Sonoco Products Co (SON) 2024 Q2 法說會逐字稿

Good day and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Q2 2024 Sonoco earnings conference call.

歡迎參加 2024 年第二季 Sonoco 收益電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Lisa Weeks, Vice President of Investor Relations.

現在，我想將會議交給今天的發言人，投資者關係副總裁麗莎·威克斯 (Lisa Weeks)。

Please go ahead.

請繼續。

Thank you, operator, and thanks to everyone for joining us today for Sonoco Second Quarter Earnings Call.

謝謝運營商，也感謝大家今天參加我們的 Sonoco 第二季財報電話會議。

Last evening, we issued a news release highlighting our financial performance for the second quarter, and we prepare to press release and presentation are available online under the Investor Relations section of our website at sonoco.com.

昨晚，我們發布了一份新聞稿，重點介紹了我們第二季度的財務業績，我們準備在 sonoco.com 網站的投資者關係部分在線提供新聞稿和演示文稿。

As a reminder, today's call, we will discuss a number of forward-looking statements based on current expectations, estimates and projections.

提醒一下，在今天的電話會議上，我們將討論一些基於當前預期、估計和預測的前瞻性陳述。

These statements are not guarantees of future performance and are subject to certain risks and uncertainty.

這些陳述並不是對未來績效的保證，並且存在一定的風險和不確定性。

Therefore, actual results may differ materially.

因此，實際結果可能存在重大差異。

Please take a moment to review the forward-looking statements on page 2 of the presentation.

請花點時間查看簡報第 2 頁的前瞻性聲明。

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，今天的演示還包括使用非公認會計準則財務指標，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資訊。

Further information about the company's use of non-GAAP financial measures, including definitions as well.

有關公司使用非公認會計原則財務衡量標準的更多信息，包括定義。

Reconciliations to GAAP measures is available under the Investor Relations section of our website.

我們網站的投資者關係部分提供了 GAAP 措施的調節表。

Joining me this morning are Howard Coker, President and CEO; Rob Schiller, Chief Financial Officer; and Rodger Fuller, Chief Operating Officer.

今天早上和我一起來的是總裁兼執行長霍華德‧科克 (Howard Coker)；羅布‧席勒，財務長；羅傑‧富勒，營運長。

For today's call, we will have prepared remarks regarding our results for the quarter and our outlook for the third quarter, followed by a question-and-answer session.

在今天的電話會議中，我們將準備有關本季業績和第三季前景的評論，然後進行問答環節。

Please turn to page 5 in our presentation.

請翻到我們簡報的第 5 頁。

I will now turn the call over to our CEO, Howard Coker, for business update.

我現在將把電話轉給我們的執行長霍華德·科克 (Howard Coker)，以了解最新業務情況。

Thank you, Lisa.

謝謝你，麗莎。

Good morning, everyone, and thank you for joining our call today.

大家早安，感謝您今天加入我們的電話會議。

As we announced late yesterday, we had a solid quarter, where we delivered sequential improvement in adjusted EBITDA and a (inaudible) In the second quarter, sales were $1.6 billion, adjusted EBITDA was $262 million and EBITDA margins remained strong at 16%.

正如我們昨天晚些時候宣布的那樣，我們的季度業績表現強勁，調整後EBITDA 連續改善，（聽不清楚）第二季銷售額為16 億美元，調整後EBITDA 為2.62 億美元，EBITDA 利潤率保持在16% 的強勁水平。

Our adjusted earnings per share were $1.28 and operating cash flow was $109 million.

調整後每股收益為 1.28 美元，營運現金流為 1.09 億美元。

These results reflect improved industrial volumes on a year-over-year basis, mixed with some continued softness in consumer sales.

這些結果反映出工業銷售量較去年同期有所改善，同時消費者銷售持續疲軟。

During the quarter, we had continued price cost headwinds across the portfolio, primarily in industrials that we believe will improve in the second half.

本季度，我們的投資組合持續面臨價格成本逆風，主要是在工業領域，我們相信下半年情況會有所改善。

Productivity in the second quarter came in at $51 million, continuing our strong operating trends and bringing our first half productivity total to just over $100 million.

第二季的生產力為 5,100 萬美元，延續了我們強勁的營運趨勢，使我們上半年的生產力總額略高於 1 億美元。

All in all, another good quarter from the Sonoco team.

總而言之，Sonoco 團隊又一個出色的季度。

If you'll please turn to page 6.

如果你願意，請翻到第 6 頁。

Let me now update you on recent progress with our near-term strategic priorities.

現在讓我向您介紹我們近期策略重點的最新進展。

As always, we're fully committed to operating with discipline.

一如既往，我們完全致力於遵守紀律。

Our productivity results in the first half of the year were over $100 million.

我們上半年的生產力成果超過 1 億美元。

These figures are ahead of schedule to our expectations for the year they were not by chance.

這些數字比我們今年的預期提前，這並非偶然。

As you know, we have doubled internal CapEx in the last three years, targeted towards value driving growth and productivity projects.

如您所知，我們在過去三年中將內部資本支出增加了一倍，旨在推動價值驅動成長和生產力項目。

We continue to make high-return investments to drive better and more efficient manufacturing processes, and those investments are paying off.

我們繼續進行高回報投資，以推動更好、更有效率的製造流程，這些投資正在獲得回報。

Our actions to improve productivity from the right capital allocation, portfolio simplification, and strong expense management continue to yield results, and I couldn't be more pleased with the efforts from the entire Sonoco team.

我們透過正確的資本配置、投資組合簡化和強有力的費用管理來提高生產力的行動繼續取得成果，我對整個 Sonoco 團隊的努力感到非常滿意。

We also continue to invest strategic capital and innovation to support organic growth and sustainability initiatives.

我們也繼續投資策略資本和創新，以支持有機成長和永續發展計劃。

At the recent environmental packaging live event, we were awarded the 2024 Gold Award in Snacks & Confectionery Packaging and a Silver Award for Sustainable Packaging Innovation for a greater than 90% paper Pringles can design.

在最近的環保包裝現場活動中，我們憑藉超過 90% 的紙質品客薯片罐設計榮獲 2024 年零食和糖果包裝金獎和可持續包裝創新銀獎。

We're delighted to be recognized for our proprietary designs that help our customers achieve their sustainability packaging goals.

我們很高興因我們的專有設計獲得認可，幫助我們的客戶實現其永續包裝目標。

This new design is being rolled out in store shelves across Europe and will be launched internationally in the near future.

這種新設計正在歐洲各地的商店貨架上推出，並將在不久的將來在國際上推出。

Regarding high-return capital investments, we're pleased to announce the acquisition of Eviosys in late June, representing an important milestone in our strategy to scale our can packaging platform.

關於高回報資本投資，我們很高興地宣佈在 6 月下旬收購 Eviosys，這是我們擴大罐頭包裝平台策略的一個重要里程碑。

The approval and review processes are well underway, and Rodger and team are making great progress on planning for a seamless integration.

審批和審查流程正在順利進行，羅傑和團隊在無縫整合規劃方面取得了巨大進展。

Based on the current schedule, we expect to close the transaction in the fourth quarter of 2024.

根據目前的時間表，我們預計將於 2024 年第四季完成交易。

If you'll turn to page 7, the Eviosys, we're excited to expand our footprint and global capabilities to address the increased demand for innovation and meet growing expectations for the highest levels of customer service.

如果您翻到第 7 頁，Eviosys，我們很高興能夠擴大我們的足跡和全球能力，以滿足不斷增長的創新需求，並滿足對最高水準客戶服務日益增長的期望。

The addition of Eviosys will position us as one of the leading food can and aerosol packaging manufacturers globally, and it represents a platform where we can drive differentiated value in the market by leaning into service, quality and innovation, the absolute hallmark of successful Sonoco businesses.

Eviosys 的加入將使我們成為全球領先的食品罐和氣霧劑包裝製造商之一，它代表了一個平台，我們可以透過專注於服務、品質和創新，在市場上推動差異化價值，這是Sonoco 業務成功的絕對標誌。

The combination of our existing innovations infrastructure and Eviosys technical advanced and well-invested manufacturing footprint will be more effectively serve both existing and new customers and unlock new opportunities in attractive end markets and geographies.

我們現有的創新基礎設施與 Eviosys 技術先進且投資充足的製造足跡相結合，將更有效地為現有和新客戶提供服務，並在有吸引力的終端市場和地區釋放新機會。

We've initially identified meaningful near-term operating and procurement synergies that should drive roughly $100 million annually.

我們初步確定了有意義的近期營運和採購綜效，每年可帶來約 1 億美元的收入。

And this does not include expected commercial and innovation synergies.

