Sonoco Products Co (SON) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Third Quarter 2022 Sonoco Earnings Conference Call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎來到 Sonoco 2022 年第三季度收益電話會議。 （操作員說明）

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, Investor Relations. Please go ahead.

請注意，今天的會議正在錄製中。我現在想把會議交給你今天的演講者，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 Third Quarter 2022 Earnings Call. Joining me this morning are Howard Coker, President and CEO; Rob Dillard, Chief Financial Officer; and Rodger Fuller, Chief Operating Officer.

感謝運營商，感謝大家今天加入我們參加 Sonoco 的 2022 年第三季度財報電話會議。今天早上加入我的是總裁兼首席執行官霍華德科克； Rob Dillard，首席財務官；和首席運營官羅傑·富勒。

Last evening, we issued a news release highlighting our financial performance for the third 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 at www.sonoco.com.

昨晚，我們發布了一份新聞稿，重點介紹了我們第三季度的財務業績，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 www.sonoco.com 的投資者關係部分在線獲取。

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.

提醒一下，在今天的電話會議中，我們將根據當前的預期、估計和預測討論一些前瞻性陳述。這些陳述不是對未來業績的保證，並受到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.

此外，今天的演示文稿還包括使用非公認會計原則財務指標，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。

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 website.

有關公司使用非公認會計原則財務措施的更多信息，包括定義以及與公認會計原則措施的對賬，請參閱我們網站的投資者關係部分。

For today's call, Howard will begin by covering a brief summary of third quarter performance. Rob will then review our detailed financial results for the third quarter, and along with Rodger Fuller, will discuss our guidance update for the fourth quarter and full year 2022. Howard will then provide a progress report on our priorities, followed by a Q&A session.

對於今天的電話會議，霍華德將首先簡要介紹第三季度的業績。然後，Rob 將審查我們第三季度的詳細財務業績，並與 Rodger Fuller 一起討論我們對第四季度和 2022 年全年的指導更新。霍華德隨後將提供有關我們優先事項的進度報告，然後是問答環節。

If you will turn to Slide 4 in our presentation, I will now turn the call over to our CEO, Howard Coker.

如果您在我們的演示文稿中轉到幻燈片 4，我現在將把電話轉給我們的首席執行官 Howard Coker。

Thank you, Lisa, and good morning, and thanks to all of you for joining our third quarter call. As you read in our press release, we reported strong year-over-year performance for revenue grew 34% to $1.9 billion, and we expanded base EBITDA margins 200 basis points to 15%. Our base earnings per share of $1.60 was a 60% increase over the third quarter of last year.

謝謝你，麗莎，早上好，感謝大家加入我們的第三季度電話會議。正如您在我們的新聞稿中所讀到的，我們報告了強勁的收入同比增長 34% 至 19 億美元，我們將基本 EBITDA 利潤率擴大了 200 個基點至 15%。我們的每股基本收益為 1.60 美元，比去年第三季度增長了 60%。

These results, which were above the high end of our guidance range, were enabled by stable Consumer Packaging demand, mainly from staple food items, strategic pricing and our commercial excellence initiatives and overall improving supply chain conditions.

這些結果高於我們指導範圍的高端，主要得益於穩定的消費者包裝需求，主要來自主食、戰略定價和我們的商業卓越計劃以及整體改善的供應鏈條件。

As a result of our strong results year-to-date, we have increased our full-year 2022 guidance. This performance is another positive proof point for our continued successful execution of our strategic priorities and what remains a dynamic environment.

由於我們年初至今的強勁業績，我們提高了 2022 年全年的指導。這一表現是我們繼續成功執行我們的戰略重點和保持動態環境的另一個積極證據。

Our teams have remained diligent in support of our customers, while we continue the journey to build a better Sonoco. I want to express a warm thanks to all of our team members for their incredible hard work during this period.

我們的團隊一直在努力為客戶提供支持，同時我們將繼續打造更好的 Sonoco。我想對我們所有的團隊成員在此期間的辛勤工作表示熱烈的感謝。

With that, I'm going to turn it over to Rob, and they're going to take you through our financials for the quarter.

有了這個，我將把它交給 Rob，他們將帶你了解我們本季度的財務狀況。

Thanks, Howard. I'll begin on Slide 6 with a review of key financials for the third quarter. Please note that all results discussed will be adjusted to base, and all growth metrics will be on a year-over-year basis, unless otherwise stated. The GAAP to non-GAAP EPS reconciliation can be found in the appendix of this presentation as well as in the press release.

謝謝，霍華德。我將從幻燈片 6 開始，回顧第三季度的關鍵財務狀況。請注意，除非另有說明，否則所討論的所有結果都將根據基礎進行調整，並且所有增長指標都將按年計算。 GAAP 與非 GAAP 每股收益的對賬可在本演示文稿的附錄和新聞稿中找到。

The third quarter financial results again represented Sonoco's ability to deliver strong results from our core market position. Sales increased 34% to $1.9 billion in the third quarter. This sales growth was driven primarily by the Sonoco Metal Packaging acquisition and an 18% increase in prices.

第三季度的財務業績再次代表了 Sonoco 從我們的核心市場地位取得強勁業績的能力。第三季度銷售額增長 34% 至 19 億美元。這一銷售增長主要是由收購 Sonoco Metal Packaging 和價格上漲 18% 推動的。

And strategic pricing efforts continue to both offset inflation and reflect the value we provide to our customers. We've been steadfast in providing excellent service and availability to our customers, and we believe we are being rewarded for this in the marketplace. We grew volumes to 1.6% in Consumer, largely as a result of this commitment.

戰略定價努力繼續抵消通貨膨脹並反映我們為客戶提供的價值。我們一直堅定地為我們的客戶提供卓越的服務和可用性，我們相信我們會因此在市場上獲得回報。我們在消費者領域的銷量增長至 1.6%，這主要歸功於這一承諾。

Furthermore, our strong revenue growth is translating into operating leverage. Base operating profit increased 67% to $225 million, and base operating profit margin increased 240 basis points to 11.9%.

此外，我們強勁的收入增長正在轉化為經營槓桿。基本營業利潤增長 67% 至 2.25 億美元，基本營業利潤率增長 240 個基點至 11.9%。

Turning to Slide 7. Base EBITDA increased 55% to $284 million, and base EBITDA margin increased 200 basis points to 15%. This focus on margin improvement is strategic, and it's backed by ongoing portfolio management actions, footprint optimization activities, value-enhancing capital investments and strategic self-help programs.

轉到幻燈片 7。基本 EBITDA 增長 55% 至 2.84 億美元，基本 EBITDA 利潤率增長 200 個基點至 15%。這種對提高利潤率的關注具有戰略意義，並得到了持續的投資組合管理行動、足跡優化活動、增值資本投資和戰略自助計劃的支持。

Finally, base earnings per share increased 60% to $1.60. This increase in earnings is attributable to strong operating performance, offset by $0.05 of negative [FX] and $0.09 of negative tax rate.

最後，每股基本收益增長 60% 至 1.60 美元。收益的增長歸因於強勁的經營業績，被 0.05 美元的負 [FX] 美元和 0.09 美元的負稅率所抵消。

The sales bridge on Slide 8 provides the primary drivers for revenue growth in the quarter. Volume/mix was negative $52 million or 3.7%. Our Consumer segment continues to see growth in core [RPC] and flexibles businesses.

幻燈片 8 上的銷售橋樑是本季度收入增長的主要驅動力。銷量/組合為負 5200 萬美元或 3.7%。我們的消費者部門繼續看到核心 [RPC] 和靈活業務的增長。

However, Industrial volumes were down 9.5%, with the greatest impact in Europe and Asia, while notably the U.S. was also negative due to the #10 paper machine downtime and continued weakness in the white goods market. Price was $250 million positive, up 18% in the third quarter. Consumer prices increases were led by a strong performance in our core RPC and flexibles businesses.

然而，工業產量下降了 9.5%，其中歐洲和亞洲的影響最大，而值得注意的是，由於 #10 造紙機停機和白色家電市場持續疲軟，美國也出現了負面影響。價格為 2.5 億美元，第三季度上漲 18%。消費者價格上漲是由我們核心 RPC 和柔性業務的強勁表現帶動的。

Industrial price increases were led by strong performance in the U.S. and in Europe. Acquisitions increased sales $334 million as Metal Packaging completed their peak food can season with food volumes up sequentially, offset by mid-single-digit year-over-year decline in aerosols.

工業價格上漲是由美國和歐洲的強勁表現帶動的。收購增加了 3.34 億美元的銷售額，因為 Metal Packaging 完成了食品罐頭的銷售高峰期，食品銷量環比增長，但被氣溶膠的中個位數同比下降所抵消。

Aerosol volumes would decline, were impacted by inventory destocking as volumes normalize to pre-COVID levels. While acquisitions have been an important part of our historical revenue growth, excluding acquisitions, organic sales growth was still 10% in the quarter.

氣溶膠量將下降，受到庫存去庫存的影響，因為量恢復到 COVID 之前的水平。雖然收購一直是我們歷史收入增長的重要組成部分，但不包括收購，但本季度的有機銷售增長仍為 10%。

Foreign exchange and other was negative $57 million in the third quarter. As a reminder, 75% of our sales are generated in the U.S. [H9] has our base operating profit bridge. This displays the operating leverage of our core businesses in the current market environment.

第三季度外彙和其他為負5700萬美元。提醒一下，我們 75% 的銷售額來自美國 [H9] 有我們的基本營業利潤橋樑。這顯示了我們核心業務在當前市場環境下的經營槓桿。

Overall, volume/mix was negative $14 million, again, with strength in RPC and flexibles, offset by lower volumes in Industrials. Industrials was impacted by the shutdown of the #10 paper machine as we completed the grade conversion from corrugated medium to high-value URB. We estimate this volume impact to operating profit was between $7 million and $8 million.

總體而言，銷量/組合再次為負 1400 萬美元，其中 RPC 和柔性產品表現強勁，但被工業產品銷量下降所抵消。由於我們完成了從中值瓦楞紙到高價值 URB 的等級轉換，工業受到了 10 號紙機停機的影響。我們估計這一數量對營業利潤的影響在 700 萬美元到 800 萬美元之間。

Price/cost was a positive $90 million benefit to base operating profit. Our core franchises continue to achieve strong strategic pricing performance, and price/cost improved sequentially from the $79 million we achieved in the second quarter.

價格/成本對基礎營業利潤產生了 9000 萬美元的正收益。我們的核心特許經營權繼續實現強勁的戰略定價表現，並且價格/成本比我們在第二季度實現的 7900 萬美元連續改善。

The Consumer business overall had strong price/cost performance, generating over $20 million of favorability. The Industrial business had strong price/cost performance as well, as we continue to benefit from strategic pricing, while OCC costs continue to decline. OCC averaged $123 per ton in the quarter, and OCC prices are currently $45 per ton, based on Southeast Index.

消費者業務整體具有強勁的性價比，產生了超過 2000 萬美元的好感度。工業業務的價格/成本表現也很強勁，因為我們繼續受益於戰略定價，而 OCC 成本繼續下降。根據東南指數，本季度 OCC 平均價格為每噸 123 美元，目前 OCC 價格為每噸 45 美元。

Year-to-date, we have achieved $254 million of price/cost. As a reminder, we experienced approximately $0.40 to $0.45 per share of metal price overlap in the first half of this year, most of which is accounted for an acquisition under the Metal Packaging business and not accounted for in price/cost.

年初至今，我們已經實現了 2.54 億美元的價格/成本。提醒一下，我們在今年上半年經歷了每股約 0.40 美元至 0.45 美元的金屬價格重疊，其中大部分是金屬包裝業務的收購，而不是價格/成本。

Acquisitions and divestitures generated $32 million in the quarter as Metal Packaging continues to perform as expected. Margins in the business were lower than previous quarters due to normal seasonality associated with heavier mix to our seasonal food cans and lower volumes in aerosol.

