwin-Williams continued to execute our strategy and delivered solid first quarter results with the demand environment remaining challenging as we expected. On a year-over-year basis, consolidated sales were within our guided range, with growth in Paint Stores Group offset by softness in our other two segments. Gross margin and gross profit dollars expanded. SG&A decreased due to continued good spending control.

謝謝大家，早安。宣偉繼續執行我們的策略，並在第一季取得了穩健的業績，儘管需求環境正如我們預期的那樣仍然充滿挑戰。與去年同期相比，合併銷售額在我們的指導範圍內，但油漆店集團的成長被我們其他兩個部門的疲軟所抵消。毛利率和毛利均有所擴大。由於持續良好的支出控制，銷售、一般及行政費用下降。

EBITDA margin in dollars expanded and adjusted earnings per share grew by 3.7% to $2.25 a share. We also continued to execute our disciplined capital allocation strategy, investing $352 million in share repurchases, increasing our dividend by 10%. Let me now turn it over to Heidi, who will provide some additional color on the first quarter before moving on to our outlook and your questions.

以美元計算的 EBITDA 利潤率擴大，調整後每股收益成長 3.7% 至每股 2.25 美元。我們也持續執行嚴謹的資本配置策略，投資 3.52 億美元回購股票，將股利提高 10%。現在，讓我把時間交給海蒂，她將對第一季提供一些額外的信息，然後再談談我們的展望和您的問題。

Thank you, Jim, and good morning to everyone. I want to begin by thanking our 64,000 global employees for their sheer determination and willingness to solve challenges as we face a wide variety of near-term pressures. We're staying true to our strategy, which is continuing to deliver innovative solutions for our customers, which makes them more productive and profitable. We expected and prepared for a bumpy 2025, and we are executing our playbook as planned. Looking at our specific results in the quarter, I'll begin with the Paint Stores Group.

謝謝你，吉姆，大家早安。首先，我要感謝我們全球 64,000 名員工，感謝他們在我們面臨各種短期壓力時所展現的堅定決心和解決挑戰的意願。我們始終堅持我們的策略，繼續為客戶提供創新的解決方案，提高他們的生產力和獲利能力。我們預料到 2025 年將會很坎坷，也做好了應對的準備，我們正在按計劃執行我們的計劃。回顧本季的具體業績，我將從油漆商店集團開始。

Sales grew by a low single-digit percentage with price/mix up by mid-single digits and volume down low single digits. The price/mix component includes our January 2025 price increase, which is ramping up as expected, along with the residual impact of our February 2024 increase.

銷售額成長了低個位數百分比，價格/混合上漲了中等個位數，而銷量下降了低個位數。價格/組合部分包括我們 2025 年 1 月的價格上漲（該上漲正按預期進行），以及我們 2024 年 2 月價格上漲的殘餘影響。

We would expect the contribution of price to be lower going forward as we have now annualized the February 2024 increase. Protective and marine grew fastest in the quarter and increased by a high single-digit percentage, driven by oil and gas, water and wastewater, performance flooring and high-value infrastructure projects. In residential repaint, sales increased by a mid-single-digit percentage despite continued softness in existing home sales as our prior growth investments continued to deliver a return.

由於我們現在已經將 2024 年 2 月的漲幅按年化，因此我們預計未來價格的貢獻將會降低。受石油和天然氣、水和廢水、性能地板和高價值基礎設施項目的推動，防護和船舶在本季度增長最快，增幅達到高個位數百分比。在住宅重新粉刷方面，儘管現有房屋銷售持續疲軟，但由於我們先前的成長投資繼續帶來回報，銷售額仍實現了中等個位數百分比的成長。

New residential increased by a low single-digit percentage as we continued to secure incremental relationships with new customers. Commercial and property maintenance sales remained under pressure as expected, given weak commercial construction completion and delayed CapEx spending.

隨著我們繼續與新客戶建立持續成長的關係，新住宅銷售量實現了低個位數百分比的成長。由於商業建築完工疲軟和資本支出延遲，商業和物業維護銷售仍然面臨壓力，正如預期的那樣。

We expanded segment margin by 120 basis points, 18.4% while continuing to invest in growth by opening 18 new stores in the quarter. Consumer Brands Group sales were within our expected range. More than half of the decrease was due to unfavorable FX, with the remainder driven mainly by soft DIY demand in North America.

我們將分部利潤率提高了 120 個基點，即 18.4%，同時繼續投資於成長，本季開設了 18 家新店。消費品牌集團的銷售額在我們的預期範圍內。超過一半的降幅是由於不利的外匯影響，其餘部分主要受到北美 DIY 需求疲軟的影響。

Despite the lower sales, adjusted segment margin expanded to 21.3%. The improvement in adjusted segment margin was due to supply chain efficiencies and continued discipline in controlling general and administrative expenses while maintaining investments to support our customers' growth. I also want to reiterate how excited we are about the Suvinil acquisition we announced during the quarter.

儘管銷售額下降，但調整後的部門利潤率擴大至 21.3%。調整後分部利潤率的提高得益於供應鏈效率的提高以及在控制一般和行政費用的同時繼續進行投資以支持客戶的成長。我還想重申一下，我們對本季宣布的 Suvinil 收購感到非常興奮。

We expect this transaction to close in the second half of this year. Suvinil is a market leader with multiple profitable growth opportunities and is run by an outstanding management team. I'm confident it will be a great addition to the Consumer Brands Group and an excellent complement to our existing Latin America business.

我們預計交易將在今年下半年完成。Suvinil 是市場領導者，擁有多種獲利成長機會，並由優秀的管理團隊經營。我相信它將是消費品牌集團的一大補充，也是我們現有拉丁美洲業務的絕佳補充。

Performance Coatings Group sales were below our expectations. FX, price mix and volume all decreased by low single-digit percentages but were partially offset by a low single-digit contribution from acquisitions. Regionally, Europe and North America decreased by mid-single-digit percentages. Asia and Latin America decreased by low single-digit percentages.

高性能塗料集團的銷售額低於我們的預期。外匯、價格組合和交易量均出現了低個位數百分比的下降，但被收購帶來的低個位數貢獻部分抵銷。從地區來看，歐洲和北美的降幅達到中位數個位數百分比。亞洲和拉丁美洲的降幅低於個位數百分比。

From a division perspective, packaging was a bright spot in the quarter with high single-digit growth driven by new accounts and the recapture of temporarily lost share. Coil sales were down but recovered meaningfully in March after a slow start, and we still project full year growth for this business. Industrial wood sales were down against a strong prior year comparison that included an acquisition. General Industrial, our largest division, remained under pressure as expected, with softness in heavy equipment demand. Auto refinish also remained under pressure, although negative FX accounted for almost half of the decline we saw in the quarter.

從部門角度來看，包裝部門是本季的一個亮點，在新帳戶和重新奪回暫時失去的市場份額的推動下，實現了高個位數成長。線圈銷量有所下降，但在開局緩慢之後，3 月出現了明顯回升，我們仍然預計該業務全年將實現成長。與包括收購在內的強勁上年同期相比，工業木材銷售下降。我們最大的部門通用工業仍然面臨壓力，正如預期的那樣，重型設備需求疲軟。汽車修補漆也依然面臨壓力，儘管負面外匯影響了本季近一半的跌幅。

We are encouraged by meaningful new account wins in this business, which are currently being more than offset by softness in core accounts driven by lower insurance claims. SG&A expense in the segment decreased by a low single-digit percentage due to good cost control. Adjusted segment margin decreased 60 basis points, 16.5% due to lower sales.

我們對該業務中有意義的新帳戶勝利感到鼓舞，但目前，由於保險索賠減少導致的核心帳戶疲軟，抵消了這些損失。由於良好的成本控制，該部門的銷售、一般及行政費用下降了個位數百分比。由於銷售額下降，調整後的部門利潤率下降了 60 個基點，即 16.5%。

And before moving on to our outlook, I would also like to note the good work being done in our administrative function to control costs, where SG&A was down a mid-teens percentage in the quarter, partially offset by higher nonoperating costs. Our continued focus on simplification and digitization should continue to drive further efficiencies over time.

在談到我們的展望之前，我還想指出，我們在管理職能方面做得很好，控製成本，本季度銷售、一般和行政費用下降了百分之十幾，但非營業成本的增加部分抵消了這一下降。我們持續關注簡化和數位化，這將持續提高效率。

During our last two conference calls, we communicated that we expected demand in most of our end markets to remain choppy at least through the first half of 2025 with some not likely to gain momentum until 2026. We are seeing this play out with some additional uncertainty in the market related to tariffs.

在我們最近的兩次電話會議中，我們表示，預計大多數終端市場的需求至少在 2025 年上半年仍將保持波動，有些市場可能要到 2026 年才會獲得成長動力。我們看到這種情況為市場帶來了與關稅相關的一些額外的不確定性。

We also communicated that we are well positioned to outperform the market and that we are highly confident in the clarity of our strategy and importantly, our team's deep experience and ability to out-execute in this environment.

我們也表示，我們已準備好超越市場，並且我們對我們的策略的清晰度充滿信心，更重要的是，我們團隊的豐富經驗和在這種環境下超越對手的能力。

With regard to tariffs, I'll remind you that approximately 80% of our consolidated revenue is in the United States with less than 2% in China. In addition, the vast majority of our raw materials are sourced in the region where we are manufacturing. Whenever there is disruption, there is significant opportunity to demonstrate what makes Sherwin-Williams so unique. We are determined to expand our competitive moat in the current environment.

