Sonoco Products Co (SON) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Christen, and I will be your conference operator today. At this time, I would like to welcome everyone to the third-quarter 2024 Sonoco Products earnings conference call. (Operator Instructions) Thank you. I would now like to turn the conference over to Lisa Weeks, Vice President of Investor Relations. Ms. Weeks, you may begin.

女士們先生們，謝謝你們的支持。我叫克莉絲汀，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Sonoco Products 2024 年第三季財報電話會議。 （操作員說明）謝謝。我現在想將會議交給投資者關係副總裁 Lisa Weeks。威克斯女士，您可以開始了。

Thank you Christen, and thanks to everyone for joining us today for Sonoco's third quarter earnings call. 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 sonoco.com.

謝謝克里斯汀，也謝謝大家今天參加我們的索諾科第三季財報電話會議。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，供我們在本次電話會議期間參考。新聞稿和簡報可在我們網站 sonoco.com 的投資者關係部分線上取得。

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.

作為今天電話會議期間的提醒，我們將討論一些基於當前預期、估計和預測的前瞻性陳述。這些陳述並非對未來績效的保證，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 conditions 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 nongaap financial measures including definitions as well as reconciliations to GAAP measures is available under the investor relations section of our website. Please join me this morning in welcoming Howard Coker, President and CEO; Rob Dillard, Chief Financial Officer; and Roger Fuller, Chief Operating Officer for today's call.

有關公司使用非公認會計原則財務指標的更多信息，包括定義以及與公認會計原則指標的調節，請參閱我們網站的投資者關係部分。今天早上請和我一起歡迎總裁兼執行長霍華德·科克 (Howard Coker)；羅布·迪拉德，財務長；以及首席營運長羅傑·富勒 (Roger Fuller) 出席了今天的電話會議。

We will have a prepared remarks section regarding our results for the quarter and our outlook for the fourth quarter followed by a Q&A session. If you would please turn to page 5 in our presentation, I will now turn the call over to our CEO, Howard Coker.

我們將有一個關於本季業績和第四季度前景的準備好的評論部分，然後是問答環節。如果您願意翻到我們簡報的第 5 頁，我現在將把電話轉給我們的執行長 Howard Coker。

Thank you Lisa. Good morning everyone and thank you for joining our third quarter call. As we announced late yesterday, we had another solid quarter where we delivered sequential and year over year increases in adjusted EBITDA adjusted EBITDA margins and earnings during the third quarter, sales were $1.68 billion adjusted EBITDA was $281 million and EBITDA margins remained strong at 16.8% adjusted earnings per share were a $1.49 and operating cash flow was $162 million in the quarter.

謝謝麗莎。大家早安，感謝您參加我們的第三季電話會議。正如我們昨天晚些時候宣布的那樣，我們又經歷了一個穩健的季度，第三季度調整後EBITDA 利潤率和收益環比和同比增長，銷售額為16.8 億美元，調整後EBITDA 為2.81 億美元，EBITDA利潤率維持在16.8% 的強勁水準該季度調整後每股收益為 1.49 美元，營運現金流為 1.62 億美元。

In consumer volumes were higher year over year in metal packaging and TFP, Richard paper can volume recovery continues to pace below our expectations. But we're hopeful this will improve as we head into the next year.

由於金屬包裝和 TFP 的消費量同比增長，理查德紙罐銷量的恢復速度繼續低於我們的預期。但我們希望隨著明年的到來，這種情況會有所改善。

As expected, industrial volumes were flat sequentially. And up year over year in North America and Europe, industrial price/cost impacts remained ahead when which are expected to improve in the fourth quarter.

正如預期，工業銷售量環比持平。與去年同期相比，北美和歐洲的工業價格/成本影響仍領先，預計第四季將有所改善。

Overall, another solid quarter from the Sonoco team led by excellent productivity results of $39 million. And I just wanted to express thanks to the entire Sonoco family. This has been a difficult six week period when the first hurricane Helene track was posted. Sunoco had 63 facilities that were in the storm's potential path. We shut down operations and halted productions for the last three days of the quarter in the affected areas.

總體而言，Sonoco 團隊又一個穩健的季度取得了 3,900 萬美元的出色生產力成果。我只是想向整個索諾科家族表示感謝。當第一個颶風海倫軌跡發佈時，這是一個艱難的六週。 Sunoco 有 63 個設施位於風暴的潛在路徑上。本季最後三天，我們在受影響地區關閉了營運並停止了生產。

The supply chain disruptions continuing through the first week of October. A short time later, hurricane Milton made a path towards our operations in Florida with major damage to our plant city location. Through all this, we maintained our focus on caring for our people and finding creative ways to deliver products for our customers.

供應鏈中斷持續到十月第一週。不久之後，颶風米爾頓襲擊了我們在佛羅裡達州的工廠，對我們的工廠城市位置造成了嚴重破壞。透過這一切，我們始終專注於關心我們的員工並尋找創造性的方式為我們的客戶提供產品。

But to all the employees who gave generously to help your fellow team members and lift each other up during a time of need. We thank you if you please turn to page 6 where I'll provide an update on a few near term strategic priorities.

感謝所有在團隊成員有需要時慷慨解囊、互相幫助的員工。如果您請翻到第 6 頁，我們將表示感謝，我將在其中提供一些近期戰略重點的最新資訊。

We continue to operate with discipline by driving productivity from supply chain savings, production efficiencies and fixed cost reductions. These focus efforts are underpinned by portfolio simplification and focus capital investment which have resulted in $141 million of productivity. Through the end of the third quarter, I couldn't be more pleased with the efforts from the entire Sonoco team.

我們透過供應鏈節省、生產效率和固定成本降低來提高生產力，並持續遵守紀律。這些重點工作以投資組合簡化和重點資本投資為基礎，從而實現了 1.41 億美元的生產力。在第三季末，我對整個 Sonoco 團隊的努力感到非常滿意。

We also remain focused on cost optimization activities including footprint consolidations most notably in industrial, we're in the process of closing one paper mill and three paper converting operations in China. By the end of this year, these activities will continue across our global industrial network. That's part of our ongoing network optimization program.

我們也持續關注成本優化活動，包括足跡整合，尤其是在工業領域，我們正在關閉中國的一家造紙廠和三家紙張加工工廠。到今年年底，這些活動將在我們的全球工業網絡中繼續進行。這是我們正在進行的網路優化計劃的一部分。

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 2024 food and drink federations. We received the Sustainable Innovations Award for a monomaterial Pringles can or recognized for inspiring European consumer packaged goods companies for its fully recyclable packaging innovation linked to sustainability as a competitive differentiator in a rigid paper container business. And we continue to invest for future growth in these products.

在最近舉行的 2024 年食品和飲料聯合會上。我們因單一材料品客薯片罐頭獲得永續創新獎，或因完全可回收的包裝創新激勵歐洲消費品包裝公司而受到認可，該創新與永續性相關，是硬紙容器業務的競爭優勢。我們將繼續投資這些產品的未來成長。

Regarding additional strategic priorities, we were pleased to announce the acquisition of abiosis in late June representing an important milestone to scale our strategic metal packaging platform.

關於其他策略重點，我們很高興地宣佈於 6 月下旬收購 abiosis，這是擴大我們的策略金屬封裝平台的一個重要里程碑。

The approval processes are well underway and Roger and the team are making great progress on planning for seamless integration based on the current schedule, we expect to close the transaction in the fourth quarter of this year.

審批流程正在順利進行，羅傑和團隊在根據當前時間表進行無縫整合規劃方面取得了巨大進展，我們預計將在今年第四季完成交易。

If you'll turn to page 7, we're looking forward to the addition of Biosis, which will position Smoko as one of the leading metal food can and aerosol packaging manufacturers globally.

如果您翻到第 7 頁，我們期待 Biosis 的加入，這將使 Smoko 成為全球領先的金屬食品罐和氣霧劑包裝製造商之一。

So the combination of our existing innovative infrastructure and Ed dsis technically advanced and well invested manufacturing footprint, We look forward to serving both existing and new customers and unlocking new opportunities and tra and attractive in markets and geographies.

因此，將我們現有的創新基礎設施與 Ed dsis 技術先進和投資充足的製造足跡相結合，我們期待為現有和新客戶提供服務，並在市場和地區釋放新的機會和吸引力。

The financial profile of this combination is compelling, the transaction will be immediately accretive to earnings and cash flow and this year's returns are expected to be well in excess or I should say the 1st year returns well in excess of our cost of capital.

這種組合的財務狀況令人信服，交易將立即增加收益和現金流，預計今年的回報將遠遠超過我們的資本成本，或者我應該說第一年的回報將遠遠超過我們的資本成本。

But most importantly, it gives a strong, powerful operating platform in which to advance both commercial and operating improvements. It will help us continue to drive sustainable value and returns for our shareholders.

但最重要的是，它提供了一個強大、強大的營運平台，可以在其中推動商業和營運改善。它將幫助我們繼續為股東創造可持續的價值和回報。

You turn to page 8 in September. We announced that we were reviewing strategic alternatives for our thermoformed and flex flexible packaging business. EFP which is part of the consumer packaging segment.

你九月翻到第 8 頁。我們宣布，我們正在審查熱成型和軟包裝業務的策略替代方案。 EFP 是消費包裝領域的一部分。

The goal of the review is to accelerate Sonoco's portfolio simplification strategy. Improve pro forma leverage and continue to align value, creating capital investments to the highest return opportunities or to further increase shareholder value.

