史丹利百得 (SWK) 2025 Q3 法說會逐字稿

Welcome to the third quarter 2025 Stanley Black & Decker earnings conference call. My name is Shannon, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎參加史丹利百得公司2025年第三季財報電話會議。我叫香農，我將擔任您今天通話的接線生。（操作員說明）請注意，本次會議正在錄音。

I will now turn the call over to Vice President of Investor Relations, Michael Wherley. Mr. Wherley, you may begin.

現在我將把電話轉交給投資人關係副總裁麥可‧惠利。韋爾利先生，您可以開始了。

Thank you, Shannon. Good morning, everyone, and thanks for joining us for our third-quarter call. With us today are Chris Nelson, President and CEO; and Pat Hallinan, EVP and CFO.

謝謝你，香農。各位早安，感謝各位參加我們的第三季電話會議。今天在場的有總裁兼執行長克里斯·尼爾森，以及執行副總裁兼財務長帕特·哈利南。

Our earnings release, which was issued earlier this morning, and a supplemental presentation, which we will refer to, are available on the IR section of our website. A replay of today's webcast will also be available beginning around 11:00 AM Eastern Time. This morning, Chris and Pat will review our third-quarter results and various other matters followed by a Q&A session.

我們今天早上早些時候發布的盈利報告以及我們將要提及的補充演示文稿，都可以在我們網站的投資者關係部分找到。今天網路直播的重播將於美國東部時間上午 11:00 左右開始提供。今天上午，克里斯和帕特將回顧我們第三季的業績和其他各種事項，隨後將進行問答環節。

During today's call, we will be making some forward-looking statements based on our current views. Such statements are based on assumptions of future events that may not prove to be accurate, and as such, they involve risk and uncertainty. It's therefore possible that actual results may materially differ from any forward-looking statements that we might make today. We direct you to the cautionary statements in the 8-K that we filed with our press release and in our most recent '34 Act filing.

在今天的電話會議上，我們將根據我們目前的觀點做出一些前瞻性陳述。此類聲明是基於對未來事件的假設，而這些假設可能並不準確，因此，它們涉及風險和不確定性。因此，實際結果可能與我們今天所做的任何前瞻性聲明有重大差異。我們建議您參閱我們在新聞稿中提交的 8-K 表格以及我們最新的 '34 法案文件中的警示性聲明。

Additionally, we may also reference non-GAAP financial measures during the call. For applicable reconciliations to the related GAAP financial measure and additional information, please refer to the appendix of the supplemental presentation and the corresponding press release, which are available on our website under the IR section.

此外，我們也可能在電話會議中提及非GAAP財務指標。有關相關 GAAP 財務指標的適用調節表和補充信息，請參閱補充演示文稿的附錄和相應的新聞稿，這些資料可在我們網站的 IR 部分找到。

I'll now turn the call over to our President and CEO, Chris Nelson.

現在我將把電話交給我們的總裁兼執行長克里斯·尼爾森。

Thank you, Michael, and good morning, everyone. I am honored and energized to be leading Stanley Black & Decker as we embark on our next chapter of growth.

謝謝你，邁克爾，大家早安。我很榮幸也很興奮能夠領導史丹利百得公司，開啟我們下一個發展篇章。

Since joining the team over two years ago, we have focused our businesses on where we want to compete, the end users we want to serve, and the markets where we can be a leader. This work has been about being more selective so that we invest our resources in the places where we see the most significant opportunities and greatest ROI for our businesses. We show up every day for our customers and end users to deliver what they need when they need it. Through everything we do, this will continue to be our North Star.

自從兩年多前加入團隊以來，我們一直專注於我們想要競爭的領域、我們想要服務的最終用戶以及我們可以成為領導者的市場。這項工作的意義在於更謹慎地選擇投資對象，以便將資源投入到我們認為對業務發展最具機會和投資報酬率最高的地方。我們每天都竭誠為客戶和最終用戶提供服務，在他們需要的時候滿足他們的需求。在我們所做的一切事情中，這將繼續是我們的指路明燈。

Over the last few years of transformation, Stanley Black & Decker has solidified our foundation and sharpened our focus. I am proud of the dedication and collective effort that our team of approximately 48,000 employees strong has contributed to get us here. Our ambition is to build a world-class branded industrial company by solving our end users' most pressing and complex challenges.

在過去幾年的轉型中，史丹利百得鞏固了我們的基礎，並明確了我們的關注重點。我為我們約 48,000 名員工組成的強大團隊所展現出的奉獻精神和集體努力感到自豪，正是他們的努力才使我們取得了今天的成就。我們的目標是透過解決終端用戶面臨的最迫切、最複雜的挑戰，打造世界級的品牌工業公司。

We go to market with a portfolio of iconic brands, and innovation is in our DNA. We have strong connections with customers and end users, and our brands open doors and afford access to opportunities in geographies around the world. These foundational attributes, combined with the renewed focus achieved through our transformation, have positioned us to win across industries poised for long-term growth.

我們擁有一系列標誌性品牌進入市場，創新已融入我們的基因。我們與客戶和終端用戶建立了牢固的聯繫，我們的品牌為世界各地的人們打開了機會之門。這些基礎特質，加上我們透過轉型實現的全新聚焦，使我們能夠在具有長期成長潛力的產業中取得成功。

Stanley Black & Decker has made tremendous progress towards the objectives we established at the outset of our strategic transformation. We achieved these results despite a rapidly shifting operating environment, evolving consumer demand dynamics, and trade policy fluctuations. With the operational proficiency and agility, we have developed through our strategic transformation, we can now serve our customers and end users more effectively and efficiently.

