宣偉 (SHW) 2025 Q2 法說會逐字稿

Good morning and thank you for joining the Sherwin-Williams Company's review of second quarter 2025 results and our outlook for the third quarter and full year of 2025.

早安，感謝您參加宣偉公司 2025 年第二季業績回顧以及 2025 年第三季和全年展望。

With us on today's call are Heidi Petz, Chair, President, and Chief Executive Officer; Allen Mistysyn, Chief Financial Officer; Paul Lang, Chief Accounting Officer; and Jim Jaye, Senior Vice President-Investor Relations and Communications.

參加今天電話會議的有董事長、總裁兼執行長 Heidi Petz、財務長 Allen Mistysyn、首席會計長 Paul Lang 和投資者關係與傳播資深副總裁 Jim Jaye。

This conference call is being webcast simultaneously on listen-only mode by Access Newswire via the Internet at www.sherwin.com. An archived replay of this webcast will be available at www.sherwin.com, beginning approximately two hours after this conference call concludes.

本次電話會議將透過 Access Newswire 在 www.sherwin.com 網站上以只聽模式同步播出。會議結束後約兩小時，可在 www.sherwin.com 網站上觀看本次網路直播的存檔回放。

This conference call will include certain forward-looking statements as defined under 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 this 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 submitted earlier this morning. After the company's prepared remarks, we will open this 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。任何前瞻性陳述僅代表本陳述作出之日的觀點。無論是由於新資訊、未來事件或其他原因，本公司均不承擔更新或修改任何前瞻性聲明的義務。該公司今天早上提交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，我們將開始回答提問。

I will now turn the call over to Jim Jaye. Sir, the floor is yours.

現在我將電話轉給 Jim Jaye。先生，請您發言。

Thank you and good morning to everyone. Sherwin-Williams continued to execute our strategy in a demand environment that remained choppy as we expected. We also continue to take aggressive and deliberate operational and commercial actions. In response to: Number one, a softer for longer demand environment; and number two, a rapidly changing and opportune competitive environment which we are taking advantage of by accelerating our strategic intensity in the short term that favor Sherwin-Williams over the long term.

謝謝大家，早安。正如我們預期的那樣，在需求環境仍然波動的情況下，宣偉繼續執行我們的策略。我們也將繼續採取積極和深思熟慮的營運和商業行動。針對以下問題：第一，長期需求環境較為疲軟；第二，快速變化且有利的競爭環境，我們正在利用這一環境，在短期內加快我們的戰略強度，這將有利於宣偉的長期發展。

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. It was the 12th quarter in a row of year-over-year gross margin expansion.

與去年同期相比，合併銷售額在我們的指導範圍內。油漆店集團的成長被其他兩個部門的疲軟所抵消。毛利率和毛利均有所擴大。這是毛利率連續第12季年增。

SG&A in the quarter increased for the reasons described in our press release. Despite the higher level in the quarter, we remain on track for our original guidance of a low single-digit percentage increase in SG&A for the full year. The decrease in adjusted earnings per share in the quarter reflects the anticipated higher non-operating costs year-over-year, sooner-than-expected new building expenses, and targeted growth investments we continue to make.

由於我們新聞稿中所述的原因，本季銷售、一般及行政費用有所增加。儘管本季的水平較高，但我們仍有望實現最初預期，即全年銷售、一般及行政費用將實現低個位數百分比成長。本季度調整後每股收益的下降反映了預期非營業成本同比增加、新建築支出快於預期以及我們繼續進行有針對性的成長投資。

From a capital allocation perspective, we continue to execute our disciplined strategy, returning $716 million to shareholders through share repurchases and dividends.

從資本配置的角度來看，我們繼續執行嚴謹的策略，透過股票回購和股利向股東返還 7.16 億美元。

Looking ahead the macroeconomic indicators we track along with real-time customer sentiment point to continued turbulence and a slowdown in demand across various segments, businesses, and regions over the remainder of 2025.

展望未來，我們追蹤的宏觀經濟指標以及即時客戶情緒表明，2025 年剩餘時間內，各個領域、企業和地區將繼續動盪，需求將放緩。

As a result, we are reducing our adjusted earnings guidance for the full year. This is based on software architectural sales volumes than anticipated coming into 2025 and supply chain inefficiencies due primarily to a reduction in production gallons within our global supply chain, partially offset by a reduction in SG&A spending. Despite the softening market conditions, we remain committed to delivering above market growth.

因此，我們下調了全年調整後的獲利預期。這是基於 2025 年軟體架構銷售量高於預期以及供應鏈效率低下，這主要歸因於我們全球供應鏈中的生產加侖數減少，但銷售、一般及行政費用 (SG&A) 支出的減少部分抵消了這一影響。儘管市場環境疲軟，我們仍致力於實現高於市場的成長。

Let me now turn it over to Heidi, who will provide some additional color on the second quarter, before moving on to our outlook and your questions.

現在，讓我把時間交給海蒂，她將對第二季度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 acknowledging that this was not a perfect quarter. I also want to remind you we don't run the company to achieve perfect quarters. We run the company with a disciplined strategy to deliver significant long-term outperformance of the market. And that is exactly what we're doing, especially in this opportune competitive environment.

謝謝你，吉姆，大家早安。首先我要承認這不是一個完美的季度。我還想提醒大家，我們經營公司並不是為了達到完美的季度業績。我們以嚴謹的策略來經營公司，以實現長期顯著超越市場的表現。這正是我們正在做的事情，特別是在這個有利的競爭環境中。

More specifically, I want to address head on some of the larger dynamics and actions that played out in the quarter and give you reassurance and importantly, confidence in what we are doing and why.

更具體地說，我想直面本季出現的一些更大的動態和行動，並讓你們放心，更重要的是，讓你們對我們正在做的事情和原因充滿信心。

First, we began the year by telling you that we were operating in a very choppy demand environment. As a result, we also told you we would be responding proactively and aggressively on the cost side, including guiding to approximately $50 million or $0.15 per share and restructuring initiatives for the year.

首先，我們在年初就告訴大家，我們正處於一個非常不穩定的需求環境。因此，我們也告訴您，我們將在成本方面採取積極主動的應對措施，包括指導年度成本約為 5000 萬美元或每股 0.15 美元以及重組舉措。

As the quarter progressed, demand momentum remained stalled and in some areas deteriorated further, notably in new residential DIY and coil coatings end markets. We told you we had additional levers available to us and as you would expect, we did not wait to pull those levers. And we are pulling other levers now. Specifically, we're going broader and deeper in our restructuring initiatives, and more than doubling our full-year target to approximately $105 million or $0.32 per share. We expect these actions to result in savings of approximately $80 million on an annual basis.

隨著本季的進展，需求動能仍停滯，在某些地區進一步惡化，特別是在新的住宅 DIY 和捲材塗料終端市場。我們告訴過您，我們有額外的槓桿可供使用，正如您所期望的，我們毫不猶豫地使用了這些槓桿。我們現在正在採取其他措施。具體來說，我們的重組計劃將更加廣泛和深入，並將全年目標增加一倍以上，達到約 1.05 億美元或每股 0.32 美元。我們預計這些措施每年可節省約 8,000 萬美元。

Second, building a new global headquarters and our R&D center is not an exact science. It is not always possible to predict timing with precision on a multiyear project of this scale. Frankly, our construction partners and teams made more progress on the project in the quarter than we expected. That's a good thing. We want to begin operating in our new facilities sooner rather than later. As a result, we incurred costs in the quarter that we didn't expect to see until the second half of the year.

其次，建立新的全球總部和研發中心並不是一門精確的科學。對於這種規模的多年期項目，並不總是能夠準確預測時間。坦白說，我們的施工合作夥伴和團隊在本季在專案上取得的進展超出了我們的預期。這是一件好事。我們希望盡快在新設施開始運作。結果，我們在本季產生了預計要到下半年才會出現的成本。

Third, one of the many advantages of our direct distribution model is that we have several thousand team members in our stores and in the field that are partnering with our contractors every single day, providing us with real-time market intelligence. Specifically, we've learned of recent and significant reductions in customer-facing positions and assets among our largest architectural competitors. We've also learned of a competitor implementing a high single-digit minimum price increase in the heart of the paint selling season which can be highly disruptive to customers.

第三，我們的直接分銷模式的眾多優勢之一是，我們在商店和現場擁有數千名團隊成員，他們每天與我們的承包商合作，為我們提供即時的市場情報。具體來說，我們了解到，我們最大的建築競爭對手近期大幅削減了面向客戶的職位和資產。我們也了解到，競爭對手在油漆銷售旺季實施了高個位數的最低價格上漲，這可能會給客戶帶來很大的困擾。

We believe these competitive actions are signals that our strategy is working. We continue to believe we are at a major inflection point in the North American architectural coatings industry, and we refuse to miss this once-in-a-carreer opportunity that's unfolding before us. This is why we will continue investing aggressively in Paint Stores Group with customer-facing growth initiatives in the quarter and throughout the second half of 2025 while maintaining discipline around G&A costs.

我們相信這些競爭行動表明我們的策略正在發揮作用。我們始終堅信，我們正處於北美建築塗料行業的一個重要轉折點，我們不會錯過這個正在我們面前的千載難逢的職業機會。這就是為什麼我們將在本季和整個 2025 年下半年繼續積極投資 Paint Stores Group，並採取面向客戶的成長計劃，同時保持對 G&A 成本的嚴格控制。

We are highly confident that these actions will drive significant above market growth when the demand environment improves. Professional painting contractors are looking for predictability and reliability. They need partners that are committed to providing solutions that drive their success. That is what Sherwin-Williams provides, especially in the heart of the painting season.

我們非常有信心，當需求環境改善時，這些措施將推動市場大幅成長。專業繪畫承包商尋求可預測性和可靠性。他們需要致力於提供推動其成功的解決方案的合作夥伴。這就是宣偉所提供的，特別是在繪畫季節的中心。

Let me now provide some color on our second quarter segment performance. In the interest of time, I will keep my comments brief in order to focus on our full-year outlook and provide time for your questions.

現在讓我介紹一下我們第二季的分部業績。為了節省時間，我將簡短地發表評論，以便集中討論我們的全年展望，並留出時間回答大家的問題。

Sales and Paint Stores Group increased by a low single-digit percentage with price mix up by mid-single digits and volume down low single digits. As expected, the price mix component was slightly below the level of our first quarter which included the residual impact of our February 2024 increase.

銷售和油漆店集團的銷售額增長了低個位數百分比，價格組合上漲了中等個位數，而銷量下降了低個位數。正如預期的那樣，價格組合部分略低於我們第一季的水平，其中包括 2024 年 2 月上調價格的殘餘影響。

Protective and marine increased by high single digit for the fourth straight quarter. Residential repaint sales again grew by mid-single digits, significantly outpacing the market. We also outperformed in new residential where sales increased by low single digits in a quarter when single family completions were down by double digits. Similarly, commercial sales grew low single digits in a quarter with multi-family completions down mid-teens.

