宣偉 (SHW) 2026 Q2 法說會逐字稿

Good morning. Thank you for joining the Sherwin-Williams Company's review of second-quarter 2026 and our outlook for the third quarter and full year of 2026. With us on today's call are Heidi Petz, Chair, President and Chief Executive Officer; Ben Meisenzahl, Chief Financial Officer; Paul Lang, Chief Accounting Officer; and Jim Jaye, Senior Vice President and Investor Relations and Communications.

早安。感謝您參加宣偉公司（Sherwin-Williams）對2026年第二季業績回顧，以及我們對2026年第三季與全年展望的電話會議。今天與會者包括：董事長、總裁兼執行長Heidi Petz；財務長Ben Meisenzahl；會計長Paul Lang；以及資深副總裁暨投資人關係與傳播主管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.

本次電話會議將由ACCESS Newswire透過網際網路在www.sherwin.com同步以僅收聽模式進行網路直播。

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 of which such statement is made and the company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

本次電話會議將包含若干依據美國聯邦證券法所定義、與銷售、獲利及其他事項相關的前瞻性陳述。任何前瞻性陳述僅以其作成之日為準，公司不承擔因新資訊、未來事件或其他原因而更新或修訂任何前瞻性陳述之義務。

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.

關於前瞻性陳述的完整聲明已載於公司今晨稍早發布的盈餘新聞稿中。在公司預先準備的發言結束後，我們將開放提問。

I will now turn the call over to Jim Jaye.

現在我把電話交給Jim Jaye。

Good morning to everyone, and thank you for joining our call. Sherwin-Williams delivered strong top and bottom line growth in the quarter amid ongoing global uncertainty and without any meaningful improvement in demand. Our sales outperformance reflects continued execution of our strategy, new account wins and a clear return on prior growth investments as sales exceeded guidance on a consolidated basis and in all three reportable segments.

各位早安，感謝參加我們的電話會議。在全球不確定性持續、且需求未見任何顯著改善的情況下，宣偉公司本季仍實現營收與獲利的強勁成長。我們的銷售表現優於市場，反映出我們持續落實策略、贏得新客戶，以及先前成長投資的明確回報；合併口徑及三個可報告部門的銷售均超越指引。

Consolidated sales grew by a high single-digit percentage, inclusive of a low single-digit contribution from the Suvinil acquisition. Reported gross margin decreased slightly but increased excluding the dilutive impact of Suvinil. Targeted pricing actions during the quarter enabled us to offset raw material inflation. Reported SG&A expense increased by a mid-single-digit percentage, but decreased 90 basis points as a percent of sales.

合併銷售以高個位數百分比成長，其中包含Suvinil併購帶來的低個位數貢獻。報告毛利率小幅下降，但若排除Suvinil的稀釋影響則呈上升。本季採取的精準定價措施使我們得以抵銷原物料通膨。報告的銷售、一般及行政（SG&A）費用以中個位數百分比增加，但占銷售比重下降90個基點。

The increase was driven primarily by nonannualized Suvinil acquisition costs and higher employee service costs related to the greater-than-expected year-over-year sales and profit improvement in the quarter. We expect full year reported SG&A to increase by a mid-single-digit percentage. Adjusted diluted net income per share increased approximately 10%.

增加主要來自Suvinil併購成本（未年化）以及因本季年對年銷售與獲利改善優於預期而提高的員工服務成本。我們預期全年報告的SG&A將以中個位數百分比增加。調整後稀釋每股淨利約成長10%。

Adjusted EBITDA grew by 10.5% to $1.5 billion, and adjusted EBITDA margin expanded 60 basis points to 21.5% of sales. Net operating cash improved by 21% or $235 million in the quarter, driven by an increase in net income and working capital being a higher source of cash year-over-year. Free cash flow conversion was 86%.

調整後EBITDA成長10.5%至15億美元，調整後EBITDA利潤率擴張60個基點至銷售的21.5%。本季淨營運現金流改善21%（或2.35億美元），主要受淨利增加以及營運資金年對年成為更高現金來源所帶動。自由現金流轉換率為86%。

Consistent with our disciplined approach to capital allocation, we took advantage of volatility in the market to accelerate share repurchases in the quarter and combined with dividends, returned $1.5 billion to shareholders. We ended the second quarter with a strong balance sheet and a net debt to adjusted EBITDA ratio of 2.4x.

秉持我們嚴謹的資本配置方針，我們把握市場波動，在本季加速庫藏股回購，並結合股利，合計回饋股東15億美元。第二季末我們的資產負債表維持強勁，淨負債對調整後EBITDA比率為2.4倍。

Based on our strong first half performance as well as our assumptions for the remainder of the year, we are increasing our full year consolidated sales and EPS guidance. Let me now turn it over to Heidi, who will provide some color on second quarter segment performance before moving on to our outlook and your questions.

基於上半年強勁表現以及我們對今年剩餘期間的假設，我們上調全年合併銷售與每股盈餘（EPS）指引。接下來我把時間交給Heidi，她將先補充第二季各部門表現的重點，之後再談我們的展望並回答各位提問。

Thank you, Jim. I want to begin by thanking our more than 64,000 employees for their relentless focus on executing on behalf of our customers. In an environment that remains challenging, our employees continue to work hard and find new ways to deliver the reliability, consistency and customer-focused solutions that set Sherwin-Williams apart. The strength of our strategy is evident in our performance.

謝謝你，Jim。首先我要感謝我們超過64,000名員工，持續以不懈的專注為客戶落實執行。在仍具挑戰的環境中，我們的員工持續努力並尋找新方法，提供使宣偉公司脫穎而出的可靠性、一致性與以客戶為中心的解決方案。我們策略的強度已在業績表現中充分展現。

We are continuing to widen the gap between Sherwin-Williams and the competition through meaningful customer engagement, robust new account growth and meaningful share gains across the business. At the same time, we continue to focus on optimizing the enterprise and controlling our costs as evidenced by the restructuring actions taken during the quarter.

我們正透過深度的客戶互動、強勁的新客戶成長，以及全公司範圍內顯著的市占提升，持續擴大宣偉公司與競爭對手之間的差距。同時，我們也持續聚焦於優化企業營運並控管成本，這點可從本季採取的重整措施中看出。

We expect these actions will result in approximately $17 million of annual savings, with about half realized over the remainder of this year. Looking at our segment results in the second quarter. I'll begin with Paint Stores Group, which grew by a mid-single-digit percentage. Price mix grew at the low end of mid-single digits and volume increased by a low single-digit percentage.

我們預期這些措施每年可節省約1,700萬美元，其中約一半將在今年剩餘期間實現。接著看第二季各部門的表現。我先從油漆門市事業群（Paint Stores Group）開始，其銷售以中個位數百分比成長。價格/組合以中個位數的低端成長，銷量則以低個位數百分比增加。

Our team delivered growth in all PRO segments. Protective and marine continued its momentum as sales increased by a mid-teens percentage versus a high single-digit comparison. It was the eighth straight quarter of at least high single-digit growth in this business. Data centers, semiconductor infrastructure and manufacturing onshoring are among several drivers of this growth where customers continue turning to Sherwin-Williams for a suite of solutions that can be delivered quickly and consistently.

我們的團隊在所有專業客戶（PRO）細分市場均實現成長。防護與船舶塗料業務延續動能，銷售較高個位數的比較基期成長中十位數百分比。這已是該業務連續第八季至少達到高個位數成長。資料中心、半導體基礎設施與製造業回流（onshoring）等多項因素推動此成長，客戶持續轉向宣偉公司，採用可快速且一致交付的一整套解決方案。

In the commercial business, the gains we have been targeting over the past 24 months are now evident as sales increased by high single digits in an underlying market that remains soft. These efforts have also resulted in the mid-single-digit increases in residential repaint and property maintenance.

在商用業務方面，我們過去24個月所鎖定的成果如今已清楚顯現；即使基礎市場仍偏疲弱，銷售仍以高個位數成長。這些努力也帶動住宅翻新重塗與物業維護業務出現中個位數的成長。

New residential remained very challenging as single-family starts and completions have been negative for five of the last six months, but meaningful account wins propelled us to low single-digit growth in the quarter. Segment profit grew by mid-single digits and segment margin was 24.6%.

新建住宅仍然非常具挑戰性，因為獨棟住宅開工與完工在過去六個月中有五個月為負成長；但顯著的新客戶贏單推動我們本季仍達到低個位數成長。部門獲利以中個位數成長，部門利潤率為24.6%。

As planned, we have opened 45 new stores year-to-date, and also as planned, closed 57 or about 1% of total PSG stores. As we have done for decades, we continually assess and optimize our store portfolio to drive profitability strengthen operational flexibility, drive improvement in return on net assets employed and ensure that we maintain the highest level of service for our customers.

依計畫，我們今年迄今已新開45家門市；同樣依計畫，已關閉57家門市，約占PSG門市總數的1%。如同我們數十年來一貫作法，我們持續評估並優化門市組合，以提升獲利能力、強化營運彈性、改善投入淨資產報酬率，並確保為客戶維持最高水準的服務。

Sales are not being negatively impacted by this targeted surgical approach as our mid-single-digit growth year-to-date is meaningfully outpacing the market. We are still on pace to open 80 to 100 new stores for the year, though the net number will be approximately 30. Cost of closing stores year-to-date is immaterial and the store footprint optimization initiative is behind us.

這種有針對性、精準的做法並未對銷售造成負面影響，因為我們今年迄今的中個位數成長明顯領先市場。我們仍按計畫全年新開80至100家門市，但淨增加數量約為30家。今年迄今關店成本影響不大，門市據點優化計畫已告一段落。

We fully expect to be at the high end of 80 to 100 net new stores beginning next year given the trimming we have completed this year. We also announced an 8% price increase effective September 1 to offset raw material and other cost inflation. Because of our strong supplier relationships and disciplined supply chain execution, we were able to delay this increase for customers and avoid disrupting their business during the height of the paint selling season.