關於關稅，我要提醒您，我們合併收入的約 80% 來自美國，而中國僅佔不到 2%。此外，我們的絕大多數原料都來自我們生產所在地。每當出現中斷時，就有重大機會展現宣偉的獨特之處。我們決心在當前環境下擴大我們的競爭優勢。

Moving on to our specific outlook. The slide deck issued with this morning's press release includes our expectations for consolidated and segment sales for the second quarter of 2025. Additionally, we are reaffirming the full year sales and earnings per share guidance we provided in January.

繼續討論我們的具體觀點。今天早上的新聞稿中發布的幻燈片包括我們對 2025 年第二季合併和分部銷售額的預期。此外，我們重申一月份提供的全年銷售額和每股收益預期。

The other data points we've provided at that time also remain unchanged. As is typical, we'll be able to provide an updated full year outlook in July when we have a better view of how the paint and coating season is unfolding along with potentially greater clarity on the trajectory of the global economy overall.

我們當時提供的其他數據點也保持不變。通常情況下，我們將能夠在 7 月提供最新的全年展望，屆時我們將對油漆和塗料季節的進展有更清晰的了解，同時對全球經濟的整體走勢也有更清晰的認識。

We know there's a lot of uncertainty in the market right now. What is certain is our strategy, our resolve, and our ability to assess, adapt and pivot regardless of the obstacles in front of us. Through the pandemic, an industry-wide supply chain crisis, and record inflation, to name just a few, we've demonstrated our ability to deliver in up cycles, down cycles and now a choppy cycle. We have a strong track record of delivery for our customers and ultimately for our shareholders.

我們知道目前市場存在著許多不確定性。可以肯定的是，無論面臨何種障礙，我們都有策略、決心，有能力評估、適應和調整。透過應對疫情、全行業供應鏈危機以及創紀錄的通貨膨脹等一系列挑戰，我們證明了我們有能力在上升週期、下降週期以及現在的波動週期中實現目標。我們為客戶以及股東提供了卓越的服務。

We continue to operate with confidence, accountability and our success by design mindset. We are aligned on aggressively pursuing above-market growth, making targeted investments that deliver a clear return, controlling general and administrative spending and executing on our enterprise priorities. And above all, we are focused on being the source of stability, predictability and reliability for our customers, providing them with solutions that increase their productivity and profitability. This concludes our prepared remarks.

我們將繼續以信心、責任感和設計思維取得成功。我們致力於積極追求高於市場的成長、進行能夠帶來明確回報的有針對性的投資、控制一般和行政支出以及執行我們的企業優先事項。最重要的是，我們致力於為客戶提供穩定性、可預測性和可靠性的源泉，為他們提供提高生產力和獲利能力的解決方案。我們的準備好的演講到此結束。

With that, I'd like to thank you for joining us this morning, and we'll be happy to take your questions.

最後，我要感謝您今天上午的參與，我們很樂意回答您的問題。

(Operator Instructions) John McNulty, BMO.

（操作員指示） John McNulty，BMO。

A question on the pricing environment and tariffs. It sounds like you have relatively low exposure from a tariff perspective. If you do start to see raw materials inching up at all in small parts of your basket, do you feel like you have an ability to put that pricing through? And I know normally, you don't tend to raise price during the kind of heart of the paint season. But if tariffs warrant that, is that something that you would consider as we look through 2025?

關於定價環境和關稅的問題。從關稅角度來看，您的風險敞口似乎相對較低。如果您確實開始看到籃子中一小部分原材料的價格略有上漲，您是否覺得自己有能力實現這一定價？而且我知道，通常情況下，在油漆銷售旺季這種時候，價格不會上漲。但如果關稅能夠保證這一點，那麼在我們展望 2025 年時，您會考慮這一點嗎？

John, this is Jim. Let me take a run at that first and maybe talk about raws in general and then turn to Al to answer some of the additional parts of your question. So if we look at our first quarter of '25, raws were flat year-over-year.

約翰，這是吉姆。讓我先嘗試一下，也許可以大致談論一下原始數據，然後讓 Al 回答您問題中的其他一些部分。因此，如果我們看一下 25 年第一季度，原始數據與去年同期持平。

With the tariffs starting to come into place, our second quarter guide for raws is going to be a little bit higher than we initially thought as those tariffs start to go into effect this past month here. For '25, we're still in the range, as you saw in our slide deck, where our raws are going to be up a low single-digit percentage but I would say more likely at the higher end of that low single digits.

隨著關稅開始生效，我們第二季的原料指南將比我們最初預想的略高一些，因為這些關稅在上個月開始生效。對於 25 年，我們仍然處於這樣的範圍內，正如您在幻燈片中看到的那樣，我們的原始數據將上漲一個較低的個位數百分比，但我認為更有可能的是上漲到這個較低的個位數的高端。

And the tariffs, to your point, most of our raw materials are in the region that we're manufacturing, but we are seeing some impact mainly on areas like applicators, a little bit on pigment and extenders, a little bit on industrial resins is where we're seeing it, a little bit on packaging as well. So those are the areas, but overall, the materiality of it is something that we can manage.

至於關稅，正如您所說，我們的大部分原材料都位於我們製造的地區，但我們看到關稅主要對塗抹器等領域產生影響，對顏料和增量劑也有一點影響，對工業樹脂也有一點影響，對包裝也有一點影響。這些都是領域，但總的來說，它的實質是我們可以管理的。

I'll ask Al maybe to add a little color to that as well.

我也許會要求 Al 也為其添加一點顏色。

Yeah, John, this is Al. We're looking at the tariffs like we look at other cost basket increases. We try to push back as much as we can. We look for offsets. And then if we believe the tariffs are lasting, we will go out and have the discipline in the past to go out with additional price increases.

是的，約翰，這是艾爾。我們看待關稅就像看待其他成本籃的增加一樣。我們盡力反擊。我們尋找偏移量。如果我們認為關稅將持續下去，我們就會採取過去的紀律，進一步提高價格。

To your point, it would not be ideal to go out in the summer. But if you go back a couple of years when we're seeing hyperinflation in 2020, 2021, 2022, we did go out during the summer. But again, we have additional levers. We're not sitting idle. We have additional levers to pull to help offset tariffs and other increases in costs and the continued choppiness in demand.

正如你所說，夏天外出並不是一個理想的選擇。但如果你回顧一下幾年前的情況，那時我們正經歷著 2020 年、2021 年和 2022 年的惡性通貨膨脹，而我們確實在夏季走出了困境。但同樣，我們也擁有額外的槓桿。我們並沒有閒著。我們有額外的槓桿來抵消關稅和其他成本的增加以及需求的持續波動。

And Heidi mentioned it, simplification and digitization in our opening remarks. We've been open about, we've invested heavily in modernizing our systems and expanding our digital capabilities. And you're starting to see the returns on that in our first quarter. You look at our admin segment. SG&A was down mid-teens but it's not an allocation to the other segments. That is us getting the efficiencies out of the investments in systems. We also took -- you saw, we took a small charge, onetime charge, in our first quarter.

海蒂在開場白中提到了簡化和數位化。我們一直持開放態度，並投入大量資金來實現系統現代化並擴展我們的數位能力。您會在第一季開始看到回報。您看一下我們的管理部分。銷售、一般及行政費用下降了百分之十幾，但這並沒有分配給其他部門。這就是我們從系統投資中獲得的效率。我們還收取了——您看到了，我們在第一季收取了一筆小額費用，一次性費用。

So we continue to look for opportunities to rightsize our footprint, whether that's on the manufacturing side or in our SG&A and you'll see that continue through our second quarter as we continue to look for opportunities to improve our efficiencies that will help our second half. The last thing I would comment on, other levers. You look at our travel and entertainment, we've been very tight on that.

因此，我們將繼續尋找機會來調整我們的足跡，無論是在製造方面還是在銷售、一般及行政費用方面，你會看到這種情況將持續到第二季​​度，因為我們將繼續尋找機會來提高我們的效率，這將有助於我們的下半年。我最後要評論的是其他槓桿。看看我們的旅行和娛樂，我們在這方面一直非常緊張。

Our third-party investments or consultants, we've been very tight on that, and that's from work done over the last year. And then we'll continue to look at cash conservation. We're taking a hard look at our CapEx to get cash out of that as the year progresses without impacting Statesville, manufacturing or our warehouse automation. And then finally, we're taking a hard look at our working capital, inventory, AP, and driving cash out of that so we can reinvest back in our stock.

我們對第三方投資或顧問一直非常嚴格，這是去年所做的工作的結果。然後我們將繼續關注現金保護。我們正在認真審視我們的資本支出，以便在不影響斯泰茨維爾、製造業或倉庫自動化的情況下，從中獲取現金。最後，我們認真審視我們的營運資金、庫存、應付帳款，並從中提取現金，以便我們可以重新投資於我們的股票。

Mike Sison, Wells Fargo.

富國銀行的麥克·西森。

Great start to the year. I had a follow-up question on price/mix for the stores, up mid-single digits. Was that mostly price or if it's maybe half-half with mix, what is that mix component to the -- to that equation?

今年的開始很好。我有一個關於商店價格/組合的後續問題，上漲了中等個位數。這主要是價格問題嗎，或者可能是一半一半的混合，那麼這個混合成分對於這個等式來說是什麼？

Yeah, Mike, it was predominantly price and I give the Stores team a lot of credit. They really did a great job coming into this price increase, giving our customers enough lead time before the increase was implemented. They did additional training in the field, which provided a strong and better effectiveness this year versus last year. If you recall, we talked last year about we were up 0.5%, which was split evenly between price and volume. So we got off to a little bit slower start on price effectiveness last year, and it ramped up as we got through the second quarter and into our third quarter.And again, I think they did a really nice job of making sure the price went in and it was effective.

