宣偉 (SHW) 2026 Q3 法說會逐字稿

Good morning. Thank you for joining The Sherwin-Williams Company's review of the third quarter 2026 and our outlook for the fourth 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, Investor Relations and Communications.

早安。感謝各位參加宣偉公司（The Sherwin-Williams Company）對2026年第三季業績回顧，以及對2026年第四季與全年展望的電話會議。今天與會的有：董事長、總裁暨執行長Heidi Petz；財務長Ben Meisenzahl；會計長Paul Lang；以及投資人關係與傳播資深副總裁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. 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.

本次電話會議同時由ACCESS Newswire透過網際網路在www.sherwin.com以僅收聽模式進行網路直播。本次電話會議結束約兩小時後，該網路直播的存檔重播將於www.sherwin.com提供。

Any forward-looking statement speaks only as of the date of which such statement is made, and the company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. A full declaration regarding forward-looking statements is provided in the company's earnings release transmitted earlier this morning. After the company's prepared remarks, we will open the session to questions.

任何前瞻性陳述僅截至該陳述作成之日有效，公司不承擔更新或修訂任何前瞻性陳述之義務，無論係因新資訊、未來事件或其他原因。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 continued to deliver strong top-line growth despite persistent softness of demand across our end markets. Our above-market performance reflects continued execution of our strategy, new account and share of wallet wins, and a clear return on prior growth investments.

各位早安，感謝加入我們的電話會議。儘管終端市場需求持續疲弱，宣偉仍持續交出強勁的營收成長。我們優於市場的表現反映出策略持續落實、新客戶與客戶錢包份額（share of wallet）的斬獲，以及先前成長投資帶來的明確回報。

Consolidated sales grew by a high single-digit percentage, inclusive of mid-single-digit price mix and low single-digit contributions from acquisitions and volume. We have grown consolidated volume every quarter this year. Sales in the quarter grew at or above our guidance in all three segments. As we talked about at our Investor Day last month, our strong top-line growth will be a key driver of robust earnings growth and incremental margins as the inflationary cycle ultimately moderates.

合併銷售額以高個位數百分比成長，其中包含中個位數的價格/組合（price mix）貢獻，以及來自併購與銷量的低個位數貢獻。今年以來我們每一季的合併銷量皆呈成長。本季三大事業部的銷售成長皆達到或高於我們的指引。如同我們上月投資人日所談到的，強勁的營收成長將是推動獲利強勁成長與增量利潤率的關鍵動能，因為通膨循環最終將趨於緩和。

Reported gross margin in the quarter was primarily impacted by higher raw material and supply chain related costs, dilution from the Suvinil acquisition, and higher growth in lower margin reportable segments. Gross margin is flat year to date, excluding the dilutive impact of Suvinil. Reported SG&A expense increased by a mid-single-digit percentage, but decreased 50 basis points as a percent of sales.

本季公布的毛利率主要受到原物料與供應鏈相關成本上升、Suvinil併購帶來的稀釋效應，以及低毛利可報導事業部成長較快所影響。若排除Suvinil的稀釋影響，年初至今毛利率持平。公布的銷售、一般及管理費用（SG&A）以中個位數百分比增加，但占銷售額比重下降50個基點。

The increase was driven primarily by incremental costs related to the Suvinil acquisition and higher employee service costs to support higher than expected year-over-year sales. We continue to expect full-year reported SG&A to increase by a mid-single-digit percentage, including a low single-digit contribution from Suvinil. Adjusted diluted net income per share increased by approximately 1%. EBITDA increased 3.4%, while adjusted EBITDA grew 3.3% to $1.4 billion, and adjusted EBITDA margin of 20.5% remained within our targeted range.

費用增加主要來自Suvinil併購相關的增量成本，以及為支援高於預期的年增銷售而增加的員工服務成本。我們仍預期全年公布的SG&A將以中個位數百分比增加，其中包含Suvinil帶來的低個位數貢獻。調整後稀釋每股淨利約增加1%。EBITDA增加3.4%，而調整後EBITDA成長3.3%至14億美元；調整後EBITDA利潤率20.5%仍落在我們的目標區間內。

Net operating cash decreased in the quarter and has grown 10%, or $232 million year to date, driven by higher year-to-date net income and lower year-to-date use of cash for working capital. We returned $749 million to shareholders in the quarter and $3 billion year to date through share repurchases and dividends. Our balance sheet remains strong, and we ended the third quarter with a net debt to adjusted EBITDA ratio of 2.4x.

本季營運活動淨現金流量下降；但年初至今已成長10%（或2.32億美元），主要受年初至今淨利提高，以及年初至今營運資金現金使用減少所帶動。本季我們透過庫藏股回購與股利向股東回饋7.49億美元；年初至今累計回饋30億美元。我們的資產負債表仍然穩健，第三季末淨負債對調整後EBITDA比率為2.4倍。

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

接下來我把時間交給Heidi，她將在進入展望與問答之前，先補充第三季各事業部表現的相關說明。

Thank you, Jim. I want to start by thanking our more than 64,000 employees around the world. Their hard work, dedication, and commitment to taking care of our customers continues to set Sherwin-Williams apart. Even in a challenging environment, our teams are finding new ways to win, grow with customers, and outperform the market.

謝謝你，Jim。我想先感謝我們全球超過64,000名員工。他們的辛勤付出、投入與致力於照顧客戶的承諾，持續讓宣偉與眾不同。即使在充滿挑戰的環境中，我們的團隊仍在尋找新的致勝方式，與客戶共同成長，並且跑贏市場。

Our third quarter sales performance reflects the strength of our strategy and the value customers are placing on our products and services. We continued to generate strong new account growth, deepen relationships with existing customers, and gain meaningful share across the business. At the same time, we acknowledge that the sales to earning conversion in the quarter was below our standards, and we will continue to act with urgency to drive greater efficiency throughout the organization.

我們第三季的銷售表現反映出策略的強度，以及客戶對我們產品與服務所賦予的價值。我們持續帶來強勁的新客戶成長、深化與既有客戶的關係，並在整體業務上取得具意義的市占提升。同時，我們也承認本季「銷售轉化為獲利」的表現低於我們的標準；我們將持續以緊迫感推動全組織更高的效率。

Actions taken in the third quarter, together with those we've previously disclosed, are expected to deliver approximately $25 million in 2026 savings. We are pursuing additional opportunities in the fourth quarter that we expect to further strengthen our cost structure and provide incremental benefits in 2027 as we are committed to making Sherwin-Williams a faster, more responsive, and even more efficient company.

第三季採取的行動，加上我們先前已揭露的措施，預期將在2026年帶來約2,500萬美元的節省。我們在第四季正尋求更多機會，預期將進一步強化成本結構，並在2027年帶來額外效益；因為我們致力於讓宣偉成為反應更快、更具彈性、且效率更高的公司。

As we've often said, we don't run this business for a perfect quarter. We run it to consistently outperform the market and create long-term value. On a year-to-date basis, we are delivering on the commitments we made. We are gaining share across our end markets. We continue to implement targeted pricing and cost actions designed to mitigate inflationary pressures. Excluding the dilutive impact of the Suvinil acquisition, consolidated gross margin is flat year to date.

正如我們常說的，我們經營這項業務並不是為了追求某一季的完美。我們的目標是持續跑贏市場並創造長期價值。以年初至今來看，我們正在兌現先前做出的承諾。我們在各終端市場持續提升市占。我們持續推動有針對性的定價與成本措施，以緩解通膨壓力。若排除Suvinil併購的稀釋影響，合併毛利率年初至今持平。

At the same time, we continue to make targeted growth investments that are further separating us from our competitors. While adjusted SG&A growth has moderated in each of the last two quarters, we are maintaining the midpoint of our full-year adjusted diluted EPS guidance, which we raised in July. I continue to have the utmost confidence in our team, and we are moving forward with determination and a clear focus on what we can control.

同時，我們也持續進行有針對性的成長投資，進一步拉開與競爭對手的差距。雖然調整後SG&A的成長在最近兩季各自趨緩，但我們仍維持全年調整後稀釋每股盈餘（EPS）指引的中位數水準；該指引我們已於7月上調。我對團隊仍抱持最高程度的信心，我們將以決心向前，並清楚聚焦於我們可控的事項。

Looking at our segment results in the third quarter, I'll begin with the Paint Stores Group, which grew by a mid-single digit percentage. Price mix increased by mid-single digits and volume increased by low single digits. Our team delivered growth in all Pro segments. Protective & Marine continued its momentum as sales increased by a mid-teens percentage versus a challenging prior year comparison.

就第三季各事業部表現而言，我先從Paint Stores Group（塗料門市事業群）談起，其銷售以中個位數百分比成長。價格/組合以中個位數成長，銷量以低個位數成長。我們的團隊在所有專業（Pro）細分市場皆實現成長。Protective & Marine（防護與船舶塗料）延續動能，在去年同期基期具挑戰的情況下，銷售仍以中十位數百分比成長。

It was the ninth straight quarter of at least high single-digit growth in this business. This team's combination of technical expertise and fast, reliable service continues to win business in multiple end markets, including AI infrastructure, energy, water treatment, manufacturing, and processing. Keep in mind that many of these wins also will create reoccurring revenue annuities related to future maintenance.

這已是該業務連續第九季至少達到高個位數成長。該團隊結合技術專業與快速、可靠的服務，持續在多個終端市場贏得業務，包括AI基礎設施、能源、水處理、製造與加工。請記住，其中許多斬獲也將帶來與未來維護相關的經常性收入年金（recurring revenue annuities）。

In the commercial business, sales increased by high single digits against a mid-single digit comparison in an underlying market that remains soft. These results continue to illustrate the exclusive contracts and new projects we have targeted and won over the last 24 months, and we are confident meaningful additional gains are still ahead. Residential repaint remains our single largest growth opportunity, and our targeted investments and relentless focus on new accounts continues to drive above-market growth.

在商業（commercial）業務方面，在基礎市場仍然疲弱、且去年同期比較基期為中個位數的情況下，銷售以高個位數成長。這些結果持續展現我們在過去24個月鎖定並贏得的獨家合約與新專案，我們有信心未來仍將有具意義的額外成長。住宅重塗（residential repaint）仍是我們最大的單一成長機會；我們的精準投資與對新客戶的持續專注，正持續帶動高於市場的成長。

Sales in the quarter grew by mid-single digits against a high single-digit comparison, marking 10 of the last 11 quarters that Sherwin-Williams has delivered at least mid-single-digit growth in this end market. Property maintenance grew by low single digits, as did new residential, which outperformed against a backdrop where single-family completions were down by a high single-digit percentage in the quarter.