鑑於今年已完成的精簡調整，我們完全預期自明年起，淨新增門市數將落在80至100家的高端。我們也宣布自9月1日起調漲價格8%，以抵銷原物料及其他成本通膨。由於我們與供應商關係穩固且供應鏈執行嚴謹，我們得以延後對客戶調價，避免在油漆銷售旺季高峰期間干擾其業務。

We expect effectiveness of this increase to be in our typical range, though we will continue to be opportunistic in pursuing additional volume. Consumer Brands Group sales exceeded our expectations, driven by a mid-teens contribution from the Suvinil acquisition, mid-single-digit price mix and low single-digit FX were partially offset by a low single-digit decrease in volume.

我們預期此次調價的落實效果將落在我們一貫的典型區間內，但我們仍將把握機會爭取額外的銷量。消費者品牌事業群（Consumer Brands Group）銷售超出我們預期，主要受Suvinil併購帶來的中十位數貢獻、中個位數的價格/組合，以及低個位數的匯率（FX）影響所帶動；上述因素部分被銷量低個位數下滑所抵銷。

Group sales, excluding Suvinil increased by mid-single digits and our legacy Latin America business, excluding Suvinil increased by a low double-digit percentage. North America sales increased by high single digits against a soft comparison and included low single-digit volume growth.

集團銷售（不含 Suvinil）以中個位數成長；而我們傳統的拉丁美洲業務（不含 Suvinil）則以低雙位數百分比成長。北美銷售在相對疲弱的比較基期下以高個位數成長，並包含低個位數的銷量成長。

The North America growth was driven by new product offerings, favorable mix and the Pros Who Paint as DIY demand remained muted. Field decreased in Europe by a double-digit percentage against the high teens comparison, driven by customer inventory management and destocking.

北美的成長主要由新產品供應、有利的產品組合，以及 Pros Who Paint 所帶動，而 DIY 需求仍然偏弱。歐洲的 Field 業務在高十幾個百分比的比較基期下以雙位數百分比下滑，主因為客戶庫存管理與去庫存。

Adjusted segment margin increased 210 basis points to 24.5%. Leverage from mid-single-digit sales growth and flat SG&A, excluding Suvinil drove half of the improvement, with the other half coming from favorable nonoperating items. In Performance Coatings Group, sales beat expectations with growth in every division and region.

調整後部門利潤率提升 210 個基點至 24.5%。其中一半的改善來自於中個位數的銷售成長與（不含 Suvinil 的）銷售、一般及行政費用（SG&A）持平所帶來的營運槓桿，另一半則來自有利的非營運項目。在高性能塗料事業群（Performance Coatings Group），銷售優於預期，各事業部與各區域皆呈現成長。

These results reflect the strong new account focus that we continue to drive as demand largely remains unchanged in our underlying core business. Price mix and volume both grew by low single digits in the quarter, with price mix greater than volume. FX was a low single-digit tailwind.

這些結果反映出我們持續推動強而有力的新客戶開發重點，因為我們核心基礎業務的需求整體仍大致不變。本季價格/組合與銷量皆以低個位數成長，且價格/組合的增幅高於銷量。匯率帶來低個位數的順風。

Growth was strongest in the General Industrial division, led by strength in heavy equipment as sales were up high single digits, inclusive of mid-single-digit volume growth. Automotive refinish also grew in the high single-digit range, driven by price/mix and favorable FX. Packaging continued its strong performance as sales increased by mid-single digits against a low teens comparison.

成長最強勁的是一般工業事業部（General Industrial division），其中重型設備表現突出，銷售以高個位數成長，包含中個位數的銷量成長。汽車修補漆（Automotive refinish）亦以高個位數成長，主要受價格/組合與有利匯率帶動。包裝業務延續強勁表現，在低十幾個百分比的比較基期下，銷售以中個位數成長。

Coil and wood also delivered mid-single-digit growth. Group sales expanded in all regions, including a strong double-digit increase in Asia Pacific and mid-single-digit growth in North America. Adjusted segment margin increased 50 basis points, with strong incremental margin of 26.4%. Within the Administrative segment, SG&A declined 9.8%.

捲材（Coil）與木器（wood）亦達成中個位數成長。集團銷售在所有地區皆擴張，包括亞太地區強勁的雙位數成長，以及北美中個位數成長。調整後部門利潤率提升 50 個基點，增量利潤率強勁，達 26.4%。在管理部門（Administrative segment）內，SG&A 下降 9.8%。

As a reminder, this improvement largely reflects a favorable year-over-year comparison with the prior year period, including approximately $49 million of severance and other restructuring expenses versus approximately $3 million in the current quarter. The slide deck accompanying our press release this morning provides more detail on second quarter segment results. Now moving on to our guidance.

提醒一下，這項改善主要反映與去年同期相比的有利比較，其中去年同期約有 4,900 萬美元的資遣費與其他重組費用，而本季約為 300 萬美元。今早隨新聞稿一併發布的簡報投影片，提供第二季各部門業績的更多細節。接下來談我們的財測指引。

Our better-than-expected first half performance gives us increased confidence in our ability to deliver growth through the balance of the year. Importantly, our updated outlook assumes there is not a broad-based demand recovery. Customer feedback and the leading indicators we track continue to show limited signs of meaningful improvement in most end markets.

上半年表現優於預期，使我們對於在今年剩餘期間實現成長的能力更具信心。重要的是，我們更新後的展望假設不會出現廣泛性的需求復甦。客戶回饋以及我們追蹤的領先指標，仍顯示多數終端市場幾乎沒有明顯改善的跡象。

In this environment, we continue to focus on the levers within our control. securing incremental volume while maintaining the products, services and supply solutions, which drive productivity and profitability for our customers. Inflation remains a variable we are actively managing. Our supplier relationships are strong and continue to be a competitive advantage.

在此環境下，我們持續聚焦於可控的槓桿：在維持能為客戶帶來生產力與獲利能力的產品、服務與供應解決方案的同時，爭取額外的銷量。通膨仍是我們積極管理的變數。我們與供應商的關係穩固，並持續成為競爭優勢。

And we do not expect raw material availability to be an issue for us. At the same time, we are not immune from inflation. We are seeing the impact of higher oil and related cost pressures, and we expect continued volatility throughout the balance of the year. We expect inflation in our raw material basket to be up in the high single-digit range in the second half moving our full year outlook to the mid-single-digit range.

我們也不預期原物料供應可得性會成為我們的問題。同時，我們也無法免於通膨影響。我們正看到油價上升及相關成本壓力的影響，並預期今年剩餘期間仍將持續波動。我們預期下半年原物料籃子的通膨將落在高個位數區間，並使全年展望調整至中個位數區間。

We have taken a thoughtful approach to balance the timing and amount of price increases for our customers, and we are taking actions to keep pace with inflation while continuing to deliver the products services and solutions that our customers value. We expect consolidated price mix for the year to increase to the mid-single-digit range, and we expect to maintain full year gross margin at last year's level at the midpoint of our guidance.

我們以審慎方式在客戶端平衡漲價的時點與幅度，並採取行動以跟上通膨，同時持續提供客戶重視的產品、服務與解決方案。我們預期全年合併價格/組合將提升至中個位數區間，並預期在指引中點維持全年毛利率與去年相同水準。

The slide deck issued with this morning's press release includes our expectations for consolidated and segment sales for the third quarter and full year 2026. Based on our strong first half performance and the momentum that we are carrying into the second half, we are raising our full year sales and adjusted EPS guidance.

今早隨新聞稿發布的簡報投影片，包含我們對 2026 年第三季與全年合併及各部門銷售的預期。基於上半年強勁表現以及延續至下半年的動能，我們上調全年銷售與調整後 EPS 指引。

Consolidated sales are now expected to increase by a mid- to high single-digit percentage and adjusted diluted net income per share is now expected to be in the range of $11.80 to $12.20 a share. Our guidance reflects stronger execution versus our initial January expectations, continued share gains, disciplined price/cost management and ongoing productivity actions.

目前預期合併銷售將以中至高個位數百分比成長，而調整後稀釋每股淨利目前預期為每股 11.80 至 12.20 美元。我們的指引反映相較於 1 月初始預期更強的執行力、持續的市占提升、嚴謹的價格/成本管理，以及持續的生產力提升措施。

Our slide deck contains other details you may find useful for modeling purposes. We are encouraged by our second quarter performance and proud of what our teams accomplished during the first half of the year. Their execution demonstrates the strength of our business, the durability of our strategy and the advantages that continue to differentiate us in the marketplace. Our mindset has not changed. In this environment, we know growth will need to come from what we do, not from what the market gives us.

我們的簡報投影片亦包含其他您在建模時可能覺得有用的細節。我們對第二季表現感到振奮，也為團隊在上半年所完成的成果感到自豪。他們的執行力展現了我們業務的強韌性、策略的持久性，以及持續在市場上使我們脫穎而出的優勢。我們的心態沒有改變。在此環境下，我們知道成長必須來自我們的作為，而不是市場給予我們什麼。

We remain focused on being our own catalyst for growth, which means taking share, serving customers better than anyone else, and creating opportunities regardless of the demand backdrop. That's exactly where Sherwin-Williams excels, and we intend to continue leaning into these strengths.

我們仍專注於成為自身成長的催化劑，這意味著提升市占、比任何人都更好地服務客戶，並不論需求背景如何都創造機會。這正是 Sherwin-Williams 的強項所在，我們也打算持續倚重這些優勢。

At the same time, we are not satisfied as we know there is more business to earn more productivity to unlock and more value to create. Our employees are the key to our success, and I want to take a moment to speak directly to them and express my deep respect and appreciation. As we have just demonstrated, we will continue approaching the many opportunities ahead of us with urgency, discipline and confidence in our ability to deliver.

同時，我們並不滿足，因為我們知道仍有更多業務可爭取、更多生產力可釋放、以及更多價值可創造。員工是我們成功的關鍵，我想花點時間直接對他們說，並表達我由衷的敬意與感謝。正如我們剛剛所展現的，我們將持續以急迫感、紀律與對交付成果能力的信心，來面對前方眾多機會。

This concludes our prepared remarks. As a reminder, we will be hosting our financial community presentation at our new global headquarters and Global Technology Center on September 24. I look forward to seeing many of you there. Please reach out to our Investor Relations team if you have not registered as space is limited. With that, I'd like to thank you for joining us this morning, and we'll be happy to take your questions.

