Sonoco Products Co (SON) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the First Quarter 2023 Sonoco Earnings Conference Call.(Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lisa Weeks, Vice President of Investor Relations. Please go ahead.

美好的一天，謝謝你的支持。歡迎來到 2023 年第一季度 Sonoco 收益電話會議。（操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人，投資者關係副總裁 Lisa Weeks。請繼續。

Thank You, operator, and thanks to everyone for joining us today for Sonoco's First Quarter 2020 Earnings Call. Joining me this morning are Howard Coker, President and CEO; Rob Dillard, Chief Financial Officer; and Rodger Fuller, Chief Operating Officer. Last evening, we issued a news release highlighting our financial performance the first quarter and we prepared a presentation that we will reference during this call. The press release and presentation are available online under the Investor Relations section of our website. As a reminder, during today's call, we will discuss a number of forward-looking statements based on current expectations, estimates and projections. These statements are not guarantees of future performance and are subject to certain risks and uncertainties. Therefore, actual results may differ materially. Please take a moment to review the forward-looking statements on Page 2 of the presentation.

謝謝接線員，也感謝大家今天加入我們參加 Sonoco 2020 年第一季度財報電話會議。今天早上和我一起的是總裁兼首席執行官 Howard Coker； Rob Dillard，首席財務官；首席運營官 Rodger Fuller。昨晚，我們發布了一份新聞稿，重點介紹了我們第一季度的財務業績，並準備了一份演示文稿，我們將在本次電話會議中參考。新聞稿和演示文稿可在我們網站的“投資者關係”部分在線獲取。提醒一下，在今天的電話會議中，我們將討論一些基於當前預期、估計和預測的前瞻性陳述。這些陳述不是對未來業績的保證，並受某些風險和不確定性的影響。因此，實際結果可能存在重大差異。請花點時間查看演示文稿第 2 頁上的前瞻性陳述。

Additionally, today's presentation includes the use of non-GAAP financial measures, which management believes provides useful information to investors about the company's financial condition and results of operations. Further information about the company's use of non-GAAP financial measures, including definitions as well as reconciliations to GAAP measures is available under the Investor Relations section of our web. After management's prepared remarks, we will host a Q&A session. If you will please turn to Slide 4 in our presentation. I will now turn the call over to our CEO, Howard Coker.

此外，今天的演示文稿包括使用非 GAAP 財務指標，管理層認為這些指標為投資者提供了有關公司財務狀況和經營業績的有用信息。有關公司使用非 GAAP 財務措施的更多信息，包括定義以及與 GAAP 措施的對賬，請訪問我們網站的投資者關係部分。在管理層準備好發言後，我們將舉辦問答環節。如果願意，請轉到我們演示文稿中的幻燈片 4。我現在將把電話轉給我們的首席執行官 Howard Coker。

Thank You, Lisa, and thanks to all of you for joining us today. As our first quarter results show, we've had a good start to the year. I'll let Rob cover the detailed financial results, but our commercial excellence programs and improving productivity are underpinned, but we consider a strong Q1 performance. As I mentioned before, we are not immune to the secular headwinds around our customers and the economy in general. But this demonstrates our better portfolio management and business mix provides less volatile results than in previous business cycles. We have a backlog of growth and efficiency investments that are material to future earnings. While we navigate near-term macro volatility, we're going to invest in the businesses and place our investments on projects with the highest returns for our shareholders.

謝謝你，麗莎，感謝大家今天加入我們。正如我們第一季度的業績所示，我們今年開局良好。我會讓 Rob 介紹詳細的財務結果，但我們的商業卓越計劃和提高生產力得到了支持，但我們認為第一季度表現強勁。正如我之前提到的，我們不能免受圍繞我們的客戶和整個經濟的長期不利因素的影響。但這表明我們更好的投資組合管理和業務組合提供了比以前的商業周期更小的波動結果。我們積壓了對未來收益至關重要的增長和效率投資。在我們應對近期宏觀波動的同時，我們將投資於業務，並將我們的投資放在為股東帶來最高回報的項目上。

I would like to say to our Sonoco employees in our operations within our sales and engineering teams and all those that support the business around the world. Thank you for what you do, and thank you for supporting our customers, Sonoco and your focus on execution day in and day out. But before Rob takes you through the financial results and guidance, please turn to Slide 5. I want to highlight, we released our updated corporate responsibility report last week and provided the QR code in this presentation that you can scan to directly download the document. And that Sonoco report corely to our senior leadership team and our Board on ESG commitments we're making, including those highlighted in our refreshed document.

我想對我們的銷售和工程團隊中的 Sonoco 員工以及所有支持全球業務的人員說。感謝您所做的一切，感謝您支持我們的客戶 Sonoco，感謝您日復一日地專注於執行。但在 Rob 向您介紹財務結果和指導之前，請轉到幻燈片 5。我想強調一下，我們上週發布了更新的企業責任報告，並在本演示文稿中提供了二維碼，您可以掃描該二維碼直接下載文檔。 Sonoco 主要向我們的高級領導團隊和董事會報告我們正在做出的 ESG 承諾，包括我們更新後的文件中強調的承諾。

We're excited to release our first report in reference to GRI, TCFD and SASB standards. And report progress to 2030 in line with the Science Based Target initiatives. On the social side, we have updated our workplace diversity high progress, as well as updates on our supplier diversity and spending programs. And lastly, we have many R&D efforts centered on developing new and innovative products to meet the sustainability goals of our customers. We are tremendously proud of our capabilities and the work on this front-end. And with that, I'm going to turn it over to Rob to walk us through the quarter and the financials.

我們很高興發布第一份參考 GRI、TCFD 和 SASB 標準的報告。並根據基於科學的目標倡議報告到 2030 年的進展情況。在社會方面，我們更新了工作場所多樣性的高進展，以及供應商多樣性和支出計劃的更新。最後，我們有許多研發工作集中在開發新的和創新的產品上，以滿足我們客戶的可持續發展目標。我們為我們的能力和在這個前端所做的工作感到無比自豪。有了這個，我將把它交給 Rob，讓我們了解這個季度和財務狀況。

Thanks, Howard. Up again on Slide 7 with a review of key financial results for the first quarter. Please note that all results discussed are adjusted and all growth metrics are on a year-over-year basis, unless otherwise stated. The GAAP and non-GAAP EPS reconciliation is in the appendix of this presentation as well as in the press release. First quarter financial results again reflect Sonoco's ability to deliver solid performance through strategic pricing and operational excellence despite uneven end market condition. Sales were down 2% to $1.73 billion in the first quarter. Sales for the quarter were in our expected range despite supply chain variability continuing to Impact month-to-month volume end. January sales were stronger than planned and March sales were weaker than planned.

謝謝，霍華德。再次查看幻燈片 7，回顧第一季度的主要財務業績。請注意，除非另有說明，否則所有討論的結果都經過調整，所有增長指標均按年計算。 GAAP 和非 GAAP EPS 對賬在本演示文稿的附錄以及新聞稿中。第一季度的財務業績再次反映了 Sonoco 在不平衡的終端市場條件下通過戰略定價和卓越運營提供穩健業績的能力。第一季度銷售額下降 2% 至 17.3 億美元。儘管供應鏈的變化繼續影響月度銷量，但本季度的銷售額仍在我們的預期範圍內。 1 月的銷售強於計劃，3 月的銷售弱於計劃。

We do not believe that this reflects the trend, and we anticipate sequential sales growth in Q2, just as we achieved sequential sales growth in Q1.

我們不認為這反映了趨勢，我們預計第二季度的銷售額會連續增長，就像我們在第一季度實現的銷售額連續增長一樣。

Operating profit was $213 million, and operating profit margin was 12.3%. Likewise, EBITDA was $276 million, and EBITDA margin was 15%. This level of profitability was anticipated as we experienced negative $86 million of expected metal price overlap in the period. Excluding the impact of metal, EBITDA increase and EBITDA margins increased over 17%.

營業利潤為 2.13 億美元，營業利潤率為 12.3%。同樣，EBITDA 為 2.76 億美元，EBITDA 利潤率為 15%。由於我們在此期間經歷了 8600 萬美元的預期金屬價格重疊，因此預計會出現這種盈利水平。排除金屬的影響，EBITDA 增加，EBITDA 利潤率增加超過 17%。

Finally, earnings per share was $1.40. These results exceeded our initial guidance as we continue to execute our operating model to achieve price and productivity despite uneven net market conditions. Next, we have the sales and operating profit, which is on Slide 8. On the sales bridge, borrowing mix was net at $116 million or negative 6.5%. Volume/mix was driven by low industrial volumes that benefited from acquisitions. So the start integration is progressing as planned. Q1 included an additional partial months of metal packaging. Price was $98 million positive, up by 5.5%. Price continues to reflect the efforts of our commercial excellence strategy, mainly selling to value and managing contracts to recover inflation.