本季銷售在高個位數的比較基期下，仍以中個位數成長，這也代表在過去11個季度中有10個季度，Sherwin-Williams在此終端市場至少達成中個位數成長。物業維護以低個位數成長；新建住宅亦為低個位數成長，且在本季獨棟住宅完工量以高個位數百分比下滑的背景下表現優於大盤。

Segment profit grew by low single digits, primarily due to higher net sales, partially offset by higher raw material and supply chain-related costs, as well as increased costs to support higher sales, including additional stores, sales reps, and digital capabilities. We've opened 57 gross new stores year to date, which have been offset by the planned and targeted closures that are now behind us as we described last quarter. We expect to be back in our typical range of 80 to 100 net new stores starting in 2027.

部門利潤以低個位數成長，主要受惠於淨銷售增加，但部分被原物料與供應鏈相關成本上升，以及為支撐更高銷售而增加的成本所抵銷，包括新增門市、業務代表與數位能力投入。今年迄今我們已新開57家門市（總數），但已被計畫性且具針對性的關店所抵銷；如同我們在上季所述，這些關店目前已告一段落。我們預期自2027年起，淨新增門市將回到我們一貫的80至100家區間。

The 8% price increase that became effective September 1 is tracking as planned and is expected to ramp up to our historical realization range in the first half of next year. In Consumer Brands Group, sales grew as expected, driven primarily by the Suvinil and Do it Best acquisitions. Positive low single-digit price mix, where favorable mix was greater than price, and low single-digit FX were partially offset by a mid-single digit decrease in volume.

自9月1日起生效的8%漲價正按計畫推進，並預期在明年上半年逐步提升至我們歷史上的實現率區間。在消費者品牌事業群（Consumer Brands Group）方面，銷售如預期成長，主要由Suvinil與Do it Best併購案所帶動。正向的低個位數價格/組合（其中有利的組合貢獻大於價格）以及低個位數的匯率助益，部分被銷量中個位數下滑所抵銷。

Regionally, North America sales increased by low single digits, driven by favorable mix, new product offerings, and the Pro Who Paints, as DIY demand remained muted. Europe grew by mid-single digits versus a high single-digit comparison driven by share gains. Our legacy Latin America business, excluding Suvinil, increased by a low single-digit percentage. As a reminder, we have annualized the Suvinil acquisition as of October 1.

就區域而言，北美銷售以低個位數增加，受惠於有利的產品組合、新產品推出，以及「Pro Who Paints」專業客群帶動，而DIY需求仍然偏弱。歐洲在高個位數的比較基期下，以中個位數成長，主要由市占提升所驅動。我們的拉丁美洲既有業務（不含Suvinil）以低個位數百分比成長。提醒一下，自10月1日起，我們已將Suvinil併購案完成年度化（annualized）。

Adjusted segment profit and margin in CBG decreased primarily due to higher raw material and supply chain costs, incremental SG&A expenses associated with the Suvinil acquisition, and unfavorable foreign currency transaction gains and losses. As we've previously shared related to Suvinil, this year is focused on serving our customers while executing on our integration efforts, which are progressing as expected. Excluding acquisitions, CBG adjusted segment margin for the quarter is in the low 20s.

CBG的調整後部門利潤與利潤率下滑，主要因原物料與供應鏈成本上升、與Suvinil併購相關的增量SG&A費用，以及不利的外幣交易損益所致。如同我們先前就Suvinil所分享的，今年的重點在於一邊服務客戶、一邊推進整合工作；整合進度符合預期。若排除併購影響，本季CBG調整後部門利潤率落在20%出頭（low 20s）。

In Performance Coatings Group, sales beat expectations with growth in every division and region. Volume increased at the high end of low single digits, reflecting new account wins and share gains as demand remained choppy in most end markets. Price mix increased by mid-single digits, and FX was a low single-digit tailwind. For the second straight quarter, growth was strongest in the general industrial division.

在高性能塗料事業群（Performance Coatings Group）方面，銷售優於預期，各事業部與各區域皆呈成長。銷量在低個位數的高端增加，反映新客戶贏單與市占提升；多數終端市場需求仍然起伏不定。價格/組合以中個位數增加，匯率帶來低個位數的正向助益。連續第二個季度，成長最強勁的是一般工業事業部。

Sales increased by a mid-teens percentage, inclusive of robust volume growth led by construction equipment and transportation. Packaging strength continued as sales increased by a low double-digit percentage and also included strong volume growth. This team has delivered a minimum of high single-digit sales growth in eight of the last nine quarters. Coil also grew by a low double-digit percentage, driven by construction, HVAC, lighting fixtures, and roof decking.

銷售以中十位數百分比成長，其中包含強勁的銷量成長，主要由建築設備與運輸領域帶動。包裝業務延續強勢，銷售以低雙位數百分比增加，且同樣包含強勁的銷量成長。該團隊在過去九個季度中有八個季度至少達成高個位數的銷售成長。捲材塗料（Coil）亦以低雙位數百分比成長，主要由建築、HVAC、照明燈具與屋頂鋼承板（roof decking）帶動。

Wood and automotive refinish both grew by low single digits. Total group sales expanded in all regions, including a strong double-digit increase in Asia and a high single-digit growth in North America and Latin America. Adjusted segment profit increased due to higher net sales, partially offset by higher raw material and supply chain-related costs, as well as an increase in employee-related costs to support higher sales.

木器與汽車修補漆（automotive refinish）皆以低個位數成長。整體事業群銷售在所有區域皆擴張，包括亞洲強勁的雙位數增幅，以及北美與拉丁美洲的高個位數成長。調整後部門利潤因淨銷售增加而上升，但部分被原物料與供應鏈相關成本上升，以及為支撐更高銷售而增加的員工相關成本所抵銷。

The slide deck accompanying our press release this morning provides more detail on third quarter segment results. With that, let me move on to our outlook for the remainder of this year, along with some initial considerations related to 2027. The slide deck issued with this morning's press release provides specific sales guidance for the fourth quarter, which reflects our normal seasonality and the full year.

今早隨新聞稿發布的簡報檔，提供了第三季各部門業績的更多細節。接下來，我將說明今年剩餘期間的展望，以及與2027年相關的一些初步考量。今早新聞稿所附的簡報檔提供第四季的具體銷售指引，並反映我們正常的季節性以及全年情況。

Given our third quarter performance, we are narrowing our earnings outlook and now expect adjusted diluted net income per share to be in the range of $11.85 to $12.15 per share, with the prior midpoint of $12 remaining unchanged. Our slide deck contains other details you may find useful for modeling purposes. You should expect us to act with discipline and urgency over the remainder of the year while remaining laser-focused on our strategy of driving our customers' success.

鑑於我們第三季的表現，我們將縮窄獲利展望，並預期調整後稀釋每股淨利將落在每股11.85至12.15美元區間，先前的中位數12美元維持不變。我們的簡報檔亦包含其他你在建模時可能會覺得有用的細節。在今年剩餘期間，你應可預期我們將以紀律與緊迫感行事，同時持續高度聚焦於推動客戶成功的策略。

As we prepare for 2027, our teams are working through our annual planning process. We will provide you with a more definitive outlook in January, as we typically do. But at this time, we can provide some initial expectations that may be helpful. From a demand perspective, we expect a continuation of softer for longer, with continued choppiness across most end markets. The leading indicators we track point to few positive catalysts at this time.

在為2027年做準備之際，我們的團隊正進行年度規劃流程。我們將如往常一樣在1月提供更明確的展望。但在此時點，我們可以先提供一些可能有幫助的初步預期。就需求面而言，我們預期「疲弱將持續更久」（softer for longer）的情況延續，多數終端市場仍將持續波動不定。我們追蹤的領先指標顯示，目前正向催化因素不多。

As a result, we will continue investing in the targeted growth initiatives that we know will bring returns, including stores, reps, services, and innovative products. From a cost perspective, we are not immune from inflation. We will continue to manage this variable through targeted pricing actions as needed, disciplined control of general and administrative expenses, and simplification initiatives that drive speed and efficiency.

因此，我們將持續投資於我們確信能帶來回報的目標型成長計畫，包括門市、業務代表、服務與創新產品。就成本面而言，我們也無法免於通膨影響。我們將在需要時透過具針對性的定價行動、對一般與行政費用的嚴格控管，以及提升速度與效率的簡化計畫，持續管理此變數。

We expect cost savings of approximately $75 million in 2027, inclusive of $25 million related to the restructuring actions taken in this year's second and third quarters, as well as cost actions currently under review in the fourth quarter. Given our current visibility, we expect raw material inflation to be in the low to mid-single digit range for 2027, with the largest year-over-year impact in the first half of the year before moderating in the second half.

我們預期2027年的成本節省約7,500萬美元，其中包含與今年第二季與第三季採取的重整措施相關的2,500萬美元，以及目前在第四季審視中的成本行動。以我們目前的能見度來看，我們預期2027年原物料通膨將落在低至中個位數區間；其最大的年對年影響將出現在上半年，並在下半年趨於緩和。

We also expect other parts of the cost basket to inflate, including energy, fuel, healthcare, wages, and technology and software licensing. We will continue to take a thoughtful approach to any potential price increases by working closely with our customers, balancing the timing and magnitude while continuing to deliver the products, services, and solutions that drive their productivity and profitability.

我們也預期成本籃子的其他項目將出現通膨，包括能源、燃料、醫療保健、薪資，以及科技與軟體授權。我們將持續以審慎方式評估任何潛在的漲價，透過與客戶密切合作，在兼顧時點與幅度的同時，持續提供能提升其生產力與獲利能力的產品、服務與解決方案。

We look forward to providing you with a more detailed outlook during our January call. Sherwin-Williams is a proven, share-gaining compounder built to perform through all cycles. We expect to finish the year with momentum that carries into 2027, supported by a deep and experienced team with a long track record of delivering results and navigating changing market conditions.

我們期待在1月的電話會議中提供更詳細的展望。Sherwin-Williams是一家經過驗證、能持續提升市占的複利型成長企業，具備穿越各種景氣循環的能力。我們預期今年將以動能收官並延續至2027年；這將由一支資深且經驗豐富的團隊所支撐，其長期以來在交付成果與因應市場環境變化方面具備優異紀錄。

We are confident that we are a fundamentally stronger company today than the one that entered this cycle. Through disciplined investment, we've continued to expand our capabilities, create new growth platforms, and reinforce our differentiators.

我們有信心，相較於進入本輪景氣循環之初的我們，如今公司在基本面上更為強健。透過有紀律的投資，我們持續擴充能力、打造新的成長平台，並強化我們的差異化優勢。

Our advantage is not rooted in any single asset. It comes from the combination of our people, customer relationships, systems, scale, and investments, all reinforced by credibility and trust built over decades. That combination is difficult to replicate and only continues to strengthen, better positioning Sherwin-Williams to serve customers, outperform the market, and create long-term value.

我們的優勢並非根植於任何單一資產。它來自於我們的人才、客戶關係、系統、規模與投資的綜合效應，並由數十年累積的信譽與信任所加持。這種組合難以複製，且只會持續強化，使Sherwin-Williams能更好地服務客戶、跑贏市場，並創造長期價值。

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

以上為我們預先準備的發言。接下來，感謝各位今天早上參與，我們很樂意回答各位的提問。

(Operator Instructions) Greg Melich, Evercore ISI.