以上為我們的準備講稿。提醒一下，我們將於 9 月 24 日在新的全球總部與全球技術中心舉辦面向金融社群的簡報會。期待在現場見到各位中的許多人。若您尚未註冊，請聯繫我們的投資人關係團隊，因名額有限。最後，感謝各位今早參與，我們很樂意回答各位的問題。

(Operator Instructions)

（接線員指示）

John McNulty, BMO Capital Markets.

BMO 資本市場（BMO Capital Markets）的 John McNulty。

Yeah, thanks for taking my question and congrats on some really solid results, especially in a tough environment. So I wanted to ask, maybe you can unpack a little bit. Mid-quarter, you and DuPont made a bid for Akzo and then relatively quickly thereafter, pulled that bit. I guess, can you walk us through the rationale for both moves and how we should be thinking about M&A going forward in terms of the opportunities that you may see out there?

好的，謝謝讓我提問，也恭喜你們在艱難環境下仍交出相當穩健的成果。我想請教，或許你們可以再多拆解一下。在本季中段，你們與杜邦（DuPont）對阿克蘇諾貝爾（Akzo）提出收購提案，之後相對很快又撤回。我想請你們說明這兩個動作背後的理由，以及我們應如何看待未來的併購（M&A）機會？

Yeah, good morning, yes, I'll take that. We take a very disciplined approach, not only to our capital allocation philosophy that remains unchanged. But as it relates specifically to M&A. As you can imagine, we are constantly looking and assessing assets that would be a fit or an accelerator to our strategy. And so we probably pass -- we pass well over 90%, I would say that across our desk.

好的，早安，是的，我來回答。我們採取非常嚴謹的方式，不僅在資本配置理念上（這點沒有改變），也包括在併購方面。如各位所想像，我們持續不斷地觀察並評估可能符合或加速我們策略的資產。因此，我們大概會略過——我會說，送到我們桌上的案子超過 90% 我們都會略過。

But when we look at those specific assets, those were very premium targeted assets that we had long admired and there was an opportunity at the right price at the right time if the right value that would have been something that would absolutely have been complementary to our strategy.

但當我們看那些特定資產時，它們是非常優質、且我們長期欣賞的目標資產；若在合適的時間、以合適的價格、並在合適的價值條件下出現機會，那將會是與我們策略高度互補的標的。

Having said that, I think timing is everything. Value is everything. And when we get to a point where we're two bids in and which I think was a very fair, reasonable and premium all-cash offer without the level of engagement that we wanted it was a simple decision that there was absolutely more attractive uses of our shareholders' cash. And so the decision to walk away and put that cash to use was in our and our shareholders' best interest.

話雖如此，我認為時機就是一切。價值就是一切。當我們走到一個階段、已經提出兩次出價，而我認為那是一個非常公平、合理且帶溢價的全現金要約，但卻沒有得到我們希望的互動程度時，決策就很簡單：我們股東的現金絕對有更具吸引力的用途。因此，選擇退出並把那筆現金投入其他用途，符合我們以及我們股東的最佳利益。

Vincent Andrews, Morgan Stanley.

Vincent Andrews，摩根士丹利。

Can I ask for a little more color on the Consumer Brands margins, obviously, very strong improvement. How should we expect those margins to move on a go-forward basis? I also sort of noticed versus the other two segments there. There wasn't really a call out here on market share gains or anything.

我可以請你們再多補充一些關於消費者品牌（Consumer Brands）利潤率的細節嗎？顯然改善非常強勁。往後我們應該如何預期這些利潤率的走勢？另外我也注意到，相較於另外兩個事業部，這裡似乎沒有特別提到市占率提升之類的內容。

Obviously, some other nice call-outs, but nothing on the share gain. So what drove these margins to be so much better than the other two segments? And what is the sustainability of it?

當然還有一些其他很好的重點，但沒有提到市占率提升。那麼，是什麼驅動這些利潤率比另外兩個事業部好這麼多？其可持續性如何？

Vincent, it's Ben Meisenzahl. On the margin piece, it really comes from probably two parts. First, you look about half of it is coming from just the core operating performance. You look at the stronger sales that Consumer Brands had in the quarter. And if I strip out Suvinil and just look at the core business, which was up about mid-single digits, the result in SG&A was flat.

Vincent，我是 Ben Meisenzahl。關於利潤率這一塊，主要大概來自兩個部分。第一，你看大約一半來自核心營運表現。你看消費者品牌本季銷售更強。如果我把 Suvinil 排除、只看核心業務（約成長中個位數），SG&A 的結果是持平。

And so you think about the leverage that you get in a situation like that. And then the other half of the margin expansion was from more favorable nonoperating items that also impacted the sequential first quarter to second quarter. So if you back out those nonoperating items, we're more flattish first quarter to second quarter. So that's what's driving the adjusted segment margin there.

因此你可以想像在這種情況下所帶來的營運槓桿。而利潤率擴張的另一半，則來自較有利的非營運項目，這些也影響了第一季到第二季的季比變化。所以如果把那些非營運項目扣除，我們第一季到第二季其實更接近持平。這就是推動該調整後事業部利潤率的原因。

Vincent, I'll add in from a market share standpoint, DIY, obviously, there's not been any meaningful improvement in that particular segment. Pros Who Paint, however, we are seeing continued share gains there. And that's a testament to the team successfully executing on our strategy.

Vincent，我補充一下市占率的部分。DIY 方面，顯然在那個特定分項並沒有任何顯著改善。不過在 Pros Who Paint（專業油漆工）方面，我們確實持續看到市占率提升。這證明團隊成功執行了我們的策略。

We've got, obviously, our very strategic partnerships, Lowe's and Menards and others, but this is a growing segment, still a small base but the fundamentals are intact there. So a lot of credit to the team for continued focus.

我們當然有非常具策略性的合作夥伴關係，包括 Lowe's、Menards 等，但這是一個成長中的分項，基期仍小，但基本面依然完好。因此也要肯定團隊持續聚焦的成果。

Duffy Fischer, Goldman Sachs.

Duffy Fischer，高盛。

Just a question around kind of the implied guidance at the midpoint. So in the first half year-over-year, you guys were up about $0.40 of EPS. And at the midpoint in the second half, you're up a little more than $0.10, even though you have a pretty big price increase rolling through in September.

我想問一下關於中位數所隱含的指引。所以在上半年年比年，你們的 EPS 大約增加了 0.40 美元。而在下半年以中位數來看，只增加了略高於 0.10 美元，儘管你們在 9 月會有相當大的漲價逐步反映。

So, one, just wanted to see what is it that might slow down when you're looking at it year-over-year that would have a smaller increase. And then second part of that, between Q3 and Q4, should Q4 be seasonally bigger than normal because of that price increase when you look at it versus history?

所以第一，想了解年比年來看，哪些因素可能會放緩，導致增幅較小。第二部分，在 Q3 與 Q4 之間，從歷史來看，Q4 是否會因為那次漲價而呈現比正常更大的季節性表現？

Duffy. Yes, if you look at the year-over-year, I mean there's two things really that impact the first half versus the second half. If you look first at the comps, last year's first half, were more difficult than the second half. And so if you look at that phasing and what we're going against this year here, that does have an impact. But if you do look at the second half of this year and that slower growth of EPS.

Duffy。是的，如果看年比年，我的意思是，上半年與下半年主要有兩個因素影響。首先看比較基期（comps），去年上半年的基期比下半年更具挑戰。因此你看這個節奏，以及我們今年所面對的比較基期，確實會有影響。但如果你看今年下半年，以及 EPS 較慢的成長。

As we've talked about, we still expect that ramp-up of raw material costs. We've taken our guide up a little bit for the back half or for the full year, and that's coming on the back half. And so even though we have pricing that we're still laying in and our commitment to staying in front of that with balanced management of the price cost environment.

如同我們談過的，我們仍預期原物料成本會逐步上升。我們把下半年或全年指引上調了一點，而上調主要反映在下半年。因此即便我們仍在逐步落實定價，並承諾透過平衡管理價格與成本環境來保持領先。

It is still an economic headwind that we're facing here. And so that's probably the biggest reason why you would see maybe a little less of the group growth in the second half that you (inaudible) in the first half.

這仍然是我們所面臨的經濟逆風。所以這大概是你會看到下半年整體成長可能比上半年（你們聽到的）（聽不清）略少的最大原因。

Ghansham Panjabi, Baird.

Ghansham Panjabi，Baird。

Heidi, going back to your comments on the outlook and just given the steady increase in interest rates recently, specific to the PSG segment, are you embedding any sort of volume deterioration sequentially for the back half of this year, which will be offset by share gain initiatives on your end? Just sort of sum to that low single-digit volume growth. Is that the right way to think about it?

Heidi，回到你對展望的評論，考量近期利率持續上升，針對 PSG 事業部，你們是否在今年下半年指引中納入任何季比的量（volume）惡化假設，並由你們的市占提升措施來抵消？也就是加總後呈現低個位數的量成長。這樣理解對嗎？

No. I look at this cash, we don't expect that to happen. We don't expect a material change, and I'll see if Ben is going to give some color commentary to give you a little bit more perspective. But -- and I'll ask him to touch base in a minute. I just want to take a moment though and give you a little bit of segment perspective to reinforce my point.

不。我看這個情況，我們不預期會發生。我們不預期會有實質性的變化；我也看看 Ben 是否要補充一些說明，讓你有更多觀點。不過——我會請他稍後補充一下。但我想先花點時間，從事業部角度給你一些觀點，以強化我的重點。

You look broad strokes and obviously, we talk a lot about what's going on for residential standpoint. New residential, I would say the exact opposite, obviously, very confident. And the backlogs are stable, but the team is really standing tall. We continue to take share here, our new account activity continues to be very strong as our active accounts where we're growing our current customers' share of wallet.