是的，麥克，主要是價格問題，我對商店團隊給予了高度評價。他們在這次提價過程中確實做得非常出色，在價格上漲之前為我們的客戶提供了足夠的準備時間。他們在該領域進行了額外的培訓，與去年相比，今年的培訓更加有效。如果你還記得的話，我們去年談到我們的成長是 0.5%，其中價格和數量各佔一半。因此，去年我們在價格有效性方面起步稍慢，但隨著我們進入第二季度和第三季度，價格有效性開始提高。而且，我認為他們在確保價格有效方面做得非常好。

The mix side of that is as res repaint is growing at a mid-single-digit percentage, which is absolutely taking market share in a down market, that has a positive mix shift relative to the other segments like commercial and property maintenance. So that would be the mix side of it, but it was predominantly price.

混合方面，由於 res repaint 正以中等個位數百分比增長，這絕對在低迷的市場中佔據了市場份額，相對於商業和物業維護等其他領域，其混合情況發生了積極變化。這就是問題的混合方面，但主要是價格。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Could you talk a little bit more about COGS and gross margins just because you had volume down across the 3 segments? You said raws were flat but the cost performance kind of looks better than that with no diseconomies from the volume and no benefit from raws and the margins were up. So is there anything else in there that we should be thinking about? And likewise on the SG&A, it was down in the first quarter, but you're still projecting it up low single digits for the full year. Were you flexing that a little bit in the first quarter, just given the volume challenges and maybe that has to be made up later in the year? What was the cadence of that going to look like?

由於 3 個部門的銷售量均有所下降，您能否再多談 COGS 和毛利率？您說原料價格持平，但成本表現看起來比這更好一些，產量沒有帶來不經濟性，原料價格也沒有帶來任何好處，而且利潤率還上升了。那麼還有什麼其他事情是我們應該考慮的嗎？同樣，銷售、一般和行政費用在第一季有所下降，但預計全年仍將出現低個位數的成長。您是否在第一季稍微調整了一下，只是考慮到銷售挑戰，也許必須在今年晚些時候彌補？它的節奏是什麼樣的？

Yeah, Vincent, on the gross margin, the selling price increase certainly in Paint Stores Group had a predominant effect on that. And as Paint Stores Group grows faster than the other segments, it does lift our gross margin. And then we also had supply chain efficiencies in the quarter. I think the team, through the continuous improvement work they're doing, the simplification work they're doing is really finding their stride, if you will, that as we get increased volume, they're able to drive efficiencies through our operations. So those would be the three main drivers there.

是的，文森特，就毛利率而言，油漆商店集團的銷售價格上漲無疑對此產生了主要影響。由於油漆店集團的成長速度快於其他部門，它確實提高了我們的毛利率。本季我們也提高了供應鏈效率。我認為，透過團隊正在進行的持續改進工作和簡化工作，他們確實找到了自己的步伐，如果你願意的話，隨著我們數量的增加，他們能夠透過我們的營運來提高效率。所以這就是三個主要驅動因素。

On SG&A, I think we didn't flex -- I wouldn't say we flexed our SG&A down specifically in the first quarter. I think when we go back to July of last year and look -- when we're looking at the first half of '25 and the full year '25, we understood that we'd be under continued pressure from a demand environment.

關於銷售、一般及行政費用 (SG&A)，我認為我們沒有調整——我不會說我們在第一季專門降低了銷售、一般及行政費用。我認為，當我們回顧去年 7 月並展望 2025 年上半年和 2025 年全年時，我們明白我們將持續面臨需求環境的壓力。

So we proactively attacked SG&A on all fronts across all segments and including admin, and you're seeing the results of that. That being said, we're going to continue to add 80 to 100 stores. We're going to continue to add the reps associated with that and strategic investments across the other segments that over the course of the year, you're going to see some of that pick up.

因此，我們積極主動地從各個方面、各個環節（包括管理部門）降低銷售、一般和行政費用，而且您已經看到了效果。話雖如此，我們將繼續增加 80 到 100 家商店。我們將繼續增加與此相關的代表和對其他部門的策略性投資，在今年內，您將看到一些回升。

We'll give you a better view of the second half in July when we have a better view of the demand environment. And as we typically have done, if we believe demand is going to be stronger or our gross margin is going to be stronger, you can guarantee that we'll flex our selling -- customer-facing investments in the second half accordingly as we have typically done in the past. But again, we'll give you an update on that in July.

當我們對需求環境有更清晰的了解時，我們將在 7 月為您提供有關下半年的更清晰的了解。正如我們通常所做的那樣，如果我們相信需求將會更強勁或我們的毛利率將會更高，那麼您可以保證我們將在下半年相應地調整我們的銷售——面向客戶的投資，就像我們過去通常做的那樣。但我們會在 7 月再次向您提供最新消息。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

How do you expect the new residential end market to play out for you as the year unfolds? In context of many of the major homebuilders lowering their expectations versus a few months back, but I think you also mentioned incremental share gains and so on. So just curious how that nets out for you.

隨著時間的推移，您預計新的住宅終端市場將如何發展？在許多大型房屋建築商與幾個月前相比降低預期的背景下，但我認為您也提到了增量份額增長等等。所以我非常好奇這對你來說意味著什麼。

This is Heidi. I think you said it well. The long term is absolutely solid. And we continue to not only have a strong position but gain position in these challenging times within this segment. That's been working in different ways to strengthen partnerships with some of these customers that are also not only solving for affordability but really looking to simplify their product offering, et cetera. So the depth of the partnership, I think, has never been in a better place.

這是海蒂。我覺得你說得很好。長期來看絕對是穩固的。我們不僅繼續保持強勢地位，而且在這一領域充滿挑戰的時期不斷取得進展。我們一直在以不同的方式加強與一些客戶的合作關係，這些客戶不僅解決了可負擔性問題，還真正希望簡化他們的產品供應等等。因此，我認為，雙方的合作深度從未達到如此好的水準。

Our focus on incremental partnerships obviously continues to be where we're looking. But at the end of the day, we are all watching the same things here, the 30-year mortgage rate, still staying in that 6.5% to 7% range. And so while builders continue to offer incentives and solve for affordability, I think we're in a position here where we're going to continue to partner in new ways with them so that when the market does recover, they're in the best position to grow and grow in a good cost position.

顯然，我們對漸進式合作關係的關注仍將持續。但最終，我們都在關注同一個事情，即 30 年期抵押貸款利率仍然保持在 6.5% 至 7% 的範圍內。因此，雖然建築商繼續提供激勵措施並解決負擔能力問題，但我認為我們將繼續以新的方式與他們合作，以便當市場復甦時，他們處於最佳位置，可以在良好的成本條件下實現成長。

Patrick Cunningham, Citi.

花旗銀行的派崔克‧坎寧安 (Patrick Cunningham)。

Just on the continued strength in res repaint, can you comment on underlying market trends, backlogs? And any concerns with pressure on the consumer and maybe the thing that people aren't talking about as much, immigration policy?

就 res repaint 的持續強勁表現而言，您能否評論一下潛在的市場趨勢和積壓情況？您是否擔心消費者面臨的壓力以及人們不太談論的移民政策？

Yeah. The res repaint segment continues to be a bright spot for us here as well. Obviously, the market you categorized, I think, very appropriately, which is flat and certainly choppy. And this is a really good example, and Al mentioned earlier, where we're disciplined in laying in the SG&A. We continue to lay that in ahead of the curve, as we like to say, so that we're in the best position to capture share as we are right now. I would say the backlog overall, the sentiment is positive relative to activity, with the caveat that these tend to be a bit smaller in project size, but still the activity is strong and growing.

是的。res 重繪部分對我們來說也持續是個亮點。顯然，我認為您對市場的分類非常恰當，即平穩且波動。這是一個非常好的例子，A​​l 之前也提到過，我們在製定銷售、一般和行政費用 (SG&A) 方面非常嚴格。正如我們所說，我們將繼續走在時代的前沿，以便我們能夠處於最佳位置來獲取市場份額。我想說的是，總體而言，相對於活動而言，積壓的情緒是積極的，但需要注意的是，這些項目規模往往較小，但活動仍然強勁且不斷增長。

Overall, this is an area where as we continue to try to work hard to bring these contractors in, finding new ways to partner with the contractors that are coming in new to res repaint, making sure that our teams are trained, prepared, understanding how to leverage the data that we own, how they're trained and prepared to put the right products in the hands of these contractors to help them get on and off of job sites faster so that they can be as productive as possible.

總的來說，在這個領域，我們將繼續努力吸引這些承包商，尋找新的方式與新來重新粉刷的承包商合作，確保我們的團隊經過培訓，做好準備，了解如何利用我們擁有的數據，他們如何接受培訓並做好準備，將正確的產品交到這些承包商手中，幫助他們更快地進出工作現場，從而盡可能提高工作效率。

Your point on immigration and labor, it's not new for us that we're continuing to focus on our value proposition here, which is simply to help these crews get on and off of job sites faster. So helping to solve for productivity is at the core of what we're trying to do with this segment and all segments. But this is a good example.

您對移民和勞工的觀點，對我們來說並不新鮮，我們將繼續關注我們的價值主張，這只是為了幫助這些工作人員更快地進出工作現場。因此，幫助解決生產力問題是我們針對這一領域以及所有領域所做努力的核心。但這是一個很好的例子。

There's a lot of growth opportunity for us here. It's a growing segment and where we have a lot of market share upside to be gained here.

