Silgan Holdings Inc (SLGN) 2024 Q2 法說會逐字稿

Good day and welcome to the Silgan Holdings second-quarter 2024 earnings call. Today's conference is being recorded.

美好的一天，歡迎參加 Silgan Holdings 2024 年第二季財報電話會議。今天的會議正在錄製中。

At this time, I'd like to turn the conference over to Mr. Alex Hutter. Please go ahead.

現在，我想把會議交給 Alex Hutter 先生。請繼續。

Thank you and good morning. Joining me on the call today are Adam Greenlee, President and CEO; Bob Lewis, EVP of Corporate Development and Administration; and Kim Ulmer, SVP and CFO. Before we begin the call today, we would like to make it clear that certain statements made on this conference call may be forward-looking statements.

謝謝你，早安。今天和我一起參加電話會議的是總裁兼執行長 Adam Greenlee； Bob Lewis，企業發展與管理執行副總裁； Kim Ulmer，資深副總裁兼財務長。在我們今天開始電話會議之前，我們想明確表示，本次電話會議中所做的某些陳述可能是前瞻性陳述。

These forward-looking statements are made based upon management's expectations and beliefs concerning future events impacting the company and therefore involve a number of uncertainties and risks, including but not limited to those described in the company's Annual Report on Form 10-K for 2023 and other filings with the Securities and Exchange Commission.

這些前瞻性陳述是基於管理層對影響公司的未來事件的預期和信念而做出的，因此涉及許多不確定性和風險，包括但不限於公司 2023 年 10-K 表格年度報告和其他向美國證券交易委員會提交的文件。

Therefore, the actual results of operations or financial condition of the company could differ materially from those expressed or implied in the forward-looking statements. In addition, commentary on today's call may contain references to certain non-GAAP financial metrics, including adjusted EBIT, free cash flow, and adjusted net income per diluted share.

因此，本公司的實際經營結果或財務狀況可能與前瞻性陳述中明示或暗示的結果有重大差異。此外，今天電話會議的評論可能會提及某些非公認會計準則財務指標，包括調整後的息稅前利潤、自由現金流和調整後的稀釋每股淨利潤。

Reconciliation of these metrics, which should not be considered substitutes for similar GAAP metrics, can be found in today's press release under non-GAAP financial information in the Investor Relations section of our website at silganholdings.com.

這些指標的調整不應被視為類似 GAAP 指標的替代品，可以在我們網站 silganholdings.com 投資者關係部分的非 GAAP 財務資訊下的今天新聞稿中找到。

With that, let me turn it over to Adam.

那麼，讓我把它交給亞當。

Thank you, Alex, and we'd like to welcome everyone to Silgan's second-quarter 2024 earnings call. The second quarter continued to display the strength of our portfolio with another quarter of strong financial performance in our businesses and significant progress towards our long-term strategic objectives.

謝謝 Alex，我們歡迎大家參加 Silgan 的 2024 年第二季財報電話會議。第二季繼續展現了我們投資組合的實力，我們的業務財務表現又一個季度強勁，並且在實現我們的長期策略目標方面取得了重大進展。

We delivered second-quarter adjusted EPS above the midpoint of our estimated range with improving volume trends across all of our segments and strong operational and cost performance driving our results as the Silgan team remains focused on executing our plans for 2024 and beyond.

我們的第二季調整後每股盈餘高於我們預期範圍的中點，所有細分市場的銷售趨勢均有所改善，強勁的營運和成本績效推動了我們的業績，因為Silgan 團隊仍專注於執行我們2024 年及以後的計劃。

After several quarters of destocking trends for our food and beverage products, we are particularly encouraged that our customers' order patterns appear to be returning to more normal levels, and as expected, have led to the positive inflection in our volume trends in the second quarter. As demand for our product continues to recouple with what had been a resilient end-market demand, we expect this momentum to carry into the second half of the year.

經過幾個季度食品和飲料產品的去庫存趨勢後，我們特別感到鼓舞的是，我們客戶的訂單模式似乎已恢復到更正常的水平，並且正如預期的那樣，這導致我們第二季度的銷售趨勢出現正面變化。隨著對我們產品的需求繼續與終端市場的彈性需求重新結合，我們預計這種勢頭將持續到今年下半年。

Additionally, we are pleased to have recently announced an agreement to acquire Weener Packaging, a best-in-class differentiated dispensing business with very attractive margins and strong organic growth that has all the hallmarks of our highly successful dispensing acquisitions in the past, including WestRock's dispensing business, Albéa Dispensing, Gateway, and Unicep.

此外，我們很高興最近宣布達成收購Weener Packaging 的協議，Weener Packaging 是一家一流的差異化分配企業，具有非常有吸引力的利潤和強勁的有機增長，具有我們過去非常成功的分配收購的所有特徵，包括WestRock 的配藥業務、Albea Dispensing、Gateway 和 Unicep。

Our capital deployment model is a key component of the Silgan value creation story, and we're encouraged that after several years of M&A market challenges and macro uncertainty, during which time we were able to create value with outstanding performance and by returning capital to our shareholders, it now appears that value, earnings, and return-accretive transactions are becoming more actionable.

我們的資本部署模式是Silgan 價值創造故事的關鍵組成部分，令我們感到鼓舞的是，經過幾年的併購市場挑戰和宏觀不確定性，在此期間，我們能夠以出色的業績創造價值，並將資本回饋給我們的公司。

We continue to believe that Silgan is advantageously positioned to win in this M&A market backdrop and create value for our shareholders as a result of our ability to act with speed and certainty, our long track record of achieving value-enhancing synergies, our access to capital, and our ability to rapidly deleverage as a result of our strong free cash flow. We're excited that Weener represents such a clear cultural fit with our company and expect the combination to help drive incremental organic growth well into the future.

我們仍然相信，Silgan 處於有利地位，能夠在這一併購市場背景下獲勝，並為我們的股東創造價值，因為我們有能力快速而確定地採取行動，我們在實現增值協同效應方面的長期記錄，我們獲得資本的管道，以及由於我們強大的自由現金流而快速去槓桿化的能力。我們很高興維納與我們公司有著如此明顯的文化契合，並期望這種結合將有助於推動未來的增量有機成長。

Turning now to the second-quarter results for our segments, our dispensing and specialty closures segment delivered another quarter of strong results as demand for our global dispensing products remains at a high level with double-digit volume growth driven by continued success in the marketplace.

現在轉向我們部門的第二季度業績，我們的分配和特種瓶蓋部門又一個季度取得了強勁的業績，因為對我們的全球分配產品的需求保持在高水平，在市場的持續成功推動下，銷量實現了兩位數的成長。

Our market-leading innovation, manufacturing, and service capabilities continue to drive demand for our products that outpaces market growth, and in some cases, currently exceeds our own ability to supply certain portions of the market.

我們市場領先的創新、製造和服務能力繼續推動我們產品的需求超過市場成長，在某些情況下，目前超過了我們自己供應某些市場部分的能力。

Consumer demand for our food and beverage products improved sequentially, and year-over trends also improved from the first quarter as our customers' destocking activities appear to have come to an end and promotional activity has been more pervasive in the market for many of our beverage customers' products during the seasonal peak demand of the summer months.

消費者對我們食品和飲料產品的需求環比改善，同比趨勢也較第一季度有所改善，因為我們的客戶去庫存活動似乎已經結束，而且我們許多飲料的促銷活動在市場上更加普遍夏季季節性需求高峰期間的顧客產品。

We are on track for stronger year-over-year trends in the food and beverage closures in the second half of the year as demand for our products more accurately resembles end-market demand. In metal containers, our year-over-year volume showed growth driven by pet food and soup, and we anticipate continued growth in these and other products for the remainder of 2024.

由於對我們產品的需求更準確地類似於終端市場需求，我們預計下半年食品和飲料關閉的同比趨勢將更加強勁。在金屬容器方面，我們的年銷售量在寵物食品和湯的推動下出現成長，我們預計這些產品和其他產品在 2024 年剩餘時間內將持續成長。

We continued to make progress on our cost reduction initiatives during the quarter, but as expected, the impact of lower production and less inventory build in the second quarter due to the previously discussed reduction in a large-pack customers' plans for 2024 led to under-absorbed fixed cost in the quarter that impacted our financial results.

本季度我們在成本削減舉措上繼續取得進展，但正如預期的那樣，由於之前討論的大包裝客戶 2024 年計劃的減少，第二季度產量下降和庫存減少的影響導致了-吸收影響我們財務業績的季度固定成本。

Our custom container segment delivered strong results in the second quarter with 7% volume growth as a result of improving market demand, the successful commercialization of new business in the first quarter, and the early commercialization of the second new business award in the second quarter.