此次審查的目標是加快 Sonoco 的投資組合簡化策略。提高預期槓桿率並持續調整價值，創造資本投資以獲得最高回報機會或進一步增加股東價值。

With this expanded divestiture plan for TFP and a previously announced Thermosafe divestiture. The Neo will finance the eb acquisition with debt and cash and no longer plans to issue equity based on our current plans. We expect to reduce net leverage from previous estimates within 24 months of the sis acquisition.

隨著 TFP 的擴大剝離計劃和先前宣布的 Thermosafe 剝離。 Neo 將透過債務和現金為 eb 收購提供資金，並且不再計劃根據我們目前的計劃發行股權。我們預計在收購 sis 後 24 個月內，淨槓桿率將較先前的估計有所下降。

From a time perspective. We still expect to continue the strategic review of TFP through Q4 of this year if it has been a valuable part of the Smoko family for many years and the contributions have been and continue to be impactful for the company. And with that, I'm going to turn it over to Rob for a brief financial update. Rob.

從時間的角度來看。如果 TFP 多年來一直是 Smoko 家族的重要組成部分，並且其貢獻已經並將繼續對公司產生影響，我們仍然預計將在今年第四季度繼續對 TFP 進行策略審查。接下來，我將把它交給羅布，以獲取簡短的財務更新。搶。

Thanks Howard. I'm pleased to present the third quarter, 2024 financial results starting on page 10 of this presentation. Please note that all results are on an adjusted basis and all growth metrics on a year over year basis unless otherwise stated the GAAP to non-GAAP EPS reconciliation is in the appendix of this presentation as well as in the press release.

謝謝霍華德。我很高興從本簡報第 10 頁開始介紹 2024 年第三季的財務表現。請注意，所有結果均經過調整，所有成長指標均按年計算，除非另有說明，否則 GAAP 與非 GAAP 每股盈餘調節表位於本簡報的附錄以及新聞稿中。

As Howard said, we continue to deliver strong financial results through our enduring operating model and strong market positions. We grew adjusted EPS to $1.49 which was within our guidance range and exceeded the consensus analyst estimates.

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實現強勁的財務表現。我們將調整後每股收益提高至 1.49 美元，這在我們的指導範圍內，並且超出了分析師的普遍預期。

This result was driven by positive productivity of $0.31 per share and positive volume of $0.06 per share. Also by negative price, cost of $0.29 per share for the quarter sales decreased 2% to $1.68 billion as volume increases were also by negative price and negative $92 million from actions to exit or divest non strategic position.

這一結果是由每股 0.31 美元的正生產率和每股 0.06 美元的正成交量推動的。同樣由於負價格，本季每股銷售成本 0.29 美元下降了 2%，至 16.8 億美元，因為負價格和退出或剝離非戰略地位的行動導致銷量增加也導致了 9,200 萬美元的損失。

Excluding these strategic actions, net sales would have grown 3%. We continue to believe that divesting the protective solutions business exiting nonprofitable thermoforming markets and reclassifying the recycling business will increase our focus and execution volumes across our diversified portfolio were positive but mixed as several businesses experienced near double digit improvements.

排除這些策略行動，淨銷售額將成長 3%。我們仍然相信，剝離保護性解決方案業務退出非營利熱成型市場並對回收業務進行重新分類將增加我們的重點，我們多元化投資組合的執行量是積極的，但好壞參半，因為一些業務經歷了接近兩位數的成長。

While others had low or no growth overall volume was positive. Low single digits in the quarter as mid single digit increases in consumer and industrial offset declines in all other organic volume was positive low single digits as low single digit increases in consumer and all other offset. A marginal decline in industrial price impacted sales negative 1% or $17 million.

雖然其他地區的成長較低或沒有成長，但整體銷售量呈正值。由於消費者和工業抵消的中個位數成長，本季出現低個位數成長，所有其他有機銷量的下降為正低個位數，因為消費者和所有其他抵消成長了低個位數。工業價格的小幅下降導致銷售額下降 1%，即 1,700 萬美元。

Negative price was a product of contractual resets in new or existing long term contracts. We continue to execute our strategic pricing strategy and we're focused on balancing long term customer partnerships with improved price/cost adjusted EBITDA was $281 million and adjusted ebita margin was 16.8%. This is the highest adjusted EBITDA since Q3 2022 and the highest adjusted EBITDA margin since Q1 2022.

負價格是新的或現有的長期合約中合約重置的產物。我們繼續執行我們的策略定價策略，我們致力於平衡長期客戶合作關係與改善價格/成本調整後的 EBITDA 為 2.81 億美元，調整後的 EBITA 利潤率為 16.8%。這是自 2022 年第三季以來調整後的最高 EBITDA，也是自 2022 年第一季以來調整後的最高 EBITDA 利潤率。

When we had meaningful metal price overlap, we achieved this strong profitability through a tight focus on productivity and lower cost productivity was positive $39 million in the quarter. This was our seventh quarter of year over year productivity improvement.

當我們的金屬價格出現有意義的重疊時，我們透過密切關註生產力而實現了強勁的盈利能力，並且本季度較低的成本生產力為正 3900 萬美元。這是我們第七個季度生產力年增。

We anticipate that this trend will continue despite more challenging comparatives in Q4, price, cost was negative $37 million due to timing gaps between index driven price and cost changes on a year over year basis. While we anticipate sequential improvement in price/cost in Q4, we expect negative price costs on a year over year basis due to increased fixed and other expenses.

我們預計，儘管第四季度的比較更具挑戰性，但由於指數驅動的價格和成本同比變化之間的時間差距，價格成本為負 3700 萬美元，這一趨勢將持續下去。雖然我們預計第四季度價格/成本將連續改善，但由於固定費用和其他費用增加，我們預計價格成本將比去年同期出現負值。

Page 11 has our consumer segment results. Our consumer businesses achieved strong volume increases and drove earnings growth through positive productivity. Consumer sales were flat at $984 million. While volume growth in TFP and metal packaging drove mid single digits overall. Consumer volume increases.

第 11 頁顯示了我們的消費者細分結果。我們的消費業務實現了銷售的強勁成長，並透過積極的生產力推動了獲利成長。消費者銷售額持平於 9.84 億美元。 TFP 和金屬包裝的銷售成長推動了整體中個位數成長。消費量增加。

Our core customers continue to communicate that increased promotion is expected to increase demand and we expect a more predictable and improved trend as a result, consumer price decreased 2% due to index based price resets across the segment.

我們的核心客戶繼續表示，增加促銷預計將增加需求，我們預計趨勢將更加可預測和改善，由於整個細分市場基於指數的價格重置，消費者價格下降了 2%。

We expect this trend will continue in Q4, consumer adjusted EBITA increased 6% to $160 million due to strong performance in TFP and metal packaging. We have increasing conviction that our strategy of investing in our consumer segment is generating improved profitability through volume growth and productivity in the quarter, volume mix was positive $8 million and pro productivity was positive $18 million. This drove a 90 basis point increase and consumer adjusted ebita margin to 16.2%.

我們預計第四季度這一趨勢將持續，由於 TFP 和金屬包裝的強勁表現，消費者調整後的 EBITA 將成長 6%，達到 1.6 億美元。我們越來越相信，我們在消費領域的投資策略正在透過本季的銷售成長和生產力提高獲利能力，銷量組合為正 800 萬美元，專業生產力為正 1800 萬美元。這推動了 90 個基點的成長，消費者調整後的息稅前利潤率達到 16.2%。

On a more granular level R PC performed as expected with sales declining low single digits to low single digit volume declines. We have partnership relationships with our core customers in R PC and believe that these volume shortfalls are temporary and due to mix, this is not a trend and we expect that volume and mix will normalize soon.

在更細緻的層面上，R PC 的表現符合預期，銷售額下降到低個位數，銷量下降到低個位數。我們與 R PC 的核心客戶建立了合作夥伴關係，並相信這些銷售短缺是暫時的，並且由於混合，這不是一種趨勢，我們預計銷售和混合很快就會正常化。

EFB sales were flat as positive less single digits organic volumes and strong acquisition performance from Napal was all set by the impact of the exit of a nonprofitable thermoforming market.

EFB 銷售額持平，因為有機銷售減少了個位數，而 Napal 的收購表現強勁，都是由於無利可圖的熱成型市場退出的影響。

Metal packaging sales increased mid single digits as positive high single digits, organic volume was all set by negative index based price resets.

金屬包裝銷售額成長了中個位數，為正高個位數，有機銷售量全部由基於負指數的價格重置決定。

Template negotiations in 2025 or 2025 are ongoing. These negotiations are expected to last until the end of Q4 and we have no further updates currently page 12 has our industrial segment resolve industrial market conditions remain met and while we are optimistic, we continue to believe that we're in a U shaped market trend. Industrial sales increased 1% to $585 million.

2025年或2025年的模板談判正在進行中。這些談判預計將持續到第四季度末，目前我們沒有進一步的更新第 12 頁我們的工業部門解決工業市場條件是否仍然滿足，雖然我們很樂觀，但我們仍然相信我們處於 U 形市場趨勢。工業銷售額成長 1%，達到 5.85 億美元。

These results include the reclassification of recycling which reduced sales by $20 million in the quarter adjusted for the impact of recycling reclassification. Industrial sales would have increased 4% volume increased mid single digits and organic volume was marginally negative price increased low single digits due to index based price resets for maintaining strong margins and and industrial due to tight cost controls and operational efficiency.

這些結果包括回收的重新分類，根據回收重新分類的影響進行調整後，該季度的銷售額減少了 2000 萬美元。工業銷售將成長4%，銷售量增加到中個位數，有機銷售略有負值，價格增加到低個位數，這是由於為了保持強勁的利潤率而進行的基於指數的價格重置，而工業則是由於嚴格的成本控制和營運效率。

Industrial adjusted EBITA was $102 million as $18 million of positive productivity and $8 million of positive volume was offset by $23 million of negative price/cost page 13 has a result for the all other businesses.

