Simpson Manufacturing Co Inc (SSD) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Simpson Manufacturing Co third quarter 2025 earnings conference call. (Operator Instructions)

各位好，歡迎參加辛普森製造公司2025年第三季財報電話會議。（操作說明）

It is now my pleasure to introduce your host, Kim Orlando of Investor Relations. Thank you. You may begin.

現在，我很高興為大家介紹主持人，投資者關係部門的 Kim Orlando。謝謝。你可以開始了。

Good afternoon, ladies and gentlemen, and welcome to Simpson Manufacturing Co.'s third quarter 2025 earnings conference call.

女士們、先生們，下午好，歡迎參加辛普森製造公司2025年第三季財報電話會議。

Any statements made on this call that are not statements of historical fact are forward-looking statements. Such statements are based on certain estimates and expectations and are subject to a number of risks and uncertainties. Actual future results may vary materially from those expressed or implied by the forward-looking statements.

本次電話會議中除歷史事實陳述外，所有陳述均為前瞻性陳述。此類聲明是基於某些估計和預期，並受到許多風險和不確定性的影響。實際未來結果可能與前瞻性聲明中明示或暗示的結果有重大差異。

We encourage you to read the risks described in the company's public filings and reports, which are available on the SEC's or the company's corporate website. Except to the extent required by applicable securities laws, we undertake no obligation to update or publicly revise any of the forward-looking statements that we make here today, whether as a result of new information, future events or otherwise.

我們建議您閱讀公司公開文件和報告中所述的風險，這些文件和報告可在美國證券交易委員會或公司官網上查閱。除適用證券法律要求的情況外，我們不承擔任何義務更新或公開修訂我們今天在此作出的任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因。

On this call, we will also refer to non-GAAP measures such as adjusted EBITDA, which is reconciled to the most comparable GAAP measure of net income in the company's earnings press release.

在本次電話會議中，我們也將提及非GAAP指標，例如調整後的EBITDA，該指標已在公司獲利新聞稿中與最可比較的GAAP淨利指標進行了核對。

Please note that the earnings press release was issued today at approximately 4:15 PM Eastern Time. The earnings press release is available on the Investor Relations page of the company's website at ir.simpsonmfg.com. Today's call is being webcast, and a replay will also be available on the Investor Relations page of the company's website.

請注意，盈利新聞稿於今天下午 4:15（美國東部時間）左右發布。本公司獲利新聞稿可至本公司網站 ir.simpsonmfg.com 的投資者關係頁面查閱。今天的電話會議將進行網路直播，回放也將在公司網站投資者關係頁面提供。

Now I would like to turn the conference over to Mike Olosky, Simpson's President and Chief Executive Officer.

現在我謹將會議交給辛普森總裁兼執行長麥克‧奧洛斯基。

Thanks, Kim. Good afternoon, everyone, and thank you for joining today's call. I'm joined by Matt Dunn, our Chief Financial Officer. Today, I'll share highlights from our third quarter performance, key developments across our end markets and progress on our strategic initiatives. Matt will then walk through the financials and our updated fiscal 2025 outlook.

謝謝你，金。各位下午好，感謝各位參加今天的電話會議。和我一起的是我們的財務長馬特鄧恩。今天，我將與大家分享我們第三季的業績亮點、我們在終端市場的主要發展以及我們在策略舉措方面取得的進展。接下來，Matt 將詳細介紹財務數據和我們更新的 2025 財年展望。

We are pleased to report net sales of $623.5 million, a 6.2% increase year-over-year, primarily driven by our June 2, price increase and a positive impact from foreign exchange. This growth reflects the ability of our business model to navigate a challenging macroeconomic environment even as residential housing markets in the US and Europe remains soft.

我們很高興地宣布，淨銷售額達到 6.235 億美元，年增 6.2%，這主要得益於 6 月 2 日的價格上漲以及外匯匯率的正面影響。這一成長反映了我們的商業模式能夠在充滿挑戰的宏觀經濟環境下取得成功，即使美國和歐洲的住宅房地產市場仍然疲軟。

In North America, net sales rose to $483.6 million, up 4.8% from the prior year. This includes an estimated $30 million contribution from our June price increase. North American volumes were modestly lower. This reflects broader market conditions, including significantly lower housing starts, both in the southern and western regions of the United States, where we have more content per unit as a result of stronger building codes.

在北美，淨銷售額增至 4.836 億美元，比上年增長 4.8%。這其中包括我們六月漲價帶來的約 3,000 萬美元收入。北美地區的銷量略低。這反映了更廣泛的市場狀況，包括美國南部和西部地區房屋開工量大幅下降，而由於更嚴格的建築規範，這些地區的每套房屋的面積更大。

As a reminder, our volume calculations exclude contributions from software, services and equipment. While comparative data versus US housing starts was unavailable for Q3 and due to the government shutdown, we remain confident in our ability to outperform the market over the long term. Our focus on innovation, customer service and operational excellence continues to drive solid results.

需要提醒的是，我們的銷售計算不包括軟體、服務和設備的貢獻。雖然由於政府停擺，第三季無法獲得與美國房屋開工量的比較數據，但我們仍有信心在長期內跑贏大盤。我們始終專注於創新、客戶服務和卓越運營，並持續取得穩健的業績。

Highlighting some developments from our key end markets, our volume performance was mixed, though we're seeing positive momentum across several key areas. The OEM business delivered high single-digit volume growth led by mass timber solutions and new product introductions. Direct sales to manufacturers of material handling and data center equipment also posted solid gains.

從我們主要終端市場的一些發展來看，我們的銷售表現喜憂參半，不過我們在幾個關鍵領域都看到了積極的發展勢頭。OEM業務在大型木材解決方案和新產品推出的帶動下實現了高個位數的銷售成長。直接向物料搬運和資料中心設備製造商的銷售額也實現了穩健成長。

In the component manufacturer business, we achieved low single-digit volume growth supported by our new customer wins and expanded product offerings. We recently launched CS Producer. It's our first cloud-based truss production management software.

在零件製造業務方面，我們憑藉新客戶的贏得和產品供應的擴大，實現了個位數的銷售成長。我們最近推出了 CS Producer。這是我們首款基於雲端的桁架生產管理軟體。

CS producer gives floor and roof truss manufacturers powerful ways to schedule and manage daily operations. It's also a major milestone in our software road map and received enthusiastic feedback at the Building Component Manufacturers Conference.

CS 生產者為地板和屋頂桁架製造商提供了強大的方法來安排和管理日常營運。這也是我們軟體路線圖上的一個重要里程碑，並在建築構件製造商大會上獲得了熱烈的迴響。

In our national retail business, volume was slightly down, while point-of-sale performance improved mid-single digits. We saw continued strength in Outdoor Accents, fastener solutions, e-commerce and Pro initiatives with our two largest retail partners. Expanded shelf space and new products introduced last year are contributing positively.

在我們的全國零售業務中，銷售量略有下降，而銷售點業績則實現了中等個位數的成長。我們看到戶外裝飾、緊固件解決方案、電子商務和與兩大零售合作夥伴的專業服務計劃持續保持強勁勢頭。去年擴大的貨架空間和推出的新產品都起到了積極作用。

In the residential business, volumes declined slightly. However, we secured new business through dealer conversions and growth in outdoor living solutions. Multifamily demand remains a bright spot, especially in the northwest, northeast and Canada.