這還不包括預期的商業和創新綜效。

The financial profile of this combination is compelling.

這組合的財務狀況引人注目。

The transaction will be immediately accretive to earnings and cash flow.

該交易將立即增加收益和現金流。

And first year returns are expected to be well in excess of our cost of scope.

第一年的回報預計將遠遠超過我們的範圍成本。

But most importantly, it gives us strong, a powerful operating platform from which to advance both commercial and operating improvements, that will help us continue to drive sustainable value and returns to our shareholders, further demonstrating the strength of our clear and dynamic capital allocation process.

但最重要的是，它為我們提供了強大的營運平台，推動商業和營運改進，這將幫助我們繼續為股東帶來可持續的價值和回報，進一步展示我們清晰、動態的資本配置流程的實力。

Our businesses continue to identify and bring forward exciting opportunities for value-generating investments.

我們的業務不斷發現並帶來令人興奮的創造價值的投資機會。

The clarity of our dynamic process will continue to support these opportunities.

我們動態流程的清晰度將繼續支持這些機會。

Where Sonoco can generate the strongest return and value proposition for shareholders.

Sonoco 可以為股東帶來最強的回報和價值主張。

And you will see us continue to distance ourselves in businesses that do not regularly offer the same opportunities.

您會看到我們繼續與那些不經常提供相同機會的企業保持距離。

We view capital allocation as a part of our strategic planning process to generate increased value for our shareholders, and we'll keep you fully posted on our progress.

我們將資本配置視為我們策略規劃流程的一部分，以便為股東創造更多價值，我們將隨時向您通報我們的進度。

With that update, I'm going to turn it over to Rob to talk about the financials for the quarter.

更新完畢後，我將把它交給 Rob 來討論本季的財務狀況。

Rob?

搶？

Thanks, Howard.

謝謝，霍華德。

I'm pleased to present the second quarter 2024 financial results, starting on page 9 of this presentation.

我很高興從本簡報的第 9 頁開始介紹 2024 年第二季的財務表現。

Please note that all results are on an adjusted basis and all growth metrics on a year-over-year basis, unless otherwise stated.

請注意，除非另有說明，所有結果均經過調整，所有成長指標均按年計算。

The GAAP to non-GAAP EPS reconciliation is in the appendix of this presentation as well as in the press release.

GAAP 與非 GAAP EPS 調整表位於本簡報的附錄以及新聞稿中。

As Howard said, we continue to deliver resilient financial results through our enduring operating model and strong market positions.

正如霍華德所說，我們透過持久的營運模式和強大的市場地位繼續提供有彈性的財務表現。

Adjusted EPS was $1.28, which was within our guidance range and exceeded the consensus analyst estimates.

調整後每股收益為 1.28 美元，在我們的指導範圍內，超出了分析師的普遍預期。

This result was driven by positive productivity of $0.38 per share and positive volume mix of $0.09 per share.

這一結果是由每股 0.38 美元的正生產力和每股 0.09 美元的正銷售組合推動的。

Offset by negative price cost of $0.37 per share.

被每股 0.37 美元的負價格成本所抵銷。

Sequentially, we drove 14% growth, EPS growth through $0.05 of volume mix to $0.11 of price cost and $0.08 of productivity, which was partially offset by $0.11 of specific other costs.

隨後，我們推動了 14% 的成長，每股收益成長透過 0.05 美元的銷售組合提高到 0.11 美元的價格成本和 0.08 美元的生產率，這部分被 0.11 美元的特定其他成本所抵消。

For the quarter, net sales decreased 4.8% to $1.62 billion due to negative contractual resets and price and negative $101 million of strategic actions that exit or divest non-strategic positions.

由於合約重置和價格負值以及退出或剝離非戰略頭寸的戰略行動負值 1.01 億美元，本季淨銷售額下降 4.8% 至 16.2 億美元。

Excluding these strategic actions, net sales would have grown 1.1%.

排除這些策略行動，淨銷售額將成長 1.1%。

We believe that divesting the protective solutions business, exiting non-profitable thermoforming markets and reclassifying the recycling business will increase our ability to focus and execute our strategy.

我們相信，剝離防護解決方案業務、退出非營利熱成型市場以及對回收業務進行重新分類將提高我們專注和執行策略的能力。

It's notable that volume mix was positive low single digits in the quarter as low single-digit volume increases in consumer and double-digit volume increases in industrial overcame declines in all other.

值得注意的是，本季的銷量組合呈正低個位數增長，因為消費者銷量的低個位數增長和工業銷量的兩位數增長克服了所有其他銷量的下降。

Organic volume mix was flat as low single-digit increases in Industrial offset low single-digit declines in consumer and declines and all other.

有機銷售組合持平，因為工業品的低個位數成長抵消了消費者和其他所有品類的低個位數下降。

We continue to experience negative contractual resets and price as paper, metal and some resin benchmarks have declined from their peak.

由於紙張、金屬和一些樹脂基準已從峰值下降，我們繼續經歷負面的合約重置和價格。

In the quarter, price impacted sales negative $32 million.

本季度，價格對銷售額的影響為負 3,200 萬美元。

We anticipate that year-over-year price comparisons will improve as the year progresses.

我們預計，隨著時間的推移，年比價格比較將會有所改善。

Adjusted EBITDA was $262 million, and adjusted EBITDA margin was 16.2%.

調整後 EBITDA 為 2.62 億美元，調整後 EBITDA 利潤率為 16.2%。

Specific other expenses that we believe were onetime in nature were higher $23 million due to increased employee expenses, bad debt reserves and other accruals.

由於員工費用、壞帳準備金和其他應計費用的增加，我們認為曾經存在的特定其他費用增加了 2,300 萬美元。

For a year-over-year comparable EBITDA margin would have been 17.6% excluding these specific other expenses.

排除這些特定的其他費用，年比可比 EBITDA 利潤率為 17.6%。

This gives us conviction in our expectation that EBITDA margins will improve in Q3 as we expect volume mix and productivity to improve and volume mix, price cost and productivity to improve on a sequential basis.

這讓我們堅信，第三季 EBITDA 利潤率將有所改善，因為我們預期銷售結構和生產力將改善，銷售結構、價格成本和生產力將較上季改善。

In the second quarter, we achieved historically strong profitability through improving volume mix and strong productivity despite challenging price cost.

在第二季度，儘管價格成本具有挑戰性，但我們透過改善銷售結構和強勁的生產力實現了歷史上強勁的獲利能力。

From an EBITDA perspective, volume mix was positive $5 million in the quarter.

從 EBITDA 角度來看，本季銷售組合為正 500 萬美元。

This was the first positive organic volume mix for EBITDA in eight quarters.

這是八個季度以來首次實現 EBITDA 有機銷售成長。

Productivity was positive $51 million in the quarter.

本季生產力為正 5,100 萬美元。

In the last 12 months, we have achieved over $180 million of productivity.

在過去 12 個月中，我們實現了超過 1.8 億美元的生產力。

We believe that this performance is an indication that our strategy of investing to drive earnings growth through productivity is working, and we anticipate that this trend of positive productivity will continue.

我們認為，這一業績表明我們透過生產力推動獲利成長的投資策略正在發揮作用，我們預計這種積極生產力的趨勢將持續下去。

Price cost was negative $49 million, primarily due to Industrial.

價格成本為負 4,900 萬美元，主要歸因於工業。

We anticipate the price cost will improve as the year progresses.

我們預計隨著時間的推移，價格成本將有所改善。

Page 10 has our consumer segment results.

第 10 頁顯示了我們的消費者細分結果。

Our consumer businesses continue to improve profitability through productivity and commercial execution despite uneven volume.

儘管銷量參差不齊，我們的消費業務仍透過生產力和商業執行力持續提高獲利能力。

Demand is improving, but promotions at retail have yet to stimulate demand to legacy trends across all sectors.

需求正在改善，但零售促銷活動尚未刺激所有行業對傳統趨勢的需求。

Consumer net sales decreased 4% to $928 million.

消費者淨銷售額下降 4%，至 9.28 億美元。

Consumer volume mix increased low single digits due to the Inapel acquisition and positive organic volume mix in flexibles and metal packaging.

由於收購 Inapel 以及軟包裝和金屬包裝的積極有機銷售組合，消費者銷售組合成長了低個位數。

Consumer price decreased 2% due to contractual price resets.

由於合約價格重置，消費者價格下降了 2%。

We expect these pricing trends to continue for the remainder of the year.

我們預計這些定價趨勢將在今年剩餘時間內持續下去。

Consumer EBITDA increased 11% to $148 million, primarily due to improved productivity.