這裡帶給我們很多成長機會。這是一個不斷成長的領域，我們有很大市場份額可以提升。

Duffy Fisher, Goldman Sachs.

高盛的達菲費雪。

Just trying to understand a little bit better the interplay between the pricing cadence this year and the cost cadence. So normally, I think you guys would talk about getting more of an announced price increase in Q2 of the year as announced. It sounds like you got more than normal in Q1. Does that mean that there's still pricing going higher sequentially? And is that pricing high enough to offset or even do better than the cost it's going to increase sequentially?

只是想更了解今年的定價節奏和成本節奏之間的相互作用。因此，通常情況下，我認為你們會談論在今年第二季度宣布更多價格上漲。聽起來你在第一季的收穫比平常要多。這是否意味著價格仍會逐一上漲？這個定價是否夠高，可以抵銷甚至超過其連續增加的成本？

Yeah, Duffy. I would say that there's still more room to run on the price increase effectiveness. That being said, I think we got out ahead of it a little bit more in this go-around than we did a year ago. If it's enough, it depends on, I guess, how well we can offset the different impacts on the tariffs and how long we expect those to continue. And that will -- and as we typically do and look at our total cost basket, we'll look at as much as we can offset it.

是的，達菲。我想說，價格上漲的有效性還有很大的提升空間。話雖如此，我認為我們這次比一年前取得了更大的進步。如果足夠的話，我想這取決於我們如何抵消關稅的不同影響，以及我們預計這些影響將持續多久。就像我們通常做的那樣，我們會查看我們的總成本籃，並盡可能地抵消它。

And if we don't think we can offset 100% of it, then we will have to look out for another price increase. But I think to be determined is the answer to that because it's still volatile. The tariff today may not be the tariff a week from today. And we don't want to get too far ahead of ourselves either. That being said, I mean, outside of Paint Stores, there's other price increase going in, in the different segments to help offset that total cost basket that we talked about in January.

如果我們認為無法完全抵消這一影響，那麼我們將不得不警惕另一次價格上漲。但我認為答案是確定的，因為它仍然不穩定。今天的關稅可能不是一週後的關稅。我們也不想走太遠。話雖如此，我的意思是，除了油漆店之外，其他不同領域的價格也有所上漲，以幫助抵消我們在一月份談到的總成本籃。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Could you talk about the high single-digit growth in protective and marine? PPG kept that part of their North American architectural business. So are there some disruption going on that's allowing you to take some share there?

您能談談防護和海洋領域的高個位數成長嗎？PPG 保留了其北美建築業務的這一部分。那麼是否存在一些中斷，允許您在那裡獲得一些份額？

Absolutely. There are a few things that we mentioned this earlier in our prepared remarks. The high single digit, I'm very pleased with the team's execution here in a choppy environment. So oil and gas, water, wastewater, we've obviously talked about our high-performance where we've got an industry-leading portfolio as a result of some acquisitions there. So yes, I do think that we are gaining strength and gaining momentum in this business and plan to continue to be very aggressive here.

絕對地。我們在之前準備好的發言中已經提到過一些事情。高個位數，我對球隊在動盪的環境中的表現感到非常滿意。因此，在石油和天然氣、水和廢水領域，我們顯然談到了我們的高性能，透過在那裡進行的一些收購，我們擁有了領先業界的產品組合。所以是的，我確實認為我們在這個行業中正在增強實力並獲得發展動力，並計劃繼續積極進取。

John, I'd also tell you that there's a good pipeline of projects here. The timing is often hard to predict from local projects with a simple solution, that we're looking more for speed of service all the way up to larger mega projects where we can really put forward a simpler, faster and safer solution that no one else can do at scale, I think, puts us in a really unique position to continue to leverage the momentum that's behind us. And again, great work by the team, head down and focus on taking share.

約翰，我還想告訴你，這裡有很多不錯的項目。時間通常很難預測，從提供簡單解決方案的本地專案（我們更注重服務速度）一直到大型專案（我們可以真正提出更簡單、更快速、更安全的解決方案，這是其他人無法大規模做到的），我認為，這讓我們處於一個真正獨特的位置，可以繼續利用我們背後的勢頭。再次感謝團隊的出色工作，埋頭苦幹，專注於分享成果。

Christopher Parkinson, Wolfe Research.

克里斯托弗·帕金森，沃爾夫研究公司。

Can we take a step back and just look at PCG, just given everything that's going on in the world? And just perhaps just a quick comment or two on Wood Refinish, P&M. Just where you think the opportunities are intermediate to long term, and what perhaps you're watching just given the macro volatility?

考慮到世界上發生的一切，我們能否退一步來看看 PCG？也許只是對木材修補、P&M 提出一兩個簡短的評論。您認為中期和長期機會在哪裡？考慮到宏觀波動，您可能正在關注什麼？

Yes. Chris, I mentioned P&M briefly a moment ago, but on refinish, just remind you, half of that is FX related. So the team has been laser-focused on new accounts, installations, share of wallet, obviously, not enough today to cover up for some of the core business, but no one is immune from what's happening relative to some of the claims. But the determination of the team, I think, is on display here. And I would expect and you should expect to continue to see that play out.

是的。克里斯，我剛才簡要地提到了 P&M，但在重新修整時，提醒你一下，其中一半與 FX 有關。因此，該團隊一直專注於新帳戶、安裝、錢包份額，顯然，今天這些還不足以掩蓋一些核心業務，但沒有人能夠免受與某些索賠相關的正在發生的事情的影響。但我認為，球隊的決心在這裡得到了展現。我期望並且你們也應該期望繼續看到這樣的情況發生。

If I go around general industrial, we've mentioned that certainly the business that's been under pressure. We expect that to continue to be under pressure. Heavy equipment, transportation demand continues to be soft. The team is out every day demonstrating the value proposition that we bring to these customers.

如果我談到一般工業，我們肯定會提到那些面臨壓力的業務。我們預計這一壓力將持續存在。重型設備、運輸需求持續疲軟。我們的團隊每天都在向這些客戶展示我們所帶來的價值主張。

Coil, Al mentioned earlier, and packaging, certainly a lot of momentum relative to the continued focus on for coil. New business wins have been very positive and offseting a flat -- core flat market, and we'll continue to see, after we've gone through the quarter, with some momentum in March, we expect full year growth there.

線圈、前面提到的 Al 和封裝，相對於對線圈的持續關注，無疑具有很大的發展勢頭。新業務的成功非常積極，抵消了核心市場平淡的影響，我們將繼續看到，在度過這個季度之後，隨著三月份的一些發展勢頭，我們預計全年將實現成長。

Packaging, we hit on, and I think the fact that we're not only gaining and winning here, but making sure that some of the temporary share that we lost for it is coming back into Sherwin-Williams has been a fantastic pickup.

我們著手進行包裝，我認為，事實上我們不僅在包裝方面獲得成功，而且確保我們失去的一些暫時的市場份額能夠回到宣偉公司，這是一個非常棒的成績。

And then industrial wood, we often talk about, as you know, this correlates pretty closely to our US new residential kind of segment. So while that data continues to be choppy, it seems really focused again on new accounts, getting in front of more customers and share of wallet, so we can continue to focus on offsetting some of the softness in that core.

然後是工業木材，正如您所知，我們經常談論的工業木材與我們美國新型住宅領域密切相關。因此，儘管數據仍然不穩定，但它似乎再次真正關注新帳戶、吸引更多客戶和錢包份額，因此我們可以繼續專注於抵消核心業務的一些疲軟。

But by and large, I think if you look in aggregate, there's some really good things happening in the portfolio. And again, I give the team a lot of credit. We knew what we were coming into in this year. And while the core health is not -- the core markets aren't where we want them to be, the team has done a really nice job focusing on new wins to offset that strength.

但總的來說，我認為如果從總體來看，投資組合中確實出現了一些非常好的情況。我再次對這個團隊表示高度讚揚。我們知道今年我們將面臨什麼。儘管核心健康狀況不佳——核心市場沒有達到我們想要的水平，但團隊已經做得很好，專注於新的勝利來抵消這種劣勢。

Aleksey Yefremov, KeyBanc.

阿列克謝·葉夫列莫夫，KeyBanc。

I wanted to come back to the consumer question was in PSG. Your repaying performance has been very solid and steady. But are you hearing like how are consumers reacting to current uncertainty? What's happening underneath with the market itself? Any comments there?

我想回到巴黎聖日耳曼的消費者問題。你們的還款表現非常紮實、穩定。但是您是否聽說過消費者對當前不確定性的反應如何？市場本身到底發生了什麼事？有啥評論嗎？

Well, I'll start and hand it over to Al here. There's certainly still a pretty flat market. I think generally, by and large, this obviously ties a lot to existing home sales. People are still interested and willing to spruce up their homes with a project that's more affordable, more attainable, so Paint itself tends to be still in a very strong position. I think the underlying market continues to be choppy.

好吧，我先開始，然後把它交給這裡的 Al。市場確實仍然相當平穩。我認為總體而言，這顯然與現有房屋銷售有很大關係。人們仍然感興趣並願意透過更實惠、更可行的項目來裝飾他們的家，因此油漆本身仍然處於非常強勁的地位。我認為基礎市場將繼續波動。

But some of the work that we've done, not only to secure our position and outpacing the market, to your point, in addition to all the things I mentioned before relative to our controlled model, the data that we own, we can be very smart and surgical in terms of how we're engaging these customers. Meeting them where they're at, helping them think about how they're going to continue to grow their business, whether it's leveraging innovations that we're bringing to them while they're in the home painting walls. We've launched our gallery series, I'll remind you, which was a factory finish on cabinets, trim and millwork.

