宣偉 (SHW) 2025 Q3 法說會逐字稿

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

早安.感謝您參加宣偉公司對 2025 年第三季業績的回顧以及 2025 年全年的展望。

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

今天參加電話會議的有：總裁兼執行長 Heidi Petz；財務長 Allen Mistysyn；首席會計官 Paul Lang；以及投資者關係和溝通高級副總裁 Jim Jaye。

This conference call is being webcast simultaneously in 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.

本次電話會議由 ACCESS Newswire 透過網路在 www.sherwin.com 上以僅收聽模式同步進行網路直播。本次網路直播的存檔回放將於本次電話會議結束後約兩小時在 www.sherwin.com 上提供。

This conference call will include certain forward-looking statements as defined under the US Federal Securities laws with respect to sales, earnings and other matters. Any forward-looking statement speaks only as of the date on 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.

本次電話會議將包含一些根據美國聯邦證券法定義的有關銷售額、收益和其他事項的前瞻性陳述。任何前瞻性聲明僅代表該聲明發布之日的情況，本公司不承擔任何更新或修改任何前瞻性聲明的義務，無論是因為新資訊、未來事件或其他原因。

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.

有關前瞻性聲明的完整聲明已在公司今天早上發布的盈利報告中提供。公司發言結束後，我們將開放提問環節。

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 delivered solid third-quarter results as we continue to execute our strategy in a demand environment that remains softer for longer, as we have previously described.

謝謝大家，大家早安。正如我們之前所描述的那樣，在需求持續疲軟的環境下，宣偉公司繼續執行我們的策略，並取得了穩健的第三季業績。

Throughout the quarter, we continue to serve our customers, invest for success, control our costs, take advantage of a unique competitive environment and execute on our enterprise priorities. On a year-over-year basis, consolidated sales increased at the high end of our guided range. Paint Stores Group and Consumer Brands Group exceeded expectations and Performance Coatings Group was in line.

在本季度，我們將繼續為客戶提供服務，投資以求成功，控製成本，利用獨特的競爭環境，並執行我們的企業優先事項。與上年同期相比，我們指導範圍內的高端產品的綜合銷售額有所增長。塗料商店集團和消費品牌集團的表現超乎預期，高性能塗料集團的表現符合預期。

Gross margin and gross profit dollars expanded. SG&A growth in the quarter moderated to the low single-digit percentage level we expected, driven by ongoing control of general and administrative expenses and inclusive of restructuring costs and new building costs. We remain on track for our original guidance of a low single-digit percentage increase in SG&A for the full year, including our targeted growth investments.

毛利率和毛利均有所成長。本季銷售、一般及行政費用成長放緩至我們預期的個位數百分比水平，這得益於對一般及行政費用的持續控制，其中包括重組成本和新建築成本。我們仍將按原計劃推進，全年銷售、管理及行政費用將維持個位數百分比的成長，其中包括我們針對性的成長投資。

Adjusted EBITDA margin expanded 60 basis points to 21.4%, and adjusted diluted earnings per share grew by 6.5%. We also returned $864 million to shareholders through share repurchases and dividends.

調整後 EBITDA 利潤率成長 60 個基點至 21.4%，調整後稀釋每股盈餘成長 6.5%。我們也透過股票回購和分紅向股東返還了 8.64 億美元。

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

現在，讓我把時間交給海蒂，她將對第三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. Let me begin by thanking our employees for delivering a solid quarter as we continue to navigate a very choppy demand environment across every one of our end markets. Our strategy continues to resonate with professional painting contractors and manufacturers who now more than ever are looking for partners that can provide them with predictability and reliability.

謝謝你，吉姆，大家早安。首先，我要感謝我們的員工，感謝他們在我們持續應對各個終端市場波動不定的需求環境的同時，為我們帶來了穩健的季度業績。我們的策略持續引起專業油漆承包商和製造商的共鳴，他們現在比以往任何時候都更需要能夠為他們提供可預測性和可靠性的合作夥伴。

Sherwin-Williams provides customers with differentiated solutions that makes them more productive and profitable. This is even more valuable at a time when competitive offerings are inconsistent. We know what works, and we're investing in it while continuing to assess, adapt, and control what we can control. We remain confident our approach is the right one to continue winning near term and it leaves us well positioned for when the demand cycle eventually turns.

宣偉公司為客戶提供差異化的解決方案，使客戶能夠提高生產效率和獲利能力。在競爭產品不穩定的當下，這點就顯得更加重要了。我們知道哪些方法有效，我們正在加大投入，同時不斷評估、調整和控制我們能夠控制的因素。我們仍然相信，我們的方法是正確的，能夠讓我們在短期內繼續取得成功，並且讓我們在需求週期最終轉變時處於有利地位。

Let me now provide some color on our third-quarter segment performance. Sales in Paint Stores Group increased by a mid-single-digit percentage, with price mix up at the high end of low single digits and volume up low single digits.

現在讓我來詳細介紹一下我們第三季的業務部門表現。油漆商店集團的銷售額增長了中等個位數百分比，其中價格組合增長了接近低個位數百分比，銷量增長了接近個位數百分比。

This solid top line performance is not due to any market improvement in demand, but rather clear evidence that our growth investments are delivering a return. Given the market data we track, we believe we outperformed the market in all segments that we serve.

這一穩健的營收成長並非源自於市場需求的改善，而是我們成長投資獲得回報的明確證明。根據我們追蹤的市場數據，我們相信我們在所服務的所有細分市場中都取得了優於市場的表現。

Protective and marine increased by low double digits. This was the fifth straight quarter we have delivered high single-digit growth or better in this end market. In residential repaint, sales again grew by mid-single digits. We have grown this business by at least this level in every quarter since the start of 2022, a period during which existing home sales have been negative almost every month.

防護用品和海洋用品的銷售量均實現了兩位數的小幅成長。這已經是我們連續第五個季度在這個終端市場實現了高個位數或更高的成長。住宅重新粉刷的銷售額再次實現了中等個位數的成長。自 2022 年初以來，我們每季的業務成長都至少達到了這個水平，而在此期間，二手房銷售幾乎每個月都出現負成長。

We also outperformed in Commercial, where sales were up mid-single digits in a quarter where multifamily completions were down double digits for the two months of available data. Our systematic approach to capturing new opportunities in this segment, created by recent competitive actions is working. In new residential, sales increased by low single digits in a quarter when single-family completions were down slightly for the two months of available data.

在商業領域，我們也表現出色，銷售額實現了中等個位數的成長，而同期多戶住宅竣工量在兩個月可用數據中卻出現了兩位數的下降。我們採取的系統性方法來抓住近期競爭行動在該領域創造的新機遇，並且正在發揮作用。在新住宅方面，儘管有數據顯示的兩個月內獨棟住宅竣工量略有下降，但該季度新住宅的銷售額仍實現了個位數低增長。

Property maintenance and DIY sales both increased by low single-digit percentages. Exterior sales were slightly better than interior sales, and both were up mid-single digits. We opened 23 net new stores in the quarter and 61 year-to-date, which is ahead of last year's pace. We've also added a commensurate number of sales reps to serve new accounts and customers through these stores.

物業維護和DIY產品的銷售額均以個位數百分比成長。外觀銷售略好於內裝銷售，兩者均實現了個位數中段的成長。本季我們淨增 23 家門市，今年迄今淨增 61 家，高於去年同期水準。我們也相應增加了銷售代表的數量，以便透過這些門市為新客戶提供服務。

Even as we continue to make these growth investments, we continued to drive profitability. Segment profit in the quarter grew by a mid-single-digit percentage and segment margin increased by 40 basis points. With segment gross margin being flattish, this increase reflects leverage on SG&A, with over 30% incremental margin on low single-digit volume growth.

即使我們持續進行這些成長投資，我們也持續提高獲利能力。本季分部利潤成長了中等個位數百分比，分部利潤率提高了 40 個基點。由於業務部門毛利率基本持平，此次成長反映了銷售、一般及行政費用的槓桿作用，在銷量實現個位數低增長的情況下，毛利率增加了 30% 以上。

Moving on to Consumer Brands Group. Sales beat our expectations with price/mix up low single digits, volume down mid-single digits, and FX, a slight headwind. Sales reflect continued softness in North America DIY and unfavorable FX in Latin America, partially offset by growth in Europe. Adjusted segment margin increased primarily due to a favorable product mix shift and good cost control, partially offset by supply chain inefficiencies from lower production volumes.

接下來是消費者品牌集團。銷售額超出預期，價格/產品組合成長幅度較小（個位數），銷售下降幅度中等（個位數），匯率略有不利影響。銷售額反映出北美DIY市場的持續疲軟和拉丁美洲不利的匯率影響，部分被歐洲市場的成長所抵銷。經調整後的分部利潤率成長主要得益於有利的產品組合調整和良好的成本控制，但部分被產量下降導致的供應鏈效率低下所抵消。

Severance and other restructuring expenses also reduced segment margin by 85 basis points. We're also very pleased to have closed on Suvinil acquisition earlier this month. and I want to take this opportunity to officially welcome this highly talented team to Sherwin-Williams. This business is an outstanding addition to the Consumer Brands Group Latin America portfolio, and we're excited by the many profitable growth opportunities ahead for our combined offerings.

遣散費和其他重組費用也使該部門利潤率下降了 85 個基點。我們也非常高興地宣布，本月初我們完成了對Suvinil的收購。我想藉此機會正式歡迎這支才華洋溢的團隊加入宣偉公司。這項業務是拉丁美洲消費品牌集團產品組合的傑出補充，我們對合併後的產品組合未來將帶來的眾多獲利成長機會感到興奮。

Additionally, we continued our channel optimization efforts in this region during the quarter, closing 8 net Sherwin-Williams stores and shifting that volume into selected qualified dealers. In Performance Coatings Group, sales were in line with expectations. Volume, acquisitions and FX all increased by low single-digit percentages but were partially offset by unfavorable price/mix.