(接線員指示) Greg Melich，Evercore ISI。

Hi, thanks. I wanted to follow up on the pricing, the 8% that you took in the third quarter. You said, I think, that normal would come in through the first half of next year. Do you anticipate that there's some pricing that's needed to stay on top of raws as you go into next year, given the low to mid-single number that you just talked about on raws? Thanks.

嗨，謝謝。我想追問一下定價，也就是你們在第三季調漲的8%。我記得你們說過，正常化會在明年上半年逐步到位。鑑於你們剛提到原物料僅為低到中個位數的變動，展望明年，你們是否預期仍需要再做一些定價調整，以跟上原物料成本？謝謝。

Hey, Greg, it's Ben. On the 8% price increase for stores, we're going to continue to manage pricing just like you've seen us do all year. We've had more of a staggered approach, and we've gone when we've needed, and that's the consistent part of our process here. I think the headline for you is the pricing that we're going out with, it's behaving as intended, and it is helping to offset the continued cost basket inflation that Heidi talked about.

嗨，Greg，我是Ben。關於門市端8%的漲價，我們會持續像你今年看到的那樣管理定價。我們採取較為分段、錯開的方式，需要的時候就會調整，這一直是我們流程中一致的部分。我想你需要掌握的重點是：我們正在推行的定價表現符合預期，並且有助於抵銷Heidi提到的持續成本籃子通膨。

The issue we have, it's not pricing power, but it's the timing of the price cost realization in this rapidly changing inflationary environment. As we progress into the fourth quarter here, and then to your question into 2027, you should expect that we're going to continue to watch that cost basket.

我們面臨的問題不是定價能力，而是在這個快速變動的通膨環境中，價格與成本實現的時間差。隨著我們進入第四季，並且回應你提到的到2027年，你應該預期我們會持續關注那個成本籃子。

I think we have decent visibility of what's coming, and just like you've seen us do since the start of the year, we're going to pace the pricing as we need it, and that balance of the price cost basket, you're going to continue to see us do that. When pricing does roll over, just like you've seen in prior cycles, that's when we would expect to get that margin expansion, just like you've seen in each inflationary cycle before.

我認為我們對即將發生的情況有相當不錯的能見度；也如同你從年初以來看到我們所做的，我們會依需要來安排定價節奏，並持續維持價格與成本籃子之間的平衡。當定價開始回落時，就像你在過去週期中看到的一樣，我們預期那時會出現毛利率擴張，正如以往每一次通膨週期所呈現的情況。

Thank you, Greg.

謝謝你，Greg。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

Thanks very much. I was wondering about your comment about gross margins for the year being flat, exclusive of the penalty from Suvinil. It looks to me then that the penalty here to date is about $65 million. Is that the correct number, or maybe 35 basis points of gross margin? If so, do those costs go away in 2027? How do you connect that with the normal margins of Suvinil, which I think are double-digit?

非常感謝。我想請教你們提到今年毛利率持平（不含Suvinil的罰款影響）這點。照我看，截至目前這個罰款影響大約是6,500萬美元。這個數字是否正確？或者說約為毛利率35個基點？如果是的話，這些成本在2027年會消失嗎？另外，這要如何與Suvinil的正常利潤率連結？我記得那是雙位數。

Then I think AkzoNobel was grousing about your pricing actions in Brazil being negative. Maybe you could talk about that as well for Suvinil. That is really one question if you put it all together.

另外我想，AkzoNobel一直在抱怨你們在巴西的定價行動是負面的。也許你們也可以就Suvinil談談這點。如果把這些合在一起，其實就是同一個問題。

That was a multi-part, one-part question, Jeff. Good morning. By the way, great to see you and many of you on the call here at our recent Analyst Day last month. I am going to start with the second question, then the second part of your one-part question, and then hand it over to Ben. In terms of pricing actions in Brazil, there is nothing broad-based.

Jeff，這是一個多段式、但又是一段式的問題。早安。順帶一提，很高興在上個月我們最近的分析師日上見到你，以及今天電話會議上的許多各位。我先從第二個問題開始，也就是你那個一段式問題的第二部分，然後再交給Ben。就巴西的定價行動而言，沒有任何全面性的措施。

You are not going to see anything unique in any discounting. We are very consistent across all regions. Where there might be some short-term opportunistic or strategic campaigns, which are really more micro promotions, if you will, to be opportunistic, you will see that, but absolutely not, you are not going to see any broad-based discounting.

你不會看到任何特殊的折扣作法。我們在所有地區都非常一致。若有一些短期、機會型或策略性的活動——可以說是較微觀的促銷——用來把握機會，你會看到那種情況，但絕對不是，你不會看到任何全面性的折扣。

Yeah. Jeff, to the first part of your question, we are calling out our gross margin without Suvinil. We have done that a little bit in the prior quarters as well. We have had that dilutive impact at the gross margin level, going back to the fourth quarter of last year because of their cost structure. The point we are trying to show as we try to reconcile what is happening with gross margin is that business mix, especially for businesses like Suvinil that we have not annualized yet, do have a dilutive impact to the gross margin piece.

是的。Jeff，回到你問題的第一部分，我們特別揭露不含Suvinil的毛利率。前幾季我們也稍微這樣做過。由於其成本結構，自去年第四季以來，我們在毛利率層面一直受到稀釋影響。我們想要呈現的是：在我們試圖調和毛利率變化時，業務組合——特別是像Suvinil這種我們尚未完成全年化的業務——確實會對毛利率造成稀釋影響。

We talked about at our Investor Day, the cost to serve is very different for different parts of our businesses. There are times when gross margin is going to be diluted because you have growth in businesses that might have a lower gross margin. They also might have a much lower SG&A base as well. What we are trying to reconcile there for you is that business mix did play a part of that there.

我們在投資人日提到，不同業務的服務成本（cost to serve）差異很大。有些時候，毛利率會被稀釋，因為成長來自毛利率較低的業務。但這些業務的SG&A基礎也可能低很多。我們想向你說明的是：業務組合確實在其中扮演了一部分角色。

If I come back up to a higher level and look at our total gross margin in general, I would characterize probably half of the decrease in margin related to the price cost, the supply chain cost, fuel, the things that Heidi called out in the opening remarks, and half of it to business mix, where you have not only the Suvinil piece, but you also have higher growth in some of our lower gross margin businesses in PCG and CBG.

如果我拉高一個層級來看我們整體毛利率，我會把毛利率下滑大約一半歸因於價格與成本之間的關係、供應鏈成本、燃料，以及Heidi在開場談到的那些因素；另一半則歸因於業務組合——不僅有Suvinil的因素，同時PCG與CBG中一些毛利率較低的業務也有較高成長。

I think this is why, again, at FCP, we talked about adjusted operating margin being a better barometer. Even though that is under pressure here in the quarter as well, that points to where the operating margin growth. That is the value creation piece of the equation there.

我想這也是為什麼我們在FCP再次提到，調整後營業利益率是更好的衡量指標。即便本季它也同樣承壓，但它更能反映營業利益率成長的方向。那才是這個等式中創造價值的部分。

Thank you, Jeff.

謝謝你，Jeff。

Vincent Andrews, Morgan Stanley.

Vincent Andrews，摩根士丹利。

Thank you, and good morning. I wanted to follow up on the Consumer Brands PBT margins. Obviously, heard everything you have said about Suvinil so far, but it would also just look, even if you ex that out, that the underlying consumer brand margins are a little softer in the quarter. Clearly, there is a raw material issue.

謝謝，早安。我想追問一下Consumer Brands的PBT利潤率。顯然我聽到了你們目前對Suvinil所說的一切，但即便把它排除在外，看起來本季消費品牌的基礎利潤率也稍微偏弱。很明顯有原物料的問題。

But that is the segment where you are seeing the least amount of price versus the other two are up mid-singles. This one is only up low singles. Can you talk about what you are doing from a price perspective there, and when you think in that particular segment you will be able to match price with the raw material inflation that you are seeing?

但這個分部相較另外兩個（價格上調中個位數），你們看到的漲價幅度最小。這個分部只上調了低個位數。你能談談你們在那裡的定價作法，以及你們認為在該分部何時能讓價格追上你們所看到的原物料通膨嗎？

Thanks, Vincent. If I talk about price in CBG, I will remind you too, this is a smaller business, so some of the magnitude and the swings, especially with global supply chain being embedded in there, it does have a bigger magnitude of move on the gross margin piece. I think what I would say with Consumer Brands Group is we have done pricing there.

謝謝，Vincent。如果我談CBG的定價，我也提醒你，這是一個較小的業務，所以一些幅度與波動——尤其是其中包含全球供應鏈因素——會在毛利率端呈現更大的變動幅度。我對Consumer Brands Group想說的是：我們確實已在那裡做了定價。

I think that if I had to compare it against all three of the reportable segments, it is probably the area where we still have some opportunity. That is because of strategic choices. We have talked about putting a premium on volume, and watching both the timing and magnitude to make sure we pace with what is actually happening in the cost baskets. There is obviously a little bit of pressure there.

我想如果要在三個可報告分部之間做比較，這可能是我們仍有一些機會的領域。這是因為策略性的選擇。我們談過要把重點放在銷量上，並同時關注時點與幅度，以確保我們的節奏能跟上成本籃子實際發生的變化。那裡顯然有一些壓力。

But if I looked at gross margin altogether on an adjusted basis, your 430 basis points backwards, it really boils down to two things. One of them is, again, the Suvinil impact. That is approximately 70% of that impact. Then the other part of it is just the timing with higher raw material costs and supply chain costs.

但如果我以調整後口徑來看整體毛利率，你們落後了430個基點，歸根結底主要是兩件事。其中之一仍然是Suvinil的影響。這大約占該影響的70%。另一部分則只是時點因素，與較高的原物料成本與供應鏈成本有關。

That is inclusive of, again, what we have in our global supply chain business where they have been realizing a lot of the fuel and supply chain costs. You think about the high cost of diesel and other energy costs that we do not fully move into the businesses until we do our annual standard cost process. So very consistent there with how we have reported that out, but that is obviously putting pressure on the segment.

這也包含了我們全球供應鏈業務中的情況，他們一直在承擔大量燃料與供應鏈成本。你可以想想柴油的高成本以及其他能源成本，我們在進行年度標準成本流程之前，並不會把這些成本完全轉嫁到各業務中。因此這與我們一貫的揭露方式非常一致，但顯然正在對該事業部門造成壓力。

Thank you, Vincent.

謝謝你，Vincent。

Salvator Tiano, KeyBanc Capital Markets.

Salvator Tiano，KeyBanc Capital Markets。

Yes, thank you very much. Just wanted to see what you've experienced the past few months with regard to the US housing market demand, whether it's the Paint Stores Group or CBG. If you can provide a little bit the cadence of sales over Q3 and what you're seeing in October, and then line of sight you have in the next few months as we got that interest rate and mortgage spike.