由於市場需求改善、第一季新業務成功商業化以及第二季第二個新業務獎項的提前商業化，我們的客製化貨櫃業務在第二季度取得了強勁的業績，銷量增長了 7%。

Turning now to our outlook for the full year of 2024, we continue to believe the business is positioned to deliver volume and profit growth and are pleased to confirm our estimates for the year, which includes EPS growth of 7% at the midpoint of our guidance range.

現在轉向我們對 2024 年全年的展望，我們仍然相信該業務能夠實現銷量和利潤增長，並很高興確認我們對今年的預測，其中包括每股收益增長 7%（按我們指引的中點計算）範圍。

We continue to expect dispensing and specialty closures volumes to grow by a mid-single-digit rate with high-single-digit growth in our dispensing products and low-single-digit growth in our closures products, driving better profitability for the segment through an improved mix.

我們繼續預計分配和特種瓶蓋銷量將以中個位數增長，其中我們的分配產品將出現高個位數增長，而我們的瓶蓋產品將出現低個位數增長，從而通過改進的組合。

In metal containers, we continue to expect volume growth with mid-single-digit growth in pet food, which represents approximately half of our total volume, offset by lower fruit and vegetable volumes as a result of the previously discussed decision by a pack customer to reduce their volumes in 2024 to reduce their working capital.

在金屬容器方面，我們繼續預期寵物食品的銷售量將出現中位數成長，約占我們總銷量的一半，但由於包裝客戶先前討論的決定而導致水果和蔬菜銷量下降，從而抵消了這一影響。

In addition to the unfavorable fixed-cost absorption in our system we experienced in the second quarter, the impact of growth in pet food and fewer than normal vegetable can sales will drive a less favorable mix in the third quarter. Custom containers' volumes are expected to grow by low- to mid-single-digit percentage as destocking trends appear to have concluded. Market demand remains solid, and new commercial awards continue to provide incremental volume and profit contribution through the year.

除了我們在第二季度經歷的系統中不利的固定成本吸收之外，寵物食品成長和蔬菜罐頭銷量低於正常水平的影響將導致第三季度的組合情況較差。隨著去庫存趨勢似乎已經結束，客製化貨櫃的數量預計將以低至中個位數的百分比增長。市場需求依然強勁，新的商業獎項全年持續提供增量的銷售和利潤貢獻。

We are encouraged we are on track to deliver another year of strong financial results for the company, with success in our strategic growth initiatives driving tangible improvements in our results. Additionally, we're pleased that our capital deployment model continues to yield opportunities to grow our company at attractive returns and drive organic growth and margin improvement.

我們感到鼓舞的是，我們有望為公司帶來另一個強勁的財務業績，策略成長計畫的成功推動了我們業績的實際改善。此外，我們很高興我們的資本部署模式繼續帶來機會，使我們公司以有吸引力的回報發展，並推動有機成長和利潤率提高。

With that, Kim will take you through the financials for the quarter and our estimates for the third quarter and full year of 2024.

接下來，Kim 將向您介紹本季的財務狀況以及我們對第三季和 2024 年全年的預測。

Thank you, Adam. As Adam discussed, we delivered strong results in the second quarter that were consistent with our expectations with adjusted EPS above the midpoint of our expected range. Net sales of approximately $1.4 billion declined 3% from the prior-year period, driven primarily by the pass-through of lower raw material costs, mostly in our metal containers business.

謝謝你，亞當。正如亞當所討論的，我們在第二季度取得了強勁的業績，與我們的預期一致，調整後的每股收益高於我們預期範圍的中點。淨銷售額約為 14 億美元，較去年同期下降 3%，這主要是由於原材料成本下降（主要是我們的金屬容器業務）的影響。

Total adjusted EBIT for the quarter of $165 million increased by 3% on a year-over-year basis, primarily due to higher volume in each of the segments. Higher adjusted EBIT in dispensing and specialty closures and custom containers offset expected lower adjusted EBIT in the metal containers segment.

本季調整後息稅前利潤總額為 1.65 億美元，年增 3%，主要是由於每個細分市場的銷售增加。分配和特殊瓶蓋以及客製化容器的調整後息稅前利潤較高，抵消了金屬容器領域調整後息稅前利潤的預期較低。

Adjusted net income per diluted share was $0.88, a 6% increase from $0.83 in the prior-year quarter, with higher adjusted EBIT and lower interest costs partially offset by a higher tax rate. Turning to our segments, sales in our dispensing and specialty closures segment increased 1% versus the prior-year quarter, primarily as a result of higher volume mix of 3%, which was partially offset by the pass-through of lower raw material costs and unfavorable foreign currency.

調整後每股攤薄淨利潤為 0.88 美元，比上年同期的 0.83 美元增長 6%，調整後息稅前利潤的提高和利息成本的降低被較高的稅率部分抵消。就我們的細分市場而言，我們的分配和特種瓶蓋細分市場的銷售額與去年同期相比增長了1%，這主要是由於銷量組合增加了3%，但這一增長被原材料成本下降和不利的外幣。

The increase in volume mix was driven primarily by double-digit growth in dispensing products and favorable mix. Second-quarter dispensing and specialty closures adjusted EBIT increased $16 million versus the prior-year period, driven by favorable price costs, partially as a result of the prior-year impact from labor challenges that limited output at a US food and beverage closures facility and improved volume and mix.

銷售組合的成長主要是由分配產品的兩位數成長和有利的組合所推動的。第二季配藥和特種瓶蓋調整後的息稅前利潤比去年同期增加了1,600 萬美元，這主要是由於價格成本有利，部分原因是去年勞動力挑戰限制了美國一家食品和飲料瓶蓋工廠的產量，改善音量和混合。

In our metal container segment, sales declined 8% versus the prior-year quarter, primarily due to the pass-through of lower raw material costs, which was partially offset by higher volumes of 1%. As expected, metal containers' adjusted EBIT was below the prior-year quarter due to the impact of unfavorable price costs, including mix, as a result of lower fixed cost absorption from a significantly lower inventory build for the fruit and vegetable pack due to the previously discussed reduction in pack plans of a large fruit and vegetable customer to reduce its working capital.

在我們的金屬容器領域，銷售額較上年同期下降 8%，主要是由於原材料成本下降的影響，但銷量增加 1% 部分抵消了這一影響。正如預期的那樣，由於不利的價格成本（包括混合成本）的影響，金屬容器調整後的息稅前利潤低於上年同期，這是由於水果和蔬菜包裝的庫存量顯著降低導致固定成本吸收減少。

In custom containers, sales increased 6% compared to the prior-year quarter, driven by a 7% increase in volumes as a result of stronger market demand and the early commercialization of the second new business award during the quarter. Custom containers' adjusted EBIT increased $4 million as compared to the second quarter of 2023, driven by higher volumes.

在客製化貨櫃方面，由於市場需求強勁以及本季第二個新業務獎項的提前商業化，銷量增長了 7%，推動銷售額比去年同期增長 6%。由於銷量增加，客製化貨櫃的調整後息稅前利潤比 2023 年第二季增加了 400 萬美元。

Looking ahead to 2024, we are confirming our estimate of adjusted net income per diluted share in the range of $3.55 to $3.75, a 7% increase at the midpoint of the range as compared to $3.40 in 2023. This estimate includes corporate expense of approximately $30 million, excluding costs for announced acquisitions, which is above our prior estimate of $25 million due to higher legal and corporate development costs.

展望 2024 年，我們確認調整後每股攤薄淨利潤在 3.55 美元至 3.75 美元之間，與 2023 年的 3.40 美元相比，該範圍的中點增加了 7%。這項估計包括約 3,000 萬美元的公司費用，不包括已宣布的收購成本，由於法律和公司開發成本較高，該費用高於我們先前估計的 2,500 萬美元。

Also included in the adjusted EPS range for 2024, our interest expense of approximately $165 million, an adjusted tax rate of 24% to 25%, and a weighted average share count of approximately 107 million shares.

2024 年調整後每股盈餘範圍內還包括約 1.65 億美元的利息支出、24% 至 25% 的調整後稅率以及約 1.07 億股的加權平均股數。

From a segment perspective, mid-single-digit percentage total adjusted EBIT growth in 2024 is expected to be driven primarily by the dispensing and specialty closures and custom containers' segments, with the metal container segment adjusted EBIT below the prior-year record level, primarily due to the previously discussed reduction of pack plans by a large fruit and vegetable customer.

從細分市場的角度來看，預計2024 年調整後息稅前利潤將實現中個位數增長，主要由分配和特種瓶蓋以及定制容器細分市場推動，其中金屬容器細分市場調整後息稅前利潤低於上一年的創紀錄水平，主要是由於先前討論的大型水果和蔬菜客戶減少了包裝計劃。

Based on our current earnings outlook for 2024, we are confirming our estimate of free cash flow of approximately $375 million with CapEx of approximately $240 million in 2024. Turning to our outlook for the third quarter of 2024, we are providing an estimate of adjusted earnings in the range of $1.20 to $1.30 per diluted share as compared to $1.16 in the prior-year period.