此外，我們在本季繼續在該地區進行通路優化工作，關閉了 8 家 Sherwin-Williams 淨店，並將這些門市轉移到選定的合格經銷商處。高性能塗料集團的銷售額符合預期。交易量、收購額和外匯交易額均以較低的個位數百分比增長，但部分被不利的價格/組合所抵消。

Regionally, segment growth in Europe and North America was partially offset by decreases in Latin America and Asia. From a division perspective, packaging remained our strongest performer with double-digit growth, inclusive of an acquisition. We're also pleased with mid-single-digit growth in auto refinish, inclusive of high single-digit growth in North America. This growth was driven by share gains that more than offset continued lower insurance claims.

從區域來看，歐洲和北美地區的成長被拉丁美洲和亞洲地區的下降部分抵消。從部門角度來看，包裝部門仍然是我們表現最強勁的部門，實現了兩位數的成長，其中包括一次收購。我們對汽車修補漆業務的中個位數成長感到滿意，其中北美地區的成長更是達到了較高的個位數。這一成長主要得益於市場佔有率的提升，其帶來的收益足以抵銷保險理賠額持續下降的影響。

Sales in Coil, Industrial Wood and general industrial all decreased by low single-digit percentages. PCG segment profit and margin decreased due to lower gross margin, primarily from unfavorable product and region sales mix and higher cost support sales. Severance and other restructuring expenses also reduced segment margin by 30 basis points. I would also like to note the continued good work in our administrative function to control costs.

捲材、工業木材和一般工業產品的銷售額均出現個位數百分比的下降。PCG部門的利潤和利潤率下降，主要是由於毛利率降低，而毛利率降低的主要原因是產品和區域銷售組合不利以及成本支持性銷售增加。遣散費和其他重組費用也使該業務部門的利潤率下降了 30 個基點。我還要指出，我們在控製成本方面行政部門持續取得了良好的工作成果。

Excluding the corporate portion of restructuring costs and the new building costs, administrative SG&A was down by a low double-digit percentage in the quarter. Before moving on to our outlook, I want to address the topic that some of you have asked about, and that was our very difficult decision to temporarily pause the company matching contributions to our 401(k) benefit plan effective October 1.

剔除重組成本中的公司部分及新建築成本後，本季行政銷售、一般及行政費用下降了兩位數百分比。在展望未來之前，我想先談談你們中一些人問到的話題，那就是我們非常艱難的決定，即從 10 月 1 日起暫時停止公司對 401(k) 福利計劃的匹配繳款。

I want to be very clear: This is not a decision made lightly, nor was it made without deep appreciation for its impact on our people. It was a decision made after implementing a number of cost-saving initiatives, and completing significant restructuring actions, all at a time when we have and continue to face a period of prolonged demand and macroeconomic uncertainty.

我想非常明確地表明：這不是一個輕易做出的決定，也不是在沒有深刻考慮到它對我們人民的影響的情況下做出的決定。這是在實施了一系列節約成本的舉措和完成了重大重組行動之後做出的決定，而此時我們正面臨著並將繼續面臨長期需求和宏觀經濟不確定性的時期。

Our goal was to preserve as many jobs as possible in the near term, while also protecting the company with targeted customer-facing investments at a time of unprecedented competitive opportunity. Our goal is to restate the match as soon as possible, just as we have done successfully in the past. We are focused on delivering the performance that enables us to do so while also building long-term value for all of our stakeholders.

我們的目標是在短期內盡可能保住工作崗位，同時在競爭空前激烈的時期，透過有針對性的面向客戶的投資來保護公司。我們的目標是盡快重賽，就像我們過去成功做到的那樣。我們致力於提供能讓我們實現目標的業績，同時為所有利害關係人創造長期價值。

With that, let me move on to our outlook for the remainder of this year, along with some initial considerations related to 2026. The slide deck issued with this morning's press release provide specific sales guidance for the fourth quarter, which reflects our normal seasonality.

接下來，讓我展望今年剩餘時間的情況，以及與 2026 年相關的一些初步考慮。今天早上發布的新聞稿附帶的幻燈片提供了第四季度的具體銷售指導，這反映了我們正常的季節性因素。

This sales guidance includes the Suvinil acquisition, which we expect will increase the company's consolidated sales by a low-single-digit percentage in the quarter, with an immaterial negative impact to diluted earnings per share, given transaction closing costs and purchase accounting items.

該銷售預期包括對 Suvinil 的收購，我們預計這將使公司本季的合併銷售額增長個位數百分比，考慮到交易結算成本和購買會計項目，對稀釋後每股收益的負面影響微乎其微。

Given our third-quarter sales performance and the addition of Suvinil, we are updating our full-year 2025 sales guidance to be up by a low single-digit percentage versus 2024. Our second half EPS is in line with what we were expecting in July, excluding the immaterial headwind of Suvinil. We are narrowing our earnings outlook and now expect adjusted diluted net income per share to be in the range of $11.25 to $11.45 per share with a prior midpoint of $11.35 remaining unchanged.

鑑於我們第三季的銷售業績以及 Suvinil 的加入，我們將 2025 年全年銷售預期更新為比 2024 年成長個位數百分比。在剔除 Suvinil 帶來的微不足道的不利因素後，我們下半年的每股盈餘與 7 月的預期一致。我們正在縮小獲利預期範圍，目前預計調整後稀釋每股淨收益將在每股 11.25 美元至 11.45 美元之間，此前的中點 11.35 美元保持不變。

Additionally, we remain on track to open 80 to 100 North America paint stores for the year. We will also continue to manage production and inventory closely over the rest of the year, on pace with customer demand. We remain laser-focused on our strategy of driving our customers' success. As far as 2026, our teams have begun working through our annual operating plan process. We'll provide you with a more definitive outlook in January as we typically do.

此外，我們仍有望在今年開設 80 至 100 家北美油漆商店。今年剩餘時間裡，我們將繼續密切管理生產和庫存，以滿足客戶需求。我們始終專注於推動客戶成功的策略。截至 2026 年，我們的團隊已經開始著手製定年度營運計劃。我們將像往常一樣，在1月為您提供更明確的展望。

But at this time, we can provide some initial expectations that may be helpful. From a demand perspective, it appears that a very challenging environment will persist through the first half of the year and most likely beyond that. In other words, softer for longer and continued choppiness across most end markets.

但目前，我們可以提供一些初步的預期，這或許會有所幫助。從需求角度來看，極具挑戰性的市場環境似乎將持續到今年上半年，而且很可能會持續更久。換句話說，大部分終端市場將持續出現波動，且波動持續時間更長。

The leading indicators we track point to minimal positive catalysts at this time. We will continue to focus on our new account and share of wallet initiatives and driving continued returns on the growth investments we have made. Our initial view of raw material costs is that they will be up low-single digits, inclusive of tariffs with varying costs for individual commodities.

我們追蹤的領先指標顯示，目前幾乎沒有積極的催化劑。我們將繼續專注於新客戶拓展和客戶錢包份額提升計劃，並持續推動我們已進行的成長投資獲得回報。我們初步認為原材料成本將上漲個位數百分比，其中包括關稅，而不同商品的成本會有所不同。

We also expect other parts of the cost basket to inflate, particularly health care, which will increase by a low double-digit percentage in wages, which we expect to increase by a low single-digit percentage. We also expect to continue investing in growth initiatives, including stores and reps to win new business and support existing customers and strategic retail partners as the competitive environment continues to inflect in our favor.

我們也預期成本籃子中的其他部分也會上漲，特別是醫療保健，預計醫療保健成本將以兩位數百分比的低位增長，而工資預計只會以個位數百分比的低位增長。我們還計劃繼續投資成長計劃，包括開設門市和銷售代表，以贏得新業務，並支持現有客戶和策略性零售合作夥伴，因為競爭環境將繼續朝著對我們有利的方向發展。

We will continue to counter cost headwinds through efficiency and simplification initiatives, and disciplined pricing actions. Specifically, we have announced a 7% price increase in Paint Stores Group effective January 1, along with targeted increases in our other segments. Effectiveness in paint stores should be in our typical historical range, but likely will be tempered by market dynamics and segment mix.

我們將繼續透過提高效率、簡化流程以及採取嚴格的定價措施來應對成本上升的壓力。具體來說，我們已宣布自 1 月 1 日起油漆商店集團的價格將上調 7%，同時其他業務部門也將有針對性地提價。油漆店的有效性應該在我們以往的典型範圍內，但可能會受到市場動態和細分市場組合的影響。

We will continue to be very aggressive in growing the business, and in controlling general and administrative expenses, so we do not see a reason to be heroic in our initial guidance. We expect interest expense will be higher given our new headquarters financing arrangement and refinancing of debt at higher rates earlier this year.

我們將繼續積極拓展業務，並控制一般及行政費用，因此我們認為沒有必要在最初的業績預期中表現得過於樂觀。鑑於我們新的總部融資安排以及今年稍早以較高利率進行的債務再融資，我們預計利息支出將會更高。

We remain on track with the restructuring initiatives we've previously called out, and we expect a total benefit in 2025 of approximately $40 million in savings. We expect our actions to result in savings of approximately $80 million on a full-year basis going forward. On a very exciting note, we've begun the move into our new headquarters and R&D center in Cleveland, and we expect the process to be completed in the spring.

我們將繼續推進先前提出的重組計劃，預計到 2025 年將節省約 4,000 萬美元。我們預計，今後每年我們的措施將節省約 8,000 萬美元。令人振奮的是，我們已經開始搬遷到位於克利夫蘭的新總部和研發中心，預計搬遷工作將於春季完成。

As a result, we anticipate our CapEx returning to a more typical range of around 2% of sales next year. These new world-class facilities are investments in our people and our customers that we are certain will deliver strong returns and there will be multiple chances for you to come visit in the coming year.

因此，我們預計明年資本支出將恢復到銷售額的 2% 左右的正常水平。這些世界一流的新設施是對我們的員工和客戶的投資，我們確信這些投資將帶來豐厚的回報，並且在未來一年裡您將有很多機會前來參觀。

All in, including our new and current buildings, we would expect a modest cost headwind next year. We will provide more details on our January call. 2025 is not over, and we know we still have work to do. You should expect us to continue acting with discipline and urgency during the remainder of the year.

