Simpson Manufacturing Co., Inc. (SSD) 2026 Q1 法說會逐字稿

Greetings. Welcome to Simpson Manufacturing Company's first-quarter 2026 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

各位好。歡迎參加辛普森製造公司（Simpson Manufacturing Company）2026 年第一季財報電話會議。（接線員指示）請注意，本次會議將被錄音。

I will now turn the conference over to Kim Orlando, Investor Relations. Thank you. You may begin.

現在我將把會議交給投資人關係部的 Kim Orlando。謝謝。您可以開始了。

Good afternoon, ladies and gentlemen, and welcome to Simpson Manufacturing Company's first-quarter 2026 earnings conference call. 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.

各位女士、先生，下午好，歡迎參加辛普森製造公司 2026 年第一季財報電話會議。本次電話會議中所作的任何非歷史事實陳述，均屬前瞻性陳述。此類陳述係基於若干估計與預期，並受多項風險與不確定性影響。實際未來結果可能與前瞻性陳述所明示或暗示者存在重大差異。

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.

我們鼓勵您閱讀公司公開申報文件與報告中所述之風險，相關資料可於美國證券交易委員會（SEC）或公司企業網站取得。除非適用證券法另有要求，對於我們今日所作之任何前瞻性陳述，無論係因新資訊、未來事件或其他原因，我們均不承擔更新或公開修訂之義務。

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. 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.

在本次電話會議中，我們也將提及非 GAAP 指標，例如調整後 EBITDA；該指標已於公司財報新聞稿中與最可比的 GAAP 指標（淨利）進行調節。請注意，財報新聞稿已於今日美東時間約下午 4:15 發布。財報新聞稿可於公司網站投資人關係頁面 ir.simpsonmfg.com 取得。今日電話會議將以網路直播方式進行，並將於公司網站投資人關係頁面提供重播。

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

現在，我想把會議交給辛普森總裁兼執行長 Mike Olosky。

Thanks, Kim. Good afternoon, everyone, and welcome to today’s call. With me is Matt Dunn, our Chief Financial Officer.

謝謝你，Kim。各位下午好，歡迎參加今天的電話會議。與我一同出席的是我們的財務長 Matt Dunn。

As we begin, I’d like to step back and briefly anchor our performance this quarter in the broader ambitions that guide how we build and grow Simpson. Across the organization, we remain focused on being the partner of choice for our customers and innovation leader in the markets we serve and strengthening our values-based culture, all while delivering strong financial performance. We are making meaningful progress on these ambitions despite continued market challenges.

在開始之前，我想先退一步，簡要地將本季表現置於引導我們打造並成長辛普森的更宏大願景之中。在整個組織中，我們仍專注於成為客戶首選合作夥伴、成為所服務市場的創新領導者，並強化以價值觀為本的企業文化，同時交出強勁的財務表現。儘管市場挑戰仍在，我們在這些願景上正取得實質進展。

A defining hallmark of our values-based culture is a depth of experience and long-term commitment across our organization. As we celebrate our seventieth year as a company, that continuity matters. It reflects a culture that has allowed us to perform, adapt, and grow through many different construction cycles.

我們以價值觀為本的文化的一個鮮明特徵，是全體組織所累積的深厚經驗與長期承諾。在我們慶祝公司成立第七十週年之際，這種延續性格外重要。它反映出一種文化，使我們得以在多個不同的建築景氣循環中持續表現、調整並成長。

Throughout the year, we’ll be highlighting employees whose long-term dedication and impact reflect the values and culture that have defined Simpson for 7 decades. I’d like to take a moment to recognize a few members of our team. First is Sheryl Wyatt, Plant Director for our Southeast operations. She is celebrating 42 years with Simpson.

在今年全年，我們將表揚一些員工，他們的長期投入與影響力體現了定義辛普森 70 年的價值觀與文化。我想花點時間表揚幾位團隊成員。首先是我們東南部營運的工廠總監 Sheryl Wyatt。她正在慶祝加入辛普森滿 42 週年。

Sheryl started her career in our customer service organization, gaining first-hand insight into our customers and how we support them. She advanced through several manufacturing and operation roles, and today leads our highest volume and most cost-effective manufacturing facility.

Sheryl 的職涯始於我們的客戶服務組織，因而得以第一手了解客戶以及我們如何支援他們。她歷經多個製造與營運職務的晉升，如今領導我們產量最高且成本效益最佳的製造工廠。

I’d also like to recognize Cyndi Chandler. Cyndi started her career with Simpson in Texas and has spent 41 years with the company. She currently leads our business in the United Kingdom, where she made meaningful profitability improvements.

我也想表揚 Cyndi Chandler。Cyndi 在德州加入辛普森展開職涯，並已在公司服務 41 年。她目前負責領導我們在英國的業務，並在當地帶來顯著的獲利能力改善。

Over her career, she has consistently led teams through complex change, from reshaping our US national accounts approach to launching operations in Chile, and most recently, successfully strengthening our customer relationships across the UK.

在她的職涯中，她一貫帶領團隊因應複雜變革，從重塑我們在美國的全國性客戶（national accounts）策略，到在智利啟動營運，而最近則成功強化我們在英國的客戶關係。

Finally, I’d like to recognize our brothers, Genaro and John Sid from our Southwest operations. With 48 and 42 years of service, respectively, Genaro and John bring a combined 90 years of experience spanning production planning, leadership, and quoting. They are a great example of the deep operational knowledge and customer focus that underscore what makes us unique. These are just a few examples of the people behind the results, and we’re grateful for the experience, leadership, and commitment they bring to work every day.

最後，我想表揚我們西南部營運的兄弟檔 Genaro 與 John Sid。Genaro 與 John 分別服務 48 年與 42 年，合計帶來 90 年的經驗，涵蓋生產規劃、領導管理與報價等領域。他們是深厚營運知識與以客戶為中心精神的絕佳例證，這些特質正是我們獨特之處的基礎。以上只是成果背後人員的幾個例子，我們感謝他們每天帶來的經驗、領導力與投入。

Now turning to our financial results. We delivered net sales of $588 million, up 9.1% from the prior year quarter. As outlined in our Investor Presentation, net sales growth was primarily driven by our 2025 pricing actions, which contributed approximately 6% and foreign exchange of approximately 3%. These gains were partially offset by an approximate 1% decline in volume as a result of softer housing start activity during the quarter.

接著談我們的財務結果。我們實現淨銷售額 5.88 億美元，較去年同期成長 9.1%。如我們的投資人簡報所述，淨銷售額成長主要由 2025 年的定價措施帶動，約貢獻 6%，以及外匯因素約貢獻 3%。上述增長部分被本季住宅開工活動較疲弱所致的約 1% 銷量下滑所抵銷。

In North America, net sales were $461.9 million, up 9.8% from the prior year quarter, including a $31 million benefit from pricing actions. As we look across our North American business, performance remains mixed by market segment and varies by geography, consistent with broader construction trends. However, we continue to see areas of resilience and growth where our strategy, business model, and customer relationships position us well.

在北美地區，淨銷售額為 4.619 億美元，較去年同期成長 9.8%，其中包含定價措施帶來的 3,100 萬美元效益。從北美業務整體來看，各市場區隔表現仍然分歧，且因地理區域而異，與更廣泛的建築趨勢一致。然而，我們仍持續看到具韌性與成長的領域，在這些領域中，我們的策略、商業模式與客戶關係使我們具備良好優勢。

The component manufacturer business delivered a strong quarter with volumes up double digits, driven primarily by new customer wins. This business continues to represent one of our most attractive long-term growth opportunities. Even amid broader residential housing softness, customer engagement remains solid, particularly around productivity-enhancing solutions.

構件製造商（component manufacturer）業務本季表現強勁，銷量以兩位數成長，主要由新客戶得標所帶動。此業務仍是我們最具吸引力的長期成長機會之一。即使在整體住宅市場偏弱的情況下，客戶互動仍然穩健，尤其是在提升生產力的解決方案方面。

Truss manufacturers remain focused on labor efficiency, throughput, and operational visibility, resulting in increased demand for our solutions across software, plates, equipment, and design services. We are making great progress in expanding and enhancing our offerings with value-added functionality. We are also improving our ability to respond quickly with new software features as customers’ needs evolve. Adoption of our solutions continues to advance, strengthening our role as a strategic partner to our component manufacturing customers.