你從大方向來看，顯然我們談了很多住宅端正在發生的事。新建住宅方面，我會說恰恰相反，我們顯然非常有信心。積壓訂單（backlogs）穩定，但團隊表現非常出色。我們持續在這裡提升市占；我們的新客戶開發活動仍然非常強勁，同時我們的活躍客戶也在提升，因為我們正在提高現有客戶的錢包份額（share of wallet）。

And so even though it's a challenging market, we're still continuing to be very aggressive out there. We talk a lot about innovation with this segment, and we talk about innovating in and out of the can. Something I want to highlight here, this is really exciting. We just launched a product called Emerald Symmetry and it's the best performing interior product that we've ever produced.

因此即便市場具挑戰性，我們仍持續在外部非常積極進攻。我們常談到這個事業部的創新，也談到罐內與罐外的創新。我想在此強調一點，這真的很令人振奮。我們剛推出一款名為 Emerald Symmetry 的產品，這是我們迄今生產過、性能表現最好的室內產品。

So not only with the right performance characteristics, but it's going to be a great plant-based Zero VOC products, so helping to really advance our sustainability agenda. So we're doing a lot of work here in this current macro to certainly favor growth in square footage for these res repaint contractors.

因此不僅具備正確的性能特性，它也將是一款很棒的植物基（plant-based）零 VOC 產品，有助於真正推進我們的永續發展議程。所以在目前的總體環境下，我們在這裡做了大量工作，確實有利於這些住宅重塗承包商的施工面積（square footage）成長。

So volume certainly positive there. New Residential continues to be under pressure. We are outperforming as monthly, single-family completions are down an average of high single digits in 2026, while our sales were down low single digits, so demonstrating that we're taking share there. I certainly can touch on property maintenance. Our year-over-year rent growth remains weak with some sequential improvement.

因此量（volume）在那裡確實是正向的。新建住宅仍持續承壓。我們的表現優於市場：2026 年按月的獨棟住宅完工量平均下降高個位數，而我們的銷售僅下降低個位數，顯示我們在那裡正在提升市占。我也可以談一下物業維護（property maintenance）。我們的年比年租金成長仍然疲弱，但季比有一些改善。

I would underscore some. But our outperformance with low single-digit growth is also evidence of share gains. So the market is not going to help us in any regard. But I do want to take a moment here on protective and marine because it's been a fantastic highlight I said this in the call earlier, but it's our eighth straight quarter of at least high single-digit growth. So we are exceptionally and uniquely well positioned, I would say, for some of these tailwinds.

我會強調是「一些」。但我們以低個位數成長的優於市場表現，也同樣是市占提升的證據。所以市場在任何方面都不會幫助我們。但我想在此花點時間談一下防護與船舶（protective and marine），因為這是一個非常亮眼的重點——我在先前的電話會議中也提過——這是我們連續第八個季度至少達到高個位數成長。因此我會說，我們在某些順風因素上具備非常、且獨特地良好的定位。

We talk a lot about data center build-out infrastructure, the semiconductor infrastructure. The team is really going to market very effectively here with a very unique suite of solutions. And so again, back to the comments earlier, we know the market is not going to help us. We're not waiting. We have a lot of time ahead of us this year. We know we can control what we can control, but we're going to expect that we outpace the market.

我們經常談到資料中心擴建的基礎設施、半導體的基礎設施。團隊在這裡以非常獨特的一套解決方案，確實能非常有效地推向市場。所以再次回到先前的評論，我們知道市場不會幫我們。我們不會等待。今年我們還有很多時間。我們知道我們能掌控的就掌控，但我們會期望我們的表現能跑贏市場。

Ghansham, I'll add to what Heidi said there and going back to the original part of your question. I mean if you look at the phasing of volume year-over-year half over half in the guidance it's relatively consistent. And if you go back to our original guidance in January, our assumptions were the same. What's different is the level of volume is higher than what we would have expected, and you see that in our original January guidance, down low single digit to up low single digit stores group volume and now we're guiding to that up low single-digit volume.

Ghansham，我補充一下Heidi剛才說的，並回到你問題的最初部分。我的意思是，如果你看指引中年對年、上半年對下半年的量的節奏，其實相對一致。而如果你回到我們1月的原始指引，我們的假設是一樣的。不同之處在於量的水準比我們原先預期更高，你也能在我們1月的原始指引中看到：門市事業群的量從「低個位數下滑」到「低個位數成長」，而現在我們指引的是「低個位數成長」。

And so that supports all the things that Heidi talked about there. But again, the quarter-over-quarter volume, you're going to see consistent and what changes is the pricing as we try to balance that against the inflation.

因此這也支持了Heidi剛才談到的所有事項。但再次強調，季對季的量你會看到是穩定一致的；變動的是我們在試圖與通膨取得平衡時所做的定價。

Gregory Melich, Evercore ISI.

Gregory Melich，Evercore ISI。

I guess I'd follow up on that last point. I think you mentioned in the prepared comments the price increase in September, you expect realization to be in the historic range. Can you just -- is that the range that we're seeing this year, I think they're more like 40%? Or is it the historic more 60% to 70%?

我想我會針對你最後那點追問一下。我記得你在事先準備的評論中提到9月的漲價，你預期實現率會落在歷史區間。你能否說明一下——這個區間是指我們今年看到的那種區間（我想大概更像40%）？還是指歷史上較常見的60%到70%？

And then the second part of that question is, would that be enough for gross margins to grow year-over-year in the back half given the raw material still accelerating?

然後這個問題的第二部分是：考量原物料仍在加速上漲，這樣是否足以讓下半年毛利率年對年成長？

Yes, Greg, I mean starting with the back part of your question there, I mean our expectation is that we're balanced with pricing, and our commitment has been to stay in front of that. And so you'll continue to see that there. Again, going back to your September price increase question, we normally see a glide path. And to Heidi's point, the this pricing will be at that same historical trend. And as you know, we have customers that have contracts.

是的，Greg，我先從你問題的後半段開始說起：我們的預期是定價與成本壓力之間能取得平衡，而我們的承諾一直是要走在前面。所以你會持續看到我們在這方面的作為。再回到你關於9月漲價的問題，我們通常會看到一個逐步反映的路徑（glide path）。而如同Heidi所說，這次定價的反映會遵循相同的歷史趨勢。而你也知道，我們有些客戶是有合約的。

There are probably some things that go into 2027 as well. But we would expect that over time that we're really, really able to capture that the same way. And I'll remind you as well, I mean our -- the goal here has been to implement pricing when the market can support it. And we can do it in a way that preserves our customer relationships and manages our ability to get share gains. And so we felt that September provided the best balance between those objectives, and that's why you see us going right now.

其中可能也有一些會延續到2027年。但我們預期隨著時間推進，我們確實、確實能以同樣的方式把它掌握住、把它反映出來。我也提醒你，我們的目標一直是在市場能支撐時實施定價。而且我們能以一種既能維持客戶關係、又能管理我們取得市占提升能力的方式來做。因此我們認為9月在這些目標之間提供了最佳平衡，這也是你現在看到我們採取行動的原因。

Patrick Cunningham, Citi.

Patrick Cunningham，花旗（Citi）。

I was hoping you could just give a little bit of detail beyond -- behind the drivers for both the commercial and Protective segments. And what sort of multi-quarter or multiyear visibility do you have there from some of your share gains, new product wins, anything that we should think about across those two strong segments?

我希望你們能就商用（Commercial）與防護（Protective）兩個部門的驅動因素，提供一些更進一步的細節。另外，基於你們的一些市占提升、新產品得標等，你們對這兩個表現強勁的部門有什麼樣的跨季度或跨年度能見度？有沒有什麼是我們應該納入思考的？

Yes. Patrick, it's Jim. I'd say on the commercial side, you're seeing this is a couple of quarters in a row where we're outperforming. We've talked about some of the market share opportunities that we've been targeting over the last 24 months or so, I think you're starting to see those come through in a more prominent way now, a lot of credit to the team that's driving the commercial side there. The other part of your question, Patrick, just again, was which other segment?

好的。Patrick，我是Jim。我想在商用端，你看到這已經是連續幾個季度我們都跑贏市場。我們談過過去大約24個月我們一直鎖定的一些市占機會，我想你現在開始更明顯地看到這些成果逐步顯現；商用端的團隊功不可沒。至於你問題的另一部分，Patrick，你剛才是問哪一個其他部門？

The P&M piece? Yes. So the P&M piece is -- I think, touched on it, the data center build-out, the infrastructure build-out semiconductor fabs. There's others that maybe aren't getting as much of a headline, but water treatment, pharmaceutical, the onshoring, all of that is opportunity for us. A great suite of solutions, flooring, structural steel, and there's also an architectural element of the office space in all of those applications as well.

P&M那一塊？是的。所以P&M這一塊——我想我們有提到：資料中心擴建、基礎設施擴建、半導體晶圓廠。另外還有一些可能沒有那麼多頭條的領域，但像是水處理、製藥、回流本土（onshoring），這些對我們都是機會。我們有一套很完整的解決方案，包括地坪、結構鋼材；而在所有這些應用中，辦公空間也有建築裝飾（architectural）的元素。

Patrick, one other piece to add, and Jim mentioned this, but we talk about AI, data centers and the build-out. You think of the race of these hyperscalers and speed matters, and we can provide speed. We can provide a comprehensive one-shop solution for many of their coatings needs across the board that Jim just mentioned. So we're -- we love the tailwind, and we're ready for it.

Patrick，再補充一點，Jim也提到了：我們談AI、資料中心與擴建。你想到這些超大規模雲端業者（hyperscalers）的競賽，速度很重要，而我們能提供速度。我們能針對他們各類塗料需求，提供Jim剛才提到的那種全方位一站式解決方案。所以——我們很喜歡這股順風，我們也已經準備好了。

John Roberts, Mizuho.

John Roberts，瑞穗（Mizuho）。

Back to the original M&A question. Sherwin didn't appear to be interested in the number one European deco business. Why was that?

回到最初的併購（M&A）問題。Sherwin看起來對歐洲第一大的裝飾塗料（deco）業務並不感興趣。為什麼？

Well, we've looked at that, John, for a long time. And one of the things that we love about our controlled distribution model certainly is the backdrop, the market dynamics in which we sit here in North America. We've absolutely are proud of help the playbook that we've created.