史丹利百得公司在實現我們策略轉型之初所製定的目標方面取得了巨大進展。儘管經營環境瞬息萬變、消費者需求動態不斷變化、貿易政策波動不定，我們仍然取得了這些成果。憑藉我們透過策略轉型所培養的營運能力和敏捷性，我們現在能夠更有效、更有效率地為我們的客戶和最終用戶提供服務。

With a strong foundation firmly in place and with a significantly simplified and focused business, we believe our future success will now be determined by how effectively we execute our strategy. This presents us with the compelling opportunity to deliver attractive returns for our investors while benefiting all stakeholders.

憑藉著堅實的基礎和大幅簡化及專注的業務，我們相信，未來的成功將取決於我們執行策略的有效性。這為我們提供了一個絕佳的機會，既能為投資者帶來可觀的回報，又能惠及所有利害關係人。

As we look forward, we are on track to successfully deliver the $2 billion cost reduction targeted when we began our transformation over three years ago by year-end 2025. Our next priority is to achieve 35% adjusted gross margin while further strengthening our balance sheet. We will build on our capabilities and strong financial foundation as we execute our three strategic imperatives: activating our brands with purpose, driving operational excellence, and accelerating innovation.

展望未來，我們預計在 2025 年底前成功實現三年前啟動轉型時設定的 20 億美元成本削減目標。我們的下一個重點是實現 35% 的調整後毛利率，同時進一步加強我們的資產負債表。我們將依賴自身能力與雄厚的財務基礎，執行三大策略要務：以目標為導向活化品牌、推動卓越營運、加速創新。

I want to spend a few minutes going into each of these focus areas to give you a better sense of what will drive our profitable organic growth going forward. The first imperative is activating our brands with purpose. We have pivoted from a product-led marketing approach to a brand-led market-back approach to reinvigorate our organic growth. This included creating a closer feedback loop between our brands and end users and prioritizing innovations that will address end users most pressing needs.

我想花幾分鐘時間詳細介紹這些重點領域，以便讓大家更了解未來哪些因素將推動我們實現獲利性的有機成長。首要任務是賦予品牌意義並使其煥發活力。我們已從產品主導的營銷方式轉向品牌主導的市場支援方式，以重振我們的自然成長。這包括在我們的品牌和最終用戶之間建立更緊密的反饋機制，並優先考慮能夠滿足最終用戶最迫切需求的創新。

Our core brands, DEWALT, STANLEY, and CRAFTSMAN, each have a distinct identity, and we maintain this differentiation along with clearly defined target end users. This strategic segmentation informs how we prioritize resources and investment in key brands and focused trades. In addition, it enables broad coverage of the total addressable market, with specific and productive solutions that uniquely address the needs of end users, ranging from commercial and industrial professionals, to residential construction contractors and ambitious DIY enthusiasts.

我們的核心品牌 DEWALT、STANLEY 和 CRAFTSMAN 各具特色，我們保持這種差異化，並明確定義目標最終用戶。這種策略性細分決定了我們如何優先考慮資源和投資於重點品牌和重點貿易領域。此外，它能夠廣泛覆蓋整個目標市場，提供具體而高效的解決方案，獨特地滿足最終用戶的需求，這些用戶包括商業和工業專業人士、住宅建築承包商以及雄心勃勃的 DIY 愛好者。

Our organic growth strategy is anchored on accelerating DEWALT's performance, while maintaining a strong focus on delivering consistent above-market results in STANLEY and CRAFTSMAN. DEWALT's mission is to serve the world's most demanding professionals. Supported by a more data-driven, targeted approach, our commercial teams are executing locally and focusing on the most attractive growth opportunities with trade-specific initiatives.

我們的有機成長策略以加速 DEWALT 的表現為核心，同時繼續高度重視 STANLEY 和 CRAFTSMAN 的持續超額市場表現。得偉的使命是服務全球要求最苛刻的專業人士。在更數據驅動、更有針對性的方法的支持下，我們的商業團隊正在在地化地開展工作，並透過針對特定行業的舉措，專注於最具吸引力的成長機會。

To amplify our presence with professional end users on and off the job site, we have added nearly 600 trade specialists and field resources to our team over the last two years. And these investments typically show a payback within 12 months of each hire. Our trade specialists visit job sites with DEWALT solutions, demonstrating and promoting our newest innovations. They also gather valuable end user insights to drive future product development priorities.

為了加強我們在工作場所內外專業終端使用者的影響力，在過去的兩年裡，我們為團隊增加了近 600 名貿易專家和現場資源。這些投資通常在每次招募後的 12 個月內就能回本。我們的貿易專家帶著得偉解決方案到各個工地進行展示和推廣，展示我們最新的創新成果。他們還會收集寶貴的終端用戶回饋，以指導未來的產品開發重點。

In addition, as part of our Grow the Trades program, we are investing to support the training of new tradespeople and upskilling of established professionals. These initiatives are driving continued organic growth for DEWALT. Our results are informing and guiding future investments in real time and ensure our resources are deployed to the best prospects for accelerated growth.