住宅業務方面，銷量略為下降。但是，我們透過經銷商轉型和戶外生活解決方案的成長獲得了新業務。多戶住宅需求依然強勁，尤其是在美國西北部、東北部和加拿大。

In the commercial business, volumes declined mid-single digits, reflecting an overall weak commercial market, but we saw growth in cold-formed steel connectors and adhesive anchor lines driven by strong field engagement and specification efforts. I'm also proud to highlight that our commitment to customer service was recognized with two supplier awards from Do it Best and SouthernCarlson during the third quarter.

在商業領域，銷售量下降了個位數中段，反映出整體商業市場疲軟，但冷彎型鋼連接器和黏合劑錨固線在強有力的現場參與和規範制定工作的推動下實現了成長。我還要自豪地強調，我們對客戶服務的承諾在第三季度獲得了 Do it Best 和 SouthernCarlson 頒發的兩項供應商獎。

In Europe, net sales reached $134.4 million, up 10.9% year-over-year or a solid 4.3% on a local currency basis. Growth was driven by increased volumes, resulting in performance that outpaced the market.

在歐洲，淨銷售額達到 1.344 億美元，年增 10.9%，以當地貨幣計算成長 4.3%。銷量成長推動了業務成長，其業績超過了市場平均水平。

As we look ahead, we are undertaking proactive strategic cost savings initiatives to align our operations with evolving market demand and position the company for long-term success. This is in response to a downturn in the housing market that started in 2022.

展望未來，我們將採取積極主動的策略性成本節約措施，使我們的營運與不斷變化的市場需求保持一致，並為公司的長期成功奠定基礎。這是為了應對始於 2022 年的房地產市場低迷。

While these decisions are not easy, we are committed to supporting our team and ensuring we do not compromise on what we're known for, which is delivering best-in-class service to our customers. These actions are designed to drive efficiencies, preserve profitability and unlock future growth opportunities in what's expected to be a continued soft market.

雖然這些決定並不容易，但我們致力於支持我們的團隊，並確保我們不會犧牲我們賴以成名的品質，那就是為客戶提供一流的服務。這些措施旨在提高效率、維持獲利能力，並在預計將持續疲軟的市場中釋放未來的成長機會。

As a result of these actions, we expect to generate annualized cost savings of at least $30 million with onetime charges of approximately $9 million to $12 million that will be realized in fiscal 2025. We remain committed to supporting our team in delivering exceptional customer service. Matt will provide further detail on the financial impact shortly.

由於這些措施，我們預計每年可節省至少 3,000 萬美元的成本，同時在 2025 財年將產生約 900 萬至 1,200 萬美元的一次性費用。我們將繼續致力於支援我們的團隊，提供卓越的客戶服務。Matt稍後將提供有關財務影響的更多細節。

Turning to consolidated gross margin, which was 46.4% and slightly below last year. This reflects higher input costs, including tariffs and labor costs. Our June price increase helped partially offset rising costs, and we've taken further pricing actions, effective October 15, to address additional tariffs announced subsequent to our prior price increase. These increases are expected to contribute approximately $100 million in annualized sales. We expect continued deceleration in our gross margins as the impact of tariffs flow through our inventory.

再來看綜合毛利率，為 46.4%，略低於去年同期。這反映了投入成本的增加，包括關稅和勞動成本。我們六月的價格上漲幫助部分抵消了成本上漲，為了應對先前價格上漲後宣布的額外關稅，我們已採取進一步的價格措施，自 10 月 15 日起生效。預計這些成長將為公司帶來約 1 億美元的年銷售額。我們預計，隨著關稅的影響逐步滲透到我們的庫存中，我們的毛利率將持續放緩。

Third quarter operating margin was 22.6%, up 130 basis points year-over-year including a $12.9 million gain from the sale of our Gallatin, Tennessee facility and approximately $3 million in restructuring costs.

第三季營業利潤率為 22.6%，年增 130 個基點，其中包括出售田納西州加拉廷工廠獲得的 1,290 萬美元收益以及約 300 萬美元的重組成本。

Adjusted EBITDA totaled $155.3 million, a 4.5% increase year-over-year.

調整後 EBITDA 總計 1.553 億美元，年增 4.5%。

Next, I'd like to highlight progress on our financial ambitions. First, continuing above-market volume growth relative to US housing starts. We're updating our 2025 outlook for US housing starts. We now expect them to decline mid-single digits compared to 2024. In Europe, housing starts in 2025 are expected to remain relatively consistent with 2024. We remain focused on growing above the market.

接下來，我想重點介紹一下我們在實現財務目標方面所取得的進展。首先，相對於美國房屋開工量而言，銷售量持續高於市場平均。我們正在更新2025年美國房屋開工量的預測。我們現在預計，與 2024 年相比，它們將出現中等個位數的下降。預計2025年歐洲房屋開工量將與2024年保持相對穩定。我們將繼續專注於超越市場平均的成長。

Second, maintaining an operating income margin at or above 20%. Considering the cost savings initiatives we are taking in a growing market, we remain confident in our ability to deliver 20-plus percent operating margins.

第二，維持營業利潤率在 20% 或以上。考慮到我們在不斷增長的市場中採取的成本節約措施，我們仍然有信心實現 20% 以上的營業利潤率。

And third, as a growth-focused company with industry-leading margins, we believe we can consistently drive EPS growth ahead of net sales growth. Year-to-date EPS has increased approximately 510 basis points above revenue growth, demonstrating our ability to deliver shareholder value.

第三，作為一家以成長為導向、擁有行業領先利潤率的公司，我們相信我們能夠持續推動每股收益成長超過淨銷售額成長。今年迄今為止，每股收益比營收成長高出約 510 個基點，證明了我們有能力為股東創造價值。

In summary, we delivered solid results in a challenging housing environment. Our pricing actions, cost savings initiatives and market share gains are positioning us for continued success. We're optimistic about the future and believe in our ability to drive growth, improve profitability and capitalize on a market recovery. Thank you to our incredible team for their dedication, resilience and relentless customer focus.

總而言之，我們在充滿挑戰的住房環境下取​​得了可靠的成果。我們的定價策略、成本節約措施和市場份額的成長，正使我們為持續成功奠定基礎。我們對未來充滿信心，並相信我們有能力推動成長、提高獲利能力並抓住市場復甦的機會。感謝我們傑出的團隊，感謝他們的奉獻精神、韌性和始終如一的客戶至上理念。

With that, I'd like to turn the call over to Matt, who will discuss our financial results and outlook in greater detail.

接下來，我將把電話交給馬特，他將更詳細地討論我們的財務表現和展望。

Good afternoon, everyone. Thank you for joining us on our earnings call today. Before I begin, I'd like to mention that unless otherwise stated, all financial measures discussed in my prepared remarks refer to the third quarter of 2025, and all comparisons will be year-over-year comparisons versus the third quarter of 2024.

大家下午好。感謝您今天參加我們的財報電話會議。在開始之前，我想說明，除非另有說明，我準備的發言稿中討論的所有財務指標均指 2025 年第三季度，所有比較均為與 2024 年第三季度的同比比較。

Now turning to our results, our consolidated net sales increased 6.2% year-over-year to $623.5 million. Within the North America segment, net sales increased 4.8% to $483.6 million. In Europe, net sales increased 10.9% to $134.4 million due to increased sales volumes as well as the positive effect of approximately $8.1 million in foreign currency translation. Globally, Wood Construction products sales were up 5% and Concrete Construction product sales were up 12.8%.

