Summit Materials Inc (SUM) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Mandeep, and I'll be your operator today. At this time, I'd like to welcome everyone to the Summit Materials, Inc. third-quarter 2024 earnings call. (Operator Instructions)

謝謝你的支持。我叫 Mandeep，今天我將擔任您的接線生。現在，我歡迎大家參加 Summit Materials, Inc. 2024 年第三季財報電話會議。（操作員說明）

I would now like to turn the call over to Andy Larkin, Vice President of Investor Relations. You may begin.

我現在想將電話轉給投資者關係副總裁安迪·拉金 (Andy Larkin)。你可以開始了。

Hello, and welcome to the Summit Materials third-quarter 2024 results conference call. Yesterday, we issued a press release detailing our financial and operating results.

您好，歡迎參加高峰會資料 2024 年第三季業績電話會議。昨天，我們發布了一份新聞稿，詳細介紹了我們的財務和營運表現。

Today's call is accompanied by an investor presentation and the supplemental workbook, highlighting key financial and operating data. All these materials can be found on our Investor Relations website. Management's commentary and responses to questions on today's call may include forward-looking statements, which by the nature are uncertain and outside of Summit Materials control.

今天的電話會議還附有投資者介紹和補充工作手冊，重點介紹了關鍵的財務和營運數據。所有這些資料都可以在我們的投資者關係網站上找到。管理階層對今天電話會議的評論和對問題的回應可能包括前瞻性陳述，這些陳述本質上是不確定的，並且超出了 Summit Materials 的控制範圍。

Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ in a material way. For discussion of some of the factors that could cause actual results to differ, please see the Risk Factors section of Summit Material's latest annual report on Form 10-K and quarterly report on Form 10-Q, as updated from time to time in our subsequent filings with the SEC. You can find reconciliations of the historical non-GAAP financial measures discussed in today's call in our press release and investor presentation and supplemental workbook.

儘管這些前瞻性陳述是基於管理階層目前的預期和信念，但實際結果可能存在重大差異。有關可能導致實際結果不同的一些因素的討論，請參閱Summit Material 最新年度報告（表格10-K）和季度報告（表格10-Q）的風險因素部分，該部分在我們的後續報告中會不時更新。您可以在我們的新聞稿、投資者演示和補充工作簿中找到今天電話會議中討論的歷史非公認會計準則財務指標的調節表。

With me today are Summit Materials CEO, Anne Noonan; and Summit's CFO, Scott Anderson. Anne will discuss high-level highlights from the quarter and then provide our view on the business moving forward. Scott will follow with a detailed review of our financial performance. Afterwards, we will open the line for questions.

今天與我在一起的有 Summit Materials 執行長 Anne Noonan；以及 Summit 的財務長 Scott Anderson。安妮將討論本季的高層亮點，然後提供我們對未來業務的看法。斯科特隨後將對我們的財務業績進行詳細審查。之後，我們將開通提問熱線。

(Event Instructions)

（活動須知）

I'll now turn the call over to Anne Noonan.

我現在將把電話轉給安妮·努南。

Thank you, Andy, and welcome to everyone joining today's call. As you saw in our press release, our third quarter demonstrated tremendous resiliency in the face of very difficult operating conditions. I'm incredibly proud of our collective efforts to act with agility, manage what we could, and deliver strategic progress and strong financial results.

謝謝你，安迪，歡迎大家參加今天的電話會議。正如您在我們的新聞稿中看到的那樣，我們的第三季度在面對非常困難的營運條件時表現出了巨大的彈性。我對我們的集體努力感到無比自豪，我們採取了敏捷行動，盡我們所能進行管理，並實現了戰略進展和強勁的財務業績。

In Q3, we set an elevated year of record for both quarterly adjusted EBITDA margin at 28.3% and trailing 12-month EBITDA margin at 24.3%, a strong endorsement of our high-quality execution and unwavering strategic focus.

第三季度，我們的季度調整後 EBITDA 利潤率達到 28.3%，過去 12 個月的 EBITDA 利潤率達到 24.3%，創下歷史新高，這是對我們高品質執行和堅定不移的策略重點的有力認可。

And true to our values, we executed the quarter with a safety-at-all-cost mindset. When faced with imminent and dangerous storms, we prioritize the safety of our people, closing operations, securing equipment and providing the resources necessary to ensure the health and well-being of our employees.

秉承我們的價值觀，我們以不惜一切代價確保安全的心態執行了本季的工作。當面臨迫在眉睫的危險風暴時，我們優先考慮員工的安全，關閉運營，保護設備並提供必要的資源，以確保員工的健康和福祉。

I'll detail the impact from severe weather events in a moment. But what's most important is that through all of the hurricanes and tropical storms, we had zero safety incidents at any of our affected facilities.

我稍後將詳細介紹惡劣天氣事件的影響。但最重要的是，在經歷了所有颶風和熱帶風暴之後，我們所有受影響的設施都實現了零安全事故。

Turning now to slide 4. Let me provide the highlights for the quarter, both strategically and financially. First, our strategic progress is on track. We continue to move through integration activities with a sharp focus on strengthening our cement platform. For example, planning for our Green America Recycling expansion is underway at the legacy Argos USA plants.

現在轉到投影片 4。讓我從策略和財務角度介紹本季的亮點。第一，我們的策略進展步入正軌。我們持續進行整合活動，重點是加強我們的水泥平台。例如，我們正在舊的 Argos USA 工廠規劃 Green America Recycling 的擴建。

We are establishing critical supplier relationships and advancing our capital planning efforts so that we can begin our installation during the 2025 winter shutdown at our Roberta, Alabama cement plant. A disciplined portfolio optimization approach also remains an important component of our Elevate playbook.

我們正在建立重要的供應商關係並推進我們的資本規劃工作，以便我們能夠在 2025 年冬季停工期間在阿拉巴馬州羅伯塔水泥廠開始安裝。嚴格的投資組合優化方法仍然是我們 Elevate 策略的重要組成部分。

Guided by market leadership and asset-light principles, we are taking action to strengthen leading market positions in targeted geographies while unlocking value through divesting nonstrategic assets. Through Q3, we have completed four such dispositions, while adding two bolt-ons to amplify our market position in Phoenix as well as to our overall aggs portfolio. With substantial liquidity and robust pursue accretive aggs-oriented acquisitions to fuel greater growth and returns.

在市場領導力和輕資產原則的指導下，我們正在採取行動，鞏固目標地區的領先市場地位，同時透過剝離非策略性資產來釋放價值。截至第三季度，我們已經完成了四項此類處置，同時增加了兩項補充，以擴大我們在鳳凰城的市場地位以及我們的整體農業投資組合。憑藉大量的流動性和強勁的追求以增值為導向的收購，以推動更大的成長和回報。

Financially, we are taking decisive actions across the enterprise to drive sustainable margin growth. Our value pricing strategy continues to deliver results with double-digit pricing gains in aggregates and mid-single-digit organic pricing gains in cement expected for 2024.

在財務方面，我們正在整個企業採取果斷行動，以推動可持續的利潤成長。我們的價值定價策略將繼續取得成果，預計 2024 年整體定價將實現兩位數成長，水泥有機定價將實現中個位數成長。

We are also identifying and attacking the most meaningful operational excellence opportunities across our footprint with an intense focus on agg's productivity initiatives. And finally, our team is adjusting our discretionary spend to align with the current volume environment, something every good business should do.

我們也在我們的足跡中識別和抓住最有意義的卓越營運機會，重點關注集團的生產力計劃。最後，我們的團隊正在調整可自由支配的支出，以適應當前的銷售環境，這是每個優秀企業都應該做的事情。

As for factors outside our control, this quarter, again, we contended with unprecedented and severe weather that translated into lower volumes and higher costs. Despite this, an inclusive of dilutive impacts from the Argos USA transaction, we were able to grow adjusted EBITDA margins in Q3 on a year-to-date basis and on a trailing 12-month basis.

至於我們無法控制的因素，本季我們再次面臨前所未有的惡劣天氣，導致產量下降和成本上升。儘管如此，考慮到 Argos USA 交易的稀釋影響，我們仍能夠在第三季度實現年初至今和過去 12 個月的調整後 EBITDA 利潤率的增長。

This speaks to our relentless focus on commercial and operational execution and underscores a more durable portfolio that we believe is being undervalued in equity markets. We will hold closely to our Elevate Summit strategy and firmly believe our sound execution will be recognized and eventually awarded by the investor community.

這體現了我們對商業和營運執行的不懈關注，並強調了我們認為在股票市場被低估的更持久的投資組合。我們將緊緊抓住我們的 Elevate Summit 策略，並堅信我們良好的執行力將得到投資者界的認可並最終獲得嘉獎。

On slide 5, we present our Elevate Summit scorecard, which highlights our financial progress. As I mentioned, LTM adjusted EBITDA margin of 24.3% is a Summit record for any 12-month time frame since the launch of Elevate in 2021.

在投影片 5 上，我們展示了 Elevate Summit 記分卡，其中強調了我們的財務進展。正如我所提到的，LTM 調整後 EBITDA 利潤率為 24.3%，創下了自 2021 年推出 Elevate 以來任何 12 個月時間範圍內的 Summit 記錄。

This is our thesis playing out. Focus the portfolio on margin-accretive aggs and cement platforms, concentrate on geographies with market-leading positions, and consistently improve the commercial and operational capabilities of the enterprise. This is our formula, which in turn jump starts our cash flywheel and unlocks resources to reinvest in further growth and value creation.

這就是我們的論文。將投資組合重點放在利潤增值型企業和水泥平台上，專注於具有市場領先地位的地區，並不斷提高企業的商業和營運能力。這是我們的公式，它反過來又啟動了我們的現金飛輪並釋放資源以再投資於進一步的成長和價值創造。

Net leverage at 2.2 times, down from 2.5 times last quarter and well below target, providing sufficient optionality to pursue our highest return capital allocation priorities. ROIC at 8.9%, will move concurrently with the improvements implemented at our legacy Argos USA cement plants, as there is considerable daylight between legacy Summit and legacy Argos cement ROIC levels.

淨槓桿率為 2.2 倍，低於上季的 2.5 倍，遠低於目標，為追求我們最高回報的資本配置優先事項提供了足夠的選擇。ROIC 為 8.9%，將與我們傳統 Argos USA 水泥廠實施的改進同時進行，因為傳統 Summit 與傳統 Argos 水泥 ROIC 水平之間存在相當大的差距。

This represents a cleared live path to close in on our ROIC minimum target. Across all financial measures, our actions and strategic priorities are driving the targeted and desired financial outcomes for our business.