工業調整後的 EBITA 為 1.02 億美元，其中 1800 萬美元的正生產力和 800 萬美元的正銷量被 2300 萬美元的負價格/成本所抵消，第 13 頁對所有其他業務都有結果。

All other sales were $107 million as the divesture of protective solutions meaningfully impacted sales excluding the impact of protective solutions, all of sales would have grown low single digits, all other adjusted EBITDA was $20 million as $4 million of productivity was all set by negative price/cost. Moving to page 14.

所有其他銷售額為1.07 億美元，因為剝離防護解決方案對銷售額產生了重大影響（不包括防護解決方案的影響），所有銷售額都會增長低個位數，所有其他調整後EBITDA 為2000 萬美元，因為400 萬美元的生產力全部由負價格決定/成本。移至第 14 頁。

Our capital allocation framework aligns with our business strategy to drive value creation through earnings growth and margin improvement. 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 the portfolio strategy and share purchases to return capital and maximize shareholder value.

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。我們資本配置模型的四大支柱是：資本投資，以推動成長和提高獲利能力；增加股息，以獎勵股東；計劃性併購，以實施投資組合策略；以及股票購買，以回報資本和最大化股東價值。

Our goal is to be the most disciplined deployer of capital in our industry. To achieve this goal, we utilize a dynamic capital allocation strategy that allocates capital to the best strategies and the best businesses. Through this. We expect it to improve roic and generate strong cash flow. Today, this strategy has generated impressive results.

我們的目標是成為業界中最有紀律的資本部署者。為了實現這一目標，我們採用動態資本配置策略，將資本分配給最佳策略和最佳業務。透過這個。我們預計它將改善資本回報率並產生強勁的現金流。如今，這項戰略已經產生了令人矚目的成果。

We have generated over $250 million of productivity since the beginning of 2023. And we have invested to we are investing to increase volumes in our core R PC and metal packaging businesses. We expect that these strategies will drive the next phase of growth and profitability improvement.

自 2023 年初以來，我們已經創造了超過 2.5 億美元的生產力。我們預計這些策略將推動下一階段的成長和獲利能力的提高。

In addition to these organic plans, we're preparing to close the acquisition of Ebio Sis in Q4. This acquisition and the evaluation of strategic alternatives for both PFP and Thermoset will enable more focused investment through our fewer bigger businesses strategy.

除了這些有機計劃外，我們還準備在第四季度完成對 Ebio Sis 的收購。此次收購以及對 PFP 和 Thermoset 策略替代方案的評估將透過我們更少的更大業務策略實現更集中的投資。

Following these transactions, each of our three core businesses will have a leading global market position through this. We expect to drive greater efficiency and improved customer support. We're excited about these next steps and we will provide further updates as our plans progress on page 15. We have our cash flow performance for the quarter.

這些交易完成後，我們的三大核心業務都將透過此獲得全球領先的市場地位。我們期望提高效率並改善客戶支援。我們對接下來的步驟感到興奮，隨著計劃的進展，我們將在第 15 頁提供進一步的更新。

Strong operating performance drove solid operating cash flow of $162 million. We're on track with all major capital initiatives. We invested $92 million in the quarter and we anticipate investing between $350 million and $375 million in 2024. Turning to page 16.

強勁的經營業績推動穩健的經營現金流達到 1.62 億美元。我們正在按計劃實施所有重大資本計劃。我們在本季投資了 9,200 萬美元，預計 2024 年投資在 3.5 億至 3.75 億美元之間。

The foundation of our value creation strategy is disciplined management of our investment grade balance sheet. This strategy provides sco incredible access to capital, strong liquidity and low cost. We're pleased that we utilize this access to capital to great effect in the financing of the acquisition.

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。這項策略為上合組織提供了令人難以置信的資金獲取管道、強大的流動性和低成本。我們很高興我們利用這種獲得資金的管道在收購融資中取得了巨大的效果。

We've now closed or secured commitments for the $3.9 billion to fund the acquisition. We received commitments for a two year $700 million delayed draw term loan in July. This term loan will be drawn to fund the EOS acquisition and is intended to be repaid with the proceeds from the sale of Thermosafe in 2025.

我們現已完成或已獲得 39 億美元的收購承諾。 7 月份，我們收到了為期兩年、價值 7 億美元的延期提款定期貸款承諾。這筆定期貸款將用於資助 EOS 收購，並計劃用 2025 年出售 Thermosafe 的收益來償還。

In September, we received commitments for a 364 day $1.5 billion delayed draw term loan. This term loan will be drawn to fund the EOS acquisition and it's intended to be repaid with the proceeds from the sale of TFP in 2025. Additionally, we expect to repay the 2025 maturities and other debt with the proceeds from the sale of TFP.

9 月，我們收到了 364 天 15 億美元延遲提取定期貸款的承諾。這筆定期貸款將用於為 EOS 收購提供資金，並計劃在 2025 年用出售 TFP 的收益來償還。

Finally, in September, we raised $1.8 billion in bond financing with maturities of 25 and 10 years to fund the VSS acquisition. This was an incredibly successful capital raise and it was over five times oversubscribed as a result.

最後，我們在 9 月籌集了 18 億美元的債券融資，期限分別為 25 年和 10 年，為 VSS 收購提供資金。這是一次非常成功的融資，因此超額認購超過五倍。

We were able to achieve a weighted average cost of debt on these bonds of 4.7%. We believe that this reflects investor confidence in our strategy and the strength of our credit position. This issuance was investment grade rated by Moody's S&P and Fitch.

這些債券的加權平均債務成本達到了 4.7%。我們相信，這反映了投資者對我們的策略和我們信用狀況實力的信心。本次發行獲得穆迪標準普爾和惠譽評等的投資等級。

We're committed to reducing debt and maintaining our investment grade credit rating and we're targeting to be below three times net leverage in 2026. Page 17 has our guidance for Q4, 2024 guidance for Q4, 2024 adjusted EPS is $1.15 to $1.35.

我們致力於減少債務並維持我們的投資等級信用評級，我們的目標是到2026 年淨槓桿率低於三倍。指導調整後每股收益為1.15 美元至1.35 美元。

We expect consumer volumes to grow low single digits in Q4 due to acquisitions and improvements in TFP and RPC. We expect industrial volumes will remain flat in Q4 as we do not yet anticipate a robust recovery price trends are expected to improve the price. Puls is still expected to be negative in Q4. OTC is expected to experience a typical seasonal decline in Q4 and the TB and chip index is expected to continue to reflect market increases.

我們預計，由於 TFP 和 RPC 的收購和改進，第四季度消費者數量將出現低個位數成長。我們預計第四季度工業產量將保持平穩，因為我們尚未預期強勁的復甦價格趨勢將提高價格。預計第四季普爾斯仍為負值。 OTC 預計將在第四季度經歷典型的季節性下降，而 TB 和晶片指數預計將繼續反映市場上漲。

We are reaffirming our guidance for full year 2024 adjusted EPS and tightening the range to $5.05 to $5.25. Similarly, we are reaffirming our full year 2024 adjusted EBITDA guidance of $1.5 billion to $1.9 billion and we are reaffirming our operating cash flow guidance of $650 million to $750 million.

我們重申對 2024 年全年調整後每股收益的指導，並將區間收窄至 5.05 美元至 5.25 美元。同樣，我們重申 2024 年全年調整後 EBITDA 指引為 15 億至 19 億美元，營運現金流指引為 6.5 億至 7.5 億美元。

Now, Roger will further discuss the outlook for the business.

現在，羅傑將進一步討論業務前景。

Thank you, Rob. If you please turn to page 18 for our view of segment performance drivers for the fourth quarter of 2024. In the consumer segment, we expect four core sales to be lower year over year due to a thermoforming facility closure and negative price/cost headwinds. We expect consumer volumes to be up year over year from improving demand and new business wins in our rigid paper containers and TFP businesses.

謝謝你，羅布。請參閱第 18 頁，了解我們對 2024 年第四季細分市場業績驅動因素的看法。我們預計，由於需求改善以及硬紙容器和 TFP 業務新業務的贏得，消費者數量將逐年增長。

Our sustainable solutions with Sonoco proprietary technology and design continues to be well accepted in the marketplace and metal cans for the fourth quarter, we expect seasonally lower food can volumes after the peak pack season in Q3. But in total, we expect metal can volume to be essentially flat year over year.

我們採用 Sonoco 專有技術和設計的可持續解決方案在第四季度繼續受到市場和金屬罐的廣泛接受，我們預計第三季包裝高峰季節後食品罐銷量將出現季節性下降。但總的來說，我們預計金屬罐銷量將比去年同期基本持平。

From a profitability perspective, we anticipate price/cost to be flat sequentially and down slightly year over year and productivity to continue to be positive across all our consumer business early in the fourth quarter. As Howard mentioned, we were impacted by a major facility damage to one of our large thermoforming operations in Florida and we lost approximately two weeks of operating time. We're working through insurance recoveries now for this damage and we'll try to resolve that during the quarter.

從獲利能力的角度來看，我們預計價格/成本將環比持平，年比略有下降，第四季初我們所有消費業務的生產力將繼續保持正值。正如霍華德所提到的，我們在佛羅裡達州的一家大型熱成型工廠受到重大設施損壞的影響，損失了大約兩週的運作時間。我們現在正在針對這一損失進行保險賠償，我們將盡力在本季解決這個問題。

Turning to industrial, we expect sales to be slightly down sequentially from last quarter and year over year including the impact of reclassification of our recycling businesses and the exit of some nonprofitable locations in Asia and Europe paper. Volumes are expected to be stable year over year.