根據我們目前對 2024 年的獲利展望，我們確認 2024 年自由現金流約為 3.75 億美元，資本支出約為 2.4 億美元。談到我們對 2024 年第三季的展望，我們預計調整後每股攤薄收益為 1.20 至 1.30 美元，而去年同期為 1.16 美元。

The 8% year-over-year improvement in adjusted earnings in the third quarter at the midpoint of the range is driven primarily by improving volume trends, cost reductions, and strong operating performance in each of the segments, partly offset by a less favorable mix in our metal container segment.

第三季調整後收益年增 8%（處於區間中點），主要是由於每個細分市場的銷售趨勢改善、成本降低和強勁的營運業績，但部分被不太有利的組合所抵消在我們的金屬容器場。

Third-quarter adjusted EBIT is expected to be above prior year levels in dispensing and specialty closures with improved volume mix and price costs. Third-quarter metal containers volumes are expected to be above the prior-year level, while adjusted EBIT is expected to be below third quarter 2023.

隨著銷售組合和價格成本的改善，第三季配藥和特殊瓶蓋調整後的息稅前利潤預計將高於去年同期水準。第三季金屬貨櫃銷售量預計將高於去年同期水平，而調整後的息稅前利潤預計將低於 2023 年第三季。

The year-over-year decline in metal containers' adjusted EBIT is driven by a less favorable mix, predominantly due to lower-than-normal vegetable can sales, with the previously discussed reduction in volume plans for a large-pack customer and higher pet food sales in the quarter. Third-quarter adjusted EBIT in the custom containers segment is expected to be above prior-year levels as a result of low- to mid-single-digit volume growth.

金屬容器調整後的息稅前利潤同比下降是由不太有利的組合推動的，主要是由於蔬菜罐頭銷售低於正常水平，以及之前討論的大包裝客戶的銷量計劃減少和更高的寵物數量本季度的食品銷售。由於銷售量低至中個位數成長，客製化貨櫃領域第三季調整後的息稅前利潤預計將高於去年同期水準。

That concludes our prepared comments. And we'll open the call for questions. Jennifer, would you kindly provide the directions for the question-and-answer session?

我們準備好的評論到此結束。我們將開始提問。Jennifer，請您提供問答環節的指導嗎？

(Operator Instructions) Ghansham Panjabi, Baird.

（操作員說明）Ghansham Panjabi，Baird。

Yes. Hey, guys. Good morning. I guess on dispensing and specialty closures, I know you sell into a bunch of different end markets and so on, but a lot of the companies that have reported on the consumer discretionary side, health and beauty and fragrance, et cetera, they're pointing towards some level of a slowdown, just given tougher comparisons and obviously mixed consumer spending. And I know you're lapping the destocking comps, and so the optics are favorable, et cetera. But can you give us a better sense as to what's going on in the market from your vantage point at this point?

是的。嘿，夥計們。早安.我想在配藥和專業瓶蓋方面，我知道你的產品銷往許多不同的終端市場等等，但很多公司都報告了非必需消費品方面的情況，包括健康、美容和香水等，他們是考慮到更嚴格的比較和明顯混合的消費者支出，顯示經濟會出現某種程度的放緩。我知道你們正在削減庫存，因此光學效果是有利的，等等。但您能否從您的角度讓我們更了解市場正在發生什麼？

Sure. And I think we see a lot of the same reports and trends out in the marketplace. I think you really have to focus on where we choose to compete and when in the markets that we're serving. So I think fragrance and beauty is a great place to start.

當然。我認為我們在市場上看到了很多相同的報告和趨勢。我認為你真的必須專注於我們選擇在哪裡競爭以及何時在我們所服務的市場中競爭。所以我認為香水和美容是一個很好的起點。

And we really don't participate in the mass-market fragrance and beauty. I know we've talked about that over time, but where we are very successful and where we continue to win new business in the fragrance and beauty side is at the very high end of that market. And that market continues to perform and do well, has new product launches.

我們確實不參與大眾市場的香水和美容。我知道我們已經討論過這個問題一段時間了，但我們非常成功，我們在香水和美容方面繼續贏得新業務的地方是在該市場的非常高端。市場持續表現良好，並不斷推出新產品。

And I do think, Ghansham, we're winning probably a disproportionate amount of the new product launches, just given our performance over the last, call it, four years or five years. So we feel really good about that. And I think we talk about the power of our portfolio that it is a broad -- I mean, you said it yourself, it's a broad base of markets and products that we take the market and we serve the markets with.

我確實認為，Ghansham，考慮到我們過去四年或五年的表現，我們可能贏得了不成比例的新產品發布。所以我們對此感覺非常好。我認為我們談論的是我們產品組合的力量，它是廣泛的——我的意思是，你自己也說過，它是我們佔領市場並為市場提供服務的廣泛的市場和產品基礎。

So I think, over time, if you go back over, call it, the last five years, you've seen continued strength from Silgan but maybe strengths in different markets as we have worked through the last five years. So lawn and garden is really good. Right now, we've got aerosol business that has, I'd say, more than fully recovered from what we were dealing with in destocking days. Our trigger sprayers are doing exceptionally well right now and have fully recovered.

所以我認為，隨著時間的推移，如果你回顧過去五年，你會看到 Silgan 的持續實力，但也許在我們過去五年的努力中，不同市場的優勢。所以草坪和花園真的很好。現在，我想說，我們的氣霧劑業務已經從去庫存期間的情況中完全恢復過來。我們的扳機噴霧機目前運作狀況非常好，並且已完全恢復。

So I just -- maybe to try to give you a couple of examples there. And in all fairness, that's more than offsetting sort of the continued, I think, challenge market that we're seeing in our food and beverage products. Again, they're recovering, but they have not recovered to the same level as some of the other markets that I just described.

所以我只是——也許試著給你們舉幾個例子。平心而論，我認為這足以抵消我們在食品和飲料產品中看到的持續的挑戰市場。同樣，它們正在復蘇，但尚未恢復到我剛才描述的其他一些市場的水平。

Got it. And then in terms of consumer promotional activity, I mean, obviously, there's been many levels of theorization, and it's -- we're seeing some initial signs just based on some of the other reports. But as you think about your end markets between North America and Europe, are you seeing a sustainable trend there or is it still just a minor relative to last year?

知道了。然後就消費者促銷活動而言，我的意思是，顯然，有很多層次的理論，而且我們只是根據其他一些報告看到了一些初步跡象。但當您考慮北美和歐洲之間的終端市場時，您是否看到了可持續的趨勢，或者與去年相比仍然只是一個較小的趨勢？

Well, I think it's a positive to last year. I'll give you a couple examples. I think the targeted promotional activity in our food business has been very successful. But it's on a targeted basis, so it hasn't lifted the entire category.

嗯，我認為這對去年來說是積極的。我給你舉幾個例子。我認為我們食品業務的針對性促銷活動非常成功。但它是有針對性的，因此並沒有提升整個類別。

I'll give you another example. In our aerosol business on dispensing and specialty closures, there was a lot of activity on the promotional side for aerosol. And this is for kind of air care and home care products, et cetera. And we saw it drive growth, and I think the market saw growth in that category as well.

我再舉一個例子。在我們的氣霧劑分配和特殊瓶蓋業務中，有許多氣霧劑的促銷活動。這適用於空氣護理和家庭護理產品等。我們看到它推動了成長，我認為市場也看到了該類別的成長。

So I think we're still optimistic. As we think about the remainder of this year, I think promotional activity is going to be important. I think the success of that promotional activity will be important as well. But for us in our business, I think we're seeing more of it. And we're seeing it be very effective when it's targeted.

所以我認為我們仍然樂觀。當我們考慮今年剩下的時間時，我認為促銷活動將很重要。我認為該促銷活動的成功也很重要。但對於我們的業務來說，我認為我們看到了更多這樣的情況。我們發現，當它有針對性時，它非常有效。

I'd also finish, Ghansham, with the fact that we're in the middle of the summer months. And our beverage business typically does well when there's warm weather. And we need to see that promotional activity driving growth through the summer months as well.

甘沙姆，我最後還要說的是，我們現在正值夏季中旬。我們的飲料業務通常在天氣溫暖時表現良好。我們需要看到促銷活動也能推動整個夏季的成長。

Okay. Fantastic. Thank you, Adam.

好的。極好的。謝謝你，亞當。

Adam Greenlee

亞當格林利

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

Hi, everyone. Good morning. Thanks for the details and for taking the question. I guess, first question, maybe I'll switch gears, and we'll talk about metal a bit. And the commentary that you had in the first quarter was matched with performance in 2Q. But in terms of what your EBIT expectations were and volume expectations, did the quarter go pretty much as planned in metal as you'd expect it? Was it better? Was it worse? And if you could fill in some of the gaps here, that would be great.