現在來看看我們的業績，我們的合併淨銷售額年增 6.2%，達到 6.235 億美元。在北美地區，淨銷售額成長 4.8%，達到 4.836 億美元。在歐洲，由於銷量增加以及約 810 萬美元的外匯折算帶來的正面影響，淨銷售額成長了 10.9%，達到 1.344 億美元。在全球範圍內，木造建築產品銷售額成長了 5%，混凝土結構建築產品銷售額成長了 12.8%。

Consolidated gross profit increased 5.2% to $289.3 million resulting in a gross margin of 46.4%, down 40 basis points from the third quarter of 2024. On a segment basis, our gross margin in North America was 49%, slightly lower than the 49.5% reported in the prior year due to factory and overhead as well as higher warehouse costs as a percentage of net sales. Our gross margin in Europe increased to 37.9% from 36.6%, primarily due to lower material costs as a percentage of net sales.

綜合毛利成長 5.2% 至 2.893 億美元，毛利率為 46.4%，較 2024 年第三季下降 40 個基點。從分部來看，我們在北美的毛利率為 49%，略低於上一年報告的 49.5%，原因是工廠和管理費用以及倉儲成本佔淨銷售額的比例較高。我們在歐洲的毛利率從 36.6% 提高到 37.9%，主要原因是材料成本佔淨銷售額的比例下降。

From a product perspective, our third quarter gross margin was 46.2% for wood products compared to 46.3% in the prior-year period. For concrete products, gross margin was 48% compared to 49.7% a year ago, with the reduction partly due to increased tariffs on imports.

從產品角度來看，我們第三季木製品的毛利率為 46.2%，而去年同期為 46.3%。混凝土製品毛利率為 48%，而一年前為 49.7%，毛利率下降的部分原因是進口關稅增加。

Now turning to expenses, while SG&A head count is down over 4% year-over-year, total Q3 operating expenses increased 9% to $162.3 million, primarily driven by higher variable compensation on improved profitability, severance costs related to our strategic cost savings initiatives, foreign exchange and employee health care costs.

現在來看支出，雖然銷售、一般及行政人員數量年減超過 4%，但第三季總營運支出成長 9% 至 1.623 億美元，主要原因是獲利能力提高帶來的可變薪酬增加、與我們的策略成本節約計畫相關的遣散費、外匯和員工醫療保健成本。

As a percentage of net sales, Q3 operating expenses were 26% compared to 25.4% last year. Our third quarter operating expenses included approximately $3 million in severance-related costs associated with our strategic cost savings initiatives, which we anticipate will deliver annualized cost savings of at least $30 million.

第三季營業費用佔淨銷售額的百分比為 26%，去年同期為 25.4%。第三季營運支出包括與我們的策略成本節約計畫相關的約 300 萬美元遣散費，我們預計這些計畫每年將節省至少 3,000 萬美元的成本。

To further detail our third quarter SG&A, our research and development and engineering expenses increased by 1.2% to $20.8 million. Selling expenses increased by 5.9% to $56.1 million, primarily due to higher variable compensation and commissions, personnel and severance costs related to our strategic cost savings initiatives, partially offset by a decrease in travel-related costs. On a segment basis, selling expenses in North America were up 6.8%, and in Europe, they were up 2.8%.

為了更詳細地說明我們第三季的銷售、一般及行政費用，我們的研發和工程費用增加了 1.2%，達到 2,080 萬美元。銷售費用增加 5.9% 至 5,610 萬美元，主要原因是與我們的策略成本節約計劃相關的可變薪酬和佣金、人員和遣散費增加，部分被差旅相關費用的減少所抵消。按地區劃分，北美地區的銷售費用增加了 6.8%，歐洲地區的銷售費用增加了 2.8%。

General and administrative expenses increased by 13.3% to $85.4 million due to increases in variable compensation, software costs, including development for our component manufacturing business as well as negative foreign exchange effect.

一般及行政費用成長 13.3%，達到 8,540 萬美元，原因是可變薪酬增加、軟體成本增加（包括零件製造業務的開發成本）以及外匯匯率的負面影響。

As a result, our third quarter consolidated income from operations totaled $140.7 million, an increase of 12.7% from $124.9 million. Our consolidated operating income margin was 22.6%, up from 21.3% last year. Income from operations included a $12.9 million gain on the sale of the existing Gallatin, Tennessee facility.

因此，我們第三季的合併營業收入總計為 1.407 億美元，比 1.249 億美元成長了 12.7%。我們的綜合營業利益率為 22.6%，高於去年的 21.3%。營運收入包括出售位於田納西州加拉廷的現有工廠所得的 1,290 萬美元收益。

In North America, income from operations increased 1.6% to $125.2 million, driven by an increase in gross profit, partly offset by higher variable incentive compensation, personnel costs, severance costs related to our strategic cost savings initiatives and software-related costs. Our third quarter operating income margin in North America was 25.9% compared to 26.7% last year.

在北美，營業收入成長 1.6% 至 1.252 億美元，主要得益於毛利的成長，但部分被更高的可變激勵薪酬、人員成本、與我們的策略成本節約計畫相關的遣散費以及軟體相關成本所抵銷。我們在北美的第三季營業利潤率為 25.9%，去年同期為 26.7%。

In Europe, income from operations increased 27.6% to $16.1 million due to an increase in gross profit, partly offset by increases in operating expenses due to the negative effect of approximately $2.1 million in foreign currency translation. Our third quarter operating income margin in Europe was 12% compared to 10.4% last year.

在歐洲，由於毛利成長，營業收入成長了 27.6%，達到 1,610 萬美元，但部分被約 210 萬美元的外幣折算負面影響導致的營業費用增加所抵銷。我們第三季在歐洲的營業利潤率為 12%，而去年同期為 10.4%。

Our third quarter effective tax rate was 25.3%, approximately 80 basis points below the prior-year period. Accordingly, net income totaled $107.4 million or $2.58 per fully diluted share, compared to $93.5 million or $2.21 per fully diluted share. Adjusted EBITDA for the third quarter was $155.3 million, an increase of 4.5%, resulting in a margin of 24.9%.

我們第三季的實際稅率為 25.3%，比去年同期低約 80 個基點。因此，淨利潤總計 1.074 億美元，即每股完全稀釋收益 2.58 美元，而去年同期為 9,350 萬美元，即每股完全稀釋收益 2.21 美元。第三季調整後 EBITDA 為 1.553 億美元，成長 4.5%，利潤率為 24.9%。

Now turning to our balance sheet and cash flow. Our balance sheet remained healthy with cash and cash equivalents totaling $297.3 million at September 30, 2025, up $106.9 million from June 30, 2025. Our debt balance was approximately $369.2 million, net of capitalized finance cost, and our net debt position was $71.9 million.

現在來看我們的資產負債表和現金流量表。截至 2025 年 9 月 30 日，我們的資產負債表依然健康，現金及現金等價物總額為 2.973 億美元，比 2025 年 6 月 30 日增加了 1.069 億美元。扣除資本化融資成本後，我們的債務餘額約為 3.692 億美元，淨債務為 7,190 萬美元。

We have $450 million remaining available for borrowing on our primary line of credit. Our inventory position as of September 30, 2025, was $591.9 million which was up $5.3 million compared to June 30, 2025, with lower pounds of inventory on hand.

我們的主要信貸額度中還有 4.5 億美元可供借款。截至 2025 年 9 月 30 日，我們的庫存額為 5.919 億美元，比 2025 年 6 月 30 日增加了 530 萬美元，但庫存重量有所下降。

Our disciplined approach to capital allocation keeps our investments aligned with evolving market conditions and focused on driving sustainable value. We generated strong cash flow from operations of $169.5 million for the third quarter. This enabled us to invest $35.9 million for capital expenditures, pay $12.1 million in dividends to our stockholders and pay down $5.6 million of our term loan.