這代表了接近我們的投資報酬率最低目標的明確可行路徑。在所有財務指標中，我們的行動和策略重點正在推動我們的業務實現有針對性和期望的財務成果。

Now from the back row to the micro. Slide 6 estimates the impact of specific weather events in Q3. Between Hurricanes Barrel, Debbie, and Helene, we incurred volume headwinds and elevated costs most prominently in Houston, Western and Northern Florida, the Carolinas and to a lesser extent, Georgia and Virginia.

現在從後排到微。幻燈片 6 估計了第三季特定天氣事件的影響。在颶風「巴雷爾」、「黛比」和「海倫」期間，我們在休士頓、佛羅裡達州西部和北部、卡羅來納州以及較小程度上在喬治亞州和維吉尼亞州遭受了銷量逆風和成本上升的影響。

As you can see, the most consequential event was Debbie, where the quarry of the feeds or Harleyville cement plant near Charleston flooded as Debbie dumped significant rainfall over the area. Our teams quickly stood up mitigation to measures blunting the worst of it, but wet feedstock inaccessible primary equipment and customer-related ramifications resulted in approximately 120,000 tons of lost volume and $12 million of lost EBITDA.

正如您所看到的，影響最大的事件是黛比，查爾斯頓附近的飼料採石場或哈雷維爾水泥廠因黛比在該地區傾盆大雨而被洪水淹沒。我們的團隊迅速採取了緩解措施，以遏制最嚴重的情況，但濕原料無法訪問的主要設備和與客戶相關的影響導致約 12 萬噸的產量損失和 1,200 萬美元的 EBITDA 損失。

In isolation, Debbie would weigh on any quarter. But when combined with the overall precipitation across our footprint, it rose to a historic headwind for us and for the industry.

單獨來看，黛比對任何一個季度都會產生壓力。但當與我們足跡中的整體降水結合起來時，這對我們和整個行業來說都是歷史性的逆風。

In our footprint, precipitation days increased 85% of our MSAs and precipitation days were up 20% year-on-year. Precipitation totals were up 65% versus Q3 '23, underlying the severity of third quarter storms. All in, we estimate the three discrete weather events cited amounted to approximately $15 million in foregone EBITDA for the third quarter.

在我們的足跡中，我們的 MSA 的降水天數增加了 85%，降水天數比去年同期增加了 20%。與 23 年第三季相比，降水總量增加了 65%，這表明第三季風暴的嚴重程度。總而言之，我們估計所引用的三個離散天氣事件導致第三季的 EBITDA 損失約為 1500 萬美元。

Notably, this does not include the impact from Hurricane Milton, which we estimate will affect our fourth quarter by roughly $5 million. We'll work to make up as much as we can, but as always, that will depend on getting a good stretch of weather to close the year.

值得注意的是，這不包括颶風米爾頓的影響，我們估計颶風米爾頓將影響我們第四季約 500 萬美元。我們將盡力彌補，但一如既往，這將取決於今年結束時是否有良好的天氣。

Cumulatively, for 2024, our business has more than $20 million of weather-related EBITDA headwind this year, and yet we are still positioned to grow EBITDA dollars and margins for 2024, a testament to our stronger portfolio and a collective focus to drive positive growth from areas within our control.

到2024 年，我們的業務今年將面臨超過2000 萬美元的與天氣相關的EBITDA 逆風，但我們仍然有能力在2024 年實現EBITDA 美元和利潤的增長，這證明了我們更強大的投資組合以及推動積極成長的集體關注來自我們控制範圍內的區域。

Having fully incorporated these weather events, our updated 2024 outlook is on slide 7. The adjusted EBITDA range is being adjusted to $970 million at the low end and $1 billion at the top end. If achieved, the $985 million midpoint represents roughly 7% and annual EBITDA growth on a pro forma basis, which compares favorably to the peer group and underlines both the momentum we have in the business and the growth opportunities unique to Summit.

在充分考慮了這些天氣事件後，我們更新的 2024 年展望如幻燈片 7 所示。調整後的 EBITDA 範圍調整為低階 9.7 億美元，高階 10 億美元。如果實現的話，9.85 億美元的中點代表大約 7% 的年度 EBITDA 增長（預計），這與同行相比是有利的，並突顯了我們在業務中的勢頭以及 Summit 獨特的增長機會。

This outlook recast volume expectations for 2024. We now project organic volumes for aggregates to be done mid-single digits this year, implying fourth quarter aggs volumes to be relatively flat to prior year. Cement volume expectations have been reduced to approximately 8.6 million tons this year, which translates to down roughly 250,000 tons in our river market and down 200,000 tons in legacy Argos markets.

這項展望重新調整了 2024 年的銷售預期。我們現在預計今年的有機總量將達到中個位數，這意味著第四季度的總量將與去年同期相對持平。今年的水泥量預期已減少至約 860 萬噸，這意味著我們的河流市場減少約 25 萬噸，傳統 Argos 市場減少 20 萬噸。

Of course, our fourth-quarter outlook assumes normal weather conditions, knowing that the longevity of the construction season is the biggest swing factor for Q4 performance.

當然，我們的第四季度展望假設天氣條件正常，因為我們知道施工季節的持續時間是第四季度業績的最大波動因素。

Importantly, when given dry days in markets like Houston, we've been able to partially recoup storm-related impacts, a trend we are hopeful will continue as we close the year. Offsetting this more restrained volume environment is visibility to asset sale opportunities and potential adjustments to incentive compensation.

重要的是，當休士頓等市場出現乾旱時，我們已經能夠部分彌補風暴相關的影響，我們希望這一趨勢在年底時能夠繼續下去。資產出售機會的可見性和激勵薪酬的潛在調整可以抵消這種更受限的銷售環境。

On pricing, we are reaffirming our outlook calling for double-digit aggs pricing in 2024 and mid-single-digit organic cement pricing with average selling price exiting the year in the mid-150s. And we are reiterating our previous cost outlook with mid-single-digit cost inflation this year and G&A expenses at or below $330 million.

在定價方面，我們重申我們的前景，即 2024 年的總體定價為兩位數，有機水泥定價為中個位數，今年的平均售價為 150 美元以上。我們重申了先前的成本預期，今年的成本通膨為中個位數，一般管理費用等於或低於 3.3 億美元。

On CapEx, we have recalibrated our capital spend to maintain our 10% of net revenue commitment. As such, we expect our CapEx for this year will approximate $400 million at the midpoint.

在資本支出方面，我們重新調整了資本支出，以維持 10% 的淨收入承諾。因此，我們預計今年的資本支出中位數約為 4 億美元。

In summary, volumes are softer than anticipated, price is pacing with expectation, self-help is stronger than originally contemplated and as a result, we are well positioned for top-tier 2024 growth and margins of at least 24%. When achieved, this would mean we will fully recover Argo's dilution in the first year of integration, a fantastic achievement for our team.

總而言之，銷量低於預期，價格與預期同步，自助能力比最初預期更強，因此，我們為 2024 年頂級增長和至少 24% 的利潤率做好了充分準備。一旦實現，這將意味著我們將在整合的第一年完全恢復 Argo 的稀釋度，這對我們團隊來說是一項了不起的成就。

While we keep our sights firmly focused on 2024 execution, we are well into our planning cycle for 2025. On slide 8, we provide our high-level framework for next year, but as customary, we will refine and adjust as we move into 2025 with more detailed guidance presented in February.

雖然我們將目光堅定地集中在 2024 年的執行上，但我們已經進入 2025 年的規劃週期。在投影片 8 中，我們提供了明年的高級框架，但按照慣例，我們將在進入 2025 年時進行完善和調整，並在 2 月提出更詳細的指導。

In summary, we think that 2025 is setting growth and margins for Summit. First, we see enduring pricing growth across our upstream businesses. As aggs pricing normalizes, I think we can and will do better than the 3% to 5% long-run historical average next year. For cement, while regional demand conditions will be considered, we have harmonized cement's go-to-market approach with January 1 pricing plan for all markets.

總而言之，我們認為 2025 年將為 Summit 設定成長和利潤率。首先，我們看到上游業務的價格持續成長。隨著農產品定價正常化，我認為明年我們能夠而且將會比 3% 至 5% 的長期歷史平均值做得更好。對於水泥，雖然將考慮區域需求狀況，但我們已將水泥的市場進入方式與所有市場的 1 月 1 日定價計劃進行了協調。

This initial pricing alongside opportunistic midyears means the pricing will remain a reliable lever for profitable growth in 2025. On demand, the picture is much more fluid. On one hand, the public end market appears poised to sustain elevated activity in 2025. For our top states, our DOT budgets are at historic levels and growing.

這種初始定價加上中期的機會主義意味著定價仍將是 2025 年獲利成長的可靠槓桿。根據需求，情況變得更加流暢。一方面，公共端市場似乎準備在 2025 年維持較高的活動水準。對於我們的頂級州來說，我們的交通部預算處於歷史水平並且還在增長。

Our lettings are outpacing the national average and importantly, nearly half of IIJA formula funding has yet to be obligated. Pairing that with our advantaged positions in geographies like North Texas, Utah and Salt Lake Counties as well as Kansas and Missouri, we view public infrastructure as a source of steady reliable activity heading into 2025.

我們的出租量超過了全國平均水平，重要的是，IIJA 公式資金的近一半尚未償還。結合我們在北德克薩斯州、猶他州和鹽湖縣以及堪薩斯州和密蘇裡州等地區的優勢地位，我們將公共基礎設施視為 2025 年穩定可靠活動的來源。

We view private end markets, on the other hand, is more choppy, locally dispersed and subject to revaluation as we move into and through 2025. [Montolombia], North Florida, and Kansas City are showing promising signs for next year. while activity in other geographies with significant commercial exposure like Salt Lake City and Phoenix is starting to pick back up, they remain somewhat subdued.

另一方面，我們認為，隨著我們進入2025 年並持續到2025 年，私人終端市場更加波動、局部分散，並且可能會重新估值。顯示出有希望的跡象。儘管鹽湖城和鳳凰城等具有重大商業風險的其他地區的活動開始回升，但仍有些低迷。

On balance and consistent with our typical budgeting approach, we won't lean into volume growth prematurely. We need better visibility into our project pipeline and the key construction season before making definitive forecast. That said, our current perspective suggests a more back half-weighted volume profile for 2025, and largely influenced by the hesitancy we're witnessing in the private end markets.

總的來說，根據我們典型的預算方法，我們不會過早地傾向於銷售成長。在做出明確的預測之前，我們需要更了解我們的專案管道和關鍵施工季節。也就是說，我們目前的觀點表明 2025 年的成交量將是半加權的，這在很大程度上受到我們在私人終端市場看到的猶豫不決的影響。

From a self-help perspective, our full funnel of opportunities includes Argos USA synergies, operational excellence initiatives already taking flight across the footprint and an evergreen process for portfolio optimization. These three areas provide unique and powerful margin enhancement opportunities for our business.