但是，我們所做的一些工作不僅是為了鞏固我們的地位和超越市場，正如你所說，除了我之前提到的與我們的受控模型、我們擁有的數據相關的所有事情之外，我們可以非常聰明和有針對性地與這些客戶互動。滿足他們的需要，幫助他們思考如何繼續發展業務，是否利用我們在他們在家粉刷牆壁時為他們帶來的創新。我要提醒您，我們已經推出了畫廊系列，這是櫥櫃、裝飾和木製品的工廠成品。

We've since -- because that has taken off so well, we've since gone back and brought more of a total system for these contractors when they're in someone's home that they can do everything, the total system from primers all the way to top coat so that they can be as productive as possible. So it's how we're approaching a flat market, making sure that our team and these contractors have the right tools to be as productive as possible.

由於這項工作進展順利，我們從那時起就回去為這些承包商提供了更全面的系統，當他們在某人的家裡時，他們可以做所有事情，從底漆一直到面漆的整個系統，以便他們能夠盡可能地提高工作效率。因此，這就是我們如何應對平穩的市場，確保我們的團隊和這些承包商擁有合適的工具來盡可能提高生產力。

Yeah, this is Jim. Just to add maybe a little bit on the industrial side as well, I think Heidi said it well in the prepared remarks. We're seeing a little bit of that consumer behavior in the auto refinish piece, where people are perhaps delaying a repair on their vehicle. We're absolutely going after new accounts market share to offset that. But right now, the consumer is a little bit wait and see a bit there.

是的，這是吉姆。我想補充一點關於工業方面的內容，我認為海蒂在準備好的演講中說得很好。我們在汽車修補方面看到了一些消費者行為，人們可能會推遲車輛的維修。我們絕對會追求新帳戶市佔率來抵消這一點。但目前，消費者還是有點觀望。

But overall, I think you've got other pressures as well around credit card debt, things like that. So the consumer is still a little bit of a challenging place, but our model and the value prop that we bring is allowing us to have, in some cases, record new account activity in some of our business.

但總的來說，我認為你還面臨著信用卡債務等其他壓力。因此，消費者仍然是一個有點具有挑戰性的地方，但我們的模式和我們帶來的價值主張使我們能夠在某些情況下在某些業務中記錄新的帳戶活動。

One other piece here, too. This is an area where the scale that we have in some of our segments really allows us to offset some of that underlying softness or consumer hesitation. So I think res repaint is a great example of that as well.

這裡還有另一件作品。在這個領域，我們在某些​​細分市場所擁有的規模確實使我們能夠抵消一些潛在的疲軟或消費者猶豫。所以我認為 res repaint 也是一個很好的例子。

Arun Viswanathan, RBC Capital Markets.

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

Congrats on the progress in Q1. Good quarter in a challenging environment. So I guess just curious on that, how did March shape up? And how is -- how did April shape up as well? I know there was a little bit colder weather in January and February, which maybe led to weaker-than-expected results.

恭喜第一季取得進展。在充滿挑戰的環境中取得了良好的季度業績。所以我只是好奇，三月的情況怎麼樣？那麼四月的情況怎麼樣呢？我知道一月和二月的天氣有點冷，這可能導致結果不如預期。

So was March actually quite strong? And did that carry into April, and that kind of gives you the confidence to reiterate the full year in the face of all this volatility? Maybe you can just comment on some kind of near-term trends, what you're seeing.

那麼三月實際上表現強勁嗎？這種趨勢是否持續到了四月？面對如此大的波動，您是否有信心重申全年的預測？也許您可以對您所看到的某些近期趨勢發表評論。

Yeah, Arun, I'll start with April and work my way back. I think April has started where we expected it to start and within our guide for 2Q. March got better but when -- March was better than January, February, but when I look at the first quarter and we had comments last year about whether -- I mean, the reality is Southeast division, Southwest division is our two largest divisions. And if there was going to be a weather impact on a small quarter like our first quarter would be those two divisions that would be laggards in the quarter. And I would say, when you look at their performance, they were at or above the overall Paint Stores Group performance.

是的，阿倫，我會從四月開始，然後逐步回來。我認為 4 月的開局已經達到了我們預期的水平，並且符合我們對第二季的預期。三月的情況有所好轉，但是當 - 三月份的情況比一月、二月份要好時，但是當我看第一季度時，我們去年就是否 - 我的意思是，現實情況是東南分部和西南分部是我們最大的兩個分部。如果天氣對像我們第一季這樣的小季度產生影響，那麼這兩個部門在該季度就會落後。我想說，當你看到他們的表​​現時，你會發現他們的表現與 Paint Stores Group 的整體表現相當甚至更高。

So I don't want to suggest that weather had any impact on our first quarter, nor do I think it has an impact on our second quarter.

因此，我不想說天氣對我們的第一季產生了任何影響，我也不認為它對我們的第二季產生了影響。

Jeff Zekauskas, JPMorgan.

摩根大通的 Jeff Zekauskas。

I think mortgage rates are now something like 6.8%, and builders get a lot of their metal fittings from China. Lumber prices are higher. Do you have a general assessment of the inflation of building costs and whether that will make a difference? Are higher mortgage rates making a difference to the building market? And then maybe to ask Arun's question in a different way, was April up or down low single digits in sales? Which one?

我認為現在的抵押貸款利率大約是 6.8%，建築商從中國購買了很多金屬配件。木材價格較高。您對建築成本的通貨膨脹有什麼整體評估嗎？這是否會產生影響？更高的抵押貸款利率會對建築市場產生影響嗎？然後也許可以換個方式問阿倫的問題，四月的銷售額是上升了還是下降了個位數？哪一個？

So Jeff, why don't I start just from a homebuilder standpoint relative to the sentiment for both tariffs and rates. I think, obviously, the biggest catalyst will be any movement in rates, by and large, is held to be true for everybody. But relative to tariffs, the largest concern that we're hearing from our customers is related to steel and aluminum.

那麼傑夫，我為什麼不從房屋建築商的角度來談談對關稅和利率的看法呢？我認為，顯然，最大的催化劑將是利率的任何變動，總的來說，這對每個人來說都是正確的。但相對於關稅，我們從客戶那裡聽到的最大擔憂與鋼鐵和鋁有關。

So if you think HVAC systems, garage doors, window frames, those are the areas that -- where they're most concerned. But then it goes back to Al's point and Jim's point earlier, how, I think, by and large, everyone is looking at input costs in total and where we can help offset simplification comes in to affordability.

因此，如果您考慮暖通空調系統、車庫門、窗框，這些就是他們最關心的區域。但隨後又回到了 Al 和 Jim 之前的觀點，我認為，總的來說，每個人都在關注總投入成本，以及我們可以在哪些方面幫助抵消簡化帶來的負擔能力。

So those would be the biggest areas of concerns to the homebuilder's perspective.

因此，從房屋建築商的角度來看，這些都是他們最關心的問題。

Yeah, Jeff. You know we're not going to give you an up or down for April. Just historically, we've not done that. We're pleased with how April starts has started within our expectations and within our guide for the second quarter. On the higher mortgage rates, what we had talked about on our first quarter -- or our January call also is that life goes on.

是的，傑夫。你知道我們不會給你四月的漲幅或跌幅。從歷史上看，我們還沒有這樣做過。我們很高興看到四月份的開局符合我們的預期以及第二季的指導。關於更高的抵押貸款利率，我們在第一季或一月份的電話會議上討論過，生活還要繼續。

People are continuing getting married. I saw household formations were over 1.25 million recently. People are having children. So they're looking at other options for better affordability. It might be a smaller home.

人們仍在繼續結婚。我看到最近新家庭的數量超過了125萬。人們正在生孩子。因此，他們正在尋找其他更經濟的選擇。這可能是一個較小的房子。

It might be a smaller lot. It might be in a different school district than they want it. But I think what -- as the mortgage rates continue to stay at a higher level and existing homes inventory doesn't grow, the next logical place is to go see if we can build a new home or fit into a home that's already built and just waiting to be sold. So I think there's those types of things going on every day. We keep talking about that.

它可能是一個較小的地塊。它可能位於與他們想要的不同的學區。但我認為——由於抵押貸款利率繼續保持在較高水平，現有房屋庫存沒有增長，下一個合乎邏輯的做法是看看我們是否可以建造新房，或者將其安置在已經建成並等待出售的房屋中。所以我認為這類事情每天都在發生。我們一直在談論這個。

Ideally, we see interest rates get -- we don't -- I don't think we need to get them back to 5%, 5.5%. We saw a lot of movement when they got closer to 6% to 6.5% because that pent-up demand is so strong. So I don't think people are going to just wait until mortgage rates drop to 5%.

理想情況下，我們看到利率——我們不會——我認為我們不需要將其回升至 5%、5.5%。當利率接近 6% 至 6.5% 時，我們看到了很大的波動，因為被壓抑的需求非常強勁。因此我認為人們不會只是等到抵押貸款利率降至 5%。

Greg Melich, Evercore.

格雷格·梅利奇（Greg Melich），Evercore。

I wanted to dig a little deeper on the gross margin expansion. So I guess in the first quarter, over 100 basis points, but raws were still tame. And now if they're going to rise a little bit more and we get less benefit from price going forward, should we expect the first quarter to have been the biggest expansion in gross margin? Or are there other things that work that could help us through the year?