桁架（truss）製造商仍聚焦於勞動效率、產出吞吐量與營運可視性，因而帶動對我們解決方案的需求提升，涵蓋軟體、連接板（plates）、設備與設計服務。我們在擴充並強化產品供給、加入增值功能方面進展良好。隨著客戶需求演進，我們也在提升快速回應、推出新軟體功能的能力。我們解決方案的採用持續推進，強化了我們作為構件製造客戶策略合作夥伴的角色。

The OEM business delivered another strong quarter with double-digit volume growth. This segment remains in an area of relative strength and strategic importance, supported by long-term trends toward prefabrication and off-site construction methods, including engineered wood systems and mass timber. While project timing can vary, customer engagement remains high, and our pipeline of opportunities continues to build. Our ability to pair innovative products with deep engineering expertise, testing capabilities, and field support remains a key differentiator.

OEM 業務本季再度交出強勁表現，銷量以兩位數成長。在長期趨勢支持下（朝向預製化與場外施工方法發展，包括工程木系統與大規模木構〔mass timber〕），此區隔仍處於相對強勢且具策略重要性的領域。雖然專案時程可能有所變動，但客戶互動仍維持高檔，我們的機會管線也持續累積。我們將創新產品與深厚的工程專業、測試能力及現場支援相結合的能力，仍是關鍵差異化優勢。

As customers pursue increasingly complex performance-driven projects, we believe our OEM segment is well-positioned to grow faster than the broader construction market over time. Our residential business volume increased modestly year-over-year, supported by continued cross-selling of connectors, fasteners, and anchoring solutions.

隨著客戶追求愈加複雜、以性能為導向的專案，我們相信 OEM 區隔具備條件，長期而言其成長速度可望快於整體建築市場。我們的住宅業務銷量年增小幅上升，主要受惠於持續交叉銷售連接件（connectors）、緊固件（fasteners）與錨固解決方案（anchoring solutions）。

While builders are focused on cost control, cycle time reduction, and lowering inventory levels, we renewed builder agreements, launched new products, and increased our service offerings to support both our builders and our LBM partners. These initiatives, combined with high service level across the industry’s broadest and deepest product line, have enabled us to perform relatively well in a market pressured by soft housing starts.

儘管建商聚焦於成本控管、縮短週期時間並降低庫存水位，我們仍續約建商協議、推出新產品，並擴大服務供給，以同時支援建商與我們的 LBM 合作夥伴。這些措施，加上我們在業界最廣且最深的產品線所提供的高服務水準，使我們得以在住宅開工疲弱所承壓的市場中維持相對良好的表現。

In our commercial business, first quarter volumes were down slightly year-over-year, reflecting mixed construction activity by segment and geography. Demand for cold-formed steel and anchoring systems remains relatively resilient. Customers continue to value our technical expertise, project coordination, broad portfolio of code compliance solutions, and reliable product availability on large, complex projects, particularly where early engagement helps reduce risk and improve execution. While overall activity remains uneven, our differentiated capabilities position us well for continued share gains.

在我們的商業業務中，第一季出貨量較去年同期小幅下滑，反映各細分市場與地理區域的建築活動表現不一。冷成型鋼與錨固系統的需求仍相對具韌性。客戶持續重視我們的技術專業、專案協調能力、涵蓋廣泛的法規符合性解決方案產品組合，以及在大型、複雜專案上的可靠供貨能力，尤其是在早期介入可協助降低風險並提升執行成效的情況下。儘管整體活動仍不均衡，我們具差異化的能力使我們在持續提升市占方面具備良好定位。

Our national retail business experienced low single-digit decline in shipments, while point-of-sale volumes declined in the mid-single digits versus the prior year. The retail environment remains competitive and reflective of broader housing and repair and renovation trends, with customers remaining value-focused and selective in discretionary spending. Our teams remain focused on disciplined execution, strong in-store support, and close collaboration with retail partners to optimize merchandising.

我們的全國零售業務出貨量出現低個位數下滑，而銷售點（POS）銷量較去年同期下滑中個位數。零售環境仍具競爭性，並反映更廣泛的住宅以及維修與翻新趨勢；客戶仍以價值為導向，並在非必需性支出上更為審慎與挑選。我們的團隊仍專注於嚴謹執行、強化店內支援，並與零售合作夥伴緊密協作以最佳化商品陳列。

We continue to make progress through bay optimization initiatives, targeted product innovation, and the expansion of decorative hardware via our Outdoor Accents offerings. While near-term volumes remain pressured, our emphasis on service, reliability, and in-market execution continues to strengthen retail relationships and support long-term growth opportunities.

我們持續透過貨架空間（bay）最佳化計畫、聚焦式產品創新，以及藉由我們的 Outdoor Accents 產品擴展裝飾性五金而取得進展。儘管短期出貨量仍承壓，我們對服務、可靠性與市場端執行的重視，持續強化零售關係並支持長期成長機會。

In summary, while near-term market conditions remain difficult, our diversified portfolio, strong customer relationships, and focus on engineering and value-added solutions resulted in solid performance across the North American business. In Europe, first quarter net sales totaled $121 million, up 6.3% year-over-year, driven by foreign currency translation. On a local currency basis, net sales were down 5.4%, with the decline in volumes partly offset by price increases. The market has been off to a slow start this year, but we continue to expect flat to low single-digit market growth over the next couple of years.

總結而言，儘管短期市場環境仍然艱困，我們多元化的產品組合、穩固的客戶關係，以及對工程與加值解決方案的聚焦，使北美業務整體表現穩健。在歐洲，第一季淨銷售額為1.21億美元，較去年同期成長6.3%，主要受外幣換算帶動。以當地貨幣計算，淨銷售額下滑5.4%，其中出貨量下滑部分被價格上調所抵銷。今年市場開局偏慢，但我們仍預期未來幾年市場成長將介於持平至低個位數。

Even in this environment, we’ve had several meaningful customer wins, including multiple mass timber projects. We also made progress improving profitability in select countries and continue to optimize our footprint to support long-term performance. While our raw material positions remain strong, we are seeing input cost headwinds that have required us to pass through surcharges and price increases. Taken together, these dynamics reinforce our confidence in our ability to continue improving profitability in Europe.

即便在此環境下，我們仍取得數個具意義的客戶勝利，包括多個大規模木構（mass timber）專案。我們也在部分國家推進獲利能力改善，並持續最佳化我們的據點布局以支持長期表現。雖然我們的原物料部位仍然穩健，但我們正面臨投入成本上升的逆風，迫使我們轉嫁附加費與調漲價格。綜合而言，這些動態強化了我們對於持續提升歐洲獲利能力的信心。

Our consolidated gross margin declined 130 basis points year-over-year to 45.2%, driven by higher material, factory, tooling, and labor costs as a percentage of net sales, including startup costs from the ongoing ramp of our Gallatin facility that opened late last year. Our 2025 price increases, which we now expect will contribute approximately $130 million in annualized net sales, helped offset these costs, including those attributable to tariffs. Gross margin was also negatively affected by product mix, partially offset by our productivity initiatives.

我們的合併毛利率較去年同期下滑130個基點至45.2%，主因為材料、工廠、模具與人工成本占淨銷售額比重提高，其中包含去年底啟用、目前仍在爬坡中的 Gallatin 廠之啟動成本。我們於2025年的調價（目前預期可帶來約1.30億美元的年化淨銷售額貢獻）有助於抵銷上述成本，包括關稅所致的成本。毛利率亦受到產品組合不利影響，但部分被我們的生產力提升計畫所抵銷。

Our operating margin was 19.5%, up 50 basis points year-over-year, which included one-time costs of $2.3 million related to our strategic cost savings initiatives. Adjusted EBITDA totaled $139.4 million, a 14.1% increase year-over-year. As outlined in our last call, our financial ambitions remain, one, driving above-market volume growth relative to US housing starts, two, maintaining an operating income margin at or above 20%, and three, consistently driving EPS growth ahead of net sales growth.

我們的營業利益率為19.5%，較去年同期提升50個基點，其中包含與策略性成本節省計畫相關的一次性費用230萬美元。調整後 EBITDA 為1.394億美元，較去年同期成長14.1%。如同我們在上次電話會議中所述，我們的財務目標仍為：第一，相對於美國新屋開工量（housing starts）實現高於市場的出貨量成長；第二，維持營業利益率達到或高於20%；第三，持續推動每股盈餘（EPS）成長快於淨銷售額成長。

In summary, our first quarter results reflect disciplined pricing and cost management, reinforced by strong execution and an unwavering focus on supporting our customers. As we look ahead, we expect conditions in both the US and Europe to remain challenging, and we do not anticipate sustaining the same level of revenue growth through the remainder of the year.

總結而言，我們第一季的結果反映出嚴謹的定價與成本管理，並由強勁的執行力與對支持客戶的堅定專注所強化。展望未來，我們預期美國與歐洲的環境仍將充滿挑戰，且不預期在今年剩餘期間能維持同等水準的營收成長。

As for our outlook on the markets, we now believe 2026 housing starts in the United States will be down low single digits compared to 2025, and in Europe, we expect flat to modest growth in the market for 2026. Looking ahead, our culture, customer focus, innovation, and financial discipline position us well to execute and maintain a strong competitive position.