防護和船舶產品連續第四個季度實現高個位數成長。住宅重新粉刷銷售額再次實現中等個位數成長，大幅超過市場成長速度。我們在新住宅領域也表現出色，在單戶住宅竣工量下降兩位數的季度中，銷售額卻增加了個位數。同樣，商業銷售額在本季也僅成長了個位數，而多戶住宅的完工量則下降了十幾個百分點。

Property maintenance and DIY sales decreased. Even with the heightened growth investments I mentioned, segment profit increased and segment margin decreased only slightly. We opened 20 net news stores in the quarter, and 38 year-to-date, which is ahead of last year's pace.

物業維修和DIY銷售下降。即使我提到了增加成長投資，分部利潤仍然有所增加，而分部利潤率僅略有下降。我們在本季開設了 20 家網路新聞商店，今年迄今已開設了 38 家，比去年同期的開設速度有所加快。

Consumer Brands Group sales were below expectations with volume, price mix, and FX all down by similar low single-digit percentages. Sales reflect continued softness in North America DIY and unfavorable FX in Latin America, partially offset by growth in Europe. Segment SG&A decreased by low single digits with continued discipline and controlling general and administrative expenses while maintaining investments to support our customers' sales. Adjusted segment margin decreased primarily due to the lower sales and impact of lower production volumes in our supply chain.

消費品牌集團的銷售額低於預期，銷售、價格組合和外匯均下降了類似的個位數百分比。銷售額反映了北美 DIY 的持續疲軟和拉丁美洲的不利外匯影響，但被歐洲的成長部分抵消。透過持續的紀律和控制一般及行政費用，同時保持投資以支持客戶的銷售，部門銷售、一般及行政費用下降了個位數。調整後的部門利潤率下降主要是由於銷售下降以及供應鏈產量下降的影響。

Performance Coatings Group sales were in line with expectations. Volume acquisitions and FX were all up by low single-digit percentages, but slightly offset by unfavorable price mix. Regionally, segment growth in Europe, Asia, and Latin America with offset by a decrease in North America.

高性能塗料集團的銷售額符合預期。交易量和外匯均出現了低個位數百分比的增長，但因價格組合不利而略有抵消。從區域來看，歐洲、亞洲和拉丁美洲的分部成長被北美的分部下降所抵銷。

From a division perspective, packaging continued to be a bright spot with double-digit growth inclusive of an acquisition. Coil sales were up low single digits, also inclusive of an acquisition, but the outlook for this business has become murkier with uncertainty related to steel tariff. Industrial wood and general industrial sales were down as expected. Auto refinish also remained under pressure and was down slightly, although the industry is beginning to annualize lower insurance claims. We are encouraged by meaningful new account wins in this business which are currently being more than offset by softness and core accounts driven by lower insurance claims.

從部門角度來看，包裝部門繼續成為亮點，包括收購在內均實現了兩位數的成長。捲材銷售額成長了個位數，其中也包括收購，但由於鋼鐵關稅的不確定性，該業務的前景變得更加黯淡。工業木材和一般工業銷售量如預期下降。儘管汽車修補業開始將較低的保險索賠金額按年計算，但該行業仍面臨壓力，銷售額略有下降。我們對該業務中有意義的新帳戶勝利感到鼓舞，目前這些勝利被疲軟的業績和因保險索賠減少而導致的核心帳戶所抵消。

PCG segment profit and margin decreased primarily due to increased costs, support sales, higher foreign currency transaction losses, and a prior-year gain on a sale of assets which did not repeat in the quarter. Severance and other restructuring expenses also reduced segment margin by 50 basis points.

PCG部門利潤和利潤率下降主要是由於成本增加、支持銷售、外匯交易損失增加以及去年同期資產出售收益（本季未重複）。遣散費和其他重組費用也使部門利潤率降低了 50 個基點。

And before moving on to our outlook, I would also like to note the continued good work in our administrative function to control costs. Excluding the corporate portion of restructuring costs and the new building costs, administrative SG&A was down by a high single-digit percentage in the quarter.

在談到我們的展望之前，我還想指出，我們的行政職能在控製成本方面繼續做得很好。不包括公司重組成本和新建築成本部分，本季行政銷售、一般及行政費用下降了個位數百分比。

As we enter the second half of the year. It is clear we continue to be in a softer for longer demand environment with further deterioration possible. Our slide deck describes several of the demand indicators we track. None of these are particularly encouraging at this time. Customer sentiment reflects continued uncertainty and hesitancy to invest. And consumer remains mixed.

隨著我們進入下半年。顯然，我們將繼續處於長期需求疲軟的環境中，並且可能進一步惡化。我們的幻燈片描述了我們追蹤的幾個需求指標。目前這些都不是特別令人鼓舞的事。客戶情緒反映出持續的不確定性和投資猶豫。而消費者的消費情況依然喜憂參半。

To be clear, we expect no help from the market over the remainder of the year. However, we continue to focus our efforts on market share gains across each of our businesses and segments. As a result, we're revising our full-year sales expectations downward in our Consumer Brands segment while maintaining our Performance Coating segment sales guidance.

需要明確的是，我們預計今年剩餘時間內市場不會提供任何幫助。然而，我們將繼續致力於擴大每個業務和部門的市場份額。因此，我們下調了消費品牌部門的全年銷售預期，同時維持高性能塗料部門的銷售預期。

We're only minimally adjusting downward Paint Stores segment sales guidance as the January price increase realization is not enough to offset the adjustment downward in full year volume. The lower architectural sales volumes are requiring a reduction in our full-year production gallons in our supply chain, which is also pressuring bottom line results. Specific third quarter and full-year ranges are provided in our slide deck.

我們僅對油漆店部門的銷售預期進行了小幅下調，因為一月份的價格上漲不足以抵消全年銷量的下調。建築銷售量的下降要求我們減少供應鏈的全年生產加侖數，這也對底線業績帶來壓力。我們的幻燈片中提供了具體的第三季和全年範圍。

Accordingly, we are also revising our diluted earnings per share guidance downward.

因此，我們也下調了每股攤薄收益預期。

On a slightly more positive note, the software demand is resulting in a more favorable commodity backdrop. We now expect slight deflation of our raw material basket in the back half of the year, resulting in flattish full-year costs. While welcome, these benefits are not enough to fully offset the impact of the software demand environment. Tariffs also remain a variable in this outlook.

稍微積極的一點是，軟體需求正在帶來更有利的商品背景。我們目前預計下半年原物料價格將略有下降，導致全年成本持平。儘管值得歡迎，但這些好處不足以完全抵消軟體需求環境的影響。關稅仍然是這一前景中的一個變數。

While we cannot control the demand environment, what we can control is our commitment to a winning strategy, a team that knows how to pivot in uncertain times, and our ability to execute to help our customers be successful. You've seen evidence of that by the actions we've taken year-to-date. We will continue to act with discipline and urgency during the remainder of the year.

雖然我們無法控制需求環境，但我們可以控制的是我們對致勝策略的承諾、一支知道如何在不確定時期轉變的團隊，以及我們幫助客戶成功的執行能力。從我們今年迄今採取的行動中，您已經看到了證據。在今年剩餘的時間裡，我們將繼續嚴守紀律、採取緊急行動。

Here's what you can expect to see. We will continue to focus on differentiated solutions that help our customers become more productive and more profitable. We will continue to invest in growth initiatives in a time of unprecedented competitive opportunity in our industry. We will fund these growth investments by continuing to focus relentlessly on controlling general and administrative spending. And we expect SG&A to be in a low single digit target range for the year. We're going deeper and broader in our restructuring initiative.

以下是您將會看到的內容。我們將繼續專注於差異化解決方案，幫助我們的客戶提高生產力和獲利能力。在我們產業面臨前所未有的競爭機會之際，我們將持續投資於成長計畫。我們將繼續堅持不懈地控制一般和行政支出，為這些成長投資提供資金。我們預計今年的銷售、一般及行政開支將處於低個位數目標範圍內。我們的重組計劃正在進一步深入和廣泛地實施。

As I mentioned earlier, we're our initial targets. We're reducing our CapEx spending for the year by $170 million or approximately 20%. Total CapEx moves downward from $900 million to $730 million inclusive of $300 million for our building project.

正如我之前提到的，我們是我們的初始目標。我們將今年的資本支出減少 1.7 億美元，約 20%。總資本支出從 9 億美元下降到 7.3 億美元，其中包括我們建築項目的 3 億美元。

We are accelerating completion and transition to our new buildings as quickly as possible. As we seek to begin getting a return on this project, more activity in the current year will result in a pull forward of certain transition and operating expenses. We now estimate total investment in the year to be $115 million inclusive of $95 million of SG&A and $20 million of interest expense, with approximately 50% of SG&A expenses non-repeatable.

我們正在盡快完成並過渡到新建築。當我們尋求從該計畫獲得回報時，本年度的更多活動將導致某些過渡和營運費用的提前。我們現在估計今年的總投資為 1.15 億美元，其中包括 9,500 萬美元的銷售、一般和行政費用以及 2,000 萬美元的利息費用，其中約 50% 的銷售、一般和行政費用是不可重複的。

We will continue to opportunistically repurchase our shares and pursue targeted acquisitions that accelerate our strategy. We expect the Suvinil acquisition to close before the end of the year. And we will continue on our enterprise priorities. Talent continues to drive us. Simplification and digitization will make us more productive in our supply chain and more responsive. Profitable above-market growth over the long term remains our north star.

我們將繼續適時回購我們的股票並進行有針對性的收購，以加速我們的策略。我們預計 Suvinil 收購將於今年底前完成。我們將繼續執行我們的企業優先事項。人才繼續推動著我們。簡化和數位化將使我們的供應鏈更有效率、更有反應。長期高於市場的獲利成長仍是我們的目標。

Let me conclude by reminding you that because of our success by design mindset and deeply experienced teams, we are highly confident that our current course is the right one. While others in this space are abandoning their strategies and are unclear of their direction. We see this is a time for certainty and stability. And an opportunity to demonstrate what makes Sherwin-Williams so unique.

最後，我想提醒大家，由於我們憑藉設計思維和經驗豐富的團隊取得了成功，我們非常有信心我們目前的方向是正確的。而該領域的其他人則放棄了他們的策略並且不清楚他們的方向。我們看到這是一個確定性和穩定的時代。這也是展示 Sherwin-Williams 獨特之處的機會。

We will continue to navigate near-term pressures appropriately and with the discipline that you've come to expect from us. And we will be aggressive as we expand our competitive moat in the short and long term. You should fully expect that we will extend our strong track record of delivering for our customers and ultimately, for our sharehorders.