從自助的角度來看，我們的完整機會管道包括 Argos USA 的協同效應、已經在整個足跡中實施的卓越營運計劃以及投資組合優化的常青流程。這三個領域為我們的業務提供了獨特且強大的利潤提升機會。

And finally, with nearly $740 million in cash on hand and a capable balance sheet, we view growth enabled CapEx and aggs-led bolt-ons as they accretive pathway to drive organic and inorganic growth next year. These four elements are the 2025 building blocks. We believe these elements alongside high-quality execution will push us into the Horizon 2 adjusted EBITDA margin range of 25% to 27%.

最後，由於手頭上有近 7.4 億美元的現金和強大的資產負債表，我們認為成長推動了資本支出和農業主導的附加項目，因為它們是推動明年有機和無機成長的增值途徑。這四個要素是 2025 年的基石。我們相信，這些要素加上高品質的執行將使我們的 Horizo​​n 2 調整後 EBITDA 利潤率達到 25% 至 27%。

In closing, our playbook is working. Our team is executing, and we are poised to make further inroads into our Elevate Summit financial commitments as we close 2024 and enter 2025.

最後，我們的劇本正在發揮作用。我們的團隊正在執行，我們準備在 2024 年結束並進入 2025 年時進一步兌現我們的 Elevate Summit 財務承諾。

With that, let me invite Scott to walk you through our financial results in more detail.

接下來，讓我邀請斯科特向您詳細介紹我們的財務表現。

Thanks, Anne. I'll pick up on slide 10, where at a high level, trends remained relatively consistent from prior quarters. Pricing remains robust and healthy, up roughly mid-single digits across our portfolio. Volumes on the other hand and to different degrees, remain relatively subdued.

謝謝，安妮。我將繼續討論第 10 張投影片，其中在較高水準上，趨勢與前幾季保持相對一致。我們的投資組合中的定價仍然強勁且健康，大約上漲了中個位數。另一方面，成交量在不同程度上仍然相對低迷。

On slide 11, profitability performance underscores several factors, including the durability of the portfolio, the attractiveness of our markets, the power of price and the magnitude of our self-help initiatives. Adjusted cash gross profit margin increased approximately 50 basis points year on year and adjusted EBITDA increased 20 basis points on a reported basis and more than 200 basis points on a pro forma like-for-like basis.

在投影片 11 中，獲利能力表現強調了幾個因素，包括投資組合的持久性、我們市場的吸引力、價格的力量以及我們自助計畫的規模。調整後現金毛利率年增約 50 個基點，調整後 EBITDA 在報告基礎上成長 20 個基點，在預期同類基礎上成長超過 200 個基點。

Similarly, year-to-date adjusted EBITDA margins have increased 60 basis points versus the comparable prior year period and have increased pro forma by more than 200 basis points. Bottom line is that our quality of earnings is improving, and we are well positioned to land the year with reported adjusted EBITDA margins above 24%.

同樣，今年迄今調整後的 EBITDA 利潤率比去年同期增加了 60 個基點，預計增加了 200 個基點以上。最重要的是，我們的獲利品質正在改善，我們已做好充分準備，今年調整後的 EBITDA 利潤率將超過 24%。

Adjusted diluted earnings per share of $0.75 was $0.06 lower than prior year, primarily reflecting higher noncash DD&A as well as higher interest expense.

調整後攤薄每股收益為 0.75 美元，比前一年減少 0.06 美元，主要反映了非現金 DD&A 以及利息支出的增加。

Aggregate performance is detailed on slide 12. In Q3, we sold 15.4 million tons of aggregates, up 0.7% organically from a year ago period, which considering the environment is respectable, but below our previous expectations.

投影片 12 詳細介紹了整體績效。第三季度，我們銷售了 1540 萬噸骨料，較去年同期有機增長 0.7%，考慮到環境，這一數字還不錯，但低於我們先前的預期。

Volume growth was most prominent in Missouri and Key West segment markets like Salt Lake and British Columbia as easy comparisons, along with project timing more than offset weather-impacted volumes in East segment in Houston.

密蘇裡州和基韋斯特地區市場（如鹽湖城和不列顛哥倫比亞省）的銷售成長最為突出，因為易於比較，而且專案時間安排足以抵消休士頓東部地區受天氣影響的銷售量。

Average selling price in Q3 was $15.34, up 7.4% versus last year and up $0.08 versus Q2 2024. Year on year, pricing was led by double-digit growth in the Carolinas, Arizona and certain markets in Kansas and Texas. Sequentially, if you recall, second quarter benefited from mix favorability that increased Q2 ASP and somewhat muted the impact of midyear pricing actions.

第三季的平均售價為 15.34 美元，比去年上漲 7.4%，比 2024 年第二季上漲 0.08 美元。與去年同期相比，卡羅萊納州、亞利桑那州以及堪薩斯州和德克薩斯州的某些市場的定價呈現兩位數增長。接下來，如果您還記得的話，第二季受益於混合偏好，這增加了第二季的平均售價，並在一定程度上減弱了年中定價行動的影響。

Nevertheless, commercial execution in 2024 has been strong as we bring our value pricing principles to each individual market. Adjusted cash gross profit margin decreased 50 basis points to 58.5%, and due in part to one-off storm-related costs, but per unit aggregates profitability accelerated $0.46 sequentially and is up over 30% in 2024.

儘管如此，隨著我們將價值定價原則引入每個市場，2024 年的商業執行力仍然強勁。調整後現金毛利率下降 50 個基點至 58.5%，部分原因是與風暴相關的一次性成本，但每單位總獲利能力比上一季增加 0.46 美元，到 2024 年將增加 30% 以上。

On a year-to-date basis, adjusted cash gross profit margins have expanded 170 basis points, thanks in part to a sharp focus on operational excellence. To date, we've achieved nearly 15 million aggregate productivity savings, eclipsing our full 2023 amount and setting us on a course for greater value creation going forward. Operational excellence is a key value enhancer, especially for our aggs line of business and feeds our confidence that we will achieve substantial margin expansion this year and in 2025.

今年迄今，調整後現金毛利率擴大了 170 個基點，部分原因是對卓越營運的高度關注。迄今為止，我們已實現了近 1500 萬美元的生產力節省，超過了 2023 年的全部數字，使我們踏上了未來創造更大價值的道路。卓越的營運是關鍵的價值提升因素，特別是對於我們的農業業務線而言，這讓我們更有信心，我們將在今年和 2025 年實現利潤率的大幅成長。

Turning to slide 13 and our cement performance. Organic volumes were down 11.3%, reflecting moderating demand and a pullback in imported volumes. Import volumes in our river markets decreased more than 55% year over year in Q3.

轉向幻燈片 13 和我們的水泥性能。有機銷量下降 11.3%，反映出需求放緩和進口量下降。第三季度，我們河流市場的進口量較去年同期下降了 55% 以上。

We consistent with prioritizing margin advantaged domestic volumes over imports when conditions call for it. Volumes in the Southeast and Mid-Atlantic were impacted by excessive rainfall, particularly in the Carolinas that Anne mentioned earlier.

我們始終堅持優先考慮利潤，在條件需要時，國內銷售量優於進口量。東南部和大西洋中部的產量受到過量降雨的影響，特別是安妮之前提到的卡羅來納州。

For the full year, pro forma volumes are expected to decline in the mid-single-digit range, with the Mid-Atlantic and the Southeast, collectively exhibiting the comparative better volume trends than our river markets, which we now expect to be down double digits in 2024.

全年預計成交量預計將下降中個位數，其中大西洋中部和東南部總體表現出比我們的河流市場更好的成交量趨勢，我們現在預計河流市場將下降兩倍2024 年的數字。

Pricing and synergies have combined for a very positive margin story. For cement pricing, growth has remained healthy with inland geographies fueling year-over-year organic pricing growth. Sequentially, cement average selling price increased $2.33 to $155.76 per ton, primarily reflecting Argos USA commercial synergies and favorable geographic mix with higher-priced markets commanding a greater proportion of our third quarter volumes.

定價和協同效應相結合，創造了非常積極的利潤故事。就水泥定價而言，成長保持健康，內陸地區推動了年比有機定價成長。隨後，水泥平均售價上漲2.33 美元，至每噸155.76 美元，主要反映了Argos USA 的商業協同效應以及有利的地理組合，其中價格較高的市場在我們第三季度的銷量中佔據了更大的比例。

Cement's third quarter adjusted EBITDA margin increased 180 basis points year-over-year and 280 basis points on a year-to-date basis. Here, synergies, combined with a greater mix of domestic volumes and the lower cost of kiln fuels is not only offsetting volume deleverage and the impact from Argos dilution, it's actually powering margin expansion.

水泥第三季調整後 EBITDA 利潤率年增 180 個基點，較年初至今成長 280 個基點。在這裡，協同效應，加上國內銷售的更大組合和窯爐燃料成本的降低，不僅抵消了銷售去槓桿化和Argos稀釋的影響，而且實際上推動了利潤率的擴張。

For Q4, we anticipate that trend to continue with further margin enhancement as our less seasonal cement footprint will benefit from more all-season exposures in the Southeast and Texas.

對於第四季度，我們預計這一趨勢將繼續，利潤率進一步提高，因為我們季節性較少的水泥足跡將受益於東南部和德克薩斯州更多的全季節業務。

Lastly, Downstream performance is on slide 13. Organic ready-mix volumes remained soft as weather impacts and the sluggish private end market environment weighed on third quarter activity. Asphalt's organic volume growth of 0.4% encompasses double-digit volume gains in North Texas, mostly offset by unfavorable timing of activity in the Intermountain West and lower volumes in British Columbia.

最後，下游效能請見幻燈片 13。由於天氣影響和低迷的私人終端市場環境影響了第三季的活動，有機預拌粉銷售仍然疲軟。瀝青的有機銷量增長了 0.4%，其中北德克薩斯州的銷量增長了兩位數，但大部分被西山間不利的活動時間和不列顛哥倫比亞省的銷量下降所抵消。

Products adjusted cash gross profit margin in the period was aided by positive pricing for ready-mix and asphalt as well as synergy generation, but more than offset by the inclusion of lower margin Argos ready-mix businesses in Houston, Atlanta, the Carolinas and Florida. Services margins grew year-on-year, mostly reflecting a healthy construction environment in our asphalt markets.