由於金屬包裝繼續按預期表現，本季度的收購和資產剝離產生了 3200 萬美元。該業務的利潤率低於前幾個季度，原因是季節性正常，與我們的季節性食品罐混合較重和氣溶膠量減少有關。

Other impacts on the quarter were negative $18 million due to higher depreciation, nonrecurring COVID benefits and FX headwinds, which impacted operating profit $6 million in the quarter.

由於較高的折舊、非經常性 COVID 收益和外匯逆風，對本季度的其他影響為負 1800 萬美元，這影響了本季度的 600 萬美元營業利潤。

Slide 10 has our segment performance for the quarter. Consumer sales grew 72% to $1 billion, and operating profit grew 93% to $128 million. Operating profit margin increased 130 basis points to 12.4%. The primary drivers of this performance were Metal Packaging and strategic pricing, while productivity and volumes were also positive.

幻燈片 10 顯示了我們本季度的細分市場表現。消費者銷售額增長 72% 至 10 億美元，營業利潤增長 93% 至 1.28 億美元。營業利潤率增長 130 個基點至 12.4%。這一業績的主要驅動力是金屬包裝和戰略定價，而生產力和銷量也很積極。

Industrial sales grew 4% to $661 million, and operating profit grew 48% to $82 million. Operating profit margin increased 365 basis points to 12.4%. The primary driver of this performance were strong price/cost performance with prices up and OCC declining, offset by lower volume mix, especially in international markets and lower productivity due to planned downtime of the #10 paper machine.

工業銷售額增長 4% 至 6.61 億美元，營業利潤增長 48% 至 8200 萬美元。營業利潤率增長 365 個基點至 12.4%。這一業績的主要驅動力是強勁的價格/成本表現，價格上漲和 OCC 下降，但被較低的產量組合所抵消，尤其是在國際市場上，以及由於 10 號造紙機計劃停機而導致的生產力下降。

All Other sales increased 10% to $198 million, and operating profit increased 19% to $15 million. This growth was driven by strong strategic pricing performance while volume was essentially flat.

所有其他銷售額增長 10% 至 1.98 億美元，營業利潤增長 19% 至 1500 萬美元。這種增長是由強勁的戰略定價表現推動的，而銷量基本持平。

Turning to Slide 11. Our capital allocation framework is aligned to our business strategy to drive value creation for our shareholders. Our priority is to allocate capital to high-return investments in core businesses to drive growth and improve efficiencies.

轉到幻燈片 11。我們的資本分配框架與我們的業務戰略保持一致，以推動為股東創造價值。我們的首要任務是將資金分配給核心業務的高回報投資，以推動增長和提高效率。

From a free cash flow perspective, we remain committed to increasing the dividend, which is at present $0.49 per share on a quarterly basis or a greater than 3% average yield over the last 12 months. Year-to-date, we paid $193 million in dividends.

從自由現金流的角度來看，我們仍然致力於增加股息，目前每季度每股 0.49 美元或過去 12 個月的平均收益率超過 3%。年初至今，我們支付了 1.93 億美元的股息。

After capital investments in the dividend, we prioritize investments in accretive M&A transactions aligned with our long-term strategy. We'll manage capital to optimize our balance sheet and to retain our investment-grade credit rating. During the quarter, operating cash flow was $138 million and capital investments were $87 million.

在對股息進行資本投資之後，我們優先考慮對符合我們長期戰略的增值併購交易進行投資。我們將管理資本以優化我們的資產負債表並保持我們的投資級信用評級。本季度，經營現金流為 1.38 億美元，資本投資為 8700 萬美元。

On Slide 12, we have our updated guidance. For fourth quarter, our EPS guidance is $1.20 to $1.30. We're increasing our full-year EPS guidance to $6.40 to $6.50, a $0.20 increase from previous guidance. We're increasing our full-year expected base EBITDA guidance to $1.14 billion to $1.16 billion.

在幻燈片 12 上，我們有更新的指南。對於第四季度，我們的每股收益指引為 1.20 美元至 1.30 美元。我們將全年每股收益指引上調至 6.40 美元至 6.50 美元，比之前的指引增加 0.20 美元。我們將全年預期基本 EBITDA 指導提高到 11.4 億美元至 11.6 億美元。

This record performance is based on our continued strong strategic price performance and a stable market environment in our defensive consumer markets. We're reducing our operating cash flow and free cash flow guidance by $100 million due to increased working capital current demand.

這一創紀錄的業績是基於我們持續強勁的戰略價格表現和我們防禦性消費市場穩定的市場環境。由於營運資金當前需求增加，我們將運營現金流和自由現金流指導減少了 1 億美元。

Current elevated working capital is associated with inflation and disrupted supply chains, both from our suppliers and our customers. As supply chains normalize, we anticipate inventories to normalize and benefit cash flows. While this is occurring now, we expect higher free cash flows in 2023. For your reference, we've included additional modeling information in the appendix of this presentation.

當前高營運資金與通貨膨脹和供應鏈中斷有關，無論是來自我們的供應商還是我們的客戶。隨著供應鏈正常化，我們預計庫存將正常化並使現金流受益。雖然現在正在發生這種情況，但我們預計 2023 年的自由現金流會更高。供您參考，我們在本演示文稿的附錄中包含了其他建模信息。

Now Rodger will discuss our outlook on a segment basis.

現在羅傑將討論我們的細分市場前景。

Okay. Thanks, Rob. So please turn to Slide 13 for our view on segment performance, which supports our fourth quarter guidance.

好的。謝謝，羅伯。因此，請轉到幻燈片 13，了解我們對細分市場表現的看法，這支持我們第四季度的指導。

Across Consumer, volume trends are seasonally lower in the fourth quarter. In our Legacy Packaging businesses, we have lower planned shipments from pre-holiday stocking of some packaged foods and lower seasonality of fresh fruits and vegetables in our plastic clamshell business.

就消費者而言，第四季度的銷量趨勢呈季節性下降。在我們的傳統包裝業務中，由於節前一些包裝食品的庫存減少了計劃出貨量，並且塑料翻蓋業務中新鮮水果和蔬菜的季節性降低。

But we see another overall solid volume quarter for both Global Rigid Paper Containers and flexibles, given the seasonality.

但考慮到季節性，我們看到全球硬紙容器和軟紙容器的整體銷量季度保持穩健。

In the Metal Packaging space, we're seeing solid volume in food cans sequentially to Q3, offset by aerosol cans, which continue to trend lower than the COVID highs. We continue to invest heavily across the Consumer business for innovation and around new sustainability programs to support global growth in snack packaging and an overall efficiency projects aligned to our operational excellence programs.

在金屬包裝領域，我們看到第三季度食品罐的固體量依次被氣霧罐抵消，氣霧罐繼續呈低於 COVID 高點的趨勢。我們將繼續在消費者業務中大力投資創新，並圍繞新的可持續發展計劃支持零食包裝的全球增長以及與我們的卓越運營計劃相一致的整體效率項目。

Finally, in Consumer, we believe we'll continue to benefit from previous strategic pricing initiatives as well as relative stability in our raw material costs.

最後，在消費者方面，我們相信我們將繼續受益於之前的戰略定價舉措以及原材料成本的相對穩定性。

In Industrial converting, we don't expect volume recovery in Europe and Asia in Q4, and we are seeing slowing Industrial demand in North America as many of our customer bases are reducing inventories prior to calendar year-end.

在工業轉換方面，我們預計第四季度歐洲和亞洲的銷量不會復蘇，而且我們看到北美的工業需求放緩，因為我們的許多客戶群在日曆年底之前都在減少庫存。

The global tube and core market is experiencing slowing demand in paper mill core, supply in the containerboard market and housing-related markets like textiles and flooring products.

全球管材和芯材市場對造紙廠芯材、箱板紙市場的供應以及紡織品和地板產品等住房相關市場的需求正在放緩。

On the paper side of the business, with our #10 machine now operational in North America, we've begun production qualification ramp-ups for new paper grades and are balancing supply with demand to maintain reasonable backlog levels.

在紙張業務方面，我們的 10 號機器現已在北美投入運營，我們已經開始為新的紙張等級提高生產資格，並正在平衡供需以維持合理的積壓水平。

In Asia, Europe and Latin America, weaker economic conditions continue to drive lower demand. The lower demand for URB globally is allowing us to complete some overdue maintenance in the fourth quarter, which will allow our paper machines to return to more normal run sizes and reduced changeovers, which should positively impact productivity as we move into 2023.

在亞洲、歐洲和拉丁美洲，疲軟的經濟狀況繼續導致需求下降。全球對 URB 的需求下降使我們能夠在第四季度完成一些逾期的維護，這將使我們的紙機恢復到更正常的運行規模並減少轉換，這將對我們進入 2023 年時的生產力產生積極影響。

Similar to Consumer products, we're continuing to [execute] our capital investment plan in Industrial. Sustainability will continue to drive the need for additional paper production capacity, and we'll continue to invest capital for machine upgrades on our best paper assets.

與消費品類似，我們將繼續[執行]我們在工業領域的資本投資計劃。可持續性將繼續推動對額外紙張生產能力的需求，我們將繼續投資資金，對我們最好的紙張資產進行機器升級。

On the pricing side, our commercial excellence programs continue to generate beneficial strategic pricing with the steady tan bending chip index, to which the majority of our pricing is set, with lower overall OCC pricing and the management of our ongoing energy challenges, we expect favorable price cost benefits to continue in the fourth quarter.

在定價方面，我們的商業卓越計劃繼續通過穩定的棕褐色彎曲芯片指數產生有利的戰略定價，我們的大部分定價都是以此為基礎的，整體 OCC 定價較低以及我們對持續能源挑戰的管理，我們預計有利價格成本效益在第四季度繼續。

Finally, in our All Other businesses, we have stable demand across most of our products, including transit packaging for pharmaceuticals and seasonally improved demand for vaccine shipments.

最後，在我們的所有其他業務中，我們對大部分產品都有穩定的需求，包括藥品的運輸包裝和對疫苗運輸的季節性改善需求。

Similar to Consumer and Industrial segments, European markets remain soft. We're continuing to drive value from strategic pricing activities, manage nonmaterial inflation and expect to benefit from declining resin prices in the fourth quarter.

與消費和工業領域類似，歐洲市場依然疲軟。我們將繼續從戰略定價活動中推動價值，管理非物質通脹，並預計將從第四季度樹脂價格下跌中受益。

So with that update and look at the fourth quarter, I'll turn it over to Howard.

因此，通過該更新並查看第四季度，我將把它交給霍華德。

Okay. Thanks, Rodger. If you'll turn to Slide 15, I'm pleased to announce that in the third quarter, we did release our updated Corporate Responsibility Report, which demonstrates Sonoco's commitment to environmental, social and governance principles. I'm very, very proud of the progress we've made.

好的。謝謝，羅傑。如果您轉至幻燈片 15，我很高興地宣布，在第三季度，我們確實發布了更新的企業責任報告，這表明了 Sonoco 對環境、社會和治理原則的承諾。我為我們取得的進步感到非常非常自豪。

Okay. We just lost power at our location, if you guys can bear with us for one minute, if you're still on, we'll try to get that rectified.

好的。我們剛剛在我們的位置斷電，如果你們能忍受我們一分鐘，如果你還在繼續，我們會努力解決這個問題。

(technical difficulty)

（技術難度）

Okay. We have had a shift from lamps to -- we did pay the bill, Rob, didn't we? To flashlight. So let me see if we can pick up close to where I left off, and we'll keep going as we try to figure out what's going on there.