此外，作為我們「發展技工計畫」的一部分，我們正在投資支持新技工的培訓和現有專業人員的技能提升。這些舉措正在推動得偉公司持續的內生成長。我們的研究成果能夠即時為未來的投資提供資訊和指導，並確保我們的資源被部署到最有希望實現加速成長的專案上。

In addition, these initiatives are building DEWALT brand ambassadorship along the way. We rigorously track metrics, from commercial activation to operational execution, with all efforts laddering up to our strategic vision. As a result of these efforts, positive momentum is also beginning to emerge from the international STANLEY brand vitalization effort. In parallel, the CRAFTSMAN brand campaign and portfolio expansion is progressing with an improved margin profile and strategy to drive success with the ambitious DIY enthusiasts.

此外，這些措施也逐漸培養得偉品牌大使。我們從商業推廣到營運執行，嚴格追蹤各項指標，所有努力都旨在實現我們的策略願景。由於這些努力，STANLEY 國際品牌振興工作也開始取得積極進展。同時，CRAFTSMAN 品牌推廣活動和產品組合擴張也在穩步推進，透過提高利潤率和策略，幫助雄心勃勃的 DIY 愛好者取得成功。

Our next imperative is driving operational excellence. While it all starts with activating our brands with purpose, equally vital to our success is our commitment to operational excellence and continuous improvement. As we move beyond the transformation, we are executing with a lean-based operating system to deliver annual productivity gains, which we expect will contribute to both margin expansion and firepower for accelerated growth investments.

我們下一個當務之急是提升營運效率。雖然一切都始於賦予品牌使命感，但對我們的成功而言，同樣至關重要的是我們對卓越營運和持續改進的承諾。隨著我們逐步完成轉型，我們正在採用精益營運系統來實現年度生產力提升，我們預計這將有助於擴大利潤率，並為加速成長投資提供資金。

Operational excellence also extends to our distribution network. Business process improvements, along with our redesigned distribution network, have helped our team to deliver the best global customer service levels in our company's recent history. As we build strategic partnerships and multiyear growth plans with our channel partners, this will continue to be a top priority.

卓越的營運也體現在我們的分銷網絡中。業務流程的改進，以及我們重新設計的配送網絡，幫助我們的團隊實現了公司近年來全球客戶服務水準的最高水準。在與通路合作夥伴建立策略夥伴關係和製定多年成長計畫的過程中，這將繼續是我們的首要任務。

And finally is innovation, the lifeblood of Stanley Black & Decker's value proposition to our end users. We are accelerating innovation to advance and expand our end-to-end workflow solutions across DEWALT, STANLEY, and CRAFTSMAN. By innovating faster, we will strengthen our position to provide preferred solutions for our end users and drive growth for our channel partners and for our brands.

最後是創新，它是史丹利百得公司為最終用戶提供的價值主張的生命線。我們正在加速創新，以推進和擴展我們在 DEWALT、STANLEY 和 CRAFTSMAN 品牌中的端到端工作流程解決方案。透過加速創新步伐，我們將鞏固自身地位，為終端用戶提供首選解決方案，並推動通路合作夥伴和品牌的發展。

We know that our end users, particularly the professional trades, are seeking holistic solutions that make them more productive and safer in every task that they perform on the job site. Providing this comprehensive set of solutions tailored for the specific needs of each trade, all powered by our robust and well-established battery platforms, is our opportunity.

我們知道，我們的最終用戶，特別是專業技工，正在尋求能夠讓他們在工作現場執行的每一項任務中都更加高效和安全的整體解決方案。我們有機會提供一套全面的解決方案，以滿足各行業的特定需求，所有解決方案都由我們強大且成熟的電池平台提供支援。

To enable this, we've centralized our engineering organization under one leader to unify our global strategy with investments in core capabilities, design processes, and systems. Within this operating model, we are accelerating how we deploy the product platforming method, which is a comprehensive approach to modular design and governance. It empowers our engineers to dedicate more of their time and expertise towards addressing our end users most pressing and complex challenges. It also enables us to deliver highly specialized solutions to the market at greater speed.

為了實現這一目標，我們將工程組織集中到一個領導下，透過對核心能力、設計流程和系統的投資，統一了我們的全球策略。在這種營運模式下，我們正在加快產品平台化方法的部署，這是一種模組化設計和治理的綜合方法。它使我們的工程師能夠投入更多的時間和專業知識來解決最終用戶面臨的最緊迫、最複雜的挑戰。這也使我們能夠更快地向市場提供高度專業化的解決方案。

Year to date, our team has achieved 20% faster product development, and we believe there is runway for an additional 20% improvement by 2027. In addition, this approach is streamlining product development and production processes. This allows us to take full advantage of our scale to achieve cost leadership and drive further working capital efficiencies.

今年以來，我們的團隊產品開發速度提高了 20%，我們相信到 2027 年還有 20% 的提升空間。此外，這種方法也簡化了產品開發和生產流程。這使我們能夠充分利用自身規模優勢，實現成本領先，並進一步提高營運資本效率。

Our aim is to implement platforming across roughly two-thirds of our product portfolio by 2027, enabling our 35% plus margin objective. Our entire organization is contributing to an organic growth-oriented culture, underpinned by operational excellence. We believe that by executing this strategy, we can deliver a compelling value creation opportunity.

我們的目標是到 2027 年在大約三分之二的產品組合中實現平台化，從而實現 35% 以上的利潤率目標。我們整個組織都在為以卓越營運為基礎的、以有機成長為導向的企業文化做出貢獻。我們相信，透過執行這項策略，我們可以創造極具吸引力的價值創造機會。

A year ago, we outlined long-term financial targets. And those levels of market-beating growth, earnings power, profitability, and cash generation remain the appropriate long-term financial targets for our business. We expect our capital deployment priorities to focus on funding investment in the business, improving our balance sheet, and supporting our long-standing dividend. Once these priorities have been satisfied and our leverage is sustained below 2.5 times, our preference for excess capital will be opportunistic share repurchases.