談到工業，我們預計銷售額將比上季和去年同期略有下降，包括我們的回收業務重新分類以及亞洲和歐洲紙張一些非營利地點退出的影響。預計銷量將年比穩定。

Price/cost in North America will be positive in the fourth quarter. As contract pricing has been reset and input costs are lower. Overall price/cost will remain negative as price recovery is lagging in the rest of the world similar to consumer. We expect industrial productivity to be positive in the industrial businesses in the fourth quarter.

第四季北美的價格/成本將為正值。由於合約定價已經重置並且投入成本較低。整體價格/成本仍將維持負值，因為世界其他地區的價格復甦與消費者類似，落後。我們預計第四季工業企業的工業生產力將為正值。

Also as Howard mentioned, we continued on our footprint optimization journey beyond our actions in industrial China business. We are reviewing our network of operations throughout other geographies where we operate and anticipate future closures and consolidation in our other businesses. We expect lower sales from seasonality and from the divesture of our protective packaging business.

正如霍華德所提到的，除了我們在中國工業業務的行動之外，我們還繼續我們的足跡優化之旅。我們正在審查我們在其他地區運營的營運網絡，並預計未來將關閉和整合我們的其他業務。我們預計銷售額會因季節性和保護性包裝業務的剝離而下降。

In conclusion for the fourth quarter, the team's focus on strong execution in support of our customers footprint optimization and all forms of productivity will continue to be critical as we navigate the puts and takes of the current global environment.

最後，第四季的結論是，在我們應對當前全球環境的變化時，團隊專注於強大的執行力，以支援客戶的足跡優化和各種形式的生產力，這將繼續至關重要。

With that back to you Howard.

霍華德回到你身邊。

Thanks Roger. If you'll turn to page 20 I want to take a moment to remind everyone of the plans we laid out to deliver long term shareholder value in our February 2024 investor day. Over the next five years, we're targeting a just over $1.5 billion with the high team even Diors.

謝謝羅傑。如果您翻到第 20 頁，我想花點時間提醒大家我們在 2024 年 2 月投資者日制定的旨在實現長期股東價值的計劃。未來五年，我們的目標是略高於 15 億美元，其中包括 Diors 在內的高階團隊。

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

我們預計將產生 40 億至 50 億美元的累計營運現金流，同時我們仍致力於提供不斷成長且具競爭力的股息。

We're in full execution mode of our next air enterprise strategy with the integration of the highly strategic bios' acquisition further portfolio simplification strategy and execution of our long range plans and our legacy paper and metal packaging businesses.

我們正處於全面執行下一個航空企業策略的模式，整合高度策略性的 BIOS 收購，進一步簡化投資組合策略，並執行我們的長期計劃以及我們的傳統紙張和金屬包裝業務。

We expect to deliver these results in closing on page 21. We have a number of upcoming investor events through the end of the year as well as our next investor day. We're planning in February we look forward to providing updates in our journey in the coming months. And with that operator, please open the line request.

我們預計將在第 21 頁的結論中公佈這些結果。我們計劃在二月進行，並期待在未來幾個月內提供我們旅程的最新資訊。請透過該接線員開啟線路請求。

(Operator Instructions) Your first question comes from the line of George Staphos with Bank of America Securities. Please go ahead.

（操作員說明）您的第一個問題來自美國銀行證券公司的喬治‧斯塔福斯 (George Staphos)。請繼續。

Thanks so much. Hi, everyone. Good morning. Hope you can hear me. Okay. Thanks for the details. So I just wanted to bring up kind of a strategic question to start and I'm sure you've gotten this, you know, since the last conference calls that you've done EIO says you've outlined why this is a good acquisition in your view for Sonoco.

非常感謝。大家好。早安.希望你能聽到我的聲音。好的。感謝您提供詳細資訊。因此，我只想提出一個策略問題作為開始，我相信您已經明白了這一點，因為您在上次電話會議上 EIO 表示您已經概述了為什麼這是一次很好的收購您對 Sonoco 的看法。

You're getting a leading food and aerosol can business, etcetera. At the same time, you're doing the strategic review for TFP, which while maybe smaller is also a leading player in its markets. So help us understand what this potential trade if you will does to your return on capital and your capital intensity and your growth outlook for the company.

您將獲得領先的食品和氣霧罐業務等。同時，您正在對 TFP 進行策略審查，該公司雖然規模可能較小，但在其市場上卻是領先者。因此，請幫助我們了解這種潛在的交易會對您的資本回報率、資本強度以及公司的成長前景產生什麼影響。

So thanks George. You know, a lot of impact there as usual. What I would tell you is, let me start with your question about TFP, leading to, I mean, leading leading positions they have in the market, you know, you can question that. But yes, very good businesses. And in the segments that we serve and the niches we serve. You know, you're right, we have very strong market positions.

謝謝喬治。你知道，像往常一樣，那裡的影響很大。我要告訴你的是，讓我從你關於 TFP 的問題開始，我的意思是，他們在市場上擁有領先地位，你知道，你可以質疑這一點。但是，是的，非常好的企業。在我們服務的細分市場和利基市場中。你知道，你是對的，我們擁有非常強大的市場地位。

But as we looked at what it was going to cost from a capital outlay perspective, be it organic or inorganic. The size of the market opportunities within these niches really didn't think that that was going to going to take us to where we needed to be as we compared it to the strong capital demands that we have in our organic core paper can business. We've talked a lot about the investments we're making there globally.

但當我們從資本支出的角度來看它的成本時，無論是有機的還是無機的。當我們將其與我們有機核心紙罐業務的強勁資本需求進行比較時，這些利基市場機會的規模確實不會將我們帶到我們需要的地方。我們已經談論了很多我們在全球範圍內進行的投資。

And as we look at the, at the, at the metal side again, a niche market, but a much larger market where, you know, we will have a significant position on a global basis. And I feel like we stack all these up and frankly, as we finished our our five year strategic plan journey and look at that the amount of capital demand we had too many miles to feed. So at the end of the day, we're, we're trading up if you will in terms of market opportunity, size position and frankly different differentiation opportunities from a technology sustainability and growth perspective.

當我們再次審視金屬方面時，這是一個利基市場，但是一個更大的市場，你知道，我們將在全球範圍內擁有重要的地位。坦白說，當我們完成五年策略計畫旅程時，我覺得我們把所有這些都堆積起來，看看我們有太多里程需要滿足的資本需求量。因此，歸根結底，如果你願意的話，我們會在市場機會、規模地位以及從技術可持續性和成長角度坦率地說不同的差異化機會方面進行交易。

Okay. If I could, I just want to see if you have it. Do you have any kind of quantification, Howard or Rob in terms of what you think this would add to your return on capital, you know, a 0.2 points, what it may or may not do in terms of your growth rate organically going forward and the capital intensity. If there's any way you can dimensionalize it for us with figures.

好的。如果可以的話，我只是想看看你有沒有。霍華德或羅布，您是否有任何量化，您認為這會增加您的資本回報率，您知道，0.2 個點，它可能會或可能不會對您未來的有機增長率產生什麼影響，以及資本密集度。如果有什麼方法可以用數字為我們將其維度化。

And then my follow on, I'll turn it on, turn it over to the other folks. Assuming no change with TFP, right? You're doing a strategic review. What do you think your interest expense is on a going forward basis for Sonoco?

然後我會繼續，我會把它打開，把它交給其他人。假設 TFP 沒有變化，對吧？您正在進行戰略審查。您認為 Sonoco 未來的利息支出是多少？

And then let's assume you do move on from TFP. What would be the cost of debt for the debt you'd pay down with those proceeds? Thank you.

然後我們假設您確實不再使用 TFP。您用這些收益償還債務的債務成本是多少？謝謝。

Yeah, that's a good question. And we, we think a lot about capital return and capital efficiency is a core component of our strategy as we think about the businesses. One reason why we are pivoting as Howard said to these three core businesses is their capital efficiency and ability to generate return on investments in those businesses.

是的，這是一個好問題。當我們考慮業務時，我們對資本回報和資本效率進行了許多思考，這是我們策略的核心組成部分。正如霍華德所說，我們轉向這三個核心業務的原因之一是它們的資本效率和在這些業務中產生投資回報的能力。

As you know, kind of the current row depending upon how you calculate it is about as 12%. 12.1% is our current calculation. We expect that to meaningfully improve to the teams as we execute these transactions. The primary reason for that is recycling capital at a better basis.

如您所知，目前行的數量取決於您的計算方式，大約為 12%。 12.1%是我們目前的計算結果。我們希望在執行這些交易時能夠對團隊產生有意義的改進。主要原因是更好地回收資本。

You know, selling businesses at higher margins and buying at lower, lower and then also the capital efficiency of the remaining business. And so a quantification guide to that is pro forma for all these transactions will have added over a billion dollars in revenue and over $200 million of EBITDA and the capital investment required of the business will be the same if not less. And so the capital efficiency per capital required per dollar of EBITDA generated by the business will be less and the growth rates and ability to continue to invest in those businesses will be greater.

你知道，以較高的利潤出售業務並以較低的利潤購買，然後剩餘業務的資本效率也隨之降低。因此，所有這些交易的預期量化指南將增加超過 10 億美元的收入和超過 2 億美元的 EBITDA，並且業務所需的資本投資將是相同的，甚至更少。因此，企業產生的每美元 EBITDA 所需的人均資本效率將會更低，而成長率和繼續投資於這些企業的能力將會更高。

Rob, you said $20 million of EBITDA you said incremental.