最後，每股收益為 1.40 美元。這些結果超出了我們最初的指導，因為我們繼續執行我們的運營模式以實現價格和生產力，儘管淨市場條件不平衡。接下來，我們有銷售和營業利潤，在幻燈片 8 上。在銷售橋上，借款組合淨額為 1.16 億美元或負 6.5%。銷量/組合是由受益於收購的低工業銷量推動的。因此，啟動集成正在按計劃進行。 Q1 包括額外的部分月份的金屬包裝。價格為 9800 萬美元，上漲 5.5%。價格繼續反映我們卓越商業戰略的努力，主要是銷售價值和管理合同以恢復通貨膨脹。

Next, the operating profit bridge. Volume/mix was negative $40 million as low volumes impacted standard margin performance.

接下來，經營利潤橋。銷量/組合為負 4000 萬美元，因為銷量低影響了標準利潤率表現。

Price/cost was negative $22 million as negative price/cost in metal packaging offset positive price/cost on Paper Containers and Industrial. Industrial price/cost was positive $44 million due to continued benefits of moving the index-based pricing and historically low OCC. OCC averaged $35 per ton in Q1 2023 versus $150 per ton in Q1 2022, and $38 per ton in Q4 2020. Productivity was meaningfully improved at $20 million as we continue to execute our disciplined operating model. We've built a strong basis for meaningful productivity once volumes normalize.

價格/成本為負 2200 萬美元，因為金屬包裝的負價格/成本抵消了紙容器和工業的正價格/成本。工業價格/成本為正值 4,400 萬美元，原因是移動基於指數的定價和處於歷史低位的 OCC 持續帶來好處。 OCC 2023 年第一季度平均每噸 35 美元，而 2022 年第一季度為每噸 150 美元，2020 年第四季度為每噸 38 美元。隨著我們繼續執行我們嚴格的運營模式，生產率顯著提高至 2000 萬美元。一旦產量正常化，我們就為有意義的生產力奠定了堅實的基礎。

Slide 9 has an overview of our segment performance for the quarter. Consumer sales grew 5% to $909 million due to acquisitions and strong price performance. Sales increased 3% sequentially. However, elevated customer inventory and normalizing supply chains continue to interrupt volumes across the Consumer business. And our near-term volume outlook is less positive than it was beginning of the year. Consumer volumes declined 1%, including acquisitions and divestitures. Volumes in Flexibles and Paper Containers were essentially flat. Metal Packaging can volumes were down as food growth -- growth in food was offset by low aerosol volumes due to high customer inventory levels.

幻燈片 9 概述了我們本季度的部門業績。由於收購和強勁的價格表現，消費者銷售額增長了 5%，達到 9.09 億美元。銷售額環比增長 3%。然而，客戶庫存增加和供應鏈正常化繼續影響整個消費品業務的銷量。我們的近期銷量前景不如年初樂觀。消費量下降 1%，包括收購和資產剝離。軟包裝和紙容器的銷量基本持平。金屬包裝罐的銷量隨著食品的增長而下降——食品的增長被客戶庫存水平高導致的氣霧劑銷量下降所抵消。

Consumer operating profit was $92 million as Flexibles achieved its second best quarter in history, and Paper Containers continue to achieve strong operating profit and margins. Industrial sales declined 12%, to $616 million as lower volumes offset higher prices. Industrial volumes were down 13%, volume trend were lower in Europe and Asia. The U.S. volumes were lower due to increased maintenance and lack of business (inaudible), as well as the impact of execute -- exiting the corrugated media markets and divestitures. It's important to note that Industrial sales grew sequentially based on higher sequential volumes.

消費者業務運營利潤為 9200 萬美元，Flexibles 實現了歷史上第二好的季度業績，而 Paper Containers 繼續實現強勁的運營利潤和利潤率。工業銷售額下降 12%，至 6.16 億美元，原因是銷量下降抵消了價格上漲。工業銷量下降 13%，歐洲和亞洲的銷量趨勢較低。由於維護增加和業務缺乏（聽不清）以及執行的影響 - 退出瓦楞紙媒體市場和資產剝離，美國的銷量較低。重要的是要注意，工業銷售額的增長是基於較高的連續銷量。

Industrial operating profit grew 30% to $94 million as price/cost offset utilization. Operating profit margin increased 490 basis points to 15.3%, partial excellence efforts. All Other operating profit increased 88%, to $27 million due to strong price/cost and productivity. All Other is a notable example of the results of our disciplined operating model as we continue to operate these important businesses for optimal results.

由於價格/成本抵消了利用率，工業營業利潤增長了 30%，達到 9400 萬美元。營業利潤率增加 490 個基點至 15.3%，偏卓越努力。由於強勁的價格/成本和生產力，所有其他營業利潤增長了 88%，達到 2700 萬美元。在我們繼續經營這些重要業務以獲得最佳結果的過程中，All Other 是我們紀律嚴明的經營模式成果的一個顯著例子。

These results continue to indicate that our operating model is working. Margins are up across All Other (inaudible) of our businesses. We're focused on achieving appropriate prices for our value-added products and deemphasizing our exiting commodity markets like the recently exited corrugated media market.

這些結果繼續表明我們的運營模式正在發揮作用。我們所有其他（聽不清）業務的利潤率都在上升。我們專注於為我們的增值產品實現適當的價格，並不再強調我們現有的商品市場，例如最近退出的瓦楞紙媒體市場。

We're investing in the business and controlling costs, and expect meaningful productivity once volumes normalize. Moving to Slide 10. Our capital allocation framework is aligned with our business strategy to drive value creation for holders. Our priority is to allocate capital to high-return investments in our core businesses, to drive growth and improve efficiency. From a free cash flow perspective, we remain focused on increasing the dividend, which was increased 4% to $0.51 per share on a quarterly basis or a greater than 3% annualized yield based on the current share price. After capital investments in the dividend, we prioritize investments in strategic M&A, and maintaining our investment-grade credit rating.

我們正在投資於業務並控製成本，並期望在產量恢復正常後產生有意義的生產力。轉到幻燈片 10。我們的資本配置框架與我們的業務戰略保持一致，以推動持有人的價值創造。我們的首要任務是將資本分配給核心業務的高回報投資，以推動增長和提高效率。從自由現金流的角度來看，我們仍然專注於增加股息，每季度股息增加 4% 至每股 0.51 美元，或基於當前股價的年化收益率超過 3%。股息資本投資後，我們優先投資於戰略併購，並維持我們的投資級信用評級。

For the quarter, operating cash flow was $98 million and purchase of property plant and equipment was $83 million. Net of the proceeds from asset sales, capital investments were $12 million.

本季度，運營現金流為 9800 萬美元，購買物業廠房和設備為 8300 萬美元。扣除資產出售收益後，資本投資為 1200 萬美元。

On Slide 11, we have our Q2 2023 guidance. In Q1, we see our initial EPS guidance and achieve the top end of the revised range. For Q2, our EPS guidance is $1.45 to $1.55. We have tight control over our businesses, and they are running well.

在幻燈片 11 上，我們有 2023 年第二季度的指導。在第一季度，我們看到了初步的 EPS 指引並達到了修訂範圍的上限。對於第二季度，我們的每股收益指導價為 1.45 美元至 1.55 美元。我們對我們的業務有嚴格的控制，而且它們運行良好。

This guidance includes an $26 million of negative year-over-year metal price overlap and continued low volumes in Industrial in Q2. We are raising our full year 2023 EPS guidance to $5.70 to $6. We're cautiously optimistic about the remainder of the year, and we are managing our business with the agility. We are affirming our EBITDA guidance of $1.1 billion to $1.15 billion. Like wise, we are affirming our operating cash flow guidance of $925 million to $975 million. We anticipate continued benefits from net working capital management throughout 2023.

該指引包括 2600 萬美元的同比負金屬價格重疊和第二季度工業的持續低銷量。我們將 2023 年全年每股收益指引上調至 5.70 美元至 6 美元。我們對今年剩餘時間持謹慎樂觀態度，我們正在靈活地管理我們的業務。我們確認我們的 EBITDA 指引為 11 億美元至 11.5 億美元。同樣明智的是，我們確認我們的運營現金流指導為 9.25 億美元至 9.75 億美元。我們預計整個 2023 年淨營運資本管理將繼續帶來收益。

Now Roger will discuss the outlook on the segment base.

現在羅傑將討論細分市場的前景。

Thanks, Rob. Please turn to Slide 13, for our view on segment performance drivers for the second quarter 2023. Across Consumer for the second quarter of 2023, we expect sequential volume growth across the segment, including metal cans. We see increasing demand for sustainable packaging solutions and new products and we're closely monitoring any potential softening based on consumer spending. In Q2, as Rob noted, will work through the remaining inventory impacted by metal price overlap, which will not continue in the second half the year. Beyond this year, we'll continue to invest capital to expand capacity for sustainable packaging in 2024 and beyond.