就市場展望而言，我們目前認為美國2026年新屋開工量將較2025年下滑低個位數；在歐洲方面，我們預期2026年市場將持平至溫和成長。展望未來，我們的企業文化、以客為本、創新能力與財務紀律，使我們具備良好條件以落實執行並維持強勁的競爭地位。

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，我想把電話會議交給 Matt，由他更詳細說明我們的財務結果與展望。

Good afternoon, everyone. Thank you for joining us on our earnings call today. As we celebrate our 70th year as a company, I’d like to echo Mike’s comments and extend our gratitude to our many long-standing employees who have made Simpson the company it is today. I’d also like to mention that unless otherwise stated, all financial measures discussed in my prepared remarks refer to the first quarter of 2026, and all comparisons will be year-over-year comparisons versus the first quarter of 2025.

各位下午好。感謝各位參加今天的法說會。在我們慶祝公司成立70週年之際，我想呼應 Mike 的發言，並向許多長期任職的同仁致上謝意，正是他們成就了今日的 Simpson。我也想補充說明，除非另有說明，我在事先準備的講稿中所提及的所有財務衡量指標均指2026年第一季，且所有比較均為與2025年第一季的年對年比較。

Now turning to our results. Consolidated net sales grew 9.1% to $588 million. In the North America segment, net sales rose 9.8% to $461.9 million. Europe delivered a 6.3% increase in net sales to $121 million, driven by $13.2 million in favorable foreign currency translation and price increases, which were partially offset by lower sales volumes, partly from adverse weather conditions across the region.

接著說明我們的業績。合併淨銷售額成長9.1%至5.88億美元。在北美事業部，淨銷售額成長9.8%至4.619億美元。歐洲淨銷售額成長6.3%至1.21億美元，主要受1,320萬美元的有利外幣換算與價格上調帶動，但部分被較低的銷售量所抵銷，其中一部分源於區域內不利天候條件。

Globally, wood construction product sales were up 8.3%, and concrete construction product sales were up 14.7% as a larger percentage of these products are imported and included in tariff-driven price increases. Consolidated gross profit increased 6.1% to $265.9 million, resulting in a gross margin of 45.2%, down 130 basis points.

在全球範圍內，木構建築產品銷售成長8.3%，混凝土建築產品銷售成長14.7%，原因在於此類產品中較高比例為進口，並被納入關稅帶動的調價。合併毛利成長6.1%至2.659億美元，使毛利率為45.2%，下滑130個基點。

In North America, gross margin was 47.8%, below the 49.8% reported in the prior year, reflecting the impact from tariffs and higher factory overhead and labor costs as a percentage of net sales, along with some unfavorable product mix in the quarter. As Mike noted, startup costs in our Gallatin facility represented an approximate 100 basis points headwind to our first quarter gross margin, which we expect to moderate as we progress through the year. In Europe, gross margin increased to 36.3% from 35.2%, driven by higher pricing and lower material costs, partly offset by higher factory and tooling costs as a percentage of net sales.

在北美，毛利率為47.8%，低於去年同期的49.8%，反映關稅影響，以及工廠間接費用與人工成本占淨銷售額比重上升，並且本季產品組合略為不利。如 Mike 所提，Gallatin 廠的啟動成本對第一季毛利率造成約100個基點的逆風，我們預期隨著年度推進將逐步緩和。在歐洲，毛利率由35.2%提升至36.3%，主要受較高定價與較低材料成本帶動，但部分被工廠與模具成本占淨銷售額比重上升所抵銷。

From a product perspective, our gross margin was relatively flat at approximately 46% for wood products. For concrete products, gross margin was 40.2% compared to 49.5% a year ago, with the decrease due to tariffs, partly offset by recent pricing actions.

從產品角度來看，木製品毛利率約46%，相對持平。混凝土產品毛利率為40.2%，低於一年前的49.5%，下降主因為關稅影響，但部分被近期的定價措施所抵銷。

Now turning to expenses. As a percentage of net sales, first quarter operating expenses were 25.6%, an improvement from 27.5% last year. SG&A headcount was down approximately 9.1% year-over-year, which reduced personnel-related costs. In total, operating expenses increased 1.7% to $150.7 million, driven primarily by $4.2 million of foreign currency translation and one-time cost in Q1 2026 of $2.3 million related to our strategic cost savings initiatives. These increases were largely offset by lower professional fees and variable incentive compensation.

接著說明費用。以淨銷售額百分比計，第一季營業費用為25.6%，較去年的27.5%改善。SG&A 人員編制較去年同期約減少9.1%，降低了人員相關成本。整體而言，營業費用增加1.7%至1.507億美元，主要受4.2百萬美元的外幣換算影響，以及2026年第一季與策略性成本節省計畫相關的一次性費用230萬美元所帶動。上述增加大多被較低的專業服務費與變動激勵薪酬所抵銷。

To further detail our SG&A, our research and development and engineering expenses decreased by 6.1% to $18.6 million on lower personnel cost due to less headcount and footprint optimization. Selling expenses were relatively flat at $54.5 million as a result of our strategic cost savings initiatives.

為了進一步說明我們的銷售、一般及行政費用（SG&A），我們的研發與工程費用因人員編制減少及據點（footprint）最佳化帶來的人事成本下降而減少6.1%，至1,860萬美元。受惠於我們的策略性成本節省措施，銷售費用相對持平，為5,450萬美元。

On a segment basis, selling expenses in North America were down 3.3%, and in Europe, they were up 11.9%, primarily due to FX. General and administrative expenses increased by 4.5% to $77.6 million due to one-time cost of $2.3 million related to our strategic cost savings initiatives. As a result, our consolidated income from operations totaled $114.6 million, an increase of 12% from $102.3 million. Our consolidated operating income margin was 19.5%, up from 19.0% last year.

以事業部別來看，北美的銷售費用下降3.3%，歐洲則上升11.9%，主要由外匯（FX）所致。一般及行政費用增加4.5%至7,760萬美元，原因是與我們的策略性成本節省措施相關的一次性成本230萬美元。因此，我們的合併營業利益合計為1億1,460萬美元，較1億230萬美元增加12%。我們的合併營業利益率為19.5%，高於去年的19.0%。

In North America, income from operations increased by 12.8% to $118.3 million due to higher net sales on reduced operating expenses. Our operating income margin in North America was 25.6% compared to 24.9% last year. In Europe, income from operations decreased 23.8% to $7.1 million due to lower volumes. Our operating income margin in Europe was 5.9% compared to 8.2% last year. Our effective tax rate was 24.1%, approximately 140 basis points below the prior year period.

在北美，由於在降低營運費用的同時淨銷售額提高，營業利益增加12.8%至1億1,830萬美元。北美的營業利益率為25.6%，去年為24.9%。在歐洲，由於出貨量下降，營業利益下滑23.8%至710萬美元。歐洲的營業利益率為5.9%，去年為8.2%。我們的有效稅率為24.1%，較去年同期低約140個基點。

Accordingly, net income totaled $88.2 million or $2.13 per fully diluted share compared to $77.9 million or $1.85 per fully diluted share. Adjusted EBITDA was $139.4 million, an increase of 14.1%, resulting in a margin of 23.7%.

因此，淨利合計為8,820萬美元，或完全稀釋後每股2.13美元；相較之下，去年為7,790萬美元，或完全稀釋後每股1.85美元。調整後EBITDA為1億3,940萬美元，增加14.1%，對應的利潤率為23.7%。

Now turning to our balance sheet and liquidity. As of March 31, 2026, we had $74.2 million drawn on the revolver, resulting in $525.8 million of remaining availability. Our debt balance was $370.5 million, down $3.8 million from December 31, 2025, and cash and cash equivalents totaled $341 million, resulting in a net debt position of $29.5 million.

接著談資產負債表與流動性。截至2026年3月31日，我們在循環信貸（revolver）項下已動用7,420萬美元，剩餘可用額度為5億2,580萬美元。我們的債務餘額為3億7,050萬美元，較2025年12月31日減少380萬美元；現金及約當現金合計3億4,100萬美元，因此淨負債為2,950萬美元。

Our inventory position as of March 31, 2026, was $549 million, which was down $45.2 million compared to December 31, 2025. Pounds of inventory on hand in North America were down double digits, with a nearly double-digit increase in cost per pound, driven primarily by raw materials. We generated cash flow from operations of $35.9 million for the first quarter. Our capital allocation strategy remains focused on both supporting growth and delivering returns to our stockholders. In Q1, we invested $17.7 million in the capital expenditures, returned $12 million in dividends to our stockholders, and repurchased $50 million of our common stock.