綜合考慮，包括我們新建和現有的建築，我們預計明年成本方面將面臨一些阻力。我們將在1月的電話會議上提供更多詳情。 2025年尚未結束，我們知道還有很多工作要做。你們應該預料到，在今年剩餘的時間裡，我們將繼續以嚴謹的態度和緊迫的行動開展工作。

Beyond that, we expect the demand environment to remain soft well into 2026. We are not immune from these persistent challenging market conditions, which leads us to focus even more intensely on differentiated solutions that help our customers become more productive and profitable.

除此之外，我們預期需求環境疲軟的局面將持續到 2026 年。我們也無法免受這些持續充滿挑戰的市場環境的影響，這促使我們更加專注於差異化解決方案，以幫助我們的客戶提高生產力和獲利能力。

With our success by design mindset and a deeply experienced team, we see this as a great time to continue demonstrating what makes Sherwin-Williams so unique and outperform the market, and that's exactly what we plan to do.

憑藉我們透過設計取得成功的思維方式和經驗豐富的團隊，我們認為這是一個絕佳的時機來繼續展示宣偉的獨特之處並超越市場，而這正是我們計劃要做的。

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

我們的發言稿到此結束。最後，感謝各位今天上午收看我們的節目，我們很樂意回答大家的問題。

(Operator Instructions) Ghansham Panjabi, Baird.

（操作員說明）Ghansham Panjabi，Baird。

Thank you. Good morning everybody. Heidi, could you just give us a bit more color on the 7% price increase for Paint Stores Group? How did you come about that number? I mean raw materials looks like they're going to be flat this year, up low single digits next year. I know you have wage increases, et cetera, but the demand environment seems pretty tepid. So how do we get to the 7%, which is, I think, the highest since the COVID inflation spike?

謝謝。大家早安。海蒂，你能詳細解釋一下油漆商店集團7%的價格上漲情況嗎？你是怎麼得出這個數字的？我的意思是，原材料價格今年看起來會保持平穩，明年可能會有個位數的成長。我知道你們有加薪等等措施，但市場需求似乎相當疲軟。那麼，我們是如何達到 7% 的呢？我認為這是自新冠疫情引發通膨飆升以來的最高水準。

Yeah, good morning, Ghansham, I'm going to hand it to Al here in a moment, but let me start with this is more about our pricing philosophy in general, you and I've had this discussion when we need to go to the market, our customers understand that we need to go to the market.

是的，早上好，Ghansham，我一會兒會把發言權交給Al，但首先我想說的是，這更多的是關於我們整體的定價理念，你我之前也討論過，當我們不得不進入市場時，我們的客戶也理解我們需要進入市場。

And so we work the entire year before that to make sure that we're demonstrating value and earning the right to do that so we can continue to make the investments that I referred to in my earlier remarks. But I'll let Al give you a little bit of color on why the 7%.

因此，在此之前的一整年裡，我們一直在努力工作，以確保我們能夠展現價值，贏得這樣做的權利，以便我們能夠繼續進行我之前提到的投資。但我會讓艾爾來幫你解釋為什麼是 7%。

Ghansham, this is Allen Mistysyn. How we got to the 7% is, it's really driving it because of higher year-over-year increases. You talk about our initial view of raw material costs being up low single digits as compared to being flattish in the current year. And the other basket -- cost basket increases. But I think what I would like to also add to that is, Heidi mentioned in her opening remarks about being -- the effectiveness being in our typical range but being tempered by market dynamics and segment mix.

甘沙姆，我是艾倫‧米斯蒂森。我們之所以得出 7% 的結論，主要是因為年比增幅較高。您提到我們最初對原物料成本的預期是今年將出現個位數成長，而今年則基本上持平。而另一個成本籃子——成本籃子——則會增加。但我還想補充一點，海蒂在開場白中提到，效果在我們典型的範圍內，但受到市場動態和細分市場組合的影響。

As you said, we're going to -- in this environment, a slow growth, choppy demand environment, we're going to be very aggressive in growing the business with new account growth and share of wallet. And why is that important to us is because when we look -- as I talked about a year ago on this similar call, we look at price mix as one bucket and we report on that metric quarterly.

正如您所說，在當前這種成長緩慢、需求波動較大的環境下，我們將採取非常積極的策略，透過拓展新客戶和提高客戶錢包份額來發展業務。這對我們來說很重要，因為正如我大約一年前在類似的電話會議上所說，我們將價格組合視為一個整體，並按季度報告該指標。

And we've got a number of pro-architectural segments that perform at varying levels. And as an example, in our third quarter, we saw commercial property maintenance, new residential improve and perform better.

我們有許多專業建築部門，它們的表現水準各不相同。例如，在第三季度，我們看到商業房地產維護和新建住宅的業績有所改善和提升。

They have similar operating margins, but they do dilute the price/mix realization. And if you look at our third quarter price/mix realization, it was up at the upper end of the low single digits, which was compared to a mid-single-digit percentage in the second quarter and as said before, we're focused on growing operating margin.

它們的營業利潤率相似，但它們會稀釋價格/組合實現。如果你看一下我們第三季的價格/組合實現情況，它達到了低個位數百分比的較高水平，而第二季則為中個位數百分比。正如之前所說，我們專注於提高營業利潤率。

In the third quarter, our net sales and volume growth was better in the third quarter than we expected. So even though we have flattish gross margin, we experienced SG&A leverage. We grew our operating margin and saw strong incremental margins of 30%-plus on that low individual -- low single-digit volume gain. So my point here is it's a balance. We are going to go strong after volume. We're going to come out of the other end of the price increase with our customers, but we're going to balance both.

第三季度，我們的淨銷售額和銷售成長均優於預期。因此，儘管我們的毛利率基本上持平，但我們卻享受了銷售、管理及行政費用槓桿效應。我們提高了營業利潤率，並且在銷量僅實現個位數低成長的情況下，實現了超過 30% 的強勁增量利潤率。所以我的觀點是，這需要找到一個平衡點。我們將全力以赴提升銷售量。我們會和客戶一起承受價格上漲帶來的影響，但我們會努力平衡雙方的利益。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

30-year mortgage rates have come down. I think they're about 6.4% now. Where do you think those rates need to go to really catalyze demand in the paint store script?

30年期抵押貸款利率已經下降。我認為他們現在的比例大約是 6.4%。你認為油漆價格需要達到什麼水平才能真正刺激油漆商店的需求？

Yeah, Jeff, I think I can go back because it sticks out in my head where mortgage rates dipped to around 6% in October of last year. We saw a nice bump in applications. So I think when you look at the pent-up demand and depending on what number you look at and how long it's been with existing home turnover being flat down and now it's starting to turn, there's a lot of pent-up demand.

是的，傑夫，我想我可以回去看看，因為我印像很深，去年十月抵押貸款利率降到了 6% 左右。我們看到申請人數出現了顯著增長。所以我覺得，當你觀察被壓抑的需求，以及你觀察的指標，還有現有房屋週轉率持續低迷的時間，現在開始回升，就會發現存在大量的被壓抑的需求。

So when we get towards 6% and certainly, we've seen the 10-year dip below 4% for a day, which was exciting. But I think that around 6% or a little bit below should drive stronger existing home turnover since the homebuilders have been paying down the rate to get more people and more traffic into their homes already.

所以，當我們接近 6% 時，而且我們確實看到 10 年來首次跌破 4% 一天，這令人興奮。但我認為，6%左右或略低於這個數字應該會推動現有房屋更強勁的周轉，因為房屋建築商已經降低了利率，以吸引更多的人和更多的客流量來看房。

Jeff, one piece, I think I would add to that too, 6% seems to be the magic number, but we spent a lot of time with our national and regional homebuilders. And not a surprise, I think everybody is squarely focused on affordability. And while they're trying to reduce upfront construction costs, redesigning floor plans, even looking at lot sizes and the actual product, the biggest impact is obviously affordability. Rates will certainly have an impact. So we are all hoping that the Fed makes some shifts here in the future.

傑夫，我覺得我還要補充一點，6% 似乎是一個神奇的數字，但我們花了很多時間與全國和地區的房屋建築商交流。不出所料，我認為大家最關注的還是價格是否實惠。雖然他們正努力降低前期建造成本，重新設計平面圖，甚至考慮地塊大小和實際產品，但最大的影響顯然是可負擔性。利率肯定會產生影響。所以我們都希望聯準會未來能在這方面做出一些改變。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

Al, I wanted to ask on the investment spending. We're a bit more than two years into it. I think we can all look and see the positive results that are coming from it in terms of market share gains and how it's manifesting itself in your volume results. I think what's less clear to us from the outside is just how you define the efficiency of the spend. And you can look at it both ways. You can say, could you get the same results spending less? Or could you get better results if you were spending more.

Al，我想問一下投資支出方面的狀況。我們已經進行了兩年多了。我認為我們都可以看到由此帶來的正面成果，包括市場佔有率的成長以及銷售方面的提升。我認為，對於我們這些局外人來說，不太清楚的是如何定義支出的效率。你可以從兩個角度來看這個問題。你可以問，能否用更少的錢獲得同樣的結果？或者，如果投入更多資金，是否能獲得更好的結果？

And so I think it would be helpful if you could just sort of talk to a little bit of a look-back analysis on this as we're a little bit more than two years in. And what defines and what helps you understand what the right level of spend is and what causes you to add more or presumably you've pulled back at the same time in other areas where you haven't seen the effectiveness. So some detail there would be helpful.

所以我覺得，如果您能對這件事進行一些回顧性分析，那就太好了，因為現在已經過去兩年多了。那麼，究竟是什麼定義了合適的支出水平，又是什麼幫助你理解了合適的支出水平是什麼，以及是什麼導致你增加支出，或者你可能同時在其他沒有看到成效的領域減少了支出。所以，提供一些細節會很有幫助。

Likewise, as we look into '26, if we don't get the help from the Fed that we all want and things remain choppy, what causes you to continue to make the incremental investments? Thank you.