謝謝，羅布。請轉到幻燈片 13，了解我們對 2023 年第二季度細分市場業績驅動因素的看法。對於 2023 年第二季度的消費者，我們預計整個細分市場（包括金屬罐）的銷量將連續增長。我們看到對可持續包裝解決方案和新產品的需求不斷增加，我們正在密切監測基於消費者支出的任何潛在疲軟。正如 Rob 指出的那樣，第二季度將解決受金屬價格重疊影響的剩餘庫存，這種情況不會在下半年繼續。今年以後，我們將繼續投資，以在 2024 年及以後擴大可持續包裝的產能。

In our Industrial segment, we see continued softness in volumes globally in our converting and trade paper sales in the second quarter.

在我們的工業部門，我們看到第二季度全球加工和貿易紙銷售量持續疲軟。

We're monitoring Europe and Asian demand recovery carefully as that will be critical to the overall volume outlook for the full year. Thus far, we have yet to see any significant improvements, which is reflected in our forecast. Demand remains soft in our core Industrial markets and in protected packaging for the consumer whitegoods market. We've modeled price/cost benefits to moderate as we progress through the year in the Industrial segment but still expect full year price/cost to be positive, while some inflationary impacts are lessening, labor and related costs continue to increase. Our global uncoated recycled paper mill operations in the second quarter, We will maintain reasonable backlog levels by region.

我們正在仔細監測歐洲和亞洲的需求復蘇，因為這對全年的整體銷量前景至關重要。到目前為止，我們還沒有看到任何顯著的改善，這反映在我們的預測中。我們的核心工業市場和白色家電市場的受保護包裝的需求依然疲軟。隨著我們在工業部門今年的進展，我們已經將價格/成本收益建模為適度，但仍預計全年價格/成本將是積極的，而一些通脹影響正在減弱，勞動力和相關成本繼續增加。我們在第二季度的全球無塗層再生紙廠運營中，我們將按地區保持合理的積壓水平。

In North America for the second quarter, there is no planned lack of the business downtime, with normal levels of scheduled maintenance downtime similar to the first quarter, as we've seen the North American URB network supply and demand stabilized in the last month.

在北美，第二季度沒有計劃內的業務停機時間，正常水平的計劃維護停機時間與第一季度相似，因為我們已經看到北美 URB 網絡供需在上個月趨於穩定。

We will continue to take periodic lack of business downtime in Europe and Asia at similar levels to the first quarter until demand improves. In our other businesses, we continue to have net stable volume demand across this collection of businesses with improving productivity and favorable pricing actions.

在需求改善之前，我們將繼續考慮歐洲和亞洲與第一季度相似水平的周期性業務停機時間。在我們的其他業務中，隨著生產力的提高和有利的定價行動，我們繼續在這些業務中保持穩定的淨銷量需求。

We expect continued increases in profitability this year. Overall, we had a good start to productivity in the Consumer and All Other businesses, and we expect to see the benefits in Industrial when volume growth return. We're seeing the positive impact of our increased capital spending in the last few years focused on productivity at a fairly significant easing of supply chain constraints on our materials and labor.

我們預計今年的盈利能力將繼續增長。總的來說，我們在消費者和所有其他業務的生產力方面開局良好，我們預計當銷量增長恢復時，我們會看到工業的好處。我們看到過去幾年我們增加的資本支出的積極影響主要集中在生產力上，供應鏈對我們的材料和勞動力的限制得到了相當大的緩解。

With improvements across the breadth of our excellence programs and just really executing well, we're continuing to build resiliency in our operating model.

隨著我們卓越計劃的廣泛改進和真正的良好執行，我們將繼續在我們的運營模式中建立彈性。

With that, back to you, (inaudible).

有了這個，回到你，（聽不清）。

Okay. Well, thank you, Roger. If you would turn to Slide 14, I want to end our discussion as we look ahead to 2023 and beyond. First, Sonoco is a global leader (inaudible) in sustainable packaging, our funnel of packaging solution design provides Sonoco with a long runway of growth opportunities across our businesses. We are continuing to transform this great company through portfolio management and strategic M&A. We have spent the last 18 months and beyond working on structural transformation to solidify our base. In the future, you're going to see increased efforts to further focus the portfolio. We will exit some business and expand others all with the right timing to maximize value, and we will keep you informed, obviously, as we progress through this journey.

好的。好吧，謝謝你，羅傑。如果你想翻到幻燈片 14，我想結束我們的討論，因為我們展望 2023 年及以後。首先，Sonoco 是可持續包裝領域的全球領導者（聽不清），我們的包裝解決方案設計漏斗為 Sonoco 提供了跨越我們業務的長期增長機會。我們將繼續通過投資組合管理和戰略併購來改造這家偉大的公司。在過去 18 個月及以後的時間裡，我們一直致力於結構轉型，以鞏固我們的基礎。將來，您會看到更多的努力來進一步集中投資組合。我們將在合適的時機退出一些業務並擴大其他業務，以實現價值最大化，顯然，隨著我們在這段旅程中取得進展，我們會隨時通知您。

We're in the early stages of leveraging our operating model to expand margins, our operating model is solid and sound. Through our excellence programs, footprint optimizations, enterprise standardization, how we operate the business will only get better through time and is reflective of our solid performance in uncertain times as we live in today. As Rob covered very well earlier, we remain disciplined in capital allocation, and we expect to continue investments to grow. And lastly and importantly, we are committed to improving the lives of our team members, our customers and the communities in which we live and work. Our recent CRO report only scratches the surface of the great things happening within the Sonoco, to fulfill these commitments. We look forward to keeping you informed along the way of all the improvements we are undertaking.

我們正處於利用我們的運營模式來擴大利潤的早期階段，我們的運營模式穩固而健全。通過我們的卓越計劃、足跡優化、企業標準化，我們的業務運營方式只會隨著時間的推移變得更好，並反映出我們在當今生活的不確定時期的穩健表現。正如 Rob 之前所說的那樣，我們在資本配置方面保持紀律，我們希望繼續投資以實現增長。最後且重要的是，我們致力於改善我們團隊成員、我們的客戶以及我們生活和工作所在社區的生活。我們最近的 CRO 報告只是觸及了 Sonoco 內部發生的偉大事情的表面，以履行這些承諾。我們期待著讓您隨時了解我們正在進行的所有改進。

And with that, operator, we are pleased to open up to questions.

有了這個，運營商，我們很高興提出問題。

(Operator Instructions) Our first question comes from the line of Ghansan Panjabi with Baird.

（操作員說明）我們的第一個問題來自 Baird 的 Ghansan Panjabi 系列。

Yes. Thank you. Good morning, everybody. I guess, first off, could you just give us some more granularity on the first quarter volumes across the various Consumer verticals.

是的。謝謝。大家早上好。我想，首先，您能否更詳細地介紹一下各個消費者垂直領域的第一季度銷量。

If you have covered some of this, I apologize, we had some audio issues on our end during the prepared comments.

如果您已經涵蓋了其中的一些內容，我深表歉意，我們在準備好的評論中遇到了一些音頻問題。

Yes, we can talk about the different Consumer verticals in Q1. So from a volume perspective or from an OP perspective?

是的，我們可以在第一季度討論不同的消費者垂直領域。那麼從體積的角度還是從 OP 的角度？

Volume would be helpful.

音量會有所幫助。

Okay. Yes. From a volume perspective, I think the primary trend we saw was a strong start and a soft finish to the quarter. Really, when you think about Flexibles and Rigid Paper Containers, those both had really good quarters, but ended up relatively flat with kind of an uncertain trend for the rest of the year. Metal was down slightly, really due to weakness in aerosol.

好的。是的。從銷量的角度來看，我認為我們看到的主要趨勢是本季度開局強勁，結束時表現疲軟。真的，當你想到柔性和剛性紙容器時，它們都有很好的季度，但最終相對平穩，今年剩餘時間的趨勢有點不確定。金屬小幅下跌，實際上是由於氣溶膠疲軟。

So those were the primary drivers there.

所以那些是那裡的主要驅動力。

Got you. And then in terms of productivity, you hit -- the first quarter was around $20 million plus. How should we think about the rest of 2023? And then also on price/cost, you said, you expected the full year to be positive, just expand on it in terms of sequencing for the full year?

明白了然後在生產力方面，你達到了 - 第一季度大約超過 2000 萬美元。我們應該如何看待 2023 年剩下的時間？然後還有價格/成本，你說，你預計全年都是積極的，只是在全年的排序方面擴大它？

Yes. On productivity, Ghansham, this is Rodger. I think you -- we should expect pretty similar levels by quarter. As I said, we're seeing supply chain constraints, ease off labor is up to some degree and the team executing extremely well on the capital that we put in place over the last few years focused on productivity, but print optimization, as Howard already mentioned, and the supply chain team working extremely well with the businesses. So I think you should see similar levels going forward from today.