我們嚴謹的資本配置方法使我們的投資與不斷變化的市場狀況保持一致，並專注於創造永續價值。第三季度，我們的經營活動產生了強勁的現金流，達到 1.695 億美元。這使我們能夠投資 3,590 萬美元用於資本支出，向股東支付 1,210 萬美元的股息，並償還 560 萬美元的定期貸款。

In addition, we repurchased 158,865 shares common stock at an average price of $188.84 per share for a total of $30 million. On October 23, our Board amended our share repurchase program, authorizing an additional $20 million of our common stock for repurchases through year-end, resulting in $30 million remaining under our authorization.

此外，我們以每股 188.84 美元的平均價格回購了 158,865 股普通股，總計 3,000 萬美元。10 月 23 日，我們的董事會修改了我們的股票回購計劃，授權在年底前額外回購價值 2000 萬美元的普通股，使我們的授權額度還剩下 3000 萬美元。

In addition, the Board authorized a new share repurchase program for 2026 to repurchase up to $150 million worth of our shares through year-end 2026. This reflects our confidence in the long-term prospects of the business and our commitment to returning capital to shareholders.

此外，董事會還批准了一項新的股票回購計劃，將於 2026 年底前回購價值高達 1.5 億美元的股票。這反映了我們對公司長期前景的信心，以及我們對股東回報資本的承諾。

In regard to our investments, our new Gallatin, Tennessee facility opened during the third quarter. As a reminder, this facility will play a critical role in helping to support growth and enhance operational efficiency across our fastener product lines.

關於我們的投資，我們在田納西州加拉廷的新工廠已於第三季開業。再次提醒大家，該工廠將在幫助支援我們緊固件產品線的成長和提高營運效率方面發揮關鍵作用。

Next, I'll turn to our 2025 financial outlook. Based on business trends and conditions as of today, October 27, we are updating our guidance for the full year ending December 31, 2025, as follows: we expect our operating margin to now be in the range of 19% to 20%.

接下來，我將談談我們對2025年的財務展望。根據截至今日（10 月 27 日）的業務趨勢和狀況，我們對截至 2025 年 12 月 31 日的整個年度的業績指引更新如下：我們預計營業利潤率將在 19% 至 20% 的範圍內。

Additional key assumptions include: our expectation for US housing starts to be down in the mid-single-digit range from 2024 levels, a slightly lower overall gross margin based on the addition of new facilities as well as the recently imposed tariffs, which we anticipate will be partly offset by the price increases that went into effect on June 2 and October 15.

其他關鍵假設包括：我們預計美國房屋開工量將比 2024 年的水平下降個位數百分比，由於新增設施以及最近實施的關稅，整體毛利率將略有下降，我們預計 6 月 2 日和 10 月 15 日生效的價格上漲將部分抵消這些影響。

Our outlook also assumes nonrecurring severance costs from our strategic cost savings initiatives in North America and Europe of approximately $9 million to $12 million. And finally, our margin guidance includes the benefit of $12.9 million from the gain on the sale of our existing Gallatin, Tennessee property.

我們的展望也假設，我們在北美和歐洲的戰略成本節約計畫將產生約 900 萬至 1,200 萬美元的非經常性遣散費。最後，我們的利潤率預期包括出售我們在田納西州加拉廷的現有房產所獲得的 1,290 萬美元收益。

Next, interest expense on our term loan, which had borrowings of $369.2 million as of September 30, 2025, is expected to be approximately $5 million. The benefits from interest rate and cross-currency swaps and interest income on our cash and money markets are expected to substantially offset the expense.

其次，截至 2025 年 9 月 30 日，我們的定期貸款借款額為 3.692 億美元，預計利息支出約為 500 萬美元。預計利率互換和交叉貨幣互換以及現金和貨幣市場的利息收入將大幅抵銷支出。

Our effective tax rate is estimated to be in the range of 25.5% to 26.5%, including both federal and state income tax rates based on current loss. And finally, our capital expenditures outlook is expected to be in the range of $150 million to $160 million, which includes approximately $75 million to $80 million for the completion of both the Columbus facility expansion and the recently opened Gallatin fastener facility.

根據目前的虧損計算，我們的實際稅率估計在 25.5% 到 26.5% 之間，其中包括聯邦和州所得稅稅率。最後，我們的資本支出預期預計在 1.5 億美元至 1.6 億美元之間，其中包括約 7,500 萬美元至 8,000 萬美元，用於完成哥倫布工廠擴建和最近開業的加拉廷緊固件工廠。

In summary, despite a challenging market backdrop, we delivered solid third quarter results and continue to execute with discipline. Our pricing actions helped offset rising costs from tariffs, helping our margins remain resilient even as we navigate cost headwinds.

總而言之，儘管市場環境充滿挑戰，我們第三季業績依然穩健，並將繼續以嚴謹的態度執行各項工作。我們的定價策略有助於抵銷關稅上漲帶來的成本增加，即使在面臨成本逆風的情況下，也能幫助我們維持利潤率的韌性。

While SG&A was elevated this quarter, the strategic cost savings initiatives we implemented in late September and early October will drive meaningful efficiencies and support future earnings growth. Gains on asset sales also contributed positively to operating income and EPS.

雖然本季銷售、一般及行政費用有所上升，但我們在 9 月下旬和 10 月初實施的策略性成本節約措施將帶來顯著的效率提升，並支持未來的獲利成長。資產出售收益也對營業收入和每股收益做出了積極貢獻。

Looking ahead, we remain focused on disciplined capital deployment and returning value to stockholders through our expanded share repurchase authorization and our commitment to return at least 35% of our free cash flow.

展望未來，我們將繼續專注於有紀律的資本部署，並透過擴大股票回購授權和承諾返還至少 35% 的自由現金流，為股東創造價值。

With that, I will now turn the call over to the operator to begin the Q&A session.

接下來，我將把電話轉交給接線員，開始問答環節。

(Operator Instructions)

（操作說明）

Dan Moore, CJS Securities.

丹摩爾，CJS證券。

Thank you. Good afternoon, Mike and Matt, thanks for all the color and thanks for taking the questions.

謝謝。下午好，Mike 和 Matt，感謝你們帶來的精彩內容，也感謝你們回答問題。

Hey Dan.

嘿，丹。

To start with, 6% revenue growth in Q3, certainly very solid in light of the current housing environment. Obviously, it was mostly pricing strategic actions. Just give us a flavor for kind of the organic volume declines in North America and what did volume growth look like in Europe?

首先，第三季營收成長 6%，考慮到目前的房地產市場環境，這無疑是非常穩健的。顯然，這主要是對戰略行動進行定價。請簡單介紹一下北美地區有機銷量下降的情況，以及歐洲地區的銷售成長情況？

Sure. Dan, this is Matt. Let's break it down on a global basis first. So the 6.2% sales growth for the quarter, a little more than 5 points of that was from pricing, a little more than 1 point from foreign exchange, less than 0.5 point of help from acquisitions that were acquired in 2024 that had not anniversaried yet. And then volume was down 1 point. So that's on a global basis.