該期間產品調整後的現金毛利率得益於預拌混凝土和瀝青的正定價以及協同效應的產生，但被納入休士頓、亞特蘭大、卡羅來納州和佛羅裡達州利潤較低的 Argos 預拌混凝土業務所抵消。服務利潤率年增，主要反映了瀝青市場健康的建築環境。

Stepping back, it's important to reinforce our Elevate approach to the downstream. We are materials led and highly selective about where we compete in the downstream. We must be market leaders and the downstream must help us achieve our Elevate Summit goals. Otherwise, we have continually demonstrated a proficiency of optimizing around our materials led portfolio.

退一步來說，加強我們對下游的提升方法非常重要。我們以材料為主導，對下游競爭領域高度挑剔。我們必須成為市場領導者，下游必須幫助我們實現 Elevate Summit 目標。除此之外，我們不斷展現出圍繞著材料主導的產品組合進行最佳化的能力。

Let me now turn it back over to Anne to conclude our prepared remarks.

現在讓我把它轉回給安妮來結束我們準備好的演講。

Thanks, Scott. I'd like to briefly address the press release we issued last week disclosing the nonbinding acquisition proposal that we received.

謝謝，斯科特。我想簡要介紹我們上週發布的新聞稿，其中披露了我們收到的不具約束力的收購提案。

As we said in the release, Summit has held initial discussions with the interested party and in consultation with its advisers, our Board will carefully evaluate the proposal and act in the best interest of the company and our shareholders.

正如我們在新聞稿中所說，Summit 已與相關方進行了初步討論，並與其顧問協商後，我們的董事會將仔細評估該提案，並以公司和股東的最佳利益為出發點。

As we said, there can be no assurance that any definitive agreement will be reached and we won't be making any further comment on this matter until the Board has reached a conclusion. That's really all we can say at this time.

正如我們所說，不能保證會達成任何最終協議，並且在董事會得出結論之前，我們不會就此事發表任何進一步評論。目前我們能說的就是這些。

So I would appreciate it if you could keep your questions today focused on our strong performance. I want to reassure you that concurrent with that evaluation, we remain laser-focused on executing our Elevate strategy and are steadfast in our conviction about our long-term vision and opportunities.

因此，如果您今天能將問題集中在我們的強勁表現上，我將不勝感激。我想向您保證，在進行評估的同時，我們仍然專注於執行我們的提昇策略，並對我們的長期願景和機會堅信不疑。

As you can see on slide 15, our priorities are unchanged. Integration efforts aim to transform Summit into one high-performance organization. Accelerating growth in aggregates remains crucial to achieving a fair market valuation, executing and realizing the complete set of Argos synergies in scope, and we are dedicated to strengthening and optimizing both our portfolio and balance sheet to support superior growth and value creation.

正如您在幻燈片 15 中看到的，我們的優先事項並沒有改變。整合工作旨在將 Summit 轉變為一個高績效組織。加速總量成長對於實現公平的市場估值、執行和實現Argos 範圍內的全套協同效應仍然至關重要，我們致力於加強和優化我們的投資組合和資產負債表，以支持卓越的成長和價值創造。

With that, I'll now turn it over to the operator to provide the instructions and open the line for questions.

現在，我將把它交給接線員，以提供說明並開通提問線路。

(Operator Instructions) Philip Ng, Jefferies.

（操作員說明）Philip Ng，Jefferies。

Congrats on really strong results in an uneven environment, so kudos to the team. So appreciate you guys laying out the groundwork and framework for 2025. Can you kind of help us think through some of the moving pieces, some of your peers have at least provided the framework in terms of demand and price, appreciating, Anne, you're expecting demand to be more back half weighted next year, but is your expectation for volumes to be up?

恭喜在不平坦的環境中取得了非常出色的成績，向團隊致敬。感謝你們為 2025 年奠定了基礎與架構。您能否幫助我們思考一些動態的部分，您的一些同行至少提供了需求和價格方面的框架，安妮，您預計明年的需求將更多地回到一半加權，但是您預計銷量會增加嗎？

And any more color on pricing? I know you've announced price increases on cement. How big? How that's coming through? And some of the opportunities kind of unlock better commercial efforts on the Argo side of things would be helpful.

定價方面還有更多顏色嗎？我知道你們已經宣布水泥價格上漲。有多大？事情進展如何？在 Argo 方面，一些能夠釋放更好的商業努力的機會將會有所幫助。

Yes. So there's a lot packed in there, Phil. Thanks for the congrats on the quarter. Let me kind of step back and talk about what we're thinking with respect to pricing, first of all, and I'll do it by line of business is the best.

是的。所以裡面有很多東西，菲爾。感謝您對本季的祝賀。首先，讓我退後一步，談談我們對定價的看法，我會按業務線來進行討論，這是最好的。

So from an aggs' perspective, obviously, we have some nice momentum, and we've done that across the board on January 1 price increases consistent with what we did in 2024, that will vary according to geographies.

因此，從總體的角度來看，顯然我們有一些良好的勢頭，並且我們在 1 月 1 日全面提價，與 2024 年的做法一致，這將根據地理位置而有所不同。

So for example, Phil, last year -- this year, actually, we went out in Kansas with a really strong January price increase. midyear was more moderate. Virginia, on the other hand, it was balanced between the two. So we will do it a very much value pricing dynamic pricing mentality into 2025, but expect it to be very strong, and I would be extremely disappointed if we weren't in the range of 6% to 9% in 2025 on aggs pricing.

例如，菲爾，去年——實際上今年，我們在堪薩斯州一月份的價格上漲非常強勁。年中的情況較為溫和。另一方面，維吉尼亞則在兩者之間取得了平衡。因此，我們將在 2025 年採取非常有價值的動態定價心態，但預計它會非常強勁，如果 2025 年我們的農產品定價沒有達到 6% 到 9% 的範圍，我會非常失望。

Cement, as I said in my prepared comments, we expect another strong year of pricing in cement. And there, I would look at the fact that demand does actually drive strong pricing in cement. And we see that particularly in the second half, an opportunity to maybe even get a second price increase in addition to our January price increases. So think about as we go and cement a more harmonized approach across the board January 1 price increases.

水泥，正如我在準備好的評論中所說，我們預計水泥定價又將強勁。在那裡，我會研究這樣一個事實：需求確實推動了水泥的強勁定價。我們看到，特別是在下半年，除了一月份的漲價之外，甚至還有機會進行第二次漲價。因此，請考慮在 1 月 1 日全面提價時採取更統一的方法。

Then on top of that, we still have some contracts rolling off that are below market, where we're working with our customers to get them back up to market pricing. That will be hand-to-hand combat as we go through, but we intend to be a price leader in this market, consistent with our position in the marketplace.

最重要的是，我們仍然有一些低於市場價格的合約正在滾動，我們正在與客戶合作，讓他們恢復到市場定價。這將是我們經歷的一場肉搏戰，但我們打算成為這個市場的價格領導者，與我們在市場中的地位保持一致。

And then finally, all the commercial excellence efforts that we're putting in place to upgrade our people, processes and tools and cement will drive more value pricing. So constructive pricing environment, aggs continued strength in that mid- to high single digit overall.

最後，我們為升級我們的人員、流程、工具和水泥而付出的所有商業卓越努力將推動更高的價值定價。因此，在具有建設性的定價環境下，整體而言，總股數繼續保持中高個位數的強勢。

From a demand perspective in 2025, we go in with very cautious volumes. That's just our planning stance. That has played out this year, Phil. That keeps our team focused on their controllables. So if I think about it from an end market perspective, public strong, private a little choppy.

從 2025 年的需求角度來看，我們的產量非常謹慎。這只是我們的規劃立場。菲爾，這種情況今年已經發生了。這讓我們的團隊專注於他們的可控因素。因此，如果我從終端市場的角度考慮，公共市場表現強勁，但私人市場則有些波動。

And then from a line of business perspective, aggs, we'd go in with flattish volumes on a year-to-year basis, but that will drive much more performance. And that's kind of a mixed bag on aggs. It's very divergent. So for example, in Florida, we have more additional capacity coming on, so we'll grow there.

然後從業務線的角度來看，我們的銷量將逐年持平，但這將推動更多的業績。這是一種魚龍混雜的情況。這是非常不同的。例如，在佛羅裡達州，我們將有更多的額外產能，因此我們將在那裡發展。

On the other hand, if I look at Phoenix, our tilt ups are down 75% in 2024 and residential is recovering. So as we get into February, we'll give you a much better view on volume, but we don't lean into that in our planning stance right now.

另一方面，如果我看看鳳凰城，我們的傾斜上升將在 2024 年下降 75%，住宅正在復甦。因此，當進入二月時，我們將為您提供更好的交易量視圖，但我們目前的計劃立場並不傾向於這一點。

For cement, if you look at PCA, we're looking at flat to low single digit right now with the second half recovery that should be supportive of additional price in the mid-years. So hopefully, that gave you the color that you need to at this point.

對於水泥，如果你看一下PCA，我們現在看到的是持平到低個位數，下半年的復甦應該會支持年中的額外價格。希望這為您提供了此時所需的顏​​色。

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

Yes, I'll have to echo the congrats on the quarter. Nicely done. So solid work on the margins. And you mentioned in the prepared remarks, you expect to hit Horizon 2 by the end of next year. Is there additional color maybe you could give us on how you see cost inflation may be progressing into next year?

是的，我必須重複對本季的祝賀。幹得好。邊際工作如此紮實。您在準備好的發言中提到，您預計將在明年年底前推出《地平線 2》。您是否可以向我們提供更多信息，說明您認為明年成本通膨可能會如何發展？

And maybe how you're thinking about any more specifics around the margin improvement? I know Scott kind of touched on expectations for solid margin expansion to continue. But any additional color you can give us on how to think about that next year and maybe where the low-hanging fruit may be and what it would take us to see you kind of get into that range?

也許您如何考慮更多有關利潤率改善的細節？我知道斯科特談到了對利潤率持續穩健擴張的預期。但是，您可以給我們任何其他信息，告訴我們如何考慮明年的情況嗎？

Yes. So I'll cover the margin improvement, what the key drivers are at a high level. And then Scott, maybe you'll address the cost of inflation, part of the question. So real trades continuation of what we've been doing. And the team, as you can see, is obviously executing at a very high level.

是的。因此，我將介紹利潤率的改善以及高水準的關鍵驅動因素。然後斯科特，也許你會解決通貨膨脹的成本，這是問題的一部分。因此，真正的交易是我們一直在做的事情的延續。正如您所看到的，該團隊顯然正在以非常高的水平執行。

So if I think about aggs, the margin improvement is going to continue to come from strong pricing, really accelerated operational excellence, which the team has been doing a phenomenal job in nearly assessing inflation at this point with the cost work that we're doing and then continued portfolio optimization, investing in those aggs both organically and inorganically.