一年前，我們訂定了長期財務目標。而這些超越市場平均的成長、獲利能力、獲利能力和現金流產生能力，仍然是我們業務的適當長期財務目標。我們預計資本部署的重點將集中在為業務投資提供資金、改善資產負債表以及支持我們長期以來的股息發放。一旦這些優先事項得到滿足，並且我們的槓桿率保持在 2.5 倍以下，我們將傾向於利用剩餘資本進行機會性股票回購。

We are executing with purpose, leveraging our core strengths and deploying capital with discipline. While we continue to navigate a dynamic macro today, we believe we are taking the actions required to serve our end users and customers, protect the profitability of the business and make progress toward our long-term financial goals. By fully executing against the strategic imperatives that I outlined, we are confident in achieving strong long-term shareholder returns.

我們目標明確地執行計劃，發揮自身核心優勢，並以嚴謹的態度運用資本。儘管我們今天仍在應對瞬息萬變的宏觀經濟形勢，但我們相信我們正在採取必要的行動來服務我們的最終用戶和客戶，保護業務的盈利能力，並朝著我們的長期財務目標邁進。透過全面執行我概述的策略要務，我們有信心實現強勁的長期股東回報。

Now turning to our third quarter 2025 performance. Our operational agility helped us deliver sales and adjusted EBITDA in line with our expectations. Furthermore, gross margin increased year-over-year, restoring progress towards our expansion trajectory and overcoming the tariff-driven interruption experienced during the second quarter. We accomplished these results despite the persistently challenging macroeconomic environment.

現在來看看我們2025年第三季的業績。我們靈活的營運策略幫助我們實現了預期的銷售和調整後 EBITDA。此外，毛利率年增，恢復了我們擴張的步伐，克服了第二季因關稅而造成的中斷。儘管宏觀經濟環境持續充滿挑戰，我們仍然取得了這些成果。

Total revenue was $3.8 billion, flat with the prior year period and down 1 point organically, driven by pricing up 5% and volume down 6%. We continue to generate growth in our DEWALT brand in the third quarter, supported by relatively resilient professional demand. Consistent with prior quarters, the overall consumer backdrop remains soft.

總營收為 38 億美元，與去年同期持平，有機成長下降 1 個百分點，主要原因是價格上漲 5% 和銷量下降 6%。在相對穩定的專業需求支撐下，我們的 DEWALT 品牌在第三季度繼續保持成長勢頭。與前幾季一致，整體消費環境依然疲軟。

Our third quarter adjusted gross margin rate was 31.6%, up 110 basis points versus last year, predominantly driven by the benefits of our pricing strategies and the supply chain transformation efficiencies. This result is a testament to the dedication and collective focus of our teams around the company. It is even more noteworthy given it was achieved in a dynamic macroeconomic environment and with the ongoing production transitions. We expect to continue our trajectory of year-over-year adjusted gross margin improvement with expansion projected on a full year basis for 2025 and 2026.

我們第三季調整後的毛利率為 31.6%，比去年同期成長 110 個基點，這主要得益於我們的定價策略和供應鏈轉型效率的提升。這結果證明了我們公司各團隊的奉獻精神和集體專注。考慮到這是在動態的宏觀經濟環境和持續的生產轉型背景下取得的成就，就更值得關注了。我們預計，經調整後的毛利率將繼續逐年提高，2025 年和 2026 年全年毛利率預計將持續成長。

Third quarter adjusted EBITDA margin was 12.3%, reflecting a 150 basis point improvement year-over-year, mainly attributed to the gross margin expansion. Adjusted earnings per share was $1.43, which includes a $0.25 tax benefit that we had previously expected to land in the fourth quarter. Third-quarter free cash flow was $155 million, a solid result as we effectively manage working capital while shifting an increasing percentage of our US supply chain to North America.

第三季調整後 EBITDA 利潤率為 12.3%，年增 150 個基點，主要歸功於毛利率的提高。調整後每股收益為 1.43 美元，其中包括我們先前預計在第四季度實現的 0.25 美元稅收優惠。第三季自由現金流為 1.55 億美元，這是一個穩健的成績，因為我們有效地管理了營運資本，同時將越來越多的美國供應鏈轉移到北美。

Turning to our operating performance by segment. I'll start with Tools & Outdoor. Third quarter revenue was approximately $3.3 billion, which was flat year over year. As with the total company revenue drivers, the drivers for Tools & Outdoor were in line with our expectations. Organic revenue declined by 2%, as a 5% benefit from targeted pricing actions was more than offset by a 7% decrease in volume.

接下來，我們來看看各業務部門的經營績效。我先從工具和戶外用品開始。第三季營收約33億美元，與去年同期持平。與公司整體收入驅動因素一樣，工具和戶外用品的驅動因素也符合我們的預期。有機收入下降了 2%，其中定向定價措施帶來的 5% 的收益被銷售下降 7% 所抵消。

Currency tailwinds and a small product line transfer from Engineered Fastening each contributed a 1% benefit in the quarter. The volume decrease was partially due to expected price elasticities and partially impacted by tariff-related promotional reductions within the retail channel.