同樣，當我們展望26年時，如果我們得不到聯準會的幫助，而情況仍然動盪，是什麼促使你繼續進行增量投資呢？謝謝。

Yeah, Vincent, I think it always starts and ends with how we get a return for the investments we make. We have a very disciplined process around new store adds, rep adds, and we look for stores on what's the time to get to a steady-state profit? And how long that is. And that gives us some idea, are we in a saturated market or not?

是的，文森特，我認為一切都始於並終於我們如何從投資中獲得回報。我們有一套非常嚴格的流程來增加新店和代理商，我們會根據店鋪需要多長時間才能達到穩定的盈利狀態來選擇店鋪。那得有多長？這讓我們對市場是否飽和有了一些了解？

And I would tell you that each of the stores we add, including in our densest markets get to profitability faster as we continue to invest in our least dense markets. For our reps, we look at residential repaint in the mid-single-digit growth we've had in residential repaint through this year through most of the last year. And we look at the investments we made in the second half of 2023, we can look by territory, by sales growth, by margin growth, and I would tell you without a doubt that we are getting a return on those investments, and what dictates how fast or slow you go, and this has been very consistent over many years.

我可以告訴大家，隨著我們持續投資於人口密度較低的市場，我們新增的每一家門市，包括人口密度最高的市場，都能更快獲利。對於我們的銷售代表來說，我們關注的是住宅重新粉刷業務，該業務在過去一年的大部分時間都保持著中等個位數的成長。我們回顧一下 2023 年下半年的投資，我們可以按地區、銷售成長、利潤率成長來分析，我可以毫不猶豫地告訴你，這些投資正在獲得回報，而決定投資速度快慢的因素，多年來一直非常一致。

We put a plan in place, 80 to 100 stores, similar or a little bit higher number of reps. We look at our performance through the first half. We look at outlook for the second half. We think sales are going to be stronger if we think our gross margin is going to be stronger than we had planned. We are willing and able to invest heavier typically on the rep side. It's a little harder to invest more on the store side.

我們制定了一項計劃，開設 80 到 100 家門市，配備數量相近或略多一些的銷售代表。我們來看看上半季的表現。我們展望下半年的前景。我們認為，如果毛利率能夠超出預期，那麼銷售額也會更加強勁。我們通常願意並且能夠加大對聲譽方面的投入。在門市方面增加投資就有點困難了。

But typically, on the rep side, and they're more focused on res repaint. And again, we look very, very tactically and look at each of those reps and see what return they're getting. But a ton of confidence that we are getting a return for those based on the sales performance we're seeing in a very difficult, I would argue, down market in res repaint.

但通常情況下，在代表方面，他們更專注於重新塗裝。我們再次非常注重戰術，仔細觀察每一次重複動作，看看它們能帶來什麼回報。但是，鑑於我們在非常艱難（我認為是低迷）的住宅翻新市場中看到的銷售業績，我們有十足的信心認為這些投資會獲得回報。

And it's a huge testament to our team. They're out every day (technical difficulty) with these customers. And while the market may have gotten kind of worse in some pockets here, I think Al makes a great point on res repaint, we continue to outperform in what I would also consider a highly unprecedented competitive environment. So in that two-year span, Vincent, obviously, as you well know, there's a lot of gallons up for grabs and we're going to be relentless to grab them.

這充分證明了我們團隊的實力。他們每天都因為技術問題而無法為這些客戶服務。雖然某些地區的市場可能會惡化，但我認為 Al 關於房地產重新粉刷的觀點很有道理，我們在一個我認為也是前所未有的競爭環境中繼續表現出色。所以，文森特，很顯然，如你所知，在這兩年裡，有很多加侖的石油等著我們去爭取，我們將不遺餘力地去爭取它們。

(Operator Instructions) John McNulty, BMO Capital Markets.

（操作員說明）John McNulty，BMO 資本市場。

Maybe an early one on Suvinil. Can you help us to think about some of the actions you plan on taking there? How to think about maybe some of the opportunities around synergies and where we might be looking at the profitability levels as we look to 2026? Thank you.

或許是早期關於Suvinil的研究。您能否幫我們思考一下您計劃在那裡採取的一些行動？展望 2026 年，我們該如何思考綜效帶來的機遇，以及我們可能會關注的獲利水準？謝謝。

Yeah. John, I'll start and then hand it over to Al to talk a bit about kind of further out as we think about profitability. But I'm thrilled, I'm beyond excited on this acquisition. I'm going to be out with our team in Brazil here shortly, of course, getting in front of some customers. Really proud of the team's joint effort and their laser focus on business continuity, where we can create more value together as two great companies.

是的。約翰，我先開始，然後交給艾爾，讓他談談更長遠的獲利問題。但我感到無比激動，我對這項收購感到無比興奮。當然，我很快就會和我們的團隊一起去巴西，與一些客戶見面。為團隊的共同努力和對業務連續性的專注感到非常自豪，我們兩家偉大的公司可以攜手創造更大的價值。

So a lot of opportunity both commercially and operationally. It's early days. The teams are just getting started. I wish I had all the answers laid out, but I can tell you we've got the right people, the right leaders that are going to help us to realize that value at an accelerated rate.

因此，無論在商業上或營運上，都存在著許多機會。現在還為時過早。各隊才剛開始比賽。我希望我能給出所有答案，但我可以告訴你，我們擁有合適的人才，合適的領導者，他們將幫助我們以更快的速度實現這一價值。

Yes, John, let me just start impact on the fourth quarter, Suvinil will increase consolidated sales of low single-digit percentage. It increases our consumer brand sales, a low 20%. How you talk about an immaterial headwind in the fourth quarter, predominantly due to onetime transaction costs and inventory step up, we'd be accretive in the quarter, slightly accretive in the fourth quarter.

是的，約翰，讓我先說說對第四季的影響，Suvinil 將使合併銷售額成長個位數百分比。它使我們的消費者品牌銷售額提高了20%。你說第四季的不利因素微乎其微，主要是由於一次性交易成本和庫存增加，我們本季將實現獲利，第四季將略有獲利。

As you look out, and we'll give you more detail on our January call. But as you recall, we talked about a $525 million business, mid-teens EBITDA. And I would expect, as we implement our systems, tools and processes and realize the synergies across both organizations because as you recall, we talked about being somewhat of a reverse integration. We'd expect to see that growth into the high teens, low-20s over a midterm period of time.

請您留意，我們將在1月的電話會議上提供更多詳情。但正如你所記得的，我們討論的是一家價值 5.25 億美元的企業，EBITDA 達到 15% 左右。而且我預計，隨著我們實施系統、工具和流程，並實現兩個組織之間的協同效應，正如你記得的那樣，我們討論過某種程度上的反向整合。我們預計在中期一段時間內，這一增長將達到十幾到二十幾的水平。

Alexi Yefremov, KeyBanc Capital Markets.

Alexi Yefremov，KeyBanc 資本市場。

Heidi, I wanted to ask you about your comments on the second half of next year. I realize it's pretty far away, but are you seeing anything specific to found maybe a little less hopeful about recovery? Or is this just looking at current trends and being conservative?

海蒂，我想問你對明年下半年的看法。我知道這離我們很遠，但你有沒有看到什麼具體情況，讓你對復甦感到不那麼樂觀？或者這只是著眼於當前趨勢而採取保守做法？

Yeah. I think it's more a function of our current sight line given how far out we can see relative to backlogs, overall pipeline of the business is honestly more of the comments there. But I will go back to the statements regarding we are not yet seeing consistent data points that really telling a story that there's this catalyst coming anytime soon. So I don't believe it's conservatism. I think it's pragmatism. But I can assure you, if the market rebounds faster, we will be prepared for it.

是的。我認為這更取決於我們目前的視野，因為我們能夠看到積壓訂單的後續情況，而業務的整體發展前景才是評論中真正關注的重點。但我還是要回到之前的說法，那就是我們還沒看到一致的數據點，真正表明這種催化劑很快就會出現。所以我不認為這是保守主義。我認為這是實用主義。但我可以向你保證，如果市場反彈速度更快，我們會做好準備。

Duffy Fischer, Goldman Sachs.

達菲費雪，高盛集團。

You might be on mute, Duffy. Why don't we move on? We'll come back to Duffy later.

達菲，你可能處於靜音狀態。我們為什麼不繼續前進呢？我們稍後再談達菲。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴公司。

I was wondering -- piggybacking on the last question, if you could give some more detail on what you're hearing from your contractor customers about their backlogs and about visibility over the next three to six months? And I'm just curious within Paint Stores Group, what submarkets are your contractors sounding maybe a little bit more confident? And what submarkets are giving you a more cautious outlook?

我想問一下——接上一個問題——您能否詳細說明一下您從承包商客戶那裡了解到的關於他們的積壓訂單以及未來三到六個月的可見性方面的信息？我很好奇，在 Paint Stores Group 內部，你們的承包商在哪些細分市場聽起來更有信心？哪些細分市場讓您持更謹慎的態度？

Yeah. Good morning, Mike. I'll start. Let me -- I'll point to the Commercial segment. Within that includes the multifamily starts. Again, you're seeing a continued outperformance here for the company. We are seeing some improvement on starts, but I would tell you that we're looking more for trends and a sustained view of some of these positive signals. So we need to see more of that.

是的。早上好，麥克。我先開始了。讓我來——我指一下商業部分。其中包括多戶住宅的開工。再次證明，該公司在這裡持續表現出色。我們看到開球方面有所改善，但我要告訴你的是，我們更關注的是趨勢以及這些積極信號的持續性。所以我們需要看到更多這樣的例子。

This also comes over some soft comps over the last two years. Our sight line in this area is more like 9 to 12 months. And so when that does start to pick up, it would likely be -- late back half is not early '27, some of that movement is accounted for in our current commercial outlook. Any additional comments, Al, you would like to share? Okay.