是的。關於生產力，Ghansham，這是 Rodger。我認為你 - 我們應該期望每個季度的水平非常相似。正如我所說，我們看到了供應鏈的限制，在一定程度上減少了勞動力，團隊在過去幾年投入的資本上執行得非常好，專注於生產力，但打印優化，正如霍華德已經提到，供應鏈團隊與企業合作得非常好。所以我認為你應該從今天開始看到類似的水平。

And on price/cost?

在價格/成本上？

Yes. On price/cost, I'd say for the balance of the year, we were -- we probably started the year a little bit pessimistic on where we would end up in price/cost, and we've seen pretty good performance and pretty good results from how input costs and our ability to get price off of a food cost, and government inflation has come out.

是的。關於價格/成本，我想說的是今年餘下時間，我們可能在今年開始時對價格/成本的最終結果有點悲觀，但我們已經看到了相當不錯的表現和相當不錯的表現從投入成本和我們從食品成本中獲取價格的能力以及政府通貨膨脹的良好結果已經出現。

That's one of the reasons for some of the upside in the forecast.

這是預測中一些上行的原因之一。

And one moment for our next question. And our next question comes from the line of Anthony Pettinari with Citi.

請稍等一下我們的下一個問題。我們的下一個問題來自花旗銀行的 Anthony Pettinari。

I was wondering if you could talk a little bit more about maybe customer inventory positions, maybe starting with Consumer, where are we in sort of the destocking cycle in metal composite food cans, maybe versus aerosol versus flexibles.

我想知道你是否可以多談談客戶庫存狀況，也許從消費者開始，我們在金屬複合食品罐的去庫存週期中處於什麼位置，也許是氣霧劑還是柔性食品。

And then on the Industrial side, are there any sort of trends you'd flag in North America versus rest of world in terms of customer inventories in that destocking cycle, and where we are?

然後在工業方面，就去庫存週期中的客戶庫存而言，北美與世界其他地區相比，您是否有任何趨勢？我們在哪裡？

Anthony, this is Howard. As Rob said, and we noted when we updated our guidance mid- to the end of the first quarter. When we came out in January, it really fell through in terms of the destocking activities on the Consumer side, particularly in our legacy business and we came out with (inaudible) really, really strong in January, early February.

安東尼，這是霍華德。正如 Rob 所說，我們在第一季度中期到末更新我們的指導意見時注意到了。當我們在 1 月份出來時，它在消費者方面的去庫存活動方面確實失敗了，特別是在我們的傳統業務中，我們在 2 月初的 1 月份（聽不清）真的非常強勁。

And I don't think it's unique to Sonoco, we started seeing tapering off with the banking crisis, other uncertainties in the macro environment. So we did see some backing down there.

而且我不認為這對 Sonoco 來說是獨一無二的，我們開始看到銀行業危機和宏觀環境中的其他不確定性逐漸減弱。所以我們確實看到了一些支持。

So I would suggest that on our legacy side of the business that there's still question marks in terms of the full value chain, from retailer the supplier of folks like us, basic raw materials, but not as a concern as what we had first expected and how we came out (inaudible).

因此，我建議，在我們業務的遺留方面，從零售商到像我們這樣的人的供應商、基本原材料的完整價值鏈方面仍然存在問號，但不像我們最初預期的那樣令人擔憂，而且我們是怎麼出來的（聽不清）。

On the metal side, the results are relatively consistent with what you've heard from others as well, as CMI, with up on the food can side, down on the aerosol side, in our case, we've got a couple of customers that the destocking activities are -- have extended longer than they and/or we that were looking at secular improvements quarter-to-quarter and get assurances that they should be working through their situation, let's call it, through the mid of end of this year. So a unique one-off situation on the aerosol side, and we'll just have to write that now.

在金屬方面，結果與你從其他人那裡聽到的結果相對一致，比如 CMI，在食品罐頭方面，在氣霧劑方面，在我們的案例中，我們有幾個客戶去庫存活動 - 比他們和/或我們每個季度都在尋找長期改善的時間更長，並得到保證他們應該通過他們的情況來努力，讓我們稱之為，通過這個結束的中期年。所以在氣溶膠方面是一種獨特的一次性情況，我們現在就必須寫下來。

Yes. And at the on Industrial, it's Rodger. We're modeled -- that we model down a mid-single-digit continued decline in Industrial volumes in Q2. And that's really driven by Europe and Asia. This continued weakness there. Some one-offs, took the textile business out of Turkey with the impact the earthquake has a pretty significant impact. But as I said earlier, in the North American market, we've seen stabilize. We're not modeling in any growth there, but we've seen it stabilized over the last month, and that's expecting for the second quarter. So really, the watchout is Europe and Asia as far as the second half of the year.

是的。在 on Industrial，它是 Rodger。我們建模 - 我們將第二季度工業量的中個位數持續下降建模。這實際上是由歐洲和亞洲推動的。那裡持續疲軟。一些一次性事件將紡織業務帶出土耳其，地震產生了相當大的影響。但正如我之前所說，在北美市場，我們已經看到穩定。我們沒有對那裡的任何增長進行建模，但我們已經看到它在上個月穩定下來，這是第二季度的預期。所以說真的，直到今年下半年，歐洲和亞洲都值得關注。

Yes. And that's what I'd say, I'm going back to my prepared remarks and to the this team and frankly, the activities we've undertaken over the last, I said 18 months for 2, 3 years in terms of transforming how we manage the day-to-day of the business, the operations side I just cannot be prouder of a relatively weak volume scenarios, proposing the type of productivity numbers that we're posting.

是的。這就是我要說的，我要回到我準備好的發言和這個團隊，坦率地說，我們過去開展的活動，我說 18 個月，持續 2、3 年，改變我們的方式管理日常業務，運營方面我不能為相對較弱的場景感到自豪，提出我們發布的生產力數字類型。

And I'd tell you, it just gives me a nice warm feeling that volume as it will return over time, that we're in an extremely solid position to leverage that productivity in a more material way. So I guess, thanks to Rodger and the team and what they're doing on the operations side and others.

而且我會告訴你，它只是讓我有一種溫暖的感覺，因為它會隨著時間的推移而恢復，我們處於非常穩固的位置，可以以更物質的方式利用這種生產力。所以我想，感謝羅杰和團隊以及他們在運營方面和其他方面所做的工作。

Okay. That's very helpful. And maybe just one follow-up on productivity. All Other, obviously, a smaller part of the business, but the margins there are quite strong in the quarter, certainly versus historical levels. I'm just wondering if you could talk about maybe some of the internal improvements you've made in those businesses, maybe the sustainability of that kind of margin? And just how you're thinking about that segment strategically.

好的。這很有幫助。也許只是關於生產力的後續行動。所有其他，顯然，業務的一小部分，但該季度的利潤率相當高，當然與歷史水平相比。我只是想知道你是否可以談談你在這些業務中所做的一些內部改進，也許這種利潤率的可持續性？以及您如何從戰略上考慮該細分市場。

To start with, Anthony, it's kind of a poster shot for the entire company. If we go back a year or 2 ago, when we probably -- we restructured not only how we report out from a segment perspective, that how we manage the businesses. So as you recall, we created in the All Other category or more entrepreneurial type environment. Allowing them to operate within the guidelines of the business, unique businesses that they support. And from that, we're seeing the results.

首先，安東尼，這是一張為整個公司拍攝的海報。如果我們回到一兩年前，當時我們可能 - 我們不僅重組了我們從細分市場報告的方式，還重組了我們管理業務的方式。所以你還記得，我們​​在所有其他類別或更多創業類型的環境中創建。允許他們在他們支持的業務、獨特業務的指導方針範圍內運作。從那以後，我們看到了結果。

And again, pockets and across the rest of the company, similar as you're seeing. How we're looking at it for the long term, these are good businesses, many of which are 1 or #2 in the market segments, and we're going to continue to operate down to the full. So the full capability and continue to drive through why they operate independent, we're still driving through the productivity and other transformational type programs that we have place in for them. So they really set up well to show you and a snapshot of what we're seeing across the company. We'll be evaluating businesses over time. And I think I did mention it in my prepared remarks that -- the time is (inaudible) some businesses that may be long, better offer to others.

同樣，口袋和整個公司的其他部分，與您所看到的相似。從長遠來看，我們如何看待它，這些都是很好的業務，其中許多在細分市場中排名第一或第二，我們將繼續全面運營。因此，我們將充分發揮並繼續推動他們獨立運營的原因，我們仍在推動我們為他們制定的生產力和其他轉型類型的計劃。因此，他們確實設置得很好，可以向您展示我們在整個公司看到的情況的快照。隨著時間的推移，我們將對企業進行評估。我想我在準備好的發言中確實提到了這一點——時間是（聽不清）一些可能長期的企業，更好地提供給其他人。

And from an acquisition perspective, we see the inverse of that as well.