大家好。早安.感謝您提供詳細資訊並提出問題。我想，第一個問題，也許我會換個話題，我們會談談金屬。第一季的評論與第二季的表現相符。但就您的息稅前利潤預期和銷售預期而言，本季金屬業務是否如您預期的那樣順利進行？是不是更好了？情況更糟嗎？如果你能填補這裡的一些空白，那就太好了。

Secondly, and you've touched on this in the past, to the extent that the metal container business in North America continues to evolve and pet keeps getting bigger -- broadly, can sizes keep getting smaller. As a result, we've seen the fruit market (technical difficulty)

其次，您過去已經談到這一點，北美的金屬容器業務不斷發展，寵物不斷變大——總的來說，罐頭尺寸不斷變小。結果，我們看到了水果市場（技術難度）

What's next in terms of how you optimize that business relative to the way it's going to evolve in the next two years to four years? Whatever you can share there would be great.

相對於未來兩年到四年的發展方式，您下一步將如何優化該業務？無論你能分享什麼，那就太好了。

Okay. Well, thanks, George. The quarter and the second quarter, just maybe slightly below our expectations, just in the metal container segment. And really, the impact on our network of the volume decline due to the one-pack customer that's reduced their volumes for 2024 was significant. It basically accounts for most of the entirety of the year-over-year change in the business.

好的。嗯，謝謝，喬治。本季和第二季可能略低於我們的預期，只是在金屬容器領域。事實上，由於單一包裝客戶減少了 2024 年的銷量，銷售下降對我們的網路產生了重大影響。它基本上佔了業務同比變化的大部分。

So think about our business, and we -- sorry, George. We are fully utilized between Q2 and Q3, and where our additional capacity exists is really in Q1 and Q4. So the utilization rates are always very, very high in Q2 and Q3, and that's where we took the volume out as, again, you think about the pack volume.

所以想想我們的生意，我們——對不起，喬治。我們在第二季和第三季之間得到充分利用，而我們的額外產能實際上是在第一季和第四季。因此，第二季和第三季的使用率總是非常非常高，這就是我們將數量剔除的地方，因為您再次想到了包裝數量。

Basically, those cans need to be ready at the end of Q2 to sell in Q3 when our customers need them. So it was an outsized impact. And in fairness, we probably underestimated what that impact was just by a few million dollars as we came into the quarter.

基本上，這些罐頭需要在第二季末準備好，以便在我們的客戶需要時在第三季出售。所以這是一個巨大的影響。公平地說，當我們進入本季度時，我們可能低估了這種影響數百萬美元。

So then I think about when you move forward and kind of what's next, you mentioned fruit as a product that moved away from the can into an alternative package. And what we've consistently said, George, is that the products that are essentially processed in the can are really what's left in the can these days.

因此，我想到當您繼續前進時以及接下來會發生什麼時，您提到水果作為一種產品從罐頭轉移到了替代包裝中。喬治，我們一直說的是，本質上在罐頭中加工的產品實際上是當今罐頭中剩餘的產品。

So we think there's -- dry products have moved because it didn't require a can for processing. Fruit was a very similar example. But what's left in a food can, and particularly wet pet food, which, as you mentioned, is over half of our volume is growing. I look back over the last five years as an example, and our pet food volumes are up about 20%. So call it right in that mid-single-digit range. And that's how I would talk about metal containers.

所以我們認為乾產品已經轉移，因為它不需要罐頭來加工。水果就是一個非常相似的例子。但食品罐中的剩餘量，特別是濕寵物食品，正如您所提到的，占我們數量的一半以上，正在增長。以過去五年為例，我們的寵物食品銷售量成長了約 20%。因此，請在中間個位數範圍內呼叫它。這就是我談論金屬容器的方式。

Right. So with that, does that -- maybe not tomorrow, but over the next few years, mean that you'll look to adjust the network again? I'm not necessarily saying plant closures, but just -- what do you need to do from a converting standpoint and network as that market evolves?

正確的。那麼，也許不是明天，但在接下來的幾年裡，這是否意味著您將再次調整網路？我不一定是說工廠關閉，而是——隨著市場的發展，從轉換的角度和網絡來看，你需要做什麼？

And just quickly on third quarter and I'll turn it over. Yes, it will be lower, I think you said. But we're still talking about triple-digits in terms of dollars for EBIT, right? We're not going back to some of the -- a few years ago where we had some weaker quarters there. Thanks, and good luck in 3Q.

很快第三季我就會把它翻過來。是的，它會更低，我想你說過。但我們仍在談論以美元計算的三位數息稅前利潤，對吧？我們不會再回到幾年前的情況，那時我們的業績表現較弱。謝謝，祝第三季好運。

Thanks, George. And yes, you're right on Q3. I think as you think about what our next steps are in metal containers, I mean, look, we've got half of the business that's growing, half of the business that we are investing to support our customers' growth in pet food. So we've got a very optimized platform and I think a very low-cost platform, certainly on that side of the business.

謝謝，喬治。是的，你在第三季是對的。我想當你思考我們下一步在金屬容器領域的發展時，我的意思是，你看，我們有一半的業務正在成長，一半的業務我們正在投資以支持客戶在寵物食品領域的成長。因此，我們擁有一個非常優化的平台，而且我認為這是一個成本非常低的平台，當然在業務方面也是如此。

And I think when you think about the balance of the business, the other, call it, less than 50%, we do have the announced cost-reduction initiative. That's not just about closing plants. That's also about just driving cost out of the business. And I think one thing I will absolutely say, particularly about our metal containers business, is they've been terrific at driving cost out of their business. And that's absolutely what we're going to continue to do on that part of the business that's not pet food.

我認為，當你考慮業務平衡時，其他的，稱之為低於 50%，我們確實有宣布的成本削減計劃。這不僅僅是關閉工廠的問題。這也只是為了降低業務成本。我認為我絕對要說的一件事，特別是關於我們的金屬容器業務，是他們在降低業務成本方面表現出色。這絕對是我們將繼續在寵物食品以外的業務領域所做的事情。

Okay, thanks. I'll turn it over.

好的，謝謝。我會把它翻過來。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

Good morning. This is actually Bryan Burgmeier on for Anthony. Thanks for taking the question. Adam, in the prepared remarks, you sounded maybe quite a bit more optimistic on M&A opportunities than you had previously. I guess, can you remind us where your pro forma leverage is going to be by the end of this year? And is it accurate to say that heading into 2025, Silgan could have a pretty full pipeline of accretive deals?

早安.這實際上是布萊恩·伯格梅爾（Bryan Burgmeier）替補安東尼。感謝您提出問題。Adam，在準備好的發言中，您對併購機會的態度可能比之前更樂觀。我想，您能否提醒我們，到今年年底，您的預期槓桿率將達到多少？進入 2025 年，Silgan 可能會擁有相當完整的增值交易管道，這是否準確？

Yes. This is Bob. I'll jump in on that one. I think you read it pretty well. Our balance sheet, right now, as we come through the pack season and into the end of the year, we should be just below the high end of our range. And I'll remind you that that range is 2.5x to 3.5x on a net-debt basis, so comfortably within what our normal operating range is.

是的。這是鮑伯。我會加入其中。我認為你讀得很好。現在，隨著我們進入包裝季節並進入年底，我們的資產負債表應該略低於我們範圍的高端。我要提醒您的是，以淨債務計算，範圍為 2.5 倍至 3.5 倍，完全在我們的正常經營範圍之內。

Right now, we're focused on completing the acquisition of Weener and then the integration. But that does not at all mean that we're slowing down in terms of paying attention and looking at investment opportunities, particularly in the dispensing space.

目前，我們的重點是完成對 Weener 的收購以及整合。但這並不意味著我們在關注和尋找投資機會方面放慢腳步，特別是在配藥領域。

So I think you got it right that the balance sheet allows us the opportunity to look. I think -- we think the market is to our benefit right now, given our access to capital, given our ability to move swiftly and with certainty.

所以我認為你說得對，資產負債表讓我們有機會進行檢視。我認為，鑑於我們有能力獲得資本，鑑於我們有能力迅速而確定地採取行動，我們認為市場目前對我們有利。

So I think all those things, coupled with a market backdrop that may not be so favorable for some of the other institutions that we might be competing with for potential targets -- so I do think that now, we're in a pretty good period from a structural perspective as well as the backdrop of the market. And again, our focus will be largely around continuing to build out the tip of the spear around the dispensing and specialty closures side of the business.

因此，我認為所有這些因素，再加上市場背景可能對我們可能正在爭奪潛在目標的其他一些機構不太有利，所以我確實認為現在我們正處於一個非常好的時期從結構角度和市場背景來看。再說一次，我們的重點將主要集中在繼續圍繞業務的分配和專業瓶蓋方面打造矛尖。

And I think the only thing I would add to that is that the pro forma EBITDA with Weener, we're talking about over $1 billion. Just the capacity to do more is greater today at Silgan than it was, call it, 5 or 10 years ago.