我們將繼續適當應對短期壓力，並遵守您對我們的期望。我們將積極拓展短期和長期的競爭障礙。您應該完全期待我們將繼續為我們的客戶以及最終為我們的股東提供良好的服務記錄。

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

我們的準備好的演講到此結束。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)

（操作員指示）

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Thank you. Good morning. Heidi, you mentioned potential deterioration in the back half of the year in demand. What gives you that caution? And if it does occur, where we expect to see that impact deterioration?

謝謝。早安.海蒂，您提到了今年下半年需求可能會惡化。什麼讓您如此謹慎？如果確實發生，我們預期影響會惡化到什麼程度？

Good morning, David. There's really three key areas. I don't know that anyone's immune. In total here is there's so much volatility. But I would point to new residential that continues to be choppier, if not, a bit more challenging. We're seeing a bit of evidence in coil as well. nd as you see, some good wins there continues to be a challenging environment, especially as it relates to the tariffs and the uncertainty around that.

早安，大衛。實際上有三個關鍵領域。我不知道是否有人有免疫力。總的來說，這裡的波動性非常大。但我想指出的是，新住宅市場將繼續面臨動盪，甚至更具挑戰性。我們也看到了一些線圈方面的證據。正如你所看到的，一些好的勝利仍然是一個充滿挑戰的環境，特別是因為它與關稅及其不確定性有關。

And I would also point to the DIY market. We would love to get back to some of the historical highs this continues to be choppier for longer, so we're staying very close to this relative to not only our stores, but our strategic partners.

我還要指出的是 DIY 市場。我們希望能夠回到一些歷史最高水平，但這種波動會持續更長時間，因此，我們不僅在商店，而且我們的戰略合作夥伴也都緊緊貼近這一水平。

I'll point of Lowes, Menards, and others. I would tell you that we've never been in a better position of strength with some of these partnerships. So David, those are the three areas that we're continuing to stay focused on. Thank you, David.

我會指出 Lowes、Menards 和其他公司。我想告訴你們，透過這些合作，我們處於前所未有的優勢地位。大衛，這些是我們將繼續關注的三個領域。謝謝你，大衛。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Thank you and good morning, everyone. Heidi, thank you in particular for the proactive comments on the incremental competitive dynamics. I'm wondering if you could just help us if we think about let's just say over the next 12 months in PSG, which of the six sub-segments, do you think these incremental competitive dynamics will lead to the most share? I notice in the quarter it looked like there was some improvement in commercial versus the first quarter, but just curious what this opportunity presents for the the sub-segments going forward.

謝謝大家，早安。海蒂，特別感謝您對增量競爭動態的正面評論。我想知道您是否可以幫助我們思考一下，假設在未來 12 個月內，在 PSG 的六個子細分市場中，您認為哪一個增量競爭動態將帶來最大的份額？我注意到本季商業領域與第一季相比似乎有所改善，但我只是好奇這個機會為未來的細分市場帶來了什麼。

Well, Vincent, I would be remiss if I didn't say there's opportunity in all segments. But let me start with the segments that are going to obviously just take a bit longer, let me start there. Because we're still being aggressive in terms of conversion market share gains on the segments you mentioned. But relative to the competitors, the competitive environment, we would point largely to commercial, new residential, and property maintenance, given where they have largely been focused.

好吧，文森特，如果我不說各個領域都有機會，那我就太失職了。但是，讓我先從那些顯然需要更長一點時間的部分開始，讓我從那裡開始。因為我們在您所提到的細分市場的轉化市場份額增長方面仍然積極進取。但相對於競爭對手和競爭環境，我們主要關注的是商業、新住宅和物業維護，因為這些領域是他們主要的關注點。

Now those projects tend to be longer, bigger, multi-year, and so some of that is just going to happen as a function of timing that's not stopping us from being aggressive and getting in front of these customers now. And so some of those wins that you are seeing are a result of short-term market share gains. So we're not waiting for project timing.

現在這些項目往往更長、更大、需要多年時間，因此其中一些只是時間問題，但這並不會阻止我們積極主動地趕在客戶前面。因此，您所看到的一些勝利是短期市場份額成長的結果。所以我們不會等待專案時機。

And then if I take you to the other segments, I think what you're seeing already in our results point to residential repaint. We continue to mid-single-digit in a flat to down market, which is 100% driven by market share gains. And as you kind of go around the horn, we've got the challenges and commercial new residential. Those are really the biggest opportunities in the short and long term.

然後，如果我帶您到其他部分，我想您在我們的結果中已經看到的內容指向住宅重新粉刷。在市場平穩至下滑的環境下，我們繼續保持中等個位數成長，這 100% 是由市場份額的成長所驅動的。當你繞著角走時，我們面臨著挑戰和商業新住宅。從短期和長期來看，這些確實是最大的機會。

Hey Vincent. This is Al Mistysyn. I'd also like to highlight, we talk about the accelerated investments that allow us to grow market share at a faster rate. And I could point to going back to 2019, we have over 400 more stores, we have over 500 more reps in our six year compounded average growth rate. That includes our forecast for 2025 is up low single digits and volume. That compares to an industry volume, not our reporting numbers, but ACA and others that's been down consistently year-over-year since 2020.

嘿，文森特。這是 Al Mistysyn。我還想強調的是，我們談論的加速投資使我們能夠以更快的速度擴大市場份額。我可以指出，回顧 2019 年，在我們的六年複合平均成長率中，門市增加了 400 多家，銷售代表增加了 500 多名。其中包括我們對 2025 年的預測：成長率將保持在個位數以下，數量也會成長。相較之下，整個產業的數量（不是我們的報告數字，而是 ACA 和其他公司的數據）自 2020 年以來一直在逐年下降。

So we have a lot of confidence that the investments we're making, we're going to get a return on them, and it's across each of the pro architectural segments because we have more people on the street, relationship-building with our customers, and we're very disciplined. When things get tough we do not stray away from our strategy. We stick to our strategy to grow market share.

因此，我們非常有信心，我們所做的投資將獲得回報，而且它涉及每個專業建築領域，因為我們在街上有更多的人，與我們的客戶建立關係，而且我們非常自律。當事情變得艱難時，我們不會偏離我們的策略。我們堅持擴大市場佔有率的策略。

And Vincent, if you hear excitement in our voice, that would be a reflection of how we're feeling right now. The confidence in what we're doing to take advantage of some of this. We frame this as a once-in-a-career opportunity because it it is just that. And so there's confidence and excitement and we're committed to to moving forward.

文森特，如果您聽出我們聲音中的興奮，那就反映了我們現在的感受。我們對所做的事情充滿信心，可以利用其中的一些優勢。我們將此視為職業生涯中難得的機會，因為它就是這樣的。因此，我們充滿信心和興奮，並致力於繼續前進。

John Mcnulty, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John Mcnulty。

Thanks for taking my question. Maybe just a little more detail on the SG&A spend. So it sounds like you've got some big opportunities here. I guess should we be thinking about that as primarily headcount ads or should we be thinking about maybe the store counts creeping higher than what you've targeted.

感謝您回答我的問題。也許只是關於銷售、一般和行政費用 (SG&A) 支出的更多細節。聽起來你在這裡遇到了一些很大的機會。我想我們是否應該將其視為主要的員工人數廣告，或者我們是否應該考慮商店數量可能會高於您的目標。

And it also seems like SG&A in the back half of the year, if we kind of adjust for the corporate headquarter move, it actually seems like it may not be as robust in the back half of the year. I guess how should we be thinking about that?

而且，如果我們根據公司總部的搬遷進行調整，那麼下半年的銷售、一般及行政費用 (SG&A) 似乎可能不會那麼強勁。我想我們應該如何考慮這個問題？

John, let me start with the building just to get that off the table, you're right, we had originally estimated $100 million. $80 million of that was SG&A all in the second half. We did have some cost pull-forward and we're quicker and we took those. Now I expect our new building costs on SG&A to be about a little less than $60 million in our second half compared to the $80 million,

約翰，讓我先從建築開始說起，先把這個問題解決掉，你是對的，我們最初估計是 1 億美元，其中 8000 萬美元是下半年的銷售、一般和行政費用。我們確實提前了一些成本，但我們速度更快，所以我們接受了這些。現在我預計下半年新建築的銷售、一般及行政費用將略低於 6,000 萬美元，而去年同期為 8,000 萬美元。

I think when you look at the investments we're making in stores, we still are going to open 8 to 100 stores this year, likely that'll continue into the next year. So it's really targeted rep ads in very specific markets where we believe we can get a bigger retturn -- a quicker return quite honestly for those investments.

我想，當你看到我們在商店方面的投資時，你就會知道，今年我們仍將開設 8 到 100 家商店，而且這種趨勢很可能會持續到明年。因此，這實際上是在特定市場投放有針對性的廣告，我們相信在這些市場中我們可以獲得更大的回報——老實說，這些投資可以獲得更快的回報。

When you look at our second quarter and I'll use it just it was up, a little over $108 million, new BOF costs us about 40 (inaudible). Our SG&A in the quarter was up 3.8%. All of it was an increase in Paint Stores Group. There's some timing and advertising and marketing in there to support some in-quarter promotions. But it's primarily new stores which is over 91 stores and over 108 additional reps in the field that's driving those increases.

當你看我們的第二季時，我會使用它，剛好超過 1.08 億美元，新的 BOF 花了我們大約 40（聽不清楚）。本季我們的銷售、一般及行政費用上漲了 3.8%。所有這些都是 Paint Stores Group 的成長。其中有一些時間和廣告以及行銷來支持一些季度促銷活動。但推動這些成長的主要動力是新店的開業，新店超過 91 家，新增銷售代表超過 108 名。

You look at our other segments, Consumer was down, PCG was up slightly mainly because of acquisitions and then admin was down as Heidi mentioned, a high digit percentage excluding the new BOF.

看看我們的其他部門，消費者部門下降了，PCG 部門略有上升，主要是因為收購，然後管理部門下降了，正如 Heidi 提到的，不包括新的 BOF，百分比很高。

So in the short term, we're pulling levers to manage through this tough environment. You saw the restructuring charges are higher than we had originally forecasted. That'll carry into our second half. We'll continue adds on the Paint Storage Group.

因此，在短期內，我們將盡力應對這艱難的環境。您會看到重組費用高於我們最初預測的費用。這將延續到我們的下半場。我們將繼續增加油漆儲存組。

But I would tell you we're going to have a lot of discipline around G&A. And we're going to realize the benefits of the restructuring charges we've already put in place. So I expect our second half SG&A to be up only at low single digits and 1% to 2% range better than what we had planned coming into the year. Thank you, John.