因此，如果我考慮一下 aggs，利潤率的提高將繼續來自強勁的定價，真正加速的卓越運營，團隊在此時幾乎評估通貨膨脹方面做得非常出色，我們正在做的成本工作然後繼續優化投資組合，有機和無機地投資於這些聚合物。

And then on cement, it's all about delivering the synergies, which we're well on track on. And it's also about continued commercial excellence there as we move forward from a pricing perspective. So they will continue to drive that margin. And overall, we'll continue to optimize this portfolio, which has been very margin accretive to our business.

然後在水泥方面，一切都是為了實現協同效應，我們在這方面進展順利。當我們從定價角度向前邁進時，這也關係到持續的商業卓越。因此，他們將繼續提高利潤率。總的來說，我們將繼續優化這個投資組合，這對我們的業務來說非常有利於利潤成長。

Scott, maybe you'd address the cost inflation part of the question.

斯科特，也許你會解決問題中的成本通膨部分。

So Trey, when you look at the cost, this year, we're mid-single digits. We've been kind of normalizing, moderating the cost inflation all year. And just as Anne pointed out, we're making progress on our OpEx improvements, really starting to cut into that inflation. So you barely had any cost inflation this year because of the offsets we had in operational improvements.

所以特雷，當你看看今年的成本時，我們的成本是中個位數。我們全年都在某種程度地正常化、緩和成本通膨。正如安妮指出的那樣，我們在營運支出改進方面正在取得進展，真正開始削減通膨。因此，由於我們在營運改善方面的抵消，今年幾乎沒有任何成本上漲。

And that's going to carry on. We've got a lot of momentum around that on the aggs side, especially when you look at the mine planning that's going on, the yellow iron and then as well as inventory optimization. So around our critical products.

這種情況將會持續下去。我們在農產品方面有很大的動力，特別是當你看看正在進行的礦山規劃、黃鐵礦以及庫存優化時。所以圍繞著我們的關鍵產品。

But the efficiencies we're getting Marshall Moore as our Chief Operations Officer, and he's really building out a team, actually even having frontline training to really drive this culture to focus in on our cost. We believe next year, you're going to see more of that carry on in the aggs on the cost side.

但是，我們讓馬歇爾摩爾擔任我們的營運官，他正在真正建立一個團隊，實際上甚至進行了一線培訓，以真正推動這種文化專注於我們的成本。我們相信明年，您將在成本方面看到更多這樣的情況。

And just for inflationary, what we're seeing for next year on some of the key buckets like diesel fuel is a big one. we're already hedged at 40% and actually were less than we were hedged this year. So I think we're hedged at 40% at $2.53 a gallon. If you looked at this year, it was $2.77. So we got some favorability on the diesel side. We're looking at increasing that hedge on up to 50% right now.

僅就通膨而言，我們預計明年柴油等一些關鍵領域的通膨將是巨大的。我們已經進行了 40% 的對沖，實際上比今年的對沖要少。所以我認為我們以每加侖 2.53 美元的價格對沖 40%。如果你看看今年，它是 2.77 美元。所以我們在柴油方面得到了一些好感。我們現在正在考慮將這種對沖提高到 50%。

So when you look at R&M and subcontracting in some of those categories, we do believe you're going to see the moderation of inflation continue from that mid- to more of a low single digit next year as we go through the year, which will continue to help the momentum that we're building in the business. And then a separate bucket on the cement side would be the synergies and the cost improvements that we're doing there.

因此，當你觀察其中一些類別的 R&M 和分包時，我們確實相信，明年通膨將繼續放緩，從中位數到低個位數，這將是繼續幫助我們在業務中建立動力。然後，水泥方面的一個單獨的桶將是我們在那裡所做的協同效應和成本改進。

Got it. Okay. Just to make sure and I'm not trying to pin you down or anything, I'm just more making sure I'm thinking about it the right way. Is there -- are there any bad guys on the cost front that we need to be sure to kind of take into account or anything?

知道了。好的。只是為了確保，我並不是想限制你或其他任何事情，我只是更確保我以正確的方式思考這件事。在成本方面是否有任何壞人需要我們一定要考慮到或其他什麼？

Because it just seems like with the momentum you have and kind of looking at the 24.3% LTM EBITDA growth -- EBITDA margin that you guys were able to put up with the pricing that we have in place, the kind of deceleration on the cost front, it seems like you ought to be able to get into that range maybe even for the full year. Is there any bad guys that we need to be aware of? Or am I thinking about that wrong?

因為看起來你們擁有的勢頭以及 24.3% 的 LTM EBITDA 增長 - EBITDA 利潤率你們能夠忍受我們現有的定價，成本方面的減速，看起來你應該能夠進入這個範圍，甚至可能是全年。有沒有我們需要警惕的壞人？還是我想錯了？

Trey, the only one that stands out, it's a little bit higher that coming into this next year's natural gas, that we use to fuel our kiln and offset some of the coal. It's still cheaper than the coal alternative, but we've locked in 37% of our usage next year on natural gas at about $3.55 per MMBtu. And just to compare this year, it was more like $3 per MMbtU.

特雷（Trey）是唯一脫穎而出的，它比明年的天然氣要高一點，我們用天然氣來為窯爐提供燃料並抵消一些煤炭。它仍然比煤炭替代品便宜，但我們已將明年 37% 的使用量鎖定為天然氣，價格約為每 MMBtu 3.55 美元。與今年相比，每 MMbtU 的價格更像是 3 美元。

So we do have a little bit of a headwind there with the natural gas usage, but we'll also be introducing more alternative fuels into the process next year as well. Ann talked about the Roberta project. And just across, we're bringing in more feedstock to the plants on the alternative fuels. .

因此，我們在天然氣使用方面確實遇到了一些阻力，但明年我們也將在這過程中引入更多替代燃料。安談到了羅伯塔計畫。就在另一邊，我們正在利用替代燃料為工廠引進更多原料。。

Yes. Trey, just to confirm, we are confident we'll be in that 25% to 27% range full year next year.

是的。Trey，我想確認一下，我們有信心明年全年的成長率將保持在 25% 到 27% 的範圍內。

Okay. Thank you for that Anne, because in the slide deck, it says about here in, I don't know if that was a run rate or for the full year. So thank you for confirming that. That's super helpful.

好的。謝謝安妮，因為在幻燈片中，它說的是這裡，我不知道這是運行率還是全年的運行率。感謝您確認這一點。這非常有幫助。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

I want to ask on cement. I wondering if you could speak to what you're seeing on the supply and demand side across your footprint. Maybe talk a little bit as to your expectations around January price increases in a little bit more detail and what conditions would you need to see occur in order to get the midyears that you cited in your prepared remarks? .

我想問一下水泥。我想知道您是否可以談談您在整個足跡中所看到的供需方面的情況。也許更詳細地談談您對一月份價格上漲的預期，以及您需要看到什麼條件才能實現您在準備好的評論中引用的年中價格？。

Thanks for the question, Garik. We see overall supply demand really being driven by strong public, which continues to be very robust for us. And then the private markets being a little more choppy.

謝謝你的提問，加里克。我們看到整體供應需求確實是由強大的公眾推動的，這對我們來說仍然非常強勁。然後私人市場變得更加波動。

And if we look at just our markets, you look at residential and nonresidential are the ones that are more interest rate dependent, so they will come back probably in second half. It's a matter of when and which geography they'll come in. We're already seeing some recovery in some of those geographies.

如果我們只看我們的市場，你會發現住宅和非住宅市場對利率的依賴程度更高，因此它們可能會在下半年回歸。問題在於他們何時、在哪個地區出現。我們已經看到其中一些地區出現了一些復甦。

But if you look at the PCA forecast, it's 1.4% with a back-end loaded 2025 and a very strong 2026. I do believe that as we get to midyear, you're going to see it's very plausible that, that recovery comes back, both in residential and the light nonresidential, and we're seeing green shoots of that.

但如果你看 PCA 預測，你會發現 2025 年後端負載為 1.4%，2026 年負載非常強勁。我確實相信，到了年中，你會發現住宅和非住宅領域的復甦很有可能回來，而且我們正在看到復甦的苗頭。

I'd give you an example of where you might see some uptick. We're looking at British Columbia currently recovering right now. And that's one where if you look at the Canadian Central Bank, they took the first rate decrease in June, and they took a bigger one this month. And now we're seeing that work start to come out across the board that would impact cement.

我會給你一個例子，說明你可能會在哪些地方看到一些上升。我們正在關注不列顛哥倫比亞省目前正在恢復的情況。如果你看看加拿大中央銀行，他們在六月進行了第一次降息，本月又進行了更大幅度的降息。現在我們看到這項工作開始全面展開，這將影響水泥。

If the Fed follows the same time line, it's very plausible that you'd see that same kind of recovery. And that's how we kind of look at that recovery coming in, in the second half, and it should be a very positive environment for midyear. That's not built into our thinking right now in our budgeting, but we would look for that upside as we always do in midyear.

如果聯準會遵循相同的時間線，那麼您很可能會看到相同的復甦。這就是我們對下半年復甦的看法，年中的環境應該要非常正面。這還沒有納入我們目前預算的考慮中，但我們會像年中一貫所做的那樣尋找這種上升空間。

January price increase were strong across the board. It's dependent on market, it's dependent on geography, but the team is pushing hard. We are leaders in value price against cement, and we will continue to be so.

1月份價格全面強勁上漲。它取決於市場，取決於地理位置，但團隊正在努力推動。我們在水泥價格方面處於領先地位，而且我們將繼續如此。

Anthony Pettinari, Citigroup.

安東尼佩蒂納裡，花旗集團。

This is Asher Sohnen on for Anthony. Just first for point of clarification. Your aggs price guide for above the historical growth rate, does that include midyears, especially in the markets where there are more balanced between January and midyear?

我是阿舍爾·索南 (Asher Sohnen) 替補安東尼。首先澄清一下。你們的農產品價格指南高於歷史成長率，這是否包括年中，特別是在一月和年中之間更加平衡的市場？

And then for my question, just sort of I think you talked about trimming discretionary spend to align with demand. And then I also think you trimmed your CapEx guide. So I'm just wondering if you could talk a little bit more about that and then maybe where you're pulling back on that investment.

對於我的問題，我認為您談到了削減可自由支配支出以適應需求。然後我還認為您削減了資本支出指南。所以我只是想知道你是否可以多談談這一點，然後也許你會在哪裡撤回這項投資。

Okay. So let me address the midyears and then Scott can talk about the cost and the CapEx and where we're sitting on that.