我想我唯一要補充的是，Weener 的預估 EBITDA 超過 10 億美元。如今，Silgan 的能力比 5 年前或 10 年前更強。

Got it. Thanks for that detail. And maybe just kind of switching to custom containers, are we looking for more quarter-over-quarter EBIT growth in 3Q and into 4Q? I guess, could you remind us how the business wins are going to be kind of layering on in the second half of the year, and maybe any changed assumptions for price cost? Thanks. I'll turn it over.

知道了。謝謝你的詳細資料。也許只是切換到定制容器，我們是否正在尋求第三季度和第四季度的息稅前利潤環比增長？我想，您能否提醒我們下半年的業務勝利將如何分層，以及價格成本的假設是否會發生任何變化？謝謝。我會把它翻過來。

Sure. Look, the business has done a nice job. We've continued to win new awards. The story for this year in custom containers was really about the two large awards. The first one was commercialized in the first quarter, and we had identified the second one to be commercialized, call it mid-year. So we had it in our business, call it Q3. The team did a great job working with the customer, we're able to commercialize that early, and we saw the benefits of that in Q2.

當然。瞧，生意做得很好。我們繼續贏得新的獎項。今年訂製貨櫃的故事實際上是關於兩個大獎的。第一個在第一季商業化，我們已經確定第二個商業化，稱之為年中。所以我們把它納入我們的業務，稱之為第三季。團隊與客戶合作做得很好，我們能夠儘早將其商業化，並且我們在第二季度看到了這樣做的好處。

So being disciplined and thoughtful about how many big pieces of businesses that we take on, those were the two big items this year. We're continuing to win other new business awards all the time. I think as you look at the sequential quarters, so going from Q2 to Q3, I think it's actually more important to look at the prior year.

因此，我們要嚴格遵守並深思熟慮，我們要承擔多少大型業務，這是今年的兩大項目。我們一直在繼續贏得其他新的商業獎項。我認為，當您查看連續幾個季度時，從第二季度到第三季度，我認為實際上更重要的是查看上一年。

So I think we'll see nice growth versus the prior year, both from a volume perspective and from a profit perspective. But I think that the seasonality of our custom container business is definitely more weighted to the first half. And you'll see that again in 2024.

因此，我認為無論是從數量角度還是從利潤角度來看，我們都會看到與前一年相比的良好成長。但我認為我們的客製化貨櫃業務的季節性肯定更偏重於上半年。2024 年你會再看到這一點。

Gabe Hajde, Wells Fargo.

加布·哈吉德，富國銀行。

Adam, Bob, Kim, good morning. Adam, I think in your prepared remarks, you talked about bumping up against maybe some capacity constraints in DSC. I know some of it might require some new molds, maybe pieces of equipment, and then maybe some assembly lines if it's for more of the true dispensing components.

亞當、鮑伯、金，早安。Adam，我認為在您準備好的發言中，您談到了 DSC 中可能遇到的一些容量限制。我知道其中一些可能需要一些新模具，也許需要一些設備，如果需要更多真正的點膠組件，可能還需要一些組裝線。

I'm just curious, is that true? And then, would you have to expand brick and mortar, or is it within the wallet of, call it, $250 million of base CapEx for legacy Silgan?

我只是好奇，這是真的嗎？然後，您是否必須擴大實體規模，或者是否在傳統 Silgan 的 2.5 億美元基本資本支出的錢包內？

Sure, Gabe. I would say that the last part of that is the easy part. So that's absolutely considered in our total CapEx. We're not talking about new facilities or anything at this point. This really is more to your first point. This is -- it's more about the molding side, so assembly and other parts were just fine. This is about getting the right molds into the right machines that we already have in place.

當然，加布。我想說最後一部分是簡單的部分。因此，我們的總資本支出中絕對考慮了這一點。我們現在不是在談論新設施或任何東西。這確實更符合你的第一點。這是——更多的是關於成型方面，所以組裝和其他零件都很好。這是為了將正確的模具放入我們已有的正確機器中。

And frankly, it's just the output of customers being surprised, I think, at the demand levels that they're seeing for some of their products. And that's what we're reacting to. So I think, unfortunately, some orders came in late as there was a surprise element for our customers, and we're doing all we can to support their growth and get those additional products into the market. So much more about the molding side and really specific to kind of tooling at this point.

坦白說，我認為這只是客戶對他們所看到的某些產品的需求程度感到驚訝的結果。這就是我們的反應。因此，我認為，不幸的是，一些訂單遲到了，因為我們的客戶有一個驚喜，我們正在盡一切努力支持他們的成長並將這些額外的產品推向市場。關於成型方面的更多信息，以及此時真正特定於類型的工具。

Okay, that's it for me. Thank you.

好吧，我就這樣了。謝謝。

Thank you.

謝謝。

Matt Roberts, Raymond James.

馬特羅伯茨，雷蒙德詹姆斯。

Hey. Good morning, everybody. Thank you for the time. On the DSC segment, so the margin came in strong in the quarter with destocking ending. I think that the mix shift would have to move a little bit towards the lower-margin items later in the year.

嘿。大家早安。謝謝你的時間。在 DSC 領域，隨著去庫存的結束，本季利潤率表現強勁。我認為今年稍後的產品組合必須稍微向利潤率較低的產品方向傾斜。

So could you discuss how you expect volume and mix shift in the category to evolve between 3Q and 4Q? I mean, double-digit growth in dispensing is impressive. But I imagine, as a function of math, that just has to taper at some point. So trying to see how you're playing for 3Q and 4Q there.

那麼您能否討論一下您預計該類別在第三季和第四季之間的銷售和組合變化將如何演變？我的意思是，配藥量的兩位數成長令人印象深刻。但我想，作為數學函數，它必須在某個時刻逐漸減少。所以試著看看你在 3Q 和 4Q 的表現如何。

Yes. It's a really good question, Matt. And look, you're right. We've got the double-digit growth in dispensing products. So that obviously is going to drive the margin for the segment. But when you think about kind of the food and beverage side of the business, number one, we've got the cost outs. So that's an important element.

是的。這是一個非常好的問題，馬特。看，你是對的。我們的配藥產品實現了兩位數的成長。因此，這顯然將提高該領域的利潤率。但當你考慮到食品和飲料的業務時，第一，我們已經得到了成本支出。所以這是一個重要的因素。

Number two, you've got kind of a year-over-year comp versus last year as well when we had a challenge in the Q2 through Q4 period for one of our food and beverage facilities in the US market. So we solved that one before the end of last year. You've got the cost outs on the food and beverage side. So I think margins actually should continue to move up as we work our way through the second half of the year in the DSC segment.

第二，與去年相比，我們在第二季到第四季期間，我們在美國市場的一家食品和飲料設施遇到了挑戰，這與去年同期相比，情況有所改善。所以我們在去年年底前解決了這個問題。您已經在食品和飲料方面付出了成本。因此，我認為隨著下半年我們在 DSC 領域的努力，利潤率實際上應該會繼續上升。

Okay, that's helpful. Thank you. And then maybe along the same lines but looking a little farther out, so given the growth in that business, plus the incremental margins you have coming from Weener next year, is there an appropriate margin target to shoot for longer term within that segment or any brackets that you internally think about? Thanks again for taking the questions.

好的，這很有幫助。謝謝。然後也許沿著同樣的路線，但看得更遠一些，所以考慮到該業務的增長，加上明年威納帶來的增量利潤，是否有一個適當的利潤目標可以在該細分市場或任何領域內實現長期目標您內部考慮的括號？再次感謝您提出問題。

Sure. Yes. We talked about on the -- when we announced the Weener acquisition that we thought Weener came through and added roughly 100 basis points of margin expansion to the segment. So I think as we think about continuing growth in the dispenser side of the business, that's more like a 25% EBITDA margin rate. So as we continue to grow out dispensers, it will impact the overall margin for the segment.

當然。是的。當我們宣布收購 Weener 時，我們談到了這一點，我們認為 Weener 成功了，並為該細分市場增加了約 100 個基點的利潤率擴張。因此，我認為，當我們考慮加油機業務的持續成長時，這更像是 25% 的 EBITDA 利潤率。因此，隨著我們繼續擴大分配器，這將影響該領域的整體利潤率。

Thanks again, Adam.

再次感謝，亞當。

Thank you.

謝謝。

Mike Roxland, Truist Securities.

麥克‧羅克克蘭 (Mike Roxland)，Truist 證券公司。

Yes. Thanks, Adam, Kim, Bob, and Alex for taking my questions and congrats on the very good quarter. I just want to follow up on the food and beverage volumes improving. How does your comments on food and bev relate to the middle European closures and how that's going? That was a headwind for you last year.