匯率利好和從 Engineered Fastening 轉移的一小部分產品線，各自為本季帶來了 1% 的成長。銷售下降部分原因是預期價格彈性，部分原因是零售通路中與關稅相關的促銷活動減少。

As we had indicated during our second quarter earnings call, price realization in the third quarter was consistent with our expectations based on the April price increase. Consistent with prior disclosure, we are implementing a second price increase during the fourth quarter to maintain our innovation and brand investments, given the pressures resulting from tariff-related cost increases.

正如我們在第二季財報電話會議上所指出的那樣，第三季的價格實現情況與我們基於4月份漲價的預期一致。與先前揭露的資訊一致，鑑於關稅相關成本增加帶來的壓力，我們將在第四季度實施第二次漲價，以維持我們的創新和品牌投資。

DEWALT, our powerhouse professional brand, maintained strong momentum and continued to demonstrate top line growth. The brand delivered revenue expansion across all product lines and regions. This result reflects the positive impact of our ongoing targeted investments in innovation and market activation.

DEWALT 作為我們實力雄厚的專業品牌，保持了強勁的發展勢頭，並持續實現營收成長。該品牌在所有產品線和地區都實現了營收成長。這一結果反映了我們持續有針對性地投資於創新和市場活化所取得的正面成果。

Tools & Outdoor adjusted segment margin was 12%, up 90 basis points year over year. Margin expansion was driven by price realization, and supply chain transformation efficiencies, partially offset by the impact of tariffs, lower volume, and inflation.

工具及戶外用品業務調整後利潤率為 12%，較去年同期成長 90 個基點。利潤率擴張主要得益於價格實現和供應鏈轉型效率的提高，但部分被關稅、銷售下降和通貨膨脹的影響所抵消。

Shifting to performance by product line. Power tools organic revenue declined 2%, largely resulting from tariff-related promotional cancellations in North America and continued softness in consumer demand. Hand tools organic revenue was flat. Strength within the commercial and industrial channels was offset by softer retail channel performance. Outdoor organic revenue decreased 3% as we ended a subdued outdoor season, where the independent dealer channel partners focused on selling through their remaining inventory. We anticipate inventory will be rightsized heading into preseason ordering for 2026.

按產品線轉向績效考核。電動工具的有機收入下降了 2%，這主要是由於北美地區與關稅相關的促銷活動取消以及消費者需求持續疲軟。手動工具的有機收入持平。商業和工業通路的強勁表現被零售通路疲軟的表現所抵消。由於戶外銷售季表現平淡，獨立經銷商通路夥伴專注於銷售剩餘庫存，戶外有機產品收入下降了 3%。我們預計在 2026 年季前訂購之前，庫存規模將得到合理調整。

Now, Tools & Outdoor performance by region. In North America, organic revenue declined 2%, reflecting trends consistent with the overall segment performance. End user demand, as measured by US retail tools and outdoor POS, started the quarter strong, but moderated later in the quarter, with aggregate third quarter performance at a level that was relatively flat on a dollar basis. In Europe, organic revenue was flat.

現在，按地區劃分工具和戶外用品的性能。在北美，有機收入下降了 2%，反映出與整體業務板塊表現一致的趨勢。以美國零售工具和戶外 POS 為衡量標準，終端用戶需求在本季度初表現強勁，但在本季度後期有所放緩，第三季度整體業績按美元計算基本持平。在歐洲，有機收入持平。

Growth in the UK and key investment markets, including Central and Eastern Europe, was offset by softer market conditions in France and Germany. The Rest of World organic revenue declined 1%, primarily due to pockets of market softness in Asia.

英國和包括中東歐在內的主要投資市場的成長被法國和德國疲軟的市場狀況所抵消。世界其他地區的有機收入下降了 1%，主要原因是亞洲部分地區市場疲軟。

Turning to Engineered Fastening. Third-quarter revenue grew 3% on a reported basis and 5% organically as compared to the prior year. Revenue growth was comprised of a 4% volume increase, a 1% price benefit, and a 1% contribution from currency. This was partially offset by a 3% headwind from the previously disclosed product line transfer to the Tools & Outdoor segment.

轉而採用工程緊固技術。第三季營收按報告資料計算成長了 3%，以有機成長計算成長了 5%，與去年同期相比。營收成長包括 4% 的銷售成長、1% 的價格上漲以及 1% 的匯率波動貢獻。先前揭露的產品線轉移到工具和戶外用品部門帶來了 3% 的不利影響，部分抵消了上述影響。

The Aerospace business continued its strong trajectory, achieving over 25% organic growth, propelled by robust demand for fasteners and fittings. This business maintained its exceptional year over year and sequential top-line growth supported by a solid backlog.

航太業務持續保持強勁成長勢頭，實現了超過 25% 的內生成長，這得益於對緊固件和配件的強勁需求。由於穩健的訂單儲備，該業務保持了卓越的同比和環比營收成長。

The Automotive business delivered low single-digit organic growth, reflecting a stronger-than-anticipated automotive market during the quarter. General industrial fasteners organic revenue declined by mid-single digits.

汽車業務實現了個位數低成長，反映出本季汽車市場強於預期。通用工業緊固件的有機收入下降了中等個位數。

Adjusted segment margin for Engineered Fastening was 12.8%, which reflects elevated production costs in relation to a tough prior year comparable. On a sequential basis, adjusted segment margin expanded by 200 basis points versus the second quarter, reflecting improvements in the automotive market.

工程緊固件業務的調整後分部利潤率為 12.8%，反映出由於去年同期基數較高，生產成本也隨之上升。與第二季相比，經調整後的分部利潤率較上季成長 200 個基點，反映出汽車市場的改善。

Overall, our teams delivered results in line with expectations through disciplined execution, targeted pricing strategies, and a continued optimization of our supply chain, a solid quarter in a trying environment with significant credit to the global Stanley Black & Decker team. Together, we all continue to make meaningful progress on what is within our control. Thank you to our team around the world for all your hard work and the dedication you display every day to our customers and end users.