從收購的角度來看，我們也看到了相反的情況。

So we'll keep you posted, we'll let you know, but the intent right now is we're going to run these businesses to the best they can possibly perform, to deliver the amount of value that our shareholders expect.

所以我們會及時通知你，我們會讓你知道，但現在的意圖是我們將以最好的方式經營這些業務，以提供股東期望的價值。

And they're very resonant, as you know, Anthony, and they match price/costs extremely well in the first quarter, and we'll do the same in the second.

他們非常共鳴，正如你所知，安東尼，他們在第一季度非常好地匹配價格/成本，我們將在第二季度做同樣的事情。

And one moment for our next question. And our next question comes from the line of George Staphos with Bank of America Securities.

請稍等一下我們的下一個問題。我們的下一個問題來自美國銀行證券公司的 George Staphos。

Hi, everyone. Good morning. Thanks for the details I guess the first question I had, if you had already mentioned it, I apologize. But can you provide the lack of order downtime by region in the first quarter?

大家好。早上好。感謝您提供的詳細信息，我想這是我遇到的第一個問題，如果您已經提到過，我深表歉意。但是您能否提供第一季度按地區劃分的訂單停機時間不足？

I can, George. It's Rodger, about right at 10% in North America, closer to high -- closer to 20% in Europe and pushing 25% in Asia, pretty significant.

我可以，喬治。是 Rodger，在北美大約為 10%，接近高點——在歐洲接近 20%，在亞洲接近 25%，非常重要。

Okay. And if you -- Roger, if you could help us just in terms of tons, what would that look like? I mean we can go back into it, but just while I have you quickly. If you don't have it -- go ahead.

好的。如果你——羅傑，如果你能在噸數方面幫助我們，那會是什麼樣子？我的意思是我們可以回到它，但就在我有你的時候。如果你沒有它——去吧。

Yes, all tons across the system, about 70,000. I don't really have -- don't have a lot of reasons, George.

是的，整個系統的所有噸，大約 70,000。我真的沒有——沒有太多理由，喬治。

That's fine. Perfect. Perfect. I guess the next question I had -- and you're right, other companies saw a deceleration as the quarter went on and March was, in some ways, year-on-year weaker for many companies than was, the beginning of the quarter. Given the number of consumer companies you have talked to, the breadth of your product line and therefore, the input that you get back -- in a cup of sense, not solving for world peace here, but what do you think happened? Because your businesses are relatively stable going into the quarter. I think you were looking for mid- single growth in food cans I think, pretty similar growth in flexibles. Volumes don't swing around that much.

沒關係。完美的。完美的。我想我的下一個問題是——你是對的，隨著本季度的進行，其他公司看到了減速，而在某些方面，許多公司的 3 月同比表現比本季度初更弱.考慮到您與之交談過的消費品公司的數量、您產品線的廣度以及您得到的反饋——從某種意義上說，不是解決世界和平問題，但您認為發生了什麼？因為進入本季度您的業務相對穩定。我認為你正在尋找食品罐頭的中單增長，我認為軟包裝的增長非常相似。成交量不會波動那麼大。

So what you're hearing from your customers, what happened to the consumer that they went into the bunker to such a degree? And maybe it's just that, but what are your thoughts there?

那麼你從你的客戶那裡聽到的，消費者發生了什麼事，他們進入地堡的程度如此之大？也許僅此而已，但是您對此有何看法？

Yes, George, it's Rodger. From our large consumers, I mean, you can see in their results, they're taking significant price in the market place. And some of our customers' products are very -- are price sensitive. And I think you're seeing that start to impact some of their volumes or did at the end of the first quarter and you see the major big-box guys starting to push back part on price. But as we said -- our food can business was up 5%. So that came in about where we expected.

是的，喬治，是羅傑。從我們的大消費者那裡，我的意思是，你可以從他們的結果中看到，他們在市場上付出了高昂的代價。我們的一些客戶的產品對價格非常敏感。而且我認為你看到這開始影響他們的一些銷量或者在第一季度末已經開始影響並且你看到主要的大盒子開始推遲部分價格。但正如我們所說——我們的食品罐頭業務增長了 5%。所以這符合我們的預期。

And the other -- maybe the other supply with some of the inventory in some of our other customers, the supply chain challenges they've had. And they've just built up more inventory than we expected coming into the end of the first quarter.

另一個 - 也許另一個供應我們其他一些客戶的一些庫存，他們所面臨的供應鏈挑戰。而且他們剛剛建立的庫存比我們預期的第一季度末要多。

But George, and I know, you don't want to warranty, so I will not give you they warranty. So what I will say is that, we are staying conservative with our outlook in terms of volume and volume recovery. And, we're really looking at seasonal increases for a quarter on most of the Consumer side of the business, including the Metal. And then in Industrial, we're saying, look, we're not expecting any recovery for the period.

但是喬治，我知道，你不想保修，所以我不會給你保修。所以我要說的是，我們對銷量和銷量恢復的前景保持保守。而且，我們真的在關注大部分業務的消費者方面（包括金屬）季度的季節性增長。然後在工業領域，我們說，看，我們預計這段時間不會有任何復蘇。

So if I keep -- it sounds like you're being very sort of consistent basically very -- assuming very little sequential improvement. What do you have, I think, Rodger, you said you're looking for mid-single-digit declines, correct me if I'm wrong, on Industrial in 2Q.

因此，如果我繼續 - 聽起來你基本上非常一致 - 假設連續改進很少。我想，羅傑，你有什麼看法，你說你正在尋找中等個位數的下降，如果我錯了，請糾正我，第二季度的工業。

What do you have dialed in across the big categories for 2Q and for the year on a volume basis, embedded in your guidance?

在你的指導中，你在第二季度和全年的大類別中撥出了什麼？

And Consumer, up high single-digits sequentially in the second quarter over first. And then All Other, again, I think similar volumes going into the second quarter but similar levels of...

和消費者，第二季度比第一季度連續增長高個位數。然後是所有其他，我認為第二季度的銷量相似，但……的水平相似。

So my thought, We're seeing across the category, and we're seeing sequential recovery, and again, is it seasonal, part of it is certainly not.

所以我的想法是，我們看到了整個類別，我們看到了連續的複蘇，而且它是季節性的，其中一部分肯定不是。

And one moment for our next question. Our next question comes from the line of Mark Weintraub with Seaport Research Partners.

請稍等一下我們的下一個問題。我們的下一個問題來自 Mark Weintraub 與 Seaport Research Partners 的合作。

Just one question. I'm not sure, I heard it exactly, but what -- you touched something on the metal price overlap. I thought you said it was a negative -- you're thinking of it as a negative 26% for this year or last year -- suspecting I misheard you. Could you just clarify that?

只有一個問題。我不確定，我確實聽到了，但是 - 你觸及了金屬​​價格重疊的一些東西。我以為你說這是負面的——你認為它是今年或去年的負面 26%——懷疑我聽錯了。你能澄清一下嗎？

Yes. The metal price overlap this year was negative 86% in Q1.

是的。今年第一季度的金屬價格重疊為負 86%。

86?

86？

Yes. So we still -- we anticipated that for the full year, it will be slightly more than what we had originally expected. So more than a 100%.

是的。所以我們仍然 - 我們預計全年，它會略高於我們最初的預期。所以超過 100%。

So as you look into the various carry-over, but we expect that completely work through this, the net to the end of the second quarter.

因此，當您查看各種結轉時，但我們希望在第二季度末完全解決這個問題。

Okay. That makes a lot more sense than what I thought I heard, which was wrong.

好的。這比我以為我聽到的更有意義，這是錯誤的。

The second, I'm just trying to understand a little bit, I think you said that you don't see any lack of order downtime in your North American Industrials business, kind of going forward, which I guess seems surprising to me given the reduction in demand that we have seen, and you weren't talking about it getting a lot stronger. Can you sort of just help me piece that together?

第二，我只是想了解一點，我想你說過你沒有看到你的北美工業業務沒有任何訂單停機時間，有點向前發展，我想這對我來說似乎令人驚訝，因為我們已經看到需求減少，而你並不是在談論它變得更加強大。你能幫我拼湊一下嗎？

Yes. If you think about the across system in the URB system in the first quarter. I think the SBA published numbers came out and capacity utilization was something like 80%. So there was pretty significant downtime across market in the first quarter. And so I think that worked out some of the high inventories.

是的。如果你想想第一季度URB系統中的跨系統。我認為 SBA 公佈的數字出來了，產能利用率大約是 80%。因此，第一季度整個市場的停機時間相當長。所以我認為這解決了一些高庫存。

And as I said earlier in my opening comments, at this point for the North American market URB market, we expect macro business downtime in the second quarter. market has stabilized.