截至2026年3月31日，我們的存貨為5億4,900萬美元，較2025年12月31日減少4,520萬美元。北美的在手存貨磅數呈雙位數下降，而每磅成本接近雙位數上升，主要由原物料所驅動。第一季我們的營運活動現金流為3,590萬美元。我們的資本配置策略仍聚焦於同時支持成長並為股東帶來回報。第一季我們投入資本支出1,770萬美元，向股東發放股利1,200萬美元，並回購5,000萬美元普通股。

As announced in October, the Board authorized a new share repurchase program for 2026, permitting the repurchase of up to $150 million of our shares through year-end 2026. This authorization underscores our confidence in the long-term prospects of the business and our ongoing commitment to returning capital to shareholders.

如同10月所宣布，董事會核准一項2026年新的庫藏股回購計畫，允許在2026年底前回購最多1億5,000萬美元的本公司股份。此項授權凸顯我們對公司長期前景的信心，以及持續將資本回饋股東的承諾。

Next, I’ll turn to our 2026 financial outlook. Based on business trends and conditions as of today, April 27, 2026, our guidance for the full year ending December 31, 2026, is as follows. We continue to expect our consolidated operating margin to be in the range of 19.5% to 20.5%.

接下來我將談我們對2026年的財務展望。根據截至今日（2026年4月27日）的業務趨勢與狀況，我們對截至2026年12月31日止全年之指引如下。我們仍預期合併營業利益率將落在19.5%至20.5%的區間。

Additional key assumptions include our outlook for US housing starts to be down in the low single-digit range, a lower overall gross margin based on imposed tariffs and increased depreciation costs, a higher realization of the annualized contribution from our 2025 price increases, an expected $3 million to $5 million of footprint optimization costs in Europe, and a projected $10 million to $12 million benefit on the sale of vacant land in the back half of 2026.

其他關鍵假設包括：我們預期美國新屋開工數將以低個位數幅度下滑；受加徵關稅與折舊成本上升影響，整體毛利率較低；2025年漲價帶來的年化貢獻實現度更高；預期歐洲將發生300萬至500萬美元的據點（footprint）最佳化成本；以及預估在2026年下半年出售閒置土地可帶來1,000萬至1,200萬美元的利益。

Our effective tax rate is estimated to be in the range of 25% to 26%, including both federal and state income tax rates based on current tax laws. Finally, our capital expenditures outlook is expected to be in the range of $75 million to $85 million.

我們估計有效稅率將落在25%至26%的區間，包含依現行稅法計算的聯邦與州所得稅率。最後，我們預期資本支出將落在7,500萬至8,500萬美元的區間。

In summary, we delivered solid results in the first quarter with growth in net sales, EBITDA, and operating margin despite a housing market that remains challenged. Pricing actions are contributing as expected and are projected to add roughly $130 million in annualized net sales, helping offset some tariff-related cost pressures.

總結而言，儘管房市仍具挑戰，我們第一季仍交出穩健成果，淨銷售額、EBITDA與營業利益率皆成長。定價措施如預期發揮貢獻，預估可帶來約1億3,000萬美元的年化淨銷售額，有助於抵銷部分與關稅相關的成本壓力。

Overall, while we were pleased with our Q1 results, we do not expect this level of revenue growth to carry through the remainder of the year, given our tempered outlook for the housing market in 2026 and the timing of 2025 price increases. We remain focused on disciplined capital deployment and our commitment to return at least 35% of free cash flow to shareholders.

整體而言，雖然我們對第一季表現感到滿意，但鑑於我們對2026年房市較為保守的展望，以及2025年漲價的時點因素，我們不預期這樣的營收成長幅度能延續到今年剩餘期間。我們仍專注於嚴謹的資本部署，並承諾至少將自由現金流的35%回饋給股東。

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

接下來，我將把電話交給接線員，開始問答環節。

(Operator Instructions)

（接線員指示）

Daniel Moore, CJS Securities.

Daniel Moore，CJS Securities。

Congrats on the quarter. I guess we’ll start with the modest change in expectations around housing starts for the year. No, it’s certainly not a surprise. I realize we’re talking weeks, not months, but just talk about the sort of cadence of demand and volumes in North America that we’ve seen since the start of the war in Iran and spiking oil prices. Just wondering if what sort of impact you’re seeing in real-time and how do you kind of see that playing out as we look through you know, to the remainder of Q2?

恭喜本季表現。我想先從今年對新屋開工數預期的小幅調整談起。不，這當然不令人意外。我知道我們談的是幾週而非幾個月，但想請你談談自伊朗戰爭爆發、油價飆升以來，我們在北美看到的需求與出貨量節奏大概是怎樣。想了解你們即時看到的影響是什麼，以及當我們往前看、也就是到第二季剩餘時間時，你們認為會如何發展？

Hello, Dan. Thanks for the question. We started coming into this year thinking the market was going to be roughly flat. As you know, the census data is a little bit delayed. When we look at the market, Dan, we’re doing two things.

你好，Dan。謝謝你的問題。我們在今年一開始進入時，原本認為市場大致會持平。如你所知，人口普查（census）數據會有一些延遲。當我們觀察市場時，Dan，我們在做兩件事。

We’re getting basically feedback from six, seven different firms on how the year’s going to play out. Consensus from those six or seven firms is kind of low single-digit number. We’re certainly cross-checking that with a lot of our customers. What we hear from the customers in the spring, it’s been a bit of a soft selling season, which kind of confirms that low single-digit market growth rate expected for the year.

我們基本上會從六、七家不同的機構取得回饋，了解今年可能的走勢。這六、七家機構的共識大致是低個位數的數字。我們當然也會與許多客戶進行交叉驗證。從客戶那邊在春季聽到的情況是，銷售旺季有些偏弱，這也某種程度印證了今年預期的低個位數市場成長率。

Very helpful. In terms of pricing Q4 about a 5% to 6% benefit, again, 6% benefit this quarter. Have you taken or contemplated any additional price increases, given continued inflationary pressures? And as we think about the impact of pricing in Q2 as well as back half of the year, I know you mentioned kind of a $130 million all-in. Just any comments on cadence is certainly helpful.

非常有幫助。在定價方面，第四季約有5%到6%的效益，而本季同樣是6%的效益。在通膨壓力持續的情況下，你們是否已經採取或正在考慮任何額外的漲價？另外，當我們思考第二季以及下半年定價的影響時，我知道你提到整體約1億3,000萬美元。若能就節奏（cadence）提供一些評論也會很有幫助。

Yeah, Dan. When we look at pricing going forward in Europe, we are seeing rising inputs in a lot of different areas. We have started doing the surcharges and done some price increases there, which we mentioned in our prepared remarks. We’re certainly experiencing some rising costs across other parts of our business in North America. We’re working really hard to take costs out and try to drive productivity with the expectation that we maintain our gross margins over the longer period of time.

是的，Dan。當我們展望歐洲未來的定價時，我們看到許多不同領域的投入成本正在上升。我們已開始加收附加費並在當地進行了一些提價，這點我們在事先準備的發言中也提到過。在北美，我們確實也在業務的其他部分感受到一些成本上升。我們正非常努力地降低成本並提升生產力，期望在較長期間內維持我們的毛利率。

Yeah. Dan, this is Matt. Just to answer your specific question, we haven’t taken any additional price increases in North America beyond the two that we announced last year. Again, as we look forward, we’re seeing those cost increases, whether it be fuel or potentially steel, but haven’t contemplated or announced anything. We’re just really focused on maintaining and kind of preserving our growth margins. You know, we potentially have to look at that if things change, but right now, nothing in the works.

是的。Dan，我是Matt。針對你具體的問題，我們在北美除了去年宣布的兩次提價之外，沒有再進行任何額外的提價。同樣地，展望未來，我們看到那些成本上升，不論是燃料或可能是鋼材，但我們尚未考慮或宣布任何措施。我們只是非常專注於維持並某種程度上守住我們的毛利率。你知道，如果情況有變，我們可能必須再評估，但目前沒有任何計畫在進行中。

Okay. Taking a step back from the macro. Good color and detail about increased penetration, particularly in some of those newer end markets, truss, some of the the outdoor decorative. Just if you want to sort of dig in and give a little bit more color in terms of how things are progressing from a share gain perspective and what your expectations are for sort of outpacing the housing starts for the year from a volume perspective, assuming it does come in in that low single-digit range.