好的。因此，讓我談談年中的情況，然後斯科特可以談談成本和資本支出以及我們對此的看法。

So from -- when we look at aggs, it is very much dependent by geography how we approach our pricing. I would tell you, across the board, we're with January 1 price increases. In some markets, we make a really strong double digit in January.

因此，當我們考慮聚合時，我們的定價方式很大程度上取決於地理位置。我想告訴你，我們從 1 月 1 日起全面漲價。在某些市場，我們在一月份取得了非常強勁的兩位數成績。

In other markets, we may go moderate and then go with a moderate midyear price increase, but I will tell you all our markets will have both and that's consistent. And that's why I'm confident we will get in that 6% to 9% range next year.

在其他市場，我們可能會採取溫和的價格，然後在年中進行溫和的價格上漲，但我會告訴你，我們所有的市場都會有這兩種情況，而且這是一致的。這就是為什麼我有信心明年我們將達到 6% 到 9% 的範圍。

Scott, maybe you want to talk a little bit about trimming discretionary spend and the type of CapEx pullback we had.

斯科特，也許您想談談削減可自由支配支出以及我們的資本支出縮減類型。

Yes. So when you look at the SG&A, you'll see it is coming off. We left the guide the same at $330 million for the year, but we're going to probably come in below that. And part of it where we're going after the scale synergies and really accelerating that, and you'll see that on the synergy report out that we give at the end of the year. So those are rent really well.

是的。因此，當您查看 SG&A 時，您會發現它正在下降。我們將今年的指南保持在 3.3 億美元不變，但我們的收入可能會低於這個數字。其中一部分是我們追求規模協同效應並真正加速這個過程，你會在我們年底給出的協同報告中看到這一點。所以這些租金非常好。

And we're just controlling our spend. On the CapEx side, though, you saw the previous guide, $430 million to $470 million. We've now lowered that to $390 million to $410 million. And really, we're staying disciplined to our 10%.

我們只是控制我們的支出。不過，在資本支出方面，您看到了先前的指南，4.3 億美元到 4.7 億美元。我們現在已將其降低至 3.9 億至 4.1 億美元。事實上，我們嚴格遵守 10% 的比例。

So we went through the list and found projects that we could defer without impacting the operations, fuel actually some land purchases on some reserves that we were able to defer into next year and bring that down.

因此，我們仔細查看了清單，發現可以推遲而不影響營運的項目，實際上推動了一些保留地的土地購買，我們可以推遲到明年，並將其降低。

So we're in a good place. We're going to come in and stay within our 10% threshold of revenue on the CapEx, and we're going to continue to watch our costs. And you'll see us beat that $330 million even though we feel like that's a good guide at this point.

所以我們處於一個很好的位置。我們將進入並保持在資本支出收入的 10% 門檻內，並且我們將繼續關注我們的成本。你會看到我們擊敗了 3.3 億美元，儘管我們認為目前這是一個很好的指導。

Kathryn Thompson, Thompson Research Group.

凱瑟琳·湯普森，湯普森研究小組。

This is Katherine Curtis calling in for Kathryn Thompson. With the weather impact to cement margins in the last few quarters, how should we be thinking about comps for next year going forward?

我是凱瑟琳柯蒂斯 (Katherine Curtis) 呼叫凱瑟琳湯普森 (Kathryn Thompson)。鑑於過去幾季天氣對水泥利潤率的影響，我們應該如何考慮明年的比較？

Weather impact. So we've got to be -- so when we look at weather, we did detail out what impact that had and just use rough numbers of about $20 million here. One of the things that you got to think about moving forward, there's two factors.

天氣影響。所以我們必須——所以當我們考慮天氣時，我們確實詳細說明了天氣的影響，並且在這裡只使用了大約 2000 萬美元的粗略數字。你必須考慮前進的事情之一，有兩個因素。

One is there is some in-year recovery on volume. And I'll give you the example of Houston. So Houston, we gave you a number last quarter of about $6.5 million adverse effect. And since then, that team has been out firing on all cylinders and then start to eat into that $6.5 million,So the one thing I would caution, Katherine, is don't take that $20 million and pencil it in for 2025 because we got quite a scrappy group here at Summit, and they've proven to be very agile.

一是成交量年內有所回升。我會給你舉休斯頓的例子。休士頓，我們為您提供了上個季度約 650 萬美元不利影響的數字。從那時起，該團隊一直在全力以赴，然後開始吞噬這650 萬美元，所以凱瑟琳，我要提醒的一件事是，不要拿那2000 萬美元並將其記入2025 年，因為我們得到了Summit 是一個非常鬥志旺盛的團隊，事實證明他們非常敏捷。

And I would hope that we continue with all our contingencies of work the team is doing to recover some of that from Milton and these other hurricanes as we go through the rest of the year, we'll be in a position to really update you with February on that, but don't go penciling that $20 million in case the teams executed at a very high level with their contingencies.

我希望我們能夠繼續進行團隊正在進行的所有應急工作，以便在今年剩下的時間裡從米爾頓和其他颶風中恢復一些，我們將能夠向您通報最新情況就在二月份，但不要把這2000萬美元記下來，以防團隊在緊急情況下以非常高的水平執行。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

And again, second, congrats on the quarter, strong results. Just wanted to go back to Anne some of the commentary you gave around the project activity and maybe some of the green shoots you mentioned.

其次，再次恭喜本季的強勁業績。只是想向安妮報告您對專案活動的一些評論，也許還有您提到的一些萌芽。

Could you just maybe unpack that a little bit more as it relates to maybe elections or interest rate? Like what are you hearing from contractors in terms of what may be holding up projects? And to the extent that you are seeing green shoots in some markets on the commercial front, what seems to be unlocking that activity? Is it greater certainty or kind of potential great certainty from elections? Or what's kind of coming down for the messages?

您能否進一步解釋一下它與選舉或利率相關的情況？就像您從承包商那裡聽到的關於可能阻礙專案的因素是什麼？就您在商業方面的某些市場看到的萌芽而言，似乎是什麼在釋放這項活動？是選舉帶來了更大的確定性還是潛在的巨大確定性？或者訊息會是什麼樣子？

Yes, Angel. So let me kind of unpack that in the two markets that are most impacted here. So from a nonresidential perspective, this is where we're seeing, it's largely in the holding pattern for us. But we are seeing, for example, recovery in Virginia and British Columbia.

是的，天使。因此，讓我來分析一下受影響最嚴重的兩個市場。因此，從非住宅角度來看，這就是我們所看到的，這很大程度上是我們的持有模式。但例如，我們看到維吉尼亞州和不列顛哥倫比亞省正在復蘇。

We're seeing continued strength in the energy vertical, and -- but contrasting against that, we're seeing, for example, our heavy commercial markets in Phoenix and Salt Lake City still are quite sluggish in sitting on the sidelines waiting to come in as interest rates come down.

我們看到能源垂直領域持續走強，但與此相反，我們看到，例如，我們在鳳凰城和鹽湖城的大型商業市場仍然相當緩慢地坐在場邊等待進入。

Now I did quote earlier in my comments that we would expect the second half recovery if the Fed were to follow the same kind of time line as the Canadian bank, and we would hope that there'd be some second half recovery in that.

我之前在評論中確實引用過，如果聯準會遵循與加拿大銀行相同的時間表，我們預計下半年會出現復甦，並且我們希望下半年會有所復甦。

Now where we are seeing the green shoots is in British Columbia. We're also seeing and very encouraged by the fact that we participate in states where the heaviest funding is and heaviest investment. So for example, the IRA investment, the top three states are Georgia, South Carolina and North Carolina there's $45 billion investment there, and we are participating in that on the heavy side.

現在我們看到的萌芽是在不列顛哥倫比亞省。我們也看到，我們參與的州是資金和投資最多的州，這一事實讓我們深受鼓舞。例如，IRA 投資，排名前三的州是喬治亞州、南卡羅來納州和北卡羅來納州，那裡的投資為 450 億美元，我們正在大力參與。

The chips funding were a big position in Arizona, where there's over $100 billion. So from a political perspective, we would hope bipartisans continued support of supply chain resiliency, onshoring and manufacturing that, that would continue give that kind of funding moving forward. And then on the private side, the interest rates starting to come down, hopefully similar to what happened in British Columbia, where we're seeing some green shoots.

晶片資金在亞利桑那州佔了很大比重，金額超過 1000 億美元。因此，從政治角度來看，我們希望兩黨繼續支持供應鏈彈性、本土化和製造業，這將繼續提供此類資金向前發展。然後在私人方面，利率開始下降，希望與不列顛哥倫比亞省發生的情況類似，我們在那裡看到了一些萌芽。

Now on the residential side, you've got a different impact there. It is around interest rates, being still hovering around 6%. We really feel you've got to get below that 5.5% to see any kind of movement in some of our markets. You've got the lock-in effect, and you've got the whole uncertainty and hesitancy to your point, Angel, around the political and macroeconomic impact.

現在在住宅方面，你會產生不同的影響。圍繞利率，仍徘徊在6%左右。我們確實認為，必須低於 5.5% 才能看到我們某些市場的任何變動。安吉爾，你的觀點存在著鎖定效應，圍繞著政治和宏觀經濟影響，你存在著全部的不確定性和猶豫。

That being said, leading indicators are improving in residential and the pent-up demand specific to single-family permits, they were very low in 2024, we're starting to see some pressure easing off those. And then if you double click into our three end markets, they are operating a little differently.

話雖這麼說，住宅領域的領先指標正在改善，而且單戶許可證的被壓抑需求在 2024 年非常低，我們開始看到這些壓力有所緩解。然後，如果您雙擊我們的三個終端市場，它們的運作方式略有不同。

So Houston is the number one single family permit market at 52,000 in 2024. There you got high -- good economy, got good in-migration trends, solid permitting. And there, we're seeing really a catastrophic recovery.The days we get post the weather, our South region is running really strong, and we are actually operating in the area where a lot of these permits are, so in that southwest portion at Fort Bend County.

因此，休士頓是排名第一的單戶家庭許可證市場，到 2024 年將達到 52,000 個。那裡你得到了高——良好的經濟，良好的移民趨勢，可靠的許可。在那裡，我們看到了真正的災難性恢復。

Phoenix is our second best recovered market at this point. They have 24,000 in permits, still high employment from the CHIPS Act, and there, we'll see continued recovery, and we're actually located in the best part of the recovery there in the West part of Phoenix.

鳳凰城是我們目前恢復第二好的市場。他們擁有 24,000 個許可證，《CHIPS 法案》帶來的就業率仍然很高，在那裡，我們將看到持續的復甦，而且我們實際上位於鳳凰城西部復甦最好的部分。

And then finally, Salt Lake City is the one that's the most sluggish, though it's a great market for us. They are the permits are only at 3,000 versus a typical 4,000 to 5,000 rate, but we'll be very happy when that recovers, and hopefully, that second half of 2025 if that's by far most profitable and high ROIC market.