我想更深入探討毛利率的擴張。因此我估計第一季的成長率將超過 100 個基點，但原始成長率仍然溫和。現在，如果價格繼續上漲，而我們未來從價格中獲得的利益減少，我們是否應該預期第一季的毛利率將出現最大增長？或者有其他有效的方法可以幫助我們度過這一年嗎？

Yeah. There's other things, Greg, that can and will help us through the year as we talk about simplification and some of the other self-help levers that were -- have pulled or are looking to pull on our second quarter. Part of what you see on a year-over-year change, and I talked about this in January, we're expecting to see a similar type of margin improvement in our second half as we saw in our first half.

是的。格雷格，當我們談論簡化以及一些其他自助手段時，還有其他事情可以並將會幫助我們度過這一年，這些手段已經或正在考慮在第二季度實施。從年比變化來看，我曾在一月談到這一點，我們預計下半年的利潤率將出現與上半年類似的成長。

I think you're seeing a little bit more of an improvement year-over-year in our first quarter just because last year, our first quarter was our smallest gross margin performance, and then it improved as the year went on. So yeah, you're probably going to see our first quarter being the largest improvement, but part of that's history.

我認為，您會看到我們第一季的毛利率同比有所改善，因為去年第一季的毛利率是最低的，但隨著時間的推移，情況有所改善。所以，是的，你可能會看到我們的第一季取得了最大的進步，但這部分已經是歷史了。

Part of that is, and we'll talk about our second quarter, I know we didn't give a sales breakout, but expecting price to be similar in our second quarter on a consolidated basis as it was in our first quarter because of additional price increases across the other two segments, that will help. Yeah, Paint Stores will not have as big of a tailwind in the second quarter as the first quarter but there is also other price going in across the other segments.

其中一部分是，我們將討論第二季度，我知道我們沒有給出銷售突破，但由於其他兩個部門的價格進一步上漲，預計第二季度的合併價格將與第一季度相似，這將有所幫助。是的，油漆店在第二季不會像第一季那樣受到太大的推動，但其他領域的價格也會上漲。

Steve Byrne, Bank of America.

美國銀行的史蒂夫伯恩。

If we just look at the last month in your resi repaint volumes, what would you estimate when, the paint contractors actually locked in that -- those projects into their backlog, how long ago would that have been? And can you comment on whether your resi repaint volumes in the quarter were up year-over-year? And what was the spread in your estimate versus the underlying market? What kind of a delta is that you're gaining share in resi repaint?

如果我們只看您上個月的重新粉刷量，您估計油漆承包商實際上是在什麼時候將這些項目鎖定到他們的積壓訂單中的，那是多久以前了？您能否評論一下本季您的住宅重漆量是否年增？您的估計與基礎市場的價差是多少？您在 resi repaint 中獲得的份額是多少？

Yeah. Steve, typically, the backlog, the sight line for res repaint would be between -- in the four to six-week range. And so I think that would be pretty consistent in terms of when they're planning, when we're -- we've got sight line with them. In terms of the year-over-year dynamic, Al, I'll let you comment on that and jump in if I need to.

是的。史蒂夫，通常情況下，積壓的工作、重新粉刷的視線將在四到六週的範圍內。所以我認為，就他們計劃的時間和我們與他們視線一致而言，這將是相當一致的。就同​​比動態而言，Al，我會讓你對此發表評論，如果需要的話，我可以加入。

Yeah. I think based on our mid-single-digit performance on res repaint, we -- our volumes were up. And you look at it flat to down-ish market, we're absolutely taking share in that low single-digit percentage. And it's really, Steve, the continued focus on making the right investments within our Paint Stores Group, predominantly in res repaint, both on stores and reps and driving that volume in a down margin, I continue to expect to see that as we go through the year.

是的。我認為，基於我們在 res repaint 上的中等個位數表現，我們的交易量有所上升。如果你看一下持平或下滑的市場，我們絕對佔據了低個位數百分比的份額。史蒂夫，事實上，我們繼續專注於在我們的油漆商店集團內進行正確的投資，主要是在重新粉刷商店和銷售代表處，並推動銷量下降，我預計在全年我們將繼續看到這一點。

Chuck Cerankosky, Northcoast Research.

查克·塞蘭科斯基（Chuck Cerankosky），Northcoast Research。

Looking at the 18 store openings the Paint Stores Group had in the first quarter, that seemed like a pretty good start to the year. What are you looking at for total openings this year? Where are they being built if there's any concentration and any staffing challenges as the stores open?

從油漆店集團第一季新開的 18 家門市來看，這似乎是今年的一個相當不錯的開始。您預計今年的開幕總數是多少？如果商店開業時出現任何集中問題和人員配備挑戰，那麼這些商店將建在哪裡？

Yeah, Chuck, so 18 in the quarter, and we'll continue to be very focused on 80 to 100 throughout the year for the total annual number. In terms of kind of location, obviously, we won't get into where we're laying those stores in. But the way that we approach that, and I know you're well aware of this, too, the algorithm that we really use to understand, not just where density is but where density will be to make sure that we are intercepting the market at the right time to support our contractors as they're looking to do the exact same.

是的，查克，本季有 18 家，全年我們將繼續專注於 80 到 100 家，以實現年度總數。就地點而言，顯然我們不會透露這些商店的所在地。但是我們處理這個問題的方式，我知道你也很清楚這一點，我們真正使用的演算法不僅是為了了解密度在哪裡，而且是為了了解密度將會在哪裡，以確保我們在正確的時間攔截市場以支持我們的承包商，因為他們正在尋求做同樣的事情。

So it's very much based on where the volume and the density is, and it's going certainly across the country. In terms of staffing, I would tell you, our turnover continues to be so our kind of our record low 7% to 9% in stores, we're really proud of how we hire, onboard and retain and engage talent. So a lot of focus and effort there from the Paint Stores organization led by Justin Binns to make sure that we're doing just that.

所以這很大程度上取決於容量和密度，而且肯定會流向全國各地。在人員配置方面，我想告訴你，我們的門市人員流動率持續處於歷史最低水準 7% 至 9%，我們為我們如何聘用、入職、留住和吸引人才感到非常自豪。因此，賈斯汀·賓斯 (Justin Binns) 領導的油漆商店組織投入了大量精力和努力，以確保我們能夠做到這一點。

We don't have an outlying problem candidly relative to making sure we get the right people. We've got the right resources focused on making sure we get the right type of talent in. And once we have them in, I'd point back to the low turnover as an indicator that not only do we have the right people but we're progressing the right talent throughout the organization.

坦白說，在確保我們找到合適的人才方面，我們不存在什麼特別大的問題。我們擁有合適的資源，致力於確保引進合適類型的人才。一旦我們擁有了這些人才，我就會指出，低流動率表明我們不僅擁有合適的人才，而且我們正在整個組織中培養合適的人才。

Kevin McCarthy, Vertical Research Partners.

凱文·麥卡錫（Kevin McCarthy），Vertical Research Partners。

Heidi, one of the things that changed relative to last quarter is as you announced in February an agreement to acquire BASF's architectural business in Brazil. So in that context, I was wondering if you could talk a little bit about what appeals to you there and your strategic ambitions in LatAm. And related to that, a couple of clarifications. When do you think that deal would close within the second half? And are you now including that in your guidance on slide 7 or is that excluded?

海蒂，與上一季相比變化的一件事是，你們在二月份宣布了一項收購巴斯夫在巴西的建築業務的協議。因此，在這種背景下，我想知道您是否可以談談那裡吸引您的因素以及您在拉丁美洲的戰略抱負。與此相關，有幾點澄清。您認為該交易將在下半年何時完成？現在您是否將其包括在第 7 張幻燈片的指導中，還是將其排除在外？

Yeah. Suvinil has been an asset that we've been looking at for quite some time, Kevin, and you can imagine the interest and appeal when this becomes available was pretty significant for a number of reasons. And I would start with, we've got a strong business already in Latin America with a fantastic team from Sherwin-Williams. And so this became an obvious complement not only to the talent and the team, the brand, having a leading brand in Latin America clearly is a signal of high interest. We can be market leaders in a key market that's of high interest to us.

是的。凱文，Suvinil 是我們關注了很長時間的資產，你可以想像，由於多種原因，當它上市時，人們的興趣和吸引力會相當大。首先，我們在拉丁美洲已經擁有強大的業務，並且擁有一支來自宣偉的優秀團隊。因此，這不僅對人才和團隊，而且對品牌來說都是一個明顯的補充，擁有一個在拉丁美洲領先的品牌顯然是高度感興趣的信號。我們可以成為我們高度感興趣的關鍵市場的市場領導者。

And so it's a combination of not only the brand and the assets that come along with it, a fantastic leadership team. In terms of the timing of close, I can't give you any more than we're targeting second half, which we're feeling very positive about, and it is currently not in the guidance as you see.

因此，它不僅是品牌和隨之而來的資產的結合，還有一支出色的領導團隊。關於結束時間，我無法給出更多信息，我們的目標是下半年，我們對此非常樂觀，但正如你所見，目前它還不在指導範圍內。

And to add to that, Kevin, just thinking about the Brazil market for architectural as well, it's a large and growing market. The GDP, we've talked about Brazil GDP growing maybe around 1% over the last several years. Architectural coatings have been growing faster than that, and Suvinil has been growing even faster than that. So we fully expect to continue to accelerate that growth. And as Heidi mentioned, it's a great complement to what we're doing right now.