好的。我們已經從燈轉向了——我們確實付了賬單，Rob，不是嗎？手電筒。所以讓我看看我們是否可以在我離開的地方繼續前進，我們將繼續前進，因為我們試圖弄清楚那裡發生了什麼。

As I was saying, sustainability is a key driver for innovation and our new product design activities, as Rodger had mentioned, and we continue to grow with both existing and new customers where our solutions provide differentiation and enable our customers to win in their markets.

正如我所說，可持續性是創新和我們的新產品設計活動的關鍵驅動力，正如 Rodger 所提到的，我們將繼續與現有和新客戶一起成長，我們的解決方案提供差異化並讓我們的客戶在他們的市場中獲勝。

While there is much more work to be done, you can see from our numerous partnerships and memberships that the decisions we make are motivated by our mission, which is to create sustainable packaging solutions that help build our customers' brands, enhance the quality of their products and improve the quality of life for people around the world.

雖然還有很多工作要做，但您可以從我們眾多的合作夥伴和會員資格中看到，我們做出的決定是出於我們的使命，即創造可持續的包裝解決方案，幫助建立我們客戶的品牌，提高他們的質量產品和改善世界各地人們的生活質量。

That is why I'm pleased to announce progress on one of the most significant investments in Sonoco's history.

這就是為什麼我很高興地宣布 Sonoco 歷史上最重要的投資之一取得了進展。

On Page 16, Slide 16, we have an update on Project Horizon. In mid-2020, we announced our efforts to modernize the Hartsville paper mill operations with plans for one of the largest and lowest-cost URB manufacturing centers in the world.

在第 16 頁，幻燈片 16，我們有關於 Project Horizon 的更新。 2020 年年中，我們宣布努力實現哈茨維爾造紙廠運營的現代化，併計劃建設世界上最大、成本最低的 URB 製造中心之一。

This project fully aligns with our sustainability mission to transition Sonoco globally into production from only 100% for cycle [fiber] while reducing electrical consumption, greenhouse gas emissions and total water use. In the third quarter, we successfully completed the #10 conversion from medium to URB and now have the capability to make a number of high-end paper grades.

該項目完全符合我們的可持續發展使命，即在全球範圍內將 Sonoco 從僅 100% 用於循環 [纖維] 轉變為生產，同時減少電力消耗、溫室氣體排放和總用水量。第三季度，我們成功完成了#10從中等到URB的轉換，現在有能力生產多個高端紙種。

As planned, we have taken down the #1 and #9 machines in Hartsville and expect to wrap up #10 through this quarter and into next year, where at volume, our cost savings opportunities should be somewhere in the neighborhood of $30 million.

按照計劃，我們已經拆除了 Hartsville 的 #1 和 #9 機器，並預計將在本季度和明年結束 #10，在數量上，我們的成本節約機會應該在 3000 萬美元左右。

Additionally, as indicated on Slide 17, I'm very pleased to announce our intent to acquire Skjern Paper in Denmark. The rationale for this deal is straightforward for Sonoco. We need more lightweight production capacity in Europe to support our customers' transition to sustainable paper packaging.

此外，如幻燈片 17 所示，我很高興地宣布我們有意收購丹麥的 Skjern Paper。對於 Sonoco 來說，這筆交易的理由很簡單。我們需要在歐洲擁有更多的輕量化生產能力，以支持我們的客戶向可持續紙包裝的過渡。

We see a long runway of opportunities for our Rigid Paper Containers in Europe, and Skjern is a key part of ensuring continuity of supply.

我們看到我們的硬紙容器在歐洲有很長的機會，而 Skjern 是確保供應連續性的關鍵部分。

Skjern manufactures only from 100% recycled paper and has robust sustainability programs in place for renewable energy powered by a biomass boiler system, similar to the one we have here in the Hartsville complex.

Skjern 僅使用 100% 再生紙製造，並針對由生物質鍋爐系統提供動力的可再生能源製定了強有力的可持續發展計劃，類似於我們在 Hartsville 綜合體中的系統。

In 2022, the company is expected to achieve $50 million in sales, and this transaction is expected to be accretive to both earnings per share and cash flow, and we expect the transaction to close this quarter.

2022年，公司預計銷售額將達到5000萬美元，此次交易預計將增加每股收益和現金流量，我們預計交易將在本季度完成。

Now if you'll turn to Slide 18, I want to remind you that we continue to execute a playbook to fundamentally change the company. We are simplifying our portfolio into fewer larger businesses, where we have a right to win.

現在，如果您轉到幻燈片 18，我想提醒您，我們將繼續執行劇本以從根本上改變公司。我們正在將我們的投資組合簡化為更少的大型業務，我們有權在這些業務中獲勝。

If you look back over the last several years, we have purposely realigned our portfolio to a more stable, consumer defensible markets, which now represent over 50% of our annual sales.

如果您回顧過去幾年，我們特意將我們的產品組合重新調整為更穩定、消費者可防禦的市場，這些市場現在占我們年銷售額的 50% 以上。

In parallel, we continue to refine our global footprint to maximize efficiency while we support our customers' changing needs.

與此同時，我們繼續完善我們的全球足跡，以最大限度地提高效率，同時支持客戶不斷變化的需求。

We also remain focused on aligning our organizational structure and talent to support these larger-scale businesses with a [separate] infrastructure as part of our structural transformation initiatives. Core of these changes is our commitment to build a diverse and inclusive workforce at all levels of the organization, which is vital to the heart of the Sonoco culture.

作為我們結構轉型計劃的一部分，我們還繼續專注於調整我們的組織結構和人才，以支持這些具有[獨立]基礎設施的大型企業。這些變化的核心是我們致力於在組織的各個層面建立多元化和包容性的員工隊伍，這對 Sonoco 文化的核心至關重要。

As Project Horizon and the Skjern Paper acquisition demonstrate, we have invested and will continue to invest for the long-term growth of our core businesses. These investments, along with our commitment to self-help actions, will sustain and expand margins well into the future.

正如 Project Horizon 和收購 Skjern Paper 所表明的那樣，我們已經投資並將繼續投資於我們核心業務的長期增長。這些投資，連同我們對自助行動的承諾，將在未來維持和擴大利潤。

Central to all our activities is our commitment to execute on sustainability initiatives. We have a number of innovative projects with our customers and suppliers, where we are intentionally aligning our long-term development roadmaps for improved recyclability and the commitment of a circular economy. We see how some of the best technical experts in the business focused on these initiatives day in and day out.

我們所有活動的核心是我們對執行可持續發展計劃的承諾。我們與客戶和供應商有許多創新項目，我們有意調整我們的長期發展路線圖，以提高可回收性和對循環經濟的承諾。我們看到業內一些最優秀的技術專家如何日復一日地專注於這些舉措。

So in closing, all these activities are focused on creating a better portfolio and a more resilient foundation, and ultimately, a more agile company. I'm confident in our long-term strategy and the foundation that we are building.

因此，最後，所有這些活動都集中在創建更好的產品組合和更具彈性的基礎上，並最終成為一家更敏捷的公司。我對我們的長期戰略和我們正在建立的基礎充滿信心。

As we look ahead, we will remain focused on consistent execution as we continue to invest in the future of Sonoco. So let me say thank you for your support, and we'll open up for any questions that you may have.

展望未來，我們將繼續專注於始終如一的執行，同時繼續投資於 Sonoco 的未來。因此，讓我對您的支持表示感謝，我們會為您提出任何問題。

(Operator Instructions) Our first question comes from the line of Anthony Pettinari with Citi.

（操作員說明）我們的第一個問題來自花旗的 Anthony Pettinari。

On the updated free cash flow guidance and inventory headwinds that you called out, can you talk about maybe expectations or visibility into maybe recovering some of that $100 million in 2023?

關於您提出的更新後的自由現金流指導和庫存逆風，您能否談談在 2023 年可能收回 1 億美元中的一部分的預期或可見性？

And I guess relatedly, directionally, how much price/cost benefit do you expect that you could carry over into next year, just given kind of current run rate for inflation and the pricing that you have in place now? I guess I'm thinking specifically on URB, but maybe just for the broader company.

而且我想相關地，方向性地，您預計您可以將多少價格/成本收益延續到明年，只是考慮到當前的通貨膨脹率和您現在的定價？我想我正在專門考慮 URB，但也許只是為了更廣泛的公司。

Rob, do you want to grab that?

羅布，你想抓住那個嗎？

Yes. For net working capital, I'd say, there's two parts to that. I mean what we anticipated was really the impact on 2020 is really just timing. We had anticipated supply chains would cure somewhat in the third quarter and that we would be able to take out some working capital, which is the delta really between the year and what we had initially expected.

是的。對於淨營運資金，我想說，有兩個部分。我的意思是，我們的預期實際上是對 2020 年的影響實際上只是時機。我們曾預計供應鏈將在第三季度有所緩解，並且我們將能夠拿出一些營運資金，這實際上是今年與我們最初預期的差距。

We do see that coming out now, and we anticipate that, that will come out through the balance of this year. Though I think that, that $100 million just rolls into next year, where we think next year, working capital should be around $100 million benefit versus this year being a negative $200 million to $250 million detriment to cash flow next year.

我們確實看到現在出現了，我們預計，這將在今年的餘額中出現。雖然我認為，這 1 億美元只是滾到明年，我們認為明年，營運資金應該是大約 1 億美元的收益，而今年是負 2 億美元到 2.5 億美元，不利於明年的現金流。

So we're really bullish on how next year is going to shape up from a working capital perspective as supply chains normalize and we're able to really get back to normal and how we operate the business and how we're buying -- how we're utilizing our procurement assets.

因此，隨著供應鏈的正常化，我們非常看好明年從營運資金的角度來看將如何形成，我們能夠真正恢復正常，我們如何經營業務以及我們如何購買——如何我們正在利用我們的採購資產。

On price/cost, I would say, we're more thinking about the headwinds of the Metal price overlap from last year and the benefit that we got in the first half of the year. We're thinking a lot about Industrial price/cost right now.

在價格/成本方面，我想說，我們更多地考慮的是去年金屬價格重疊的不利因素以及我們在上半年獲得的收益。我們現在正在考慮很多關於工業價格/成本的問題。

Obviously, that's a real tailwind, but I think that we're very cautious to think a lot about Industrial volumes in the fourth quarter and then the first half of next year and really kind of tempering our price/cost expectation to do that.

顯然，這是一個真正的順風，但我認為我們非常謹慎地考慮第四季度和明年上半年的工業量，並且確實在某種程度上緩和了我們的價格/成本預期。

Okay. That's very helpful. And then just in the Consumer business, can you talk about how demand trended over the 3 months of the quarter and then into October? Did you see any kind of meaningful change or step-down there?

好的。這很有幫助。然後就消費者業務而言，您能否談談本季度的 3 個月以及到 10 月的需求趨勢？你有沒有看到任何有意義的變化或降級？

And then just on customer inventory levels, you referenced that quickly that -- is inventory destocking kind of a significant headwind in the Consumer business? Or is it something that you anticipate as being a headwind in 4Q?

然後就客戶庫存水平而言，您很快就提到了——去庫存是消費者業務中的一個重大逆風嗎？還是您預計第四季度的逆風？

Yes, Anthony. I would say, we saw a pretty normal seasonal build during the quarter, and we're towards the end of October, and again, seeing very robust activity on the Consumer side. And I think Rodger talked to that in terms of the volumes. So feel very, very good about the trends we're seeing in Consumer.

是的，安東尼。我想說的是，我們在本季度看到了非常正常的季節性增長，而且我們已經接近 10 月底，並且再次看到消費者方面的活動非常強勁。我認為羅傑在數量方面談到了這一點。所以對我們在消費者領域看到的趨勢感覺非常非常好。

On the inventory side, that really was more driven off of what we're hearing from our Industrial customers, saying they're needing to draw down just as we and many, many folks across the board are talking to and talk about working capital. And Rodger, I don't know if you've got any more to add to that.