當然。丹，這是馬特。我們先從全球範圍來分析一下。因此，本季銷售額成長了 6.2%，其中略多於 5 個百分點來自定價，略多於 1 個百分點來自外匯，不到 0.5 個百分點來自 2024 年收購但尚未達到週年紀念日的收購。然後成交量就下降了1個百分點。這是全球範圍內的情況。

If you look at volume on a North America basis in the quarter. Yes. I think.

如果從北美地區的季度銷售來看。是的。我認為。

Dan, Year-to-date volume growth is down 1.4% versus prior year.

丹，今年迄今的銷量成長比去年同期下降了 1.4%。

Yes. North America.

是的。北美。

Got it. That's really helpful. Obviously, just sticking with kind of the macro housing demand proving to be more tepid this year than perhaps we had hoped or expected when we started the year. The rental rates coming down, affordability remaining challenged, you're taking some meaningful cost actions, and that will be my follow-up question.

知道了。這真的很有幫助。顯然，今年宏觀住房需求比我們年初預期的要疲軟得多。租金下降，住房負擔能力仍然面臨挑戰，你們正在採取一些有意義的成本控制措施，這將是我的下一個問題。

But do you see any catalysts that could kind of stem the tide and give a trajectory next year? Do you foresee continued declines in the housing market, and that's why you're taking the actions? I know it's early to be crystal balling '26, but just kind of beyond the next -- where do you see things going?

但你認為有哪些催化劑可以扭轉頹勢，並為明年的發展指明方向？您是否預見到房地產市場將持續下滑，所以才採取這些措施？我知道現在預測 2026 年還為時過早，但展望未來——你覺得事情會如何發展？

Yeah, Dan, when we look at this year, again, probably down mid-single digits. And I think that's a bit of a surprise for a lot of people. When we were coming into the year, we were thinking it was going to be up low single digits. And it does look like it's certainly decelerating in the second half of the year.

是的，丹，如果我們再看看今年，可能又會下降個位數百分比。我認為這會讓很多人感到有些意外。年初的時候，我們以為增幅會是個位數。而且看起來下半年增速確實有放緩。

When we look at all of the various market forecasts and not getting specific to market, most of them are coming in on the flat range. And when I talk with our customers, affordability is certainly an issue, but a lot of the bigger builders are already subsidizing mortgage rates. So a lot of people that are going to these big production builders are already getting a 4% loan.

當我們縱觀各種市場預測，而不具體分析某個市場時，會發現大多數預測都處於平穩區間。當我與客戶交談時，他們肯定提到了價格承受能力的問題，但許多大型建築商已經開始補貼抵押貸款利率。所以很多去這些大型建築商那裡蓋房子的人已經獲得了 4% 的貸款。

So certainly, lower interest rates will help the small- to medium-sized builders that really can't subsidize things, the way the bigger builders are. But I guess we're focusing on the things within our scope of control.

因此，較低的利率肯定會幫助那些無法像大型建築商那樣進行補貼的中小型建築商。但我想我們還是把精力集中在我們能控制的事情上。

We're absolutely committed to being in that 20% operating income level, and that's why we had to make the really difficult decision to make the strategic cost savings initiatives and get our cost structure in line with what we think is going to be a little bit more of an extended slow market.

我們絕對致力於實現 20% 的營業收入水平，因此我們不得不做出非常艱難的決定，採取策略性的成本節約措施，使我們的成本結構與我們認為將會持續一段時間的低迷市場相符。

Yeah, Dan, I would just add, as Mike said, tough decisions looking ahead toward what looks like is going to be a flattish market next year. We took these actions to stay on track against our financial ambitions. We believe that they'll deliver at least $30 million of annualized cost savings in 2026, really through a combination of workforce reduction and portfolio management.

是的，丹，我只想補充一點，正如麥克所說，展望明年可能較為平穩的市場，我們將面臨艱難的抉擇。我們採取這些措施是為了實現我們的財務目標。我們相信，到 2026 年，他們將透過裁員和投資組合管理相結合的方式，實現至少 3,000 萬美元的年度成本節約。

And then as we mentioned on the call, we expect $9 million to $12 million of onetime costs during 2025, of which $3 million are already in the Q3 results, but the full $9 million to $12 million is included in our updated outlook for the year.

正如我們在電話會議上提到的，我們預計 2025 年將產生 900 萬至 1200 萬美元的一次性成本，其中 300 萬美元已計入第三季度業績，但全部 900 萬至 1200 萬美元都已包含在我們更新後的年度展望中。

Really helpful. And then I was -- I think you just touched on it, but I was going to dig a little deeper into the targeted cost savings. Any kind of general breakdown between North America and Europe? And then it sounds like you've already incurred $3 million, the $9 million to $12 million is not incremental to that. But I assume the balance is likely going to be in Q4. Is that the right way to think about it from a modeling perspective?

真的很有幫助。然後——我想你剛才已經提到了，但我原本打算更深入地探討目標成本節約問題。北美和歐洲之間是否存在某種總體上的差異？聽起來你已經損失了 300 萬美元，那麼 900 萬到 1200 萬美元並不是在此基礎上增加的。但我估計餘額可能會在第四季到帳。從建模的角度來看，這種思考方式是否正確？

Let's take the second part first. Yes, from a modeling perspective, you could assume that the $6 million to $9 million is going to come in Q4 and then the $3 million we already had in Q3 would get you to that $9 million to $12 million. In terms of the breakdown, regionally, I'm not going to provide all that, as you can assume. Not all of it's done yet, certainly given some of it still to come in Q4.

我們先來看第二部分。是的，從建模的角度來看，你可以假設 600 萬到 900 萬美元將在第四季度到賬，然後我們在第三季度已經獲得的 300 萬美元將使總金額達到 900 萬到 1200 萬美元。至於按地區劃分的具體情況，正如你所料，我不會提供所有細節。當然，還有一些工作尚未完成，尤其是在第四季。

Got it. Last one, and I'll jump back in queue. But that entire $30 million cost savings earmarked for bottom line improvement or at least is sort of bottom line maintenance and getting back to that 20% operating margin target? Is it the right way to think about it versus reinvesting back into the business?

知道了。最後一個了，我這就重新排隊。但是，這全部 3000 萬美元的成本節約都是為了提高利潤，或至少是為了維持利潤，並恢復到 20% 的營業利潤率目標？這種思考方式是否正確，而不是將資金再投資到企業？

Yeah, we're not guiding yet, Dan, obviously, for 2026. But our assumption in the market is going to be flattish from everything we've heard and we are committed to making sure we get back to that 20% operating income level.

是的，丹，很顯然，我們目前還沒有針對 2026 年的指導。但根據我們目前了解到的情況，我們認為市場將保持平穩，我們致力於確保恢復到 20% 的營業收入水準。

Perfect, I'll jump back with any follow-ups thank you.

好的，如有任何後續問題，我會及時回复，謝謝。

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

Hey guys, good afternoon, nice job maybe just on that last point, Mike, is basically what's changing on the cost side, the expectation that the market is just going to stay slower? I mean if we look back a year ago when you guys had that question or two years ago when you had that question, it was kind of like, hey, the market is going to get better and we'll lever those costs.

嘿，各位，下午好，做得很好。麥克，關於最後一點，成本方面的變化主要是，市場預期會保持放緩嗎？我的意思是，如果我們回顧一下一年前你們提出這個問題的時候，或者兩年前你們提出這個問題的時候，當時的回答大概是，嘿，市場會好轉的，我們會利用槓桿來降低成本。

Is it basically that, or is there something kind of worse happening in the market? I just kind of want to make sure I understand the drivers of the cost reductions.