消費者 EBITDA 成長 11%，達到 1.48 億美元，這主要是由於生產力的提高。

Our capital investments in consumer are generating meaningful results and the first sequence of investments from one to two years ago was a primary driver for the improvement in productivity to $25 million.

我們對消費者的資本投資正在產生有意義的成果，一到兩年前的第一批投資是將生產力提高到 2,500 萬美元的主要動力。

Consumer EBITDA margin increased 216 basis points to the 15.9%.

消費者 EBITDA 利潤率成長 216 個基點至 15.9%。

We anticipate that EBITDA margins will increase in Q3, as volumes continue to normalize and metal packaging enters its primary pack season.

我們預計，隨著銷售量繼續正常化以及金屬包裝進入初級包裝季節，第三季 EBITDA 利潤率將會增加。

On a more granular level, RPC sales declined low single digits due to low single-digit volume mix declines.

從更細化的角度來看，由於銷量組合的低個位數下降，可循環塑膠銷量下降了低個位數。

We anticipate that this will continue through the balance of the year, and we are taking appropriate actions to ensure profitability.

我們預計這種情況將持續到今年剩餘的時間，我們正在採取適當的行動以確保獲利能力。

TFP sales decreased mid-single digits as positive mid-single-digit organic volumes in flexibles and strong acquisition performance from Inapel partially offset the impact of the exit of a non-profitable thermoforming market.

TFP 銷售額下降了中個位數，原因是柔性材料的中個位數有機銷售和 Inapel 的強勁收購業績部分抵消了非盈利熱成型市場退出的影響。

Metal Packaging sales decreased mid-single digits as positive low single-digit volume mix was offset by negative contractual price resets.

金屬包裝銷售額下降了中個位數，因為正的低個位數銷售組合被負的合約價格重置所抵消。

Volume mix was positive in both food and aerosols.

食品和氣溶膠中的體積混合均為正值。

We expect metal packaging volume mix to increase double digits in the third quarter.

我們預計第三季金屬包裝銷售將成長兩位數。

Volume mix was positive mid-single digits, excluding onetime customer reserves in Q2.

不包括第二季的一次性客戶儲備，銷售組合為正中個位數。

While metal packaging price was negative on a sales basis, on an EBITDA basis, price cost was meaningfully positive.

雖然金屬包裝價格在銷售基礎上為負，但在 EBITDA 基礎上，價格成本卻顯著為正。

We expect positive price cost on an EBITDA basis in metal packaging for the remainder of the year.

我們預計今年剩餘時間金屬包裝的 EBITDA 價格成本為正。

Page 11 has our industrial segment results.

第 11 頁顯示了我們的工業部門業績。

Industrial market conditions are improving.

工業市場狀況正在改善。

And while we are optimistic, we believe that we are still in a U-shaped industrial market trend and that there has not yet been a broad-based market recovery.

儘管我們持樂觀態度，但我們認為工業市場仍處於 U 型趨勢，市場尚未出現廣泛復甦。

Industrial sales increased 3% to $601 million, volume increased 10% and organic volume mix increased 2%.

工業銷售額成長 3%，達到 6.01 億美元，銷售成長 10%，有機銷售成長 2%。

These results include the reclassification of recycling which reduced sales by $23 million in the quarter.

這些結果包括回收的重新分類，導致該季度銷售額減少了 2,300 萬美元。

Adjusted for the impact of recycling and reclassification, Industrial sales would have increased 7%.

調整回收和重新分類的影響後，工業銷售將成長 7%。

Industrial price decreased 2% due to contractual price resets.

由於合約價格重置，工業品價格下降 2%。

Industrial EBITDA was $98 million due to $47 million of negative price costs, offsetting $23 million of productivity and $15 million of positive volume mix.

由於 4700 萬美元的負價格成本，工業 EBITDA 為 9800 萬美元，抵消了 2300 萬美元的生產力和 1500 萬美元的正銷售組合。

Between 2019 and the end of 2023, Industrial price costs increased $184 million.

2019 年至 2023 年底，工業價格成本增加了 1.84 億美元。

And year-to-date in 2024, Industrial price cost has decreased $102 million.

2024 年迄今為止，工業價格成本已減少 1.02 億美元。

We believe that we are now close to a balanced price cost position and that future trends will be positive based on strategic pricing.

我們相信，我們現在已經接近平衡的價格成本位置，並且基於戰略定價，未來趨勢將是積極的。

We believe that this is evidence that our pricing strategy in Industrial is working, and we expect price cost will trend positive over the long run.

我們相信，這證明我們在工業領域的定價策略正在發揮作用，我們預計從長遠來看，價格成本將呈現正向成長。

We continue to seek market price increases to offset higher OCC and other inflationary inputs.

我們繼續尋求市場價格上漲，以抵消較高的 OCC 和其他通膨投入。

We anticipate paper benchmarks will accurately reflect the inflationary environment and improving market conditions in the second half of the year.

我們預期紙本基準將準確反映下半年的通膨環境和市場狀況的改善。

Industrial EBITDA margin was 16.3%.

工業 EBITDA 利潤率為 16.3%。

We believe that Industrial margins will continue to improve with volume recovery and future pricing actions.

我們相信，隨著銷售量的恢復和未來的定價行動，工業利潤率將繼續改善。

Page 12 has our results for the all other businesses.

第 12 頁包含我們所有其他業務的結果。

All other sales were $95 million due to volume mix declines and the sale of the protective solutions business.

由於銷量組合下降和防護解決方案業務的出售，所有其他銷售額為 9500 萬美元。

All Other EBITDA was $17 million due to lower volume mix and negative price cost offsetting $3 million of productivity.

所有其他 EBITDA 為 1700 萬美元，原因是產量組合減少和負價格成本抵消了 300 萬美元的生產力。

Moving to page 13.

移至第 13 頁。

Our capital allocation framework aligns with our business strategy to drive value creation through earnings growth and margin improvement.

我們的資本配置框架與我們的業務策略一致，透過獲利成長和利潤率提高來推動價值創造。

The four pillars of our capital allocation model are capital investment to drive growth and improve profitability, dividend increases to reward shareholders, programmatic M&A to action of portfolio strategy and share repurchases to return capital and maximize shareholder value.

我們資本配置模式的四大支柱是推動成長和提高獲利能力的資本投資、獎勵股東的增加股利、投資組合策略行動的程序性併購以及回報資本和最大化股東價值的股票回購。

Our goal is to be the most disciplined deployer of capital in our industry and to drive the highest ROIC and strong cash conversion while also returning capital to shareholders.

我們的目標是成為業界中最嚴格的資本部署者，推動最高的投資回報率和強勁的現金轉換，同時向股東返還資本。

To achieve this goal, we remain focused on our dynamic capital allocation strategy.

為了實現這一目標，我們仍然專注於動態資本配置策略。

We believe that this strategy is working, and that the productivity results we are now generating and the growth that we are anticipating are indications of the success.

我們相信這項策略正在發揮作用，我們現在產生的生產力成果和我們預期的成長是成功的標誌。

As Howard mentioned, our long-range planning and capital allocation process continues to yield great results.

正如霍華德所提到的，我們的長期規劃和資本配置流程繼續產生巨大的成果。

We have a meaningful amount of highly strategic, high-return capital opportunities, primarily in our RPC and metal packaging businesses.

我們擁有大量高度策略性、高回報的資本機會，主要是在我們的可循環塑膠和金屬包裝業務中。

As we evaluate these opportunities, we will continue to tighten our focus on fewer bigger businesses.

在評估這些機會時，我們將繼續加強對更少的大型企業的關注。

As a result, we are planning to expand our divestiture program.

因此，我們計劃擴大我們的剝離計劃。

And we believe that we have the potential to yield more proceeds from divestitures in the next 12 to 18 months than the previously expected $1 billion.

我們相信，在未來 12 至 18 個月內，我們有可能從資產剝離中獲得比先前預期的 10 億美元更多的收益。

As previously communicated, we believe that we have a strong base plan to finance the Eviosys acquisition, which we anticipate will close in the fourth quarter.

正如之前所傳達的，我們相信我們有一個強大的基礎計劃來為 Eviosys 收購提供資金，我們預計該收購將在第四季度完成。

We believe that expanding our divestiture program has the potential to further accelerate our portfolio simplification strategy, improve our pro forma leverage and increase shareholder value.

我們相信，擴大剝離計畫有可能進一步加速我們的投資組合簡化策略，提高我們的備考槓桿率並增加股東價值。

As always, we are being disciplined in our strategic activity.