但我要告訴你，我們將對一般及行政事務 (G&A) 實施嚴格的管控。我們將實現已實施的重組費用所帶來的好處。因此，我預計下半年銷售、一般及行政開支將僅成長個位數，比我們今年年初計畫的增幅高出 1% 至 2%。謝謝你，約翰。

Jeff Zekauskas, J.P. Morgan.

摩根大通的 Jeff Zekauskas。

Thanks very much. Heidi, you've talked about there being an inflection point for the store's business, so once-in-a-career opportunity. Is that because of the opportunities following the divestiture of the PPG architectural business? Or is it because we're in a higher interest rate environment and so demand should increase in the future? What is it about the current moment that makes it so important?

非常感謝。海蒂，你說過這對商店的業務來說是一個轉捩點，所以這是職業生涯中千載難逢的機會。這是因為 PPG 建築業務剝離後帶來的機會嗎？還是因為我們處於更高的利率環境中，所以未來的需求應該會增加？當前是什麼讓它變得如此重要？

And then secondly, in the Consumer Brands Group, stores decreased from .35 to 312. What's that about? And why are why are prices down in Consumer Brands?

其次，在消費品牌集團，商店數量從 0.35 家減少到 312 家。那是什麼？為什麼消費品牌的價格會下降？

Great. Well, good morning, Jeff. Let me start with your first question, and I think it's a great question. It starts and ends with a differentiated strategy that we've been working on for decades. And so while this is a unique moment in the industry, it's also a result of a strong and very steadfast commitment to what we believe is important to showing up for our customers every single day.

偉大的。早安，傑夫。讓我從您的第一個問題開始，我認為這是一個很好的問題。它始於並終於我們數十年來致力於的差異化策略。因此，雖然這是業界中一個獨特的時刻，但這也是我們堅定不移地致力於每天為客戶提供重要服務的結果。

You then layer into that, certainly what's happening from a macro standpoint, the uncertainty, some of the turbulence. And there's been a lot of, I would call it, competitive turbulence. But I believe it's playing to our favor because of our stability, because of our predictability.

然後你再將其分層，從宏觀角度來看，肯定會發生一些不確定性和一些動盪。我稱之為「競爭動盪」。但我相信這對我們有利，因為我們的穩定性和可預測性。

When I'm out with customers, I mentioned this on our last call, I just was out with another contractor last week and heard the very same sentiment which is, who would have thought that simply doing what you say you will do in an environment where there's so much volatility and uncertainty, you guys show up and you're focused on our success.

當我與客戶外出時，我在上次通話中提到了這一點，上週我剛與另一位承包商外出，聽到了同樣的想法，那就是，誰會想到，在一個充滿波動和不確定性的環境中，只要按照自己說的做，你們就會出現，並且專注於我們的成功。

So I think in this environment, the backdrop of we've been stable for decades, you combine that with the macro and some of the competitive choppiness. And then yes, there is an opportunity there to continue to focus on the fundamentals relative to market share, new business wins, making sure that we are securing the best possible market position. So it is a unique point in time and we're not going to -- never let a crisis go to waste. We're not going to let this environment go to waste.

因此，我認為在這種環境下，我們幾十年來一直保持穩定的背景，再加上宏觀因素和一些競爭波動。是的，我們有機會繼續專注於與市場份額、新業務勝利相關的基本面，確保我們獲得最佳的市場地位。所以這是一個特別的時刻，我們不會讓危機白白浪費。我們不會讓這個環境遭到破壞。

I'll pivot now to your question on the CBG side. Maybe Jim, I'll start with you.

我現在將轉到您關於 CBG 方面的問題。也許吉姆，我會從你開始。

Good morning, Jeff. This is Jim. On CBG, we did have the store closures, as you pointed out. Those were really transitions from company-owned stores to dedicated dealers. So the channel continues to evolve down in Brazil. And that was the pivot that we made down there.

早安，傑夫。這是吉姆。正如您所指出的，在 CBG，我們確實關閉了一些商店。這些其實是從公司自營商店到專門經銷商的轉變。因此該渠道在巴西繼續發展。這就是我們在那裡所做的轉變。

Your question around the price and consumer brand, I'll remind you, it's price mix. So there's also a mix element in there. You saw that the Europe piece was higher this year than the North America piece and the Latin America piece. There's a little bit of mix impact there and maybe a little bit of price mix in Latin America. Thank you for the questions, Jeff.

關於價格和消費者品牌的問題，我要提醒您，這是價格組合。因此其中也存在混合元素。您會看到，今年歐洲部分的比例高於北美部分和拉丁美洲部分。那裡有一點混合影響，也許在拉丁美洲有一點價格混合影響。謝謝你的提問，傑夫。

Christopher Parkinson, Wolfe Research.

克里斯托弗·帕金森，沃爾夫研究公司。

Al lright. Thank you so much for taking my questions. Heidi, when we took a look at gross spend, one of your main competitors has allegedly been kind of laying off customers and obviously, some others have been facing a lot of challenges. Has that changed your calculus at all on how you're thinking about allocating growth spends between your PSG and Consumer Brands? Is there anything there? Has that kind of just been the status quo?

好的。非常感謝您回答我的問題。海蒂，當我們查看總支出時，據稱你們的一個主要競爭對手正在裁減客戶，顯然其他一些競爭對手也面臨著許多挑戰。這是否改變了您對如何在 PSG 和消費者品牌之間分配成長支出的思考？那兒有什麼東西嗎？這就是現狀嗎？

Well, Chris, let me start with, you said laying off customers, I think you meant laying off employees, but we would not be --

好吧，克里斯，首先，你說解僱客戶，我想你的意思是解僱員工，但我們不會--

Yeah. Excuse me. Yes.

是的。打擾一下。是的。

So in that environment, I think I'm going to ask Al to jump in on a few of these items. I think there are a few things. There are unique dynamics here, let me just take you to the view of a contractor. In the middle of the paint selling season, the way that we approach things like pricing, the way that we approach conversations relative to the tools to help our contractors be more productive.

因此，在那種環境下，我想我會要求 Al 參與其中的一些事項。我認為有幾件事。這裡有獨特的動態，讓我帶您了解承包商的視角。在油漆銷售季節中期，我們處理定價等事宜的方式，以及我們處理與工具相關的對話的方式可以幫助我們的承包商提高生產力。

We're starting those conversations well ahead of the paint season. But we want to make sure that we're honoring that in the middle of that cycle. So I think you are seeing some short-term pressures where customers and contractors are confused. We are seeing some layoffs relative to some of our competitors. And yes, you should expect that we're going to be extremely aggressive relative to customer acquisition in that environment.

我們在油漆季節之前就開始了這些對話。但我們希望確保我們在這個週期的中間尊重這一點。所以我認為你看到了一些短期壓力，客戶和承包商感到困惑。與一些競爭對手相比，我們正在經歷一些裁員。是的，你應該預料到，在這種環境下，我們將非常積極地爭取客戶。

Chris, the only thing I would add to that is with Consumer Brands and the second half outlook on sales to be down a mid- to high single digits, we have to manage our expenses with the outlook. But again, we we have a strategy, we're not going to cut our way to health and we're not going to cut our way to long-term growth. But are looking at opportunities there.

克里斯，我唯一想補充的是，由於消費品牌下半年的銷售額預計將下降中高個位數，我們必須根據這一前景來管理我們的開支。但是，我們有一個策略，我們不會削減我們的健康開支，我們也不會削減我們的長期成長開支。但正在尋找那裡的機會。

Within our Performance Coatings group, I think one of the key things that they've been doing all along and they've done a really nice job is with demand environment being softer for longer, we're talking around the fifth year, they've done a really nice job controlling their costs and their field expenses without taking away from the customer differentiating things that we do, tech service reps, and how we approach new account activity they've been laser focused on, accelerating new account activity so that as demand does improve, and it will improve, GI, industrial wood, auto refinish, they all will improve. We'll get more than our fair share of that market growth. Thanks, Chris.

在我們的高性能塗料集團內，我認為他們一直在做的一個關鍵事情並且他們做得非常好，那就是在需求環境長期處於疲軟狀態的情況下，我們談論的是第五年左右，他們在控製成本和現場費用方面做得非常好，而沒有從客戶那裡奪走我們所做的差異化工作、技術服務代表以及我們如何處理新工業帳戶，他們一直在維修我們將從該市場的成長中獲得超出我們應得的份額。謝謝，克里斯。

Arun Viswanathan, RBC Capital Markets.

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

Great. Thanks for taking my question. Congrats on the progress here. I guess, I just wanted to maybe if you could frame us on how to think about your future growth algorithms, so it sounds like you are leaning into a lot of investments that will help you drive continued above-market growth. Should we also kind of take away that you've made some comments about softer for longer, so the housing market maybe will -- should it settle into maybe a 1% to 3% growth rate and you could be maybe 2 times that? Or how we think about your long term volume opportunity? And do these investments kind of increase it from what it was in the past? Maybe it was 1.5 to 2 times in the past. Now, we're squarely in the 2 to 2.5 times range. Is that kind of the strategy and objective behind really leaning into these investments during this opportune time? Thanks.

偉大的。感謝您回答我的問題。恭喜你在這裡的進展。我想，我只是想知道您是否可以向我們闡述如何思考您未來的成長演算法，這聽起來您正在傾向於進行大量投資，這些投資將幫助您推動持續高於市場的成長。我們是否也應該注意到，您曾說過房地產市場將長期保持疲軟，那麼房地產市場是否應該穩定在 1% 到 3% 的成長率，而您的成長率可能是這個數字的兩倍？或者我們如何看待您的長期銷售機會？這些投資是否會使過去的投資金額增加？以前可能是1.5到2倍。現在，我們正處於 2 到 2.5 倍的範圍內。在這樣的有利時機下進行這些投資，背後的策略和目標是否真的如此？謝謝。

Arun, I would say we've been here before and go back to 2007, '08, '09. And we continue to invest when the industry lost 30% of its paint volume. And although we're in a different environment, what I would say is because demand has been pent-up for longer with existing home sales down, now we're seeing a little bit of softness in new residential, but the oper market opportunity is very similar.

阿倫，我想說我們以前來過這裡，可以追溯到 2007 年、2008 年、2009 年。當產業油漆產量損失 30% 時，我們仍繼續投資。儘管我們處在不同的環境中，但我想說的是，由於需求被壓抑的時間較長，現有房屋銷售下降，現在我們看到新住宅市場略有疲軟，但營運市場機會非常相似。

And coming out of that environment and look at 2010 to 2020, we grew Paint Stores Group sales a low double-digit percentage. And as we talk what our expectations are for growth and that algorithm coming out of we get Interest rates to start moderating, we get affordability of homes to start moderating. And the position we have relative to our competitors, yeah, our expectation is higher that instead of 1.5 to 2, we grow 2.5 to 3, in some cases, with minimal high single-digit growth.