情況就是這樣嗎？還是說市場上發生了更糟糕的事情？我只是想確保我了解成本降低的驅動因素。

Yeah, Good question, Tim. It's pretty much in line with what you're hearing about the market. So the census data came through August, which is the last report we had basically said that housing starts were up 1%, which was a little inconsistent with some of the results we've seen in the industry.

嗯，問得好，提姆。這和你從市場上聽到的消息基本上一致。8 月公佈的人口普查數據顯示，房屋開工量增加了 1%，這與我們在該行業看到的一些結果略有出入。

We've definitely seen things slow down in the second half. We've certainly heard that from our customers. I believe they're all feeling the same thing. You're probably hearing that from other clients as well. And then we think that, that's just going to carry over into a flat year next year.

下半場比賽節奏明顯放緩了。我們確實從客戶那裡聽過這樣的回饋。我相信他們都有同樣的感受。你可能也從其他客戶那裡聽過類似的說法。然後我們認為，這種情況會延續到明年，明年經濟將保持穩定。

Yeah, I think, Tim, we just wanted to make sure that we could see our way to delivering our financial ambition on the operating margin side of 20%, even if the market is flattish or a little bit down next year. Again, I'm not giving the formal guide yet, but just need to take some cost choices to make sure we can get there next year.

是的，提姆，我想，我們只是想確保即使明年市場平穩或略有下滑，我們也能實現 20% 的營業利潤率這一財務目標。再次聲明，我目前還沒有給出正式的指南，只是需要做出一些成本上的選擇，以確保我們明年能夠到達那裡。

Okay. Okay. No, that's helpful. I guess on gross margins, when do you -- I guess, two questions on the trajectory. So when do you fully kind of expect the tariffs to kind of flow through the gross margin line? And then is there a noticeable impact in gross margins from turning on the Gallatin facility? Or are there other cost offsets?

好的。好的。不，這很有幫助。我想問的是毛利率，你什麼時候──我想問的是，關於發展軌跡有兩個問題。那麼，您預期關稅何時才能真正反映在毛利率上呢？那麼，加拉廷工廠投產後，毛利率是否會受到明顯影響？或是有其他成本抵銷方式嗎？

Yeah, I'll take the second part first, not a noticeable impact on turning on the Gallatin facility on gross margin, certainly in the short term or even the next year or so. I think some of that will depend on what happens with tariffs and what we do with sourcing and are we in-sourcing more maybe than we thought from the start. A lot of that depends on where we net out on tariffs.

是的，我先說第二部分，加拉廷工廠的投產對毛利率不會產生明顯影響，至少在短期內甚至未來一年左右都不會。我認為其中一些因素將取決於關稅的走向，以及我們在採購方面採取的措施，以及我們是否會比最初預想的更多地進行內部採購。這很大程度上取決於我們最終的關稅淨額是多少。

In terms of gross margin impact of tariffs, if you look at our product segment breakdown on gross margin that we talked about, you can see the gross margin on concrete construction products is down quite a bit more than wood construction products. That's largely where the anchor business falls, which is subject to the most tariffs and some of our fastener business falls there as well.

就關稅對毛利率的影響而言，如果你看一下我們之前討論過的毛利率產品細分情況，你會發現混凝土建築產品的毛利率下降幅度比木製建築產品大得多。錨固業務主要集中在這一領域，受到的關稅影響最大，我們的一些緊固件業務也屬於這一領域。

I would say that from a gross margin standpoint, we continue to see erosion over the next quarter or so, a couple of quarters as the tariffs are fully rolled in, but you're seeing an impact in Q3 certainly.

從毛利率的角度來看，我認為在接下來的一個季度左右，隨著關稅全面生效，我們將繼續看到毛利率下滑，但第三季肯定會受到影響。

And so incrementally, a little bit more in Q4 and then maybe a little bit in Q1, but from that standpoint, then they should essentially be rolled in everywhere. But I would say -- if I had to pick a percentage on it now, I would say 80% rolled in already in what you see in the Q3 results.

因此，第四季度會逐步增加一些，第一季可能會增加一些，但從這個角度來看，它們基本上應該會在各個方面推廣。但我想說——如果現在非要我給一個百分比的話，我會說 80% 已經體現在你在第三季業績中看到了。

Tim, remember, we're talking about Gallatin, we're also in-sourcing coding and heat treating processes. So it's not just moving production and adding additional cold-forming equipment. It's ramping up kind of a full end-to-end process. So that's why it's going to take us a little bit of time to get that fully going.

提姆，記住，我們說的是加拉廷，我們還在進行編碼和熱處理過程的內部化。所以，這不僅僅是轉移生產線和增加冷成型設備的問題。它正在逐步推進一個完整的端到端流程。所以，這就是為什麼我們需要一些時間來讓它全面運作起來。

Okay. Okay. No, that's helpful. And then I guess just to kind of put a finer point on the volume trajectory. So I think we were down a little bit in North America in Q2. I think we're down a little bit again in Q3. Is -- are you seeing things even out? Or would you expect your volume performance to get weaker in the first quarter and into early next year?

好的。好的。不，這很有幫助。然後，我想更精確地描述一下成交量的變化趨勢。所以我覺得我們第二季在北美地區的業績略有下滑。我認為第三季我們又略有下滑。你覺得情況正在好轉嗎？還是您預期第一季及明年年初的銷售表現會走弱？

So if you just look at Q3, Tim, volume was down 2.7% versus prior quarter. And if you look year-to-date, as I mentioned, down 1.4% for the full year. So definitely trajectory-wise getting a little bit worse. Again, a lot of things can happen over the next couple of months. So let's see how the rest of the year plays out before we talk about 2026 too much.

所以，提姆，如果你只看第三季度，銷量比上一季下降了 2.7%。如果看今年迄今為止的情況，正如我所提到的，全年下降了 1.4%。所以從發展軌跡來看，情況肯定在惡化。在接下來的幾個月裡，可能會發生很多事情。所以，在談太多2026年之前，讓我們先看看今年剩下的時間會如何發展。

Okay. And you should still outperform the mid-single digits. That would be the expectation, right?

好的。即使如此，你的表現也應該優於個位數中段的水準。這是人們的預期，對吧？

I mean our ambition is to drive above-market growth. As you know, historically, we've been about 300 basis points above that. Now, it's not always been a straight line over the last 9, 10 years. We've had a couple of years of volume growth was below the market, but we certainly want to grow above the market and ideally above that long-term average.

我的意思是，我們的目標是實現高於市場平均的成長。如您所知，從歷史資料來看，我們通常比這個數字高出約 300 個基點。然而，過去9到10年間，情況並非一直一帆風順。過去幾年我們的銷售成長低於市場平均水平，但我們當然希望成長速度超過市場平均水平，理想情況下還要超過長期平均水平。

Okay, sounds good luck on the rest of you we'll see you in a couple weeks.

好的，祝你們其他人好運，我們幾週後再見。

Alright thanks Tim.

好的，謝謝蒂姆。

Kurt Yinger, D.A. Davidson.

Kurt Yinger，D.A. Davidson。

Great. Just wanted to follow up on the cost savings target. I apologize if I missed this, but is that $30 million expected to be kind of achieved on a run rate basis, I guess, in early 2026 there? And I guess as we think about the sources of savings, how would you kind of have us split that between the cost of goods and kind of the operating expense segments?