一如既往，我們在策略活動中遵守紀律。

And we expect to provide further updates as our plans progress.

我們希望隨著計劃的進展提供進一步的更新。

On page 14, we have our cash flow performance for the quarter.

第 14 頁顯示了本季的現金流表現。

In the second quarter, we generated operating cash flow of $109 million.

第二季度，我們產生了 1.09 億美元的營運現金流。

Capital expenditures was $93 million for the quarter.

本季資本支出為 9,300 萬美元。

We're on track with all major initiatives and anticipate investing between $350 million and $375 million in 2024.

我們正按計畫實施所有重大舉措，預計 2024 年的投資將達到 3.5 億至 3.75 億美元。

Over the past few years, we've updated our capital allocation process to focus on strategic, high-return value-adding projects.

在過去的幾年裡，我們更新了資本配置流程，重點是策略性、高回報的增值項目。

As we improve this process, we are allocating an increasing amount of capital to value-adding projects versus value maintaining projects.

隨著我們改進這個流程，我們將越來越多的資金分配給增值項目，而不是保值項目。

We anticipate that this capital efficiency will enable us to maintain this level of capital investment even as we increase our scale.

我們預計，即使我們擴大規模，這種資本效率也將使我們能夠維持這種資本投資水準。

Turning to page 15.

翻到第15頁。

The foundation of our value creation strategy is disciplined management of our investment-grade balance sheet.

我們價值創造策略的基礎是對投資等級資產負債表的嚴格管理。

This strategy provides Sonoco incredible access to capital, strong liquidity and low cost.

這項策略為 Sonoco 提供了令人難以置信的資本獲取管道、強大的流動性和低成本。

In the second quarter, we have had over $1.4 billion of liquidity, a weighted average maturity of 6.8 years and a weighted average cost of debt of 3.9%.

第二季度，我們擁有超過 14 億美元的流動性，加權平均期限為 6.8 年，加權平均債務成本為 3.9%。

We repaid $75 million of debt in the quarter and reduced net debt to adjusted EBITDA to 2.8 times.

我們在本季償還了 7,500 萬美元的債務，並將淨債務減少到調整後 EBITDA 的 2.8 倍。

On page 16, as our guidance for Q3 2024.

第 16 頁，作為我們 2024 年第三季的指導。

Guidance for Q3 2024 adjusted EPS is $1.40 to $1.60. We expect consumer volumes to remain on trend in Q3 and expect year-over-year volumes to increase due to acquisitions and improvements in metal packaging.

2024 年第三季調整後每股盈餘指引為 1.40 美元至 1.60 美元。我們預計第三季的消費量將保持趨勢，並且由於金屬包裝的收購和改進，預計銷售將同比增長。

We expect Industrial volumes to improve in Q3 as we are experiencing improved order rates and backlogs, especially in the North America paper markets.

我們預計第三季工業銷售將有所改善，因為我們的訂單率和積壓訂單有所改善，尤其是在北美紙張市場。

However, we are not yet anticipating robust recovery.

然而，我們尚未預期強勁復甦。

Industrial price trends are expected to improve and price cost is expected to improve sequentially.

工業價格趨勢預計將改善，價格成本預計將較上季改善。

OCC is expected to remain flat in the quarter and Tan Bending Chip Index is expected to reflect market increases later in the second half of 2024.

OCC 預計本季將保持平穩，Tan 彎曲晶片指數預計將反映 2024 年下半年稍後的市場成長。

We are reaffirming our guidance for full year 2024 adjusted EPS to $5 to $5.30. Similarly, we are reaffirming our full year 2024 adjusted EBITDA guidance to $1.05 billion to $1.09 billion, and our operating cash flow guidance of $650 million to $750 million.

我們重申 2024 年全年調整後每股收益為 5 至 5.30 美元的指引。同樣，我們重申 2024 年全年調整後 EBITDA 指引為 10.5 億至 10.9 億美元，營運現金流指引為 6.5 億至 7.5 億美元。

Now Rodger will further discuss the outlook for the business.

現在羅傑將進一步討論業務前景。

Thanks, Rob.

謝謝，羅布。

Please turn to page 17 for a review of segment performance drivers for the third quarter of 2024.

請參閱第 17 頁，以了解 2024 年第三季的細分市場業績驅動因素。

In the consumer segment, we expect sales to be up both sequentially and year-over-year.

在消費領域，我們預計銷售額將環比和同比增長。

Our metal packaging business is performing well.

我們的金屬包裝業務表現良好。

Sales are expected to be up sequentially and year-over-year.

預計銷售額將環比和同比增長。

Food can sales are solid as we're entering the pack season for fresh vegetables and Aerosol sales are strong as the demand for household products is improving after destocking in the same period in last year.

由於進入新鮮蔬菜的包裝季節，食品罐頭銷售強勁，而氣霧劑銷售強勁，因為去年同期去庫存後家庭產品的需求正在改善。

We continue to monitor steel supply based on domestic constraints and tariff uncertainties, but our team is doing a great job to support our customers through strategic purchasing execution.

我們繼續根據國內限制和關稅不確定性監控鋼鐵供應，但我們的團隊正在透過策略採購執行來出色地支援客戶。

In rigid paper containers, we see sales up marginally year-over-year with some sequential improvement in North America from snacks and other discretionary food products.

在硬紙容器中，我們看到銷售額同比小幅增長，北美零食和其他隨意食品的銷量有所改善。

We believe lingering high share prices continue to mute consumer purchases, and we're looking to the future for promotions to stimulate higher volumes.

我們認為，居高不下的股價將持續抑制消費者的購買行為，我們期待未來透過促銷活動來刺激銷售增加。

As Howard mentioned earlier, we continue to invest and innovate to meet sustainable packaging goals of our customers and have a multiyear funnel of great opportunities to support future rigid paper can growth.

正如霍華德之前提到的，我們繼續投資和創新，以滿足客戶的可持續包裝目標，並擁有一個多年的巨大機會來支持未來硬紙罐的成長。

In our thermoformed flexible packaging business, we anticipate sales to be flat sequentially but up year-over-year.

在我們的熱成型軟包裝業務中，我們預計銷售額將環比持平，但同比增長。

Plus was organic volume is solid and total volume is aided by Inapel acquisition in Brazil, which continues to perform above our expectations.

另外，有機銷售穩定，總銷售量得益於巴西 Inapel 收購，該公司的表現持續高於我們的預期。

We remain in the early stages of our integration of flexibles and thermoforming businesses, and we continue to see upside opportunities and synergies for combining these businesses well into the future.

我們仍處於柔性和熱成型業務整合的早期階段，我們繼續看到未來將這些業務結合起來所帶來的上行機會和協同效應。

So in total, for the consumer segment versus same quarter last year, we anticipate that organic volumes will be up mid-single digits.

因此，總的來說，與去年同期相比，消費領域的有機銷售量將成長中個位數。

Price cost will be slightly negative year-over-year, and we expect continued positive productivity across each of our consumer business.

價格成本年將略有負值，我們預計每個消費者業務的生產力將繼續保持正值。

In Industrial, we expect sales to be flat sequentially from last year and up year-over-year from organic volume growth and acquisitions.

在工業領域，我們預計銷售額將與去年持平，但由於銷售的有機成長和收購而比去年同期成長。

In our North American paper business, volumes in support of tissue and tile consumer end markets remain solid.

在我們的北美造紙業務中，支援衛生紙和瓷磚消費終端市場的銷售仍然強勁。

The capacity utilization of our North American paper operations will remain strong in the third quarter at well over 90%.

第三季我們北美造紙業務的產能利用率將維持在 90% 以上的強勁水準。

The same is true for our North American converting businesses, where volumes are up year-over-year, increased demand in our tubes and core business for the film industry, which is driven by both consumer and industrial end markets.

我們的北美加工業務也是如此，銷售逐年成長，我們的管材和電影產業核心業務的需求增加，這是由消費者和工業終端市場推動的。

As Rob said earlier, there's certainly not a robust recovery, but volume levels have increased over the depressed levels that we saw last year.

正如羅布早些時候所說，當然不會出現強勁的復甦，但成交量水平已經超過了我們去年看到的低迷水平。

Price cost is impacting industrial profitability to a lesser degree than the first half of 2024.

價格成本對工業獲利能力的影響程度小於 2024 年上半年。

There remains a drag year-over-year as higher input costs for raw materials and labor have not yet fully been recovered in our announced price increases, but we do expect that the contracted price resets will reflect improved pricing in the second half of the year.