是的，非常感謝。我想了解你們過去幾個月在美國房市需求方面的體驗，不論是Paint Stores Group或CBG皆可。如果可以的話，請提供一下第三季銷售的節奏，以及你們在10月看到的情況，另外在利率與房貸利率飆升之下，未來幾個月你們的能見度如何。

Yep. Good morning. I'll take that. I'm going to give you maybe just a brief snapshot by segment because the devil's always in the details there related to housing. If I start with our residential repaint segment, obviously this is an area that we continue taking market share. A lot of the indicators remain soft, but if you look at our new account activity, it remains very strong.

好的，早安。我來回答這題。我會按事業部門給你一個簡短快照，因為與房市相關的細節往往決定成敗。先從我們的住宅翻新重塗（residential repaint）業務來看，顯然這是我們持續提升市占的領域。許多指標仍偏疲弱，但如果你看我們的新客戶開戶活動，仍然非常強勁。

Importantly, it's not just the new account activity, it's our active accounts, which continues to grow. This for us is really a good barometer of the size and the frequency of these purchases. Even though single-family is soft, there is still more square footage that's being installed, and that becomes an annuity for us now and over time, as the market recovers.

重要的是，不只是新客戶開戶活動，我們的活躍客戶數也持續成長。對我們而言，這是衡量採購規模與採購頻率的一個很好的指標。即便獨棟住宅偏弱，仍有更多的施工面積在安裝中，這會成為我們現在以及未來、隨著市場復甦而持續帶來的年金式收入來源。

We're going to continue to find new ways to help these contractors grow and be productive, and we are continuing to win. I'll remind you that segment is the area where we have the largest opportunities to grow. Next, I'll take you to their commercial segment. We're outperforming. Obviously, there's soft multi-family completions, and we are taking meaningful market share. These sales are up year over year, all four quarters of 2025 and all three quarters in 2026.

我們會持續尋找新方法，協助這些承包商成長並提升生產力，而我們也持續在贏。我也提醒你，這個事業部門是我們成長機會最大的領域。接著談到商用（commercial）業務。我們表現優於市場。顯然，多戶住宅完工量偏弱，但我們正在取得顯著的市占。這些銷售年增，涵蓋2025年四個季度以及2026年前三個季度。

I would tell you, while the market is seeing generally solid multi-family starts since the start of 2025, we should begin to inflect those to more positive completions well into 2027. Certainly, there's a lot of support from an AI infrastructure standpoint, providing even more opportunity, and I really believe no one is better positioned to win in that space than we are.

我會說，雖然自2025年初以來市場整體看到多戶住宅開工仍算穩健，但我們應該會在2027年相當長一段時間內，開始看到完工量轉為更正向的拐點。當然，AI基礎設施也提供了大量支撐，帶來更多機會，而我真的相信，在那個領域沒有人比我們更具備取勝的優勢。

Next, if I go to new residential, we're outperforming soft completions, and despite home builder sentiment is the lowest it's been since 2012, we're still taking share. In Q3, our single-family completions down high single digits on average in the market, and Sherwin's new res was up low single digits. That just goes to show you, we continue to take share there. Broad-based, that's kind of the snapshot as we think about the quarter and a bit of the short-term outlook.

接著如果看新建住宅（new residential），我們在疲弱的完工量之下仍表現優於市場；儘管建商信心降到自2012年以來最低，我們仍在提升市占。在第三季，市場的獨棟住宅完工量平均下滑高個位數百分比，而Sherwin的新建住宅業務則是低個位數成長。這就顯示我們持續在那裡取得市占。整體而言，這就是我們對本季以及短期展望的快照。

Yeah, I'll just add one thing to what Heidi said there. Just again, as a reminder, as we're building our guidance, whether it's for the fourth quarter or even as we go into 2027, we're not building that on a macro recovery that we don't control. We talked a lot about that at Investor Day, that you see us focused on the things we can control.

我再補充Heidi剛才提到的一點。再次提醒，當我們建立指引時，不論是第四季，或甚至展望到2027年，我們並不是建立在我們無法掌控的總體經濟復甦之上。我們在投資人日談了很多，你會看到我們聚焦在可控的事情上。

Heidi called out some of the cost restructuring savings that are impacting not only 2026, but we gave you a preview to what we expect in 2027. That gives you an idea and shows you the levers that we're still able to pull on durable structural cost-out that'll help us combat some of the things that you're going to see with some of the economic indicators.

Heidi提到了一些成本重整所帶來的節省，這不僅影響2026年，我們也讓你們先睹為快我們對2027年的預期。這讓你了解並顯示，我們仍有槓桿可用：透過具持久性的結構性降本，來幫助我們對抗你們將在部分經濟指標中看到的情況。

Thank you, Sal.

謝謝你，Sal。

Arun Viswanathan, RBC.

Arun Viswanathan，RBC。

Great. Thanks for taking my question. Maybe I could just get some initial thoughts. I know that in the release, you guys commented that you do expect choppy conditions to kind of maintain as you head into 2027. Could you just elaborate on what you're seeing there? Are your customers still kind of trepidatious and across different verticals?

很好。謝謝回答我的問題。我想先請教一些初步看法。我知道你們在新聞稿中提到，預期進入2027年時，波動的環境仍會持續。能否請你們多談談你們看到的情況？你們的客戶是否仍然相對謹慎，且在不同終端領域皆是如此？

On a related note, do you expect to kind of see mid-single digit pricing and maybe low single digit volume to continue, or how does that kind of work out? Thanks.

另外相關的一點，你們是否預期中個位數的價格（漲幅）以及低個位數的銷量（變動）會延續，或是之後會如何演變？謝謝。

Arun, I will take the first part and hand it over to Ben on the second part. I would tell you it obviously varies by segment. We just covered some of the housing segments, but if I take you to a few areas where I would tell you there is a bullish outlook, Protective & Marine is a great example. We are intentionally positioning this business to be exactly where our customers want us to be.

Arun，我先回答第一部分，第二部分再交給Ben。我會說這顯然因事業部門而異。我們剛剛談到一些房市相關的部門，但如果我帶你看幾個我認為展望偏多的領域，Protective & Marine就是很好的例子。我們正有意識地把這個業務定位在客戶希望我們所在的位置。

The reason I point that out, because if you think about historically, more of a focus on maybe gas and the like, this portfolio is really looking more broadly at water, data centers, semiconductor, energy, pharma, and infrastructure, where demand remains strong. That is supported by public funding, owner CapEx, and then the maintenance opportunities.

我之所以特別指出這點，是因為如果你回想過去，可能更聚焦在天然氣等領域；而現在這個產品組合更廣泛地著眼於水務、資料中心、半導體、能源、製藥與基礎建設等需求仍然強勁的領域。這些需求受到公共資金、業主資本支出（CapEx），以及後續維護機會的支撐。

There is really a bright spot here, and I would tell you energy activity is rebounding in midstream, downstream, and LNG and maintenance work. Upstream remains selectively volatile and is more sensitive to oil price movement, but we are seeing some really good kind of green shoots there. We have covered a lot of the housing, but if I give you just a big picture view across the Performance Coatings Group business, where you have got some bright spots here.

這裡確實是一個亮點；我也會說能源活動正在回升，涵蓋中游、下游、LNG以及維護工程。上游仍呈現選擇性波動，對油價變動更敏感，但我們確實看到一些相當不錯的初現端倪。我們已談了很多房市；但如果我從Performance Coatings Group業務的整體角度給你一個大局觀，你會看到其中有一些亮點。

We pointed out general industrial. For us, we are up mid-teens. This has been a really good growth, and in general, finishing and heavy equipment has been up double digits, so there is some really good new business that we are chasing to offset some of that core softness. Packaging up low double digits. This is the two-piece bev end, up double digits. Food and household products are up high single digits.

我們提到了通用工業（general industrial）。對我們而言，成長在十幾個百分點的中段。這一直是非常好的成長；整體來看，塗裝（finishing）與重型設備成長達雙位數，因此我們正在追逐一些非常不錯的新業務，以抵消核心需求的疲弱。包裝業務成長在低雙位數。其中兩片式飲料罐端市場成長達雙位數。食品與家用產品成長在高個位數。

Sorry, the two-piece bev is up double digits. Our bev end is still under pressure, but you are seeing a lot of continued activity there. Coil up low double digits, and there is strength that we are seeing in construction, HVAC, lighting fixtures, and roof decking, and then obviously AI is going to be a nice tailwind for us there. Our refinish business continues to grow. I think there is some stability in the large shops that have been largely flat through 2026.

抱歉，兩件式 bev 目前呈現兩位數成長。我們的 bev 端仍承受壓力，但你確實看到那邊持續有相當多的活動。Coil 也有低兩位數成長，我們在建築、HVAC、照明燈具與屋面鋼承板等領域看到強勁動能，而顯然 AI 也會在那裡成為我們很好的順風。我們的 refinish 業務持續成長。我認為大型店家在 2026 年期間大致持平，已出現一些穩定性。

The medium shops are down mid-single digits, and small shops are seeing some continued pressure as well. But you are seeing our ability to chase new business wins offsetting the core. We are going to see and refinish some temporary share shift that we are very confident that we will earn back in the short term. But the team has been out aggressively chasing new accounts.

中型店家下滑中個位數，小型店家也持續面臨一些壓力。但你也看到，我們追求新業務勝利的能力正在抵消核心業務的影響。在 refinish 方面，我們會看到一些暫時性的市占移轉；我們非常有信心在短期內把它贏回來。不過團隊一直在積極地爭取新客戶。

I will hand it to Ben to answer the other part of your question, Arun.

Arun，你問題的另一部分我交給 Ben 來回答。

Yeah. Arun, you had asked about pricing going into next year, considering that we've got the raw materials, talking about low to mid-single digit. I wouldn't frame it all around pricing. We're getting price. We're going to continue to take appropriate actions where needed. But it isn't a question of just how much more price, and this is why you see us calling out some of the structural cost activities as well.

對。Arun，你問到明年定價的問題，考量到我們的原物料（你提到低到中個位數）。我不會把它完全用「定價」來框架。我們確實有拿到價格。我們也會在需要的地方持續採取適當行動。但問題不只是還要再加多少價，這也是為什麼你會看到我們同時點出一些結構性成本的作為。

It's improving the overall price to cost equation through multiple different avenues. I'm not going to give a company-wide percentage. Even as I talked about the realization curves, they vary by business, by customer, by geography, and we're thoughtfully managing each piece and part of those as we go into next year.

這是在多個不同途徑下，改善整體「價格對成本」的方程式。我不會提供全公司層級的百分比。即便我先前談到實現（realization）曲線，它也會因事業別、客戶、地理區域而異；我們在進入明年時，會審慎地管理其中每一個環節與組成。

I'll reiterate again, and as we've talked about since April, we have good visibility into the cost environment, and we're going to remain disciplined on pricing, and we'll take additional cost action and price action where the economics require it.