凱文，此外，只要考慮一下巴西的建築市場，它就是一個龐大且不斷成長的市場。關於 GDP，我們談到巴西的 GDP 在過去幾年可能成長了 1% 左右。建築塗料的成長速度比這更快，而 Suvinil 的成長速度甚至更快。因此，我們完全有信心繼續加速這一成長。正如海蒂所提到的，它是我們目前正在做的事情的一個很好的補充。

Very little in terms of channels or brands or anything like that, that's very well together.

就通路、品牌或諸如此類的東西而言，結合得非常好。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特。

I wanted to ask about the time line for share gains on the commercial and the property maintenance side. You guys have been clear for a while that you're gaining share, but the flow-through there would be delayed. Is that something you'd see in the second half of this year, resulting in outperformance versus market? Or is that even longer term than that, that we should be thinking about?

我想問一下商業和物業維護方面的份額增長時間表。你們已經明確表示，你們正在獲得市場份額，但這個過程將會延遲。您是否會看到今年下半年出現這種情況，從而導致其表現優於市場？或者說，我們應該考慮更長遠的問題？

Josh, you'll see some but it is longer term. And I'll point back to -- obviously, there's, I would call this an unprecedented competitive landscape today. And so the two segments that you spoke to typically tend to be larger, multiyear, in some cases, projects. And so the timing of these will certainly reflect that. I would suspect that we'll be talking about this for the next 18 to 24 months.

喬希，你會看到一些，但這是長期的。我要指出的是──顯然，我稱之為當今前所未有的競爭格局。因此，您談到的兩個部分通常規模較大，在某些情況下是多年的項目。因此這些的時間安排肯定會反映這一點。我估計我們會在接下來的 18 到 24 個月內討論這個問題。

Yeah, Josh, the only thing I would add is we have often talked about exclusive agreements, and we continue to monitor those and make sure we're gaining share there. So even if the next commercial job started today, we're 12 to 18 months out before we get to painting. And then the other on the property maintenance side, any share gains that we've gotten are being masked by the core backwards, especially with the higher interest rates that we have talked about and the lack of CapEx projects being completed.

是的，喬希，我唯一想補充的是，我們經常談論獨家協議，我們會繼續監控這些協議，並確保我們在那裡獲得份額。因此，即使下一個商業工作今天開始，我們也需要 12 到 18 個月的時間才能開始繪畫。另一方面，在物業維護方面，我們獲得的任何份額收益都被核心成本所掩蓋，特別是在我們談到的利率上升和缺乏資本支出項目完成的情況下。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴。

Wanted to dig in a little bit further on the Suvinil acquisition. Was wondering, Heidi, if you can give us any early sense of how you might be thinking about operational synergies or potential cross-selling opportunities related to that acquisition, whether those would be in Brazil or maybe more broadly in other parts of South America. And then also, are there any investments that you might anticipate could be required as part of the integration process for Suvinil.

想要進一步深入了解 Suvinil 收購事宜。海蒂，我想知道您是否可以提前告訴我們，您對此次收購的營運協同效應或潛在交叉銷售機會有何看法，這些機會是在巴西還是在更廣泛的南美其他地區。另外，您是否預期 Suvinil 整合過程中可能需要進行任何投資？

Yeah, great question. There's a few things here that I think just to step back and point to other areas that Sherwin-Williams has kind of done a nice job here. I'll point to the Valspar acquisition. And when I tell you that we're leveraging that playbook, that's probably an understatement. When you think about what it is and how we define value both on top line synergies, any operational opportunity, yes, you should expect that we'll be very aggressive on both fronts.

是的，很好的問題。我覺得這裡有幾件事需要回顧一下，並指出宣偉在其他領域也做得很好。我要指出的是 Valspar 收購案。當我告訴您我們正在利用該劇本時，這可能只是輕描淡寫。當你思考它是什麼以及我們如何定義頂線協同效應、任何營運機會的價值時，是的，你應該預料到我們會在這兩個方面都非常積極。

Obviously, I won't get into any of the details here, but I have a lot of confidence in our integration team and the combined leadership and their ability to make sure that we are laser-focused on business continuity, first and foremost, and through the lens of our customers and through the lens of employees. So we'll be down that path here. The teams are already knee-deep. In terms of investments, it's premature to comment on that. I think if anything, it's more opportunity for us to find ways to be more efficient and better together at this point.

顯然，我不會在這裡談論任何細節，但我對我們的整合團隊和聯合領導層以及他們確保我們首先關注業務連續性的能力充滿信心，並透過客戶和員工的視角。因此我們將沿著這條路走下去。各支球隊已經陷入困境。就投資而言，現在評論還為時過早。我認為，如果有的話，這對我們來說是一個更多的機會，讓我們能夠找到更有效、更好的合作方式。

Yeah. And the only thing I would add to that is you've seen us have an appetite for investments in businesses that can grow above market, and we can get a return on that, and I'll point to packaging and the continued investments in capacity expansion. I'll the coil our continued investments in capacity expansion, where we're confident in the growth outlook, and we will absolutely get a return for those investments.

是的。我唯一想補充的是，您已經看到我們對能夠超越市場成長的業務進行投資，並且我們可以從中獲得回報，我想指出的是包裝和對產能擴張的持續投資。我將繼續投資於產能擴張，我們對成長前景充滿信心，而且我們絕對會從這些投資中獲得回報。

Garik Shmois, Loop.

Garik Shmois，循環。

I'm wondering if you're seeing anywhere that customer taking on inventory ahead of the full tariff impacts, meaning are you seeing any pull forward of demand? Or conversely, is there destocking to think about where customers are taking a more conservative view on how much inventory they're holding?

我想知道您是否看到客戶在全面關稅影響之前就開始庫存，這意味著您是否看到需求提前？或者相反，是否存在去庫存的情況，以考慮客戶對其持有的庫存量採取更保守的看法？

Not really, Garik. There's exceptions here or there by customer by region. But by and large, I would tell you it's not material. It's not an active conversation that we're having across the business units today.

不是的，加里克。根據客戶和地區的不同，這裡或那裡有例外。但總的來說，我想告訴你，這並不重要。我們今天在各個業務部門之間進行的對話並不活躍。

Aron Ceccarelli, Berenberg.

阿隆·切卡雷利（Aron Ceccarelli），貝倫貝格（Berenberg）。

Good results. I have a question on PSG. You mentioned that the contribution from pricing in Q2 will be smaller and the comparable base becomes a bit tougher in Q2. So just trying to understand what do you expect volume growth to come back? Is it an acceleration from protective and marine and residential repaint? Or are you thinking about commercial or property maintenance or DIY starting to improve?

效果很好。我有一個關於巴黎聖日耳曼的問題。您提到，第二季的定價貢獻將會更小，而第二季的可比基數會變得更加困難。所以只是想了解一下您預計銷售成長會恢復到什麼程度？這是保護性、船舶和住宅重新塗漆的加速嗎？還是您正在考慮商業或物業維護或DIY開始改善？

Yeah, Aaron, I think it's going to be the volume improvement. We'll continue to expect res repaint, we've got momentum in P&M, and we'd expect that volume to improve. I think the only comment I would have on commercial and property maintenance is we don't expect them to get worse. So as we continue to build on our wins in res repaint, as we continue to build on P&M, they'll help offset those volume declines more.

是的，亞倫，我認為這將會增加音量。我們將繼續期待 res 重新粉刷，我們在 P&M 方面擁有發展勢頭，並且我們預計交易量將會提高。我認為我對商業和物業維護的唯一評論是，我們不希望它們變得更糟。因此，隨著我們繼續鞏固我們在 res repaint 方面的勝利，隨著我們繼續鞏固 P&M，它們將有助於抵消銷售量的下降。

And then also, we've talked about this in January. New res kind of just plodding along, not getting worse, not getting tremendously better. And then we can see how that progresses through our second quarter, and that allow us to give you a better outlook for the full year on volumes.

而且，我們在一月也討論過這個問題。新資源只是緩慢地前進，沒有變得更糟，也沒有變得更好。然後我們可以看看第二季的進展情況，這使我們能夠更好地展望全年的銷售量。

Mike Leithead, Barclays.

巴克萊銀行的麥克萊特黑德。

On the outlook, I appreciate you don't give quarterly earnings guidance, but you are guiding sales essentially flat at the midpoint year-over-year for the second quarter. So do you think you'll be able to grow earnings in that top line environment, or the cost inflation items likely to preclude earnings growth in the second quarter?

就前景而言，我很欣賞您沒有給出季度盈利預測，但您預測第二季度的銷售額與去年同期相比基本持平。那麼，您是否認為在這種營業環境中，您的收益能夠成長，或者成本通膨項目可能會阻礙第二季的收益成長？

Yeah. Mike, you're right. We don't give quarterly guidance, but I will give you some color. I do expect, even with that flattish type of sales, that our adjusted operating margin, and when I say adjusted operating margin, I'm talking about our gross profit less SG&A, expect that margin to improve year-over-year at the midpoint. The price increases helping offset the total cost basket increases that we've talked about, the simplification efforts, the digitization efficiencies that we're seeing that are allowing us to maintain a tight SG&A number even while investing in stores and reps.

是的。麥克，你說得對。我們不提供季度指導，但我會給你一些資訊。我確實預計，即使銷售額持平，我們的調整後營業利潤率（我所說的調整後營業利潤率是指我們的毛利減去銷售、一般及行政費用）預計在中期將比去年同期有所提高。價格上漲有助於抵消我們談到的總成本籃的增加，簡化工作、數位化效率的提高使我們即使在投資商店和銷售代表的同時也能保持嚴格的銷售、一般和行政費用。

So those all help. As I talked about on January, though, we are going to have a significant headwind on nonoperating items due to credits that we saw last year in both environmental, which I don't expect to repeat in the gain on sale of asset or disposition of assets. Those were roughly $60 million that I just don't expect to repeat and will be difficult to get on top of when you look at our profit margin and/or our EPS.