好的。先從總體環境退一步來看。你們對滲透率提升提供了很好的說明與細節，特別是在一些較新的終端市場，例如桁架，以及一些戶外裝飾類。如果你願意再深入一點，能否就市占提升的進展提供更多說明，以及在假設今年新屋開工量落在低個位數成長的情況下，從出貨量角度你們對於全年超越新屋開工增速的預期是什麼？

Yeah. Again, Dan, let me start with the market just one more time. Again, delay in the census data, so we’re not exactly sure how the first part of the year’s played out. We’re going to get, I think, the first round of data in another couple of weeks, so that’ll give us a little bit of a better feel. We do believe we are slightly ahead of the market based on off of the trailing twelve months.

是的。Dan，我再先從市場面談一次。由於人口普查數據延遲，我們不太確定今年前半段的表現究竟如何。我想再過幾週我們會拿到第一輪數據，這會讓我們更有感覺。根據過去12個月的滾動數據，我們確實認為我們略微領先於市場。

When we look at driving above-market growth, it comes back to those market playbooks that we have around those five market segments. We also have product playbooks all around trying to drive innovation, drive new customer gains, get additional shelf space, and get more content on the houses.

當我們看如何推動高於市場的成長時，會回到我們針對那五個市場區隔所制定的市場作戰手冊（playbooks）。我們也有產品作戰手冊，圍繞著推動創新、爭取新客戶、取得更多貨架空間，以及在房屋上導入更多我們的產品內容（content）。

When we look at some things we’re particularly excited about, again, the component manufacturing business growing double-digit. Again, new customer wins there. We’re very happy with how the truss business is developing. The Producer Tool has been out in the market for a while. It is cloud-based, so we’ve already been able to do multiple releases to respond quickly to some customer needs and questions around it.

談到一些我們特別感到興奮的事情，首先是零組件製造（component manufacturing）業務維持兩位數成長。同樣地，我們在那裡也拿下了新客戶。我們對桁架（truss）業務的發展非常滿意。Producer Tool 已在市場上推出一段時間。它是雲端架構，因此我們已能進行多次版本更新，以快速回應客戶需求與相關問題。

We’re still feeling pretty confident about our Director and new design tool that’s going to be rolled out later this year. We’re actively using AI to help us develop new software and new quality assurance in the truss space, so we’re feeling pretty good about that, and we’re getting, again, good feedback from our customers.

我們對 Director 以及今年稍晚將推出的新設計工具仍然相當有信心。我們正積極運用 AI 來協助我們在桁架領域開發新軟體與新的品質保證（QA），因此我們對此感覺相當不錯，也再次從客戶那裡獲得良好回饋。

And then in the OEM segment we’ve been talking about mass timber for a while. These mass timber jobs just keep getting bigger and bigger, and they want a broad set of solutions from us that we’re able to offer, and the Gallatin facility is going to help us respond quicker. We’ve done some other things to help us do really these high-strength, heavy-duty, connectors packages for some of these big mass timber buildings out of our Riverside facility, and we’re happy with the progress we’ve made there.

另外，在 OEM 區隔，我們談大規模木構（mass timber）已經有一段時間了。這些大規模木構案子持續變得越來越大，他們希望我們能提供一整套更廣泛的解決方案，而我們也有能力提供；Gallatin 廠將幫助我們更快速地回應。我們也做了其他一些事情，協助我們在 Riverside 廠為這些大型大規模木構建築提供真正高強度、重載型的連接件（connectors）套裝方案；我們對那裡的進展感到滿意。

Again, we’re feeling good about it. At the end of the day, we want to make sure that we’re driving above market growth at that 20% operating income level.

總之，我們對此感覺良好。歸根結底，我們要確保在營業利益率 20% 的水準下，推動高於市場的成長。

Great to hear. Last one, just a housekeeping. I think you said timing around the gain on sale of land H2. Has that been pushed out at all? Just trying to get a sense from a modeling perspective. Thanks again.

很高興聽到。最後一個，算是例行問題。我想你提到土地出售利益的認列時點在下半年（H2）。這個時程有往後推嗎？只是想從建模角度掌握一下。再次感謝。

Yeah. Dan, this is Matt. It’s definitely going to be in the back half. It’s been included in our guidance for the year. We didn’t specify a quarter when we gave guidance three months ago, but we’ve got more visibility now that it’s going to be in the back half. TBD whether it’s Q3 or Q4. We’ll try to refine that once we get closer.

是的。Dan，我是Matt。它肯定會在下半年。我們已把它納入今年的財測指引。三個月前我們提供指引時，沒有指定落在哪一季，但現在我們能見度更高，確定會在下半年。至於是第三季還是第四季，尚待確定（TBD）。等更接近時我們會嘗試再精準一些。

Trey Grooms, Stephens.

Trey Grooms，Stephens。

Congrats on the quarter. Nice showing. Thanks for the color on the outlook you gave on housing. Makes a lot of sense. But how are you thinking about some of the other end markets? Sorry if I missed this, but are you still expecting demand for commercial to be kind of flattish? And then as you kind of look into retail or R&R for that to be kind of flat to up a little bit? Any changes there?

恭喜本季表現。成績很亮眼。也謝謝你們對住宅市場展望提供的補充說明。非常合理。但你們如何看待其他一些終端市場？如果我漏聽了先抱歉，但你們是否仍預期商用需求大致持平？另外，當你們看零售或維修與翻新（R&R）時，是否仍預期大致持平到小幅成長？這方面有任何變化嗎？

Yeah. When we look at our end markets, we’re looking at several firms that help us get the US housing starts number. That’s the low single-digit range. When we look at the market numbers for the national retail business or repair and renovation, when we look at that particular area, we’re thinking basically flattish to maybe up 1%-ish in that range.

是的。當我們看終端市場時，我們參考幾家機構來協助我們估算美國新屋開工數。那是低個位數的區間。至於全國零售業務或維修與翻新（repair and renovation）這一塊的市場數據，我們的看法基本上是持平到可能小幅上升，大約在 1% 左右的區間。

In the commercial area, we’re looking at starts, and we have a firm that helps us with that. There we’re thinking low single-digit range. Then our OEM business, we really just kind of benchmark that versus the IPI, and that we expect to be low single-digits.

在商用領域，我們看的是開工量（starts），也有一家機構協助我們。在那裡我們的看法是低個位數區間。至於我們的 OEM 業務，我們主要是拿工業生產指數（IPI）作為對標，我們預期也會是低個位數。

Okay. Got it. No real change there. Maybe looking at geographically, I know you guys have seen some mixed headwinds, I guess, geographically, some mixed headwinds from some underperformance in California and Florida, I guess, over the last few years. It sounds like some of the commentary we’re hearing from out there in the market from home builders, et cetera. It sounds like Florida might be recovering somewhat. Anyway, any details maybe you guys could give us on what you’re seeing geographically and maybe some of this mixed headwind, if you will, kind of starting to subside if Florida’s starting to pick up.

好的。了解。那邊沒有太大變化。或許從地理區域來看，我知道你們過去幾年在地區上似乎遇到一些好壞參半的逆風，像是加州和佛州表現不如預期所帶來的影響。從市場上、房屋建商等那邊我們聽到的一些評論來看，感覺佛州可能正在某種程度上復甦。總之，你們能否分享一些你們在地理區域上看到的情況，以及這種好壞參半的逆風是否開始消退、若佛州開始回升的話？

Yeah, Trey, good question. If we talk about just market specific, the state level data on starts is, there’s a lot of variability depending upon the sources you look at. If you just look big picture, Florida and California, they are down significantly from their peak housing starts about 3 years ago.

是的，Trey，問得好。如果只談特定市場，各州層級的開工數據，會因你看的資料來源不同而有很大差異。如果只看大方向，佛羅里達和加州相較於約3年前的住宅開工高峰，已大幅下滑。

When we look at our business in California, a lot of engineering into it, especially from a seismic perspective. We continue to talk with customers that are saying they’ve got a strong backlog. A lot of projects are about ready to get kicked off in that area. But we have not yet started to realize that in our sales revenue. In Florida, from what we’ve seen, really no significant change for us at this point, and it’s still a little soft.

當我們看加州的業務時，裡面有很多工程投入，特別是從抗震角度。我們持續與客戶交流，他們表示手上有很強的訂單積壓（backlog）。那個地區有很多專案已經快要啟動。但我們的銷售營收尚未開始反映出來。在佛州，就我們目前看到的情況而言，對我們來說此刻沒有明顯變化，整體仍偏疲弱。

Okay. All right. Sounds great. Keeping to some degree, maybe Matt, on the inventories down pretty significantly in the quarter, just by some you had some good sales improvements, actually stepped down sequentially. I understand that you guys usually build some inventory in the 1Q and then kind of work it down in seasonally stronger quarters. Any color you could give us on kind of how we should be thinking about that, given it’s kind of lower level as we’re kind of entering the building season, how we should be thinking about that seasonal trend?