整體而言，我們的團隊透過嚴謹的執行、有針對性的定價策略以及對供應鏈的持續優化，取得了符合預期的成果。在充滿挑戰的環境下，我們取得了穩健的季度業績，這主要歸功於史丹利百得全球團隊的努力。我們齊心協力，在力所能及的範圍內不斷取得有意義的進展。感謝我們全球團隊的辛勤工作，以及你們每天對客戶和最終用戶所展現的奉獻精神。

I will now pass the call to Pat to discuss progress we achieved on key performance metrics and to outline our latest 2025 planning assumptions.

現在我將把電話轉給 Pat，討論我們在關鍵績效指標方面取得的進展，並概述我們最新的 2025 年規劃假設。

Thank you, Chris, and good morning to everyone joining us today. I'm going to start by diving deeper into our gross margin performance.

謝謝克里斯，也祝福今天所有收看節目的朋友們早安。我將首先深入分析我們的毛利率表現。

In the third quarter, the company achieved adjusted gross margin of 31.6%, representing a 110 basis point increase over the same period last year. Our entire organization has prioritized margin expansion. And through the implementation of targeted initiatives, we have achieved tangible year-over-year margin improvement. The improvements have been primarily driven by our disciplined pricing strategies and enhanced supply chain efficiencies. Our targeted initiatives contributed meaningfully to our performance this quarter, though the benefits were partially offset by tariffs, reduced volume, and inflation.

第三季度，該公司調整後毛利率為 31.6%，比去年同期成長 110 個基點。我們整個組織都將利潤率提昇放在首位。透過實施有針對性的舉措，我們實現了逐年利潤率的顯著提高。這些改進主要得益於我們嚴格的定價策略和不斷提高的供應鏈效率。本季度，我們採取的有針對性的舉措對我們的業績做出了重要貢獻，但關稅、銷售下降和通貨膨脹在一定程度上抵消了這些收益。

Our gross margin trajectory remains firmly positive, reflecting the organization's steadfast dedication to operational excellence. The team's commitment and capability to deliver is exemplified by the fact that even with the significant tariff expenses hitting our P&L starting in April, we only had a single quarter of gross margin setback. Despite broader market volatility, our teams have demonstrated remarkable agility and focus, ensuring we sustain profitable growth even in uncertain environments.

我們的毛利率走勢依然保持強勁成長，這反映了公司對卓越營運的堅定承諾。團隊的敬業精神和執行能力體現在，即使從 4 月開始，巨額關稅支出對我們的損益表造成了衝擊，但我們只出現了一個季度的毛利率下滑。儘管市場整體波動較大，但我們的團隊展現出了卓越的敏捷性和專注力，確保即使在不確定的環境下也能保持獲利成長。

And looking forward to 2026, we foresee a strong opportunity for significant year-over-year adjusted gross margin expansion versus 2025, even if the macro conditions do not improve materially. We continue to target 35%-plus adjusted gross margin. As a team, we continue to strive to achieve or be very close to this target by the fourth quarter of 2026.

展望 2026 年，即使宏觀經濟狀況沒有實質改善，我們也預期與 2025 年相比，調整後毛利率將出現顯著的同比擴張。我們繼續以調整後毛利率35%以上為目標。作為一個團隊，我們將繼續努力，爭取在 2026 年第四季實現或非常接近這一目標。

Turning now to our global cost reduction transformation program. In the third quarter, we continued to make substantial progress, delivering approximately $120 million in incremental pretax run rate cost savings. These actions are instrumental in supporting our ongoing margin improvement trajectory, which ultimately enables sustained investment in growth.

接下來，我們來談談我們的全球成本削減轉型計畫。第三季度，我們持續取得實質進展，實現了約 1.2 億美元的稅前營運成本節約。這些舉措對於支持我們持續改善利潤率至關重要，最終能夠實現對成長的持續投資。

Since its inception in mid-2022, the program has generated about $1.9 billion in pretax run rate cost savings, underscoring the scale and effectiveness of our transformation agenda. We are on track to meet our targets, with consistent progress across all work streams. We expect the transformation program to yield cost savings of $500 million in 2025 and $2 billion overall by the end of this year, marking the successful achievement of this initiative's original cost reduction goals.

自 2022 年年中啟動以來，該計劃已節省了約 19 億美元的稅前運行成本，凸顯了我們轉型計劃的規模和有效性。我們正按計畫推進，各項工作均持續進展，可望實現既定目標。我們預計轉型計畫將在 2025 年節省 5 億美元，到今年年底總共節省 20 億美元，標誌著該計畫最初的成本削減目標已成功實現。

A key element of our tariff mitigation and gross margin improvement strategy centers on minimizing the amount of US supply that comes from China. We are making substantial advancements in this area and systematically progressing along a clearly defined path. We have been rapidly moving cordless production from China to Mexico, while also rapidly increasing the levels of USMCA compliant production in Mexico.