我再重申一次，也如同我們自四月以來一直在談的：我們對成本環境有良好的能見度；我們會在定價上保持紀律，並在經濟條件需要時，採取額外的成本行動與價格行動。

Thank you, Arun.

謝謝你，Arun。

Aleksey Yefremov, Barclays.

Barclays 的 Aleksey Yefremov。

Thank you. Good morning. Heidi, I think you mentioned that your price cost situation, you are not happy with it. Was it the case that the costs increased faster than you expected in the third quarter, or were you not able to raise the price as much as expected, or is it something else?

謝謝。早安。Heidi，我想你提到你們的價格與成本狀況，你並不滿意。是第三季成本上升速度比你預期更快，還是你們無法如預期提高價格，或是其他原因？

Well, I am never happy with it because there is always more opportunity. I am going to have Ben walk you maybe through some of the details here.

嗯，我從來都不會滿意，因為永遠都有更多機會。我請 Ben 來帶你看一些細節。

Yeah. Aleksey, I would say, as I mentioned earlier here, the price is working as we expected. There are other parts of the cost basket that are conversion, the fuel, other things that some of them could be temporary in nature that we are going to protect against having to pass to our customers in price because we would expect that at some point you get some moderation there.

對。Aleksey，我會說，如同我先前提到的，價格的運作符合我們的預期。成本籃子裡還有其他部分，例如轉換成本、燃料，以及其他項目；其中有些可能是暫時性的，我們會避免必須透過價格把它轉嫁給客戶，因為我們預期某個時間點會出現一些緩和。

Not everything in the cost basket that goes up turns ultimately into, hey, we are passing that into price. But as I mentioned earlier, it is working, and this staggered approach, we went earlier this year with stores. We went again in September. On the industrial side of the business, you have seen us go at many, many more cadences that have different magnitudes and timing. That is consistency. That is how we have been able to manage through the prior cycles.

成本籃子裡不是每一項上升，最後都會變成「我們把它反映到價格」。但如我先前所說，它是有效的；而這種分段式做法，我們今年稍早先在門市端採取行動。我們在九月又做了一次。在工業端，你也看到我們以更多、更頻繁的節奏推進，幅度與時點各不相同。這就是一致性。這也是我們能夠度過以往景氣循環的方式。

I think your read into us not being happy, we are making strategic choices, and we are doing everything we can to try to keep the margin from falling behind. I feel very good about what we are doing from a dollar point of view, and that has been a central ask of our teams back since the start of the year when we started doing a lot of the pricing increases.

我想你解讀我們「不滿意」的點在於：我們正在做策略性的選擇，並且竭盡所能，盡量不讓毛利率落後。從金額（dollar）角度來看，我對我們正在做的事情感到非常好；而這也一直是我們自年初開始、在進行多次漲價時對團隊的核心要求。

You also see this as our commitment to continue to manage that price cost balance, and everything that we are doing, pricing, the cost set actions that we talked about, are all there to make sure that we can get back to that margin growth.

你也可以把這看作我們持續管理價格與成本平衡的承諾；我們所做的一切——定價、以及我們談到的成本端行動——都是為了確保我們能回到毛利率成長。

Aleksey, we see this as short-term pressure. We know how to take price and get price. Success is that we have the volume, the price, and the customers with us on the other side of price activity, so we are going to deliver that.

Aleksey，我們把這視為短期壓力。我們知道如何調價並取得價格。成功的定義是：在價格行動之後，我們仍能保有銷量、價格，以及客戶的支持；我們會做到這一點。

Thank you, Aleksey.

謝謝你，Aleksey。

Michael Rehaut, Melius.

Melius 的 Michael Rehaut。

Thanks. Good morning. Appreciate you taking my question. I wanted to zero in on the price mix dynamic for 2026 and maybe how to think about 2027, at least more from the mix side. I know price is something that you are still working through, perhaps in terms of how to approach 2027.

謝謝。早安。感謝你們回答我的問題。我想聚焦在 2026 年的價格/組合（price mix）動態，以及也許該如何看待 2027 年——至少更多從組合面的角度。我知道價格仍是你們正在處理的議題，可能也在思考 2027 年該如何推進。

If you could remind us on price mix up mid-single digits for the full year on 2026, how much of that is price versus mix? If you think about going into 2027 in terms of how your new products and other initiatives are tracking, how we should think at least about mix as an impact to sales growth for 2027.

如果可以的話，請你們提醒一下：2026 全年價格/組合上升中個位數，其中有多少來自價格、多少來自組合？另外，展望 2027 年，考量你們新產品與其他計畫的進展，我們至少應該如何看待「組合」對 2027 年銷售成長的影響？

Hey, Mike, it's Ben. We generally don't break out the price mix component, and as you can imagine, just the complexity of the different product offerings all the way down to you've got paint, you've got non-paint and other things that go on in there. We historically haven't broken apart that price mix piece here.

嗨，Mike，我是 Ben。我們一般不會把價格/組合拆分揭露；你也可以想像，從不同產品組合的複雜度來看——一路到你有塗料、有非塗料以及其他項目——我們過去一向沒有把這個價格/組合的部分拆開來說。

I can tell you that part of the benefit that we get there is that on the paint side, the premium uplift that our stores work through, and even on the industrial side, because it gives our customers a better opportunity to be more productive. That is an important part that is embedded there. In our operating model here, we do lean heavily on our ability to keep moving up in that premium mix.

我可以告訴你，我們在那裡獲得的部分效益，來自塗料端門市推動的高端（premium）升級；甚至在工業端也是如此，因為這能讓客戶有更好的機會提升生產力。這是其中一個內嵌在裡面的重要部分。在我們的營運模式中，我們確實高度倚賴持續提升高端產品組合的能力。

You've heard us talk in prior quarters about our ability to walk people up to the premium piece. As we go into 2027 and we look at mix, you look at our midterm targets, and we've talked about our midterm targets for stores being mid to high single digits. You look at industrial being more of a mid-single digit, inclusive of acquisitions, and you look at Consumer Brands Group being more of a low single digits.

你們在前幾季也聽過我們談到，如何把客戶逐步引導到高端產品。展望 2027 年、從組合來看，你可以對照我們的中期目標：我們談過門市事業群的中期目標是中到高個位數成長。工業事業則更偏中個位數（包含併購）。消費者品牌事業群（CBG）則更偏低個位數。

We're a little bit inverted right now, and you see that a little bit in the quarter, and that's why we're calling mix out so much where you've got CBG with their acquisition of Suvinil, and then with the tailwinds that we're seeing in the industrial business. It's upside down temporarily, so we still strongly believe in our midterm targets, and we believe in our ability to get Stores Group growing at that mid to high single digits.

我們現在有點顛倒過來了，你在本季也看到一些跡象；這也是為什麼我們如此強調組合——因為 CBG 透過收購 Suvinil，加上我們在工業業務看到的順風。這只是暫時性的上下顛倒；我們仍然非常相信我們的中期目標，也相信我們有能力讓門市事業群回到中到高個位數的成長。

This is why you continue to see us make investments even in this downturn because of our confidence of what that segment's going to do when the volumes inflect.

這就是為什麼即使在這波景氣下行期間，你仍然看到我們持續進行投資，因為我們對該業務區隔在出貨量回升時的表現充滿信心。

Especially in an inflationary environment, this is where premium plays to our benefit, to our strategy, because we're ultimately solving for how we help our customers be more productive, and these premium products are obviously a key to helping them to do just that.

特別是在通膨環境下，高端產品對我們更有利、也符合我們的策略，因為我們最終要解決的是如何幫助客戶提升生產力，而這些高端產品顯然是協助他們做到這一點的關鍵。

This is Jim. I think it is also part of what you saw at the Investor Day for those that were here, the innovation, the investment we have made in the new R&D center, just down the road here from our headquarters, is going to continue to drive that premium product mix that ultimately drives our customers' productivity. Thanks for the question, Mike.

我是 Jim。我認為這也是你在投資人日（在場的各位）所看到的一部分：創新，以及我們在新研發中心所做的投資——就在我們總部附近、沿路不遠——將持續推動高端產品組合，而這最終會帶動客戶的生產力。謝謝你的提問，Mike。

Christopher Parkinson, Wolfe Research.

Christopher Parkinson，Wolfe Research。

Hey, this is Harris on for Chris. Thanks for taking my question. Just lately, there has been a little bit of talk about FX volatility in Brazil, questions about the economic outlook, interest rates post-election. Just with Suvinil, be curious to hear your thoughts on how you are thinking about managing to get out in front of that and any way to frame the risks that you see there that could potentially be coming up. Thanks.

嗨，我是 Harris，代 Chris 提問。謝謝讓我提問。最近市場有一些討論，關於巴西匯率波動、對經濟前景的疑慮，以及選後利率走向。就 Suvinil 而言，想請教你們如何思考提前因應與管理，以及你們看到哪些可能即將浮現的風險、可否幫我們做個框架整理。謝謝。

Hey, Harris, it is Ben. Yeah, if you look at the news the last 24 hours or so, you can imagine we have had a lot of discussions around just Brazil in general. It goes beyond just Suvinil. We are not going to break out, obviously, what we think all those impacts are, but what I can tell you is, when you have seen devaluation, whether it is in Brazil, whether it is in other countries, we have very good line of sight to which parts of the cost basket might be denominated in US dollars.

嗨，Harris，我是 Ben。是的，如果你看過去 24 小時左右的新聞，你可以想像我們針對巴西整體已經進行了很多討論。這不只是 Suvinil 的問題。我們當然不會拆解我們認為所有影響會是什麼，但我可以告訴你的是，當你看到貨幣貶值——不論是在巴西或其他國家——我們對成本結構中哪些部分可能以美元計價，有非常清楚的掌握。

You think about raw materials and other things, and so we know where to go there. I think the team in Latin America, because you have had other countries with similar issues, they are really, really good at going out and getting that price when you have the currency impacting the business there.

你想想原物料與其他項目，因此我們知道該從哪裡著手。我認為拉丁美洲團隊，因為你們也遇過其他有類似問題的國家，他們非常、非常擅長在匯率影響當地業務時，把價格調整到位。

I have a high degree of confidence that we will be able to manage and watch that and react appropriately. There are other impacts throughout the income statement and the balance sheet that could have big impacts if this devaluation holds. But the message I would tell you is, hey, we are used to managing this. This is not something that is a shock to our business. You should expect that we are going to continue to manage that way, just like we have with the other cycles.

我非常有信心我們能夠管理、監控並做出適當反應。如果這波貶值持續，損益表與資產負債表上還會有其他影響，可能造成很大的衝擊。但我想傳達的訊息是：我們很習慣管理這類情況。這對我們的業務並不是什麼意外。你應該預期我們會像過去其他循環一樣，持續以同樣方式來管理。

Thank you, Harris.

謝謝你，Harris。

David Begleiter, Deutsche Bank.