John，我們研究那個標的已經很久了。而我們非常喜歡我們的受控通路（controlled distribution）模式，其中一個重要背景就是我們在北美所處的市場動態。我們也確實以我們建立的那套作戰手冊（playbook）為傲。

Obviously, there's a lot of agility within that playbook. But the market fundamentals outside of North America simply don't support that level of capital deployment. So we do think there are, again, other very attractive alternatives of shareholders' cash and we're going to put that to good work.

當然，那套作戰手冊本身也具有很高的敏捷性。但北美以外的市場基本面，並不足以支撐那樣規模的資本投入。因此我們確實認為，股東資金還有其他非常具吸引力的運用替代方案，而我們會把這些資金用在刀口上。

Arun Viswanathan, RBC.

Arun Viswanathan，RBC。

I was hoping to ask just on two segments, resi repaint and packaging. I think both of those are in the mid-single-digit range, if I'm not mistaken. Could you just elaborate? It sounds like resi repaint, obviously, you've been at higher ranges before. But is that kind of plateauing?

我想針對兩個部門提問：住宅翻新重塗（resi repaint）與包裝（packaging）。如果我沒記錯，這兩個都在中個位數（mid-single-digit）的區間。能否請你再多說明一下？聽起來住宅翻新重塗顯然以前曾在更高的區間。但現在是有點進入平台期了嗎？

Is there anything else that you could do to drive higher growth there? And then similarly, in packaging, are you still working on some share gains there? And where are we in kind of the European PPA transition?

在那裡還有什麼你們可以做、以推動更高成長嗎？另外同樣地，在包裝方面，你們是否仍在推進一些市占提升？以及歐洲PPA轉換目前進展到哪裡了？

Yes, you bet. Well, let me start with resi repaint is a plateauing. Absolutely not. In fact, I would say we're just getting started there. I'll remind you that this is the segment where we have the largest share gains ahead, and we are continuing to be agile and deploy resources and make sure that, that team is well prepared.

好的，當然。我先從住宅翻新重塗是否進入平台期開始：絕對不是。事實上，我會說我們才剛開始。我提醒你，這個部門是我們未來市占提升空間最大的領域，我們也會持續保持敏捷、投入資源，並確保那個團隊做好充分準備。

There's a lot of share available for grabs right there. And so we're going to continue not only with our dedicated stores, our residential repaint reps, the product launches, the innovation that we're providing in the can, all of the digital suite of tools that we're innovating and continue to innovate for these residential repaint contractors regardless of their size to help them with their economics, be better planners, make sure that we're helping them leveraging our store -- multiple stores and helping them grow and travel.

那裡有大量市占可供爭取。因此我們會持續推進：不僅是我們的專屬門市、住宅翻新重塗業務代表、產品上市、我們在罐內配方所提供的創新，還有我們正在創新並持續創新的整套數位工具，服務各種規模的住宅翻新重塗承包商，協助他們改善經濟效益、成為更好的規劃者，並確保我們透過我們的門市——多家門市——來協助他們成長與跨區作業。

So we're in a really good place. Also a testament to the team. We've got an organization that we've long been focused on not just selling but shifting to more of a consultative selling approach. And so our team, I'm very proud of what our folks in the stores are doing day in and day out to help our customers succeed here. And it's evident in our numbers, and we continue to expect that outsized growth. I'll touch on packaging. You mentioned mid-single-digit volume. That certainly was by strength in beverage cans.

所以我們目前處於非常好的狀態。這也證明了團隊的實力。我們長期以來一直專注於打造一個組織，不只是銷售，更是轉向更偏顧問式的銷售方式。因此，我對我們門市同仁每天所做的工作感到非常自豪，他們協助客戶在這裡取得成功。這在我們的數字上很明顯，我們也持續預期會有超越同業的成長。我會談一下包裝。你提到中個位數的銷量。那確實主要來自飲料罐的強勁表現。

We're clearly outgrowing the market here. I think the FCP piece you mentioned, the ban on DTA taking effect in Q2, obviously, of this year that will continue to drive customer conversion back half of this year and into next year. So we expect that to be good news heading our way.

我們顯然在這裡的成長速度超過市場。我想你提到的 FCP 部分，第二季開始生效的 DTA 禁令，顯然在今年會持續推動客戶在今年下半年以及明年回流轉換。因此我們預期這會是對我們有利的消息。

Matthew DeYoe, Bank of America.

Matthew DeYoe，美國銀行。

I just wanted to ask kind of a clarifying question a little bit on the consumer business. You'd mentioned some nonoperating tailwinds absent that, things would have been flat quarter-over-quarter. Is that a (inaudible) would have been flat? Or was that EBITDA would have been flat. Can you just tie that up then.

我想就消費者業務再確認一個釐清性的問題。你提到有一些非營運面的順風因素，如果沒有那些因素，季度對季度會是持平。那是指（聽不清）會持平嗎？還是指 EBITDA 會持平？你能把這點說清楚嗎。

Yes. Matt, that would have been -- the adjusted segment margin would have been flat. And so again, roughly half of the improvement that you saw quarter-over-quarter if you adjusted that for what we saw in the first quarter, you would have seen more flattish adjusted segment margins in CBG.

是的。Matt，那會是——調整後的部門利潤率會持平。所以再說一次，你看到的季度對季度改善中，大約有一半，如果把第一季我們看到的因素調整掉，你會看到 CBG 的調整後部門利潤率會比較接近持平。

Okay. I appreciate that. That's helpful. And then to jump back a little bit on John's earlier question and I guess maybe both John's, but -- and I don't know if I want to drag this conversation too much. But like ultimately, what changed between your first two attempts on AkzoNobel and then the release of the slide deck and then your decision to walk away?

好的。謝謝你。這很有幫助。然後我想回到先前 John 的問題，我想可能是兩位 John 的問題，但——我也不確定是否要把這個話題拉得太長。但最終來說，你們前兩次對 AkzoNobel 的嘗試，與後來簡報投影片釋出，以及你們決定退出之間，到底發生了什麼改變？

Like I appreciate the price discipline comment. But conceptually, you kind of already you had to come up in a more material way. And then the slide deck comes out and then a few days later, you walk. Is that -- am I reading too much into what was a couple of days lapse? Or is there something else there?

我理解你提到的價格紀律。但從概念上，你們其實已經必須在價格上更大幅度地提高。然後投影片簡報出來，接著幾天後你們就退出。這——是我對那幾天的時間差解讀過度了嗎？還是其中還有其他因素？

Because, I mean, that deal isn't necessarily done, though, I think the market expects, but just wondering how it relates to your appetite? And then conceptually, I would assume any spin-offs or a fair game for Sherwin to consider? (inaudible) asset right?

因為我的意思是，那筆交易也不一定就此結束，雖然我想市場是這麼預期的，但我只是想了解這和你們的意願有何關聯？另外從概念上，我會假設任何分拆案對 Sherwin 來說都可能是可考慮的？（聽不清）資產對吧？

Right. So Matt, let me attack your question here. I think there's basically three parts of it. First, I do think you're signing too much weight to the days. And if you look at the discipline in which we think about capital allocation deployment, we've been looking at those assets for years.

對。所以 Matt，讓我來回答你的問題。我認為基本上有三個部分。首先，我確實認為你把「幾天」這件事看得太重了。而且如果你看我們在資本配置投放上的紀律，我們多年來一直在研究那些資產。

And so we're not desperate for those assets. I want to be very clear. And we've said we don't need acquisitions to grow. We have a lot of organic scale opportunity. The team is doing a fantastic job demonstrating that. We're not going fast enough, we'll happily take more. But you asked about what's changed kind of between bid one and bid two.

所以我們並不急著要那些資產。我想把這點講得非常清楚。而且我們也說過，我們不需要靠併購來成長。我們有很多有機擴張的規模機會。團隊也做得非常出色，證明了這一點。我們不會嫌成長太快，我們也樂於拿到更多。但你問的是，第一次出價和第二次出價之間到底改變了什麼。

And it was what I stated earlier as we talked about putting a very -- what we thought was not only fair and reasonable, but superior all-cash offer forward. at some point without getting the level of engagement that you want. What we're not going to do is negotiate against ourselves if we're not desperate for these assets.

那就是我先前提到的：我們提出了一個我們認為不僅公平合理、而且更具吸引力的全現金報價。在某個時間點，如果沒有得到你希望看到的互動程度，我們不會在並不急需這些資產的情況下，還去跟自己談判、自己加價。

We're going to be laser-focused on growing these businesses with or without. But I think your third point, and it's a very fair point, should these assets fall out of the sky at the completion of the MOE at the right value, then we would absolutely take a look at those. But it would have to be at the right value at the right time.

我們會非常專注於不論有沒有這些資產，都把這些業務做大。但我認為你第三點——而且這是非常公平的一點——如果在 MOE 完成時，這些資產以合適的價值「從天而降」，那我們絕對會再看一看。但必須是在對的時間、對的價值。

I will take a moment, Matt, just to point to the success of Suvinil is a great example of capital being put to great use. And just a moment on this, while you didn't ask about it, I think it demonstrates the discipline of how we think about M&A. We've long admired that asset down in Latin America and have been looking at that for over 10 years.

Matt，我想花一點時間指出，Suvinil 的成功就是資本被有效運用的絕佳例子。另外補充一下，雖然你沒有問到，但我認為這能展現我們看待併購（M&A）的紀律。我們長期以來一直很欣賞拉丁美洲的那項資產，並且已經關注超過 10 年。

We were very thoughtful in our approach, not just in terms of the deal, but in terms of the integration. Coming from the Valspar side and playing a big role on integration, it's extremely important that when we're thinking about success here. It is customer and employee first, and I'm very pleased with the success that the team is having. The business continuity continues to be our North Star, making sure that we're providing stability, not only in our relationships with our customers, but in our service levels.

我們在方法上非常審慎，不僅是交易本身，也包括整合。我來自 Valspar 團隊並在整合上扮演重要角色，因此在思考如何成功時，整合極其重要。我們以客戶與員工優先，我對團隊目前取得的成果非常滿意。業務連續性仍是我們的北極星，確保我們不僅在與客戶的關係上提供穩定，也在服務水準上提供穩定。

I think the cultural compatibility. It's also worth noting. You've got two great teams coming together. We say one plus one equals three here and the compatibility of strong teams and what we're able to do to leverage a strong asset of the market leadership and certainly the strong ability to provide innovation from Sherwin-Williams, we are really just getting started there.