我們關稅緩解和毛利率提高策略的關鍵要素是最大限度地減少來自中國的美國供應量。我們在該領域取得了實質進展，並沿著明確的路徑有條不紊地前進。我們一直在迅速將無線產品生產從中國轉移到墨西哥，同時也迅速提高墨西哥符合美墨加協定的產品產量。

We expect to continue to meet targeted reductions in US goods from China. We plan to reduce from 2024 levels when approximately 15% of our US supply was sourced from China, to less than 10% by the middle of 2026, and to less than 5% by the end of 2026. These milestones are essential for achieving targeted gross margin objectives and for improving supply chain resiliency. By diversifying our supply chain, we are better positioning our business to navigate evolving trade dynamics, respond to regulatory changes, and deliver operational excellence.

我們預計將繼續實現從中國進口美國商品的目標減量。我們計劃將 2024 年美國供應中約 15% 來自中國的份額減少到 2026 年年中不到 10%，到 2026 年底不到 5%。這些里程碑對於實現既定的毛利率目標和提高供應鏈韌性至關重要。透過供應鏈多元化，我們能夠更好地調整業務，以應對不斷變化的貿易動態、應對監管變化並實現卓越營運。

Operational excellence via platforming, lean manufacturing, and further fixed cost reductions will remain a top priority beyond 2025. We remain confident in our ability to sustain positive momentum as we move into 2026, and that our focus on disciplined execution will deliver sustainable productivity gains and cost leadership. Annual productivity improvements will serve as the engine to fund investments that drive top-line growth and further our competitive position. The actions we are taking today are foundational to supporting ongoing margin improvement and achieving our long-term adjusted gross margin target of 35%-plus.

2025 年以後，透過平台化、精實生產和進一步降低固定成本來實現卓越營運仍將是首要任務。我們仍然有信心在進入 2026 年之際保持積極的發展勢頭，並且我們專注於嚴謹的執行，這將帶來可持續的生產力提升和成本領先優勢。年度生產力提升將為推動營收成長和提升我們競爭地位的投資提供資金。我們今天採取的行動是支持持續改善利潤率並實現35%以上長期調整後毛利率目標的基礎。

Now let's take a look at our planning assumption for 2025. Adjusted earnings per share is expected to be approximately $4.55, a reduction of $0.10 compared to the estimate from last quarter. This revision reflects higher-than-anticipated production costs resulting from tariff-related volume softness and supply chain changes. We will correct for these items during the fourth quarter to facilitate achievement of targeted 2026 gross margin improvement, making these headwinds temporary elements of our tariff mitigation response plan.

現在讓我們來看看我們對 2025 年的規劃假設。調整後每股收益預計約為 4.55 美元，比上一季的預期減少了 0.10 美元。此次修訂反映了由於關稅相關的銷售疲軟和供應鏈變化導致的生產成本高於預期。我們將在第四季度糾正這些問題，以促進 2026 年毛利率改善的目標，使這些不利因素成為我們關稅緩解應對計畫中的暫時性因素。

Our earnings outlook for the year reflects an updated GAAP earnings per share range of $2.55 to $2.70. This revision from the previous planning assumption is primarily attributable to $169 million pretax noncash asset impairment charge recorded in the third quarter.

我們對全年的獲利預期反映了更新後的GAAP每股收益範圍為2.55美元至2.70美元。這項調整與先前的計畫假設相比，主要是由於第三季提列了1.69億美元的稅前非現金資產減損費用。

Let me provide clarity on these impairment charges. First, updates to our brand prioritization strategy to focus more company resources and investment on DEWALT, CRAFTSMAN, and STANLEY, which we have discussed many times over the past year, impacted three trade names specifically LENOX, Troy-Bilt, and IRWIN. This was the vast majority of the impairment charges. Going forward, we intend to focus on marketing of these specialty brands to specific product categories and regions where they hold their most meaningful market positions and value to end users.

讓我來解釋一下這些減損費用。首先，我們對品牌優先策略進行了更新，將公司更多的資源和投資集中到 DEWALT、CRAFTSMAN 和 STANLEY 品牌上，我們在過去一年中多次討論過這個問題，這具體影響了 LENOX、Troy-Bilt 和 IRWIN 這三個商標名稱。這佔減損費用的絕大部分。展望未來，我們將專注於向特定產品類別和地區推廣這些特色品牌，因為在這些地區，這些品牌擁有最有意義的市場地位，對最終用戶而言也最有價值。

Second, we've made a strategic decision to exit most of our noncore legacy corporate venture investments, which resulted in the write-down of certain minority investments in the quarter. Total pretax non-GAAP adjustments for the year are estimated to range between $370 million to $400 million, primarily related to the supply chain transformation, noncash asset impairment charges and other cost actions that will benefit SG&A. We expect approximately 45% of these adjustments to be non-cash as they pertain to the aforementioned trade name impairment charges and write-down of certain minority investments associated with legacy corporate ventures.

其次，我們做出了策略性決定，退出大部分非核心的傳統企業創投，這導致本季某些少數股權投資被減記。本年度稅前非GAAP調整總額預計在3.7億美元至4億美元之間，主要與供應鏈轉型、非現金資產減損費用以及其他有利於銷售、一般及行政費用的成本控制措施有關。我們預計這些調整中約有 45% 為非現金調整，因為它們與上述商號減損費用以及與遺留企業創投相關的某些少數股權投資的減損有關。

Now in regards to the revenue outlook. For the full year, we anticipate total company sales to be flat to down 1% as compared to 2024, most likely at the lower end of this range. Organic revenue is projected to decline in the same zone as a total company, and price realization is expected to be offset by anticipated volume declines. Currency is expected to contribute a positive 1 percentage point, which will be offset by the first quarter comparable impact from the infrastructure divestiture.