David Begleiter，德意志銀行。

Thank you. Good morning. Heidi and Ben, just on pricing in the Paint Stores Group, is the message that we should not expect a typical January 1 price increase next year because you are still working through the September price increase and managing the overall price cost dynamic, but maybe get a price increase in the group later in the year? Is that the message? Thank you.

謝謝。早安。Heidi 和 Ben，關於 Paint Stores Group 的定價，我想確認一下訊息是否是：由於你們仍在消化 9 月的漲價、並管理整體價格與成本的動態，因此明年不太會有典型的 1 月 1 日漲價，但可能在年內較晚的時點再進行調價？這是你們要傳達的意思嗎？謝謝。

Yeah, David, the message is, we're not announcing anything on our call today. I would also tell you the message is we're going to do what we do every month, which is look at all the input costs. If we do need to go, we will unapologetically go. There is no message other than it's not a message for today.

是的，David，我們要傳達的是：我們今天的電話會議不會宣布任何事情。我也想說，我們每個月都會做我們一貫會做的事，也就是檢視所有投入成本。如果我們需要調價，我們會毫不猶豫地去做。除此之外沒有其他訊息——只是今天不適合對外傳達。

Thanks, David.

謝謝你，David。

Josh Spector, UBS.

Josh Spector，瑞銀（UBS）。

Yeah. Hi, good morning. I was wondering if you could talk a little bit more about your ability for share gains in Paint Stores Group in 2027. I guess, if you look at the last few years, you made more investments in SG&A. In prior years, you made other kind of increased investments. Now a little bit more mix where we're doing consolidation of some stores, we're doing cost savings.

是的，嗨，早安。想請你們多談一點，關於 2027 年 Paint Stores Group 的市占提升能力。我想，若回顧過去幾年，你們在 SG&A 上做了更多投資；更早之前，你們也做過其他類型的加碼投資。現在則多了一些組合變化，例如整併部分門市、推動成本節省。

I'd just be curious, it seems like you've outperformed the market maybe a couple percent, 2%, 3% this year. Are you able to do that next year based on what you have in place today? Or does that outperformance shift based on kind of what you've already harvested from prior investments?

我想請教的是，看起來你們今年可能比市場多成長了幾個百分點，大概 2% 到 3%。以你們目前已經到位的措施，明年還能做到同樣表現嗎？還是說，這種超越市場的幅度會因為你們已經收割了先前投資的成果而有所改變？

Josh, in a lot of areas, I would tell you we are just getting started. I mentioned earlier in residential repaint where we are clearly taking market share. It is the segment where we have the largest share gains ahead as we continue to take share across the board. I would also remind you, maybe as a backdrop here, we talked about this throughout 2026.

Josh，在很多領域，我會告訴你我們其實才剛開始。我先前提到住宅翻新重塗（residential repaint），我們很明顯正在取得市占。這個區隔是我們未來市占提升空間最大的領域，因為我們會持續在各面向擴大市占。我也提醒你，作為背景，我們在 2026 年一路都有談到這點。

We do believe it is only a matter of time when demand is going to pick up in the US due to the continued severe shortage of single-family homes in the country, as well as the continued growth of the addressable square footage that is ultimately going to need to be repainted.

我們確實相信，美國需求回升只是時間問題，原因在於全國獨棟住宅（single-family homes）仍嚴重短缺，以及可服務的建築面積持續成長，而這些面積最終都需要重新粉刷。

There is a lot of market share to be gained between now and when the market does start to move. You are going to see us continue to come out with very strategically placed investments that are customer facing that support where we know we can get, and we have proven we can get a return across many segments. Yes, there is ample and sufficient market share ahead.

在市場真正開始動起來之前，從現在到那時之間仍有大量市占可供爭取。你會看到我們持續推出非常有策略、面向客戶的投資，來支撐我們知道可以達成的目標，而且我們也已在多個區隔證明能取得回報。是的，前方仍有充足且足夠的市占空間。

Thank you, Josh.

謝謝你，Josh。

John McNulty, BMO.

John McNulty，BMO。

Yeah, thanks for taking my question. Maybe just to flush out the incremental service cost that you highlighted where that was, it sounds like a decent piece of the SG&A jump. Can you help us to think about how much of it was just general inflationary pressures on the service side versus investing, whether it is on the staffing side or what have you? I guess, can you help us to think about that? Just how it impacted you in the quarter, and then how you see that trending as we look out over the next 12 months or so.

好的，謝謝讓我提問。想再釐清一下你們提到的額外服務成本增加發生在哪裡；聽起來這是 SG&A 跳升的一個不小部分。你能否協助我們理解，其中有多少是服務端的一般通膨壓力，多少是投資所致（例如人力配置或其他）？也就是說，能否幫我們拆解一下？它在本季如何影響你們，以及展望未來約 12 個月你們認為趨勢會如何？

Hey, John, it is Ben. Yeah. When you break out the SG&A growth in the quarter, a big chunk of that is still the non-annualized Suvinil, and I am happy that this is the last quarter we got to be calling that out every single time. That is obviously a big chunk of that. Then if you look at the half that is not the Suvinil piece, yeah, we called out the employee service and benefit costs.

嗨，John，我是 Ben。是的。當你拆解本季 SG&A 的成長時，其中很大一部分仍是 Suvinil 尚未年化（non-annualized）的影響；我也很高興這是最後一季我們必須每次都把這點拿出來說。這顯然占了很大一塊。接著，如果你看不含 Suvinil 的那一半，我們確實提到了員工服務與福利成本。

I mean, our sales are running higher than what we had initially expected at the start of the year. For all those sales reps, stores, tech reps that are on sales plans, you can imagine that there is higher cost to support that higher sale there. We do not want to break out individual pieces and parts of that. I mean, we do low single digit merit increase each year, and so there is a component of that in there.

我的意思是，我們的銷售表現高於年初的預期。對於所有依銷售計畫（sales plans）計酬的業務代表、門市人員、技術代表，你可以想像，為了支撐更高的銷售，相關成本也會更高。我們不想拆分其中各個單項的細節。我們每年會做低個位數的績效調薪（merit increase），因此其中也包含這一部分。

All in all, again, a big part of that, our SG&A growth is the Suvinil piece that goes away after this quarter, and then, really heavier on the service side related to cost to service the higher sales.

總而言之，再次強調，其中很大一部分，我們的SG&A成長來自Suvinil那一塊，而那部分在本季之後就會消失；另外，主要是服務端的比重較高，與支援較高銷售所需的服務成本相關。

Thanks, John.

謝謝你，John。

Steve Forbes, Guggenheim Partners.

Steve Forbes，Guggenheim Partners。

Good morning, Heidi and everyone.

早安，Heidi，以及各位。

Morning, Steve.

早安，Steve。

Good morning. The Consumer Brands Group. I was curious if you can maybe just frame for us so we can better understand the volume performance in the quarter versus expectation. Given the Q4 volume guidance for the segment, do you have a line of sight to recapturing neutral to positive volume growth? What are you seeing in that DIY or consumer segment as it pertains to deferral of project spend? Any directional commentary around your consumer macro forces?

早安。關於消費者品牌事業群（Consumer Brands Group）。我想請你們幫我們框架一下，好讓我們更能理解本季的銷量表現相較於預期的情況。考量到該事業群Q4的銷量指引，你們是否看得到回到持平到正成長的銷量成長的能見度？在DIY或消費者端，就專案支出延後而言，你們看到了什麼？對於消費者端的總體環境力量，有沒有任何方向性的評論？

Yep, Steve, good morning. I would tell you first and foremost on the DIY side, the market, we do see continued softness. We also talked in the Consumer Brands Group a lot about the Pro Who Paints segment, which is kind of the remodeler and flipper. We do continue to see growth here. It is still on a small base, but certainly more promising. We've talked a lot about, we don't see a catalyst naturally in the market here on the DIY side.

是的，Steve，早安。我先說最重要的一點，在DIY端，市場我們確實看到持續疲弱。我們也在消費者品牌事業群談了很多「專業油漆工（Pro Who Paints）」這個區隔，基本上是做翻修與房屋翻新轉售（flipper）的族群。我們在這裡仍持續看到成長。基期仍小，但確實更令人期待。我們也談過很多，在DIY端我們看不到市場自然出現的催化劑。

I'll hand it to Ben to give you a perspective how we're thinking about gallons there.

我把問題交給Ben，請他分享我們對那邊「加侖數（gallons）」的看法。

Yeah, Steve, the volume was a little bit weaker. Again, mainly for some of the DIY comments that Heidi talked about there in the third quarter. You look at the full year guidance, so for what we've given for CBG and everything on the volume price front is pretty consistent on a full year basis to what we provided back in July. We're going to continue to work with the segment there.

是的，Steve，銷量確實弱了一點。同樣地，主要是Heidi剛才提到的那些DIY因素在第三季的影響。你看我們的全年指引，就我們對CBG以及整體在銷量與價格面的指引，在全年基礎上與我們7月提供的內容相當一致。我們會持續和該事業群一起努力。

We've made a lot of the investments on the Pros Who Paint, and Heidi called that out earlier. That is an outsized area where we can continue to get share and perform. You're going to see us do that there. But yeah, the volume, we've been pretty consistent with. That's been a challenge this year. We're bumping along the bottom there, and you should expect to see some more of that as we go into 2027.

我們在「專業油漆工（Pros Who Paint）」上做了很多投資，Heidi先前也提到。那是一個我們可以持續提升市占並表現突出的重點領域。你們會看到我們持續在那裡加碼。不過是的，銷量方面我們一直都相當一致。這一直是今年的挑戰。我們目前大致在底部徘徊，預期進入2027年時仍會看到一些類似情況。

Thank you.

謝謝。

Ghansham Panjabi, Baird.

Ghansham Panjabi，Baird。

Yeah, thank you. Good morning, everybody. On the Performance Coatings Group segment and the volume resilience in that segment, considering the macro that we've had for a while now, do you expect the volume to continue? I mean, it's been pretty impressive with GI growth, packaging, and then in auto refinish to some extent. Just curious as to your thoughts on not just Q4, but also as we cycle into 2027. Thank you.

是的，謝謝。各位早安。關於高性能塗料事業群（Performance Coatings Group）以及該事業群的銷量韌性，考量到我們已經持續一段時間的總體環境，你們預期銷量能否延續？我的意思是，在一般工業（GI）成長、包裝，以及某種程度上的汽車修補漆（auto refinish）方面，表現相當亮眼。想請教你們的看法，不只是Q4，也包括我們進入2027年時的循環。謝謝。

Yeah, Ghansham, good morning. We do expect that to continue, and I think ultimately the barometer of strength is our successful, I would tell you, record high new business wins that we're seeing on the PCG side. So that pipeline health is very positive. So yes, we do absolutely expect to see a continuation of that volume growth.

是的，Ghansham，早安。我們預期會延續；我認為最終衡量強度的指標，是我們在PCG端看到的成功——我會說是創新高的——新業務得標（new business wins）。因此，管線健康度非常正向。所以是的，我們絕對預期會持續看到銷量成長的延續。

Thanks, Ghansham.