在這種環境下，展望 2010 年至 2020 年，我們的 Paint Stores Group 銷售額實現了低兩位數的百分比成長。當我們談論對成長的預期以及由此得出的演算法時，我們發現利率開始緩和，住房負擔能力也開始緩和。是的，相對於我們的競爭對手，我們的預期是更高的，不是成長 1.5 到 2，而是成長 2.5 到 3，在某些情況下，成長率最低的還是個位數。

So we've set the bar very high for our Paint Stores Group and when we see demand start turning, the expectations are even going to be stronger than. Thank you, Arun.

因此，我們為油漆商店集團設定了非常高的標準，當我們看到需求開始轉變時，我們的預期甚至會比這更強烈。謝謝你，阿倫。

Greg Melich, Evercore.

格雷格·梅利奇（Greg Melich），Evercore。

Hi. Thanks. I'd love to follow up on the dynamics of volume and gross margins. So clearly, the weakness continuing in architectural. I guess what would margins had been if we had managed to have volume be flat or up in the quarter. Can we think of that being 40, 50, 60 bps of (inaudible)?

你好。謝謝。我很樂意追蹤銷量和毛利率的動態。顯然，建築方面的弱點仍然存在。我想，如果我們設法使本季的銷量持平或上升，利潤率會是多少。我們能否認為這是 40、50、60 個基點（聽不清楚）？

Yeah I think probably, because of the way it flows out, so think about Paint Stores Group, it was down low single-digit; Consumer volumes were down more than that. So you have a little bit of mix. I'd be hesitant to go all the way to 60 basis points. But what did see in the quarter to drive the incremental gross margin which is, we talked about in our opening remarks, up 60 basis points in a tough volume environment, 12 consecutive quarter due to the the price increase effectiveness within Paint Stores. Paint Stores is growing faster than the other segments which also, at a higher margin, so that helps our gross margin. But with supply chain efficiency due to the lower production volumes. So we need to manage our inventories tightly. We need to manage our inventories with the our production volumes, with our sales volume. And you'll see us do that through the second half, but that's also a drag on gross margin in the quarter. Thanks, Greg.

是的，我想可能是因為它的流通方式，想想 Paint Stores Group，它的銷售額下降了個位數；消費者銷售額的下降幅度還不止於此。所以你有一點混合。我不太願意將利率提高到 60 個基點。但本季確實看到了推動毛利率成長的因素，正如我們在開場白中提到的那樣，在艱難的銷量環境下，毛利率上漲了 60 個基點，這是由於油漆店內價格上漲的有效性，連續 12 個季度上漲。油漆店的成長速度快於其他部門，而且利潤率也更高，這有助於提高我們的毛利率。但由於產量較低，供應鏈效率較低。因此我們需要嚴格管理庫存。我們需要根據生產量和銷售量來管理庫存。你會看到我們在下半年會這樣做，但這也會拖累本季的毛利率。謝謝，格雷格。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Thank you. Where are the CapEx reductions coming from? And I think the new accelerated depreciation is retroactive back to the start of the year. Is there any meaningful benefit coming here from cash taxes?

謝謝。資本支出的減少來自哪裡？我認為新的加速折舊可以追溯到年初。現金稅能帶來什麼實際的益處嗎？

Yeah, John. So level set, we took our CapEx down from $900 million to $730 million, with the idea that we're going to continue completing our (inaudible) architectural capacity project. We're going to continue to work through our warehouse automation and even coil, we have a coil capacity expansion in process.

是的，約翰。因此，我們將資本支出從 9 億美元降至 7.3 億美元，我們的想法是繼續完成我們的（聽不清楚）建築容量專案。我們將繼續致力於倉庫自動化，甚至線圈的自動化，我們正在進行線圈產能擴張。

Because of the confidence we have in our long term growth, I think what we've had to do is down spending in some of of our other areas that yeah, they need to be done, we're going to do them, they just got pushed back. So we're not canceling things, we're just moving things back as we reset cash with the demand environment. Thank you, John.

由於我們對長期成長充滿信心，我認為我們必須做的是減少其他一些領域的支出，是的，這些領域需要做，我們將會做，只是它們被推遲了。因此，我們不會取消任何事，我們只是根據需求環境重置現金，將事情推遲。謝謝你，約翰。

Patrick Cunningham, Citi.

花旗銀行的派崔克‧坎寧安 (Patrick Cunningham)。

Hi. Good morning. Thanks for taking my question. Resi repaint continues to have strong above-market growth. I think there's a lot of debate on the direction of this market. Can you comment on how underlying backlogs and activity evolved throughout the balance of the quarter and into July? Thank you.

你好。早安.感謝您回答我的問題。Resi repaint 持續維持高於市場的強勁成長。我認為關於這個市場的方向存在著許多爭論。您能否評論一下本季餘下時間以及七月份期間基本積壓訂單和活動情況如何？謝謝。

Good morning, Patrick. The sentiment among these contractors and obviously, there's some variability relative to size of these resi repaint contractors. But by and large, they would characterize the backlogs are stable and that there's work to be done. We are seeing some marginal increase in bid activity. But the caveat here is that as you think that some of these projects, project size, could be smaller, but we're working hard with contractors to help them work, lead, help them travel and find new opportunities launching products to help them have more surface area once they're in a home and have to bid on.

早上好，派崔克。這些承包商之間的情緒顯然與這些住宅重塗承包商的規模有關，存在一些差異。但總的來說，他們會認為積壓的工作是穩定的，而且還有工作要做。我們看到投標活動略有增加。但這裡需要注意的是，正如您所想，其中一些項目的項目規模可能較小，但我們正在努力與承包商合作，幫助他們工作、領導，幫助他們旅行並尋找新的機會推出產品，以幫助他們在入住房屋並競標後擁有更大的表面積。

But by and large, we've gotten to a point of a bit of stability, but we need more volume here. I think we'd be remissed to say that we're happy with where the market is. We are happy that we continue to take share in this environment that when the market recovers, we're going to absolutely be in the best position given the market share gains that we're seeing in the downcycle. Thank you, Patrick.

但總的來說，我們已經達到了一定程度的穩定，但我們需要更多的產量。我認為，如果我們說對市場現狀感到滿意，那就太失禮了。我們很高興能夠在這樣的環境下繼續佔據份額，當市場復甦時，考慮到我們在下行週期中看到的市場份額成長，我們絕對會處於最佳位置。謝謝你，派崔克。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Hey guys. Good morning. Heidi, just given the current backdrop that you summarized on slide 8, it's your base case at this point that the volume weakness you're seeing at an industry level is likely to spill over into at least the first quarter '26. And then on the flip side of that, as you think about your PSG verticals, which do you think would be the quickest to show any signs of improvement if in fact, your loan duration interest rate is quite lower?

嘿，大家好。早安.海蒂，根據您在第 8 張投影片上總結的當前背景，您目前的基本情況是，您所看到的行業層面的銷量疲軟可能會蔓延到至少 2026 年第一季。另一方面，當您考慮 PSG 垂直行業時，如果您的貸款期限利率實際上相當低，您認為哪個行業會最快顯示出改善的跡象？

Well, I think it starts with, if you look by segment, obviously, there are devils on the details here, resi repainting, we've talked a bit about, I do want to hit on, as you think about our other segments here, Commercial is a really good example where the backlog of projects continues to be a challenge,

嗯，我認為首先，如果你按細分來看，顯然，這裡的細節有些棘手，我們已經討論過住宅重繪，我確實想談談，當你想到我們這裡的其他細分市場時，商業就是一個很好的例子，積壓的項目仍然是一個挑戰，

I'm out with some of our existing and some new large commercial contractors. And the conversation is changing a bit as they're looking for true partners here that I would say now more than ever that we can help them look at their growth plans, bid activity, becoming even more productive on job sites, that would be another big opportunity.

我和一些現有的以及一些新的大型商業承包商一起出去了。由於他們正在尋找真正的合作夥伴，談話內容正在發生一些變化，我現在比以往任何時候都更想說，我們可以幫助他們了解他們的成長計劃、投標活動，在工作現場提高生產力，這將是另一個巨大的機會。

As we talk about multi-family completions that have been down double digits year-over-year, we continue to be up low single digits so taking share within that segment.

當我們談論多戶型住宅竣工量同比下降兩位數時，我們仍然保持較低的個位數成長，因此佔據了該領域的份額。

If I point to property maintenance, property management, interest rates still continue to be a challenge here, putting a lot of them on pause. And we're continuing to stay really focused with these customers and these contractors, the overage of supply. Occupancy preservation efforts are still causing a bit of a reduction, but we're we're continuing to focus on share gains. So Al, if you want to --

如果我指的是物業維護和物業管理，利率仍然是一個挑戰，導致許多物業維護和物業管理暫停。我們將繼續關注這些客戶和承包商的供應過剩問題。入住率維持措施仍會造成一定程度的下降，但我們將繼續關注市場佔有率的成長。所以，Al，如果你想--

I'd say when you look at first half '26, clearly, we're not going to guide to that, but we run our forecasting model. I would just say our line of sight today on this dynamic rapidly changing environment is less transparent than maybe in a stable environment. And that seems obvious, But early indications would say that there is a continuation and that's why we're paid to influence results and that's why we're taking action now with additional investments within Paint Stores Group to influence results in the first half. We don't have to be satisfied and aren't satisfied in the demand environment so we're trying to do things about that to do better. So you can expect us to continue doing that. Thank you, Ghansham.

我想說，當你看 26 年上半年時，顯然我們不會對此做出指導，但我們會運行我們的預測模型。我只想說，今天我們在這個動態、快速變化的環境中看到的視線可能不如在穩定的環境中那麼透明。這似乎很明顯，但早期跡象表明這種情況會持續下去，這就是為什麼我們會得到報酬來影響結果，這就是為什麼我們現在採取行動，在 Paint Stores Group 內部進行額外投資以影響上半年的業績。我們不必滿足於現狀，而且在需求環境中也不會滿足，因此我們正在努力做得更好。所以你可以期待我們繼續這樣做。謝謝你，甘沙姆。

Michael Sison, Wells Fargo.

富國銀行的麥可·西森。

Good morning. I wanted to visualize the market share gains a little bit better in Paint Stores Group. Your volumes were down low single digits in 2Q. What do you think industry volumes were down in 2Q and what do you think the outlook is for the full year? And Heidi, maybe longer term, what mortgage rate do you think we need to get to for industry volumes to turn the corner? I mean, would 6% help, 5%, maybe there's some historical correlation you can walk us through.