這也與過去兩年的一些疲軟的業績比較有關。我們在這個領域的預期壽命大概是 9 到 12 個月。因此，當這種情況開始好轉時，很可能是在——下半年末期，而不是 2027 年初，我們目前的商業展望中已經考慮到了部分變化。艾爾，你還有其他想補充的嗎？好的。

Matthew DeYoe, Bank of America.

馬修‧德約，美國銀行。

Can we just flesh out briefly the 4Q implied guidance and the deceleration in year-over-year growth? Is that because it's harder to grow a seasonally weaker quarter? Is there a regional mix issue there? Or is there anything else that might point to higher cost of decel?

我們能否簡要詳細闡述第四季業績指引以及年增率放緩的情況？這是因為在季節性疲軟的季度實現成長更難嗎？那裡是否有區域構成問題？或者有其他因素可能導致減速成本更高嗎？

No, Mike. I think when you look at our fourth quarter sales guide or consolidated is expected to be up low to mid. And Paint Stores grew up low to mid. I think we saw -- we beat our third-quarter forecast for stores on the back of better exterior gallon sales, I'd say, our fourth quarter sequentially smaller and exterior is really going to be dependent, as we've talked about in the past of Southeast and Southwest and how those pan out.

不，麥克。我認為，從我們第四季的銷售預期來看，綜合銷售預期應該會略微偏高。油漆店發展到了中低端水平。我認為我們已經看到——由於戶外加侖銷量的改善，我們第三季度門市銷售額超過了預期，我認為，第四季度環比下降，戶外銷售情況將取決於東南和西南地區的實際情況，正如我們過去討論過的那樣，以及這些地區最終的銷售情況。

I don't think we're expecting anything dramatically changed. It's more of the same across each of the other segments within stores. I think consumer is a similar outlook including -- or excluding Suvinil and then our PCG group has been in line with our second-half guide. So I don't think there's anything to read into that other than exterior being stronger, both in stores and in consumer in our third quarter, and then we'll see how that pans out in our fourth quarter.

我認為我們不會期待任何劇烈的變化。店內其他各區域的情況也大同小異。我認為消費者前景類似，無論是否包含 Suvinil，而我們的 PCG 集團一直與我們下半年的預期一致。所以我覺得除了顯示第三季門市和消費者的外部表現更強勁之外，沒有什麼其他需要解讀的，然後我們再看看第四季情況如何。

Mike Sison, Wells Fargo.

麥克西森，富國銀行。

Hey, good morning. Nice quarter. Your pricing capture this year has been better or higher than in the past. What do you think pricing capture would be in '26 and going forward? And do you think it's structurally better than you've had historically?

嘿，早安。不錯的街區。今年您的定價策略比往年更好或更高。你認為2026年及以後的定價策略會是什麼樣的？你認為它在結構上比以往更好嗎？

Yeah. Mike, I think I'll just touch on '26. Going further than '26 in this environment, it's a little hard to see. We've talked about market dynamics and going out with a higher rate to cover the higher costs that we're experiencing. But in this softer for longer demand environment and the dynamics in the market with our competitors and some of the actions they've taken, we've talked openly about this on each of our calls this year.

是的。麥克，我想我只簡單談談26年的事。在這種環境下，要超過 26 年就有點難了。我們已經討論過市場動態，以及為了彌補我們目前面臨的成本上漲而提高利率的做法。但是，在當前這種需求疲軟且持續時間較長的環境下，以及市場動態和競爭對手所採取的一些行動，我們今年在每一次電話會議上都公開討論了這個問題。

We're just going to be very aggressive on gallons and balance the gallon growth with the price increase effectiveness. And what I talked about earlier is what we report on with price/mix as one bucket. Can be impacted by changes in segment sales. Like we saw in our third quarter. So if you look at our third quarter versus our second quarter, we said price mix was up low single digits.

我們將大力提升加侖銷售量，並在加侖成長與價格上漲效果之間取得平衡。我之前提到的內容，就是我們把價格/產品組合當作一個整體來報道的內容。可能受到細分市場銷售變化的影響。就像我們在第三季看到的那樣。所以，如果你看一下我們第三季和第二季的數據，我們會發現價格組合實現了個位數的小幅成長。

We said on our second quarter, it was up mid-single digits. The price effectiveness itself is similar quarter-to-quarter, but we had better performance in commercial new res and property maintenance. And that's what kind of tempered the effectiveness of that price/mix bucket.

我們在第二季曾說過，成長率為個位數中段。價格效益本身每季都差不多，但我們在商業新建住宅和物業維護方面表現更好。這就是某種程度上緩和了價格/混合桶的有效性。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗銀行。

Could you talk about where you think industry gallons are down in the US by subsegment, just in buckets here, which subsegments are down low-single-digit percent balance against for the industry, mid-single digit. And are any of the subsegments down high-single-digit in your opinion.

能否談談您認為美國各細分市場的產業產量下降？請用桶子為單位，哪些細分市場的產量下降了個位數百分比，而產業整體的產量下降了個位數百分比？您認為各個細分市場中是否有任何部分出現接近兩位數的下滑？

Yeah, John, this is Jim. I think this is another year where gallons -- obviously, we're not through the year, but I think the gallons this year are likely going to be down again, which is what we've seen since we've come out of COVID. I'm not going to get into the specifics by end markets, I would say. But if you look at the different signals that we look at, for example, existing home sales, the starts on single-family, some of the property maintenance, which has remained neutral.

是的，約翰，這是吉姆。我認為今年加侖數——顯然，今年還沒結束，但我認為今年的加侖數可能會再次下降，這是我們自新冠疫情爆發以來所看到的。我不會深入探討終端市場的具體細節。但如果你看看我們所關注的不同訊號，例如現有房屋銷售、獨棟住宅開工量、一些物業維護情況，這些指標都保持中立。

I think you can say that gallons are probably challenged across most of our end markets. I think the good takeaway is as Heidi said in her prepared remarks, we're outperforming in all of those, which is our North Star, right, at above-market performance. So it's further evidence of the investments we've made, delivering a return. And even in a down market, we've been able to grow our volumes.

我認為可以說，加侖裝產品在我們的大多數終端市場都面臨挑戰。我認為最好的結論是，正如海蒂在她準備好的演講稿中所說，我們在所有這些方面都表現出色，這正是我們的北極星，對吧，即取得高於市場平均水平的業績。這進一步證明了我們所做投資的回報。即使在市場低迷的情況下，我們的銷售也實現了成長。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，加拿大皇家銀行資本市場。

Maybe I could get like a little bit of an early read on next year. You do have some share gains coming to you. You've announced the price increase. So in Paint Stores Group, I know you've also signed up some exclusive new contracts. So do you think a mid-single-digit comp is reasonable? Or should we push maybe to high-single digits, given that 7% price increase?

或許我可以提前了解明年的情況。你確實會獲得一些股票報酬。你們已經宣布漲價了。我知道你們油漆商店集團也簽了一些獨家新合約。所以你認為個位數的中段漲幅合理嗎？考慮到 7% 的價格漲幅，我們是否應該將漲幅推高到接近兩位數？

Well, I'll start with what we just covered in the last question, which is we don't expect any help from the market whatsoever anytime soon. We do hold ourselves to higher expectation as you should expect as well. We don't often hold a yard stick based on what's happening in the competitive landscape where we really push ourselves.

好的，我先從我們上一個問題中討論的內容開始，那就是我們預期短期內市場不會提供任何幫助。我們對自己要求更高，您也應該如此。我們很少會根據競爭格局的變化來衡量自己，也很少會真正鞭策自己前進。

We talk about what's possible often in our organization and really push to think differently and think outside of the box. So when I think about this environment, our ability to go demonstrate value with these contractors and gain some exclusivity, I think, is a testament to our differentiation on display. In this environment, these contractors in the stores are looking for predictability and reliability to partner, and that's exactly what we're setting out to accomplish.

我們組織經常討論各種可能性，並努力跳脫固有思維模式，以不同的方式思考問題。所以，當我思考這種環境時，我們能夠向這些承包商證明價值並獲得一些獨家合作權，我認為這證明了我們所展現的差異化優勢。在這種環境下，這些門市的承包商尋求的是可預測性和可靠性，而這正是我們努力想要實現的。

Arun, the only thing I would add to that is, as we have typically done, we're headed into our 2026 operating plan process where we sit down with each of the divisions and the field sales organizations and field sales teams to talk about what's happening in their individual markets and by segment.

Arun，我唯一要補充的是，正如我們通常所做的那樣，我們即將進入 2026 年營運計劃流程，屆時我們將與各個部門、現場銷售組織和現場銷售團隊坐下來，討論他們在各自市場和細分市場中正在發生的事情。

And it gives us a much better idea of the trends that we expect they'll be having conversations with their customers on the price increase, and we'll see how those are progressing and that will give us a clear picture what to expect on the full year when we look at sales volume, and we certainly will give you an update on that in January.

這讓我們對預期趨勢有了更清晰的了解，我們預計他們會與客戶就價格上漲進行溝通，我們將觀察這些溝通的進展情況，這將使我們清楚地了解全年銷售量方面的預期情況，我們肯定會在一月份向您提供最新信息。

We're going to continue taking share, but we're not immune from what's happening in the market.

我們將繼續擴大市場份額，但我們也無法免受市場變化的影響。

Patrick Cunningham, Citi.

派崔克‧坎寧安，花旗銀行。

Good morning. Maybe just a question on Performance Coatings. Can you help square the negative operating leverage despite the positive sales? Maybe just some color around the mix drag and higher costs there. And then it seems like you're pretty firmly guiding for low single-digit growth across that segment for 4Q. Should we expect similar margin declines with similar mix dynamics? Just any framework there would be helpful.

早安.或許可以問一個關於高性能塗料的問題。儘管銷售額為正，但您能否協助解決經營槓桿為負的問題？或許可以為混音器周圍的拖曳效果和更高的成本增加一些色彩。而且看來你們似乎相當堅定地預測該業務板塊第四季將實現個位數低成長。我們是否應該預期在類似的產品組合變化下會出現類似的利潤率下降？任何框架都會有所幫助。

Yeah, Patrick. On the adjusted segment margin, we talk about unfavorable mix by region and by business. We look at North America, which is our most mature market, and our sales were only up low-single digits. And when you look at Europe, which we have grown quite a bit through acquisitions, and we were up a high-single digit at a differing margin -- operating margin performance along with Latin America being down, which is typically a better market for us.