由於原材料和勞動力投入成本上升尚未在我們宣布的漲價中完全恢復，因此同比仍存在拖累，但我們確實預計合約價格重置將反映下半年定價的改善。

Similar to consumer, we expect industrial productivity to be positive across all industrial businesses in the third quarter, and we expect total industrial volumes up low single digits year-over-year.

與消費者類似，我們預計第三季所有工業企業的工業生產力將為正值，我們預計工業總量將年成長低個位數。

In All Other sales will be lower on a year-over-year basis after the sale of our protective solutions business.

在出售我們的防護解決方案業務後，所有其他銷售額將比去年同期下降。

Sales will be up sequentially from seasonally higher volumes from our temperature-assured packaging business.

我們的保溫包裝業務的銷售將隨著季節性的增加而持續成長。

We also expect year-over-year margin improvements driven by improved mix and profitability.

我們也預計，由於產品組合和獲利能力的改善，利潤率將實現同比增長。

Our teams continue to do a real fantastic job on the productivity front, as shown by our first half '24 results.

正如 24 年上半年的結果所示，我們的團隊在生產力方面繼續做得非常出色。

As Howard mentioned earlier, our clear and focused investments in value-generating capital over the last several years are really paying off.

正如霍華德之前提到的，過去幾年我們對價值創造資本的明確而集中的投資確實得到了回報。

These investments, coupled with effective cost management and a strong focus on continuous improvement across the organization have also underpinned outstanding productivity performance.

這些投資，加上有效的成本管理和對整個組織持續改進的強烈關注，也支撐了出色的生產力績效。

And I just want to -- as well as Howard and Rob have done, thank the entire organization for these results.

我只想像霍華德和羅布一樣，感謝整個組織的這些成果。

So with that, Howard, back to you.

那麼，霍華德，回到你身邊。

Great.

偉大的。

Thanks, Rodger.

謝謝，羅傑。

In closing, on page 18, I just want to take a moment to remind everyone of the plans we laid out to deliver long-term shareholder value.

最後，在第 18 頁，我想花點時間提醒大家我們為實現長期股東價值而製定的計畫。

At our Investor Day earlier this year, we provided our outlook over the next five years.

在今年稍早的投資者日上，我們提供了未來五年的展望。

We're targeting adjusted EBITDA of $1.5 billion with high teens EBITDA margins.

我們的調整後 EBITDA 目標為 15 億美元，EBITDA 利潤率高達十幾歲。

And we're expecting to generate cumulative operating cash flow of $4 billion to $5 billion, all while we remain committed to growing and paying a competitive dividend.

我們預計將產生 40 億至 50 億美元的累積營運現金流，同時我們仍致力於成長並支付有競爭力的股息。

We are in full execution mode of our next era enterprise strategy.

我們正處於下一代企業策略的全面執行模式。

And certainly, with the highly strategic Eviosys transaction, we expect to deliver results in excess of these targets.

當然，透過高度策略性的 Eviosys 交易，我們預計將實現超越這些目標的成果。

We're building a stronger portfolio that delivers greater value, simplifying the company and unifying our global operating model to improve financial results while maintaining our disciplined capital structure.

我們正在建立一個更強大的投資組合，以提供更大的價值，簡化公司並統一我們的全球營運模式，以改善財務業績，同時保持嚴格的資本結構。

So we're really looking forward for you to see what's next for Sonoco.

因此，我們非常期待您了解 Sonoco 的下一步發展。

And with that, operator, we'd be happy to take any calls or questions.

接線員，我們很樂意接聽任何電話或提出問題。

(Operator Instructions) Matt Robert, Raymond James.

（操作員說明）馬特·羅伯特，雷蒙德·詹姆斯。

Good morning, everybody, and thank you for the time.

大家早安，謝謝大家抽出時間。

Rob, on the incremental divestitures you mentioned, I was wondering if you could provide any additional color on either product lines or segments that you've expanded that program to and any type of EBITDA contribution you're considering.

羅布，關於您提到的增量剝離，我想知道您是否可以為您已將該計劃擴展到的產品線或細分市場以及您正在考慮的任何類型的 EBITDA 貢獻提供任何額外的信息。

I was just trying to get a sense of the magnitude of what you're looking at and what the business will look like on the other side.

我只是想了解一下您所關注的事物的規模以及另一邊的業務會是什麼樣子。

Please standby.

請等待。

(multiple speakers)

（多個發言者）

(technical difficulty)

（技術難度）

(multiple speakers) you may reanswer.

（多名發言者）您可以重新回答。

Operator, are you there?

接線員，你在嗎？

I'm here on the line with you.

我在這裡和你一起在線。

You may reanswer your questions.

您可以重新回答您的問題。

I'm not sure where we are in terms of the Q&A process.

我不確定我們在問答過程方面處於什麼位置。

So Matt, is your question still pending?

那麼馬特，你的問題仍然懸而未決嗎？

I will move Matt Roberts back to the stage.

我將把馬特羅伯茨帶回舞台。

Hey, are you there?

嘿，你在嗎？

Are you with me?

你和我在一起嗎？

And Matt Roberts line is open.

馬特羅伯茨線路已開通。

He is on the stage.

他在舞台上。

Hey, sorry about that.

嘿，對此感到抱歉。

Yes, so we're still on the first question.

是的，所以我們仍然在討論第一個問題。

Let me just

讓我就

(technical difficulty)

（技術難度）

Operator, I'm not sure what's happening here.

接線員，我不確定這裡發生了什麼事。

Your audio wasn't working.

您的音訊無法正常運作。

I think you need to reanswer.

我認為你需要重新回答。

The speaker line is promoted to the stage.

揚聲器線路被提升到舞台上。

However, when I promote Matt to the stage, it removes the speaker line.

然而，當我將馬特提上舞台時，揚聲器線被移除了。

And I'm not exactly sure how to resolve that.

我不太確定如何解決這個問題。

Matt?

馬特？

I can promote George Staphos, one moment.

一會兒我可以提拔喬治·斯塔福斯。

Let's promote George and see if we can get the call rolling.

我們來宣傳喬治吧，看看是否能成功。

George?

喬治？

Correct.

正確的。

I'm bringing George to the stage now.

我現在要把喬治帶到舞台上。

Hi, everyone.

大家好。

Can you hear me okay?

你聽得到我說話嗎？

And George's line has been promoted.

而喬治的系已經晉級了。

Always nice to be promoted.

升職總是很開心。

Can you guys hear me okay?

你們聽得到我說話嗎？

Operator, I'm not hearing anybody on the line.

接線員，我沒有聽到有人打電話。

One moment.

一會兒。

I can ask a question, but I'm not sure they'll hear it.

我可以問一個問題，但我不確定他們會聽到。

Please ask your question and I'll promote them back to the stage.

請提出你的問題，我會將他們推回舞台。

Okay.

好的。

I think, I was going to ask the same question as Matt, which is, can you talk to what else you were adding perhaps to the divestiture queue?

我想，我會問與馬特同樣的問題，那就是，你能談談你還可能在剝離隊列中添加什麼嗎？

And Rob, maybe a specific question on ROIC.

Rob，也許是關於 ROIC 的具體問題。

You talk about ultimately want to be the most disciplined capital allocator and have the highest ROIC in the Industry.

您談到最終希望成為最有紀律的資本配置者並擁有業內最高的投資回報率。

What is the starting point for ROIC in your view?

您認為ROIC的出發點是什麼？

Where are you relative to peers?

與同齡人相比，你處於什麼位置？

And what's the goal in three years?

三年後的目標是什麼？

So the divestitures and ROIC, my two questions.

所以，資產剝離和投資報酬率是我的兩個問題。

Our position at this point in time to talk about specific businesses that we're targeting our thought processes have evolved as we look at the materiality of the current transaction acquisition and really allows us to -- force us the opportunity to take a look at two things: one is to pull forward on the strategies, that simplification strategy where we have yet to define to you guys exactly what we're looking at.

當我們審視當前交易收購的重要性時，我們此時談論我們針對的特定業務的立場已經發生了變化，並且確實使我們能夠——迫使我們有機會考慮兩個事情：一是推進戰略，即簡化戰略，我們尚未向你們明確我們正在考慮的內容。

And I know you're trying to get to that, but we do -- we will be bringing it to in the very near future.

我知道你們正在努力實現這一目標，但我們確實做到了——我們將在不久的將來實現這一目標。

But it allows us to do a couple of things.

但它允許我們做一些事情。

One is move forward the simplification strategy and improve the capital structure of the company.

一是推進簡併策略，完善公司資本結構。

On a more rapid basis than otherwise we had thought.

比我們想像的快得多。

So more to come on that side, and I will pass it on to Rob on the ROIC question.