好的。好。聽起來很棒。延續一下，可能是問Matt，本季庫存下降得相當明顯；部分原因是你們的銷售確實有不錯的改善，但其實環比是下來的。我理解你們通常會在第一季建立一些庫存，然後在季節性較強的季度把它消化掉。考量目前在進入建築旺季時庫存水位偏低，你能否分享一下我們應該如何看待這件事，以及該如何思考這個季節性趨勢？

Sure, Trey. I mean, we’re doing a lot of work to drive productivity on finished good and work in process inventory, and so that’s playing out a little bit. When you look at our inventory drop in dollars, it shows up in pounds even more broadly. As you think about the cost of things is more expensive, so it doesn’t quite show up in the dollars to the level it shows up in the pounds. We’re down quite significantly on pounds.

當然可以，Trey。我們正在做很多工作來提升成品與在製品（WIP）庫存的生產力，所以這部分正在逐步反映出來。當你看我們以金額計的庫存下降時，以重量（磅）來看下降幅度更大。因為成本變得更貴，所以用金額看不會像用重量看那樣明顯。以磅數來看，我們下降得相當顯著。

I would say the bulk of that drop, though, is really on the raw material side, so think of steel and steel coils. As we’re kind of working through the inventory there, as you know, we tend to buy kind of in lumpier chunks when the market you know meets our needs and kind of a sweet spot for where we want to be. It’s going to be a little bit lumpy on the raw material steel, and those prices are starting to move a little bit as we look forward.

不過我會說，這次下降的主要部分其實是在原材料端，也就是鋼材與鋼捲。我們在消化那邊的庫存時，如你所知，我們通常會在市場條件符合需求、且價格落在我們想要的甜蜜點時，以較大批量採購。因此原材料鋼材的庫存會比較呈現波動，而展望未來，這些價格也開始有些變動。

I would expect that we’ll probably bump back up a little bit on raw material throughout the course of the year, but at the same time, we’re working on productivity on the finished goods and the work in process, so it may be a somewhat little bit offset, but hopefully, certainly not back to the peak we were on pounds. On dollars, it’s a little bit tougher to say because the price per pound is going up. I think where we kind of started, 2026, would be sort of like a high watermark, and it would probably stay below that.

我預期今年原材料庫存可能會小幅回升，但同時我們也在提升成品與在製品的生產力，所以可能會有些抵銷；但希望當然不會回到我們先前以磅數計的高峰。以金額來看就比較難說，因為每磅價格正在上升。我認為我們在2026年年初的水位可視為一個相對高點，之後大概會維持在其下方。

Kurt Yinger, D.A. Davidson.

Kurt Yinger，D.A. Davidson。

Just wanted to go back to pricing. Can you just talk a little bit about kind of the difference between the new $130 million versus the $100 million previously? Is that, I guess, just an updated view on what you’ll capture, or does that encapsulate maybe some of these surcharges and whatnot you’ve discussed in Europe?

我想回到定價的問題。你能談談新的1.30億美元相較於先前1.00億美元之間的差異嗎？這是你們對可實現金額的更新看法，還是其中也包含了你們在歐洲提到的附加費（surcharges）之類的項目？

Yeah, Kurt, this is Matt. Your previous guidance was about $100 million annualized. If you recall from our previous quarter release, we realized about $60 million of that in 2025, which would have implied additional $40 million in 2026. We’re upping the annualized number to $130 million, so that would imply $70 million in 2026 incremental. It’s a combination of some of the pricing we’ve enacted in Europe particularly related to the surcharges, but also some price increases.

好的，Kurt，我是Matt。你們先前的指引是年化約1.00億美元。如果你還記得我們上一季的財報發布，我們在2025年已實現約6,000萬美元，這意味著2026年還會再增加4,000萬美元。我們把年化數字上調到1.30億美元，因此意味著2026年增量為7,000萬美元。這是幾項因素的組合：包含我們在歐洲實施、特別與附加費相關的定價措施，以及一些價格上調。

A little bit of product mix in North America, which is driving more pricing. If you think about the products that had higher price increases, that’s primarily fasteners and anchors. They’re continuing to grow a little bit faster than the connector business, which provides some additional dollars when you just look at the pricing impact. Doesn’t necessarily drive better gross margin or better op income, but when you look at pricing quantification on dollars realized from pricing, it does benefit there. It’s really a combination of those two things that’s kind of upped it to that $130 million number.

另外，北美有一點產品組合（product mix）的變化，也帶動了更高的定價。如果你看哪些產品的漲價幅度較高，主要是緊固件（fasteners）與錨固件（anchors）。它們的成長速度仍略快於連接件（connector）業務，因此單就定價影響來看，會帶來一些額外的金額貢獻。這不一定代表毛利率或營業利益會更好，但若以「因定價而實現的金額」來量化，確實會有幫助。基本上就是這兩件事的組合，把數字推升到1.30億美元。

Okay. That makes a whole lot of sense. I appreciate that. Just on the cost side, I mean, it doesn’t sound like the change in 232 tariffs is really having any impact on you guys, but I would appreciate it if you just touch on that. As well as on the freight side with the self-distribution angle, how is transportation and freight costs, I guess, shared among you guys and customers? Is that a situation similar to Europe where there are surcharges, but those are just passed along? Can you talk a little bit about that?

了解。這非常合理。謝謝你的說明。再問成本端：聽起來232條款關稅的變動對你們沒有什麼影響，但我希望你能稍微談一下。另外在運輸/貨運方面，考量你們自有配送（self-distribution）的模式，運輸與貨運成本是如何在你們與客戶之間分攤的？是否像歐洲一樣有附加費，但只是轉嫁出去？能否談談這部分？

Yeah, you’re right. On the Section 232 tariffs, the announcements that came out, I think, early April, don’t really have much of an impact for us. The tariffs that we were paying are pretty much staying the same.

是的，你說得對。關於232條款關稅，4月初公布的那些消息，對我們其實沒有太大影響。我們原本在支付的關稅基本上維持不變。

If you think about the fuel rates and things that are impacting surcharges there, I mean, we’re seeing it some from our suppliers passing along surcharges, changing rates weekly sometimes. A lot of our shipments travel prepaid freight, so we have not put any surcharges in place. So from time to time, we have to adjust the amount of a purchase that is able to travel with prepaid freight for free. So meaning sometimes you have to up the minimum purchase.

至於燃油費率等會影響附加費的因素，我們確實看到一些供應商把附加費轉嫁過來，有時甚至每週調整費率。我們很多出貨是預付運費（prepaid freight），所以我們尚未設置任何附加費。因此我們有時需要調整能夠享有預付運費、也就是免運的採購金額門檻。也就是說，有時你必須提高最低採購額。

I don’t believe we’ve done any of that yet, but that’s some of the things that we’re considering. But we are seeing an impact in our 2026 outlook from increased fuel costs. We haven’t acted on passing any of that through, but we’re kind of actively monitoring it and kind of see where it shakes out, what level it goes to, and then evaluate the best way to, again, try to make sure that we’re preserving our gross margin.

我不認為我們目前已經做了這類調整，但這是我們正在考慮的一些作法。不過，我們在2026年的展望中確實看到燃油成本上升帶來的影響。我們尚未採取把這些成本轉嫁出去的行動，但我們正積極監控，看看最後會如何發展、會到什麼程度，然後再評估最佳方式，以確保我們能維持毛利率。

Okay. Got it. Then just on the volume side, I mean, a really good quarter for the North American residential business it seems. Is there anything to call out there that might have been a transitory boost? Maybe looking at the full year, I mean, sounds like you kind of trimmed the expectations for housing starts. If we look at the comps, the first half is very difficult, gets easier in the back half. Just given the positive performance here in Q1, I guess, is there any reason to believe that wouldn’t be sustainable just as comps get a little bit easier?

好的。了解。再問一下量的部分：看起來北美住宅業務這一季表現非常好。這裡面有沒有什麼值得特別指出、可能只是短期拉抬的因素？再看全年，你們似乎稍微下修了對住宅開工的預期。如果看比較基期，上半年非常困難、下半年會變得容易一些。考量第一季的正向表現，是否有任何理由認為，隨著比較基期變得容易，這樣的表現不會具有可持續性？

Kurt, we’re very pleased with the development our residential business team has made. We continue to leverage the business model, and with that shift we made about 3 years ago of going from a product-focused sales team to a market-focused sales team, that’s enabled us to really cross-sell the complete product line.