Rob，你說 2000 萬美元的 EBITDA 是增量。

It'll be about $200 million depending on what you're doing with synergies there.

大約是 2 億美元，這取決於你在那裡利用協同效應做什麼。

I think you're also including Thermoset.

我想你還包括熱固性塑膠。

Also including Thermoset.

還包括熱固性材料。

The divesture of Thermoset, which we've announced and that'll be coming later in the year.

我們已經宣布剝離 Thermoset，並將於今年稍後推出。

And on the financing side of those questions.

在這些問題的融資方面。

Yeah. So for the interest expense, I mean, we're, we're committed and fully oriented to our plan and we've structured this plan and are progressing with the strategic alternatives for these two businesses with great effect.

是的。因此，對於利息支出，我的意思是，我們致力於並完全致力於我們的計劃，我們已經制定了該計劃，並正在為這兩項業務制定戰略替代方案，取得了巨大的效果。

We feel really confident that we're going to hit the base plan and that we'll be able to repay the term loans, which was why we did term loans for the easy repay ability. Those those term loans actually have higher cost of debt.

我們非常有信心，我們將達到基本計劃，我們將能夠償還定期貸款，這就是為什麼我們為了輕鬆償還能力而提供定期貸款。這些定期貸款實際上具有更高的債務成本。

They're, you know, so for plus 3 8, so they're kind of right now on the sixth of the percent of debt that we would be paying off on a pro forma basis. I think that pro forma for, you know, all of that completing, even with the repayment of the 2025 which are 1.8% our total cost of debt will be in the low four.

你知道，加 3 8，所以他們現在相當於我們預計要償還的債務百分比的六分之一。我認為，預計所有這些都完成後，即使在 2025 年償還 1.8% 的債務，我們的總債務成本也將處於低四位數。

We anticipate that even if we weren't to do these deals, which we fully intend to, that we could refinance those that capital at similar rates and thus it wouldn't affect our overall cost of debt meaningfully at all.

我們預計，即使我們不進行這些交易（我們完全打算這樣做），我們也可以以類似的利率為那些資本進行再融資，因此它根本不會對我們的整體債務成本產生有意義的影響。

All right, I'll turn it over. Thank you.

好吧，我把它翻過來。謝謝。

Thanks George.

謝謝喬治。

Your next question comes from the line of Ghansham Panjabi with Baird. Please go ahead.

你的下一個問題來自 Ghansham Panjabi 和 Baird 的對話。請繼續。

Hey guys, good morning. You know, just, focusing on, on the current operating outlook for the businesses that you do have, at least for now. What, what does it feel like in terms of, you know, the operating backdrop for industrial and consumer? Do you see any sort of, you know, green shoots on from a, on a volumetric basis? I understand the productivity and price/cost and so on and so forth. But in terms of your volumes as we look out to 2025 what is the base case at this point?

嘿夥計們，早安。您知道，只是專注於您現有業務的當前營運前景，至少目前是如此。就工業和消費者的營運背景而言，感覺如何？從體積上看，您是否看到任何形式的綠芽？我了解生產力和價格/成本等等。但就我們展望 2025 年的銷售量而言，目前的基本狀況是什麼？

Yeah. Thanks, got some, you know, first off, let's talk about from fourth quarter as we're, you know, probably into the end of October would say that we're pretty encouraged by the volume levels we're seeing. I think some of that however, is a carry over from the loss of the, or the downtime associated with the hurricanes.

是的。謝謝，有一些，你知道，首先，讓我們從第四季度開始討論，因為我們，你知道，可能到十月底會說我們對我們所看到的交易量水平感到非常鼓舞。然而，我認為其中一些是由於颶風造成的損失或停機造成的。

But, certainly a positive trend that we're, we're starting this quarter out on, you know, for next year. You know, we're, we're not building in a tremendous amount of optimism, low single digits up on the consumer side, basically flat on the industrial, because we aren't seeing, it still feels like particularly on the industrial side, feels like, we're still trying to crawl out of this, this slow down, you know, I will enforce the fact that the industrial team has done a fantastic job in terms of maintaining the margin profile, the productivity that we're seeing in this light, lighter environment.

但是，我們從本季開始，明年的趨勢肯定是正面的。你知道，我們並沒有建立起巨大的樂觀情緒，消費者方面的增幅較低，工業方面基本持平，因為我們沒有看到，但感覺仍然特別是在工業方面，感覺就像，我們仍在努力擺脫這種放緩，你知道，我將強調這樣一個事實，即工業團隊在維持利潤率和生產力方面做得非常出色。

But I'm looking for a, or expecting, a significant turnaround. Next year, what we are seeing on the consumer side is, real positive signs, then all set by, by, by some, some lower, lower volumes that we don't see as necessarily a secular, more of a mix related short term issue. But again, going into next year, we're going to be taking more of a conservative viewpoint there.

但我正在尋找，或期待，一個重大的轉變。明年，我們在消費者方面看到的是真正的積極跡象，然後全部由一些較低的銷售決定，我們認為這不一定是長期的，更多的是與混合相關的短期問題。但同樣，進入明年，我們將採取更多保守的觀點。

Got it. And then on the portfolio side, you know, obviously you're swapping large portions, right? With Ebio Sis and simultaneous strategic reviews, how are you managing the organization, you know, including your employees and also your customer customers during this period of uncertainty to sort of ensure execution, consistency.

知道了。然後在投資組合方面，你知道，顯然你正在交換很大一部分，對吧？透過 Ebio Sis 和同時進行的策略審查，您知道如何在這個不確定的時期管理組織，包括您的員工和您的客戶，以確保執行力和一致性。

And then just related to that Pro Forma for Ebio Sis and assuming you exit TFP and Thermosafe, what would be the split between metal and paper? And would you have any plastics left at that point?

然後，與 Ebio Sis 的 Pro Forma 相關，假設您退出 TFP 和 Thermosafe，金屬和紙張之間的差異是什麼？那時你還有剩餘的塑膠嗎？

Yeah, go, I really appreciate the question because that, you know, as I look at this organization and talk to you guys, this is the, the probably the largest spirit of change. This company has been through in our 125 year history.

是的，我真的很欣賞這個問題，因為，你知道，當我觀察這個組織並與你們交談時，這可能是最大的變革精神。這家公司已經走過了125年的歷史。

And so, how are we managing through what we need to accomplish is what smoke has always done is open, H1sty, communications, fairness. And frankly, you know, from, from a customer perspective, making sure that they were still receiving the, the tremendous service and quality that they've grown accustomed to from Sonoco as we go through this transition. Similarly, you know, the internal communications, etcetera, We're being very thoughtful on how we handle that.

因此，我們如何管理我們需要完成的事情，就是煙霧一直所做的事情，即開放、H1sty、溝通、公平。坦白說，您知道，從客戶的角度來看，在我們經歷這一轉變時，確保他們仍然能夠從 Sonoco 獲得他們已經習慣的優質服務和品質。同樣，你知道，內部溝通等等，我們對如何處理這個問題非常深思熟慮。

Second part of the question, metal versus paper. I don't know, the split is probably about 50%, 50%. And, you know, you have to effectively, we're out of single use plastic. We will main, but we are going to continue with our industrial plastics division which produces plastic cores, supports our res division, etcetera, but it's more durable. And I'm single use.

問題的第二部分，金屬與紙張。我不知道，比例大概是50%、50%左右。而且，你知道，你必須有效地採取行動，我們已經用完了一次性塑膠。我們將主要，但我們將繼續我們的工業塑膠部門，該部門生產塑膠芯，並支持我們的資源部門等，但它更耐用。而且我是一次性的。

So we will be, we'll talk extensively and when we're together in February, you know, predominantly from a consumer perspective, not predominantly fully parked in the two most recycled substrates with within within the recycling industry being paper, aluminum and steel.

所以我們會，我們會廣泛討論，當我們二月份聚在一起時，你知道，主要從消費者的角度來看，主要不是完全停在回收行業內的兩種回收最多的基材上，即紙張、鋁和鋼。

Okay, perfect. Thank you.

好的，完美。謝謝。

Your next question comes from the line of Matt Roberts with Raymond James. Please go ahead.

你的下一個問題來自馬特羅伯茲和雷蒙詹姆斯的對話。請繼續。

Thank you and good morning everybody. First off, I hope you all and all the team members that were impacted by the storms are, are recovering and doing well. My, my first question on productivity Roger, I mean, that continues to come in strong, you know, well above the initial $100 million that you laid out earlier in the year.

謝謝大家，大家早安。首先，我希望你們所有人以及所有受到風暴影響的團隊成員都已經康復並且一切順利。我的第一個問題是關於生產力的，羅傑，我的意思是，這將繼續強勁，你知道，遠高於你今年早些時候最初投入的 1 億美元。

So, were you able to realize these continued savings? And where is there still room for those for the games in four q irrespective of volume and do the games that you're seeing now have a any impact either on the timing or magnitude in, in regard to the longer term $300 million to $500 million that you laid out through 2028 last February?

那麼，您能夠實現這些持續的節省嗎？無論數量如何，第四季度的遊戲還有哪些空間？

Yeah, good question. You know, we talked in the last quarter, the quarter before, you know, we laid out that $300 million to $500 million range really based on volumes and, and the uncertainty around the global economy and global environment.

是的，好問題。你知道，我們在上個季度、上個季度進行過討論，你知道，我們實際上根據數量以及全球經濟和全球環境的不確定性制定了 3 億至 5 億美元的範圍。

But, you know, even at that time, I had confidence we could hit the high end of that range, assuming volume was reasonable. And obviously, the last 7, 8 quarters, we've done an excellent job delivering productivity.