謝謝你，Ghansham。

John Roberts, Mizuho.

John Roberts，Mizuho。

Thank you. Could you talk a little bit about M&A opportunities? I think Liquid Nails failed to close its sale, and Akzo's European Refinish business is now on the market.

謝謝。你們能談談併購（M&A）機會嗎？我想Liquid Nails的出售似乎未能完成交割，而Akzo的歐洲修補漆（European Refinish）業務現在也在市場上。

John, good morning. Heidi. I assume you know that is Heidi because I do not sound like Ben. How about that? We are absolutely, as we always do, we will take an active look at assets that fit within our strategy and accelerate our strategy. I think you have also seen that while we will kick tires on assets, we are also not in the business to overpay for them.

John，早安。我是Heidi。我想你應該知道是Heidi，因為我聽起來不像Ben。怎麼樣？我們一如既往，會積極評估符合我們策略、並能加速我們策略的資產。我想你也看到，雖然我們會去評估各種資產，但我們也不會為了資產而過度出價。

If the right assets were to fall out of the sky, you mentioned a few of them, you should expect that, we will take a hard look at that if it makes sense for our business and the value for what we think would make sense.

如果有合適的資產從天而降——你提到其中幾個——只要對我們的業務有意義，且在我們認為合理的價值水準上，你們可以預期我們會非常認真地評估。

Thanks, John.

謝謝你，John。

Duffy Fischer, Goldman Sachs.

Duffy Fischer，Goldman Sachs。

Yeah, good morning. Just trying to get at the COGS a little bit more. Your COGS percentage-wise is up 11% year on year in the quarter. Volume looks like it is up probably 1%, so your unit COGS looks like it is up 10%. But a lot of the basket, if you think healthcare, labor, TiO2 is quite a bit below 10%. Can you walk through what was up more than 10% in the basket? Kind of what are the things really dragging that up? Then roughly how much of a hit was that relative to what you expected in the quarter?

是的，早安。我想再更深入了解一下COGS（銷貨成本）。你們本季COGS以百分比計年增11%。銷量看起來大概年增1%，所以單位COGS看起來年增約10%。但如果看成本籃子，例如醫療保健、勞動力、二氧化鈦（TiO2），漲幅都遠低於10%。你能否說明一下成本籃子裡有哪些項目漲幅超過10%？哪些因素真正把它拉高？另外，相較於你們本季原先預期，大概造成了多少衝擊？

Hey, Duffy, it is Ben. A big part, I am going to call out just hopefully again the last time, a big part of that increase in COGS is related to Suvinil, so about roughly 30% of that. If you exclude Suvinil out of that, our COGS is still up at the low end of a high single digit to compare against sales more mid-single digit without Suvinil. I think that is a good comparison for you there. But several drivers.

嗨，Duffy，我是Ben。我先點出一個重點——希望也是最後一次再提——COGS上升很大一部分與Suvinil相關，大約占其中的30%。如果把Suvinil排除，我們的COGS仍上升到高個位數區間的低端；相較之下，若不含Suvinil，銷售成長約在中個位數。我想這樣的比較對你會更有幫助。不過，背後有幾個驅動因素。

First we had strong sales growth and higher volumes, which naturally just would increase the absolute base cost of our COGS. Then as we have been talking about, we also have experienced that higher raw material and supply chain cost. There is also that mix factor that I talked about earlier.

第一，我們銷售強勁成長、銷量也更高，這自然會提高COGS的絕對基礎成本。再來如同我們一直在談的，我們也經歷了較高的原物料與供應鏈成本。

When you look at the different components there, I mentioned earlier, being able to have price getting over raw materials. We feel pretty balanced in that respect there. We did have, obviously, waiting for the end of the spring painting season or the summer painting season, I am sorry, for Stores Group. You really only had one month of pricing in the third quarter, where I am going to get three months of that pricing in the fourth quarter.

當你看各個組成項目時，我先前提到，我們能夠透過價格來覆蓋原物料成本。在這方面我們覺得相當平衡。另外，顯然地，門市事業群（Stores Group）要等到春季塗裝旺季或夏季塗裝旺季結束——抱歉，是夏季塗裝旺季——第三季你實際上只有一個月反映到漲價，而第四季我會有三個月反映到該漲價。

This goes back to just that realization timing of the curvature of pricing and the other cost out activities that we have, not necessarily always being in the same perfect quarter every single time. I would say, again, both price and the cost out are going to help normalize that cost of goods sold to sales ratio. And as you can imagine, we are going to keep working through different actions to close that gap.

這回到一點：價格曲線的實現時點，以及我們其他降本（cost out）活動的效益實現時點，不一定每次都能剛好落在同一個完美的季度。我會說，再次強調，價格與降本都將有助於讓銷貨成本相對於銷售的比率回到較正常水準。而你也可以想像，我們會持續推動各種行動來縮小這個差距。

Thank you, Duffy.

謝謝你，Duffy。

Kevin McCarthy, Vertical Research.

Kevin McCarthy，Vertical Research。

Yes, thank you, and good morning. I had a few questions on your Protective & Marine business. I was hoping you could help us unpack the Marine portion relative to the strength that you cited in Protective across AI infrastructure, data centers, water, and other verticals there. Then maybe more importantly, you had a difficult comp year, and you grew double digits against a double-digit comp. So how much runway do you continue to see in Protective & Marine as you look into 2027?

是的，謝謝，早安。我對你們的 Protective & Marine 業務有幾個問題。我希望你能協助我們拆解 Marine（海事）這一塊，並與你提到 Protective 在 AI 基礎設施、資料中心、水務及其他垂直領域的強勁表現做個對照。然後也許更重要的是，你們去年比較基期很艱難，但你們在雙位數高基期之上仍實現雙位數成長。因此，當你們展望到 2027 年時，你們在 Protective & Marine 還看到多少成長跑道？

Kevin, I am going to start with the second part of your question. There is a tremendous amount of runway, I will tell you, in our Protective & Marine division, and you said it. A lot of the AI, we talk a lot about data centers. That is just the tip of the iceberg. It is the AI infrastructure build-out that supports all of that, where we are extremely well-positioned across a lot of our different segments. But where we sit today, we are largely protective.

Kevin，我先從你問題的第二部分開始。我可以告訴你，我們的 Protective & Marine 事業部還有非常大的成長跑道，而你也說中了。很多 AI，我們談了很多資料中心。那只是冰山一角。真正的重點是支撐這一切的 AI 基礎設施建置，在我們許多不同事業領域中，我們都處於非常有利的位置。但就我們目前所在的位置而言，我們主要還是以防護（Protective）為主。

We do have some Marine business. That is part of the reason is we were looking at some other assets out there where we think that there could be a complement to our portfolio. But we are really largely protective in terms of the totality.

我們確實有一些 Marine（海事）業務。這也是我們之所以在外部尋找一些其他資產的原因之一，我們認為那些資產可能與我們的產品組合形成互補。但就整體而言，我們確實主要還是以防護（Protective）為主。

Yeah. Kevin, it is Jim, and I think the other thing, too, to remember here, and Heidi said it in her prepared remarks, is think about Protective & Marine. There is an annuity there, too. All this new business that we are winning, all this build-out comes over time with maintenance coatings, whether it is flooring, whether it is oil and gas storage tanks, whether it is any number of opportunities.

是的。Kevin，我是 Jim。我想另外也要記得一點，Heidi 在她的準備稿中也提到了：要從 Protective & Marine 的角度來看。這裡也有類似年金（annuity）的特性。我們贏得的所有新業務、所有這些建置，隨著時間推移都會帶來維護型塗料需求，不論是地坪、油氣儲槽，或是其他各種機會。

So we feel good about the runway on new, but also over the longer term, the maintenance piece. And thank you for your question.

所以我們對新案的成長跑道感到樂觀，但也對更長期的維護需求這一塊感到樂觀。謝謝你的提問。

Mike Harrison, Seaport Research Partners.

Mike Harrison，Seaport Research Partners。

Hi, good morning. You talked a little bit about the premiumization that you are seeing across some of your product lines. I was wondering if you can give us a sense of how the Emerald Symmetry product that you introduced in the spring is progressing relative to your expectations. And I guess, how does the traction that you are seeing with that product compare to past launches in that kind of ultra-premium or top-of-the-line category?

嗨，早安。你提到在部分產品線上看到的高端化（premiumization）。我想請你談談你們在春季推出的 Emerald Symmetry 產品，目前進展相對於你們的預期如何。另外，我想問的是，你們在這款產品上看到的市場動能，與過去在那種超高端或旗艦級品類的新品上市相比如何？

We are very pleased, Mike, with how Symmetry has not only launched, but the adoption. And remind you, this is actually the best product we have ever manufactured, and it satisfies not only superior performance characteristics, but also our sustainability agenda because it is a plant-based, rather zero VOC product. So we are very pleased with the traction that we are getting here. But back to, I think, your ultimate question around the premiumization.

Mike，我們對 Symmetry 的上市表現以及採用情況都非常滿意。提醒一下，這其實是我們迄今製造過最好的產品；它不僅滿足卓越的性能特性，也符合我們的永續議程，因為它是植物基、且幾乎是零 VOC 的產品。因此，我們對目前取得的市場牽引力非常滿意。不過回到我想你最終想問的高端化議題。

This just goes to prove, again, to my earlier point, especially in an inflationary environment, if we can get products in the hands of our contractors and customers that help them be more productive on the job site and faster application and getting crews on and off of job sites with these premium products, their total cost, 85% of their total cost is labor.

這再次證明了我先前的觀點：尤其在通膨環境下，如果我們能把產品交到承包商與客戶手上，讓他們在工地上更有效率、施工更快，並透過這些高端產品讓工班更快進出工地，他們的總成本中有 85% 是人工。

Our ability to get them into premium products to help them save time on the job site is a cost benefit to our customers. And so again, it plays to our strategy here of helping to make them as productive as possible, especially in this environment.

我們有能力讓他們使用高端產品，幫助他們在工地節省時間，這對客戶而言就是成本效益。因此，這也再次呼應我們的策略：協助他們盡可能提升生產力，尤其是在目前這樣的環境下。

Thanks, Mike.

謝謝你，Mike。

Abigail Eberts, Wells Fargo.

Abigail Eberts，Wells Fargo。

Good morning. Thanks for taking my question. Just wanted to follow up on your comment on Refinish with the share shifts. Could you provide some color on where you are seeing that happening and what, in your opinion, caused this?

早安。謝謝讓我提問。我想追問你剛才提到 Refinish（修補重塗）業務的市占移轉（share shifts）。你能否補充一些細節：你們在哪些地方看到這種情況發生？你認為造成這種情況的原因是什麼？

Yeah, I will be very brief in my comment here, Abigail. I would tell you it is share shift, not share shifts, so it is singular, not plural. And it is an isolated incident that we are very confident that we can demonstrate not only our unique value proposition and earn this back, but it is what you said, is spot on. It is temporary.