在庫存方面，這確實更多地來自我們從工業客戶那裡聽到的消息，他們說他們需要提取就像我們和許多人一樣，很多人都在談論和談論營運資金。羅傑，我不知道你是否還有什麼要補充的。

No, that's right. So Anthony, globally, especially textiles and some of our kind of housing-related activity, we're seeing a real pullback. Just about all textile companies announced incremental downtime over the holidays.

不，沒錯。所以安東尼，在全球範圍內，尤其是紡織品和我們的一些與住房相關的活動，我們看到了真正的回落。幾乎所有紡織公司都宣佈在假期增加停工時間。

So what we're doing is, we're getting out in front of that. So we're getting out in front of that by taking the maintenance downtime that we need in the fourth quarter.

所以我們正在做的是，我們要在這之前走出去。因此，我們通過採取第四季度所需的維護停機時間來領先這一點。

And for now, what our customers are telling us is, it's inventory reduction, it's not necessarily consumer spending. We'll have to see how that plays out in the first quarter of next year.

就目前而言，我們的客戶告訴我們的是，這是減少庫存，不一定是消費者支出。我們將不得不看看明年第一季度的情況如何。

Our next question comes from the line of George Staphos with Bank of America.

我們的下一個問題來自美國銀行的 George Staphos。

I want to hit on a couple of strategic points. One, on value-based pricing either on self-help and productivity, Howard, can you talk a bit about qualitatively or in terms of talking on initiatives, where you stand on value-based pricing?

我想談談幾個戰略要點。第一，關於自助和生產力的基於價值的定價，霍華德，你能談談定性或談論倡議，你站在基於價值的定價方面嗎？

I'm not looking for a dollar amount of benefit next year, although I'd take that if you wanted to give it, but more in terms of the types of activities, the type of analysis that you're doing. By '23, are you largely done or you're largely done now? That's the flavor I'm looking for.

我不是在尋找明年的一美元利益，儘管如果你想給予它，我會接受它，但更多的是關於活動類型，你正在做的分析類型。到 23 年，你基本上完成了還是現在基本上完成了？這就是我要找的味道。

In terms of self-help, I seem to recall self-help is going to be a larger driver of '23. Is there a way you could give us a bit of an update there and what the dollar amount in this case could actually benefit '23? And then I have a couple of follow-ons.

在自助方面，我似乎記得自助將成為 23 年更大的驅動力。有沒有辦法可以給我們一些更新，在這種情況下，美元金額實際上可以使 23 年受益嗎？然後我有幾個後續行動。

George, let me handle the self-help side, and then I'm going to pass on to Rodger. I have difficulty understanding the first part of the question, sorry. We've got technical issues here in Hartsville.

喬治，讓我處理自助方面，然後我將傳遞給羅傑。我很難理解問題的第一部分，抱歉。我們在哈茨維爾遇到了技術問題。

But on the self-help side, not to put out a specific number, but to kind of walk through some of what I talked about in my narrative and have been discussing all year is really how we're looking at the structure of the company, focusing on the 4 core businesses.

但在自助方面，不是給出一個具體的數字，而是通過我在敘述中談到的一些內容，並且全年都在討論，這實際上是我們看待公司結構的方式，聚焦四大核心業務。

And to be clear, what we're -- the parenting strategy that we're undertaking right now is that we have the All Other category and in the 4 foundational, which we're calling our can business, is our Industrial and our flexibles businesses. Those will be supported from center as opposed to the All Other.

明確地說，我們現在正在採取的育兒策略是我們擁有所有其他類別，並且在我們稱之為罐頭業務的4個基礎中，是我們的工業和靈活的企業。這些將得到中心的支持，而不是所有其他的。

And with that is going to drive productivity and opportunities, and we're finishing that work up yet. And as we get into our budget season, which is just happening right now, we'll have better clarity on exactly what type of economic implications that's going to have.

這將推動生產力和機會，我們正在完成這項工作。隨著我們進入我們的預算季節，這剛剛發生，我們將更清楚地知道這將產生什麼樣的經濟影響。

The other self-help has to do with the investments that we've been making. #10 has been the poster child. It is the largest single, but as you can follow over the last several years, we have increased our capital outlay, from an organic perspective, materially.

另一種自助與我們一直在進行的投資有關。 ＃10一直是典型的孩子。它是最大的單曲，但正如您在過去幾年中所看到的那樣，從有機的角度來看，我們已經大幅增加了資本支出。

And so there's just a number of projects that actually would surpass in totality the size of #10 that are going across those core businesses that we see that should be and will generate really, really nice productivity. And that started about 2 years ago or so. So it takes about that period of time. So we should see that. That's a big expectation for next year. You can see our productivity numbers.

因此，實際上只有一些項目的總體規模將超過#10 的規模，這些項目正在跨越我們認為應該並且將產生非常非常好的生產力的那些核心業務。這開始於大約 2 年前左右。所以大約需要那個時間。所以我們應該看到這一點。這是對明年的一個很大的期望。您可以查看我們的生產力數據。

We're going to see those not only return to the normal level as supply chain disruptions lessens, but also as these capital initiatives start coming into place. And I guess, finally, I'd say, on a capital perspective, that's both top and bottom line. So not able to give you a number to ink right now, but that will be coming as we get ready to give you guys our guidance and outlook for next year.

我們將看到這些不僅隨著供應鏈中斷的減少而恢復到正常水平，而且隨著這些資本計劃開始實施。我想，最後，我會說，從資本的角度來看，這既是頂線也是底線。所以現在無法給你一個數字，但隨著我們準備好為你們提供明年的指導和展望，這將會到來。

But Howard, it would be fair to say that we're looking at more to come as opposed to more already having been digested. Would that be fair?

但是霍華德，公平地說，我們正在尋找更多的未來，而不是已經消化的更多。這公平嗎？

Yes. In fact, very little has been been seen thus far. So we're viewing that as a tailwind going in the coming periods.

是的。事實上，到目前為止，很少有人看到。因此，我們將其視為未來時期的順風。

And on [global] pricing?

以及[全球]定價？

No problem. Yes. I mean as you know, we kicked off our commercial excellence initiative 4-ish years ago, and what we're seeing is continued really nice improvements from that. The focus on preparing our teams for large contract negotiations really digging into all price change mechanisms, which certainly have helped us through the last couple of years of spiking inflation.

沒問題。是的。我的意思是，如您所知，我們在 4 年前啟動了我們的商業卓越計劃，我們所看到的是持續非常好的改進。專注於讓我們的團隊為大型合同談判做好準備，真正深入研究了所有價格變化機制，這無疑幫助我們度過了過去幾年的通脹飆升。

Turning our attention now to share gain opportunities in some of our businesses, and as Rob said earlier, with a tremendous performance of our team through the supply chain challenges in the last 2 years, we're seeing numerous opportunities there.

現在將我們的注意力轉向在我們的一些業務中分享獲得機會，正如 Rob 之前所說，我們的團隊在過去 2 年的供應鏈挑戰中表現出色，我們在那裡看到了許多機會。

So strategic pricing will continue regardless of inflation and/or deflation. And that's been a pretty consistent contributor over the last 3 years, and we expect that to continue as we move into 2023.

因此，無論通貨膨脹和/或通貨緊縮如何，戰略定價都將繼續。在過去 3 年中，這一直是一個相當穩定的貢獻者，我們預計隨著我們進入 2023 年，這種情況將繼續下去。

Yes. Rodger, let me just add to that just to reinforce that certainly, we've got cost movements up and down all the time. But we -- what we're seeing through these initiatives is recognition, and COVID would really helped with this with supply chain interruptions and our ability to keep our customers running, is that we are being recognized for our value through the margins.

是的。羅傑，讓我補充一點，只是為了強調一點，我們一直在上下波動。但是我們——我們通過這些舉措看到的是認可，而 COVID 真正有助於解決供應鏈中斷和我們保持客戶運轉的能力，是我們通過利潤獲得了價值的認可。

And what you -- we always talk and we do it as well, price/cost, price/cost, but we deserve a certain level of margin. Our customers are recognizing that. And it's really about cost pass-through or recovered. But our intentions are that the margins should be reflective of the value generation that we are providing in the market. And that's what Rodger is talking about and our focus in that area.

而你 - 我們總是談論並且我們也這樣做，價格/成本，價格/成本，但我們應該得到一定程度的利潤。我們的客戶正在認識到這一點。這實際上與成本轉嫁或回收有關。但我們的意圖是利潤率應該反映我們在市場上提供的價值創造。這就是羅傑所說的，也是我們在該領域的重點。

Okay. Howard, if I can get a quick one in on #3, and I'll turn it over. In the past quarters this year, you've talked about even with the very tough comparisons because of metal and other factors, you still expect it to grow earnings in '23.

好的。霍華德，如果我能在#3 上得到一個快速的，我會把它翻過來。在今年過去的幾個季度中，即使由於金屬和其他因素進行了非常艱難的比較，您仍然認為它會在 23 年實現盈利增長。

Since we last spoke, Industrial has gotten tougher in terms of the outlook. FX has probably gotten tougher in terms of the outlook. Would you still expect to be growing earnings next year? Or is that too tough to call at this juncture?

自我們上次發言以來，工業在前景方面變得更加艱難。外彙在前景方面可能變得更加艱難。您是否仍然期望明年的收入會增長？或者在這個時刻打電話太難了？

Yes. Again, I'd say, it's too close to call. We do have that headwind. So I think if you look at next year, it's certainly first quarter, maybe even second quarter is going to be very tough comps because of that. But as we pull our budgets together, we'll look at how that materializes through the course of the year.

是的。再說一次，我想說，它太接近了。我們確實有這種逆風。所以我認為，如果你看一下明年，肯定是第一季度，甚至可能是第二季度，因此將是非常艱難的比賽。但是，當我們將預算匯總在一起時，我們將看看它在一年中是如何實現的。

What I'd say from a cash perspective and an EBITDA perspective, we are very bullish as we release the working capital from this year that I would say this, I'd be rather disappointed that we weren't able to generate the type of EBITDA levels that we have this year.

從現金的角度和 EBITDA 的角度來看，我們非常看好我們從今年釋放的營運資金，我想說的是，我很失望我們無法產生那種我們今年的 EBITDA 水平。

Our next question comes from the line of Adam Josephson with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Adam Josephson。

Howard, I may want to start paying closer attention to your accounts payable in the future, given this issue you're dealing with this morning.

霍華德，考慮到你今天早上正在處理的這個問題，我可能想開始更密切地關注你未來的應付賬款。

On some more serious question, Rob, in terms of your price/cost guidance for the year, I think in last quarter, you mentioned you expected a [$250] million to $300 million benefit. Year-to-date, you mentioned it's [$254] million. Have you changed your expectation along those lines this year?

Rob，關於您今年的價格/成本指導，我認為在上個季度，您提到了您預計將獲得 [2.5 億美元] 到 3 億美元的收益。年初至今，你提到它是 [2.54 億美元]。今年你有沒有按照這些方式改變你的期望？

And then relatedly, your Sonoco Metal Pack expectation for the year, I think, last quarter was trending toward the $200 million range. Can you give us any update there?

然後與此相關的是，我認為上個季度您對 Sonoco Metal Pack 的預期趨向於 2 億美元的範圍。你能告訴我們任何更新嗎？

Yes. We're seeing continued positive direction in terms of price/cost as we go through the year. And on the Metal Pack side, I think you're right in that ballpark of the expectation for this year.

是的。隨著這一年的過去，我們在價格/成本方面看到了持續的積極方向。在 Metal Pack 方面，我認為你對今年的預期是正確的。

Adam, the way you should think about it is, Q2 was 79. Q3 was 90 in terms of positive price/cost benefit. The phasing of that is Consumer has been relatively consistent and that Industrials picked up as we've gotten the benefit of some strategic pricing, offsetting declining OCC input prices.