但是，你知道，即使在那個時候，我也有信心我們可以達到該範圍的高端，假設交易量合理。顯然，過去 7、8 個季度，我們在提高生產力方面做得非常出色。

And that confidence really came from the capital we've invested in our businesses over the last 4 to 5 years, you know, in optimizing our global paper mill footprint investing and modernizing our, our most impactful production lines, consolidating unprofitable operations and investments in automation and all that takes time.

這種信心確實來自我們在過去 4 到 5 年裡對業務的投資，你知道，優化我們的全球造紙廠足跡，投資和現代化我們最有影響力的生產線，整合無利可圖的業務和投資自動化，而這一切都需要時間。

And what we're seeing now over the last few quarters, is it really, really kicking in? So I'm confident it can continue assuming volume stay, you know, where they are and improve some for the fourth quarter and our guidance, you know, we needed productivity some, it'll be positive.

我們在過去幾季所看到的情況，真的真的開始發揮作用了嗎？因此，我相信它可以繼續假設銷量保持不變，並在第四季度有所改善，而我們的指導，你知道，我們需要一些生產力，這將是積極的。

I think it's in the $20 million range in our, in our guidance simply because of the way the holidays fall this year in the middle of the week, you know, the last part of December is going to, our customers will take downtime and we'll probably follow our customers. So, you know, with the team staying focused to continue investments, we're making some still to come.

我認為在我們的指導中，這一數字在2000 萬美元的範圍內，這僅僅是因為今年的假期是在一周的中間，你知道，12 月的最後一部分即將到來，我們的客戶將需要停機，我們可能會關注我們的客戶。所以，你知道，隨著團隊繼續專注於投資，我們仍在進行一些投資。

We've got investments laid out for the next two years to continue to drive growth and productivity. So we're confident we'll re up that estimate on productivity in February when we're together. But my confidence is high, the team's confidence is high that will continue to to deliver going forward, even with the changes that we talked about, we're already preparing for those changes and how we'll change our investment strategy to focus on those three global leadership platforms.

我們已經為未來兩年​​進行了投資，以繼續推動成長和生產力。因此，我們有信心在二月我們齊心協力時，我們會重新提高對生產力的估計。但我的信心很高，團隊的信心很高，將繼續向前邁進，即使我們談到了這些變化，我們已經在為這些變化做好準備，以及我們將如何改變我們的投資策略以專注於這些變化三個全球領導平台。

Okay, great. Thank you very much for all that color there. And then my next question, maybe Rob on, on the divestitures, the thermo safe timing in [3,225] it seems more definitive at least, but still in line with the 12 to 18 months that you laid out previously given, it's still a year, year away. Is there anything that gives you more confidence in providing a more specific range for that business?

好的，太好了。非常感謝那裡的所有顏色。然後我的下一個問題，也許是 Rob，關於資產剝離，[3,225] 中的熱安全時間似乎至少更明確，但仍然符合您之前給出的 12 到 18 個月，這仍然是一年，一年後。有什麼能讓您更有信心為該業務提供更具體的產品系列嗎？

And, and I know you said no further updates on TFP, but it doesn't stop me from trying to see if you could provide any additional color in terms of transaction options or magnitude of the range that you're considering here in the fourth quarter. Thanks again for taking the questions.

And, and I know you said no further updates on TFP, but it doesn't stop me from trying to see if you could provide any additional color in terms of transaction options or magnitude of the range that you're considering here in the fourth四分之一.再次感謝您提出問題。

Yeah. Thanks Matt, both questions are, are really valid. I I think Thermosafe we're getting really positive performance from that business in the market. I think that we were waiting for a bit of an inflection point as they went through a bubble this year in volume and that business is performing really well as a result. I think that they've got a really ambitious growth and innovation plan that's going to show incredible incredibly well in the market.

是的。謝謝馬特，這兩個問題都非常有效。我認為 Thermosafe 的業務在市場上取得了非常積極的業績。我認為我們正在等待一個拐點，因為他們今年的銷量經歷了泡沫，因此業務表現得非常好。我認為他們有一個非常雄心勃勃的成長和創新計劃，這將在市場上表現得令人難以置信。

And that business is really well positioned to launch a process in the near future. We're, we're anticipating that through that process, with the interest that we've already gotten, we'll be able to run a very efficient process.

該業務確實處於有利位置，可以在不久的將來啟動流程。我們預計，透過這個過程，憑藉我們已經獲得的興趣，我們將能夠運行一個非常有效率的過程。

And in that, in the middle part of next year, with the funds available, you know, by the end of next year, for sure, the thermoset, the TFP process is well underway. We're running an option. We have advisers as we stated that are doing an excellent job. We feel really confident about how that process is unfolding.

明年中期，有了可用的資金，到明年年底，熱固性材料、TFP 流程肯定會順利進行。我們正在運行一個選項。正如我們所說，我們的顧問做得非常出色。我們對這一過程的進展非常有信心。

A high degree of confidence in how the business is performing throughout that process, which is always a great indicator of success in a process. I think the management team doing a great job and that we feel, you know, as always when you're selling a business, you start to realize how great it is.

對業務在整個流程中的表現抱持高度信心，這始終是流程成功的重要指標。我認為管理團隊做得很好，我們覺得，你知道，當你出售一家企業時，你會開始意識到它有多棒。

And then when you, it's hard to kind of let things go, but we're committed to kind of getting this portfolio simplified in the, in the right way. And EFP was just the next step in that. And so we feel like we'll have a signed agreement in six weeks or so. And we're excited about announcing that and then getting that those, those funds in the bank.

然後當你，很難放手，但我們致力於以正確的方式簡化這個投資組合。 EFP 只是下一步。所以我們覺得我們將在六週左右的時間內簽署一份協議。我們很高興宣布這一消息，然後將這些資金存入銀行。

And then let, let me just add the, I've been asked a few times, so I'll just preempt it if someone wants to ask it is that you know, with the safe, this is a capacity issue for us in terms of, of deals.

然後讓我補充一下，我已經被問過幾次了，所以如果有人想問的話，我會先發製人，你知道，對於保險箱來說，這對我們來說是一個容量問題的、交易的。

So, you know, we're, we're at the tail end of of obviously the Adios, right in the middle of the PP, we don't have the human capital to try to do a thermo safe at the same time. So that, that's why we're doing the back to back. And as, as Rob indicated, you know, we expect the performance to be alive and well early and in the, in the first half of next year.

所以，你知道，我們顯然處於 Adios 的尾部，就在 PP 的中間，我們沒有人力資本來嘗試同時做一個熱保險箱。所以，這就是我們背對背進行的原因。正如羅布所指出的，你知道，我們預計明年上半年的表現將會很好。

That'll make sense. Appreciate the additional color there.

這是有道理的。欣賞那裡的額外顏色。

Your next question comes from the line of Anthony Pettinari with Citi. Please go ahead.

你的下一個問題來自花旗集團的安東尼·佩蒂納裡（Anthony Pettinari）。請繼續。

Good morning. Is it possible to talk a little bit more about? Hey, is it possible, can you talk a little bit more about the decision making process? You know, for potentially exiting single use plastic?

早安.是否可以多談一點？嘿，有可能嗎，能多談談決策過程嗎？您知道，對於可能退出的一次性塑膠嗎？

And I guess what I'm asking is, you know, was this purely kind of an ROIC decision that you would just make for any business or were you, you know, kind of contemplating sustainability trends or regulatory or, or getting feedback from customers or other stakeholders that kind of made you want to accelerate the move out of consumer plastic, you know, more into metal and paper. Just curious if you could kind of walk us through the decision making process.

我想我要問的是，你知道，這純粹是你為任何企業做出的投資回報率決定，還是你，你知道，是在考慮可持續發展趨勢或監管，或者從客戶那裡獲取反饋或其他利害關係人讓你想要加速從消費塑膠轉向金屬和紙張。只是好奇您能否引導我們完成決策過程。

Yeah. You, after this goes back to, gosh, 345 years ago when we have leadership team, it was took a hard look as, as you guys would recall, we we had a lot of complexity within our portfolio. So we spent the first couple of years this, this this leadership team and looking at all of our businesses and, and evaluating certainly the financial methods that, that you, you you referenced.

是的。你們，天哪，345 年前，當我們擁有領導團隊時，我們進行了認真的審視，因為你們可能還記得，我們​​的投資組合中有很多複雜性。因此，我們在最初的幾年裡，這個領導團隊審視了我們所有的業務，並評估了您所引用的財務方法。

But where, which one, which ones of these have the potential in and of themselves to, to be a, a major future core platform or Sonoco where we significantly number one or number two and in the selected markets and, and, you know, a lot of analysis went into that financially as well as as none.

但是，其中哪一個、哪一個本身有潛力成為未來主要的核心平台或 Sonoco，我們在選定的市場中排名第一或第二，而且，你知道，很多分析都涉及到財務方面，但也有沒有。

And that's where we decided, as you recall, we created the all other category to start with. And we've been whittling away at that and then, certainly the, the TFEP combined asset played played a role in that sustainability was not part of the conversation.

正如您所記得的，這就是我們決定創建所有其他類別的地方。我們一直在削減這一點，然後，當然，TFEP 合併資產發揮了作用，因為永續性不是對話的一部分。

There is, I firmly believe we firmly believe that there's a fit for purpose needs for for all of all of the products in their applications, but it certainly doesn't hurt with the story at the end of the day, Italy and other parts of the world.