正如我早些時候在開場白中所說，對於北美市場 URB 市場而言，我們預計第二季度宏觀業務停工。市場趨於穩定。

And volume is not significantly improving, but it's not -- it has stabilized. It's not following. So we feel like that will hold for the quarter.

成交量並沒有顯著改善，但事實並非如此——它已經穩定下來。它沒有跟隨。所以我們覺得這將持續到本季度。

Okay. So is it fair to think that the level of downtime taken in the first quarter essentially, overshot you to a point where even with demand a little bit weaker, there's a bit of cushion. And then hopefully, we get a little bit stronger demand in the latter part of the year.

好的。因此，可以公平地認為第一季度的停機時間基本上超過了你的程度，即使需求稍微疲軟，也有一些緩衝。然後希望我們在今年下半年得到更強勁的需求。

And if that's the case, then we're in good shape.

如果是這樣的話，那麼我們的狀態就很好。

And otherwise, we potentially have some more lack of order downtime later in the year. Is that a reasonable way to think of it?

否則，今年晚些時候我們可能會有更多的訂單停機時間不足。這是一種合理的思考方式嗎？

Well, I think if you think about the volumes on a year-over-year basis, there is a reduction in volume associated on URB side associated with the conversion of #10 and the remainder of the project horizon activities.

好吧，我想如果你考慮同比的數量，與 URB 方面相關的數量減少與 #10 的轉換和項目範圍活動的其餘部分相關。

And so that's actually got to our mill system mean, kind of appropriately sized for the market right now, which we feel good about.

所以這實際上是我們的工廠系統的意思，現在的市場規模合適，我們感覺很好。

Got it, Got it. And then lastly, just to come back to kind of questions coming up a few times. I think you had suggested you thought Consumer volumes this year could be up as much as 4% to 5% last quarter, recognizing it's gotten murkier. There's lots of uncertainty and you've talked about the consumer pulling back.

明白了，明白了。最後，回到出現過幾次的問題。我想你曾建議你認為今年的消費量上個季度可能會增長 4% 到 5%，認識到它變得更加模糊。有很多不確定性，你已經談到消費者退縮。

Do you have kind of a perspective on what you think that number for 2023 year-over-year built into your guidance might look like? I assume it's lower than that 4% to 5%. Is that fair?

您是否對指南中內置的 2023 年同比數字有某種看法？我假設它低於 4% 到 5%。這公平嗎？

That is fair, Mark. Again, as we came out of the year it was pretty impressive with what we're seeing and that has certainly slowed down. So we're moderating our expectations for the full year.

這很公平，馬克。再一次，當我們走出這一年時，我們所看到的令人印象深刻，而且這種情況肯定已經放緩。因此，我們正在降低對全年的預期。

We do think it will speed slightly up on the Consumer side by the time by the time it's all said and done. But gosh, I guess we missed it in terms of the exuberants that we were feeling, as we entered the year with that mid- single digit. I'm just going to keep going back and going towards the execution side of the business and being able to (inaudible) type of environment.

我們確實認為，到一切都說完並完成時，消費者方面的速度會略有加快。但是，天哪，我想我們錯過了當我們以中等個位數進入這一年時所感受到的旺盛情緒。我將繼續返回並轉向業務的執行方面，並能夠（聽不清）類型的環境。

And one moment for our next question. And our next question is going to come from the line of Kyle White with Deutsche Bank.

請稍等一下我們的下一個問題。我們的下一個問題將來自德意志銀行的 Kyle White。

I wanted to follow up a little bit on the last question, but also just broader looking at your full year outlook, -- can you just talk about some of the moving parts considering 1Q from an earnings standpoint, was it a bit above your initial expectations, but yet you're maintaining the EBITDA range for the full year.

我想對最後一個問題做一些跟進，但也想更廣泛地看看你的全年展望，——你能談談從收益的角度考慮第一季度的一些變動部分嗎，它是否比你最初的預期高一點？預期，但您仍維持全年的 EBITDA 範圍。

Is that just driven by the (inaudible) and the softness in terms of the volume backdrop that we're seeing right now? Or was it also driven by maybe in a can bin (inaudible) prices being a little bit weaker than what was initially assumed. Maybe just any details you can provide there would be helpful.

這是否只是由（聽不清）和我們現在看到的成交量背景的疲軟所驅動？或者它是否也受到罐頭（聽不清）價格比最初假設的價格略低的推動。也許您可以提供的任何詳細信息都會有所幫助。

Yes. I think that the biggest driver there was really the range and the mechanics of it all.

是的。我認為最大的驅動因素確實是范圍和所有的機制。

We feel really good about where the EBITDA range is, and it's $50 million. So I think you can read as to kind of where the guide is in terms of where we think we're going to be in that range. The volume/mix as we think about it, productivity was really an offset in the early part of the year, and we feel good about how productivity is unfolding through the rest of the year. even at volumes, and the Consumer side are a little bit weaker than what we had originally planned.

我們對 EBITDA 範圍的位置感到非常滿意，它是 5000 萬美元。因此，我認為您可以根據我們認為我們將處於該範圍內的位置來閱讀指南的位置。正如我們所考慮的那樣，產量/組合、生產力在今年年初確實有所抵消，我們對今年剩餘時間生產力的發展情況感到滿意。即使在數量上，消費者方面也比我們最初計劃的要弱一些。

And we have some margin -- and we have built in some margin compression in over a quarter in Industrial for the balance of the year in our guidance.

而且我們有一定的利潤率——我們在我們的指導中為今年餘下的時間在工業領域建立了超過四分之一的利潤率壓縮。

Got it. If I can follow up on that, I assume you're keeping current list prices for can bidding shift in North America. Is that fair something in the guidance?

知道了。如果我能跟進，我假設你會保留北美罐頭投標轉移的當前標價。指南中是否有公平的內容？

Yes, that's fair. And we're also assuming, let's call it, a $15 to $20 increase in the average OCC price between now and end of the year. So there was some cost increases coming in, but we left in it, just flat for the year.

是的，這很公平。我們還假設，從現在到今年年底，平均 OCC 價格上漲 15 到 20 美元。因此，成本有所增加，但我們保留了下來，全年持平。

That's helpful. And for my second question, there's a lot of weather events in the past quarter. Just curious if that had any impact on your fresh fruit packaging business? And then also if there's any anticipated impact for the (inaudible) farmers related to it?

這很有幫助。對於我的第二個問題，上個季度有很多天氣事件。只是想知道這是否對您的新鮮水果包裝業務有任何影響？然後是否對與之相關的（聽不清）農民有任何預期影響？

Yes. Kyle, we certainly folded in the variant trade business, which is, as you know, is California. And that season really coming off in that, late winter January time frame, Strawberries, et cetera. And then, of course, we have the cost activity down in Florida.

是的。凱爾，我們當然放棄了變體貿易業務，正如你所知，它是加利福尼亞州。那個季節真的在那個時候開始了，冬末一月的時間框架，草莓，等等。然後，當然，我們在佛羅里達州進行了成本活動。

So certainly reflected to some extent in the performance of that business, that 1 business in the first quarter. I think we're working through that as we move forward.

因此，肯定在某種程度上反映在該業務的業績中，即第一季度的 1 業務。我認為我們在前進的過程中正在努力解決這個問題。

On the metal side, on our focus on the being at the tomato markets are really in the Midwest and where we have not seen the type of environmental issues as you see on the West Coast. But our customers are sellout business as usual. As it relates to that part of business.

在金屬方面，我們對西紅柿市場的關注實際上是在中西部，在那裡我們沒有看到像西海岸那樣的環境問題。但我們的客戶照常售罄。因為它涉及到那部分業務。

And one moment for our next question. Our next question is going to come from the line of Cleve Rueckert with UBS.

請稍等一下我們的下一個問題。我們的下一個問題將來自瑞銀集團的 Cleve Rueckert。

Just a couple of follow-ups for me because I think a lot of the big key points have been addressed. But I just wanted to dig in a little bit more specifically on the volume decline that you're talking about. I think we've talked a couple of times about Industrial volumes being weak. They're stabilizing at a low level. But not really quite growing yet.

對我來說只是幾個跟進，因為我認為很多重要的關鍵點已經得到解決。但我只是想更具體地深入了解你所說的銷量下降。我想我們已經談過幾次關於工業量疲軟的問題。他們穩定在一個低水平。但還沒有真正完全成長。

Is that pretty much entirely coming from the containerboard industry? Or is that a sort of a more broad comment across other end markets?

這幾乎完全來自箱板紙行業嗎？或者這是對其他終端市場的一種更廣泛的評論？

Yes. Clearly, this is Roger. It's broad. It's across all markets, textiles, especially weak, really most every region globally firm, also down, as you said, containerboard down. So it's really across the board. Specially, anything housing related was down fairly significantly.