Kurt，我們對住宅業務團隊所取得的發展感到非常滿意。我們持續運用這個商業模式，而我們在約 3 年前做出的轉變——從以產品為導向的銷售團隊轉為以市場為導向的銷售團隊——讓我們得以真正交叉銷售完整的產品線。

We’ve continued to develop our warehouse network so that we’re closer to customers, and we can make sure that we get to a very large percentage of our customers. They place an order today in the morning, we ship it in the afternoon, they get it the next day. I think all that added up, Kurt, just continue to get more content on houses and pick up more shelf space with our lumberyards and pro dealer customers.

我們持續擴展倉儲網路，讓我們更貼近客戶，並確保能覆蓋到非常高比例的客戶。他們今天早上下單，我們下午出貨，隔天就能收到。我認為這些因素加總起來，Kurt，讓我們持續在住宅上取得更多的用量份額，並在木材場與專業經銷商客戶那裡爭取到更多的貨架空間。

Yeah, Kurt, I think as you look at your comments around back half comps and things, certainly our volume comps get a little bit easier in the back half when you compare it to what we did in the last half of last year. But also including a little bit of expectation that the market is potentially going to be a little softer as we go throughout 2026 as we kind of updated our guidance. I mean, part of the challenge now is we’re flying a little bit blind on what is the market doing because there’s been delays in reporting and even going back to 2025 actuals, I think they’re still subject to revision from the Census Bureau later this week when they publish the February and March starts numbers.

是的，Kurt，我想就你提到的下半年同店比較（comps）等議題來看，當然，當你把下半年拿來和去年下半年相比時，我們的出貨量同店比較會稍微容易一些。但同時，我們在更新指引時也納入了一點預期：隨著 2026 年推進，市場可能會稍微走弱一些。我的意思是，目前挑戰的一部分在於，我們對市場實際在做什麼有點像是在盲飛，因為數據回報有延遲；甚至回頭看 2025 年的實際數據，我認為本週稍晚人口普查局公布 2 月與 3 月開工數據時，這些數字仍可能被修正。

We believe we’re outperforming the market a little bit on volume. We certainly expect to continue to do that, but you know, what that market’s going to look like quarter on quarter that we’re comparing to is a little bit up in the air, as we kind of got to see where we shake out here in the first quarter, and we get the numbers and see where we were. You know, the outlook for the year has gotten a little bit worse from our perspective, kind of backed up by most of the market forecasters out there. They’re saying it’s going to be a little bit softer in 2026.

我們相信在出貨量方面，我們的表現略優於市場。我們當然也預期會持續做到這點，但你知道，我們拿來逐季比較的那個市場長相會如何，仍有點不確定；我們得先看看第一季最後落在哪裡，拿到數字後再看我們實際表現如何。從我們的角度來看，今年的展望又變得稍微更差一些，而這也大致被多數市場預測機構所支持。他們都在說 2026 年會稍微疲弱一些。

Okay. That makes sense. Just lastly, on the national retail side, the weakness there, it seemed like over 25, there were some points where sell-in didn’t necessarily match sell-through, but POS has kind of turned now. Do you think that’s just a function of the overall project environment in a lot of the categories that you’re serving or more so maybe a skew to customers going with a more value-sensitive approach in terms of products? I guess, any thoughts on kind of the performance there early this year?

好的。這很合理。最後一點，關於全國零售端，那邊的疲弱——看起來在 2025 年期間，有些時點的進貨（sell-in）不一定與終端銷售（sell-through）一致，但現在 POS 似乎已經轉強。你認為這只是你們所服務的多個品類整體專案環境的影響，還是更偏向客戶在產品選擇上採取更重視性價比的做法？我想問的是，對於今年年初那邊的表現，你有什麼看法？

I wouldn’t say that we’re seeing a shift in the value performance story. Kurt, if somebody’s coming into one of the national retail customers, especially a pro, I mean, they know exactly what products they’re looking for.

我不會說我們看到性價比（value）表現的敘事有出現轉變。Kurt，如果有人走進某個全國型零售客戶那裡，尤其是專業客戶（pro），他們通常非常清楚自己要找哪些產品。

I wouldn’t necessarily say that. I think we’ve had some time over the last probably six months, where point of sale data and our sales into the national retailers was a little bit disconnected. It’s kind of flipped and gone the opposite way in the first quarter. But we continue to work with them to help them develop the business by merchandising activities.

我不一定會這麼說。我認為在過去大概六個月裡，有一段時間 POS 數據與我們對全國零售商的出貨（sell-in）之間有些脫節。而在第一季，情況有點翻轉，變成相反的方向。但我們仍持續與他們合作，透過陳列與促銷等商品化活動來協助他們發展業務。

We continue to push our outdoor living solutions product line, which has had pretty good growth over several years now. We’re working hard with the pro desks with our national retail customers. We’ve provided some estimating services, and we’re doing other things to help them really cross-sell the full product line. We think over time, that’ll all play out in the short term. We do occasionally see some inventory shifts with those guys, and that’s been reflected in the numbers the last six months or so.

我們持續推動我們的戶外生活解決方案產品線，這條產品線在過去幾年一直有相當不錯的成長。我們也在全國零售客戶的專業服務櫃台（pro desk）端努力耕耘。我們提供了一些估算服務，也做了其他事情來協助他們真正交叉銷售完整的產品線。我們認為隨著時間推進，短期內這些都會逐步反映出來。我們確實偶爾會看到他們那邊的庫存調整，而這也反映在過去大約六個月左右的數字上。

Yeah. I think, Kurt, just to add, I think just to cap it off, I think it’s good to see that trend reverse a little bit in terms of sell-in versus sell-out. We’d seen several quarters in a row where our POS units were quite a bit better than our sell-in. One quarter doesn’t make a trend, but good to kind of stop that trend, and then we’ll kind of see where it goes from here.

是的。Kurt，我想補充一下，作個總結：看到進貨（sell-in）與出貨/終端銷售（sell-out）之間的趨勢稍微反轉，是件好事。我們已經連續好幾季看到 POS 的單位數表現明顯優於我們的進貨（sell-in）。單一季不代表趨勢，但能先把那個趨勢止住是好的，接下來我們再看看後續會怎麼走。

Tim Wojs, Baird.

Tim Wojs，Baird。

Nice job on the results and the inventory number. I guess maybe just my first question, just if I remember right, you guys were expecting about $30 million of annualized cost savings from some of the SG&A actions you took last year. What was the realization in the first quarter? I don’t know if I missed that.

這次的業績與庫存數字做得不錯。我想先問第一個問題：如果我沒記錯，你們原本預期去年採取的一些 SG&A 措施，能帶來約 3,000 萬美元的年度化成本節省。第一季實現了多少？我不確定是不是我漏聽了。

If you remember, Tim, the $30 million was about 2/3 SG&A and 1/3 in COGS. That was kind of how we framed up the $30 million net. Then we said in the last quarter that we expected $10 million to $15 million on a annualized basis below last year’s SG&A spend, actuals.

Tim，如果你還記得，那 3,000 萬美元大約是 2/3 來自 SG&A、1/3 來自銷貨成本（COGS）。我們當時是這樣來界定這 3,000 萬美元的淨額。然後我們在上一季也提到，我們預期以年度化基礎來看，SG&A 支出會比去年實際值低 1,000 萬到 1,500 萬美元。

In the first quarter, SG&A was actually up $1 million, but you got to peel it back a little bit. There’s two big drivers there. One, exchange rate with a $4.2 million hurt on that, so that’s the translation of European expenses back to dollars. We also had about $2 million of one-time related costs to our cost savings initiatives that were in the first quarter.

第一季 SG&A 實際上增加了 100 萬美元，但你得把它拆開來看。主要有兩個驅動因素。第一，匯率影響，造成 420 萬美元的不利影響——也就是把歐洲的費用換算回美元時的折算影響。第二，我們在第一季也有約 200 萬美元與成本節省計畫相關的一次性費用。

If you take those two kind of at face value and say we are up $1 million, we were down about $5 million net-net. I think an important point is what we mentioned in the script on headcount. Our SG&A headcount is down about 9% when you look year-over-year. I would say the realization in the first quarter, if you kind of adjust for FX and the one-time cost is in the call it $3 million to $5 million range. If you kind of project that across the course of the year, you can kind of get pretty close to that number we said would be the net number we expect to be down by the end of the year versus last year’s actuals.

如果把這兩項按表面數字納入，並且說我們增加了 100 萬美元，那麼淨額（net-net）其實是下降了約 500 萬美元。我認為一個重點是我們在講稿裡提到的人力。以年對年來看，我們的 SG&A 人數約下降了 9%。我會說，若把匯率與一次性費用調整掉，第一季的實現金額大概在 300 萬到 500 萬美元的區間。如果把這個水準推算到全年，你就會相當接近我們所說的：到年底相較去年實際值的淨下降幅度。

Okay, great. No, that’s really helpful. Thanks. Then on the component manufacturing business, just I think last quarter it might have been up low single-digit and now it’s up double-digit. Is that just kind of the lumpiness that can be kind of inherent in that business? Or was there a pretty significant amount of adds in the component business specifically?