我認為文化相容性也值得一提。同時也要注意到，這是兩支很棒的團隊走到一起。我們常說一加一等於三；強大團隊之間的相容性，加上我們能夠運用市場領導地位這項強勢資產，並結合 Sherwin-Williams 在創新上的強大能力，我們其實才剛剛開始。

And Matt, I just want to build on one thing that Heidi said here again, it's -- we've talked about how our cash generation remains a strategic advantage for us. And you look -- to look at the first half and that's really on display. I mean, we returned almost $1 billion more in cash to shareholders.

Matt，我也想在 Heidi 剛才說的基礎上再補充一點：我們談過，我們的現金創造能力仍是我們的策略優勢。你看上半年，這點表現得非常明顯。我的意思是，我們向股東返還的現金幾乎多了 10 億美元。

We did the ASR in between the -- when we walked away from the joint bid to when we were blacked out for the quarter. And so you can see us there taking decisive actions in an environment where our share price is on sale. And so you're going to continue to see us be really strategic with how we're managing our capital allocation. And just wanted to put an explanation on that.

我們在——從退出聯合出價到季度封閉期（blackout）之前——之間做了 ASR（加速股票回購）。所以你可以看到，在我們股價被低估、像在特價時，我們採取了果斷行動。因此你會持續看到我們在資本配置管理上非常有策略性。我只是想對此做個說明。

David Begleiter, Deutsche Bank.

David Begleiter，德意志銀行。

Just on DIY. I saw it did tick down versus the prior 3 quarters of it being up. What changed the DIY market for you guys this quarter?

想問一下 DIY。我看到相較於前 3 個季度的上升，這一季確實略有下滑。這一季你們的 DIY 市場發生了什麼變化？

I don't think there's really any material shift there, David. It would be more nominal than material. We're still waiting for the catalyst kick in the DIY segment. I think if you look at bifurcating that segment, you've got more of the premium DIY homeowner in our stores that prefer a specialty kind of experience, and we're faring better there, the recovery there is certainly less inflationary sensitive on the more value-conscious DIY homeowner that prefers a home center, still under pressure.

David，我不認為那裡有任何實質性的轉變。比較像是名目上的變動，而非重大變化。我們仍在等待 DIY 區隔的催化劑出現。我想如果把那個區隔拆開來看，在我們門市裡有較偏高端的 DIY 屋主，他們偏好更專業、專門的體驗，我們在那一塊表現較好；而復甦在那裡也確實較不受通膨影響。至於更重視價格、偏好到大型家居賣場（home center）的 DIY 屋主，仍然承受壓力。

But again, this is where our strategic partnerships are extremely important that we continue to find new and different ways to look at that volume. But I want to take a moment on this point, and we talk a lot about this in our prepared comments, but the fundamental theme here is we do not believe there will be a catalyst in the market anytime soon.

但再說一次，這正是我們的策略夥伴關係極其重要之處，讓我們能持續找到新的、不同的方式來看待那個銷量。但我想就這一點稍作停留；我們在事先準備的發言中也談了很多，不過這裡的根本主題是：我們不認為市場在短期內會出現任何催化劑。

And the charge to the team is that we have to be our own catalyst for growth. And so you're going to continue to hear us talk about that. There are a lot of levers that we can pull, they're not infinite, but it is a control what we can control mindset, and that is what gives us confidence. We continue to focus on execution discipline. I think we've built strong credibility on that front because we've been able to demonstrate even in a challenging environment.

而我們對團隊的要求是：我們必須成為自身成長的催化劑。因此你們會持續聽到我們談這件事。我們可以拉動的槓桿很多，雖然不是無限，但這是一種「控制我們能控制的」心態，而這正是讓我們有信心的原因。我們持續聚焦於執行紀律。我認為我們在這方面建立了很強的可信度，因為即使在充滿挑戰的環境中，我們也能展現出成果。

Josh Spector, UBS.

Josh Spector，瑞銀（UBS）。

I wanted to follow up on the pricing side. Just -- I mean, I heard your comments around the realization of the 8% increase. But just trying to think about the timing of that relative to kind of your updated pricing guidance. I mean it seems like my interpretation is maybe you're realizing 1% to 2% in the fourth quarter and then maybe more of that falls into 2027. So one, is that kind of the right interpretation?

我想就定價面再追問一下。就是——我的意思是，我聽到了你們關於8%調漲落地（實現）的評論。但我想釐清一下其時間點，與你們更新後的定價指引之間的關係。我的解讀似乎是：第四季可能只實現1%到2%，然後更多會落在2027年。第一，這樣的解讀對嗎？

And then two, what does that mean for your approach to pricing for what you typically do around January 1, 2027? Is that coming up in conversations now? Or is that going to be a separate conversation three months from now?

第二，這對你們在2027年1月1日前後通常會採取的定價作法意味著什麼？現在的對話中已經在談了嗎？還是會在三個月後再另外談一次？

Josh, yes, the phasing of this, and again, we've done a lot of pricing throughout the year here, and we're being realistic with what the approach is. And I know we keep hammering back on volume being the premium. There is going to be a balance there to make sure that all the work that we've done to keep our customers and to make sure that we're able to supply them and keep a minimum price increase because we did.

Josh，是的，關於這件事的分段（落地節奏），而且我們今年已經做了很多次定價，我們也在以務實的方式看待做法。我知道我們一直強調「銷量是優先項」。這之間會需要取得平衡，以確保我們為留住客戶、確保能供貨所做的所有工作，同時也能維持最低限度的漲價——因為我們確實做了漲價。

We've waited long. I mean -- as I mentioned, waiting until September, that was a strategic decision to make sure that we didn't impact our customers the way that some of our competitors may have by going earlier in the painting season. And so obviously, the season is rolling over later in the year. I mean, that might have an impact on realization.

我們等了很久。我的意思是——如我提到的，等到9月才做，那是策略性決策，為的是確保我們不會像某些競爭對手那樣，在油漆旺季更早時就調價而影響客戶。因此很明顯，旺季在年末會轉換。我的意思是，這可能會影響到價格落地（實現）。

But I can assure you that the way that we're approaching this year, it is balanced with the inflation that we continue to see. And obviously, that will go into the first part of next year. And so that is part of the calculation. But we're not ready to call anything beyond 2026 right now. We're watching this quarter-by-quarter, half by half, and we'll continue to watch the market. There are uncertainties out there what inflation will do. And our teams are constantly assessing what those impacts are and what actions we would need to take.

但我可以向你保證，我們今年的做法是與我們持續看到的通膨相平衡的。而且很明顯，這也會延續到明年上半年。因此這是計算的一部分。但我們目前還沒準備好對2026年以後做任何定論。我們會按季、按半年來觀察，並持續關注市場。外部仍有不確定性，例如通膨會如何變化。我們的團隊也在不斷評估這些影響，以及我們需要採取哪些行動。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通（JPMorgan）。

Two-part question. You talked about 57 store closures. Is there a pattern to the closures? Are these unprofitable or in a particular region or too small? And why are they happening this year? And secondly, in terms of pricing, you're lifting your Paint Stores pricing by 8%, if you compare that pricing action to what's going on in Performance Coatings, should Performance Coatings price initiatives be at least that number because the raw material inflation would be a little bit higher? Or is there some other dynamic at work? What are you doing in pricing and performance?

兩部分問題。你們提到關閉57家門市。這些關店有什麼模式嗎？是因為不獲利、集中在特定區域，或是店面太小嗎？為什麼會在今年發生？第二，定價方面，你們將Paint Stores的價格上調8%；若把這個定價動作與Performance Coatings的情況相比，Performance Coatings的定價措施是否至少也應該是這個幅度，因為原物料通膨會稍微更高？還是有其他動態在起作用？你們在定價與Performance（業務）方面正在做什麼？

Yes, Jeff, I'll start the first question on the stores, and then I'll hand it over to Ben. He can comment on the pricing question that you had. You asked if there was a pattern and there is a pattern, they didn't meet the profitability threshold. And so if you think about the -- we've built what I would consider one of the industry's premier distribution platforms over many, many decades. And with that comes the responsibility for us to actively manage that platform.

好的，Jeff，我先回答門市的第一個問題，然後再交給Ben。他可以回應你提出的定價問題。你問是否有模式——確實有模式：它們沒有達到獲利門檻。所以如果你回想一下——我們在許多、許多年來建立了我認為是業界首屈一指的通路平台。而這也意味著我們有責任主動管理這個平台。

So we're going to continue to open stores, and you heard in my prepared remarks, as we were pruning we wanted to take advantage of why would just this downturn being really candid, to do that and make sure that we're favoring the best use of shareholder cash in the right places.

因此我們會持續開店；你也在我事先準備的發言中聽到，當我們在修剪（汰弱）時，我們想把握這次景氣下行——坦白說——來做這件事，並確保我們把股東資金用在正確的地方、用在最好的用途上。

The expectation going forward is that we get to the higher end of the 80 to 100 net new stores beginning next year and you should expect to see us be aggressive there on that front. So in this environment, while we've got this great platform, we think that it's in our shareholders' best interest if we are looking at making these increasingly productive our platform increasingly efficient, leveraging AI, where it makes sense and where it's helpful, but also making sure that we're increasingly aligned with where our customers are growing.

對未來的預期是，從明年開始，我們的淨新增門市將回到80到100家的區間上緣，你們應該會看到我們在這方面採取更積極的作為。因此在這樣的環境下，雖然我們擁有很棒的平台，但我們認為，若能讓平台的生產力持續提升、效率持續提高，這符合股東的最佳利益；在合理且有幫助的地方導入AI，同時也確保我們與客戶成長所在的區域更緊密對齊。

So that's what we're solving for. And I think the result is going to be a healthier, more productive platform that better serves customers and better generates stronger returns for our shareholders. So we're excited that this is behind us, and we can move forward with a more productive platform. And I'll hand it to Ben on the pricing question here.