早安.我希望能夠更清楚地看到 Paint Stores Group 的市佔率成長。你們第二季的銷量下降了個位數。您認為第二季產業銷售量下降了多少？您認為全年前景如何？海蒂，從長遠來看，您認為我們需要達到什麼樣的抵押貸款利率才能使行業銷售出現轉機？我的意思是，6% 有幫助嗎？ 5%，也許您可以向我們介紹一些歷史關聯。

Mike, it's Jim. I think I'll start. Maybe turn it to Al or Heidi for other comments. But as Heidi mentioned in her opening, I think if you look in the second quarter and you see that our new resi business was up slightly. We've seen completions down in the quarter very meaningfully. For us to be up, I think tells you we've got to be outperforming our competitors. Same thing on commercial where you saw commercial up slightly in the quarter, but she saw multi-family completions were down in the teens during the quarter. So I think that bodes very well for the share gains and we expect that trajectory to continue.

麥克，我是吉姆。我想我應該開始了。也許可以將其交給 Al 或 Heidi 以獲得其他評論。但正如海蒂在開幕式上提到的那樣，我認為如果你看一下第二季度，你會發現我們的新住宅業務略有成長。我們發現本季的完工量大幅下降。我認為，為了取得進步，我們必須超越我們的競爭對手。商業方面也出現了同樣的情況，本季商業地產略有上漲，但多戶型住宅竣工數量卻下降了十幾個百分點。因此，我認為這對股價上漲來說是個好兆頭，我們預期這種趨勢將會持續下去。

Mike, on your other question here relative to what would be the trigger, I think it's a mix of a few variables, obviously, a huge piece of that is I'm spending time with a lot of these builders, while they're anticipating a rate reduction anything, south of 6 is going to be seen as a positive. I would tell you the general sentiment is of equal importance as consumer confidence and affordability, so I think it's somewhere in the mix of those three things coming together that we are absolutely staying laser focused on. Thanks, Mike.

麥克，關於你在這裡提出的另一個問題，即觸發因素是什麼，我認為這是幾個變數的混合，顯然，其中很大一部分是我花時間與許多建築商在一起，雖然他們預計利率會降低，但任何低於 6% 的利率都會被視為積極因素。我想告訴你，普遍的情緒與消費者信心和負擔能力同等重要，所以我認為，這三者的結合是我們絕對會關注的重點。謝謝，麥克。

Aleksey Yefremov, Key Bank.

阿列克謝·葉夫列莫夫，Key Bank。

Good morning. I want to ask you about new construction markets within PSG. You just mentioned outperformance in new commercial. And you keep on performing in new residential as well? Do you expect to say roughly these levels of sales within these segments of the second half or could more pronounced deterioration sort of in line with the completions?

早安.我想問您關於 PSG 內部新建築市場的問題。您剛才提到了新商業的優異表現。您還繼續在新的住宅區演出嗎？您是否預期下半年這些領域的銷售水準大致如此，或者是否會出現更明顯的惡化，與完工情況一致？

No. I think Aleksey, what we've talked about with roming out of our first quarter call, the commercial property maintenance and property maintenance is already under pressure because of CapEx projects and the higher interest rate. We really don't expect to see an inflection, good or bad, in property maintenance that's bouncing along.

不。我認為，阿列克謝，我們在第一季電話會議上談到，商業房地產維護和物業維護已經因為資本支出項目和更高的利率而面臨壓力。我們確實不希望看到物業維護方面出現好或壞的變化。

We talked about new resi in our first quarter call, the same way, just kind of bouncing along up or down a little bit clearly with foot traffic and some of the reports you've see it's gotten softer and that's driving our our second half, low single digit volume decline in in Paint Stores Group, offset by higher price. So it just feels like we're not getting better, we're not getting worse in a number of these segments. Thank you, Aleksey.

我們在第一季電話會議上討論了新住宅，同樣，客流量明顯呈上下波動，而且根據一些報告，您會看到住宅業務有所疲軟，這導致我們下半年油漆商店集團的銷量出現低個位數下滑，但價格上漲抵消了這一下滑。因此感覺我們在很多方面既沒有變得更好，也沒有變得更糟。謝謝你，阿列克謝。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特。

Hey. Good morning, I just had a few quick follow-ups, just probably mostly for Al. First on SG&A, when you're talking about low single digit inflation, is that the adjusted basis that you talk about, so 2Q is 3.8% ex the items? Is that the right basis to compare against?

嘿。早上好，我只是想快速跟進一些事情，可能主要是為了 Al。首先關於銷售、一般和行政費用，當您談到低個位數通膨時，您說的是調整後的基礎嗎？所以第二季扣除項目後的通膨率為 3.8%？這是正確的比較基礎嗎？

Second, when you talk about the one-time impacts in SG&A, how much do we get back in next year, maybe net of another quarter of the new building. And then third, the higher cost to bring the inventory down or the production overhang, are you able to size the second half EBITA impact from that? Thanks.

其次，當您談到銷售、一般和行政費用的一次性影響時，我們明年能收回多少，也許是扣除新建築的另一個季度。第三，降低庫存或生產過剩的成本更高，您能估算出這對下半年 EBITA 的影響嗎？謝謝。

Yeah, Josh. The 3.8% is adjusted SG&A less the impact of the new building. And the second half outlook, we talk about low single digit SG&A that has the building into it. Think of the building as, you're right, we're going to have, essentially, two quarters of the new building, primarily pretty evenly spread on SG&A between the third and fourth quarters, but that adds about 1.5% to our SG&A in the second half which tells you that we're control SG&A tight on other or other segments, in particular our admin segment.

是的，喬希。3.8% 是調整後的銷售、一般及行政費用減去新建築的影響。對於下半年的展望，我們討論的是包含建築的低個位數銷售、一般及行政費用。想像這棟建築，你是對的，我們基本上將擁有兩個季度的新建築，主要在第三季度和第四季度之間均勻分佈在銷售、一般和行政費用上，但這會使下半年的銷售、一般和行政費用增加約 1.5%，這告訴你，我們在其他或其他部分，特別是我們的管理部分，嚴格控制銷售、一般和行政費用。

Ad then you know we look at our full-year EPS guide, part of the reduction, part of that $0.50 reduction was due to lowering our production volumes, really, for the year, lowering our production volumes for the year a low single digit percentage to match up with that reduced architectural sales volume. And when I look at our gross profit reduction for the year. Think of it 80/20. 80% of it is going to be sales volumes lower, partially offset by the better price effectiveness in Paint Storage Group. And the rest of this is the unfavorable impact on our global supply chain. Thank you, Josh.

然後你知道我們看一下我們的全年每股收益指南，部分減少，0.50 美元的減少部分是由於我們今年的生產量下降，實際上，今年的生產量下降了一個較低的個位數百分比，以匹配建築銷售量的減少。當我看到我們今年的毛利減少。想想 80/20。其中 80% 的銷售量會下降，但會被 Paint Storage Group 更好的價格效益部分抵銷。其餘的都對我們的全球供應鏈產生了不利影響。謝謝你，喬希。

Chuck Cerankosky, Northcoast Research.

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

Good morning, everyone. Could you talk about what role product pricing plays as Sherwin goes after market share and volume growth across the various end markets please?

大家早安。您能否談談當宣威追求各個終端市場的市佔率和銷售成長時產品定價扮演什麼角色？

Chuck, I think we have confidence in the value proposition that we provide our customers, so we do not approach new account activity on a price alone. I think if you look at the surveys, third-party surveys, not our surveys, painting contractors price is probably fourth or fifth on the list of importance when you talk about consistent quality service, knowledge.

查克，我認為我們對我們為客戶提供的價值主張有信心，所以我們不會僅根據價格來開展新帳戶活動。我認為，如果你看一下調查，第三方調查，而不是我們的調查，當你談論一致的優質服務和知識時，油漆承包商的價格可能在重要性列表中排在第四或第五位。

Our sales reps and our store employees are very knowledgeable and can help them not only on getting through projects, but also helping them utilize the tools we have on our PRO+ app to to better run their business so that they can be more efficient at that and spend more time painting, which is where they make all their money.

我們的銷售代表和店員知識淵博，不僅可以幫助他們完成項目，還可以幫助他們利用我們 PRO+ 應用程式上的工具更好地經營業務，以便他們能夠更有效率地開展業務，並花更多時間進行繪畫，而繪畫正是他們賺錢的地方。

And really, to differentiate solutions that Heidi talks about is really all about how do we help them make more money and that's the driving factor behind our new account activity. And I could say that across all our PCG businesses, all our segments within Paint Storage Group and within our Consumer Brands Group. Thank you, Chuck.

事實上，海蒂所說的差異化解決方案實際上是關於如何幫助他們賺更多的錢，這也是我們新帳戶活動背後的驅動因素。我可以說，這涵蓋了我們所有的 PCG 業務、油漆儲存集團和消費者品牌集團內的所有部門。謝謝你，查克。

Kevin McCarthy, Vertical Research Partners.

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

Morning. Thank you very much. Heidi, I think you commented that you doubled the size of your previously announced restructuring program. I just wonder if you could elaborate on the magnitude and flow-through and sources of the savings there. For example, how much was achieved in the second quarter? And would you expect those savings to accelerate as we progress through the back half of the year?

早晨。非常感謝。海蒂，我想您曾說過，您將先前宣布的重組計劃規模擴大了一倍。我只是想知道您是否可以詳細說明那裡節省的規模、流程和來源。例如第二季實現了多少？您是否預計，隨著下半年的到來，這些節省將會加速？

Kevin, obviously, the rationale of equal importance here and as we did expect a choppy environment coming into '25, what we didn't expect was deterioration in some end markets. And so the absolute right thing to do as a function of our discipline was to go deeper on some of those costs. I'll let Al give you a little bit more color into some of the areas.

凱文，顯然，這裡同樣重要的理由，正如我們預計 25 年將出現動盪的環境一樣，我們沒有預料到的是一些終端市場會惡化。因此，根據我們的學科職責，絕對正確的做法是深入研究其中一些成本。我會讓 Al 為您更詳細地介紹一些領域。

Kevin, I think when you look at the $105 million, about 20% of that is in gross profit. Those are previously announced plant consolidations that will take a little longer to see the savings flow-through the P&L. But you can expect, as we get later this year and into the first half of next year we'll start seeing the benefit of those. Obviously, the biggest increase is on SG&A. And we do expect it to be annually about $80 million in savings related to the restructuring activities that we have completed thus far. I think you'll start seeing, a good portion of that in our second half and it'll annualize into 2026.

凱文，我認為當你看到這 1.05 億美元時，其中大約 20% 是毛利。這些都是先前宣布的工廠合併，需要更長的時間才能看到節省的成本流入損益表。但你可以預期，隨著今年稍後和明年上半年的到來，我們將開始看到這些好處。顯然，增幅最大的是銷售、一般及行政費用 (SG&A)。我們確實預計，迄今為止我們完成的重組活動每年將節省約 8000 萬美元。我認為，您將在下半年看到其中很大一部分，並且到 2026 年將實現年度化。

And we'll continue to look for opportunities and levers as we monitor the demand environment.