亞當，你應該考慮的方式是，Q2 是 79。Q3 在正價格/成本效益方面是 90。消費者的階段性相對一致，工業股隨著我們從一些戰略定價中受益，抵消了 OCC 投入價格的下降，從而回升。

So that trend we expect to continue through the fourth quarter. So there is some volume uncertainty in the fourth quarter, as we've said.

因此，我們預計這種趨勢將持續到第四季度。因此，正如我們所說，第四季度存在一些數量不確定性。

I appreciate it. And how much of that, Rob, did you say you expected to in effect reverse in the first half of next year, specifically in Metal Pack?

我很感激。 Rob，你說你預計明年上半年實際上會逆轉多少，特別是在 Metal Pack 中？

Well, I mean, what we've disclosed is that there was $0.40 to $0.45 of what we're calling metal price overlap and on EPS basis in the first quarter of last year. We do expect that to not recur next year, which should overall be a relatively meaningful headwind in the first half.

嗯，我的意思是，我們披露的是，去年第一季度我們所說的金屬價格重疊和每股收益有 0.40 到 0.45 美元。我們確實預計明年不會再次發生這種情況，這在上半年總體上應該是一個相對有意義的逆風。

Yes. No, perfect. In terms of the progression of volume trends, can you just help us with -- compared to the volume mix down 4%, how volume was by month and then into October, if you have such data?

是的。沒有十全十美的。就銷量趨勢的進展而言，您能否幫助我們——與銷量組合下降 4% 相比，如果您有這樣的數據，每月銷量如何，然後到 10 月份？

Yes, I'll take a shot at that. But I think the trends are pretty similar as we went through the quarter into October. I mean if you break down the 1.6 growth in overall Consumer, global paper cans was up [5%], pretty consistent through the quarter. And as we've already said, it seems to be holding up -- will hold up in the fourth quarter, based on our guidance.

是的，我會試一試。但我認為，當我們進入 10 月份的這個季度時，趨勢非常相似。我的意思是，如果你分解整體消費者的 1.6 增長，全球紙罐增長了 [5%]，整個季度非常一致。正如我們已經說過的那樣，根據我們的指導，它似乎會在第四季度保持下去。

Flexible is up 4% and still pretty consistent across the quarter. We look at similar for the fourth quarter. So from a Consumer standpoint, volumes seem to be holding up fine and with no real slowing as the quarter went along, if that's what you're asking.

靈活增長了 4%，並且在整個季度中仍然相當穩定。我們在第四季度也有類似的情況。因此，從消費者的角度來看，銷量似乎保持良好，並且隨著季度的進行並沒有真正放緩，如果這就是你所要求的。

In Industrial, we have seen some accelerated slowing. We talked about -- Rob talked about the 9.5% down for Industrial. Remember now, #10 is in this number, but if you strip that out, just like (inaudible) globally, as an example, is down 6.5% with highs in the mid-20s in Asia, down to negative 2.2% in U.S. and Canada.

在工業領域，我們已經看到一些加速放緩。我們談到了——Rob 談到了工業股下跌 9.5%。現在請記住，#10 在這個數字中，但如果你去掉它，就像（聽不清）全球一樣，例如，亞洲下降 6.5%，在 20 年代中期達到高點，在美國下降到負 2.2%，加拿大。

So that gives you a feel. But we have seen slowing that we've already talked about with our customers taking inventory out of the system by the end of the year in both our paper and our tube and core market. So we have seen some accelerated slowing that is built into our guidance for the fourth quarter.

所以這會給你一種感覺。但我們已經看到放緩，我們已經與我們的客戶討論過，到今年年底，我們的紙張、管材和核心市場都將從系統中取出庫存。因此，我們已經看到一些加速放緩，這是我們對第四季度的指導。

I appreciate that. And Howard, just one last one on the long-term EBITDA guidance you gave right around a year ago. I think if I take Metal Pack out of that, you'd be basically -- well, that was [pre-buy] Metal Pack.

我很感激。和霍華德，只是你大約一年前給出的長期 EBITDA 指導的最後一個。我想如果我把 Metal Pack 排除在外，你基本上就是 - 嗯，那是 [pre-buy] Metal Pack。

But effectively, you're at that 2026 guidance already, aided by the price/cost benefits you've had this year. At what point would you think it necessary to update that 2026 guidance? Do you think that still applies? Any thoughts there, I would appreciate.

但實際上，您已經處於 2026 年的指導方針，這得益於您今年獲得的價格/成本優勢。您認為有必要在什麼時候更新 2026 年指南？你認為這仍然適用嗎？有任何想法，我將不勝感激。

Yes. We're in process right now, Adam, of really relooking all of our longer-term objectives. And obviously, we are at our 5-year -- we reached our 5-year target in 1 year via acquisition. We're continuing, per George's question, that walk of $180 million of self-help over the 5-year period.

是的。亞當，我們現在正在重新審視我們所有的長期目標。顯然，我們正處於 5 年——我們通過收購在 1 年內達到了 5 年的目標。根據喬治的問題，我們將在 5 年內繼續進行 1.8 億美元的自助。

We have not backed off on that at all, but you should hear from us early next year into the first early second quarter as we walk you guys through our next 5-year horizon and objective.

我們一點也沒有放棄這一點，但是當我們引導你們完成下一個 5 年的視野和目標時，你們應該會在明年初到第二季度的第一季度收到我們的來信。

And Adam, I wanted to go back to your comments about -- and question to both me and Rob is related to the Metal business, a couple of things to note. One is, we had 11 months this year. So we do have a month extra going into next year, and we -- aerosol is an important part of that business, and we're actually forecasting at this point in time, growth in aerosol next year.

亞當，我想回到你的評論——我和羅布的問題都與金屬業務有關，有幾點需要注意。一是，我們今年有 11 個月。所以我們明年確實還有一個月的時間，我們 - 氣霧劑是該業務的重要組成部分，我們實際上在這個時間點預測明年氣霧劑的增長。

The previous buyers that own that business with the inflation coming into place last January or this past January, there was a big pre-buy program. So we were very, very weak in aerosols in the first quarter, coupled with the optics we have on share expansion going into next year.

在去年 1 月或今年 1 月出現通貨膨脹的情況下，之前擁有該業務的買家有一個大型的預購計劃。因此，第一季度我們在氣溶膠方面非常非常疲軟，再加上我們在明年的份額擴張方面的表現。

So there's some positive things to help offset what the headwind that we are waking up with from a price/cost perspective, but we'll just see how that all unfolds as we finish up our plans for next year.

因此，從價格/成本的角度來看，有一些積極的事情可以幫助抵消我們所面臨的不利因素，但我們將在完成明年的計劃時看到這一切如何展開。

Our next question comes from the line of Mark Wilde with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Mark Wilde。

Rob, I wondered -- just to start out, can you give us some sense for kind of benefit from just lower OCC and lower resin as we think about the third quarter? And then what you're expecting in the fourth quarter? So it sounds like OCC in the fourth quarter might be down $70 or $80 a ton.

Rob，我想知道 - 剛開始，當我們考慮第三季度時，您能否讓我們了解一下僅降低 OCC 和降低樹脂帶來的好處？然後你對第四季度的期望是什麼？因此，聽起來 OCC 在第四季度可能每噸下跌 70 美元或 80 美元。

Yes. I mean it's down more than that actually. I mean, OCC, we averaged kind of [123]. We started the third quarter in the [150] range, and we're probably below that (inaudible) quote right now, with some softness to go in the fourth quarter.

是的。我的意思是它實際上比這下降更多。我的意思是，OCC，我們平均 [123]。我們在 [150] 範圍內開始了第三季度，我們現在可能低於（聽不清）報價，第四季度會有一些疲軟。

So OCC has had a historical decline in the last 4 months. And there's relatively little inventory in the -- in our system in terms of OCC, and so that's really kind of flowing through on a real-time basis.

所以OCC在過去的4個月裡出現了歷史性的下降。在我們的系統中，就 OCC 而言，庫存相對較少，所以這確實是實時流動的。

That has been a positive for price/cost. 2/3 of our price/cost benefit in the third quarter was from the Industrial business. We anticipate that trend to increase as we're steadfast in kind of providing value to our customers and ensuring that our prices reflect that.

這對價格/成本有利。第三季度我們 2/3 的價格/成本收益來自工業業務。我們預計這種趨勢會增加，因為我們堅定地為客戶提供價值並確保我們的價格反映這一點。

So we think fourth quarter should have some benefit there that we do, as I said, we're very mindful of the downtime we're expecting to take, which will be more than the third quarter and the fourth quarter as a result of just the market weakness as we bring the #10 machine up.

因此，我們認為第四季度應該有一些好處，正如我所說，我們非常注意我們預期的停機時間，這將超過第三季度和第四季度，因為剛剛市場疲軟，因為我們將 #10 機器提升。

Okay. Second question, I'm just curious, Rob, either from your side or maybe Howard from your side, we've got a new CFO. Rob, you've got a little different background than past CFOs that I've dealt with have had. You've also got -- hired a new head of M&A. And I'm just curious about, just broadly, how you think this is going to change the capital allocation process at Sonoco, particularly around acquisitions.

好的。第二個問題，我只是好奇，Rob，無論是你身邊的人，還是你身邊的霍華德，我們都有一位新的首席財務官。 Rob，你的背景與我處理過的過去 CFO 的背景略有不同。你還聘請了一位新的併購主管。我只是廣泛地好奇你認為這將如何改變 Sonoco 的資本分配流程，尤其是在收購方面。

I mean, no change. We've always been really mindful of what the opportunities are out there. I think we've been really intentional, as Howard said, about really formulating a really forward-looking strategy and focusing on the core and what we really do well and how we can drive value prospectively.

我的意思是，沒有變化。我們一直非常關注那裡的機會。正如霍華德所說，我認為我們真的有意制定一個真正具有前瞻性的戰略，專注於核心，我們真正擅長的領域，以及我們如何能夠前瞻性地推動價值。

So I think now more than ever, we've really got the key list of things that we do really well that really add value in other businesses, where we're actually the better owner of those assets. And I think that we're showing that in the Metal Packaging acquisition how we've really kind of brought new energy to that business and to that industry.

因此，我認為現在比以往任何時候都更重要，我們確實掌握了我們做得非常好的事情的關鍵清單，這些事情確實為其他業務增加了價值，而我們實際上是這些資產的更好所有者。而且我認為我們在金屬包裝的收購中展示了我們如何真正為該業務和該行業帶來新的能量。

That's really the gist of the strategy from an M&A perspective. We're thinking a lot about what would the, one, 5% to 10% of current market that are really kind of additive, and we do view that can business as just the can business that they were completely adjacent and are additive to each other.

從併購的角度來看，這確實是該戰略的要點。我們正在考慮很多關於當前市場中 5% 到 10% 的真正添加劑的問題，我們確實認為罐頭業務只是罐頭業務，它們完全相鄰並且對每個罐頭都具有附加性其他。

So we're constantly looking for other opportunities to add to the strategy. We're being really thoughtful about what we can do prospectively, and we've got the capabilities internally to really execute M&A at a really high level.

因此，我們一直在尋找其他機會來添加到戰略中。我們正在認真考慮我們可以前瞻性地做些什麼，並且我們在內部擁有真正在非常高的水平上執行併購的能力。

Yes. Mark, let me add to -- and this does relate to acquisition. The type of growth opportunities that we're seeing right now, particularly in our paper can business tied to sustainability, the can packaging, again, it was wholly notable. It was EUR 40 million acquisition made on the eve of COVID.

是的。馬克，讓我補充一下——這確實與收購有關。我們現在看到的增長機會類型，特別是與可持續性相關的紙罐業務，罐頭包裝，同樣，它是完全值得注意的。這是在 COVID 前夕進行的 4000 萬歐元收購。

We're now able, as things have opened up, to take that technology and start leveraging it, and we're seeing really, really some tremendous opportunities from an organic perspective. And frankly, we're spending a lot of time now looking at our investment capital in terms of -- really, we have to be cautious about how we deploy it. We have got so many global pent-up opportunities from an organic basis.