因此，這方面還有更多內容，我會將 ROIC 的問題轉交給 Rob。

Yes.

是的。

Yes.

是的。

Thanks, George, and hopefully, I've been promoted to.

謝謝，喬治，希望我已經升職了。

From a ROIC perspective, we're really excited about this capital allocation program and the initial results that we're getting.

從投資報酬率的角度來看，我們對這個資本配置計畫和我們所獲得的初步結果感到非常興奮。

It's given us a lot of conviction to really move forward with the strategy from a portfolio perspective.

這給了我們很大的信心，讓我們從投資組合的角度真正推動該策略。

And as we think about that, that's going to give us a lot of opportunity to further expand the ROIC on two fronts.

當我們思考這一點時，這將為我們提供許多機會在兩個方面進一步擴大投資報酬率。

One, from doing really smart capital investments and deploying our operating model.

第一，來自於進行真正明智的資本投資和部署我們的營運模式。

And then also managing the portfolio in a really active way.

然後也以非常積極的方式管理投資組合。

Where we're starting now is we're above 11%.

我們現在的起點是高於 11%。

So we feel like that's a strong ROIC but one that we can definitely improve.

所以我們覺得這是一個強大的投資報酬率，但我們絕對可以改進。

We don't have a specific goal, but I would tell you that the focus businesses in our portfolio have over 20% ROIC.

我們沒有具體的目標，但我可以告訴你，我們投資組合中的重點業務的投資報酬率超過 20%。

And so we're investing with expectations that the ROIC of our investments exceed that, and we feel really good that we'll be able to meet those expectations.

因此，我們的投資預期是我們的投資報酬率會超過這個數字，我們對能夠滿足這些期望感到非常高興。

Ghansham Panjabi.

甘沙姆·旁遮普語。

Thank you.

謝謝。

I'll just ask one question just to eliminate future issues.

我只想問一個問題，以消除未來的問題。

On the consumer business, maybe you can give us a bit more color on the step function and productivity that you generated in 2Q, which I think was $25 million for the segment versus $15 million in 1Q.

在消費者業務方面，也許您可以給我們更多關於您在第二季度產生的階躍功能和生產力的信息，我認為該細分市場的銷售額為2500 萬美元，而第一季度為1500 萬美元。

What drove that differential because that was obviously the biggest component of your margin increase?

是什麼推動了這種差異，因為這顯然是您利潤成長的最大組成部分？

And then second, in terms of the outlook for consumer, I think you said mid-single-digit growth in the back half of the year.

其次，就消費者前景而言，我認為您提到了今年下半年的中個位數成長。

Is that just a function of purely easier comparisons, the lapping of inventory destocking or just directional increase in promotional activity?

這只是簡單比較的結果、庫存去庫存的結果還是只是促銷活動的定向增加？

What's behind those numbers?

這些數字背後是什麼？

And I'll turn it over after that.

之後我會把它翻過來。

(technical difficulty) That's where we focused.

（技術難度）這就是我們關注的地方。

The tremendous amount of our capital, productivity capital focus on generating incremental capacity out of our best lines.

我們大量的資本、生產力資本專注於利用我們最好的生產線來產生增量產能。

Automation is a huge effort for our consumer businesses.

自動化對於我們的消費業務來說是一項巨大的努力。

We've got a backlog of automation projects for the company expanding until the end of 2025.

我們公司積壓的自動化專案一直持續到 2025 年底。

And then a real focus on cost control and getting our footprint right, with a number of footprint consolidations.

然後真正專注於成本控制並透過一系列足跡整合來確保我們的足跡正確。

You add that with improving volume, as we said back in February.

正如我們在二月所說的那樣，您可以透過增加成交量來補充這一點。

If you remember back in February, we laid out $300 million to $500 million of productivity over the planning period, which averages about $100 million a year.

如果您還記得二月的情況，我們在規劃期間投入了 3 億至 5 億美元的生產力，平均每年約 1 億美元。

Obviously, we're ahead of that pace.

顯然，我們領先這個速度。

We said at that time, improving volume would help us increase and continue to drive to the high end of that $300 million to $500 million level.

我們當時表示，提高銷售量將有助於我們增加並繼續推動 3 億至 5 億美元水準的高端。

So just -- I'd say it's across the company, not just consumer, but yes, very strong.

所以，我想說的是，這是整個公司的情況，不只是消費者，但是的，非常強大。

It was manufacturing productivity, driven by the plants on a day-to-day basis.

這是由工廠日常驅動的製造生產力。

On second half consumer, you're right, some of that is versus an easier, I guess, comparison with third quarter last year being our most difficult quarter from a consumer volume standpoint.

關於下半年的消費者，你是對的，我想，其中一些是與去年第三季相比更容易的，從消費者數量的角度來看，去年第三季是我們最困難的季度。

But as I said in my prepared comments, we're seeing the effects of any inventory build through coming out of COVID, especially in our metal can business go away.

但正如我在準備好的評論中所說，我們看到因新冠疫情而建立的任何庫存的影響，特別是對我們的金屬罐業務的影響正在消失。

All our teams are leading in service and quality, and we continue to gain some share in that area.

我們所有的團隊在服務和品質方面都處於領先地位，我們將繼續在該領域獲得一些份額。

So yes, it's a combination.

所以是的，這是一個組合。

We've not yet seen a big impact of promotions.

我們還沒有看到促銷產生很大的影響。

But we're expecting that based on what we hear from our large consumer -- customers to see more promotions coming as we get into the second half of the year.

但我們預計，根據我們從大型消費者那裡聽到的消息，隨著下半年的到來，我們將看到更多促銷活動。

Mark Weintraub, Seaport Research Partners.

馬克‧溫特勞布 (Mark Weintraub)，海港研究夥伴。

Thank you.

謝謝。

(technical difficulty)

（技術難度）

Operator, we've lost Mark, or at least we're not taking

接線員，我們失去了馬克，或者至少我們沒有帶走

--

--

So I'm hoping you can hear me now.

所以我希望你現在能聽到我的聲音。

So just following up on the expanded divestiture program.

所以只是跟進擴大的剝離計劃。

Does that potentially have implications for the plan to issue up to $500 million of equity?

這是否會對發行最多 5 億美元股票的計畫產生影響？

And then second, on rigid paper containers, I know you've been very optimistic on the business 6 months, 12 months ago.

其次，關於硬紙容器，我知道您在 6 個月、12 個月前對業務非常樂觀。

And I thought there were certain opportunities you thought were going to be coming through this year.

我認為今年會有一些你認為會出現的機會。

Are those just delayed?

這些只是延遲了嗎？

I know you mentioned the high shelf prices, but maybe a bit more color on what's going on in that business.

我知道你提到了高貨架價格，但也許對這個行業正在發生的事情有更多的了解。

(technical difficulty) But we could with the appropriate valuation in terms of divestiture, draw that down.

（技術難度）但我們可以透過在剝離方面進行適當的估值，將其降低。

So I'll leave that where that is and on our -- it's paper container business, really, it's almost a discrete issue.

因此，我將把它留在我們的紙容器業務上，實際上，這幾乎是一個離散的問題。

With a couple of larger customers still dealing with the pricing dynamics in the marketplace and getting that right.

一些較大的客戶仍在處理市場上的定價動態並採取正確的措施。

So we view that as a short-term type of phenomenon.

因此，我們認為這是一種短期現象。

Really, when we're talking about RPC and the amount of capital we have been putting towards that business, that's next year, following a multiyear journey in terms of new facilities that are starting up in Latin America and Asia, new capacity we're adding around the world, just like any capital investments.

事實上，當我們談論 RPC 以及我們為該業務投入的資金量時，那是明年，在拉丁美洲和亞洲啟動新設施、新產能方面經歷了多年的歷程之後，我們正在就像任何資本投資一樣，在世界各地增加。

It will take time for those just truly start showing up in a material fashion, but the current situation is more discrete than that.

對於那些剛真正開始以物質方式出現的人來說，還需要時間，但目前的情況比這更離散。

Yes.

是的。

Mark, this is Rodger, I'd just add.

馬克，這是羅傑，我想補充。

If you look at the third quarter, I mean, there is actually strong growth in the rigid paper can business outside of North America.

如果你看看第三季度，我的意思是，北美以外的硬紙罐業務實際上出現了強勁增長。

Just to build on what Howard said, really, it's a North American issue the discrete issue that Howard talked about.

以霍華德所說的為基礎，實際上，這是一個北美問題，霍華德談到的離散問題。

So the investments we're making, driving sustainable packaging across Europe and paper, investing in stacked chip capacity outside of North America is performing exactly as expected.