我堅信，我們堅信，其應用中的所有產品都有適合用途的需求，但這肯定不會影響最終的故事，義大利和其他地區世界。

Got it, got it. No, it's very helpful. And then I'm just wondering on Metalpack, I mean, you saw positive price/cost and organic volume growth, you know, despite what seemed like a pretty weak, pack season, at least for, for many crops.

明白了，明白了。不，這很有幫助。然後我只是想知道 Metalpack，我的意思是，你看到了積極的價格/成本和有機銷量增長，你知道，儘管包裝季節看起來相當疲軟，至少對於許多作物來說是這樣。

I'm just wondering if you could talk a little bit more about sort of the, the drivers of the strong performance and how you kind of characterize inventories across, aerosol and food when you kind of look at the customer base.

我只是想知道您是否可以多談談強勁業績的驅動因素，以及當您關注客戶群時如何描述氣霧劑和食品的庫存特徵。

Yeah. What, what I'd say, on the food side, slightly down actually. But if you take in consideration, if you recall fourth quarter, last year, we had a customer that went bankrupt on us, we had to take the right down you, you know, so that obviously is lost volume. So effectively, our food can volume was about flat driver there.

是的。我想說的是，在食物方面，實際上略有下降。但如果你考慮一下，如果你記得去年第四季度，我們有一個客戶破產了，我們必須把你的權利拿下來，你知道，所以這顯然是銷售損失。如此有效地，我們的食品罐體積大約是平坦的驅動器。

You know, good mix of customers with good pack season coupled with a bit of share gain within existing customers. On the aerosol side, we're seeing return to normalcy if you will. I think aerosols, if we talk about, you know, inventory bills, de stocking post COVID, you can certainly tie yourself to disinfectants where someone bought a case and it is taking them a while to work through what we're seeing from our our legacy customers is coming back to pulling at normalized rates.

你知道，良好的客戶組合和良好的包裝季節，再加上現有客戶的一些份額增長。在氣溶膠方面，如果你願意的話，我們會看到恢復正常。我認為，如果我們談論氣溶膠，你知道，庫存賬單，新冠疫情後的去庫存，你肯定可以將自己與消毒劑聯繫起來，有人買了一箱，他們需要一段時間才能解決我們從我們的報告中看到的情況。

The, the second thing that's happened, mid year was a smaller competitor in the market and decided to drop out and that certainly introduced the micro volume as well. So the combination and that and on the aerosol side.

第二件事發生在年中，市場上一個較小的競爭對手決定退出，當然也引入了微量。所以組合和氣霧劑方面。

Okay. That, that's super helpful. I'll turn it over.

好的。那，這非常有幫助。我會把它翻過來。

Sure.

當然。

Your next question comes from the line of Mark Weintraub with Seaport Research Partners. Please go ahead.

您的下一個問題來自 Seaport Research Partners 的 Mark Weintraub。請繼續。

Thank you. I just want to follow up a little bit on the M&A since it really just strikes me that you don't seem to be getting any credit for this transformation. If you can deliver the types of things you're talking about in terms of accretion.

謝謝。我只想對併購進行一些跟進，因為讓我印象深刻的是，您似乎沒有從這種轉變中獲得任何榮譽。如果你能在累積方面提供你正在談論的事情類型。

And, and first, thank you for the explanation on timing with Thermosafe that was very clear and helpful. One of the other questions that I think is coming up is, you know, to getting to that $200 million of EBITDA accretion, it sort of it, it embeds like $430 million from Aosis and, and I see that you are reiterating that in your, your slide deck, which is great.

首先，感謝您對 Thermosafe 計時的解釋非常清晰且有幫助。我認為即將出現的其他問題之一是，你知道，為了實現 2 億美元的 EBITDA 增值，它從 Aosis 中嵌入了 4.3 億美元，而且我看到你在你的報告中重申了這一點。的幻燈片，非常棒。

But you know, if you look to the first six months, the EBITDA was not at that type of run rate. And, and so I just wanted to check in and get a sense as to what level of confidence do you have at this juncture? Are you getting the updates so that you have good visibility that, that, that really is a good base number to be using as we try to analyze the net effect of these transactions.

但你知道，如果你看看前六個月，你會發現 EBITDA 並不是這樣的運作率。所以我只是想檢查一下，了解一下您此時此刻的信心程度如何？您是否獲得了更新，以便您能夠很好地了解，當我們嘗試分析這些交易的淨效應時，這確實是一個很好的基數。

Yeah, mark that that's the number we continue to use. No, we have not received a firm year-to-date number at this point in time. But the indications are we, we, we should be right around where we targeted.

是的，請注意，這是我們繼續使用的號碼。不，我們目前尚未收到確切的年初至今的數字。但跡象表明，我們、我們、我們應該就在我們的目標附近。

So we're not concerned about that at all. In fact, you know, Roger can speak to it, but as we've noted Rogers heading up the integration, spend a lot of time in Europe with the team. All of that is going extremely well and I think if anything, we're walking away with a strong resolve in terms of our targets around synergies and opportunities there. Yeah.

所以我們根本不擔心這個。事實上，你知道，羅傑斯可以對此進行討論，但正如我們所注意到的，羅傑斯領導了整合，在歐洲與團隊一起度過了很多時間。所有這一切都進展得非常順利，我認為，如果有什麼不同的話，那就是我們在圍繞協同效應和機遇的目標方面帶著堅定的決心離開。是的。

Yeah. Mark seasonally reos this third quarter is their strongest quarter and that carries pretty strongly into October the first of the fourth quarter as well. So it's hard to look at the first half results and, and annualize that as Howard said, we don't have that update yet, but we'll get it soon.

是的。標記季節性重新調整，第三季度是他們最強勁的季度，這也相當強勁地延續到十月第四季的第一季。因此，很難看到上半年的結果，正如霍華德所說，我們還沒有更新，但我們很快就會得到它。

But they're in the middle of their heavy season in October, like our October seems to be in pretty good shape and yeah, great. They have a fantastic leadership team developing good relationships, focusing on all the planning that goes into the integration. And in the day one, obviously, there are a lot of things we, we don't know yet, but doing a lot of communication, spend a lot of time with the team and getting very comfortable with the synergy targets that we laid out.

但十月正處於旺季中期，就像我們的十月似乎狀況相當好，是的，太棒了。他們擁有一支出色的領導團隊，建立了良好的關係，專注於整合過程中的所有規劃。顯然，在第一天，我們還有很多事情還不知道，但是我們進行了大量的溝通，花了大量的時間與團隊在一起，並對我們制定的協同目標感到非常滿意。

And mark your first your opening comments. It doesn't feel like we're getting a lot of credit for what's to come. Thank you. Agree with that 100%. We are a deal of a century is my, my viewpoint in terms of where we're trading at, at this point in time. But I mean, uncertainty, you know, I get it.

並標記您的第一個開場白。感覺我們並沒有因為即將發生的事情而得到很多讚譽。謝謝。 100%同意這一點。我們是一個世紀的交易，這是我對目前我們的交易狀況的看法。但我的意思是，不確定性，你知道，我明白。

We got a lot going on. I opened up by saying that we're at the, the, this is not the norm for SCA we are in the midst of, more change in this company if I'm ever undertaken in its history. But we are extremely excited, confident and, we think that, you know, we know we will, we will, we will, move out our forecasts and our expectations and, and the market was fine accordingly.

我們發生了很多事情。我一開始就說，如果我在這家公司的歷史上經歷過的話，這不是 SCA 的常態，我們正處於這家公司的更多變革之中。但我們非常興奮、自信，我們認為，我們知道我們會、我們會、我們會提出我們的預測和期望，市場也相應地很好。

Appreciate the color.

欣賞顏色。

(Operator Instructions) Your next question comes from the line of George Staphos with Bank of America Securities. Please go ahead.

（操作員說明）您的下一個問題來自美國銀行證券公司的 George Staphos。請繼續。

Hi, thanks for taking the follow on guys. If I was hoping you could maybe give us a bit more detail in terms of what you're seeing in the industrial markets, you've got some positive momentum on urb pricing which is good. You said industrial markets are still sort of trying to crawl out from the recovery or into a recovery. Can you give us a sense for what the cadence of volume has been.

嗨，感謝您對大家的關注。如果我希望您能向我們提供有關您在工業市場中所看到的情況的更多詳細信息，那麼您在城市定價方面獲得了一些積極的勢頭，這是很好的。您說工業市場仍在嘗試走出復甦或進入復甦。您能否讓我們了解音量的節奏是如何的？

And there's been a lot of discussion, you know, on the earnings calls, we were just at one of the industry conferences about, you know, the supply of boxboard globally. Recognizing that you are being what you do is, is very much a niche nonetheless, are you seeing any pressure from the supply that's out there in the boxboard markets or really not that big of a deal at all for many reasons including your integration.

你知道，在財報電話會議上，我們剛剛參加了一場行業會議，討論了全球紙板的供應情況。儘管如此，認識到自己所做的事情在很大程度上是一個利基市場，您是否看到了來自紙板市場供應的任何壓力，或者由於包括整合在內的多種原因，實際上根本沒有那麼大的問題。

So, pricing trends, how is that moving demand? What kind of cadence in the third quarter into the fourth quarter? And the outlook for next year is flat? Why if you're improving and then supply on, on, on boxboard globally and what it means for you or, or not? Thanks guys. Good luck in the quarter.

那麼，定價趨勢如何影響需求？第三節到第四節的節奏是怎麼樣的？明年的前景是否平淡？為什麼如果你正在改進，然後在全球範圍內供應紙板，這對你意味著什麼？謝謝你們。祝本季好運。

Hey George, it's Roger. I'll try to give you some color and if you have a follow up to that fine. But yeah, tubing core volumes, especially in North America have been, it's been pretty good the last two quarters. Up a couple of percent in the third quarter. It's just, but it's just been uneven and that's what we've seen really across the board.