是的。感謝 Adam、Kim、Bob 和 Alex 回答我的問題，並祝賀這個非常好的季度。我只是想跟進食品和飲料數量的改善。您對食品和飲料的評論與中歐關閉有何關係以及進展如何？去年這對你來說是一個逆風。

Has demand improved there as well as European inflation has moderated? You're seeing some more growth from some of the bev can guys in Europe as consumers have come back. So I'm wondering that's parlayed also into food can -- into those metal closures.

那裡的需求是否有所改善以及歐洲通膨是否有所緩和？隨著消費者的回歸，你會看到歐洲一些飲料罐製造商出現了更多的成長。所以我想知道這是否也被應用到了食品罐頭——那些金屬瓶蓋上。

Yes. Actually, it has, Mike. So we've seen stability really more from our food and beverage business in the European market. And just to be very candid, that -- it was a very difficult year last year for the business. So we've seen improvement off of an easy comp, if you will. But we've also seen stability. So I think that's the important part, and we're seeing some nice volume growth year-over-year just because we're getting back to a more stable environment in the European market.

是的。事實上，確實如此，麥克。因此，我們從歐洲市場的食品和飲料業務中看到了更多的穩定性。坦白說，去年對企業來說是非常困難的一年。所以，如果你願意的話，我們已經看到了簡單比賽的改進。但我們也看到了穩定。所以我認為這是重要的部分，我們看到銷量比去年出現了一些不錯的成長，只是因為我們正在歐洲市場回到更穩定的環境。

Got it. And then just in terms of metal containers, EBIT for 2025, I know you haven't brought any guidance yet, but I believe the same customer you keep referencing expects to continue bringing down their working capital next year to drive leverage lower. So how should we think about EBIT -- metal containers' EBIT next year as well?

知道了。然後就金屬容器而言，2025 年的息稅前利潤，我知道您還沒有帶來任何指導，但我相信您一直提到的同一位客戶預計明年將繼續降低其營運資本，以降低槓桿率。那我們該如何考慮明年的息稅前利潤──金屬容器的息稅前利潤呢？

Well, I think, just on a larger scale, I mean, nothing's changed about our long-term thesis as it relates to metal containers. So as you try to get a little more detail about 2025, we're not even close to a budget cycle yet. So I wouldn't really want to offer anything from that perspective.

嗯，我認為，只是在更大的範圍內，我的意思是，我們與金屬容器相關的長期論文沒有任何改變。因此，當您嘗試了解有關 2025 年的更多詳細資訊時，我們甚至還沒有接近預算週期。所以我真的不想從這個角度提供任何東西。

We're working very closely with that customer to help them achieve their working capital goals this year. And our understanding is that it was going to be a one-year program in discrete, but crops are in the ground right now. We don't have a pack plan yet for next year, so we'll be happy to talk about that as we get closer to the end of the year.

我們正在與該客戶密切合作，幫助他們實現今年的營運資金目標。我們的理解是，這將是一個為期一年的離散計劃，但農作物現在已經在地裡了。我們還沒有明年的打包計劃，所以當我們接近年底時，我們很樂意談論這個問題。

Got it. Thanks very much, and good luck in the second half.

知道了。非常感謝，祝下半年好運。

Thank you.

謝謝。

Daniel Rizzo, Jefferies.

丹尼爾·里佐，杰弗里斯。

Hi, guys. Thanks for taking my questions. Just to follow up on that last point, that customer is going to be destocking or reducing their working capital going into 2025. That is the plan that they -- the idea that they relate to you guys?

嗨，大家好。感謝您回答我的問題。為了跟進最後一點，該客戶將在 2025 年之前減少庫存或減少營運資金。這就是他們的計劃──他們與你們相關的想法？

Well, I think it's their fiscal '25, just for clarity. So we're already in fiscal '25 for them right now. So we're talking about a calendar year '24 for Silgan.

好吧，我認為這是他們的 25 財年，只是為了清楚起見。所以我們現在已經進入 25 財年了。所以我們談論的是 Silgan 的日曆年 '24。

Okay. That's helpful. And then have you ever -- I mean, is there a large margin difference between soup and pet food versus food and beverage in metal containers in terms of product mix?

好的。這很有幫助。然後你有沒有——我的意思是，在產品組合方面，湯和寵物食品與金屬容器中的食品和飲料之間是否存在很大的利潤差異？

No, not really. I think it's pretty consistent across the board. I mean, from a margin rate perspective -- I mean, we talk a lot about mix now as pet food continues to grow. And you think about the smaller can size supporting the pet food market versus our standard vegetable and maybe even institutional vegetable can sizes. It's just the margin dollars that are delivered to Silgan are less just -- but the margin rate is very consistent across the business

不，不是真的。我認為這是非常一致的。我的意思是，從利潤率的角度來看，隨著寵物食品的持續增長，我們現在談論了很多關於混合的問題。您會想到支持寵物食品市場的較小罐頭尺寸與我們的標準蔬菜甚至機構蔬菜罐頭尺寸相比。只是交付給 Silgan 的保證金不太公正，但整個企業的保證金率非常一致

Okay, and then final question. You mentioned something in the prepared remarks about the strength of sales in dispensing products. I mean, you talked a lot about that. But dispensing products around the world, I was wondering if you're running into a situation where you're sold out of certain products. You may need more capacity. Is that the case anywhere?

好的，然後是最後一個問題。您在準備好的評論中提到了有關配藥產品銷售強勁的一些內容。我的意思是，你對此談了很多。但是在世界各地分發產品時，我想知道您是否遇到了某些產品售罄的情況。您可能需要更多容量。任何地方都是這樣嗎？

Yes, it's -- I'm going to start with the end of your comment. So yes, we are adding capacity in our dispensing business and have been for several years to support the growth in that business. And I'll go all the way back to when we acquired the WestRock dispensing business. We've been allocating quite a bit of capital to that business to support their growth. And I think you can see that not only in their volume numbers but in the bottom line of the segment as well.

是的，我將從你評論的結尾開始。所以，是的，我們正在增加我們的配藥業務的產能，並且多年來一直在支持該業務的成長。我會一直追溯到我們收購 WestRock 配藥業務時的情況。我們已經為該業務分配了大量資金以支持其發展。我認為您不僅可以從其銷量數字中看到這一點，還可以從該細分市場的利潤中看到這一點。

So yes, backing up into your question, there are certain categories where we are very tight on capacity in some cases, as we mentioned, that we've got orders exceeding capacity for certain products. And we are working hard to address that. This is a global business for us.

所以，是的，支持你的問題，在某些情況下，某些類別的產能非常緊張，正如我們所提到的，我們的某些產品的訂單超出了產能。我們正在努力解決這個問題。這對我們來說是一項全球業務。

So the first thing we do is we look in our own network for potential solutions from other geographies. And in some cases, we've executed upon that. We've also just, again, tried to add short-term capacity on the molding side to get customers the products that they need to support the markets that they're serving.

因此，我們要做的第一件事就是在我們自己的網路中尋找來自其他地區的潛在解決方案。在某些情況下，我們已經執行了這一點。我們也再次嘗試增加成型方面的短期產能，以便為客戶提供支援他們所服務的市場所需的產品。

So it's a really good problem to have, Dan. And I think we're working very closely with our customers to address those needs, and most of that is covered under our long-term contracts. So these are really good investments for our company, and we'll continue to make them.

所以這是一個非常好的問題，丹。我認為我們正在與客戶密切合作來滿足這些需求，其中大部分都包含在我們的長期合約中。因此，這些對我們公司來說確實是很好的投資，我們將繼續進行這些投資。

Thank you very much.

非常感謝。

Jeff Zekauskas, JPMorgan.

傑夫‧澤考斯卡斯，摩根大通。

Thanks very much. Was price cost favorable in the quarter? And if so, by how much? And what's price cost been for the first two quarters?

非常感謝。本季的價格成本是否有利？如果是這樣，幅度是多少？前兩季的價格成本是多少？

Jeff, are you to a specific segment with a question on price cost?

傑夫，您是否對特定細分市場的價格成本有疑問？

No, for the for the whole company, for the consolidated results. But if you want to go through the individual segments, that's great.

不，對於整個公司，對於合併結果。但如果您想瀏覽各個部分，那就太好了。

Okay. Well, how about this? I think, price costs, we've talked a lot about the metal container segment with the under absorption of the fixed cost base there. So that was a negative for us in the quarter. You think about the resin-based businesses, both in dispensing and specialty closures.

好的。嗯，這個怎麼樣？我認為，價格成本，我們已經討論了很多關於金屬容器領域的問題，其中固定成本基礎的吸收不足。所以這對我們本季來說是一個負面影響。您會想到基於樹脂的業務，包括分配和特殊瓶蓋。

And in custom containers, really, there wasn't a whole lot of variance on the price cost line, so not much of an impact. But for the total company, the significance of the metal containers item drove entirely for the business kind of a slight negative in the quarter.