隨著事情的發展，我們現在能夠採用該技術並開始利用它，我們從有機的角度看到了非常非常非常好的機會。坦率地說，我們現在花了很多時間來審視我們的投資資本——真的，我們必須謹慎對待如何部署它。我們從有機基礎上獲得瞭如此多的全球被壓抑的機會。

So that's the kind of thing we're looking at. I know that the Skjern, and again, $50 million in sales URB complex are what? Well, we don't -- we're not in the lightweight business in Europe. It's 100% consumer-facing. We actually represent 15% of their volume in our own can business.

這就是我們正在研究的事情。我知道 Skjern 以及 5000 萬美元的 URB 綜合體銷售額是什麼？好吧，我們沒有——我們不在歐洲從事輕量級業務。它是 100% 面向消費者的。實際上，我們在自己的罐頭業務中佔他們數量的 15%。

So it gives us, as I said in my commentary, security of supply, but gives us a forward look in the other markets on the Consumer side in Europe before we just weren't able to participate in, at least from a Board perspective.

因此，正如我在評論中所說，它為我們提供了供應安全，但在我們無法參與之前，至少從董事會的角度來看，它讓我們對歐洲消費者方面的其他市場有前瞻性。

Okay. All right. Last real quick one for me. Just as you talk about fewer and bigger businesses, can you help us with what that might mean for some of the joint ventures that you have going forward?

好的。好的。對我來說最後一個真正快速的。正如您談到越來越少的業務一樣，您能否幫助我們了解這對您未來的一些合資企業可能意味著什麼？

Don't spend a whole lot of time contemplating those. We're in several. Some, the partner is managing it, and we're certainly on the Board and a part of the business. Others are more like a 50-50, but we don't really have that many and many of that are material. So we don't spend a whole lot of time there.

不要花很多時間考慮這些。我們在幾個。有些，合作夥伴正在管理它，我們當然是董事會成員和業務的一部分。其他人更像是 50-50，但我們真的沒有那麼多，而且很多都是物質的。所以我們不會在那里花很多時間。

Our next question comes from the line of Mark Weintraub with Seaport Research Partners.

我們的下一個問題來自 Seaport Research Partners 的 Mark Weintraub。

On the $180 million of self-help, which you're targeting over the next several years, and I realize this is a difficult question to parse, but how much would you say is going to be delivering on the cost type side of things versus how much might be more volume driven?

關於您在未來幾年內瞄準的 1.8 億美元的自助服務，我意識到這是一個難以解析的問題，但是您會說在成本類型方面與多少可能是更多的數量驅動？

And of that, what might be sort of more market dependent on having a good backdrop versus, for instance, it sounds like with the #10, maybe you're increasing addressable market a little bit as well with the new products that you have? Any color you could provide on those would be great.

其中，什麼可能更依賴於擁有良好的背景，例如，聽起來像#10，也許你正在增加一些潛在市場以及你擁有的新產品？你可以在上面提供的任何顏色都會很棒。

Yes. I'm going to let Rodger handle that, but I don't want to leave that without noting that the commentary about capital investment, growth opportunities, new products, the oil and plastics and our opportunity with a 90% to 95% paper solution, all that is totally disconnected from this conversation around the $180 million, and it's really a walk of several key areas that we're focused on. So Rodger?

是的。我將讓羅傑處理這個問題，但我不想留下關於資本投資、增長機會、新產品、石油和塑料以及我們擁有 90% 到 95% 紙張解決方案的機會的評論，所有這一切都與圍繞 1.8 億美元的談話完全脫節，這實際上是我們關注的幾個關鍵領域的散步。那麼羅傑?

Yes. I mean if you remember, we -- I think we were pretty specific about how we divide it into the category.

是的。我的意思是，如果你還記得，我們 - 我認為我們非常具體地說明了我們如何將其劃分為類別。

So let's say, a quarter or so is commercial excellence, which we've already touched on and really ramping up the look of commercial excellence beyond specific major customer negotiations and getting into other areas like deeply into price change mechanism, people in the share gain deeply into driving volume growth into some of these adjacent markets that we're talking about. So therefore, opening up the opportunities for growth.

因此，假設四分之一左右是商業卓越，我們已經觸及並真正提升商業卓越的外觀，超越特定的主要客戶談判，並進入其他領域，例如深入了解價格變化機制，分享收益深入推動我們正在談論的一些相鄰市場的銷量增長。因此，開闢了增長的機會。

Productivity, it's really a lot of this is around the capital projects and the capital planning that Howard has already talked about. In addition to growth focus, like the sustainability project you talked about, tremendous amount of energy-saving type projects, productivity-generating improvements.

生產力，實際上很多都是圍繞霍華德已經談到的資本項目和資本規劃。除了增長重點，就像你談到的可持續發展項目，大量的節能型項目，提高生產力。

Those are ongoing, and you'll see -- Rob talked about the capital spending for this year that accelerates as we get into next year, focused on the integrated business.

這些正在進行中，你會看到 - Rob 談到了今年的資本支出隨著我們進入明年而加速，重點是綜合業務。

And from the cost side, we talked about some structural transformation work we're working on now as we set up these fewer bigger businesses. We've taken the opportunity to consolidate some businesses into larger businesses within the integrated business, which leads to strictly cost out. Now of course, it was offset through labor inflation that we've seen this year, but that's strictly cost out.

從成本方面，我們談到了我們現在正在開展的一些結構轉型工作，因為我們建立了這些規模較小的大型企業。我們趁機在綜合業務中將一些業務整合為更大的業務，這導致了嚴格的成本支出。現在當然，它被我們今年看到的勞動力通脹所抵消，但這完全是成本。

And then supply management, supply chain, I think, is the biggest opportunity we see over the coming years as we really get into this integrated supply chain on our 4 integrated businesses and drive continued productivity on how we manage those businesses, how we manage data, giving our plants the best data on a daily basis to make the best decisions to drive productivity and serve our customers.

然後供應管理，供應鏈，我認為，是我們在未來幾年看到的最大機會，因為我們真正進入了我們的 4 個綜合業務的綜合供應鏈，並在我們如何管理這些業務、我們如何管理數據方面推動持續生產力，每天為我們的工廠提供最佳數據，以做出最佳決策，以提高生產力並為我們的客戶服務。

And that's more longer term and somewhat dependent on market forces and volume, going forward. So I think it's a pretty even split between cost and driving value through the businesses in -- through the markets and the opportunities in the markets.

這是更長期的，並且在某種程度上取決於市場力量和數量，未來。因此，我認為通過市場中的業務和市場中的機會，成本和驅動價值之間的分配相當均衡。

Okay. And so for the second part, which would be more volume driven, it comes, but it may come more when the market is in a place to support it. Is that kind of a fair way to think about it?

好的。因此，對於第二部分，它會更多地由數量驅動，但當市場能夠支持它時，它可能會更多。這是一種公平的思考方式嗎？

Yes, I think so. I think if you think about -- if you look at our productivity this year, we're not the only one in this boat with having tough productivity results this year.

是的，我想是這樣。我認為，如果您考慮一下 - 如果您看看我們今年的生產力，我們並不是今年唯一一個在這艘船上取得艱難的生產力結果的人。

Some of it's, frankly, just the better operating of our equipment as we're able to schedule out. I think about our global paper footprint this year, we've had tremendous volume demands, which led to many changeovers in exactly how you do not want to run major paper complexes. So managing that, going forward, based on volume demands will be very helpful.

坦率地說，其中一些只是我們能夠安排的更好的設備運行。我想一想我們今年的全球紙張足跡，我們有巨大的容量需求，這導致了許多你不想經營大型造紙廠的方式的轉變。因此，基於數量需求管理這一點將非常有幫助。

Great. And then a second question, and this -- again, it's a tough one, but since everybody is, I think, wondering about it, I'll ask and see what you feel comfortable sharing.

偉大的。然後是第二個問題，這-- 再次，這是一個艱難的問題，但我認為，既然每個人都對此感到疑惑，我會詢問並看看你覺得分享什麼感覺舒服。

The URB markets kind of -- historically, there have been sometimes volatile pricing. Things are good, prices go up. Things are not so good, prices go down. You've been working a lot on your commercial excellence. We're in this environment though where you've got wastepaper going lower, demand is weaker.

URB 市場有點——從歷史上看，有時價格會波動。東西不錯，漲價了。事情不是那麼好，價格下降。你一直在為你的商業卓越做很多工作。我們處於這種環境中，儘管廢紙減少，需求減弱。

As we're trying to figure out what's likely to happen in this market, is there anything that you would share as we do our prognostications and analysis?

當我們試圖弄清楚這個市場可能會發生什麼時，在我們進行預測和分析時，您有什麼可以分享的嗎？

Yes, I think Howard touched on it earlier. I mean our focus is on margin and generating the value and getting the value that we're adding through our integrated products, including our URB, which we sell on the outside in our integrated products like paper cans and tubes and cores. So that's our focus.

是的，我認為霍華德早些時候談到了它。我的意思是我們的重點是利潤和創造價值，並通過我們的集成產品獲得我們增加的價值，包括我們的 URB，我們在外部銷售我們的集成產品，如紙罐、紙管和紙芯。所以這是我們的重點。

We talked about what we're doing in the fourth quarter, adding more maintenance to offset some of the reduced demand. Look at the third quarter, an excellent example of how we handled reduced volume. We had #10 down for a good part of the quarter. We had soft volume in Asia and Europe. Look at our operating margin in the Industrial segment for the third quarter.

我們談到了我們在第四季度所做的事情，增加了更多的維護以抵消一些減少的需求。看看第三季度，這是我們如何處理減少量的一個很好的例子。在本季度的大部分時間裡，我們的排名下降了第 10 位。我們在亞洲和歐洲的銷量疲軟。看看我們第三季度工業部門的營業利潤率。

So we've managed that through strategic pricing. We managed that through changing most of our contracts to tan bending chip index in the U.S. So for me, it's about maintaining that margin, going forward, if OCC stays down versus continuing to drive positive price/cost off of higher prices.

因此，我們通過戰略定價來管理這一點。我們通過將我們的大部分合同更改為美國的棕褐色彎曲芯片指數來實現這一點。所以對我來說，如果 OCC 保持下跌而不是繼續推動價格/成本從更高的價格上漲，那麼對我來說，這是關於保持利潤率，繼續前進。

So I think the teams managed it extremely well. We're investing in our best paper assets. And Howard talked about -- and this was announced when we announced Project Horizon. We took #1 and #9 machines down in Hartsville, which were older, higher cost, less efficient machines.

所以我認為團隊管理得非常好。我們正在投資於我們最好的紙質資產。霍華德談到了——這是在我們宣布地平線項目時宣布的。我們在 Hartsville 拆除了 #1 和 #9 機器，這些機器更舊、成本更高、效率更低。

So we're sticking with that strategy that we started 4 or 5 years ago, and so far, look, the third quarter is paying off.

因此，我們堅持我們在 4 或 5 年前開始的策略，到目前為止，第三季度正在取得成效。

Our next question comes from the line of Gabe Hajde with Wells Fargo.

我們的下一個問題來自富國銀行的 Gabe Hajde。

I wanted to dig in on, I guess, it's your Q4 guidance, Slide 13, and you may have mentioned about lower food shipments. I guess I'm trying to understand what exactly that is. Maybe it's timing related in terms of when you ship some product. But then on the composite can side, I think you were investing in some new capacity there, and we're expecting kind of positive volumes.