是的。很明顯，這是羅傑。它很廣泛。它遍及所有市場，紡織品，尤其是疲軟的，實際上幾乎每個地區的全球公司，也像你所說的那樣，箱板紙下跌。所以它真的是全面的。特別是，任何與住房相關的東西都大幅下降。

So it was broad-based across all 4 of the categories that we track.

因此，它在我們跟踪的所有 4 個類別中都有廣泛的基礎。

Yes. Okay. But it sounds like you're getting some confidence that orders are starting to pick back up and at least from a volume from like tons produced standpoint, you're confident that Q1 was the trough.

是的。好的。但聽起來你對訂單開始回升有了一些信心，至少從產量的角度來看，你有信心第一季度是低谷。

In fact, we modeled in some continued modest declines in the second quarter, driven by weakness in Europe and Asia. And so that's the -- that's what we have in the guidance at this point.

事實上，在歐洲和亞洲疲軟的推動下，我們模擬了第二季度的一些持續小幅下滑。這就是 - 這就是我們目前在指南中所擁有的。

Yes. Sorry. But North America is starting to firm.

是的。對不起。但北美開始堅挺。

Yes, relatively flat, quarter-to-quarter.

是的，相對平穩，按季度計算。

Yes. And then just quickly on that. So in terms of the variability in the outlook, just the kinds of things that we should track through the balance of the year as we think about skewing towards the top or the bottom end of the guidance. It sounds like really the European and Asian regions are where, there's just some more question marks about how the second half is going to materialize.

是的。然後很快就可以了。因此，就前景的可變性而言，當我們考慮向指導的頂端或底端傾斜時，我們應該在今年餘下時間跟踪的事情。聽起來歐洲和亞洲地區真的在哪裡，下半年將如何實現還有更多問號。

For Industrial -- for Industrial specifically, that's correct. I was just -- probably more Europe than Asia is really, in total (inaudible) Consumer is only about 2% of our turnover.

對於工業——特別是對於工業，這是正確的。我只是 - 歐洲可能比亞洲更多，總計（聽不清）消費者僅占我們營業額的 2%。

Got it. Got it. And it was a nice bit of results for the quarter but that's not going unnoticed. Thanks, everybody. I'll turn it over.

知道了。知道了。本季度的業績不錯，但這並沒有被忽視。謝謝大家。我會把它翻過來。

It kicked off, includes as you like.

它開始了，包括你喜歡的。

Now I'll talk to you guys later.

現在我待會兒再和你們說。

And one for our next question. And our next question comes from the line of Gabe Hajde with Wells Fargo Securities.

還有一個用於我們的下一個問題。我們的下一個問題來自富國銀行證券公司的 Gabe Hajde。

I just -- I find it interesting that I feel like maybe some of your customers are probably maybe window dressing for balance sheets coming into the end of the specific quarters.

我只是 - 我覺得有趣的是，我覺得你的一些客戶可能正在為特定季度末的資產負債表做櫥窗裝飾。

Because if memory serves, December was a pretty bad month on the Consumer side and then January snap back, and we kind of had a similar experience in March.

因為如果有記憶的話，12 月在消費者方面是一個非常糟糕的月份，然後 1 月迅速反彈，我們在 3 月也有類似的經歷。

So I'm curious if you could comment at all about sort of how April is trending, I think you said, Howard, that you're expecting sort of the normal seasonal sequential step-up in the food can business maybe some moderation in destocking in the aerosol side.

所以我很好奇你是否可以對 4 月份的趨勢發表評論，我想你說過，霍華德，你期望食品罐頭業務出現某種正常的季節性連續增長，也許在去庫存方面有所緩和在氣霧劑方面。

But then just maybe the legacy Consumer business.

但也許只是傳統的消費者業務。

And then maybe as we think about monitoring the quarters and the rest of the year as it progresses maybe paying more attention to what your customers are saying in terms of maybe modulating their own purchases and responding to consumer behavior.

然後，當我們考慮監控季度和今年剩餘時間時，可能會更加關注您的客戶在調整自己的購買和響應消費者行為方面所說的話。

I mean is that sort of the wildcard or the factor that we should be most mindful of? Or is there something else going on?

我的意思是那種通配符或我們應該最注意的因素？還是有其他事情發生？

Yes. I would say, it's certainly way too soon to say is there's a new operating environment trend what from a customer's perspective. And it's probably -- I'd like to think it is related to really what's going on in the macro world, I noted, and we all noted. It was a lot of question mark January, March for what was going on in the banking world sector and how is that kind of (inaudible) through the global economy.

是的。我想說，從客戶的角度來看，現在說有一種新的操作環境趨勢肯定為時過早。這可能——我想這與宏觀世界中正在發生的事情有關，我注意到，我們都注意到了。 1 月和 3 月銀行業發生了什麼，以及這種（聽不清）在全球經濟中的表現如何，這是一個很大的問號。

So can I have my hat on that, is that the decline that we saw, certainly, indeed, summer, the expectation was just that, that we're trying to draw all inventories down to complete the year.

所以我可以說，我們看到的下降，當然，確實是在夏天，我們的預期就是這樣，我們正試圖減少所有庫存以完成這一年。

Quarter-to-quarter, I don't think we're seeing a new phenomenon here that's sustainable may see it in December, which we all do in December trying to pull back on our working capital as much as possible. And to talk about improvements going into the second quarter on the Consumer side, it's from the base that we're at right now.

從季度到季度，我認為我們在這裡沒有看到可持續的新現象可能會在 12 月看到，我們在 12 月都會這樣做，試圖盡可能多地收回我們的營運資金。並談論第二季度在消費者方面的改進，這是我們現在所處的基礎。

And from a sequential perspective. And yes, it's just natural that -- or I should say historical that we see elements of summer buildups in the spring as well as and I noted on the Can side of the business, tax season, et cetera. So I don't see a pattern here at this point in time such a change, but I think it has to do with what's going on around the world and reaction timing of those reactions is that impacted us in March.

從順序的角度來看。是的，這是很自然的——或者我應該說歷史性的，我們在春季以及我在業務、稅收季節等的罐頭方面看到了夏季積累的元素。所以我現在在這裡看不到這種變化的模式，但我認為這與世界各地正在發生的事情有關，而這些反應的反應時間在 3 月份影響了我們。

Okay. And then maybe getting back to this All Other segment and the enhanced profitability.

好的。然後也許回到這個所有其他部分和增強的盈利能力。

Is there any way to maybe frame up for us, sequentially and then maybe the second overall. I mean, should we kind of expect this level of profitability persist sort of on either absolute dollar basis or a margin perspective?

有沒有什麼辦法可以為我們構建框架，順序地，然後也許是第二個整體。我的意思是，我們是否應該期望這種盈利水平在絕對美元基礎上或利潤率角度上持續存在？

Or was there something unique to the first quarter more sales of reels or something like that -- that may be slowing things around a little bit more.

或者第一季度捲軸銷量增加或類似的東西是否有一些獨特的東西 - 這可能會稍微放慢速度。

Yes, Gab, this is Rob. That's a good question. Those businesses, as Howard said, I mean we have kind of really changed the operating model both challenge them, but giving them a lot of freedom to operate. And what they've done is they've been really entrepreneurial and are generating really great results as a result.

是的，Gab，這是 Rob。這是個好問題。這些業務，正如霍華德所說，我的意思是我們確實改變了運營模式，既挑戰了他們，又給了他們很大的運營自由。他們所做的是他們真正具有企業家精神，並因此產生了非常好的結果。

So those aren't one-off or specific results that across the board, down line of those businesses, what we're seeing is operating improvement that's really generated by really tight cost control, investment in productivity a very disciplined investment in growth where they see it.

因此，這些並不是一次性的或特定的結果，我們看到的是，這些業務的下線業務的全面運營改善實際上是由嚴格的成本控制產生的，對生產力的投資是對增長的非常有紀律的投資看見。

So those levels of profitability are sustainable. Frankly, there's a couple of businesses that have yet to really catch on and we're excited to when those businesses to start performing as well.

因此，這些盈利水平是可持續的。坦率地說，有幾家企業還沒有真正流行起來，我們很高興這些企業也能開始表現出色。

Okay. And one last one as it relates to the guidance. I mean, I think you guys kind of widened the range a little bit, which I maybe understand. But following a Q1 beat just feels a little odd.

好的。最後一個與指南有關。我的意思是，我認為你們稍微擴大了範圍，我可能理解這一點。但是在 Q1 節拍之後感覺有點奇怪。

The one thing that jumped out at me and interest expense was tracking a little bit higher.

令我震驚的一件事和利息支出正在上升一點。

I think you guys guided us $115 million -- has that assumption changed?

我想你們指導了我們 1.15 億美元——這個假設改變了嗎？

And then maybe just sort of the rationale or the thought process behind the wider range versus what you had before?