實際上，在定制容器中，價格成本線沒有太大差異，因此影響不大。但對於整個公司而言，金屬容器專案的重要性完全導致該季度的業務略有下降。

Maybe if I can ask it differently, why did your cost of goods sold go down faster than your sales change?

也許我可以換個角度問，為什麼你們的銷售成本下降速度快於銷售變動？

Well, we have raw material on the metal side in particular that is declining year over year. That's getting passed through to our customer. So it might just be the timing of when those costs hit our P&L versus when the product is sold. Again, think of a more seasonal side of our business like the metal container side on the fruit and vegetable package. It's just one example.

嗯，我們的金屬原料尤其是逐年下降。這將傳遞給我們的客戶。因此，這可能只是這些成本影響我們損益的時間與產品銷售的時間。再次考慮我們業務中更具季節性的一面，例如水果和蔬菜包裝上的金屬容器一面。這只是一個例子。

If you exclude the inventory readjustment, how was price cost in the metals business?

如果排除庫存調整，金屬業務的價格成本如何？

I would say it's relatively neutral. The single largest item on the P&L is this item of under-absorbed fixed costs.

我想說這是相對中性的。損益表中最大的一項是未充分吸收的固定成本項目。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thank you.

謝謝。

Arun Viswanathan, RBC Capital Markets.

阿倫‧維斯瓦納坦 (Arun Viswanathan)，加拿大皇家銀行資本市場部。

Great. Thanks for taking my question. I just wanted to clarify. Maybe I misheard your earlier comments. Food, bev, obviously, the destocking has ended, but we're kind of seeing some mixed signals in the scanner data. What are you guys seeing, I guess? We have seen some improvement in private label. We've seen some improvement in some at-home categories, but others are still a little sluggish.

偉大的。感謝您提出我的問題。我只是想澄清一下。也許我聽錯你之前的評論了。食品，啤酒，顯然，去庫存已經結束，但我們在掃描器數據中看到了一些混合信號。我猜你們在看什麼？我們看到自有品牌取得了一些進步。我們看到一些家庭類別有所改善，但其他類別仍然有點低迷。

Did you say earlier that you're not seeing that improvement yet? And I guess, what's your outlook as you look into the back half of the year? Do you think promotional spending should continue to increase and that maybe would drive some improvement in food beverage markets, or are you thinking about underlying demand trends there?

您之前是否說過您還沒有看到這種改善？我想，您對今年下半年的前景有何看法？您是否認為促銷支出應該繼續增加，這可能會推動食品飲料市場的一些改善，或者您正在考慮那裡的潛在需求趨勢？

Yes, I think our underlying demand has been very resilient for those products, and not just in 2024 and prior periods as well. And the destocking activity was much more related to the activities at our customers' level, not necessarily the market.

是的，我認為我們對這些產品的潛在需求非常有彈性，不僅是在 2024 年及之前的時期。去庫存活動更與我們客戶層面的活動相關，而不一定是市場層面的活動。

So for our food and beverage business, I would just say we've seen nice year-over-year recovery again off of the destocking periods of the prior year. But as we then turn to the back half of the year, we're expecting more of that. So we are expecting volume growth year over year in our food and beverage businesses, plural, for the second half of the year. That's both metal containers and on the closures side for our food and beverage business.

因此，對於我們的食品和飲料業務，我只想說，從去年的去庫存期來看，我們再次看到了良好的同比復甦。但當我們轉向今年下半年時，我們預計會有更多這樣的情況。因此，我們預計下半年我們的食品和飲料業務量將年增。這既是金屬容器，也是我們食品和飲料業務的瓶蓋。

And then to your last point -- (multiple speakers) well, yes, just quickly around the promotional activity, we do think that's an important part. We do think the targeted activity has been successful and are looking for more of that with our customers as we head through the remainder of 2024.

然後到你的最後一點——（多個發言者）嗯，是的，很快就圍繞著促銷活動，我們確實認為這是一個重要的部分。我們確實認為目標活動已經成功，並在 2024 年剩餘的時間裡與我們的客戶一起尋求更多這樣的活動。

Great, thanks. And there's been a lot of volatility over the last two years between destocking and customer actions. So I guess, maybe -- would '25 be a more normal environment? And when you think about that, maybe we could just get some initial thoughts of how you're thinking about that business.

太好了，謝謝。過去兩年去庫存和客戶行動之間存在著很大的波動。所以我想，也許──25 年會是個更正常的環境嗎？當您想到這一點時，也許我們可以得到一些關於您如何看待業務的初步想法。

It looks like Weener will definitely improve your overall growth profile with more contribution from closures. And so do you think kind of low- to mid-single-digit -- I think that's kind of what you were laying out. Top-line growth is really possible. And then what kind of leverage would you get on that as you walk down into the EBIT line? Thanks.

看起來威納肯定會透過關閉帶來更多貢獻來改善您的整體成長狀況。所以你認為是低到中個位數——我認為這就是你所提出的。收入成長確實是可能的。那麼，當您進入息稅前利潤線時，您會獲得什麼樣的槓桿作用？謝謝。

Sure. Well, I do think it's a little bit too early to start talking about '25. But I think from a normalized perspective, we can probably help with maybe some of the building blocks as far as maybe the earnings power of the business going forward. So I think I'd start with -- first off, Arun, nothing has changed about the thesis that we have as far as our three segments and their growth profiles going forward. So I think that's an important point.

當然。嗯，我確實認為現在開始談論“25”還為時過早。但我認為，從正常化的角度來看，我們可能可以幫助建立一些基礎設施，以提高企業未來的獲利能力。所以我想我首先要開始，阿倫，就我們的三個細分市場及其未來的成長概況而言，我們的論點沒有任何改變。所以我認為這是很重要的一點。

On the Weener call, last week, we did point to 10% EPS accretion, and that's once we achieve the full synergies and I think we said something like 18 months is when we would get the synergies in. So those are the two important points as we go in. I would also say this large vegetable -- fruit and vegetable customer that's impacting 2024, that should normalize. We think that's a discrete item, but we don't have a pack plan for next year.

在上週的 Weener 電話會議上，我們確實指出每股收益將成長 10%，這就是我們實現全面協同效應的時間，我認為我們說過大約 18 個月是我們實現協同效應的時間。因此，這是我們進入時的兩個重要點。我還想說，影響 2024 年的蔬果大客戶應該會正常化。我們認為這是一個獨立的項目，但我們沒有明年的包裝計劃。

So I think, on top of Weener, I would just point you to kind of the longer-term thesis that we have, on top of the cost savings initiatives that we've implemented, that we think we've got not only clear line of sight but great confidence in delivery, not only in '24 but in '25 as well.

因此，我認為，除了維納之外，我只想向您指出我們的長期論點，除了我們已經實施的成本節約舉措之外，我們認為我們不僅有明確的路線視野很好，但對交付充滿信心，不僅在24 年，而且在25 年也是如此。

Great. Thanks.

偉大的。謝謝。

Thank you.

謝謝。

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

Hi, everyone. Thanks for taking the follow on. Adam, can you talk at all to whether customers are maybe using perhaps -- let me say it differently. Let me start differently. How are customers evaluating performance in metal packaging from what you can see from the suppliers. Have the KPIs changed in terms of how you're being evaluated now versus, say, two, three years ago?

大家好。感謝您持續關注。Adam，您能否談談客戶是否可能正在使用「也許」—讓我換個說法。讓我以不同的方式開始。從供應商可以看出，顧客如何評估金屬包裝的性能。與兩三年前相比，現在對您的評估方式方面的 KPI 是否發生了變化？

And relatedly, are you sensing any change? Because again, you've seen some of the assets change hands in recent years. Has there been any kind of move in that regard because it's become more competitive, recognizing it's always a competitive business? So how are customers evaluating performance here perhaps differently, perhaps the same versus a couple of years ago? Any change in the competitive footing?

與此相關的是，您是否感覺到任何變化？因為近年來，您再次看到一些資產易手。在這方面是否有任何舉措，因為它變得更具競爭力，並認識到它始終是一個競爭激烈的業務？那麼，與幾年前相比，客戶如何評估這裡的績效，也許有所不同，也許相同？競爭地位有什麼改變嗎？

Yes, it's interesting. I think on the metal container side, obviously, when you think about Silgan's business, so much of it is under long-term contracts, so call it 90%. We're deep in those relationships. We're with our customers and their production planning meetings. And really, none of that's changed. We're near site in many cases. We're onsite in many cases. So I just -- I think our metrics, George, really haven't changed a whole lot.