偉大的。我只是想跟進一下成本節約目標的進展。如果我錯過了什麼，請見諒。我想問的是，預計到 2026 年初，這 3,000 萬美元的收入將以持續成長的方式實現嗎？我想，當我們考慮節省開支的來源時，您會如何將這些節省的開支分配到商品成本和營運費用部分？

Yeah, Kurt, the $30 million would be a realized number in 2026 kind of throughout the course of the year. We are going to see a little bit of savings in 2025, but it's more than offset by the severance costs. So from an incremental savings standpoint, net-net, the full $30 million should show up in 2026. So in terms of how that splits versus SG&A and COGS, I would say 90-plus percent of it is in SG&A. There's a little bit in the COGS side, but the bulk of it is SG&A.

是的，庫爾特，3000萬美元這個數字將在2026年逐步實現。2025年我們可能會省下一些費用，但這會被遣散費完全抵銷。因此，從增量節省的角度來看，淨額下來，全部 3000 萬美元應該會在 2026 年實現。所以，就其與銷售、管理及行政費用和銷售成本的佔比而言，我認為 90% 以上都屬於銷售、管理及行政費用。銷售成本方面有一小部分，但大部分是銷售、管理及行政費用。

Okay. Okay. That makes sense. And then I believe, Mike, you had mentioned kind of the residential market was down low single digit for you guys this quarter, which, in light of some of the pressures in Florida and California and other parts of your business that are maybe more exposed or higher content per start seems pretty good still.

好的。好的。這很有道理。然後，麥克，我相信你之前提到過，你們這季度的住宅市場下滑了個位數百分比，考慮到佛羅裡達州和加利福尼亞州的一些壓力，以及你們業務中其他一些可能更容易受到衝擊或單次啟動成本更高的部分，這個數字看起來仍然相當不錯。

I guess, has that performance surprised you at all? Do you feel like you're actually potentially gaining some share there relative to the impacts of certain regions? How would you just kind of frame that for us?

我想問，那場比賽的表現有沒有讓你感到驚訝？你是否覺得相對於某些地區的影響，你實際上有可能在那裡獲得一些份額？您會如何向我們解釋這件事呢？

Yeah, so Kurt, just to be clear, the volume for the total North American business was down 2.7% for the year. Our residential.

是的，庫爾特，為了說清楚，北美業務的總銷量今年下降了 2.7%。我們的住宅。

For the quarter.

本季。

For the quarter. For the residential business, it is down mid-single digits for the quarter. We do believe that -- and we see this with our customers, and we continue to pick up share at some of our lumber yards and pro dealers. We tend to -- we're still getting more shelf space that we think eventually leads to more positive sell-out. So we continue to feel good about our ability to grow above market.

本季。住宅業務方面，本季下滑幅度為個位數中段。我們確實相信這一點——而且我們從客戶那裡也看到了這一點，我們在一些木材廠和專業經銷商那裡也繼續擴大市場份額。我們傾向於—我們仍在獲得更多的貨架空間，我們認為這最終會帶來更積極的銷售業績。因此，我們對自身實現高於市場平均的成長能力依然充滿信心。

If you look at the digital mix, so the regional mix is a big deal for us. So the south and the west, when you look at the census data through August, they're down mid-single digits. If you look at the Midwest and Northeast, again look at the housing data -- census housing data, they're up double digits.

如果你看一下數字組合，你會發現區域組合對我們來說非常重要。所以，從 8 月的人口普查數據來看，南部和西部地區的人口數量下降了個位數中段。如果你看看中西部和東北部，再看看住房數據——人口普查住房數據，你會發現它們的房價漲幅達到了兩位數。

And remember, a house built in a seismic or a hurricane area can have 10x the content of a house built in the middle of the US with a pretty standard building code. So that definitely has a mix. We don't have great visibility all the way to the end builder, as you know, because we're going through a bunch of lumber yards and pro dealers and contractor distributors. So it's hard to say exactly how that's impacting us, but that's definitely a headwind.

請記住，在地震或颶風地區建造的房屋，其內部物品可能比在美國中部按照相當標準的建築規範建造的房屋多 10 倍。所以這其中肯定包含多種因素。如您所知，我們無法完全了解最終的建築商的情況，因為我們要經過許多木材廠、專業經銷商和承包商經銷商。所以很難說這會對我們造成怎樣的影響，但這無疑是個不利因素。

Okay. Okay. Perfect. And then just thinking about the guide at a higher level, your starts assumption for the year ticked down a little bit. The outlook kind of now contemplates the onetime cost to achieve the targeted reductions.

好的。好的。完美的。然後，從更高的層面思考指南，你對今年的預期就略有下降。目前看來，前景主要考慮的是實現預期減排目標所需的一次性成本。

Is there anything beyond the October price increase that's been better than expected? Or is it maybe kind of incremental on the positive side, just thinking about the operating margin guide moving up to the higher end?

除了10月的價格上漲之外，還有什麼比預期更好的嗎？或者說，從積極的方面來看，這或許算是一種漸進式的利好，僅僅是考慮到營業利潤率預期上調到了較高水平？

Yeah, I think we narrowed up the guide to a 100 basis point range from a 200 basis point range. We've included the onetime costs. I think the -- our volume development has been maybe better than what you hear if you listen to some of the market forecast, whether it's a Zonda or a John Burns.

是的，我認為我們已經將指導範圍從 200 個基點縮小到 100 個基點。我們已將一次性成本計入在內。我認為－我們的銷售成長可能比你聽過的某些市場預測好，無論是Zonda或John Burns的預測。

If you look at our volume, year-to-date down -- or sorry, in the quarter, down 2.7%. I think there's a lot worse numbers out there from the folks that are forecasting the market, although there hasn't been official census data published.

如果看看我們的銷量，今年迄今為止有所下降——或者抱歉，本季下降了 2.7%。我認為，儘管官方人口普查數據尚未公佈，但預測市場的人給出的數字可能更糟。

So I think holding steady on volume, doing what we can on the cost front. And then obviously, we had the onetime gain that was known, but certainly, just still felt needed to take these actions on cost savings to ensure we can get where we want to go in 2026.

所以我認為應該要保持銷售穩定，並在成本方面盡力而為。當然，我們也獲得了預期的一次性收益，但仍然覺得有必要採取這些節省成本的措施，以確保我們能夠在 2026 年實現我們的目標。

Okay great appreciate the color thank you.

好的，很喜歡這個顏色，謝謝。

Thank you.

謝謝。

Dan Moore, CJS Securities.

丹摩爾，CJS證券。

Yeah, just a quick follow-up, and I appreciate the color on the gains you're making in some of those targeted end markets that are a key focus for growth and continuing to outpace. When you look to '26 and beyond, if not rank ordering, just kind of maybe would you call out two or three that you see a little bit more opportunity here in the near term that could help you to continue to outpace those end markets if we do remain a little bit softer?

是的，我再補充一點，我很欣賞您詳細介紹在一些重點目標終端市場取得的進展，這些市場是成長的關鍵所在，並且您一直在持續超越這些市場。展望 2026 年及以後，如果不進行排名，您能否指出兩三個您認為在短期內更有發展機會的公司，這些公司可以幫助我們在市場持續疲軟的情況下繼續超越終端市場？

Yeah, Dan, so we -- let me start with Europe because we're very pleased with the development that Europe has made over the last two quarters, profitability improving, we believe above market growth. So -- and we expect the growth there to continue.