我們將在監測需求環境的同時繼續尋找機會和槓桿。

We talked about our six enterprise priorities, very consistently with our 64,000 global employees. One of them, I should remember, is around simplification. And so where we have laid out road maps to everything from raw materials to asset optimization, what you're seeing here is that impact and it essentially pulled forward. So a lot more work to be done in simplification, but some good progress by the team. Thank you, Kevin.

我們與全球 64,000 名員工討論了我們的六大企業重點。我記得其中之一就是關於簡化。因此，我們已經制定了從原材料到資產優化等各個方面的路線圖，您在這裡看到的就是這種影響，而且它基本上向前推進了。因此，在簡化方面還有很多工作要做，但團隊已經取得了一些良好的進展。謝謝你，凱文。

Duffy Fischer, Goldman Sachs.

高盛的達菲費雪。

Good morning, guys. Just question on the transfer accounting historically you could get some wonky numbers when volumes differed from what you expected. I think you changed the way you accounted for that from CSB and PSG a couple years back. But this is the first time that we're going to stress that with a meaningful volume change. Would you expect the pain from the lowering rates to be evenly distributed between the two segments? Or might we get kind of a disproportionate burden in CSB?

大家早安。只要質疑歷史上的轉移會計，當交易量與你的預期不同時，你可能會得到一些不穩定的數字。我認為幾年前你就改變了對 CSB 和 PSG 的解釋方式。但這是我們第一次透過有意義的音量變化來強調這一點。您是否希望降低利率帶來的痛苦在兩個部門之間平均分配？或者我們會在 CSB 中承受不成比例的負擔？

Yeah, Duffy, you're going to get in the short term, meaning over the last two quarters of the year, that offset deficit, if you will, because of the lower production gallons. We'll stay in our Consumer Brands Group and then we'll true up what the costs are when we do the standards in January. And some of that will flow through Paint Stores Groups, some will find its way in our Performance Coatings Group. Because part of what we're trying to do, Duffy, is maintain the staffing we have at our factories and distribution centers similar to what we have done in the past with lower volumes, like when we were having trouble getting raw materials through our factories and products through our distribution centers. Maintaining those headcounts, once you lose them, it's very hard to get them back. So we're trying to do everything we can and trying to be creative to do different things to keep as many people as we can. Thank you, Duffy.

是的，達菲，在短期內，也就是今年最後兩個季度，你會因為產量較低而抵銷赤字。我們將留在我們的消費者品牌集團，然後在一月份制定標準時核實成本。其中一部分將流向油漆商店集團，一部分將流入我們的性能塗料集團。因為我們正在嘗試做的工作之一，就是維持我們工廠和配送中心的人員配置，就像我們過去在產量較低時所做的那樣，比如當我們難以通過工廠獲取原材料，難以通過配送中心獲取產品時。維持這些員工人數，一旦失去他們，就很難再找回來。因此，我們正在盡一切努力，發揮創造力，採取不同的措施來留住盡可能多的員工。謝謝你，達菲。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴。

Hi. Good morning. A couple questions around raw materials and pricing, first of all, in terms of the deflation that you're expecting to see in the second half, can you give a little bit more detail on what specific raw material baskets might be improving? And are there any materials that you're kind of keeping an eye on?

你好。早安.關於原料和定價的幾個問題，首先，就您預計下半年會出現的通貨緊縮而言，您能否更詳細地說明哪些具體的原料籃子可能會有所改善？您是否在關注哪些資料？

Ad then on the pricing front, I'm just curious if raws are coming lower and your competitors are worried about losing more market share, are you worried about competitors cutting price? I know you just said pricing maybe is lower on the list of considerations, but if that's something that could be a pricing dynamic that we need to keep in mind in the second half? Thank you.

那麼在定價方面，我只是好奇，如果原材料價格下降，而您的競爭對手擔心失去更多的市場份額，您是否擔心競爭對手降價？我知道您剛才說定價在考慮因素中可能處於較低的位置，但如果這可能是我們在下半年需要牢記的定價動態呢？謝謝。

Mike, sure. I'll take the ras question. So as we said earlier in the year, our initial guidance for the year was to be up low single digits. And now we're changing that down to flat. We do expect to see some modest deflation in the back half of the year. I would say that is more around the petrochemical parts of our basket. Certainly, around solvents we're seeing a little bit of relief. Some of the resins as well.

麥克，當然。我將回答 ras 問題。因此，正如我們今年早些時候所說的那樣，我們對今年的初步預期是實現低個位數成長。現在我們將其改為平坦的。我們確實預計今年下半年會出現溫和的通貨緊縮。我想說的是，這更多地涉及我們籃子中的石化部分。當然，在溶劑方面我們看到了一點緩解。一些樹脂也是如此。

Where we're seeing pressure is around applicators, packaging, certain pigments, not so much [TiO2], but other pigments and extenders. That's really being driven by the tariffs. So when you shake it all out, Mike, a little bit higher in the first half, a little bit lower in the back half, we come out with a flat for the year.

我們看到的壓力來自於塗抹器、包裝、某些顏料，不是 TiO2，而是其他顏料和填充劑。這實際上是由關稅推動的。所以，麥克，當你把所有因素都考慮進去時，上半年會稍微高一點，下半年會稍微低一點，最終全年會持平。

I think on the pricing, I'll see if Heidi or Al would want to add to this, but as Heidi mentioned, we're seeing competitors actually do the opposite. We saw our competitors in the quarter with a high single digit price increase announced at the heart of the paint selling season which, as you know, it can be highly disruptive.

我認為在定價方面，我會看看 Heidi 或 Al 是否願意增加這一點，但正如 Heidi 提到的，我們看到競爭對手實際上做了相反的事情。在本季度，我們看到我們的競爭對手在油漆銷售旺季宣布了高個位數的價格上漲，正如你所知，這可能會造成很大的破壞。

So I think we're going to maintain our discipline. We don't necessarily -- the game we play, not the game, but the way that we operate certainly is on the values that we deliver. We price for that appropriately.

所以我認為我們會保持紀律。我們不一定——我們玩的遊戲，不是遊戲本身，但我們運作的方式肯定取決於我們傳遞的價值觀。我們對此進行適當的定價。

Heidi, I don't know if you want to --

海蒂，我不知道你是否想--

I think you said it really well. This was maybe the beginning of some of the earlier business that was for sale competitively and we focused on quality sales. We don't want all the sales, we want quality sales. So when we look at price volume, you should expect that same discipline in the back half and going forward. Thanks, Mike.

我認為你說得很好。這也許是一些早期競爭性銷售業務的開始，我們專注於優質銷售。我們想要的不是所有的銷售，而是高品質的銷售。因此，當我們查看價格量時，您應該預期下半年及以後會出現相同的規律。謝謝，麥克。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

Hi. Thank you. You called out unfavorable mix in Performance Coatings as the main impact on pricing in the quarters. I was wondering if you can expand on that a little bit more detail. And was there any mix impacts in Consumer Brands as well driving the lower price?

你好。謝謝。您指出，高性能塗料的不良組合是影響本季定價的主要因素。我想知道您是否可以更詳細地闡述這一點。消費品牌的混合效應是否也導致了價格下降？

Yeah, Garik. When you look at both of those businesses because of our maturity and scale in North America, typically, it is our higher gross margin type of businesses and the type of customers. So within PCG in North America, we have large businesses, small, mid-sized accounts through our facility. So I think quick turnaround, custom color, and higher gross margins. So when our North America does not grow as fast as some of the other regions in both segments, you get a negative mix shift. And that's quite honestly what we saw in the quarter. Thank you, Garik.

是的，加里克。由於我們在北美的成熟度和規模，當你審視這兩項業務時，通常會發現它們都是毛利率較高的業務類型和客戶類型。因此，在北美的 PCG 內部，我們透過我們的設施擁有大型企業、小型和中型企業客戶。所以我認為是快速的周轉、客製化的顏色和更高的毛利率。因此，當我們的北美市場的成長速度不如這兩個細分市場中的其他一些地區時，就會出現負面的組合變化。坦白說，這正是我們在本季看到的情況。謝謝你，加里克。

Aron Ceccarelli, Berenberg.

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

Hello. Good afternoon. Thanks for taking my question. Good morning. Your Performance Coatings Group sales were flat. But your adjusted segment margin was down 20, 60 bps, and you mentioned increased cost to support sales. Perhaps can you expand a little bit on this? Is this relating to promotional activity to support sales?

你好。午安.感謝您回答我的問題。早安.您的高性能塗料集團銷售持平。但您的調整後分部利潤率下降了 20 到 60 個基點，而且您提到增加了成本以支持銷售。也許您可以稍微詳細闡述這一點？這與支援銷售的促銷活動有關嗎？

And on PCG again, I see that you kept your full-year guidance stable for up or down low single digit percentages. We saw this morning a competitor's action on (inaudible) downgrading guidance on volumes. I'm trying to understand, what gives you confidence on the up trend of the guidance today considering that volumes probably have decreased a little bit at least in terms of outlook while pricing doesn't seem more than 1%, let's say? Thank you.

再次談到 PCG，我看到您將全年指引保持穩定，上下波動幅度保持在個位數低百分比。我們今天早上看到競爭對手採取了（聽不清楚）下調銷售預期的行動。我想了解的是，考慮到交易量至少從前景來看可能有所下降，而定價似乎不超過 1%，是什麼讓您對今天的指導上升趨勢充滿信心？謝謝。

I'm going to start with your second question first and then I'll flip it over to Al on your question relative to the sales environment. What gives us a lot of confidence (inaudible) guide is simply the team's focus on understanding that the core is the market's not going to help us. The core health of where markets are, even globally or under pressure.

我將首先回答您的第二個問題，然後將您的問題交給 Al，詢問有關銷售環境的問題。給予我們很大信心（聽不清楚）的指導只是團隊專注於理解核心是市場不會幫助我們。市場的核心健康狀況，即使是全球性的或面臨壓力的。

The team's focus on two things are at the forefront of everything that we're doing. It's obviously market share gains. But a big focus on new business wins and conversions. And you'll see that across every of the divisions, a great leader in (inaudible) of that business. A lot of discipline and even in a volume-constrained environment that the work with the high teens that we've committed to, when we put more volume through that, we're very confident we're going to continue to expand our operating margins there.