最後，鹽湖城是最不景氣的一個，儘管它對我們來說是一個很大的市場。他們的許可證只有3,000 個，而通常為4,000 到5,000 個，但當這種情況恢復時我們會非常高興，並希望在2025 年下半年，如果這是迄今為止利潤最高、投資回報率最高的市場。

So we are positive about this coming back. We're just not leaning into that volume right now as part of our planning stance.

所以我們對這次回歸持正面態度。作為我們規劃立場的一部分，我們現在並沒有傾向於這個數量。

Timna Tanners, Wolfe Research.

蒂姆納坦納斯，沃爾夫研究。

In the preliminary comments, I recall you saying that one of the offsets or several offsets to a few of the challenges you cited were the opportunities to divest some assets that perhaps were underperforming and some possible adjustments to incentive comp. Can you speak a bit more on each of those and in particular, of course, on the divestitures, what those could look like? Any further detail there, please?

在初步評論中，我記得您說過，對您提到的一些挑戰的抵消之一或多項抵消是剝離一些可能表現不佳的資產的機會以及對激勵補償的一些可能的調整。您能否詳細談談其中的每一個，特別是資產剝離，這些可能會是什麼樣子？請問還有更詳細的嗎？

Yes. Thanks, Timna, for the question. So the offsets, one of the things I will say is our team has -- it's in the DNA of the team to constantly improve the return on invested capital of our business. And so ever since we launched Elevate, every year, our team has a set of contingencies of asset sales, and they can vary from being a businesses to your question, which we do report on, we did four of those this year.

是的。謝謝蒂姆納的提問。因此，我要說的一件事是，我們的團隊擁有抵銷額——不斷提高我們業務的投資資本回報率，這是我們團隊的 DNA。因此，自從我們推出Elevate 以來，每年我們的團隊都會遇到一系列資產出售的意外情況，它們可能因企業的不同而異，也可能因您的問題而異，我們對此進行了報告，今年我們做了四次。

But really, where the offsets are as we come into the end of the year are much more in the form of land and equipment. And each one of our regions has their list of contingencies trying to sell those off and improve the ROIC and improve margin as we move forward.

但實際上，到了年底，補償更多地體現在土地和設備方面。我們每個地區都有自己的應急清單，試圖在我們前進的過程中出售這些產品並提高投資回報率並提高利潤率。

And we've got some of those built into our midpoint. We know we can do some of those. And then what would drive us up into the right for 2024 would be increased number of those asset sales.

我們已經將其中一些內建到了我們的中點。我們知道我們可以做到其中一些。然後，推動我們進入 2024 年的權利將是這些資產銷售數量的增加。

Also, we're always adjusting incentive comp depending on where we land. And so there is some opportunity that offset some of the volume decline. So that's how we were able to keep that [985] midpoint, just a refinement of it versus a big reduction.

此外，我們總是根據我們的著陸地點調整激勵補償。因此，存在一些機會可以抵消部分銷售下降的影響。這就是我們能夠保持[985]中點的方式，只是對其進行細化而不是大幅減少。

And we do believe, if you look at our guidance, Timna, what would drive us up and to the right of that guidance would be extra days in our colderclimate. So kind of in the river markets. And so that's how you should really think about the offset. The team has been executing at a very high level on their contingencies.

我們確實相信，如果你看看我們的指導，蒂姆納，在我們寒冷的氣候中，推動我們向上和向右的因素將是額外的天數。河川市場就是這樣。所以這就是你應該如何考慮偏移量。該團隊一直以非常高的水平執行突發事件。

Rohit Seth, Seaport Research Partners.

羅希特·塞思（Rohit Seth），海港研究合作夥伴。

Great quarter. You had actually a great year so far. This question, you mentioned on the M&A front, you executed a couple of deals. Maybe just kind of elaborate on what moves you made and what markets into sort of the dynamics in those markets?

很棒的季度。到目前為止，你實際上度過了美好的一年。您在併購方面提到了這個問題，您執行了幾筆交易。也許只是詳細說明您採取了哪些舉措以及哪些市場進入了這些市場的動態？

Yes. So our two acquisitions that we did were both aggs deals which is consistent with our strategy moving forward to continue to redeploy cash into the aggs inorganic growth. And there are our two growth platforms.

是的。因此，我們所做的兩次收購都是農業交易，這與我們繼續將現金重新部署到農業無機成長的策略是一致的。還有我們的兩個成長平台。

One was in Florida and the other was in Phoenix. So that's just consistent with what we've said, how we will redeploy cash from our divestitures, and we did four divestitures at two acquisitions year to date, but all aggs oriented.

一個在佛羅裡達州，另一個在鳳凰城。因此，這與我們所說的一致，即我們將如何從資產剝離中重新部署現金，今年迄今為止，我們在兩次收購中進行了四次資產剝離，但都是以農業為導向的。

Any sense on -- can you provide like a volume impact they contribute?

您能提供他們貢獻的數量影響嗎？

You should think of them more as bolt-on as part of -- as we go into these areas, if you recall, when we went into Phoenix, we went in with a strong ready-mix position underpinned by an aggs position the very first acquisition we did there was an aggs position that just grows out our aggregates volume. And we've probably five more targets we're going after Phoenix.

你應該將它們更多地視為補強的一部分——當我們進入這些領域時，如果你還記得，當我們進入菲尼克斯時，我們首先進入了一個由 aggs 位置支撐的強大的預混合位置我們進行的收購有一個聚合頭寸，它會增加我們的總交易量。我們可能還有五個目標要追擊菲尼克斯。

Similarly, in Florida, this was one of the targets that we had to further consolidate the market and increase that. So I -- we don't disclose the exact volumes on these for competitive reasons,; but think about the more as bolt-ons that will continue to expand that position in our growing -- two growing platforms.

同樣，在佛羅裡達州，這是我們必須進一步鞏固和擴大市場的目標之一。因此，出於競爭原因，我們不會透露這些的確切數量；但將更多視為補充，將繼續擴大我們在不斷增長的兩個不斷增長的平台中的地位。

All right. And if I can squeeze another one in on the cement synergies, maybe just provide a status update. How much you realize this year? And what's on 4Q of 2025?

好的。如果我能在水泥協同效應方面再擠出一個人，也許只提供一個狀態更新。今年你領悟了多少？2025 年第四季會發生什麼事？

Yes. So the team is executing really well on the cement synergies. I think Scott referred to some of these, but -- so for 2024, we're very confident of being at that $40 million or above and they're driven largely by the scale synergies, which are procurement and SG&A and then by cement synergies, both operational but also very much commercial and by our aggs pull-through.

是的。因此，該團隊在水泥協同效應方面執行得非常好。我認為斯科特提到了其中的一些，但是- 所以對於2024 年，我們非常有信心達到4000 萬美元或以上，它們主要是由規模協同效應驅動的，即採購和銷售、一般行政費用，然後是水泥協同效應，既可運營，又非常商業化，並由我們的 aggs 推動。

As we go into '25, we've committed to $80 million over 2024 and 2025, and our planning, we're well on target to deliver that to our shareholders and we're very confident of delivering the $130 million over time. Expect the synergies as we go into 2025 to become much more cement oriented and operational with continued commercial synergies in that regard.

當我們進入25 世紀時，我們承諾在2024 年和2025 年提供8000 萬美元，按照我們的計劃，我們完全達到了向股東交付這一目標的目標，並且我們非常有信心隨著時間的推移交付1.3億美元。進入 2025 年，預計協同效應將變得更加以水泥為導向和可操作性，並在這方面持續產生商業協同效應。

Keith Hughes, Truist Securities.

基斯‧休斯 (Keith Hughes)，Truist 證券公司。

The cement pricing range you gave us earlier for 2025. Can you talk about how much of that is market and how much of that is this harmonization with the Argos products?

您之前向我們提供的 2025 年水泥定價範圍。您能否談談其中有多少是市場以及與 Argos 產品的協調有多少？

Yes. So what we've said is when you think about the Argos synergies, we had overall commercial at $20 million to $25 million when we started out on this journey, about half of that was contracts that were below market.

是的。所以我們所說的是，當你考慮到 Argos 的協同效應時，當我們開始這一旅程時，我們的整體商業價值為 2000 萬至 2500 萬美元，其中大約一半是低於市場價格的合約。

And so we have been on that journey, as you know, Keith, since we closed in mid-January of trying to convert these below-market contracts up and we're making some progress there. And frankly, most has been good progress. Some we've walked away from volume because the pricing is just too low and we will not drive pricing down in the marketplace, we are value pricing leaders.

因此，基思，正如您所知，自從我們在一月中旬結束嘗試將這些低於市場價格的合約轉換為高價合約以來，我們一直在這一過程中，並且我們正在這方面取得一些進展。坦白說，大部分進展都很好。有些我們放棄了銷售量，因為定價太低，我們不會壓低市場價格，我們是價值定價領導者。

I would say we've done really good work around our existing -- the bunch that didn't go up high enough in January, but went up in May and April. That pricing is gone. And now as you go into '25, think about it being more about a harmonized approach to January pricing and continuing to work with about half of that commercial part.

我想說，我們圍繞現有的工作做了非常好的工作——這些工作在一月份沒有上升到足夠高的水平，但在五月和四月卻上升了。那個定價已經消失了。現在，當您進入 25 世紀時，請考慮更多地採用統一的 1 月定價方法，並繼續與大約一半的商業部分合作。

I would say -- I can't give you exact numbers, but on synergies probably on commercial, on cement, we're around that $7 million mark year-to-date. So definitely making the progress we thought we would keep on that.

我想說——我無法給你確切的數字，但就商業、水泥方面的協同效應而言，今年迄今為止我們的銷售額約為 700 萬美元。因此，我們認為我們肯定會繼續取得進展。

Adam Thalhimer, Thompson Davis & Co.

亞當·塔爾希默、湯普森·戴維斯公司

I know it's your smallest business, but services is having a great year, and I'm just curious what's driving that and what the outlook is.

我知道這是你們最小的業務，但服務業今年表現出色，我只是好奇是什麼推動了這項業務以及前景如何。

You want to do that, Scott?

你想這麼做嗎，史考特？

Sure. Adam, you called it out. Services is really our construction activities. And it's really -- it aligns with the public demand we're seeing out there. And when you look at our North Texas business, our construction is really booming well. So really good pipeline, good backlogs. You're going to see that continue, too.