是的，丹，那麼我們——讓我先從歐洲說起，因為我們對歐洲在過去兩個季度取得的發展非常滿意，盈利能力有所提高，我們認為其增長速度超過了市場平均水平。所以——我們預計那裡的成長動能將會持續。

And Dan, we think, literally, we have plenty of opportunities in all five of our market segments. We've got very specific plans in each segment to try to gain share. When you kind of add all that up, there are a lot of singles and doubles, meaning a lot of small applications, digital self space, shelf space, new products that we're launching and small games with customers that we do think will add all up and help us continue to drive above-market growth.

丹，我們認為，從字面上講，我們在所有五個細分市場中都有很多機會。我們針對每個細分市場都制定了非常具體的計劃，以爭取市場佔有率。當你把所有這些加起來，你會發現有很多單項和雙項，這意味著很多小型應用、數位自助空間、貨架空間、我們正在推出的新產品以及與客戶合作的小遊戲，我們認為這些加起來將幫助我們繼續推動高於市場平均水平的增長。

If you talk about the bigger ones, we continue to think all things component manufacturing is a good opportunity for us. That has been one of our strongest growth drivers in the last couple of years. And then we think ramping up the new product innovation activities, we are making good progress there, and we expect to continue to make good progress on that going forward.

如果談到規模更大的項目，我們仍然認為零件製造領域對我們來說是一個很好的機會。這是我們近兩年來最強勁的成長動力之一。然後，我們認為在加大新產品創新活動方面，我們取得了良好的進展，我們預計未來將繼續在這方面取得良好進展。

Very helpful. And then lastly, obviously, you've been aggressively returning cash to shareholders and very consistently. Just the language around 2026 share repurchases up to $150 million, absent meaningful M&A opportunities? Is it how we should sort of think of that as kind of a target, just balancing, especially given CapEx probably starts to wind down a little bit after some of these projects?

很有幫助。最後，很顯然，你們一直在積極且持續地向股東返還現金。僅就2026年回購高達1.5億美元的股票這一條款而言，在沒有實質併購機會的情況下，是否仍然有效？我們是否應該把這看作是一個目標，一種平衡，特別是考慮到在這些項目之後，資本支出可能會開始逐漸減少？

Yeah, I think as we've talked before, we've been in a pretty heavy CapEx cycle with the two facility expansions in Gallatin and Columbus, and that's going to normalize quite a bit next year, and we'll issue that formal guidance in January, but definitely going to free up some capital and certainly want to be continuing to return cash to shareholders. So I would plan on, barring unforeseen events or significant M&A or something like that, that's a good target number for 2026 on share repurchase.

是的，正如我們之前討論過的，由於加拉廷和哥倫布兩處設施的擴建，我們一直處於資本支出較高的周期，這種情況明年將會好轉很多，我們將在1月份發布正式的指導意見，但肯定會釋放一些資金，並且當然希望繼續向股東返還現金。因此，除非發生不可預見的事件或重大併購等情況，否則我計劃將 2026 年的股票回購目標設定為合理的數字。

Perfect. I look forward to seeing you down in McKinney in a couple of weeks.

完美的。期待幾週後在麥金尼見到你。

Yeah, looking forward to It.

是的，很期待。

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

Hey guys, I just had a couple of follow-ups. On pricing, can you -- how much of carryover pricing would you have next year? I think you mentioned $30 million you saw this quarter. I guess what would you expect in the fourth quarter? And how much carries into '26?

嘿，各位，我剛剛有幾個後續問題。關於定價方面，您能否說明一下—明年您有多少價格可以沿用？我想你之前提到過本季營收達到3000萬美元。你覺得第四季會是什麼狀況？有多少份額會延續到 2026 年？

Yeah, so big picture, Tim, tariff story, roughly $100 million. Price increases specific to tariffs, a little bit over $50 million. Both of those are on an annualized level. We also implemented our first price increase in roughly four years on our US made products, roughly $52 million impact on an annualized level.

是的，提姆，從大局來看，關稅問題，大約涉及 1 億美元。關稅相關的價格上漲，略高於 5000 萬美元。這兩個數字都是按年計算的。我們也對美國製造的產品實施了近四年來的首次漲價，按年計算，影響約為 5,200 萬美元。

Yeah, and then just if you recall from Q2's release, Tim, we had a little bit of pricing in Q2 from the June price increase, about $30 million in Q3, as we've said, based on volume, probably another $25 million or so in Q4. And then so that leaves you with probably about, doing the math in my head, $30 million, $35 million of carryover pricing in 2026.

是的，蒂姆，如果你還記得第二季度的業績發布，我們在第二季度因為六月份的價格上漲而增加了一些成本，第三季度大約增加了 3000 萬美元，正如我們所說，根據銷量，第四季度可能還會再增加 2500 萬美元左右。這樣一來，我粗略計算了一下，到 2026 年，大概會有 3,000 萬美元到 3,500 萬美元的結轉價格。

Okay. Okay. Great. And then just on the fourth quarter, like the 100 basis points is still pretty wide for the year for the EBIT margin guide, and it is a seasonally weaker quarter. So just any -- would you put any finer point on that? Or just kind of how we're thinking about the fourth quarter because that could be up a couple of hundred, down a couple of hundred basis points in that specific quarter. So just anything that could help us there?

好的。好的。偉大的。然後，就第四季而言，息稅前利潤率預期全年仍有 100 個基點的波動幅度，而且第四季通常是季節性淡季。所以，就這麼簡單──你還能再補充一點嗎？或者說，我們現在是這樣看待第四季的，因為第四季的經濟成長可能會上升幾百個基點，也可能會下降幾百個基點。所以，有什麼能幫助我們的嗎？

Yeah, I mean I think the biggest variable is volume, right? I think if you look at market forecasters on what fourth quarter is going to look like from a housing start standpoint, there's some pretty dire forecasts out there to get to the numbers that they're saying on an annual basis based on where we are year-to-date. So that's probably the single biggest variable.

是的，我的意思是，我認為最大的變數是交易量，對吧？我認為，如果你看看市場預測者對第四季度房屋開工情況的預測，你會發現，根據我們今年迄今為止的情況來看，要達到他們所說的年度數字，存在一些相當悲觀的預測。所以這可能是最大的變數。

And then from the cost savings initiative, just in terms of exactly how much we're able to execute on which timing in Q4, we have a little bit of a read there. But I think it really comes down just to volume. I think the rest of it is largely locked in, but volume is a big enough variable in this case, given what's happening and what is already a pretty low volume seasonal quarter for us, which is Q4, typically.

至於成本節約計劃，就我們第四季能夠在哪個時間點執行多少計劃而言，我們已經有了一些了解。但我認為歸根究底還是數量的問題。我認為其餘部分基本上已經確定，但考慮到目前的情況以及我們通常來說第四季度是銷量較低的季節性季度，銷量在這種情況下是一個相當大的變數。

Okay. And then just a last clarification. The $30 million of annualized savings, is that in addition to the severance costs? So it's not $10 million of severance and $20 million of savings, it's $30 million of actual savings.

好的。最後還有一點需要澄清。每年節省的 3000 萬美元，是否不包括遣散費？所以，這不是 1000 萬美元的遣散費和 2000 萬美元的節省，而是 3000 萬美元的實際節省。

Yes.

是的。

Yes.

是的。

At least $30 million of savings.

至少省下3000萬美元。

Okay, sounds good awesome thanks guys.

好的，聽起來不錯，太棒了，謝謝各位。

Thank you and we have reached the end of the question-and-answer session. And this also concludes today's conference, and you may disconnect your lines at this time. Thank you, and have a great day.

謝謝大家，問答環節到此結束。今天的會議到此結束，您可以斷開線路了。謝謝，祝您今天過得愉快。