我想深入了解，這是您的第四季度指導，幻燈片 13，您可能已經提到過食品出貨量下降。我想我正試圖了解那到底是什麼。也許它與您何時發貨某些產品有關。但在復合罐方面，我認為你在那裡投資了一些新產能，我們預計會有積極的銷量。

Elasticity has seemed to be, I don't want to say nonexistent, but Consumer is pretty resilient in terms of CPGs taking hefty price increases. Any feedback from your customers in terms of expectations kind of going forward as it relates to composite cans and snacking as such?

彈性似乎是，我不想說不存在，但就 CPG 大幅提價而言，消費者俱有相當大的彈性。您的客戶對未來的期望有什麼反饋，因為它與復合罐頭和零食本身有關？

Go ahead.

前進。

I was going to just touch on the last part of that. As I said earlier, we've got a tremendous funnel for bringing new capacity on our paper can business here in the U.S. In Brazil, we've got a new plant going into place, and that's just starting up now in Southeast Asia.

我打算談談最後一部分。正如我之前所說，我們有一個巨大的漏斗，可以為我們在美國的紙罐業務帶來新的產能。在巴西，我們已經建立了一個新工廠，現在在東南亞剛剛開始。

We've got investments going in multiple locations in Europe around our foundational products, but the more exciting is the can packaging type products that are 90% to 95% paper. And in Europe, where -- the funnel there is just phenomenal in terms of how many machines that we're going to have to build over the next period of time to service not only Europe but other parts of the world.

我們圍繞我們的基礎產品在歐洲多個地點進行了投資，但更令人興奮的是 90% 至 95% 為紙的罐裝類產品。在歐洲，那裡的漏斗非常驚人，我們將在接下來的一段時間內建造多少台機器，不僅為歐洲服務，而且為世界其他地區提供服務。

So it is an impressive looking runway to the point, I mean, we just looked at a capital review just for North America over a couple of years period that we're going to be spending somewhere around $40 million in that business from a recapitalization standpoint, productivity standpoint and a growth standpoint, and that's just in one area of the world.

所以這是一條令人印象深刻的跑道，我的意思是，我們只是在幾年內查看了北美的資本審查，從資本重組的角度來看，我們將在該業務上花費大約 4000 萬美元，生產力的觀點和增長的觀點，這只是在世界的一個地區。

So on that side of the business, just could not be more pleased with the amount of opportunities that we have.

因此，在業務的那一側，我們對我們擁有的大量機會感到非常滿意。

And the comment on Slide 13 is really about sequentially fourth quarter versus the third quarter. I mean, seasonally, if you think about confection, the holiday has been prepacked. Halloween has been prepacked. Christmas has been prepacked. And then the fresh fruit and vegetable business to plastic clamshell business, seasonally very low in the fourth quarter.

對幻燈片 13 的評論實際上是關於第四季度與第三季度的順序。我的意思是，季節性地，如果你想到甜點，假期已經預先包裝好了。萬聖節已經預先包裝好了。聖誕節已經預先包裝好了。然後是新鮮果蔬業務到塑料翻蓋業務，第四季度季節性非常低。

As I said, given the seasonality, and Howard just mentioned, our paper can business, our flexible business should be solid. So if the question is, are we seeing any reduced demand, our customers are not telling us that yet at this point. So we expect, again, pretty solid demand in Consumer outside of those very specific seasonally lower markets.

正如我所說，考慮到季節性，霍華德剛剛提到，我們的紙罐業務，我們的靈活業務應該是穩固的。因此，如果問題是，我們是否看到需求減少，我們的客戶目前還沒有告訴我們。因此，我們再次預計，在那些非常特定的季節性較低市場之外，消費者的需求將非常穩固。

Yes. I can point to is, there was some choppiness in Europe, and that's not demand, that has to do with energy. And in the food industry, energy is a major component.

是的。我可以指出的是，歐洲出現了一些波動，這不是需求，而是與能源有關。在食品工業中，能源是一個主要組成部分。

And we saw customers in September, October that were pushing out orders, waiting to see whether they're in a particular market or a country was going to put caps in. And they didn't want to put inventory on the floor that -- realizing that there was a fairly large reduction in the cost of energy just around the corner.

我們在 9 月和 10 月看到客戶正在推出訂單，等著看他們是在特定市場還是在某個國家/地區會設置上限。他們不想把庫存放在地板上——意識到能源成本即將大幅降低。

Okay. No, that's super helpful. And then I guess on the Metal Packaging side, it seems like we're navigating a couple of different unique or discrete items. We had some prebuy at the end of 2021 that impacted 2022. It sounds like you're making some organic investment for volumes, maybe picked up a customer there.

好的。不，這非常有幫助。然後我猜在金屬包裝方面，我們似乎正在瀏覽幾個不同的獨特或離散項目。我們在 2021 年底進行了一些預購，影響了 2022 年。聽起來您正在為數量進行一些有機投資，也許在那裡獲得了客戶。

So I guess maybe going into 2023, all else equal, what I'm hearing is, you'd expect aerosol to be up despite what might be a weak kind of economic backdrop for aerosol cans.

所以我想可能會進入 2023 年，在其他條件相同的情況下，我聽到的是，儘管氣霧罐的經濟背景可能很弱，但你預計氣霧劑會上漲。

Yes. There is -- that's what we're saying, and I talked through that, that from a year-over-year perspective, the first half of this year was not good from a volume perspective just due to the amount of prebuy activity, the previous owner wanted to put in place coming into the inflation. And yes, there's been value recognition.

是的。有 - 這就是我們要說的，我談到了，從同比的角度來看，今年上半年從銷量的角度來看並不好，只是由於預購活動的數量，以前的所有者想在通貨膨脹中到位。是的，存在價值認可。

I would simply say that we have extremely good assets. It's a well-capitalized business, and we continue to put capital in it as well. So from an aerosol, which is the more sensitive side of the business as it relates to the slowdown, we see the opposite of what you normally would expect.

我只想說我們擁有非常好的資產。這是一項資本充足的業務，我們也將繼續投入資金。因此，氣溶膠是業務中與經濟放緩相關的更敏感的方面，我們看到的情況與您通常預期的相反。

Okay. And one last one, if I may. I guess getting into both Mark's questions on the Industrial side of the house. As we think about -- again, it sounds like price/cost is expected to be positive here in the fourth quarter, a lot of different influences that impact OCC prices.

好的。最後一個，如果可以的話。我想在房子的工業方面涉及馬克的兩個問題。正如我們所想的那樣——再次，聽起來第四季度的價格/成本預計將是積極的，許多不同的影響都會影響 OCC 價格。

But at least to the extent that OCC, on a year-over-year basis, is lower and we don't see any change in (inaudible) indices, is there a reason why price/cost would not be positive in the Industrial business in the first half of '23?

但至少在 OCC 同比下降且我們沒有看到（聽不清）指數有任何變化的情況下，是否有理由說明價格/成本在工業業務中不會是積極的23 年上半年？

Well, at this point in time, we've got a lot of inflation. We spent a lot of time talking about OCC, but all the chemical starch, diesel, labor, there is just a lot of inflation still out there. OCC, obviously, is the biggest driver of them all.

嗯，在這個時間點，我們有很多通貨膨脹。我們花了很多時間談論 OCC，但是所有的化學澱粉、柴油、勞動力，還有很多通貨膨脹。顯然，OCC 是其中最大的推動力。

Look, if it didn't -- in the end, if it didn't move, that -- I really don't know how to answer that. I'd say, yes, probably, we would be on a more positive side, but we don't see any indications right now why the indices wouldn't move.

看，如果它沒有 - 最後，如果它沒有移動，那 - 我真的不知道如何回答這個問題。我會說，是的，可能我們會處於更積極的一面，但我們現在看不到任何跡象表明為什麼指數不會移動。

Our next question comes from the line of Ghansham Panjabi with Baird.

我們的下一個問題來自貝爾德的 Ghansham Panjabi。

This is actually Matt Krueger sitting in for Ghansham. I wanted to take a step back and think about the potential EPS variances for next year. So [said] on the midpoint of your guidance for 2022 as a starting point, can you talk about what the major EPS variances could look like heading into 2023?

這實際上是馬特克魯格坐在 Ghansham。我想退後一步，想想明年的潛在每股收益差異。所以 [說] 以你對 2022 年指導的中點為起點，你能談談進入 2023 年的主要每股收益差異會是什麼樣子嗎？

I'm just thinking about factors such as impact from higher interest rates, FX headwinds and rollover acquisition contributions, synergy capture, productivity that you hinted at, the metal impact from year-over-year. Just other big-picture factors would be helpful.

我只是在考慮諸如更高利率的影響、外匯逆風和展期收購貢獻、協同效應捕獲、您暗示的生產力、金屬同比影響等因素。其他宏觀因素也會有所幫助。

Yes. I can tell you, we're going through budgeting and planning as we have been for a while. I would say that this environment is really unique and that we're on the precipice of potentially having a recession. We're very mindful of that and the impact that has on demand. We're controlling the controllables.

是的。我可以告訴你，我們正在經歷一段時間的預算和計劃。我想說，這種環境真的很獨特，而且我們正處於潛在衰退的邊緣。我們非常注意這一點以及對需求的影響。我們正在控制可控因素。

So as Rodger said, we've got a really robust pipeline of productivity activities, and we're anticipating SG&A to be lower as a result of our structural activities.

因此，正如羅傑所說，我們有一個非常強大的生產力活動渠道，我們預計 SG&A 會因為我們的結構性活動而降低。

We also do have kind of some known norms, which is that the metal pricing overlap will not anniversary and the depreciation will be higher and that the growth of those two is in excess of $100 million negative. Though we do feel like that, as Howard said, there's consumer volume opportunity and we're continuing to watch industrial demand and the availability of industrial price cost.

我們也確實有一些已知的規範，即金屬定價重疊不會周年，折舊會更高，並且這兩者的負增長超過 1 億美元。正如霍華德所說，儘管我們確實有這種感覺，但存在消費量機會，我們將繼續關注工業需求和工業價格成本的可用性。

Got it. That's helpful. And then just following up and maybe digging in on some of that Consumer strength that you're referencing. Many of the CPG food and beverage customers are clearly employing a value-over-volume strategy currently to offset inflation in their own portfolios.

知道了。這很有幫助。然後只是跟進並可能挖掘您所引用的一些消費者實力。許多 CPG 食品和飲料客戶目前顯然正在採用價值超過數量的策略來抵消其投資組合中的通貨膨脹。

What are you experiencing from a consumer demand elasticity perspective as it relates to the massive level of pricing being passed through the supply chain? It sounds like you've been very resilient. Do you expect that this could be any sort of natural volume headwind into 2023? Any thoughts there would be really helpful.

從消費者需求彈性的角度來看，您在與通過供應鏈傳遞的大量定價相關時遇到了什麼？聽起來你一直很有韌性。您是否認為這可能會成為 2023 年的自然銷量逆風？那裡的任何想法都會非常有幫助。

Well, yes, we're really not seeing it right now. And we do -- we participate purposefully and just have across the out, so from the store brand to the brand later. So trade downs are not a negative to us at all.

嗯，是的，我們現在真的沒有看到它。我們確實這樣做了——我們有目的地參與，只是在外面，所以從商店品牌到後來的品牌。所以貿易下跌對我們來說根本不是負面的。

I think the other is, if you go particularly on the plastics side of the business, we continue to see good strength in our mill business from the -- more walkers at home -- consuming that [home].

我認為另一個是，如果你特別關注塑料業務，我們將繼續看到我們的工廠業務從 - 更多的步行者在家 - 消費那個 [home]。

So Matt, we just -- right now -- Rodger, unless you have any additional color to add, but we're not feeling it on our end. There may be substitutions, but we benefit from that substitution as well, depending on the [substrate].

所以馬特，我們只是 - 現在 - 羅傑，除非你有任何額外的顏色要添加，但我們沒有感覺到它。可能會有替代品，但我們也可以從替代品中受益，具體取決於 [substrate]。

Yes, that's right. Our customers are telling us there are bigger challenges, supply chain constraints of certain raw materials versus demand. I mean global stacked chips has put out there by one of our largest customer. In that market, they're producing and publicizing their volumes. Good growth there. Snacks, cookies, good growth there.