然後可能只是更廣泛範圍背後的基本原理或思維過程與您之前的比較？

Yes, interest expense has trended higher than thought, kind of All Other expenses in that category and it's really just related to how we budget at the year.

是的，利息支出的趨勢比想像的要高，屬於該類別中的所有其他支出，這實際上與我們當年的預算方式有關。

Looks like maybe we'll see some recovery and variable interest rates by the end of the year, but we certainly budgeted flat. with the raise and have a fair amount of variable rate down.

看起來我們可能會在年底前看到一些復甦和可變利率，但我們的預算肯定是持平的。隨著加薪，並有相當數量的可變利率下降。

So that's what's really flowing through there and then also kind of modeling in what we think we're going to do with the balance sheet for the balance of the year.

所以這就是真正流經那裡的東西，然後也是我們認為我們將在今年餘下時間對資產負債表進行的建模。

With regards to the range and moving it up, I think what where we were thinking really was as we evaluated the risk and opportunities, we felt really comfortable as what we were (inaudible), Q1 as we had identified a lot of opportunities, but there was still this uncertainty in the market and the operating environment.

關於範圍並向上移動，我認為我們在評估風險和機會時真正想到的是，我們對我們的現狀（聽不清）感到非常自在，因為我們已經確定了很多機會，但是市場和經營環境仍然存在這種不確定性。

So we want to make sure that, that was a wide enough range that we could achieve it.

所以我們想確保，這是一個足夠廣泛的範圍，我們可以實現它。

And that's why we really kept the EBITDA gain where it was as well because we feel really confident that our expectation for the year is narrowing in on that range.

這就是為什麼我們真的將 EBITDA 收益保持在原來的水平，因為我們非常有信心我們對今年的預期正在縮小到這個範圍內。

(Operator Instructions) Our next question is a follow-up question from the line of George Staphos with Bank of America Securities.

（操作員說明）我們的下一個問題是喬治·斯塔福斯與美國銀行證券公司的後續問題。

Two questions from me. One, to the extent that you can comment, and again, if you mentioned this, apologies that I missed it. One, price/cost for the year, where does that currently stand in terms of your expectation for '23 relative to what you would have had coming into the year and/or your last guide.

我有兩個問題。第一，在你可以評論的範圍內，如果你提到了這一點，我很抱歉我錯過了。第一，今年的價格/成本，相對於你今年和/或你上一份指南的預期，目前你對 23 年的期望值在哪裡。

So what was the positive variance there, which seems to offset the volume uncertainty that you have understandably. And similarly, on productivity, where do you -- where is productivity? Where is operations, if there's a way to quantify to some degree now for the year relative to where you would have been entering the year.

那麼那裡的正方差是多少，這似乎抵消了你可以理解的數量不確定性。同樣，關於生產力，你在哪裡 - 生產力在哪裡？運營在哪裡，如果有一種方法可以在某種程度上量化今年相對於你進入這一年的位置。

Again, which helps to offset sort of the volume uncertainty. The second question I had is just in terms of volume, and I think you had mentioned that you expect Consumer to be up modestly this year. And recognizing no guarantees in life, is there a level of volume degradation that would begin to undercut especially the low end of your guidance range.

同樣，這有助於抵消某種數量的不確定性。我的第二個問題只是關於數量，我想你已經提到你預計消費者今年會適度增長。並且認識到生活中沒有任何保證，是否存在一定程度的音量下降會開始削弱，尤其是指導範圍的低端。

So instead of low -- very low single digit, if you put up a minus 2 or minus 3 at the end of the year, does that risk your guidance? How would you have us think about those sorts of questions?

因此，如果您在年底時出現負 2 或負 3，而不是低 - 非常低的個位數，這是否會危及您的指導？你會讓我們如何思考這些問題？

Yes. So look, as we think about the year and kind of where we planned it and what the bridge is we really do think that the positives are really going to be productivity and then a little bit of volume positive here and there. The price/cost was the big driver for the performance in Q1, and then will be a big driver throughout the year, really overcoming the metal price overlap with a lot of really strong performance across the broader business.

是的。所以看，當我們考慮我們計劃的年份和類型以及橋樑是什麼時，我們確實認為積極因素真的會提高生產力，然後到處都是積極的數量。價格/成本是第一季度業績的主要推動力，然後將成為全年的主要推動力，真正克服了金屬價格重疊的問題，並在更廣泛的業務中實現了很多非常強勁的業績。

So I'd say metal price overlap is coming in higher than we had anticipated.

所以我想說金屬價格重疊的情況比我們預期的要高。

So that's just a greater headwind that we had anticipated and we're seeing pockets of strength. But overall, I think price/cost will probably be weaker than what we had anticipated.

所以這只是我們預期的更大的逆風，我們看到了一些力量。但總的來說，我認為價格/成本可能會低於我們的預期。

Weaker. Okay. And productivity then, what was kind of -- if you, kind of ballpark with that, that's adding to you relative to your prior expectation?

較弱。好的。那么生產力是什麼——如果你對此有所了解，那麼相對於你之前的期望，這會增加你的收入嗎？

Yes, George, this is Rodger and our original plan for 2023, we have wrapped up productivity throughout the year, expecting to take more time for some of these capital projects and supply chain challenges to ease.

是的，喬治，這是羅杰和我們 2023 年的最初計劃，我們已經完成了全年的生產力，預計需要更多時間來緩解其中一些資本項目和供應鏈挑戰。

So first quarter was probably twice what we expected -- so if you think about the next several quarters, we're pretty optimistic that we'll be at plan or even you can slightly above that.

所以第一季度可能是我們預期的兩倍——所以如果你考慮接下來的幾個季度，我們非常樂觀地認為我們會按計劃進行，甚至可以略高於這個計劃。

And then just on the volume question, again, no guarantees, but is there a level -- certainly, there is. What level would you say if you're seeing x amount of volume degradation where we start to -- you start to worry about your guidance factors?

然後再一次關於數量問題，不能保證，但是有一個水平——當然有。如果您看到我們開始出現 x 量的體積下降，您會說什麼級別——您開始擔心您的指導因素？

Yes, George, you're right. that's a tough one. It's really going to handle on. What I would say is that I think what we've modeled out is what we believe to be true on the lower side of -- that really bad way for the course of the remainder of the year.

是的，喬治，你是對的。這是一個艱難的。它真的會繼續處理。我要說的是，我認為我們所模擬的是我們認為在低端是真實的——在今年餘下的時間裡，這真的很糟糕。

And if you take -- the question is more about what is the negative implications. What I would say is that we have history does not necessarily predict the future. But George because we -- for the most for, on the Consumer side, we participate in staple food, certainly are consumer store, but really on the one exception there. When things get tougher, we attract -- seems to attract more folks to the products that we were privileged to represent -- and that's both store brand as well as the name brand.

如果你接受——問題更多是關於負面影響是什麼。我要說的是，我們有歷史並不一定能預測未來。但是喬治因為我們——對於大多數人來說，在消費者方面，我們參與主食，當然是消費者商店，但真的是一個例外。當事情變得更艱難時，我們吸引——似乎吸引更多的人購買我們有幸代表的產品——這既是商店品牌，也是名牌。

So I'd like to think that if things get tougher, Consumer side would potentially benefit from that. But of course, that could have ramifications on other parts of the (inaudible).

所以我想，如果事情變得更加艱難，消費者方面可能會從中受益。但當然，這可能會對（聽不清）的其他部分產生影響。

No, sure. Historically, though, on the relative basis, it does work for you, but thinking about in absolute terms what was driving that question. I'm sorry, go ahead.

不確定。不過，從歷史上看，相對而言，它確實對你有用，但從絕對意義上考慮是什麼推動了這個問題。對不起，繼續。

No. I was just going, it's basically didn't answer your question.

不，我只是去，它基本上沒有回答你的問題。

It's all part of the Mosaic though, Howard. It's all part of the Mosaic. We appreciate it.

不過，這都是馬賽克的一部分，霍華德。這都是馬賽克的一部分。我們很感激。

And I am showing no further questions at this time. And I would like to hand the conference back over to Ms. Lisa Weeks for any -- for her closing remarks.

我現在沒有進一步提問。我想將會議交還給 Lisa Weeks 女士，聽取她的閉幕詞。

Yes. Thank you all for joining us here today. I would highlight that will be out on the road for the rest of the quarter that live consult our website.

是的。感謝大家今天加入我們。我要強調的是，在本季度的剩餘時間裡，我們將在現場諮詢我們的網站。

And you'll see where you can connect with us.

你會看到你可以在哪裡與我們聯繫。

In the meantime, if you have any further questions, please don't hesitate to reach out.

同時，如果您有任何其他問題，請隨時與我們聯繫。

And we hope you all have a wonderful day and we talk to you on our next earnings call. Thank you.

我們希望大家度過愉快的一天，我們將在下一次財報電話會議上與您交談。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。