是的，這很有趣。我認為在金屬容器方面，顯然，當你想到 Silgan 的業務時，其中很大一部分是長期合同，所以稱其為 90%。我們在這些關係中很深。我們與客戶一起參加他們的生產計劃會議。事實上，這一切都沒有改變。在很多情況下，我們就在現場附近。在很多情況下我們都會在現場。所以我只是——喬治，我認為我們的指標確實沒有太大變化。

So I am trying to think about broadly if the market has changed. And I'm not really aware of anything that I would say has impacted how our customers or the market value suppliers at this point. So I'll just say maybe we were advanced in our relationships and our metrics that because we are onsite and near site, and maybe others are catching up to that now. I don't really know.

因此，我試圖廣泛地思考市場是否發生了變化。我並不真正意識到我所說的任何事情會影響我們的客戶或市場價值供應商目前的價值。所以我只想說，也許我們在關係和指標方面取得了進步，因為我們在現場並且靠近現場，也許其他人現在正在趕上。我真的不知道。

But I think our relationships are as good, as strong as they've ever been. And I think that also helps answer the second part of your question on the competitive front. Again, really, we're not seeing any change in competitive activity on the Silgan side of the equation, again, long-term contracts protecting the vast majority of our business with very, very deep relationships.

但我認為我們的關係一如既往地良好、牢固。我認為這也有助於回答你關於競爭方面的問題的第二部分。再說一遍，實際上，我們沒有看到 Silgan 方面的競爭活動有任何變化，長期合約透過非常非常深厚的關係保護了我們絕大多數業務。

I think that we're really secured through the pandemic and just completely enhanced as we've moved out of the pandemic, helps our customers work through some destocking activities. And we're now sort of back to a normal business relationship at this point with order books more, I guess, relatable to the end consumer demand for those products.

我認為，我們在這場大流行病中確實得到了保障，隨著我們走出大流行病，我們得到了全面的增強，幫助我們的客戶完成了一些去庫存活動。現在我們已經恢復了正常的業務關係，我想，訂單更多地與最終消費者對這些產品的需求相關。

Yes. George, the only other thing I would add to that is, yes, assets have changed hands, but I think the market capacity is relatively well balanced. And in our particular case, we've talked about some of the cost-outs that we're doing as well. So I think that with the backdrop of the long-term contracts keeps the market pretty well organized and stable.

是的。喬治，我唯一要補充的是，是的，資產已經易手，但我認為市場容量相對均衡。在我們的具體案例中，我們也討論了我們正在做的一些成本支出。因此，我認為在長期合約的背景下，市場保持了良好的組織和穩定。

Yes, Bob, good points. I mean, I wasn't suggesting people are adding capacity. But as assets change hands, relative return thresholds can change. And certainly, the long-term relationships you've had and the way you've gone about with near site and onsites has served you well.

是的，鮑勃，說得好。我的意思是，我並不是建議人們增加容量。但隨著資產易手，相對報酬門檻可能會改變。當然，您所擁有的長期關係以及您與附近站點和現場的合作方式對您很有幫助。

I think I know what you're going to say. And certainly, it's been a success story over the last few years. But with Weener now, custom winds up being relatively -- well, all the businesses do, right? But custom winds, I think, 10% of the portfolio. I think from an EBITDA standpoint -- and correct me if I'm wrong in that rough number. I think it's from your slides.

我想我知道你要說什麼。當然，這是過去幾年的成功故事。但現在有了維納，定制最終變得相對 - 好吧，所有企業都這樣做，對吧？但我認為定制風佔投資組合的 10%。我從 EBITDA 的角度思考——如果我的粗略數字有誤，請糾正我。我認為這是您的幻燈片中的內容。

How do you see the long-term strategic fit of custom now, if at all, differently versus where it was prior to Weener? And is it just as simple as, hey, listen, it's a great franchise, it's doing well, and nothing changes other than its relative importance?

您如何看待現在客製化的長期策略契合度（如果有的話）與維納之前的情況有所不同？是不是就這麼簡單，嘿，聽著，這是一個偉大的特許經營權，它做得很好，除了它的相對重要性之外沒有任何變化？

And then my last question, and I'll turn it over. We spent the last 1.5 years plus probably talking about destocking and the consumer being weak and the like. And promotion is finally starting to have an effect as we would have expected. Do you sense maybe now the scale is tipping the other way where customers are having to restock? How would you answer that? Thanks, guys. Good luck in the quarter.

然後是我的最後一個問題，我會把它翻過來。在過去的 1.5 年裡，我們可能一直在談論去庫存和消費者疲軟等問題。促銷終於開始產生我們預期的效果。您是否感覺到現在天平正向另一個方向傾斜，客戶必須補充庫存？你會如何回答這個問題？謝謝，夥計們。祝本季好運。

Yes, George, maybe I'll take the first part of that question relative to custom container. And I'll leave the destocking commentary with Adam. But yes, look, I don't think there's anything that's changed about our view of the custom container business, right? I mean, first and foremost, right now, we're focused on getting the Weener deal closed and integrated. So that's where our time and attention is being spent at the moment.

是的，喬治，也許我會回答與自訂容器相關的問題的第一部分。我將把去庫存的評論留給亞當。但是，是的，我認為我們對客製化貨櫃業務的看法沒有任何改變，對嗎？我的意思是，首先也是最重要的是，現在我們的重點是完成和整合維納交易。這就是我們目前花費時間和注意力的地方。

But I think if you look at the performance of the business, the custom container business, it's doing pretty well operationally. They're hitting on all cylinders. We've gotten to the commercialization activities that we were talking about. And as Adam pointed out, in the second case, we got to it faster than what we were originally anticipating. So the business is performing, and so we're happy about that.

但我認為，如果你看看業務的表現，也就是客製化容器業務，它的營運狀況相當不錯。他們正在全力以赴。我們已經開始討論我們正在討論的商業化活動。正如亞當所指出的，在第二種情況下，我們比我們最初預期的要快。所以業務表現良好，我們對此感到高興。

I think what we've said in the past, and it still holds true, that as long as we're not putting the business in a competitively disadvantaged position by constraining capital to it, which we're obviously not by taking on new business awards, then we're -- we like the business for what it is, and from that perspective, happy to have it as part of the portfolio.

我認為我們過去說過的話，現在仍然是正確的，那就是，只要我們不透過限制資本來使業務處於競爭劣勢地位，顯然我們不會透過開展新業務來做到這一點獎項，那麼我們——我們喜歡這項業務的本質，從這個角度來看，我們很高興將其作為投資組合的一部分。

And then, George, thinking about destocking and any shifts there, I think we loosely commented in the first quarter that some of the volume gains that we had seen, particularly in custom containers, we thought might have been sort of related to the restocking activity. And that's just where customers cut inventory too far and weren't able to support the market. So we saw a little bit of that in the first quarter. I think there's a little bit of that in Q2.

然後，喬治，考慮去庫存和那裡的任何轉變，我認為我們在第一季度鬆散地評論說，我們看到的一些銷量增長，特別是在定制集裝箱中，我們認為可能與補貨活動有關。這正是客戶削減庫存過多而無法支撐市場的地方。所以我們在第一季看到了一些這樣的情況。我認為第二季度有一些這樣的情況。

And I think in our dispensing and specialty closures segment, part of the capacity constraint we're seeing is our customers', I'll just say, challenge of forecasting that demand. So I think they got caught a little short on their inventory, and that's now backing up to us trying to actually manufacture and mold parts in order to support their market.

我認為在我們的配藥和特殊瓶蓋領域，我們看到的產能限制的一部分是我們的客戶，我只想說，預測需求的挑戰。因此，我認為他們的庫存有點短缺，這支持我們嘗試實際製造和模具零件以支持他們的市場。

So we'll get through all of that. But sure, there's a little bit of restocking, and we'll just continue to watch that very closely as we kind of navigate through the remainder of '24 and cycle against those destocking comps from last year.

所以我們會完成這一切。但可以肯定的是，會有一些補貨，我們將繼續密切關注，因為我們將在 24 年剩餘的時間裡進行導航，並與去年的去庫存比較進行比較。

Thanks, Bob. Thanks, Adam. Good luck in the quarter.

謝謝，鮑伯。謝謝，亞當。祝本季好運。

Thanks, George.

謝謝，喬治。

Thanks, George.

謝謝，喬治。

At this time, I'd like to hand the call back to Adam Greenlee for any additional or closing remarks.

現在，我想將電話轉回給亞當·格林利（Adam Greenlee），讓其發表補充或結束語。

Great. Thank you, Jennifer. And thanks, everyone, for your interest in Silgan. And we look forward to sharing our third-quarter results later in the year.

偉大的。謝謝你，詹妮弗。感謝大家對 Silgan 的關注。我們期待在今年稍後分享我們的第三季業績。

This does conclude today's conference. We thank you for your participation.

今天的會議到此結束。我們感謝您的參與。