這些都有幫助。不過，正如我在一月份談到的那樣，由於去年我們在環境方面看到的信貸，我們將在非營業項目上面臨重大阻力，我預計這種情況不會在資產出售或資產處置收益中重演。這些金額大約是 6,000 萬美元，我只是不認為會重複出現，而且當你查看我們的利潤率和/或每股收益時，很難超過這個數字。

That being said, depending on where Paint Stores Group is in the range of their sales, we could be better from an earnings standpoint just because of their higher operating margin than the other segments. And we may get some benefit on admin on the continued cost consciousness that we have there.

話雖如此，但根據 Paint Stores Group 的銷售範圍，從獲利角度來看，我們可能會表現得更好，因為他們的營業利潤率高於其他部門。而且，我們可能會因為持續的成本意識而在管理方面獲得一些好處。

Eric Bosshard, Cleveland Research.

艾瑞克‧博薩德（Eric Bosshard），克里夫蘭研究公司。

Al, a point of clarification. You talked about the potential impact of tariffs and the potential for price. I'm just curious, and also the reality that tariff policy may change, likely will change in the weeks ahead. As we sit here today, is the impact of tariffs on raws sufficient to push the raw outlook above the original range?

Al，需要澄清一點。您談到了關稅的潛在影響和價格的潛力。我只是好奇，而且關稅政策可能會發生變化，而且很可能會在未來幾週內發生變化。今天我們坐在這裡，關稅對原料的影響是否足以使原料前景超出原來的範圍？

No. It's not, Eric. And that's why when we talked earlier about evaluating our price, we're still within that raw material range in or total cost basket range. And I think what I would just make a finer point on the price discussion as some of our businesses, you have to get kind of granular on where and how the tariffs are impacting what specific businesses and regions.

不。不是的，艾瑞克。這就是為什麼當我們之前談到評估我們的價格時，我們仍然處於原材料範圍或總成本籃範圍內。我認為，對於我們的一些企業來說，我只是想就價格討論進行更細緻的闡述，你必須詳細了解關稅在哪些地方以及如何影響哪些特定的企業和地區。

And so I made a broad statement, we likely will not have to -- or we'll evaluate if we have to go out with additional price. Well, individual businesses may be out. And I don't want to get into the specifics of those, but we may have some businesses that have to go out sooner than later because they're more impacted by the raw material environment, the tariff environment, and those other costs that we talk about that roll into our total cost basket.

因此我做出了一個廣泛的聲明，我們可能不必這樣做——或者我們會評估是否需要支付額外的費用。嗯，個別企業可能出局了。我不想談論具體細節，但我們可能會有一些企業不得不盡快退出，因為它們受到原材料環境、關稅環境以及我們談到的其他計入總成本籃的成本的更大影響。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

Would you mind giving some detail around what you're seeing in terms of labor availability maybe by channel? And what that -- is it getting easier to poach salespeople from competitors? And what does that imply for labor inflation this year?

您能否詳細介紹一下您所看到的按管道提供的勞動力可用性情況？那麼——從競爭對手挖走銷售人員是否變得越來越容易了？這對今年的勞動力通膨意味著什麼？

Yeah. Nothing significant, Laurence. I would tell you that obviously, everyone's looking at the same data. I'll go back to my earlier comment. When we think about how we source labor, we put a lot of time and effort into recruiting strategy and our talent acquisition team.

是的。沒什麼大不了的，勞倫斯。我想告訴你，顯然每個人都在看相同的數據。我將回到我之前的評論。當我們考慮如何尋找勞動力時，我們投入了大量的時間和精力到招募策略和人才招募團隊。

We work really hard throughout the organization to make sure that we've got people that are placed in the right role at the right time, making sure that we're progressing talent through. I don't have a strong concern there in any regard. One of the biggest areas of focus for the company, and this is maybe a bit more of a signal to our culture as we talk a lot about this idea. We want our employees to understand that this -- we want them to feel like this is -- we are the employer of choice.

我們在整個組織內努力工作，以確保在正確的時間將人才安排在正確的職位上，確保我們持續培養人才。就任何方面而言，我並不十分擔心。這是公司最關注的領域之一，當我們多次談論這個想法時，這也許更能體現我們的文化。我們希望我們的員工明白這一點——我們希望他們感受到這一點——我們是他們選擇的雇主。

We've got a program called Create Your Possible, where we really work hard to make sure that across our 64,000 global employees, they've got better sight line to all that's available and possible to them throughout the organization, not just within their geography or their business unit so that we're really working hard to move talent around the organization.

我們有一個名為「創造你的可能」的項目，在這個項目中，我們非常努力地確保我們全球的 64,000 名員工能夠更好地了解整個組織內所有可用和可能的機會，而不僅僅是在他們的地理位置或業務部門內，以便我們真正努力在組織內調動人才。

So getting them in is a really key focus but making sure that we're engaging and retaining our talent is at the forefront of everything we do. In fact, of our six enterprise priorities that we have shared, the talent and culture is the ultimate enabler for us is making sure we can get accomplished all the things it is that we want to do.

因此，吸引人才是我們工作的重點，但確保我們能夠吸引和留住人才是我們所做的一切工作的重中之重。事實上，在我們分享的六個企業重點中，人才和文化是我們最終的推動力，確保我們能夠完成所有我們想要做的事情。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

This is Emily Fusco on for David Begleiter. On the North American DIY, is weakness getting worse, given the pressure on the consumer? How the rest of the year playing out?

我是 Emily Fusco，為 David Begleiter 報道。就北美 DIY 而言，考慮到消費者面臨的壓力，疲軟情況是否會進一步惡化？今年剩餘的時間過得怎麼樣？

Yeah, Emily, I wouldn't say it's getting worse but I would go back and point to relative to DIY as a segment. This is a really important part of our long-term strategy, represents well over 30%, 35% of the available gallons. And so I wouldn't say it's getting better but I do -- I would say it is still absolutely under pressure and bumping around a bit.

是的，艾米麗，我不會說情況變得更糟，但我會回頭指出與 DIY 相關的一個部分。這是我們長期策略中非常重要的一部分，佔可用加侖數的 30% 到 35% 以上。因此，我不會說情況正在好轉，但我會說——情況仍然絕對處於壓力之下，並且有些不穩定。

Our partnerships that we have outside of our stores with some of our strategic partners are working fiercely on making sure that we can continue to stimulate demand and get people painting their walls more. So any help you can provide, we'll take it.

我們與商店外的一些策略合作夥伴正在密切合作，以確保我們能夠繼續刺激需求並讓人們更多地粉刷牆壁。因此，如果您能提供任何幫助，我們都會接受。

Yes. Emily, I would just add to close it off, too. I mean, existing home sales, we've talked about is a driver on the DIY side as well. So if we can see some uptick there, that would be helpful on the DIY demand.

是的。艾米麗，我也想補充一點來結束這篇評論。我的意思是，我們已經討論過的現有房屋銷售也是 DIY 方面的一個驅動因素。因此，如果我們能夠看到一些上漲，這將有助於 DIY 需求。

That concludes our Q&A session. I will now hand the conference back to Jim Jaye for closing remarks. Please go ahead.

我們的問答環節到此結束。現在我將會議交還給 Jim Jaye 並請他致閉幕詞。請繼續。

Yes. Thank you, Matthew, and thanks, everybody, for joining our call. As we outlined today, we're continuing to operate here in a very choppy macro environment, and that's going to last, we assume, for the rest of the year. It's also an opportunity for Sherwin to demonstrate what makes us so unique. And our differentiated solutions are driving productivity and profitability for our customers.

是的。謝謝你，馬修，也謝謝大家參加我們的電話會議。正如我們今天所概述的，我們將繼續在非常不穩定的宏觀環境中運營，並且我們估計，這種情況將持續到今年剩餘時間。這也是宣威展現我們獨特的機會。我們的差異化解決方案正在提高客戶的生產力和獲利能力。

We are focused on being the source for stability, predictability and reliability. We're focused on what we can control, which is what you heard today, and we're going to continue to assess and adapt and pivot in this environment, so we can do what we need to do to outperform the market.

我們致力於成為穩定性、可預測性和可靠性的來源。我們專注於我們能夠控制的事情，也就是你們今天所聽到的，我們將繼續評估、調整和調整這種環境，這樣我們就可以做我們需要做的事情來超越市場。

As Al mentioned, we've got a lot of different levers that we can pull as the conditions evolve. So we feel very good about where we're positioned. We're going to continue to deliver shareholder value, take care of our customers, and we'll continue to execute at a high level.

正如艾爾所提到的，隨著情況的發展，我們可以採取許多不同的措施。因此，我們對自己的定位感到非常滿意。我們將繼續為股東創造價值、照顧我們的客戶，並繼續保持高水準的執行力。

So thank you again for joining us. Eric Swanson and myself will be available for your follow-up calls as always. And thanks for your interest in Sherwin.

再次感謝您的加入我們。埃里克·斯旺森 (Eric Swanson) 和我將會像往常一樣接聽您的後續電話。感謝您對 Sherwin 的關注。

Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝。各位，今天的活動就到這裡了。現在您可以斷開連接，並享受美好的一天。感謝您的參與。