是的，派崔克。在調整後的分部利潤率方面，我們討論的是按地區和按業務劃分的不利組合。我們觀察北美市場，這是我們最成熟的市場，但我們的銷售額僅實現了個位數的低成長。而當我們審視歐洲市場時，會發現我們透過收購實現了相當大的成長，並且以不同的利潤率實現了接近兩位數的成長——營業利潤率表現良好，而拉丁美洲市場則出現下滑，而拉丁美洲通常是我們更好的市場。

So those combinations drove that our gross margin down, drove the profit margin down and offset by higher volumes. I think looking at our fourth quarter, my expectation is we're planning to see some moderation in that mix, unfavorable mix.

因此，這些因素導致我們的毛利率下降，利潤率下降，但銷量上升抵消了這些影響。我認為展望第四季度，我的預期是，我們計劃看到不利因素有所緩解。

We're looking at -- I expect to see some gross margin expansion due sales volume, I think, are -- as we continue to maintain good cost control, and that team has done a terrific job all year controlling their costs.

我認為，隨著我們繼續保持良好的成本控制，毛利率有望有所增長，這主要得益於銷售量的增長，而該團隊在過去一年中在控製成本方面做得非常出色。

I'd expect to see some leverage on SG&A and segment profit margin improving in our fourth quarter. And we'll see how it goes into '26. And again, we're going through the planning process now, and we'll give you an update on '26 in January.

我預計第四季度銷售、一般及行政費用和部門利潤率將有所改善。我們拭目以待，看看2026年會如何發展。再次強調，我們現在正在進行規劃過程，我們將在 1 月向您提供 26 的最新消息。

We don't see any strong catalyst for market recovery, but we're not waiting for that either. I think there's some really good bright spots to point to. We mentioned in my prepared remarks, I'd point to Auto Refinish as a great example being up mid-single digits, and we are confident in taking market share, especially in North America, where we're up high single digits, with [a point to] certainly the direct business, but our branches continue to demonstrate value.

我們目前沒有看到任何強勁的市場復甦催化劑，但我們也不會坐等這種情況發生。我認為有一些非常值得稱道的亮點。我在事先準備好的發言稿中提到過，汽車修補業務就是一個很好的例子，實現了個位數中段的成長。我們有信心擴大市場份額，尤其是在北美，我們的市場份額實現了個位數高段的成長。這當然要歸功於直接業務，但我們的分店也持續展現出價值。

The large A shops are improving. The larger shops, some of the small and medium shops continue to see declines, but we are being very bullish right now, making sure that our Collision Core continues to build momentum. Adoption continues to grow, very proud of the team's efforts there. There are a number of different examples to point to across the portfolio, but just to reinforce Al's point, a lot of confidence in the team's focus on both growing volume and significant cost control.

大型A類商店正在改善。規模較大的店鋪以及一些中小型店舖的業績持續下滑，但我們目前非常看好市場，確保我們的碰撞核心業務繼續保持成長勢頭。採用率持續成長，我為團隊在這方面的努力感到非常自豪。整個投資組合中有很多不同的例子可以說明這一點，但為了強調 Al 的觀點，團隊對提高銷售量和顯著控製成本的重視程度非常有信心。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

Hi, good morning. This might be redundant, but I'll try again to hear around Paint Store volumes. I guess if we look at the first half, your organic volumes same-store sales down maybe 3% to 4% depending on where you landed on pricing. Your second half guide is closer to flat, maybe plus or minus 50 basis points on the volume side.

您好，早安。這可能有點多餘，但我還是想再試一次，看看油漆店的銷售如何。我想如果我們看一下上半年，你的自然銷售和同店銷售額可能會下降 3% 到 4%，這取決於你的定價策略。下半年的指引較為平穩，成交量方面可能上下波動 50 個基點。

So as we think about a lower for longer environment and maybe some acceleration in share gains in commercial and multifamily, should we be thinking about a flattish volume environment for '26 as the base case? Or would you go back to what we might have thought a quarter ago, which is maybe down low-single digits?

因此，考慮到低迷的市場環境可能會持續更長時間，商業和多戶住宅的市場份額可能會加速增長，我們是否應該將 2026 年的銷售持平作為基本情況？還是你會回到我們一個季度前的想法，也就是下降個位數百分比？

Yeah, Josh, I don't want to give you a firm outlook today for 2026. But from quarter to quarter or half to half, you look at how like in our third quarter exterior sales performed better than it did in the first half, which gives us a little bit of tailwind on volume. So when we look at our forecasting models, depending on the timing of how commercial comes in, is property maintenance CapEx is going to come back or still stay soft.

是的，喬希，我今天不想對2026年做出確切的預測。但是，從季度到季度或半年到半年來看，例如我們第三季的外部銷售表現比上半年好，這給我們帶來了一些銷售的順風。因此，當我們查看預測模型時，根據商業活動何時開始，物業維護資本支出是會回升還是仍然疲軟，就需要進行判斷。

You're looking up or down low-single digits. And I think initially in our first consideration is starting there and then working with our teams to see how we can accelerate the share gains both the new account activity and share of wallet and see how we can build those in to get to a sustainable up low single-digit volumes with all the good actions they've taken as a team to control their G&A costs while still putting in stores, still putting in reps.

你看到的是小數位的漲跌。我認為，我們首先要考慮的是從這裡開始，然後與我們的團隊合作，看看如何加快市場份額的增長，包括新帳戶活動和錢包份額，看看如何將這些因素納入考量，從而在他們作為一個團隊採取的所有良好措施來控制一般及行政成本的同時，實現可持續的低個位數銷量增長，同時還要繼續開設門店，繼續增加銷售代表。

We have 95 more reps year-over-year, our stores year-over-year. We have over 110 more reps year-over-year and their SG&A, we got leverage in SG&A in the third quarter. So I think there's a combination of things that we're looking at. But segment by segment, we'll look at and see where we end up. But initially, right now, it's probably up or down low-single digits until we get a better line of sight coming out of the year.

我們的銷售代表人數比前一年增加了 95 人，我們的門市數量也比前一年增加了 95 家。我們比前一年增加了 110 多名銷售代表，他們的銷售、一般及行政費用 (SG&A) 也得到了控制，我們在第三季度獲得了銷售、一般及行政費用方面的槓桿作用。所以我覺得我們正在考慮的是多種因素的組合。但我們會逐一分析，看看最終結果如何。但就目前而言，在年底情況明朗之前，波動幅度可能只有個位數。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Heidi, just on your price increase, given the challenges we're seeing now in Pittsburgh Paint, why wouldn't you not raise prices next year just to apply maximum pressure on Pittsburgh Paint and really step on their neck while they were down and sorry to be so graphic.

海蒂，就你提價這件事而言，鑑於匹茲堡油漆公司目前面臨的挑戰，你為什麼不明年提價，給匹茲堡油漆公司施加最大壓力，趁他們落魄時狠狠踩他們一腳呢？抱歉我這麼說這麼直白。

That was very graphic. David, I'll go back to a comment Al made earlier and completely this guides how we're thinking about the current operating environment, which is about balancing gallon growth with price increase effectiveness. We are going to be extremely aggressive on volume. I mentioned there's a lot of gallons up for grabs. We need to go earn that. It doesn't just come our way naturally.

那畫面太血腥了。大衛，我回到艾爾之前發表的評論，這完全指導著我們對當前經營環境的思考，即如何在加侖增長和價格上漲效果之間取得平衡。我們將採取極為激進的銷售策略。我提到過有很多加侖的水可以拿。我們需要努力去爭取。它不會自然而然地到來。

The team is out there across the paint stores organization, every store manager, assistant manager, our reps, they're fighting tooth and nail every day to make this happen, and I'm very proud of the team's achievement that allows us to beat the market.

整個油漆商店組織中的每一位店長、助理店長、銷售代表，團隊都在全力以赴，每天都在為實現這一目標而奮鬥，我為團隊取得的成就感到非常自豪，正是他們的努力讓我們在市場中脫穎而出。

But it is a balance. And I think what you'll find, as we've always done historically, when we come out with price, we want to do it the right way. We want to get out in front of our customers, give them time to plan, get ahead of the bidding season. We don't want our customers start absorbing this and helping them to pass that along.

但這是一種平衡。我認為你會發現，就像我們過去一直在做的那樣，當我們公佈價格時，我們希望以正確的方式進行。我們希望搶在客戶前面，給他們時間做計劃，搶佔投標季的先機。我們不希望我們的客戶開始吸收這些內容，也不希望他們把這些內容傳播出去。

But the timing of the increase is of strategic importance, but we're going to be extremely aggressive on volume. So if there's a way to thread the needle, it is going to be a little bit of art and science to balance the two.

但增產的時機具有策略意義，我們將在銷售方面採取非常積極的策略。所以，如果要找到解決方法，就需要一些藝術和科學來平衡這兩者。

And David, I'd just add. I appreciate the comment on [PPC]. But we have a disciplined approach to how we look at pricing, how we approach our strategy. And we just aren't going to react to each competitor's actions in the market that we can't control. We've done very well. We've been very successful on managing what we can manage and sticking to the things that we know how to do. So we're going to stick with that. It's been a successful formula for us, and it's going to be going forward.

我還要補充一點，大衛。感謝您的評論。[PPC]。但是，我們在定價和製定策略方面都有一套嚴謹的方法。我們不會對我們無法控制的市場中每個競爭對手的行動做出反應。我們做得非常好。我們在管理我們能夠管理的事情以及堅持做我們擅長的事情方面取得了巨大的成功。所以我們就堅持這個方案。這套模式對我們來說一直很成功，未來也將繼續如此。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

Do you have any price increases on the table that you care to call out for consumer brands or across the Performance Coatings group? Just trying to get a sense of whether there might be a potential for any price acceleration on those platforms relative to the 7% that you called out for Paint Stores.