嘿喬治，我是羅傑。我會盡力給你一些建議，如果你有後續行動，那就罰款。但是，是的，管材核心銷量，尤其是在北美，過去兩個季度的表現相當不錯。第三季成長了幾個百分點。只是，但情況並不均衡，這就是我們所看到的全面情況。

Even in the paper side of our business, you'll feel like you're really seeing some volume push up and then it, then it softens up. But if you look at the third quarter, specifically, paper mill cores and film cores are both strong on a year over year basis, which, you know, we feel like is driven by, you know, consumer spend and retail on food and other types of products.

即使在我們業務的紙本方面，您也會感覺確實看到成交量有所上升，然後又減弱。但如果你具體看看第三季度，造紙廠核心和薄膜核心同比都很強勁，你知道，我們覺得這是由消費者在食品和其他方面的支出和零售推動的產品類型。

On the other side, textiles, protective packaging and white goods is very weak. And that's something we've seen in the last couple of quarters. So it kind of bounces from quarter to quarter if you look at the fourth quarter, you know, we expect it to be basically flat in North America.

另一方面，紡織品、防護包裝和白色家電則非常疲軟。這就是我們在過去幾個季度看到的情況。因此，如果你看看第四季度，它會逐季度反彈，你知道，我們預計北美的情況基本上持平。

The real weakness that we're seeing and driving that global industrial number down is outside the US Asia very, very slow in both paper and tubing core. Even ex the what the work we're doing to exit China industrial, the rest of the Asian market very slow. Europe, a lot more competitive on the boxboard side, on the tubing core side and we've seen weakness there.

我們看到並導致全球工業數據下降的真正弱點是美國以外的亞洲地區，紙張和晶片的速度非常非常慢。即使除了我們正在做的退出中國工業的工作外，亞洲其他市場的發展也非常緩慢。歐洲，在紙板方面和晶片方面競爭更加激烈，我們已經看到了那裡的弱點。

We've exited the Greece market. So we're doing our best to get out of nonprofitable operations, but all in all pretty uneven and that's why we're calling it flat next year because you just don't see any sustainable trends. As you look as you look forward on the urb side, you know, capacity in the third quarter for us was still pretty strong in North America, about 94% globally, about 89% because we were driven down by Europe and Asia.

我們已經退出希臘市場。因此，我們正在盡最大努力擺脫非營利業務，但總的來說，情況相當不平衡，這就是為什麼我們稱明年持平，因為你看不到任何可持續的趨勢。當你展望城市方面時，你知道，第三季北美的運力仍然相當強勁，佔全球的 94%，約 89%，因為我們受到歐洲和亞洲的推動。

We expect that to come down some in the fourth quarter simply because of the holidays pretty normal. In the high 80s probably. But yeah, we're not, again, we get the question all the time. Boxboard imports or URB imports, we see a little bit of that. We don't see anything that's changed substantially.

我們預計第四季度這一數字會有所下降，因為假期很正常。大概在80年代中期。但是，是的，我們並不是一直都被問到這個問題。紙板進口或 URB 進口，我們看到了一些。我們沒有看到任何實質的改變。

But we're seeing the same thing in our paper market is tissue tile was strong in the third quarter. It seems to be slowing some in the fourth quarter, probably just inventory adjustments. So, you know, it's the reason we're saying flat next year because there's just no sustainable trends that really tie to on a, you know, on a, on a multi quarter basis.

但我們在紙張市場上看到同樣的情況，即衛生紙在第三季表現強勁。第四季似乎放緩，可能只是庫存調整。所以，你知道，這就是我們說明年持平的原因，因為沒有真正與多季度基礎相關的可持續趨勢。

I should, I, I had gotten a question coming in. I'll, I'll relate it on behalf of somebody. Do you expect any regulatory hiccups with Eev OSIS if you can comment there? And then also the question, why do you think what's going on in, in our PC is not secular as opposed to just timing? Thanks guys. And, and now good luck for the quarter.

我應該，我，我收到了一個問題。如果您可以發表評論，您預計 Eev OSIS 會出現任何監管問題嗎？還有一個問題，為什麼你認為我們的電腦中發生的事情不是世俗的，而不僅僅是時間？謝謝你們。現在祝本季好運。

Yeah. Thanks for George. No, we don't, we don't, we've, we've received clearance A across the board and are now in the countdown phase with, with the C MA. So we, we don't expect any, any issues there. Yeah, R PC, you know, really, you can tie it to just a couple of customers.

是的。謝謝喬治。不，我們沒有，我們沒有，我們已經收到了全面的 A 許可，現在正處於 C MA 的倒數階段。所以我們預計不會有任何問題。是的，R PC，你知道，真的，你可以將它與幾個客戶聯繫起來。

And frankly, if you were, if it was their conference call, they'd be saying, hey, logs have been pretty good. They measure their, their performance as it relates to kilos of product based, they've, they've produced and shipped and it's been good.

坦白說，如果你是，如果這是他們的電話會議，他們會說，嘿，日誌非常好。他們衡量他們的績效，因為這與基於產品的公斤數有關，他們已經生產和運輸了，而且效果很好。

But it's created a mix issue for us as they've gone through slightly larger packs versus smaller packs. So it's a math math issue in terms of units run through our PC organization. That's why I say this, this happens, you know, it can be a quarter or two and then it turns back and we, we get back to a normalized mix.

但這給我們帶來了一個混合問題，因為他們經歷了稍微大一點的包裝和較小的包裝。因此，這是一個以我們 PC 組織運行的單位為單位的數學問題。這就是為什麼我這麼說，這種情況發生了，你知道，可能會持續一兩個季度，然後它會回來，我們回到正常化的混合狀態。

Okay, thanks so much for all the time guys. Have a great one.

好的，非常感謝大家一直以來的支持。祝你玩得開心。

All right, thanks.

好的，謝謝。

Your final question comes from Gabe Hajde with Wells Fargo. Please go ahead.

最後一個問題來自富國銀行的 Gabe Hajde。請繼續。

Good morning everyone. Two questions. Roger, I think you made a reference to 10 vending chip prices continuing to move up and I was curious if, if there's an active price increase in the marketplace that we're not aware of or haven't seen. Meaning was that a reference to indices moving higher or is this just a function of what's been posted working through your contracts?

大家早安。兩個問題。羅傑，我認為您提到了 10 個自動售貨晶片價格持續上漲，我很好奇市場上是否存在我們不知道或沒有看到的積極價格上漲。意思是指指數走高，還是這只是透過您的合約發布的內容的函數？

Yeah, I think I was in Rob's prepared comments. Okay. But yeah, we, we're, we're we're okay where it is, we don't expect it to move higher this year. So at this point, you know, with OCC coming down, we expect it'll be flat for the balance of the year.

是的，我想我在羅布準備好的評論中。好的。但是，是的，我們，我們，我們現在的情況還好，我們預計今年不會走高。所以在這一點上，你知道，隨著 OCC 的下降，我們預計今年剩餘時間將持平。

Okay. Must have misheard that and then there's some consolidation in a couple of your big customers. Just curious looking back in history, how that's impacted the business, if at all.

好的。一定是聽錯了，然後你的幾個大客戶進行了一些整合。只是好奇回顧歷史，看看這對業務有何影響（如果有的話）。

You know, what I tell you is not exactly which one you're talking about, it has been very positive. You know, I guess I don't want to get into brands, but you know, typically when you, when we see a consolidation like this, there we, we, we see a much more activity in terms of, of promotion of the brand.A

你知道，我告訴你的並不完全是你在談論的那個，它是非常積極的。你知道，我想我不想涉足品牌，但是你知道，通常當你，當我們看到這樣的整合時，我們，我們，我們看到在促銷方面有更多的活動品牌A

nd in this particular example, tremendous opportunities to increase distribution chains and channels where the previous may not have had a strong presence. So we're bullish. And frankly, we have great relationships with all of our customers and, and, and, and the example that you're citing, I say the same there.

在這個特殊的例子中，存在著增加分銷鍊和通路的巨大機會，而先前的分銷鍊和通路可能沒有強大的影響力。所以我們看漲。坦白說，我們與所有客戶都建立了良好的關係，並且，以及，以及您引用的例子，我也這麼說。

So we think there's a, this is a very, very positive thing and the, the the the prior owners have done a fantastic job and reinvigorating the brand and we expect that there's going to be even more coming.

因此，我們認為這是一件非常非常積極的事情，之前的所有者做了出色的工作並重振了品牌，我們預計會有更多的事情發生。

Great. Thank you guys. Good luck.

偉大的。謝謝你們。祝你好運。

Thanks, Gabe.

謝謝，加布。

And that concludes our question and answer session. I will now turn the conference back over to Lisa Weeks for closing remarks.

我們的問答環節到此結束。現在我將把會議轉回麗莎·威克斯進行閉幕致詞。

Yeah, thank you, everyone for joining us today. As Howard noted, we're going to be out and about in the fourth quarter. We look forward to speaking with you and seeing you at our Investor Day in February.

是的，謝謝大家今天加入我們。正如霍華德所說，我們將在第四季外出走動。我們期待與您交談並在二月份的投資者日見到您。

If you have any questions, please don't hesitate to reach out and we'll be happy to take any follow ups that you may have. Thank you again and hope you all have a wonderful day.

如果您有任何疑問，請隨時與我們聯繫，我們將很樂意採取任何後續行動。再次感謝您並希望大家度過愉快的一天。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation and you may now disconnect.

女士們先生們，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。