這就是我們要解決的問題。我認為結果將是一個更健康、更高生產力的平台，能更好地服務客戶，也能為股東帶來更強的報酬。所以我們很高興這件事已經告一段落，接下來可以用更具生產力的平台往前走。接著我把定價問題交給Ben。

Yes. Jeff, on pricing, as you know, the way we go to market with pricing is very different between our architectural business and the industrial business. And so with PCG, and we've talked about this going back to April and even into January, where we had announced some pricing, it is a little more surgical within PCG.

好的。Jeff，關於定價，如你所知，我們在建築塗料業務與工業業務的定價上市方式非常不同。因此在PCG方面——我們從4月、甚至回到1月（當時我們宣布了一些定價）就談過——PCG的作法會更偏向精準、針對性調整。

And so as you can expect, with raw material inflation continuing to climb here in the second half that PCG has been out with pricing a little more surgically by business unit or by region. And again, our decision to wait on the architectural side to make sure we preserve volume in our share and made sure that we didn't put those pressures on our customers.

因此如你所預期，隨著原物料通膨在下半年持續攀升，PCG已經以更精準的方式，按事業單位或按區域來推動定價。同樣地，我們在建築端選擇等待，是為了確保我們能保住市占的銷量，並確保不把那些壓力加諸在客戶身上。

It's just -- it's a different approach that we have between the two different businesses. But your thought is right. There are -- there's pricing out in all of our segments right now as we're trying to balance the price cost dynamics that are there.

這只是——我們在兩個不同業務之間採取的不同方法。但你的想法是對的。目前我們所有事業部門都在進行定價，因為我們正試圖在價格與成本的動態之間取得平衡。

Chuck Cerankosky, Northcoast Research.

Chuck Cerankosky，Northcoast Research。

I'd like talk a little bit about Suvinil, how the integration is going, where you're at in the process and to what degree it contributed or dent to EPS dollars?

我想談談Suvinil，整合進展如何、目前進度到哪裡，以及它在每股盈餘（EPS）金額上是貢獻了多少或造成了多少拖累？

Chuck, yes, Suvinil continues to really be a great addition to Sherwin-Williams for us. And as we've talked about on the last couple of calls, really encouraged by what we're seeing down there is we're bringing Suvinil into the existing Sherwin-Williams business that's been there for 80 years.

Chuck，是的，Suvinil對我們而言持續是Sherwin-Williams非常棒的補強。而且如同我們在過去幾次電話會議中提到的，我們對在那邊看到的情況感到非常鼓舞：我們正把Suvinil納入Sherwin-Williams在當地已經營運了80年的既有業務之中。

I think some of the highlights that I call out here because our teams have gotten their hands more on what that Suvinil business brings. We've identified additional synergies even things that maybe we didn't appreciate through the industrial lens when we were initially looking at opportunities. On the customer front, there's been a lot of really great growth opportunities as the two brands come together.

我認為這裡我想特別點出的幾個重點，是因為我們的團隊對 Suvinil 這項業務能帶來的價值有了更深入的掌握。我們辨識出更多的協同效益，甚至包括一些在我們最初從工業視角評估機會時，可能沒有充分意識到的部分。在客戶端，隨著兩個品牌的結合，出現了許多非常好的成長機會。

And so we're really encouraged about that. In April, I talked a lot about we were going to continue to be doing integrating activities. The rest of this year into early part of next year. And so we still think it's a material tailwind to our EPS for the year as we continue to merge the companies.

因此我們對此感到非常振奮。在四月時，我談了很多我們將持續推進整合活動。今年剩餘時間一直到明年年初。因此，隨著我們持續合併兩家公司，我們仍然認為這將對今年的 EPS 形成實質性的順風助力。

Abigail Eberts, Wells Fargo.

Abigail Eberts，富國銀行。

Congrats on the quarter. You've talked in the past about your strategy for driving new business wins in Paint Stores with your rep network, your app launches and things like that. Can you speak to how you're driving new business wins in PCG given the different customers?

恭喜本季表現。你們過去談過在 Paint Stores 透過業務代表網路、App 上線等方式推動新業務贏單的策略。鑑於客戶群不同，能否談談你們在 PCG 如何推動新業務贏單？

Yes, Abigail. I think it's -- Ben kind of alluded to this a little bit on the last question. These are very different models, different customers, end markets, regions. And so you're right, we need to think about our ability to kind of standardize within Paint Stores Group, it's a little bit different on the Performance Coatings side.

是的，Abigail。我想——Ben 在上一個問題中也稍微提到了一點。這些是非常不同的模式、不同的客戶、終端市場與區域。所以你說得對，我們在 Paint Stores Group 內部推動某種程度的標準化能力，和 Performance Coatings 這邊會有些不同。

This is really a team with incredible tenure and expertise in these end markets and regions, and it really is about making sure that we are best serving these customers. And so if you think about some of the assets that we have on our Performance Coatings side that are underappreciated would be our blending facilities.

這支團隊在這些終端市場與區域擁有非常深厚的資歷與專業，重點確實在於確保我們能以最佳方式服務這些客戶。因此，如果你去想我們在 Performance Coatings 端有些被低估的資產，那就是我們的調色／配色（blending）設施。

And so our ability to have these assets that are close to industrial wood, coil large customers we're able to better serve oftentimes at days and weeks versus even longer versus our competitors and these customers are willing to pay a premium for that. So the speed, the consistency of color, our ability to demonstrate value every day affords us a position to create these new business opportunities and new business wins.

因此，我們能夠擁有靠近工業木器、捲材（coil）等大型客戶的這些資產，往往能以「天」或「週」的速度提供更好的服務，相較之下競爭對手可能需要更久，而這些客戶也願意為此支付溢價。所以，速度、色彩一致性，以及我們每天展現價值的能力，使我們具備創造這些新業務機會與新贏單的有利位置。

Kevin McCarthy, VRP.

Kevin McCarthy，VRP。

I have a broad question for you on the subject of market share gains that doing a nice job with broad-based gains for a while now. But wanted to ask, are there certain businesses where you've been pleasantly surprised by the magnitude of share gains where you wound up winning more than you had expected?

我想就市占率提升這個主題問一個比較宏觀的問題：你們一段時間以來在廣泛領域都做得很好、持續取得市占。但我想問的是，有沒有某些業務的市占提升幅度讓你們感到驚喜，因為你們贏得的比原先預期更多？

And then in contrast, are there any businesses that come to mind where share gains have proven to be more challenging than you would have thought maybe due to competitive behavior or otherwise, where you see room for improvement moving forward?

相對地，有沒有任何業務的市占提升比你們原先想像更具挑戰性——可能因為競爭對手的行為或其他因素——而你們認為未來仍有改善空間？

Well, Mike, I have to start -- or Kevin, rather I have to start with, there's never enough share gains, right? So let's agree with that. I'm not surprised by the magnitude anywhere. In fact, the team has been really, really hard at work, and I'll point to commercial as a really, I think, good example. We've talked a lot about res repaint, and I do continue to see heightened growth there.

嗯，Mike，我得先說——或者說 Kevin——我得先從一點開始：市占提升永遠不嫌多，對吧？所以我們先同意這點。我不會對任何地方的幅度感到意外。事實上，團隊一直非常、非常努力；我會以商用（commercial）作為一個我認為很好的例子。我們談過很多住宅翻修重塗（res repaint），我確實仍看到那裡的成長動能更強。

The commercial segment, we talked a lot about this for the last few years, putting additional focus on what it is that only Sherwin-Williams can provide to some of these contractors, even some of these larger contractors. And so the team has been really focused and hard at work in a very data-driven, very disciplined approach by looking for customers that maybe had -- we had some share of wallet in the past.

商用領域，我們過去幾年談了很多，投入更多焦點在只有 Sherwin-Williams 能為部分承包商、甚至一些大型承包商提供的價值。因此，團隊以非常數據導向、非常有紀律的方法，專注且努力地尋找那些過去我們在其「錢包份額」（share of wallet）上可能已有一定占比的客戶。

Is there opportunity to earn and demonstrate the value that Sherwin-Williams can bring with our delivery, with our ability to -- as we talked about the PRO+, our app, our ability to help these contractors to plan to bid, to grow, to travel, to better leverage our stores and delivery. So we're hard at work out demonstrating our value every day. Some of these projects are multiyear in nature.

是否有機會去爭取並展現 Sherwin-Williams 能帶來的價值——透過我們的配送能力、以及我們談到的 PRO+、我們的 App，協助這些承包商做規劃、投標、成長、跨區作業，更好地運用我們的門市與配送。所以我們每天都在努力對外展現我們的價值。其中一些專案本質上是多年期的。

And so the timing in which we're seeing these conversions that you're seeing in our share gains now are a realization of some of those projects coming to completion and new projects beginning, but I'm very pleased about that. I think your question on where it's more challenging.

因此，你現在在我們市占提升中看到的轉換時點，是部分專案完成、以及新專案啟動的結果；我對此非常滿意。至於你問到哪些地方更具挑戰性。

New residential, I'd have to point to New Residential, industrial wood is it's really tied mostly to new residential just based on cabinets and furniture, those are the areas that are still under pressure the most. I am pleased though that even despite New Residential is down low single digits in the first half of '26, it's flat, I think, full year in '25. And we are outperforming given the soft single-family completions.

新建住宅（New Residential），我會指向新建住宅；工業木器其實多半也與新建住宅連動，主要是因為櫥櫃與家具，這些領域仍承受最大的壓力。不過我也很欣慰的是，即便新建住宅在 26 年上半年是小幅個位數下滑，25 年全年我認為是持平。而在獨棟住宅完工量疲弱的情況下，我們仍然表現優於市場。

They've been very choppy to start the year with a lot of economic uncertainty, but we're continuing to take share in a really challenged environment. So the expectation across the board is we're not waiting for the market, and we need to be at a minimum of 1.5 to 2x the market. So as the market starts to move, we expect to continue to have outsized growth there.

今年開局波動很大，經濟不確定性高，但我們仍在一個非常具挑戰的環境中持續取得市占。因此，我們整體的期待是：我們不會等市場回來，我們至少要達到市場的 1.5 到 2 倍成長。所以當市場開始回升時，我們預期仍能持續取得更突出的成長。

Mike Harrison, Seaport Research Partners.