團隊專注於兩件事，這是我們所做的一切事情的首要任務。這顯然是市場佔有率的成長。但重點是新業務的成功和轉化。你會發現，在每一個部門，都有一位該業務領域的偉大領導者。即使在數量受限的環境中，我們也堅持嚴格的紀律，致力於實現十幾歲的高產量，當我們增加產量時，我們非常有信心我們將繼續擴大那裡的營業利潤率。

Aron, when you look at the second quarter year-over-year decrease, obviously, the lower net sales, partially offset by good cost control that I mentioned earlier, we also had other non-operating expenses which were significantly higher year-over-year. And so the decrease in segment profit and segment operating margin would have been down maybe 120 basis points due to the just we had a gain on sale last year, you have FX losses this year that we didn't have last year. So those are kind of the drivers that are outside of just the mix that I talked about just a minute ago and the impact that had on our gross profit. Thanks, Aron.

阿隆，當你看到第二季度的同比下降時，顯然，淨銷售額下降，部分被我之前提到的良好的成本控制所抵消，我們的其他非營業費用也同比大幅增加。因此，由於去年我們獲得了銷售收益，而今年出現了去年沒有的外匯損失，因此分部利潤和分部營業利潤率可能會下降 120 個基點。所以這些都是我剛才談到的因素之外的驅動因素，以及對我們的毛利的影響。謝謝，阿隆。

[Matt Dale], Bank of America.

[馬特·戴爾]，美國銀行。

Morning, everyone. Can we just dig in a little bit on the supply chain inefficiencies and why they may appear to be a big headwind this quarter? I mean, I was looking back, it seemed like that was maybe more of an area investment in tailwinds. So what specifically arose in 2Q? And with that in mind, how should we think about the fixed cost leverage should some of these businesses kind of deteriorate, as you said, was possible in the guidance?

大家早安。我們能否深入探討供應鏈效率低下的問題，以及為什麼它會成為本季的一大阻力？我的意思是，我回想起來，這似乎更像是一種順風領域的投資。那麼第二季具體出現了什麼情況呢？考慮到這一點，如果其中一些業務惡化，我們應該如何看待固定成本槓桿，正如您在指導中所說的那樣？

Yeah, Matt. What you saw in the second quarter was we adjusted our production schedules down to account for the lower sales volumes that we saw. So when you look at our sites, we're probably 60% fixed, 40% variable. So you lose the absorption on the production gallons. It does have an impact and it did so in our second quarter. But really, our second quarter impact in Consumer was more driven by the lower volume sales, not the impact on global supply chain.

是的，馬特。您在第二季度看到的是，我們下調了生產計劃，以應對較低的銷售量。因此，當您查看我們的網站時，我們大概有 60％ 是固定的，40％ 是可變的。因此，您失去了對生產加侖的吸收。它確實產生了影響，並且在我們的第二季就產生了影響。但實際上，我們第二季對消費品的影響更多是由銷售下降造成的，而不是對全球供應鏈的影響。

If you look at the second half, we believe we have a good production plan. I talked about the reduction in our Consumer Brands outlook, primarily 80% of which is gross margin, gross profit driven. 80% of that is lower volume sales. 20% of it is due to the global supply chain inefficiencies. And we're trying to build more flexibility into that organization. I think Colin and team have done a nice job of reducing the fixed cost. But we'll see. We'll see if the markets and demand deteriorates further, we have discipline on getting to the right inventory number by year end so we don't have an issue going into 2026. So it's hard to judge at the current time. I think we've been pretty realistic about volumes. But we're going to manage it as we go. Thank you, Matt.

如果你看一下下半年，我們相信我們有一個很好的生產計劃。我談到了我們消費品牌前景的下降，其中 80% 主要是由毛利率和毛利驅動的。 80% 是由於銷量下降。 20% 是由於全球供應鏈效率低。我們正在努力為組織增添更多的靈活性。我認為 Colin 和他的團隊在降低固定成本方面做得很好。但我們會看到。我們將觀察市場和需求是否進一步惡化，我們將在年底前達到正確的庫存數量，這樣我們就不會在 2026 年遇到問題。因此目前還很難判斷。我認為我們對數量的看法相當現實。但我們會邊走邊管理。謝謝你，馬特。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

Good morning. Just very quickly. Could you give a bit more detail on what you're seeing in refinish? You mentioned lapping the comps will help. But any sign of underlying improvement in consumer behavior on that front? And secondly, on the productivity question earlier, could you just give me a sense for what the run rate will be at year end, so what the net tailwind would be in 2026 from the cost measure this year? And as demand accelerates or as you see volumes come back, how quickly would CapEx need to come back no support a better environment?

早安.非常快。您能否更詳細地介紹一下您在重新裝修時看到的情況？您提到研磨零件會有所幫助。但在這方面有任何跡象顯示消費者行為正在發生根本性的改善嗎？其次，關於先前提到的生產力問題，您能否告訴我年底的運行率是多少，那麼從今年的成本衡量來看，2026 年的淨順風是多少？隨著需求加速或產量回升，資本支出需要多快回升才能支持更好的環境？

Great. Laurence, I'll start on the refinish question. We mentioned and you said it well, the growth in new accounts, new business can drive record high installs to offset the core. I don't necessarily see any underlying health coming back within the industry itself. As you know, there's been a lot of challenges relative to some of the claim environment, higher insurance premiums, et cetera, that continues to be headwind.

偉大的。勞倫斯，我先來談談重新裝潢的問題。我們提到過，而且您說得很好，新帳戶、新業務的成長可以推動創紀錄的高安裝量，從而抵消核心安裝量。我並不認為該行業本身會恢復任何潛在的健康狀態。如您所知，在索賠環境、保險費上漲等方面存在許多挑戰，這些挑戰依然是不利因素。

But as I mentioned, this is an area where we are out demonstrating value every day. The market share gains, our ability to take and hold price, and our collision core momentum, we continue to drive adoption there. So we're very confident there's a lot of market share gain opportunity for us in that segment.

但正如我所提到的，這是我們每天都在展示價值的領域。市場份額的成長、我們採取和維持價格的能力以及我們的碰撞核心動力，我們將繼續推動那裡的採用。因此，我們非常有信心，我們在該領域擁有很大的市場份額提升機會。

Maybe if you want to touch on the productivity of Laurennce's question?

也許您想談談勞倫斯問題的生產力？

The restructuring activities that have been completed to-date should provide us about $80 million savings annually. We'll see a little bit less than half of that in our second half and then the rest we'll see in the first half next year.

迄今已完成的重組活動每年可為我們節省約 8,000 萬美元。我們將在明年下半年看到略少於一半的數字，其餘的數字將在明年上半年看到。

And on your CapEx question, we're still going to target 2% of sales for CapEx. And the reason I have a lot of confidence in being able to maintain that is we've gotten ahead of some of the growth in packaging and the capacity expansion we completed onto our to new France factory or (inaudible) or Rochester, Pennsylvania factory. We're in the middle of expanding our Bowling Green factory for coil capacity expansion because of the confidence we have in our ability to continue to grow share in that business. And then also Statesville, I mentioned, continuing to build that out to handle the sales growth we expect to see in stores and in consumer. And then finally, warehouse automation, we'll continue to build that out.

關於您的資本支出問題，我們仍將把資本支出目標定為銷售額的 2%。我之所以很有信心能夠維持這一水平，是因為我們在包裝方面的成長已經領先其他公司，而且我們在法國新工廠或（聽不清楚）或賓州羅徹斯特工廠的產能也已經擴張。我們正在擴建 Bowling Green 工廠以擴大線圈產能，因為我們有信心繼續擴大該業務的份額。然後還有我提到的斯泰茨維爾，我們將繼續建造以滿足我們預期在商店和消費者中看到的銷售成長。最後，我們將繼續推進倉庫自動化。

So I think a capacity standpoint, I feel pretty good that we have a little bit of a runway before we have to be thinking about another work center within another factory.

因此，我認為從產能的角度來看，在我們考慮在另一家工廠內設立另一個工作中心之前，我們還有一點發展空間，這讓我感覺很好。

And one last piece, Laurence, to leave you with. Al said this earlier and I think it's really worth scoring is this notion of discipline. So discipline when things are good. But also discipline in a challenging environment. And as we've said earlier, this is not an environment for incrementalism. This is truly an opportunity for step-change in our industry.

勞倫斯，這是我留給你們的最後一件東西。艾爾之前就說過這一點，我認為這種紀律觀念確實值得重視。因此，當情況良好時，要遵守紀律。而且在充滿挑戰的環境中也要遵守紀律。正如我們之前所說，這不是一個漸進主義的環境。這確實是我們產業實現跨越式變革的機會。

I also want to take a moment just to thank our 64,000 global employees who are out there on the front lines every day partnering with our customers, our contractors, to help them win. We couldn't do it without them. So I appreciate your question.

我還想花一點時間感謝我們全球 64,000 名員工，他們每天都在第一線與我們的客戶、承包商合作，幫助他們取得勝利。沒有他們我們就做不到。我很感謝你的提問。

Thank you. As we have reached the end of our question-and-answer session, I'd like to turn the call back over to Mr. Jim Jaye for closing remarks.

謝謝。由於我們的問答環節已經結束，我想將電話轉回給 Jim Jaye 先生作結束語。

I heartily agree with Heidi's comment about thanking our employees for all their hard work. As we outlined today, we're operating in a softer for longer environment and we're also operating in this rapidly changing competitive environment that's giving us the unprecedented opportunity that we've talked about.

我衷心同意海蒂關於感謝我們員工的辛勤工作的評論。正如我們今天所概述的，我們在一個更長期、更溫和的環境中運營，我們也在一個快速變化的競爭環境中運營，這給了我們之前談到的前所未有的機會。

As you would expect, we are responding as these things are unfolding in real time and we're responding with urgency and discipline. We've got great confidence in what we're doing, and we know that's going to drive outsized market growth over time as Al talked about on the call.

正如您所期望的，我們正在即時應對這些正在發生的事，並且我們正在緊急而有紀律地做出反應。我們對所做的事情充滿信心，我們知道，正如 Al 在電話中談到的那樣，隨著時間的推移，這將推動超額的市場成長。

Same time, we're going to be very aggressive in controlling that G&A. We've doubled our initiative for this year and you can expect us to continue to operate with discipline there. So we see this as a time to really differentiate ourselves, with our customers in particular. Nobody's better positioned than we are. We feel very good about what we're doing and appreciate your confidence in us and your support for Sherwin-Williams.

同時，我們將積極控制一般及行政費用。我們今年的舉措已經加倍，您可以期待我們繼續在那裡嚴格遵守紀律。因此，我們認為這是一個真正讓我們自己、特別是我們的客戶脫穎而出的時機。沒有人比我們處於更有利的位置。我們對自己所做的事情感到非常滿意，並感謝您對我們的信任和對宣偉的支持。

We'll be available for your follow-ups and thank you very much. Thank you.

我們將隨時為您提供後續服務，非常感謝您。謝謝。

Thank you. Ladies and gentlemen, this concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

謝謝。女士們、先生們，今天的會議到此結束。現在您可以斷開線路，感謝您的參與。