您能否透露一下，針對消費品牌或高性能塗料集團，是否有任何價格上漲計畫？我只是想了解一下，相對於您提到的油漆商店 7% 的漲幅，這些平台上的價格是否有可能加速上漲。

Yeah, Kevin, based on the overall cost basket dynamics and increasing, we have targeted price increases across each of the businesses in each of the regions to help offset that and keep moving us forward.

是的，凱文，鑑於整體成本結構的變化和不斷上漲，我們已經針對每個地區每個業務部門進行了有針對性的提價，以幫助抵消這些影響並繼續推動我們前進。

And to move forward by investing in our customer success. And so it's going to be incumbent that we get that accomplished.

我們將透過投資客戶成功來推動發展。因此，完成這項任務是我們義不容辭的責任。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Great. Understanding there are a lot of moving parts heading in 2026. So when we think of all the dynamics between price cost and manufacturing, is there a scenario out for which you see Sherwin consistently being at or above 50% gross margin absent any material volume recovery? Have those dynamics or puts and takes really changed since last year's Analyst Day? Thank you so much.

偉大的。了解2026年有很多不確定因素。因此，當我們考慮價格成本和製造之間的所有動態時，是否存在這樣一種情況：在沒有任何實質銷售恢復的情況下，Sherwin 的毛利率能夠持續保持在 50% 或以上？自去年的分析師日以來，這些市場動態或買賣趨勢是否真的改變了？太感謝了。

Yeah, Chris, can we sustain 50% gross margin [implies] volume growth. And like we talked about, there's going to be choppiness across each of the segments, each of the businesses and regions, and one thing I will say is, I believe Paint Stores Group will grow faster, excluding Suvinil acquisition, but will grow faster than the other segments over the next year over the midterm at a higher gross margin that helps drive an overall consolidated gross margin improvement.

是的，克里斯，我們能維持 50% 的毛利率嗎？ （這意味著）銷量成長。正如我們之前討論過的，各個業務板塊、各個業務部門和各個地區都會出現波動，但我可以肯定的是，我認為油漆商店集團（Paint Stores Group）的增長速度會更快，即使不考慮對 Suvinil 的收購，在未來一年和中期內，其增長速度也會超過其他業務板塊，並且毛利率也會更高，這將有助於提高整體合併毛利率的整體。

We did experience a headwind in our supply chain this year because of the lower production volumes. And I would say that the global supply chain team has done a really terrific job trying to offset these low- to mid-single-digit production gallon decreases by controlling their costs and being really creative on how we control our costs.

由於產量下降，我們今年的供應鏈確實遇到了一些阻力。我認為全球供應鏈團隊做得非常出色，他們透過控製成本，並在控製成本方面展現出極大的創造力，努力抵消了產量的個位數下降。

So we're not losing people because we are confident in our strategy. We're confident that, that volume will return. And we want our people there when it does return and we bring hours back and we fill our factories back up to more efficient capacity utilization. So I don't want to commit to above 50% until I understand we have a consistent, sustained volume growth but we've certainly positioned ourselves very well to get there when volume does come back.

所以我們沒有人員流失，因為我們對自己的策略充滿信心。我們相信，銷量將會恢復。我們希望在一切恢復正常時，我們的員工能夠回來，我們將恢復工作時間，讓工廠重新投入使用，從而提高產能利用率。因此，在我了解到我們的銷量能夠持續穩定成長之前，我不會承諾超過 50% 的成長，但當銷量回升時，我們確實已經做好了充分的準備來實現這一目標。

Greg Melich, Evercore.

Greg Melich，Evercore。

Maybe on -- following up on that point, Al, could you help us understand this year, if we look at the full year or just the third quarter, how much volume hurt gross margin rate? And what volume growth you'd need to get 100 bps of leverage out of margin? What's the variable margin there?

或許可以接著剛才那點說，Al，你能幫我們了解一下，如果我們看全年還是只看第三季度，銷量對毛利率的影響有多大嗎？你需要多大的銷售成長才能從保證金中獲得 100 個基點的槓桿效應？那裡的可變利潤率是多少？

Yeah, Greg, I think the -- you're talking gross margin impact with the supply chain inefficiencies are in the low 10, 20, 30 bps. And Greg, I'm glad you asked that follow-up question because it gives me an opportunity to talk about our focus on driving operating margin and not just the gross margin. And we saw that in our third quarter with the gross margin expansion. We got leverage on SG&A to help drive the operating margin forward on an adjusted consolidated basis.

是的，格雷格，我認為——你所說的供應鏈效率低下對毛利率的影響在 10、20、30 個基點左右。格雷格，我很高興你問了這個問題，因為它讓我有機會談談我們關注的是提高營業利潤率，而不僅僅是毛利率。我們在第三季毛利率擴張中看到了這一點。我們利用銷售、一般及行政費用的槓桿作用，推動調整後的合併營業利潤率向前發展。

I think you know volume is the number-one driver of operating margin expansion. And all the things, the good things each of our groups and divisions have done to get their cost base down, I would tell you that a low single-digit volume growth or any volume growth will be accretive, and we'll see operating margin expansion.

我想您應該知道，銷售量是營業利潤率擴張的首要驅動因素。鑑於我們各個團隊和部門為降低成本所做的種種努力，我認為，即使銷量成長只有個位數，或任何銷售成長，都將帶來收益，我們將看到營業利潤率的提升。

And I'm trying to -- what I'm trying to say is it will be less today than it would have been two years ago, if that makes sense to you. We'll get better leverage on future incremental volume than we would have had prior to coming into the cycle.

我想說的是──我的意思是，今天的情況會比兩年前好一些，不知道你懂我的意思嗎？與進入周期之前相比，我們將對未來的增量獲得更好的槓桿作用。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

Just wanted to follow up on that last point. You said the 30% incremental margins on the low single-digit volume growth in Paint Stores that you got in this quarter. Just wondering if that's a good benchmark moving forward, just given what you just mentioned, both for that segment and maybe help us think about incremental margins and volume in the other segments when demand does start to improve more consistently?

我只是想就最後一點補充一下。您提到本季油漆商店銷售僅實現個位數成長，但利潤率卻成長了 30%。我只是想知道，鑑於您剛才提到的情況，這是否是一個好的基準，不僅對於該細分市場而言，而且或許還能幫助我們思考，當需求開始持續改善時，其他細分市場的增量利潤和銷量會如何增長？

Yeah, Garik, I think with Paint Stores Group, historically, what we've said is we expect mid-20% incremental margins on lower volume growth, low single-digit volume growth. I think you saw the benefit that, that group, all the actions they've taken throughout the year to get their costs lower, while still investing. So we've got SG&A leverage in the quarter on flattish margins, and that's what helped drive that.

是的，Garik，我認為就 Paint Stores Group 而言，從歷史數據來看，我們一直預計在銷售成長較低（個位數）的情況下，利潤率將成長 20% 左右。我認為你已經看到了好處，這個團隊在過去一年中採取的所有降低成本的措施，同時他們還在進行投資。因此，本季我們在利潤率基本持平的情況下提高了銷售、一般及行政費用槓桿，這正是推動業績成長的原因。

I think -- drove the 30%. I think as we go forward, we'll consistently look at the outlook. And if we think our volumes are higher, we'll lean in like we've done in previous years and add more selling -- sales reps to take advantage of the market share opportunities that we have.

我認為——開了30%。我認為，隨著我們不斷前進，我們會持續關注市場前景。如果我們認為銷量更高，我們將像往年一樣加大投入，增加銷售人員，以抓住市場份額提升的機會。

I think it's -- our Performance Coatings group, I think, is dependent on -- because of the difference in business region mix, that one's a little harder to say. If you told me that our volume growth would be predominantly in North America, our largest region, our most mature region and by definition, our highest operating margin region.

我認為——我們的高性能塗料集團，我認為，取決於——由於業務區域組合的差異，這一點比較難說。如果你告訴我，我們的銷售成長將主要發生在北美，這是我們最大的地區，也是我們最成熟的地區，而且從定義上講，也是我們營業利潤率最高的地區。

Then yes, I'd say our float -- incremental margin will be in that 20s, [in the] 30s, depending on -- so if it's the other regions, we're going to get varying degrees.

那麼是的，我認為我們的浮動利潤率——增量利潤率將在 20% 到 30% 之間，具體取決於——所以如果是其他地區，我們將得到不同程度的調整。

And then Consumer Brands Group, I would just point to the strong volume we had in 2020. And the strong incremental margins that we had there and the strong volume will also help supply chain efficiencies to help their operating incremental margins growth. So we have examples. We just have to see sustained volume growth as we come out of this.

至於消費者品牌集團，我想指出的是，我們在 2020 年取得了強勁的銷售量。我們在那裡獲得的強勁增量利潤和強勁的銷售也將有助於提高供應鏈效率，從而幫助他們實現營運增量利潤的成長。所以我們有一些例子。我們只需要看到疫情結束後銷售量能夠持續成長。

Garik, one piece I would add to that as well, we launched a few years ago, we talked about Success by Design, but our six enterprise priorities, one of them is simplification. And we've done a lot of work globally to understand what are costs sitting that we're not getting paid for. So the team's credit, you've heard the expression, don't let the downturn go to waste -- or don't let a crisis go to waste.

Garik，我還要補充一點，幾年前我們推出了「成功設計」項目，我們談到了六項企業優先事項，其中一項就是簡化。我們已在全球範圍內做了大量工作，以了解哪些成本我們沒有得到補償。所以，團隊的功勞，你一定聽過這句話：不要浪費經濟衰退的機會──或者說，不要浪費危機的機會。

We're saying, don't let a downturn go to waste. There's a lot of self-help that we can do to make sure we're continuing to improve our cost position. So I'm confident that there's good progress, but there's a lot more ahead.

我們的意思是，不要浪費經濟低迷的機會。我們可以採取許多自助措施，以確保我們持續改善成本狀況。所以我相信目前取得了良好的進展，但前方還有很多工作要做。

Eric Bosshard, Cleveland Research.