因此，我們正在進行的投資，推動整個歐洲和紙張的可持續包裝，投資北美以外的堆疊晶片產能，其表現完全符合預期。

So really, it's just waiting for that North American volume to get back to more normal levels.

所以實際上，它只是在等待北美銷售恢復到更正常的水平。

Gregory Andreopoulos, Citi.

格雷戈里·安德烈奧普洛斯，花旗銀行。

Hi, good morning, everyone.

嗨，大家早安。

Just a few quick ones for me.

對我來說只是一些快速的。

So just on consumer, I guess, first, you spoke about this modest uptick in discretionary categories in the second quarter.

因此，就消費者而言，我想，首先，您談到了第二季非必需品類別的適度成長。

I think snacks were referenced.

我認為提到了零食。

So I'm wondering if you've seen any other mix trends that you would consider notable in consumer that maybe suggest to you that there's some underlying shift in consumer trends going on?

所以我想知道您是否看到任何其他您認為在消費者中值得注意的混合趨勢，這些趨勢可能會向您表明消費趨勢正在發生一些潛在的轉變？

Or any other mix items that you think are worth flagging?

或您認為值得舉報的任何其他組合項目？

And then maybe just one more on productivity.

然後也許還有一個關於生產力的問題。

Year to date, you've gotten over $100 million.

今年迄今為止，您已獲得超過 1 億美元。

How do you think about the cadence of productivity versus the $300 million to $500 million that you guided to at the Investor Day for '24 to '28.

與您在 24 至 28 年投資者日指導的 3 億至 5 億美元相比，您如何看待生產力的節奏。

And then just kind of, has your productivity came in above or below your expectations?

然後，您的生產力是高於還是低於您的預期？

And is that pull forward from the $300 to $500 million?

是從 300 美元提前到 5 億美元嗎？

Or is that now incremental share grants all sites for those numbers?

或者現在增量份額是否授予所有站點這些數字？

I'll turn it over.

我會把它翻過來。

Yes, it's Rodger.

是的，這是羅傑。

On the consumer volume, I think the only to highlight, if you look at cocoa pricing, any chocolate type products from our customer base have been hit by significant inflation.

關於消費量，我認為唯一要強調的是，如果你看看可可的定價，我們客戶群中的任何巧克力類產品都受到了嚴重通貨膨脹的打擊。

So as we look at promotions and price on shelf, any chocolate type products we're seeing continue to be in a pretty high range, and that's generating, obviously, some pullback from the consumer.

因此，當我們查看促銷活動和貨架上的價格時，我們看到的任何巧克力類產品仍然處於相當高的範圍內，這顯然會引起消費者的一些回調。

Beyond that, other than the one item that Howard has already mentioned in North America, we're seeing -- starting to see some improved demand versus same time last year and quarter-over-quarter outside of North America.

除此之外，除了霍華德在北美已經提到的一個項目之外，我們還看到，與去年同期相比以及北美以外地區的季度環比需求開始有所改善。

So for me, again, it's really a North American specific challenge and hopefully, promotions and some pullback on pricing on the shelf will help -- will help with that.

因此，對我來說，這確實是北美特有的挑戰，希望促銷活動和貨架上價格的一些回落將有所幫助——將有助於解決這個問題。

On productivity, I wouldn't really call it a pull forward.

就生產力而言，我不會真正將其稱為“前進”。

I think, again, we said in February, we had a range of $300 million to $500 million that we could push towards the top of that range with excellent execution and good volume, and we're starting to see volume improve.

我想，我們在2 月說過，我們的資金範圍為3 億至5 億美元，我們可以透過出色的執行和良好的交易量將其推向該範圍的頂部，並且我們開始看到交易量有所改善。

Obviously, we can come back and relook that and see if we can improve on that.

顯然，我們可以回來重新審視這一點，看看是否可以改進。

So it's again, it's an impact from the capital investments we're making, the good work our team is doing.

所以，這又是我們正在進行的資本投資和我們團隊所做的出色工作的影響。

And I think the other significant event this year, on the Industrial side (technical difficulty) is a great job our paper team is doing in North America from a capacity utilization standpoint.

我認為今年的另一個重大事件，在工業方面（技術難度），從產能利用率的角度來看，我們的論文團隊在北美所做的一項偉大工作。

As you know, we've taken out some high-cost capacity, put more product into our lowest cost, best running mills.

如您所知，我們已經取消了一些高成本產能，將更多產品投入成本最低、運作最好的工廠。

And we've been running in that mid-90% capacity level for the last few quarters, and that generated some pretty significant productivity for our paper business as well.

過去幾季我們一直在 90% 的產能水準下運行，這也為我們的造紙業務帶來了相當顯著的生產力。

So I think for me, those would be the highlights versus what we've already talked about.

所以我認為對我來說，這些將是我們已經討論過的亮點。

Matt Roberts, Raymond James.

馬特羅伯茨，雷蒙德詹姆斯。

Thanks.

謝謝。

Hopefully, you all can hear me this time.

希望這次大家能聽到我的聲音。

So a question on paper price.

那麼關於紙張價格的問題。

So last quarter, when you spoke to this, you guys were constructive on the February increase that was then partially reflected in the index shortly thereafter.

因此，上個季度，當你們談到這一點時，你們對 2 月份的成長持建設性態度，隨後不久，這一增長就部分反映在了指數中。

So maybe if you could speak to what you're seeing in the recently announced price increase?

那麼您是否可以談談您在最近宣布的漲價中看到的情況？

Are you seeing that reflected in open market contracts, and how is -- how are demand and backlogs trending compared to the environment last quarter when the price was reflected in the index?

您是否看到公開市場合約中反映了這一點？

And then to that, does the outlook or the guidance anticipate any index pass-through?

那麼，展望或指引是否預期任何指數傳遞？

Matt, it's Roger.

馬特，這是羅傑。

Yes, I'd say it's fairly similar.

是的，我想說它非常相似。

We just talked about capacity utilization in the -- in our North American paper mills.

我們剛剛討論了北美造紙廠的產能利用率。

FPA just published the latest results for the second quarter.

FPA剛剛公佈了第二季度的最新業績。

You see backlogs continue to be pretty solid, pretty flat with where we were same time last quarter.

您會看到積壓訂單仍然非常穩定，與上季同期相當持平。

As far as open market pricing, we've been very pleased with the contracts that we have in our open market.

就公開市場定價而言，我們對公開市場上的合約非常滿意。

And both of the increases, we've got a high yield out of the first and in process getting high yield out of the second.

在這兩次成長中，我們都從第一次中獲得了高產量，並且在第二次中也獲得了高產量。

So as Rob said in his prepared remarks, we're expecting some of that to come through from an index pricing in the second half of the year, timing to be determined, of course, but we expect it to come through.

因此，正如羅佈在他準備好的演講中所說，我們預計其中一些將透過今年下半年的指數定價來實現，當然，時間待定，但我們預計它會實現。

We didn't build it into our guidance, but if it comes through in the next month or two months, it'll have an impact really late this year but a more significant impact on 2025.

我們沒有將其納入我們的指導中，但如果它在未來一兩個月內實現，它將在今年稍後產生影響，但對 2025 年的影響更為重大。

So I'd say at this point stable, pretty stable where we were in the second quarter.

所以我想說，目前我們在第二季的情況非常穩定。

And as far as mill utilization pretty stable to where we were in the second quarter.

就工廠利用率而言，與第二季的水平相當穩定。

Okay.

好的。

Great.

偉大的。

Rodger, just to a different point here.

羅傑，這裡只是說一個不同的觀點。

On your leverage, in regard to maintaining your investment grade.

關於你的槓桿，關於維持你的投資等級。

It seems like you do have some buffer where your current ratings are to maintain that investment-grade rating.

看來您確實有一些緩衝，可以讓您目前的評級維持投資等級。

But is there some minimum leverage number or benchmark throughout the next 24 months post close that you think you need to achieve in order to maintain that investment-grade rating?

但是，您認為在交易結束後的未來 24 個月內是否需要達到一些最低槓桿率或基準才能維持投資等級？

And along those lines.

沿著這些思路。

I mean, maybe holistically, why is that so important when some of your other peers don't stress it as much.

我的意思是，也許從整體上來說，為什麼當其他一些同行沒有那麼強調這一點時，這一點如此重要。

I mean, do you have any needs for your incremental debt here or any covenants depending on maintaining that existing rating?

我的意思是，您是否需要增加此處的債務，或者是否有任何依賴維持現有評級的契約？

Yes, that's a good question.

是的，這是一個好問題。

Certainly, we don't feel there is no bright line in terms of leverage for investment-grade ratings.