當然。亞當，你喊出來了。服務實際上是我們的建設活動。這確實符合我們所看到的公眾需求。當你看看我們北德克薩斯州的業務時，我們的建築業確實蓬勃發展。所以管道非常好，積壓也很好。你也會看到這種情況繼續下去。

Now the Intermountain West, the projects have been a little lumpy, so it hasn't flown through or shown through quite as strong, but that North Texas is really driving that construction services.

現在，西山間的專案有點不穩定，所以它沒有順利通過或顯示出那麼強大，但北德克薩斯州確實推動了建築服務。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Nice quarter. I wanted to ask what really is that to me on the sequential performance in aggregates cash gross profit, you had similar growth sequentially 3Q versus 2Q this year as last year, yet operationally, it was more challenging. And then you didn't get the uplift in pricing sequentially this year that you got last year.

不錯的季度。我想問的是，對我來說，總現金毛利的連續表現到底是什麼，今年第三季與第二季的連續成長與去年相似，但在營運上更具挑戰性。然後今年的價格並沒有像去年那樣連續上漲。

Can you talk about if there was a business mix towards maybe some similar margin but lower-priced markets? And any other moving pieces just to help us understand that sequential performance and pricing cadence as well, please?

您能否談談是否存在針對某些類似利潤率但價格較低的市場的業務組合？還有其他移動部分只是為了幫助我們了解順序性能和定價節奏嗎？

Yes. So I'd just address this, and then Scott, please feel free to come in with any color on this. So Q2, we had a particularly positive mix, Jerry, on aggs and so when you look at that, we had very strong just mix in Q2. So we knew we were -- sequential was going to be a little more muted.

是的。所以我只想解決這個問題，然後斯科特，請隨意提出任何顏色。所以第二季度，我們在進攻方面有一個特別積極的組合，傑瑞，所以當你看到這一點時，我們在第二季度有非常強大的組合。所以我們知道順序會比較安靜。

Also, you're lapping a year where we had very high midyear price increases last year. So that's in the comps a little funky on that one as well. So I would say, volume-wise, we did quite well into Q3 on aggs, but coming up 0.7%.

此外，去年年中價格漲幅非常高。所以在比較中也有點時髦。所以我想說，就數量而言，我們在第三季的總量方面表現相當不錯，但增長了 0.7%。

So that was driven largely by our central region has been very strong with big I-70 project and we have some recovery in British Columbia and Virginia and then the south coming really back strong after the weather they had in the first half.

因此，這主要是由我們中部地區的 I-70 大型項目非常強勁推動的，我們在不列顛哥倫比亞省和弗吉尼亞州有所恢復，然後南部地區在經歷了上半年的天氣之後又恢復強勁。

So Scott, maybe you want to add a little more color on that.

斯科特，也許你想在此基礎上添加更多色彩。

Yes, not much more to add, Anne. You've kind of called it, it's really related to geographic mix. The margins in certain areas are just higher. And so we've had a more favorable geographic mix.

是的，沒什麼好補充的，安妮。你這麼稱呼它，它確實與地理組合有關。某些領域的利潤率較高。因此，我們擁有更有利的地理組合。

Super. And can I ask, as you folks think about pricing in aggregates for 2025. Anne you mentioned that would be above the historical range. How are you thinking about in terms of the cushion that you need to build into your pricing commitments considering inflation over the past couple of years has been pretty volatile? Are you thinking you have an extra cushion beyond your targeted price cost gap that you're trying to achieve in the business?

極好的。當你們考慮 2025 年的整體定價時，我可以問一下嗎？安妮你提到這將高於歷史範圍。考慮到過去幾年的通貨膨脹相當不穩定，您如何考慮在定價承諾中需要建立的緩衝？您是否認為您在業務中想要實現的目標價格成本差距之外還有額外的緩衝？

Yes. Well, Scott has -- there's been a couple of factors here. So we're always driving our team and their incentive on price net of cost. And they've done a really nice job in continuing to expand that. We've always said as costs moderate off that price is -- that dislocation between price and cost has become even more favorable.

是的。嗯，斯科特——這裡有幾個因素。因此，我們始終以扣除成本的價格來推動我們的團隊及其誘因。他們在繼續擴大這一領域方面做得非常好。我們總是說，隨著成本的降低，價格與成本之間的錯位變得更加有利。

Now we kind of think about it in two buckets. So the first bucket is value pricing, Jerry. And as I said in my comments here, we will go with -- we'll have some carryover. We'll have January increases, and we'll have midyears, to vary a little bit by geography, but net I would be very disappointed if we're not at 6% to 9%.

現在我們分兩類來思考這個問題。所以第一個桶子是價值定價，傑瑞。正如我在這裡的評論中所說，我們將繼續 - 我們將有一些結轉。我們將在一月份增加，並且在年中增加，具體情況會因地理位置而有所不同，但如果我們沒有達到 6% 到 9% 的淨增長率，我會非常失望。

Now counteracting that is what Scott referred to earlier, we're also very disciplined in going after our costs, both having to moderate off but the OpEx side.

現在，史考特之前提到的抵銷這一點，我們在追求成本方面也非常自律，除了營運支出之外，雙方都必須有所節制。

So think about it as attacking from two fronts here. to get this continued growth, which is why we're very confident, frankly, we'll go into our 25% to 27% margins overall as a business in 2025. So really, the execution rate momentum that we have right now is really the push that I would talk to. That's really within our control.

因此，可以將其視為從兩個方面進行攻擊。為了實現這種持續成長，這就是為什麼我們非常有信心，坦白說，我們將在 2025 年將整體利潤率提高到 25% 至 27%。所以說，我們現在所擁有的執行率動能確實是我要談論的推動力。這確實在我們的控制範圍內。

Yes. The only thing I would add, Jerry, is we came into the year saying we were going to try to hold the line on our cost this year in the aggs. And despite the weather impacts, if you look at our aggs cost profile, inflation, with inflation in the offsets, it's only went up about 2%. So we've done a good job. We're making a lot of progress towards holding those costs.

是的。傑瑞，我唯一要補充的是，我們進入這一年時表示，我們將盡力控制今年的農業成本。儘管受到天氣影響，但如果你看看我們的綜合成本概況、通貨膨脹以及通貨膨脹的抵消因素，你會發現它只上漲了約 2%。所以我們做得很好。我們在控制這些成本方面取得了巨大進展。

Mike Dahl, RBC Capital Markets.

麥克·達爾，加拿大皇家銀行資本市場部。

I guess just a level set on kind of understanding the fourth quarter when you talk about assuming normal weather, seasonality or normal weather from here on out.

我想，當你談論假設正常天氣、季節性或從現在開始的正常天氣時，這只是一個理解第四季度的水平。

What specifically does that assume or not assume in terms of recapture of some of the $20 million in lost storm EBITDA? And can you talk about, as you look at the impact in parts of your footprint, which markets you have and have not been able to actually resume kind of normal shipping and operations?

就收回風暴損失的 2000 萬美元 EBITDA 中的一部分而言，具體假設或不假設是什麼？當您考慮對您足跡的部分影響時，您能否談談您已經和哪些市場無法真正恢復正常的運輸和營運？

So overall, trying to address this question for you, Mike. What's normal weather? Well, essentially, we've said aggs for example, are flat year on year. and that just assumes our normalized Q4. Cement, you'll see a slight uptick Q3 to Q4, which is just consistent with our more seasonal all-season markets. So that's kind of a normalized pattern.

總的來說，麥克，我試圖為你解決這個問題。什麼是正常天氣？嗯，本質上，我們已經說過，例如，總量同比持平。這只是假設我們標準化的第四季。水泥，您會看到第三季到第四季略有上升，這與我們更具季節性的全季節市場一致。所以這是一種標準化模式。

What I would say is we have not -- when we think about -- we have not slowed down in any of our markets right now. We've resumed production in nearly. Our team has been very resilient. And we are delivering to our customers. We're out there. When we have good weather days, that's where we're recouping and I'd use our South region, Houston, as an example, they are eaten into that $6.5 million in October.

我想說的是，當我們思考時，我們目前的任何市場都沒有放緩。我們已經恢復生產了將近。我們的團隊非常有彈性。我們正在向我們的客戶交付。我們就在外面。當天氣好的時候，我們就會收回成本，我會以我們的南部地區休士頓為例，他們在 10 月就消耗了 650 萬美元。

I would tell you we had a strong October across all of our lines of business. And so we're quite positive about what we've seen in October. And if we can get good weather and extend, if we can get more days in the river markets, Utah and Kansas, we will go to the upside of our midpoint.

我想告訴您的是，我們所有業務領域的 10 月都表現強勁。因此，我們對 10 月所看到的情況非常樂觀。如果我們能得到好天氣並延長時間，如果我們能在猶他州和堪薩斯州的河流市場獲得更多天數，我們將達到中點的上行。

On the other side, I would say the hurricane season isn't over until November. So that's why we kind of stayed flat. So I would be disappointed based on the execution rate the teams had. We couldn't recover some of Milton but we're confident in our midpoint range and the way the team is executing.

另一方面，我想說颶風季節要到十一月才結束。這就是為什麼我們保持平穩。因此，根據團隊的執行率，我會感到失望。我們無法恢復米爾頓的一些能力，但我們對我們的中點範圍和球隊的執行方式充滿信心。

So it's really -- we are resumed. We're performing at a high level in all of our markets right now, and we're going to do everything we can to recapture some of that $20 million that we've had this year on impact.

所以我們真的恢復了。目前，我們在所有市場都表現出色，我們將盡一切努力奪回今年 2000 萬美元的影響力。

That concludes our Q&A session. I will now turn the call back over to Anne Noonan for closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回給安妮·努南（Anne Noonan），讓其致閉幕詞。

Thank you for joining today's call, and I'd like to leave you with the message that I've been sharing with my team. Having successfully navigated a very difficult operating environment, we have the opportunity to close this year from a position of strength with momentum building for 2025.

感謝您參加今天的電話會議，我想向您傳達我一直與我的團隊分享的訊息。在成功度過了非常困難的營運環境後，我們有機會在今年結束時保持強勢地位，並為 2025 年積蓄動力。

Our challenge has been laser focused on our controllables, to deliver on our commitments. And in doing that, we will achieve our strategic priorities and position Summit for superior value creation. We appreciate your continued support of Summit Materials. We thank you for your time, and we hope you all have a great day.

我們的挑戰一直集中在我們的可控因素上，以兌現我們的承諾。在此過程中，我們將實現我們的策略重點，並將 Summit 定位於創造卓越的價值。我們感謝您對峰會材料的持續支持。我們感謝您抽出寶貴的時間，希望大家有個愉快的一天。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。