好的，Abigail，我這裡簡短回應。我會說這是 share shift（單一的市占移轉），不是 share shifts（多個），所以是單數，不是複數。這是一個我們非常有信心能處理的個別事件；我們不僅能展現我們獨特的價值主張並把市占贏回來，而且你說得很對——這是暫時性的。

Thanks, Abigail.

謝謝你，Abigail。

Eric Bosshard, Cleveland Research.

Eric Bosshard，Cleveland Research。

Yeah. Good morning. Curious, a lot of conversation about the Pro Who Paints. How are you thinking about the selling proposition for that customer and how that line blurs with what you're doing out of the stores?

是的，早安。我很好奇，大家談了很多 Pro Who Paints（以油漆為業的專業人士）。你們如何思考針對這類客戶的銷售主張？以及這與你們在門市端所做的事情之間的界線如何變得模糊？

So Eric, if you can picture kind of a Venn diagram, who we service in our stores, these pros that are painting for a living, they're buying paint, largely and only paint, and they are preferring a specialty paint store model with the level of service that the Pro Who Paints is a very complementary segment that we just aren't set up in our specialty controlled distribution model because this contractor's looking for everything else in terms of house flipping from lumber and electrical to plumbing and everything.

Eric，如果你把它想像成一個維恩圖：我們在門市服務的對象，是那些以油漆為生的專業人士；他們買油漆，主要、甚至只買油漆，而且他們偏好專業塗料門市的模式，以及 Pro Who Paints 所需要的那種服務水準。另一方面，Pro Who Paints 是一個非常互補的客群，但在我們以專業門市為主、由我們掌控的通路模式下，我們其實不太適合服務這一群，因為這類承包商在房屋翻修/翻售（house flipping）時，除了油漆之外，還需要木材、電工材料到水電管材等各式各樣的東西。

And so they do prefer more of a home center environment. And so it really plays to our strategy where we want to be able to cover all of the segments that are buying paint. And our partnerships with Lowe's and Menards and others in our Consumer Brands Group are strategically very important for that reason.

因此，他們更偏好家居賣場（home center）的環境。這也正好符合我們的策略：我們希望能覆蓋所有會買油漆的客群。而我們在 Consumer Brands Group 與 Lowe's、Menards 等夥伴的合作，基於這個原因在策略上非常重要。

Thanks, Eric.

謝謝你，Eric。

Matthew DeYoe, Bank of America.

Matthew DeYoe，Bank of America。

Good morning, everyone. Thank you for squeezing me in. I really appreciate the commentary on price and costs as we move into 2027. As you've given me an inch, I will ask for a lot more. If I'm just thinking about price costs here, in general, margins are pretty good if we put everything we've seen in the context of raw material moves to date. Obviously, you're announcing more price through PSG. You have three months for that to bake in, but it also sounds like maybe some of that happens next year.

各位早安。謝謝你們把我也安排進來。我非常感謝你們對 2027 年價格與成本走勢的評論。既然你們給了我一點空間，我就多問一些。如果我從價格與成本的角度來看，考量到目前為止原物料的變動，整體毛利率其實相當不錯。很明顯你們透過 PSG 宣布了更多漲價。你們有三個月讓它逐步反映，但聽起來其中一部分可能會延續到明年才發生。

You're already kind of offsetting a lot of the raw mat inflation effectively, and 8% price, though I know net effective will be low, is a pretty big knock-on. So if I get to my question here, can we move to more normalized contribution margins on volume next year if we just take a freeze frame on where we are on raws and what you've announced on price and your expectations there? Is that possible, or do you still expect kind of more muted contributions to any real volume?

你們其實已經相當有效地抵消了不少原物料通膨，而 8% 的漲價（雖然我知道淨有效幅度會較低）仍然是相當大的後續影響。所以回到我的問題：如果我們就目前原物料水準、你們已宣布的價格動作與你們的預期做一個定格來看，明年在銷量上，我們是否有可能回到較正常化的增量貢獻毛利（contribution margins on volume）？這有可能嗎？還是你們仍預期任何實質的銷量回升，其增量貢獻會比較溫和？

Hey, Matt, it's Ben. I think one of the assumptions you're making there is that you can get positive volume next year. As I mentioned earlier, we're building our model. The algorithm, the guidance we're giving, we're assuming that's softer for longer, and this is why you see us not only reacting with price, but as Heidi talked about earlier, the cost actions that we've done this year that carry into next year.

Matt，你好，我是 Ben。我認為你那裡的一個假設是：明年可以有正的銷量成長。如我先前提到的，我們正在建立我們的模型。就我們給出的演算法與指引而言，我們假設疲弱會持續更久；這也是為什麼你看到我們不僅透過價格來因應，同時也如 Heidi 先前提到的，我們今年採取的成本行動會延續到明年。

But I think to get maybe to kind of some of the heart of what you're asking there, we will get inflection. We've said that volume is the number one driver of our operating margin. So we believe that when those inflections happen, you're going to see that stronger leverage. This is why we're doing all the actions that you see us taking today. Until then, we're going to pace pricing with the inflation.

但我認為，若要切中你所問問題的核心，我們將會看到拐點。我們已經說過，銷量是推動我們營業利潤率的首要驅動因素。因此我們相信，當這些拐點出現時，你會看到更強的槓桿效應。這也是為什麼你今天看到我們正在採取所有這些行動。在那之前，我們會讓定價與通膨同步推進。

Heidi mentioned earlier we expect in the first quarter to be where the height of that inflection is next year. Maybe that's true, maybe it's not, but either way, we're going to continue to manage based on what we see and try to stay in front of that as much as possible. As we've talked about today, there are other parts of the cost basket that are going up, and some of those will translate into what we're doing in pricing and some won't.

Heidi 先前提到，我們預期明年第一季會是那個拐點高度出現的時點。也許是，也許不是，但無論如何，我們都會持續依據我們所看到的情況來管理，並盡可能走在前面。如同我們今天談到的，成本籃子中還有其他部分正在上升，其中一些會反映到我們的定價作為上，另一些則不會。

But what we do have confidence with, and again, we didn't change any of our midterm targets when we talked at Investor Day. We continue to have confidence in being able to achieve those targets through the cycle. But we are obviously operating in an inflationary environment right now, and you are going to see us taking actions to make sure that we stay close to that until we see that volume inflection that I think you are looking for.

但我們有信心的是——而且再次強調，我們在投資人日談到時並未調整任何中期目標——我們仍然有信心能在景氣循環中達成這些目標。但顯然，我們目前正處於通膨環境中運作，而你將會看到我們採取行動，以確保在看到你所期待的那個銷量拐點之前，我們能盡可能貼近並跟上這些變化。

Matt, what you should expect is to see a continued discipline regardless. So it does start with simplification and how we can take complexity out of the business. Then obviously price is always a lever when and where it makes sense. But you should expect just continued discipline.

Matt，你應該預期的是，無論如何我們都會持續保持紀律。因此，首先是簡化，以及我們如何降低業務的複雜度。接著，當且僅當在合理且適當的地方，價格當然永遠是一個可運用的槓桿。但你應該預期我們會持續保持紀律。

Thank you, Matt.

謝謝你，Matt。

Patrick Cunningham, Citi.

Patrick Cunningham，花旗。

Hi. Good morning. What specific factors drove the working capital and operating cash flow pressure in 3Q, and how does this affect the outlook for cash generation in the fourth quarter?

嗨，早安。第三季是哪些具體因素導致營運資金與營運現金流承壓？這對第四季的現金創造展望有何影響？

Hey, Patrick, it's Ben. Net operating cash maybe was a little bit lower than what you saw last year. Some of it is related to timing. We had just the phasing of our deferred income tax accruals last year had a pretty sizable impact. We still feel very, very good about the cash flow generation, even when you look at year to date. Our net operating cash is still pretty healthy, up almost 10%.

嗨，Patrick，我是 Ben。淨營運現金流可能比你去年看到的略低一些。其中一部分與時點有關。去年我們遞延所得稅應計的分期/時序安排，帶來了相當顯著的影響。即便你看年初至今，我們對現金流創造仍然感到非常、非常樂觀。我們的淨營運現金流仍相當健康，成長接近 10%。

I do not have any concerns with what's happening there. The working capital's a little bit high because of the annualization of Suvinil. When you back out Suvinil, we're just slightly higher, maybe 10 basis points as a percent of sales, and so no concerns with how we're managing working capital either.

我對那邊正在發生的情況沒有任何疑慮。營運資金稍微偏高，是因為 Suvinil 年化併入的影響。若把 Suvinil 扣除，我們僅是略高一些，以銷售額百分比來看大概高 10 個基點，因此對我們管理營運資金的方式也沒有疑慮。

Patrick, one final comment, too. I think we all acknowledge we're not just simply navigating a difficult market. We're using this time and this period to really continue to take outsized market share and to continue to strengthen our competitive position. Success is we're building a more productive and even more profitable Sherwin-Williams coming out of this downturn, and that's what you should expect to see.

Patrick，最後再補充一點。我想我們都承認，我們不只是單純在艱難市場中航行。我們正在利用這段時間與這個階段，真正持續取得超額的市占率，並持續強化我們的競爭地位。所謂成功，就是在這次下行週期結束後，我們正在打造一家更高生產力、甚至更高獲利能力的 Sherwin-Williams，而這就是你應該期待看到的。

Thank you, Patrick.

謝謝你，Patrick。

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。問答環節到此結束。接下來我將把會議交回 Jim Jaye 作結語。請開始。

Thank you, Matthew, and thank you, everybody, for joining our call, and especially thank you to our employees for all their hard work in serving our customers in what continues to be a very, very tough environment. I think as we close this call, I hope you heard today that our focus is very clear. We are going to finish 2026 with strength, and we are building momentum into 2027. I like Heidi's line a lot, too, as well. We are better positioned today than we were entering this cycle.

謝謝你，Matthew，也謝謝各位參與我們的電話會議，並特別感謝我們的員工在這個仍然非常、非常艱困的環境中，辛勤工作服務客戶。在我們結束這通電話會議之際，我希望你今天聽到的是，我們的聚焦非常清楚。我們將以強勁態勢完成 2026 年，並在 2027 年建立動能。我也很喜歡 Heidi 的那句話。相較於進入這個循環之初，我們今天的定位更好。

You should expect when this cycle eventually moderates, that you will see a lot of leverage and a lot of good things happen. We like the position we are in. We are very confident where we are headed, and we are going to keep focusing on outperforming the market and driving that long-term value. So appreciate everyone listening, and we are available for your follow-ups. Have a great day.

你應該預期，當這個循環最終趨於緩和時，你將會看到很大的槓桿效應，以及許多好事發生。我們喜歡我們目前所處的位置。我們對前進方向非常有信心，並將持續專注於跑贏市場、推動長期價值。因此感謝各位收聽，我們也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。你現在可以中斷連線，祝你有美好的一天。感謝你的參與。