當然，我們並不認為投資等級評級的槓桿率沒有明確的界線。

We have really constructive dialogues with both S&P and Moody's.

我們與標準普爾和穆迪進行了真正建設性的對話。

And we think that those are really productive discussions that we've had and we'll continue to have around the rating.

我們認為這些都是我們已經進行的非常有成效的討論，我們將繼續圍繞評級進行討論。

They feel very comfortable with the prospective plan for financing Eviosys.

他們對 Eviosys 的預期融資計劃感到非常滿意。

And as we said on the call, we're continually thinking about shareholder-friendly ways to improve that financing plan.

正如我們在電話會議上所說，我們不斷思考對股東友善的方式來改善融資計畫。

And we think that really revolves around besides just advancing the strategy and really thinking about the portfolio we would -- we're creating plans to delever more quickly than we originally anticipated.

我們認為，除了推進策略和真正考慮我們的投資組合之外，我們正在製定計劃，以比我們最初預期更快的速度去槓桿化。

And as Howard mentioned, we're also evaluating the use of equity whether or not that's going to be the most efficient source of funding for us.

正如霍華德所提到的，我們還在評估股權的使用，看看這是否會成為我們最有效的資金來源。

So we're being very thoughtful about that, and we've got a very constructive relationship with the rating agencies.

因此，我們對此非常深思熟慮，並且我們與評級機構建立了非常有建設性的關係。

They do have their own benchmarks around what they would like and they publish those.

他們確實有自己的基準，並發布了這些基準。

But I would say that that's part of the constructive dialogue that we have with them because, we're both a paper company and a packaging company from that perspective.

但我想說，這是我們與他們進行建設性對話的一部分，因為從這個角度來看，我們既是一家造紙公司，也是一家包裝公司。

And we think as we become more of a packaging company, we'll have a lot more way in terms of ratings, and that's a really constructive dollar that we have there.

我們認為，隨著我們越來越成為包裝公司，我們在評級方面將有更多的方式，這是我們擁有的真正有建設性的資金。

(Operator Instructions) George Staphos, Bank of America.

（操作員指令）George Staphos，美國銀行。

Hi, everyone.

大家好。

Thanks again for taking my questions.

再次感謝您回答我的問題。

Three quick ones.

三個快點。

First of all, can you talk to the other specific expenses that impacted second quarter and why they go away for the third quarter?

首先，您能否談談影響第二季度的其他具體費用以及為什麼這些費用在第三季消失？

As far as potential divestitures go, question two, could some of these actually occur within the consumer segment as it's currently composed?

就潛在的資產剝離而言，問題二是其中一些資產實際上是否會發生在目前組成的消費者細分市場中？

And how would you deal with any trapped overhead the investment that you made in the past on your innovation centers, which leverage paper and flexibles and metal.

您將如何處理您過去在創新中心（利用紙張、柔性材料和金屬）進行的投資中被困的管理費用。

And my last question on ROIC, Rob, back to that I know you want to be the strongest ROIC company.

我關於 ROIC 的最後一個問題，羅布，回到我知道你想成為最強的 ROIC 公司。

I know you're at -- you said 11% or 12%.

我知道你說的是 11% 或 12%。

Why not have a goal, if that's what you aspire to be, why not have a percentage target that we can keep evaluating?

為什麼不設定一個目標，如果這就是您渴望的目標，為什麼不設定一個我們可以不斷評估的百分比目標呢？

Yes.

是的。

Thanks, George.

謝謝，喬治。

On the other specific expenses, it was really around a couple of very discrete items, one was just some employee expenses that were extraordinary really on a year-over-year basis.

在其他具體費用方面，實際上是圍繞著幾個非常離散的項目，其中一個只是一些與去年同期相比確實非常巨大的員工費用。

They were just lower last year than you would normally expect.

去年的數字只是低於您通常的預期。

Second is the -- we had an AR charge that was specific to one customer that we really wanted to be conservative around the expectation for receiving that.

其次是——我們有一項專門針對一位客戶的 AR 費用，我們真的希望對收到該費用的期望保持保守。

And so we took a relatively meaningful charge.

所以我們收取了相對有意義的費用。

And then we're also constantly evaluating the accruals, and we had an accrual that was meaningful as there was a catch-up from a change in a rate.

然後，我們也不斷評估應計費用，我們的應計費用是有意義的，因為費率變化有所追趕。

And so those things all sum to a relatively meaningful amount for the quarter, which we thought was extraordinary and worth calling out just for a comparable basis.

因此，這些因素加起來對本季來說是一個相對有意義的金額，我們認為這是非同尋常的，值得在可比較的基礎上提出。

Really, the point there that if you -- we don't expect those to reoccur and that in the third quarter, you should anticipate our margin to be much higher than it was in the second quarter, more in line with the proxy that we gave.

事實上，如果你——我們預計這些情況不會在第三季度再次發生，你應該預計我們的利潤率將比第二季度高得多，更符合我們的代理數據給了。

In terms of divestitures?

在資產剝離方面？

Yes, I think yes, it could be in the consumer area.

是的，我想是的，它可能是在消費領域。

And George, I'm sorry, it sounds like we're being

喬治，對不起，聽起來我們正在

(inaudible).

（聽不清楚）。

We are in the midst of having to manage a process that involves internal team members, customers, et cetera, and we'll be rolling out as soon as practical, exactly what our plans are, but we -- we do expect, as we said several times during the course of this call, that this should be -- will help us do two things.

我們正在管理一個涉及內部團隊成員、客戶等的流程，我們將盡快推出，這正是我們的計劃，但我們確實期望，正如我們所期望的那樣在這次通話過程中多次表示，這應該幫助我們做兩件事。

One, our goal of simplification as well as the overall balance sheet implications and financing structure.

第一，我們的簡化目標以及整體資產負債表影響和融資結構。

So more to come on that.

所以還有更多的事情要做。

Second part, I need to ask for a follow-up.

第二部分，我需要要求跟進。

But the (inaudible) expanded cost that you were referencing, we see that as a real opportunity across the entire company as we further simplify as we saw in our first tranche that we -- where we came down with the structures that we have today, we generated significant SG&A productivity.

但是，您提到的（聽不清楚）擴大的成本，我們認為這是整個公司的一個真正的機會，因為我們進一步簡化，正如我們在第一部分中看到的那樣，我們採用了今天的結構，我們產生了顯著的銷售、行政管理(SG&A) 生產力。

This is further leverage as we continue to -- so I don't see a real concern as it relates to any type of expanded costs if that was indeed your question.

隨著我們繼續這樣做，這是進一步的槓桿作用——所以我不認為有真正的擔憂，因為它與任何類型的擴大成本有關，如果這確實是你的問題的話。

It's actually opportunity.

這實際上是機會。

Yes.

是的。

And on ROIC, George, I love you, you're a finance guy at heart.

關於ROIC，喬治，我愛你，你本質上就是一個金融人。

We love to have targets, and we definitely do internally.

我們喜歡有目標，我們內部也確實這樣做。

We're constantly thinking about how we can push the edge.

我們不斷思考如何突破界限。

It's a big part of our strategy to get the ROIC right.

獲得正確的投資報酬率是我們策略的重要組成部分。

As we get the portfolio more balanced, we can come out with the total company expectation for ROIC.

當我們的投資組合更加平衡時，我們就可以得出公司對投資報酬率的整體預期。

But as I said, we think that it's going to be a really constructive number that will be -- will really show the value of the legacy portfolio that we have and also the ability that we feel like we're going to have to drive really meaningful value in some of these newer businesses that we're really investing in now.

但正如我所說，我們認為這將是一個非常有建設性的數字，將真正展示我們擁有的遺留投資組合的價值，以及我們認為我們必須真正推動的能力我們現在真正投資的一些新業務具有有意義的價值。

(Operator Instructions) I'm showing no further questions.

（操作員說明）我沒有再提出任何問題。

I'll hand it back to management for closing remarks.

我會將其交還給管理層以供結束語。

Thank you all for joining us today and our sincere apologies for the technical difficulties.

感謝大家今天加入我們，對於技術困難我們深感抱歉。

We will certainly follow up on that for future improvement.

我們一定會跟進，以便將來改進。

But if you do have any follow-up questions, please contact me, and we'll be happy to set up a follow-up discussion.

但如果您確實有任何後續問題，請與我聯繫，我們很樂意安排後續討論。

And we look forward to providing further business updates on our progress in the coming weeks and months.

我們期待在未來幾週和幾個月內提供有關我們進展的進一步業務更新。

And thank you all again and have a great day.

再次感謝大家，祝您有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。