是的，這是正確的。我們的客戶告訴我們存在更大的挑戰，某些原材料的供應鏈限制與需求相比。我的意思是我們最大的客戶之一已經推出了全球堆疊芯片。在那個市場上，他們正在生產和宣傳他們的銷量。那裡發展良好。小吃，餅乾，那裡生長良好。

So we're not hearing it. We're hearing their biggest challenges more, getting materials to get the product on the shelf versus seeing any significant reduction in demand at this point.

所以我們沒有聽到它。我們更多地聽到了他們最大的挑戰，即獲取材料以將產品上架，而不是看到此時需求的任何顯著減少。

In fact, curtail in marketing because they don't want to stimulate more than [that].

事實上，減少營銷是因為他們不想刺激更多[那個]。

Our next question comes from the line of Kyle White with Deutsche Bank.

我們的下一個問題來自德意志銀行的凱爾懷特。

On the core -- the strategy of focusing on the core, if we go back 10 years ago or so or actually the 2014 Analyst Day, the company had a similar strategy of focusing on its core business and optimizing the portfolio. I think you had the bull molding divestiture around that time, but I don't recall too much more happening.

關於核心——專注於核心的戰略，如果我們回到 10 年前左右，或者實際上是 2014 年的分析師日，公司也有類似的戰略，專注於核心業務並優化投資組合。我認為你在那個時候進行了公牛成型剝離，但我不記得發生了太多事情。

And then obviously, the strategy focused to be more on growth later on, but I guess, what is different this time around versus 2014 or 10 years ago? Is there more of a focus to actually optimize the portfolio? And then what kind of implications does that have from a capital allocation or CapEx standpoint, going forward?

然後很明顯，該戰略稍後將更多地關注增長，但我想，這次與 2014 年或 10 年前有什麼不同？是否有更多的重點來實際優化投資組合？然後從資本配置或資本支出的角度來看，這對未來有什麼影響？

Yes. The easiest thing -- the way to answer that is, we've got a whole new leadership team with a different vantage point and a lot more work that we put in, in what is truly core. And really, Rob discussed it, but we spent at least 18 months doing in fact what you're doing, going back 10 and 20 years, and saying, what is the journey that we've been on, and what have we learned from that?

是的。最簡單的事情 - 回答這個問題的方法是，我們有一個全新的領導團隊，擁有不同的優勢，我們在真正的核心方面投入了更多的工作。真的，Rob 討論過這個問題，但我們至少花了 18 個月的時間做你正在做的事情，回到 10 年和 20 年，然後說，我們經歷了什麼，我們從中學到了什麼那？

And we woke up and we finished this analysis, and said, "I'll tell you what we learned is that the foundational businesses in this company has really driven the success that we've enjoyed for all these many years."

我們醒來，完成了這個分析，然後說：“我會告訴你，我們了解到的是，這家公司的基礎業務確實推動了我們多年來所享有的成功。”

And we need -- and if you can't just look at 14 years ago, you can look at 5 years ago, or again, 20 years ago and say, look, are we on a self-fulfilling prophecy, but we're "optimizing industrial businesses for cash as opposed to acting as who we are.

我們需要——如果你不能只看 14 年前，你可以看看 5 年前，或者再看 20 年前，然後說，看，我們是否處於自我實現的預言中，但我們是“優化工業企業以獲取現金，而不是像我們一樣行事。

The market leader and global market leader in URB in tubes and cores and the case in point is, projects are rising." That's not an optimizing activity, that is saying that we're going to invest in these foundational business. I hate to keep saying it that way.

URB 管材和芯材的市場領導者和全球市場領導者，例如，項目正在上升。”這不是優化活動，而是說我們將投資於這些基礎業務。我不想繼續這麼說。

And they are going to continue to deliver strong value generations to come, and so it is different. There has been a heck of a lot more thought and processes that's gone into the journey that we're on, and that's how we've landed where we've landed.

他們將繼續為未來創造強大的價值，所以它是不同的。在我們正在進行的旅程中，有更多的想法和過程，這就是我們如何降落在我們降落的地方。

And we've got our All Other category, and we're managing those businesses as best we can as best owners, and we're seeing improvements in those businesses. And we'll just see where that takes us going in the long term.

我們有我們的所有其他類別，我們正在盡我們所能作為最好的所有者管理這些業務，我們看到這些業務有所改善。從長遠來看，我們只會看到這會把我們帶到哪裡。

But equally important is, if you go back, as you know, to 2014, we didn't structurally change how we manage the company. We are actually structuring the parenting of the company and such that the focus is only on the core, and these other businesses who are frankly burdened by centralized support in some areas and that there are markets that they serve require a totally different approach in that competitive landscape and that customer build.

但同樣重要的是，如果你回到 2014 年，我們並沒有從結構上改變我們管理公司的方式。我們實際上是在構建公司的母公司，因此重點只放在核心上，而坦率地說，這些其他業務在某些領域受到集中支持的負擔，並且他們所服務的市場需要在競爭中採用完全不同的方法景觀和客戶構建。

So it's a different day and time, and this is not a repeat of anything that we've done, certainly in my tenure.

所以這是一個不同的日子和時間，這不是我們所做的任何事情的重複，當然在我的任期內。

Got it. That's helpful. And then I just had a real quick one. On Rigid Paper Containers, that business continues to perform very well on volume growth.

知道了。這很有幫助。然後我剛剛吃了一個非常快的。在硬紙容器方面，該業務在銷量增長方面繼續表現良好。

Can you just help us understand the divergence there as to why volumes are still very strong while (inaudible) food has seen some declines, both benefit from consumption or I would think they would be somewhat correlated?

您能否幫助我們理解為什麼數量仍然非常強勁而（聽不清）食品出現一些下降的差異，兩者都受益於消費，或者我認為它們會有所關聯？

I don't know if I caught the whole question.

我不知道我是否抓住了整個問題。

Yes. I mean [metal] food is a really mature defensive market that our business is growing along with the industry and the [CMI] kind of down a little bit this year. We anticipate that to kind of have really soft demand trends over the long run, so around kind of GDP minus.

是的。我的意思是 [金屬] 食品是一個非常成熟的防禦性市場，我們的業務隨著行業的發展而增長，而 [CMI] 今年略有下降。我們預計，從長遠來看，需求趨勢會非常疲軟，因此大約是 GDP 的負數。

But I think what we've seen is and what Howard has been talking about with our Rigid Paper Containers businesses is, just a real revitalization and a real focus on growth and opportunity there and having great customers as partners and really kind of identifying and going to the opportunities.

但我認為我們所看到的以及霍華德一直在談論我們的硬紙容器業務是真正的振興和真正關注那裡的增長和機會，並擁有優秀的客戶作為合作夥伴，並且確實有點識別和前進機會。

So we've got a great innovation funnel, as Howard said, with can packaging, and that's really driving a lot of this opportunity along with just some really focused market participation that we've partnered on.

因此，正如霍華德所說，我們有一個很棒的創新漏斗，罐頭包裝，這確實推動了很多這個機會，以及我們合作的一些真正專注的市場參與。

Yes. And I'd say, on the Metal side, the integration has gone extremely well. We have synergies on the [count], and those are building. We've been able -- we will be announcing in January that we have 4 dedicated metal plants and legacy Sonoco that will be falling in and being run by -- they should be run by, which is the metal's experts, which will also drive additional synergies.

是的。我想說的是，在 Metal 方面，集成進行得非常好。我們在 [count] 上有協同效應，而且這些協同效應正在建立。我們已經能夠——我們將在 1 月份宣布，我們有 4 家專門的金屬工廠和傳統的 Sonoco，它們將落入並由它們運營——它們應該由金屬專家來運營，這也將推動額外的協同作用。

But I guess the most impressive for me is having the opportunity to be out in the market and the type of reception that we've received from the customer base has just been exceptional. So we'll see how it plays out, but extremely encouraged about what the volume profile may look against a business that on a macro perspective is, as Rob said, GDP are slightly less.

但我想對我來說最令人印象深刻的是有機會進入市場，我們從客戶群那裡收到的接待類型非常出色。因此，我們將看到它是如何發揮作用的，但對於從宏觀角度來看，如 Rob 所說的 GDP 略低於企業的業務量情況，我們會感到非常鼓舞。

Our next question comes from the line of George Staphos with Bank of America.

我們的下一個問題來自美國銀行的 George Staphos。

Very quickly. I know it's late in the call. Rob, first off, do you have a view on what FX would be if we mark-to-market relative to your guidance for '22 in terms of what the headwind could be for '23?

很快。我知道電話已經晚了。 Rob，首先，如果我們根據您對 22 年的指導按市值計價，那麼您是否對 23 年的逆風有什麼看法？

Second, there have been a couple of questions around this. Bottom line, do you expect -- or what do you expect your consumer volumes to look like fourth quarter year-on-year versus fourth quarter?

其次，圍繞這個問題有幾個問題。最重要的是，您是否期望 - 或者您預計第四季度與第四季度相比，您的消費者數量與去年同期相比如何？

And then lastly, Skjern, is there a way to size what benefit to earnings you'll get from having that business?

最後，Skjern，有沒有一種方法可以衡量你從這項業務中獲得的收益收益？

Yes, we're still evaluating FX. I mean we don't take a position versus where it currently is. So if you just held it where it currently is, you would anticipate that next year would be a mild headwind.

是的，我們仍在評估外匯。我的意思是我們不會對當前的位置採取立場。因此，如果您只是將其保持在當前位置，您會預計明年將是一個溫和的逆風。

On Skjern, and then I can pass off on consumer volumes, Skjern, that is -- we are anticipating that to be an accretive acquisition for the size that it was. It was really a beneficial transaction. It's going to be high single-digit sense accretive on a year -- on a full-year basis, and we anticipate that to close in the fourth quarter. So we'll get the full benefit in 2023 with some synergies on top of that.

在 Skjern 上，然後我可以傳遞消費者數量，Skjern，也就是說 - 我們預計這將是一個增值收購，因為它的規模。這確實是一筆有益的交易。這將在一年內實現高個位數的感覺增長——在全年的基礎上，我們預計這將在第四季度結束。因此，我們將在 2023 年獲得全部收益，並在此基礎上產生一些協同效應。

George, I think on the (inaudible) fourth quarter, we said that we expect similar volumes in Rigid Paper Containers globally and flexibles and then we're going to see weakness in our resin-based businesses due to the fresh fruit seasonality being down. So we finished at 1.6% up for the segment in the third quarter. So I'd expect it to be down slightly from there.

喬治，我認為在（聽不清）第四季度，我們說我們預計全球剛性紙容器和柔性紙容器的銷量相似，然後由於新鮮水果的季節性下降，我們將看到樹脂業務疲軟。因此，我們在第三季度完成了該細分市場的 1.6% 的增長。所以我預計它會從那里略微下降。

That concludes today's question-and-answer session. I'd like to turn the call back to Lisa Weeks for closing remarks.

今天的問答環節到此結束。我想把電話轉回 Lisa Weeks 來做閉幕詞。

Thank you again for joining our call today, and thank you for your interest in Sonoco. We had published a press release earlier that indicates all of our conference activity. In the fourth quarter, we definitely hope to see you there. If you do have any [questions], don't hesitate to reach out, and we hope that all of you enjoy the rest of your day. Thank you.

再次感謝您今天加入我們的電話會議，並感謝您對 Sonoco 的興趣。我們早些時候發布了一份新聞稿，說明了我們所有的會議活動。在第四季度，我們絕對希望在那裡見到你。如果您確實有任何 [問題]，請隨時與我們聯繫，我們希望你們所有人都能度過餘下的一天。謝謝你。

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。