好的，很棒。不，這真的很有幫助。謝謝。接著關於零組件製造（component manufacturing）業務：我記得上一季可能是低個位數成長，現在變成雙位數成長。這只是該業務本來就可能存在的波動性嗎？還是零組件業務本身有相當顯著的新增（客戶/訂單）？

Yeah. It is a little lumpy, Tim, as you know, ’cause it takes a bit of effort to convert a customer. We continue to add customers, and we’ve added a couple the last months of 2025 that are now starting to build in 2026.

是的。Tim，確實會有點波動，你也知道，因為要把一個客戶轉換過來需要花一些力氣。我們持續新增客戶，而且我們在 2025 年最後幾個月新增了幾個客戶，現在開始在 2026 年逐步放量。

Okay. Is there any way to just, on that business, just kind of give us a kind of a ballpark figure to maybe how big it is today?

好的。就那項業務而言，有沒有辦法大概給我們一個粗略的數字，說明它目前大概有多大？

No. We have not, Tim. We have not commented on the size of the component manufacturing business or the different market segments.

沒有。我們沒有，Tim。我們一直沒有評論零組件製造業務的規模或不同的市場區隔。

Other than we said publicly, the market size and kind of our rough share position. I know you’ve heard that before, so I can kind of ballpark you somewhere, so.

除了我們公開說過的市場規模，以及我們大致的市占位置之外。我知道你之前也聽過，所以我大概只能給你一個粗估的範圍。

Okay. That’s what I track. Well, no, but, thanks for this, and, good luck on the rest of you guys. Thanks.

了解。那也是我追蹤的方向。好吧，雖然如此，還是謝謝你們，也祝你們接下來一切順利。謝謝。

Andrew Carter, Stifel.

Andrew Carter，Stifel。

Just wanted to ask in terms of the residential volume performance up slightly. I know you’re taking your guidance down to low single digits, but I think based on the sources you have, customer conversations, I would assume that your guidance is -- you would be assuming that there was a pretty deep decline in the first quarter that improves throughout the year. Is that fair or is anything in any of my assumptions there flawed?

我想問一下住宅端出貨量表現略有上升。我知道你們把指引下修到低個位數，但我想依據你們掌握的資訊、與客戶的對話，我會推測你們的指引——應該是假設第一季會有相當明顯的下滑，然後全年逐步改善。這樣理解合理嗎？還是我這些假設有哪裡不對？

Yeah. I mean, I don’t know if I’d say deep decline. I think when the numbers come out, I think we’ll we expect to see that the market was down in the first quarter from a housing start standpoint. Then I think keep in mind the back half of last year was the worst part of last year compared to the front half of last year, which actually I think had slight growth when you look at the front half from a market standpoint.

是的。我的意思是，我不確定我會稱之為「明顯的下滑」。我想等數據出來後，我們預期從住宅開工的角度看，第一季市場是下滑的。另外也請記得，去年下半年相較於去年上半年是去年最差的部分；而從市場角度看，去年上半年其實還有些微成長。

The comps are a little bit different. I think it would be -- if you’re doing the math on how do you get to down low single digits for the market, the front half has a tougher set of comps. I think potentially the front half could look worse and then the back half could look a little bit better, but probably more a function of what you’re comparing to than a change in the starts rate.

同比基期有點不同。我想如果你在算市場要怎麼走到「下滑低個位數」，上半年會面臨比較嚴峻的比較基期。因此上半年可能看起來更差、下半年可能看起來好一些，但這可能更多是比較基期造成的，而不是開工率本身出現變化。

Got you. Then kind of wanted to kind of build on that component manufacturer question, truss, the kind of reacceleration you had in the quarter. You mentioned customer wins. I mean, how often do those occur? Do you get those, like, a shot at that annually? I mean, is that double-digit run rate something you can carry through the year just because you have the customers? Is there any kind of unlocks you get as you roll out the rest of the software program later in the year? Just any thoughts on that cadence.

了解。接著想延伸剛才那個零組件製造商的問題：桁架（truss）這塊，你們本季出現某種再加速。你提到有客戶贏單。我的意思是，這種情況通常多久會發生一次？你們是每年都會有一次這樣的機會嗎？另外，因為你們已經拿到客戶，這種雙位數的運行速度（run rate）能否全年維持？以及你們在今年稍晚推出軟體計畫其餘部分時，是否會帶來任何「解鎖」效應？想請你談談這個節奏。

Yeah, I think. If you step back and you look at those customers, we’ve been working with them for a long time in a variety of other businesses, especially all the larger pro dealers. I mean, they know us very well. A lot of the smaller to mid-size guys, we’ve known these customers for a long time. They know the Simpson service and the approach that we take to working with customers.

是的，我想。如果你退一步看這些客戶，我們在其他多個業務上已經和他們合作很久了，尤其是所有較大型的專業經銷商（pro dealers）。他們非常了解我們。至於許多中小型客戶，我們也認識很久了。他們了解Simpson的服務，以及我們與客戶合作的方式。

We’ve also been talking with them over the last 12-18 months about the development we’re making with the software. We’ve been giving regular updates to it. We’ve been showing some demos and just letting people see how it develops.

我們在過去12到18個月也一直和他們討論我們在軟體方面的開發進展。我們定期提供更新。我們也展示一些Demo，讓大家看到它如何發展。

I think you kind of add all that up, that is what has helped us continue to grow, is they want to work with a long-term partner that operates like Simpson. We do our level best to take great care of the customer. We believe that our plans to have a cloud-based solution that is very customer-friendly and contracting terms that are a little bit more customer-friendly, it’s going to create some additional opportunities for us.

我想把這些加總起來，這就是幫助我們持續成長的原因：他們希望與像Simpson這樣運作方式的長期夥伴合作。我們盡最大努力把客戶照顧好。我們相信，我們規劃推出非常以客戶為導向的雲端解決方案，以及相對更友善的合約條款，將為我們創造更多機會。

They see the investment that we’ve made in this space really over the last couple years. I think that’s opened some doors, and that’s made some people realize that we would be the partner of choice going forward for them.

他們也看到了我們在這個領域的投資，確實是在過去幾年持續投入。我想這打開了一些門，也讓一些人意識到，未來我們會是他們的首選合作夥伴。

Final question, kind of gear up. I think you said something about flat, low single digits over the next two years. Correct me if I’m wrong. I thought that was kind of the expectation.

最後一個問題，關於歐洲市場（gear up）。我想你提到未來兩年大概是持平到低個位數。如果我說錯請糾正我。我以為那就是大致的預期。

For this year, it obviously started out down 5% organic this quarter. I guess that would be the market where you might see incremental weakness from the energy prices, et cetera, but it’s also two-thirds commercial, it’s a longer cycle. Any update on that market or do you see further risk of that declining? Just any help there.

就今年而言，本季有機（organic）一開始就下滑5%。我想那可能是你們會因能源價格等因素而看到額外走弱的市場，但它也有三分之二是商用端，週期更長。那個市場有沒有任何更新？或者你們是否看到它進一步下滑的風險？想請你提供一些看法。

Yeah. When we look at the composite index that we built based on the countries we operate in and the mix, as you said, between residential and commercial, and we use, again, experts that pull those forecasts in to help us get the numbers. Our thoughts going in were flat to low single digits, and the fact that they had a tough first couple of months because of weather really hasn’t changed that, right? I think there is some optimism in the market in Europe.

是的。當我們看我們建立的綜合指數（composite index），它是根據我們營運的國家以及你提到的住宅與商用的組合而來；我們也同樣使用專家彙整那些預測來協助我們得出數字。我們原先的看法是持平到低個位數，而前幾個月因天氣造成的疲弱，其實並沒有改變這個判斷，對吧？我認為歐洲市場有一些樂觀情緒。

To be quite honest, 0% to 2% or 3% will be better than we’ve had the last three or four years and certainly better than what we’ve had in the US the last four years. We’re hoping that plays out. In the meantime, we’re focusing on the things that we can control, and that’s just trying to pick up new applications, shelf space, more content on jobs.

坦白說，0%到2%或3%會比我們過去三、四年所經歷的好，而且也肯定比美國過去四年的表現更好。我們希望情況會如預期發展。同時，我們會專注在我們能控制的事情上，也就是努力爭取新的應用、更多貨架空間，以及在工程案上取得更多內容（content）。

With no further questions, that will conclude today’s conference. You may disconnect your lines at this time, and thank you for your participation.

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