Mike Harrison，Seaport Research Partners。

Within the PCG segment, you said that your general industrial sales were up high single digits. Just was looking to see if you could break down how much of that was pricing versus volume? What end markets are showing strength in industrial? And do you think that, that strength is going to be sustainable into the second half?

在 PCG 部門內，你提到一般工業銷售成長為高個位數。我想請你拆解一下，其中有多少來自定價、多少來自銷量？工業端有哪些終端市場展現強勁？你認為這樣的強勢能否延續到下半年？

Yes, Mike, the volume was up mid-single digits and price mix up low single digits. We had some FX tailwind low single digits there. But like I mentioned in my prepared comments, the growth is really coming from general finishing and heavy equipment construction. So we're continuing to see transportation and energy have some headwinds. But a lot of complements to the team that despite that backdrop, they're out focusing very heavily on new business to offset some of that core erosion.

是的，Mike，銷量成長為中個位數，而價格／組合（price mix）提升為低個位數。另外匯率（FX）也帶來低個位數的順風。但如同我在事先準備的談話中提到的，成長主要來自一般塗裝（general finishing）以及重型設備／工程建設（heavy equipment construction）。因此我們仍看到運輸與能源領域存在一些逆風。但在那樣的背景下，團隊仍非常專注於新業務，以抵消部分核心業務的侵蝕；這點值得高度肯定。

Laurence Alexander, Jefferies.

Laurence Alexander，Jefferies。

This is Dan Rizzo on for Laurence. Just getting back to the store closures. I understand this is kind of an unusual situation, but just historically speaking, how -- I mean how many stores do you close kind of on an annual basis prior to this kind of period we've been in? And also is franchising something that's ever been considered for the Paint Stores Group?

我是代 Laurence 提問的 Dan Rizzo。回到門市關閉的議題。我理解這算是比較不尋常的情況，但就歷史而言，在我們目前這段期間之前，你們每年大概會關閉多少家門市？另外，Paint Stores Group 是否曾考慮過採用加盟（franchising）模式？

Yes. I mean, in a normal year, you're talking a small handful, two, three, four. A lot of times, again, you may see those because of prior acquisitions and you got duplication. And so generally, the focus is getting those new stores in. And so as Heidi talked about earlier, strategically finding the stores were maybe they're not hitting the return profile that you want and getting those out now.

是的。我的意思是，在正常年份，你談的是很少的幾家，兩家、三家、四家。很多時候，你會看到這種情況是因為先前併購造成重複據點。因此一般而言，重點是把新門市開出來。所以如同 Heidi 先前提到的，我們會策略性地找出那些可能未達到你想要的報酬輪廓（return profile）的門市，並在現在把它們退出。

It allows us to go faster later, and we have that. We're looking for the opportunity to be at the higher end of that 80 to 100 stores. And then franchising is not something that we've considered doesn't fit the long-term strategy value model and so it wouldn't be something that you see us talk about.

這讓我們之後能更快推進，而我們也具備這個條件。我們正在尋找機會，把門市數量拉到 80 到 100 家區間的較高端。另外，加盟並不是我們考慮的方向，因為它不符合長期策略的價值模型，因此你們不會看到我們談論這件事。

Laurence, one of the things that we talk a lot about with our stores is this idea of ownership. And we -- our store managers own the P&L. They own the culture of the store. They own the hiring of that store. Obviously, they own bringing business into the store.

Laurence，關於我們門市，我們經常談到的一個概念是「主人翁精神」。而我們——我們的店經理對損益表（P&L）負責。他們對門市文化負責。他們對該門市的人才招募負責。當然，他們也負責把生意帶進門市。

But I think Ben said it well, and it really is making sure that at the core, we're really -- we're grooming that ownership mindset. The store closures piece, we have our 6 enterprise priorities. Simplification is a very, very important priority that I want to take a moment and talk about. The reason that we're taking this approach to -- so really pruning stores is so we can go faster, but it is by design. We don't expect to annualize that level year-over-year.

不過我覺得 Ben 說得很好，核心確實在於確保我們真正——在培養那種主人翁心態。至於關店這一塊，我們有 6 項企業優先事項。「簡化」是一項非常、非常重要的優先事項，我想花點時間談談。我們採取這種做法——也就是實際上修剪門市——是為了讓我們能更快前進，而且這是刻意設計的。我們不預期每年都會年化到同樣的水準、逐年重複。

That's why I intentionally said it's behind us. So that we could continue to put the new stores in when and where they make sense to support our customers.

這也是為什麼我刻意說這已經在我們身後了。如此一來，我們就能在合適的時間與地點持續開設新店，以支援我們的客戶。

Chris Parkinson, Wolf Research.

Chris Parkinson，Wolf Research。

Just on the back of that, when you take a step back as CEO, is there anything else in terms of major initiatives that you feel the Sherwin team should be even more aggressive on? I mean you've gone through the store count, you've been increasing the average price point by attacking some of the lower volume, higher price point paints and going after kind of the top end of the market over time, you've increased your sales force. Is there any one or two initiatives where you said, you know what, we can double down on X, Y and Z to even further improve our trajectory and really go after that 1.5x market growth. Is there anything that comes to mind?

延續剛才的話題，當你以執行長的角度退一步看，還有沒有任何重大計畫，你覺得 Sherwin 團隊應該更積極一些？我的意思是，你們已經調整了門市數量；你們也透過處理一些低量但高單價的塗料、並隨時間推進到市場高端，來提高平均售價；你們也擴大了銷售團隊。是否有一兩項計畫，你會說，你知道嗎，我們可以在 X、Y、Z 上加倍投入，以進一步改善我們的發展軌跡，並真正去追求那個 1.5 倍於市場成長的目標。有沒有什麼想法？

Well, how long do we have? So Chris, it's a great question. There's a couple of things here. And I think when you look at the moat and you look at what we're trying to do, especially in a downturn to put more space between us and our competitors, there are absolutely not only levers, but we talk about growth vectors, top line growth, bottom line growth, and I said this earlier, we need to be our own catalyst in this market that's not going to simply provide one. And so, yes, there's a lot here.

嗯，我們有多少時間？所以 Chris，這是個很好的問題。這裡有幾件事。我想當你看我們的護城河、看我們想做的事，尤其是在景氣下行時要拉開與競爭對手的差距，確實不只有槓桿可用；我們也談到成長向量：營收成長、獲利成長。我先前也說過，在這個市場不會自動提供催化劑的情況下，我們必須成為自己的催化劑。所以，是的，這裡有很多可以做的。

What gets me really excited, not just our stores, our employees or the data that we own, we've assembled the world's largest database of painting contractors. There's so much we can be doing with that to be better partners to our customers. We've got a distribution platform that I'm very proud that we can do two things very well at the same time, which is provide scale and agility, again, which our contractors, our customers value.

讓我非常興奮的不只是我們的門市、員工或我們擁有的數據；我們已經建立了全球最大的油漆承包商資料庫。我們可以利用這些做很多事，成為客戶更好的合作夥伴。我們有一個我非常自豪的配送平台，能同時把兩件事做得很好：提供規模與敏捷性；而這正是我們的承包商、我們的客戶所重視的。

This is an opportunity, especially in a downturn with so much volatility and inflationary pressure. This is an opportunity for Sherwin-Williams to really stand tall and demonstrate our differentiation to our customers and to elevate our partnerships with our customers. That's where the team is focused. That's why we're taking share, and that's why I'm confident we're going to have a strong back half.

這是一個機會，尤其是在景氣下行、波動很大且面臨通膨壓力的情況下。這是 Sherwin-Williams 真正挺身而出、向客戶展現我們差異化，並提升與客戶夥伴關係的機會。團隊的重點就放在這裡。這也是為什麼我們正在取得市占，並且我有信心我們下半年會表現強勁。

Chris, I'll add to what Heidi said there. I think digital is another opportunity. I think the industry is under digitized and this supports all the things -- all the investments that we've been making in digital. And really, I mean, whoever gets demand signals, the quickest, they're going to be the ones that get the disproportionate amount of share.

Chris，我補充一下 Heidi 剛才說的。我認為數位化也是另一個機會。我覺得這個產業的數位化程度偏低，而這也支持我們一直在數位領域所做的各項投資。而且說真的，誰能最快取得需求訊號，誰就會拿到不成比例的市占。

And so our teams are actively working through that through ERP modernizations, CRM work. We've talked a lot about data and how we get insights to our businesses faster. And so I think that remains a really big opportunity for us that our teams are actively working on. You'll see us continue to talk about.

因此我們的團隊正積極推進相關工作，包括 ERP 現代化、CRM 專案。我們談了很多關於數據，以及如何更快為業務取得洞察。所以我認為這仍然是我們非常大的機會，而團隊也正在積極投入。你們會看到我們持續談論這些。

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

我們的問答環節到此結束。接下來我把會議交回給 Jim Jaye 作結語。請開始。

Thank you, Matthew, and thank you, everybody, for joining our call. And I want to reiterate Heidi's comments thanking our employees for their hard work in delivering a really strong quarter in this really difficult environment. Strategy is clear. It's working. It's unchanged.

謝謝你，Matthew，也謝謝各位參加我們的電話會議。我也想重申 Heidi 的話，感謝我們的員工在這個非常艱難的環境中努力工作，交出非常強勁的一季。策略很清楚。而且有效。也沒有改變。

And you can expect us to continue executing at this high level. I want to close out, as Heidi mentioned, also, again, another commercial for our financial community presentation. Cleveland, September 24. You'll have the chance to see our new HQ and our global technology center. So hope that you will -- many of you will be able to join us for that. Thanks again for your interest in Sherwin. And we're available, as always, for your follow-ups. Have a great day.

你們可以期待我們持續以這樣的高水準執行。最後我想收尾，如同 Heidi 也提到的，再次為我們的金融社群簡報做個宣傳。地點在 Cleveland，時間是 9 月 24 日。你們將有機會參觀我們新的總部以及全球技術中心。所以希望你們——很多人都能參加。再次感謝各位對 Sherwin 的關注。我們也一如既往，隨時可以回覆各位後續問題。祝各位有美好的一天。

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。你們現在可以中斷連線，祝各位有美好的一天。感謝各位的參與。