埃里克·博沙德，克利夫蘭研究公司。

On the consumer brand side, I'm curious what organic growth you saw in that business. And then if you zoom back, I'm interested in the volume and pricing in '25 and how you think about that in '26?

在消費品牌方面，我很想知道您在該業務中看到了哪些自然成長。然後，如果把時間拉遠，我對 2025 年的銷售和價格很感興趣，你對 2026 年的銷售和價格有什麼看法？

I'll start us off here. Not a lot of organic growth. I think DIY is still very much (technical difficulty) here. It continues to be a growing segment on a smaller basis, but it is an area that we're continuing to invest in people, products, services to support our strategic partners. So we're good trajectory. We just need more volume.

我先來。自然成長並不顯著。我認為DIY在這裡仍然有很大的技術難度。雖然規模較小，但該領域仍在持續成長，我們將持續投資於人才、產品和服務，以支持我們的策略夥伴。所以我們的發展軌跡很好。我們只需要更大的音量。

Eric, the only thing I would add color around for the quarter is we did see adjusted operating margin expansion and predominantly, even though we had our volume backwards, the sales volume we had in the quarter was more skewed to exterior sale gallons and also our premium product gallons grew faster than the total, which was a nice tailwind for us in the quarter and more than offset the supply chain inefficiencies that we saw with the lower production volumes in the quarter.

艾瑞克，關於本季度，我唯一想補充的是，我們確實看到了調整後的營業利潤率擴張，而且，儘管我們的銷量數據有些偏差，但本季度的銷量更多地來自外部銷售，此外，我們的高端產品銷量增長速度也超過了總銷量，這在本季度對我們來說是一個不錯的利好因素，足以抵消本季度產量下降導致的供應鏈效率下降。

So I know that team is continually pushing for driving the premium side of the business, and we saw it in our third quarter, and you can see the positive results with that.

我知道該團隊一直在努力推動高端業務的發展，我們在第三季就看到了這一點，也看到了積極的成果。

Chuck Cerankosky, Northcoast Research.

Chuck Cerankosky，北海岸研究公司。

Good morning, everyone. Great quarter. I'd like to ask about a portion of the Res Repaint market, if that's how it's categorized, there seems to be a lot more activity based on our work around investors buying houses and doing very significant rehab of those properties and then selling them back into the existing home market. Is that how it flows through the housing numbers and how significant is that business for Sherwin's contractors?

大家早安。很棒的季度。我想詢問一下房屋翻新市場的一部分情況（如果可以這樣分類的話），根據我們圍繞投資者購買房屋並對這些房產進行大規模翻新，然後再將其出售到現有房屋市場的工作來看，似乎這部分市場更加活躍。住房數據是否就是這樣體現的？這對宣偉的承包商來說有多重要？

Well, remodeling is definitely, I think, more favorable than what we're seeing relative to the new residential side and the building side. There has been certainly increasing activity. By and large, though, the market does still continue to be choppy.

我認為，比起新建住宅和建築項目，房屋改造肯定更有利。活動確實有增加。但總的來說，市場依然波動不定。

So I don't believe that, that subsegment is enough to offset the core of the Residential Repaint contractor in general. But we're certainly going to take advantage of that subsegment.

所以我認為，這個細分市場不足以抵銷住宅粉刷承包商整體的核心業務。但我們肯定會充分利用這個細分市場。

Yeah. Chuck, I think the only other thing I would highlight there is, again, we continue to invest in the Res Repaint segment. It's our largest segment. It's our fastest growing segment, and it's our largest opportunity in that situation you talked about would be part of that Res Repaint segment. And again, we're being aggressively going after the new account and share of wallet growth.

是的。查克，我覺得我唯一要強調的是，我們將繼續投資 Res Repaint 領域。這是我們最大的業務板塊。這是我們成長最快的細分市場，也是我們最大的機會。你提到的那種情況，就屬於 Res Repaint 細分市場的一部分。我們再次積極爭取新客戶和提高客戶錢包份額。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

In the past, you've spoken about when a recovery occurs, you expect to get an amplification effect or an acceleration in the rate of share gains or the delta that Sherwin outperforms. If we do have another year or so of software for longer, and you're leaning heavily into share gains, in a tougher environment, are you pulling forward some of the share gains that we would normally see in a recovery?

過去，您曾談到，當經濟復甦發生時，您期望獲得放大效應或加速市佔率成長，或Sherwin的表現優於其他公司。如果軟體市場持續一年左右的時間，而你們又在更加艱難的環境下大力追求市場份額增長，那麼你們是否會提前獲得一些我們通常會在經濟復甦階段看到的市場份額增長？

Or do you still expect that amplification effect? And do you expect that even to be larger because you're taking more share in the downturn?

還是你仍然期待那種放大效應？您是否預計，由於您在經濟低迷時期佔據了更大的市場份額，這種情況會更加嚴重？

So Laurence, that was a two-part question because I answered your first question. So no, we do not believe it's a pull forward on market share. The expectation is that regardless of where the market is, that we are at a minimum of 1.5 to 2 times the market. So we are taking share gains. I also would point to some of the exclusive contracts that we're picking up across different end markets on the store side. We're doing that quietly.

勞倫斯，這是一個包含兩個部分的問題，因為我已經回答了你的第一個問題。所以，不，我們並不認為這是市場佔有率的拉升。預期無論市場行情如何，我們的價格至少是市場價格的 1.5 到 2 倍。所以我們正在獲得市場佔有率成長。我還要指出，我們在不同的終端市場（包括門市方面）獲得了一些獨家合約。我們正在悄悄地進行這項工作。

I believe that when the market starts to move that you will see that we've created structural competitive advantage given some of the additional wins we have here.

我相信，當市場開始運轉時，你會發現，鑑於我們在這裡取得的一些額外勝利，我們已經創造了結構性的競爭優勢。

Duffy Fisher, Goldman Sachs.

達菲費雪，高盛。

So question on the SBUs within Paint Stores. So if you look, both of the Resi businesses have been pretty flat -- I mean sequentially flat as far as their improvement, so they're not accelerating. The other four businesses all accelerated in the third quarter in their growth rate. And so I was just wondering, is that delayed pricing rolling through, is that that those markets actually accelerated in demand themselves?

那麼，關於油漆商店內部的策略性事業單位（SBU）的問題是什麼？所以你看，Resi 的兩項業務都相當平穩——我的意思是，就其改善而言，它們連續平穩，所以它們沒有加速成長。其他四家企業在第三季的成長速度均有所加快。所以我想知道，這種延遲定價是否意味著這些市場的需求實際上已經加速成長？

Or is that basically where the overlap on your competitive advantage is taking share? What's driving those for with the acceleration in Q3?

或者說，這基本上就是你的競爭優勢被對手蠶食市場佔有率的地方？第三季加速成長的驅動力是什麼？

Duffy, it's not the pricing piece that you referenced. It is our opportunity in this unprecedented environment to demonstrate the value that Sherwin-Williams can provide. And I would tell you, across every one of our end markets our teams are out, they're responding -- our employees understand how to -- in this environment, how to rapidly adapt and adjust to make sure that we are anticipating what it is that our customers and our contractors are needing.

達菲，這不是你提到的定價問題。在當前前所未有的環境下，我們有機會展現宣偉公司所能提供的價值。我可以告訴你們，在我們所有的終端市場，我們的團隊都在積極回應——我們的員工明白如何在這種環境下快速適應和調整，以確保我們能夠預見客戶和承包商的需求。

When we talk about bringing differentiated solutions, it's in these times when I think our differentiation is even more on display because we're committed to our strategy. We are steadfast in putting our customers first, and we have their success in mind. So we're going to continue bringing new solutions even in these times. Al used the word creative earlier and our team's willingness to be creative in this environment is why this is such an important quarter for us, and Sherwin-Williams is weathering this softer for longer environment, we're going to continue to do that.

當我們談到提供差異化解決方案時，我認為正是在這樣的時刻，我們的差異化優勢更加凸顯，因為我們始終堅持我們的策略。我們始終堅持客戶至上的原則，並將客戶的成功放在首位。所以即使在這樣的時期，我們也會繼續推出新的解決方案。Al 先前提到了「創造力」這個詞，而我們團隊在這種環境下展現出的創造力正是本季對我們來說如此重要的原因，Sherwin-Williams 正在努力應對這種較為疲軟且持續時間更長的環境，我們將繼續這樣做。

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

謝謝。我們的問答環節到此結束。現在我將把會議交還給吉姆·傑伊，請他作閉幕致詞。請繼續。

Yeah. Thank you again, everybody, for joining our call today. And thanks to all the employees of Sherwin-Williams for all of their hard work. As Heidi said, we continue to operate here in a really challenging demand environment, and we expect that's likely going to continue well into next year. But at the same time, we see challenge as opportunity.

是的。再次感謝各位今天參加我們的電話會議。感謝宣偉公司全體員工的努力。正如海蒂所說，我們目前在非常具有挑戰性的需求環境下繼續運營，我們預計這種情況可能會持續到明年。但同時，我們也把挑戰視為機會。

So we've got a lot of confidence in our strategy, controlling what we can control: serving our customers, focusing on their success, making our targeted growth investments and controlling our G&A spending. That's the recipe, that's the playbook. So we are focused on finishing '25 strong, and we're going to continue to build on our momentum hopefully, that will propel us well into '26.

因此，我們對我們的策略充滿信心，控制我們能夠控制的事情：服務我們的客戶，專注於他們的成功，進行有針對性的成長投資，並控制我們的一般及行政支出。這就是秘訣，這就是策略。因此，我們專注於在 2025 年取得佳績，並希望繼續保持這種勢頭，從而在 2026 年取得好成績。

So thanks again. As always, we'll be available for your follow-up calls and appreciate your interest in Sherwin-Williams.

再次感謝。一如既往，我們將隨時接聽您的後續來電，感謝您對宣偉公司的關注。

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，今天的活動到此結束。您可以暫時斷開連接，祝您有美好的一天。感謝您的參與。