現在來說說收入前景。我們預計全年公司總銷售額將與 2024 年持平或下降 1%，最有可能處於該範圍的下限。預計有機收入將與公司整體收入在同一區間下降，而價格實現預計將被預期的銷售下降所抵消。匯率預計將帶來 1 個百分點的正向影響，但將被第一季基礎設施剝離帶來的可比影響所抵消。

We expect adjusted gross margins to remain resilient. And based on our current trajectory, we expect to be approaching 31% adjusted gross margin for the full year 2025. To deliver profit and cash in a dynamic environment, we will continue to advance our tariff mitigation and gross margin expansion journeys, and we will manage SG&A thoughtfully relative to expected volumes while preserving growth investments.

我們預計調整後的毛利率將保持穩健。根據我們目前的發展軌跡，我們預計到 2025 年全年，調整後的毛利率將接近 31%。為了在瞬息萬變的環境中實現利潤和現金流，我們將繼續推進關稅減免和毛利率擴張計劃，並根據預期銷量謹慎管理銷售、一般及行政費用，同時保持成長投資。

Looking forward to the fourth quarter, we expect continued year-over-year expansion of adjusted gross margin to around 33%, plus or minus 50 basis points. This outlook is supported by our second round of price increases, ongoing benefits from our supply chain transformation and additional tariff mitigation measures, partially pressured by tariff-related production costs.

展望第四季度，我們預計調整後毛利率將持續年增至 33% 左右，上下浮動 50 個基點。這一前景得益於我們的第二輪漲價、供應鏈轉型帶來的持續效益以及額外的關稅緩解措施，但部分原因是與關稅相關的生產成本所致。

SG&A as a percentage of sales for both the year and the fourth quarter is planned to be 21% in a fraction, characterized by judicious cost management while protecting strategic growth investments. We remain committed to investing in high-growth, high-return opportunities, with over $100 million being reinvested in 2025 to drive market activation, strengthen our brands, and support commercial expansion, while managing SG&A costs down elsewhere in the business.

全年及第四季的銷售、一般及行政費用佔銷售額的百分比計畫為 21%，其特點是審慎的成本管理，同時保護策略成長投資。我們將繼續致力於投資高成長、高回報的機會，2025 年將再投資超過 1 億美元，以推動市場活化、加強品牌建立和支持商業擴張，同時降低業務其他方面的銷售、一般及行政成本。

For the full year and fourth quarter, adjusted EBITDA margins are also expected to expand year over year, supported by gross margin improvements and the cost actions we are implementing.

預計全年及第四季度調整後 EBITDA 利潤率也將同比增長，這得益於毛利率的提高以及我們正在實施的成本控制措施。

Shifting to our segments. For the Tools & Outdoor segment, the full year organic revenue outlook is projected to decline approximately 1 percentage point. The Engineered Fastening segment is expected to achieve low single-digit organic revenue growth led by aerospace.

轉向我們的細分市場。工具及戶外用品板塊全年有機收入預期預計將下降約 1 個百分點。預計工程緊固件業務板塊將實現個位數低段的有機收入成長，主要由航空航天業帶動。

Now turning to cash generation. We generated $155 million in free cash flow during the third quarter, making progress toward our full year 2025 free cash flow objective of $600 million, which remains unchanged from a quarter ago. As we advance through the last quarter of 2025 and into 2026, we remain committed to diligent inventory management, ensuring customer order fulfillment remains a top priority, even as we proactively navigate evolving supply chain dynamics and potential shifts in the external market environment. Our capital expenditure outlook for 2025 remains approximately $300 million, in line with previous planning assumptions.

現在開始談現金流。第三季我們產生了 1.55 億美元的自由現金流，朝著 2025 年全年自由現金流 6 億美元的目標邁出了重要一步，該目標與上一季相比保持不變。隨著我們進入 2025 年最後一個季度並邁入 2026 年，我們將繼續致力於認真的庫存管理，確保客戶訂單的履行仍然是首要任務，即使我們積極應對不斷變化的供應鏈動態和外部市場環境的潛在變化。我們對 2025 年的資本支出預期仍約為 3 億美元，與先前的規劃假設一致。

On capital allocation, we intend to allocate free cash flow in excess of our dividend toward debt reduction in the near term. Maintaining a strong and resilient balance sheet is a top priority, and we are committed to achieving a net debt to adjusted EBITDA ratio of less than or equal to 2.5 times. Our strategy to reach this leverage objective is to be supported by the proceeds from an asset sale we are targeting within the next 12 months. We continue to anticipate our adjusted tax rate will be approximately 15% for the year.

在資本配置方面，我們計劃在近期內將超過股利的自由現金流用於償還債務。維持穩健的資產負債表是我們的首要任務，我們致力於將淨負債與調整後 EBITDA 的比率控制在 2.5 倍以內。我們實現這一槓桿目標的策略是，依靠我們計劃在未來 12 個月內出售資產所得的收益。我們仍預計本年度調整後的稅率約為 15%。

Other modeling assumptions for 2025, as shown here, are generally consistent with the assumption shared with you in July. For the fourth quarter, we anticipate organic revenue to be flat as price increases are offset by volume pressures, stemming from a subdued consumer DIY market. In the fourth quarter, we expect continued pretax earnings growth and working capital efficiencies driven by the seasonal drawdown of receivables and a modest decrease in inventory to deliver our free cash flow target. Adjusted earnings per share for the fourth quarter is expected to be approximately $1.29.

此處所示的 2025 年其他建模假設與 7 月與您分享的假設基本一致。我們預計第四季度有機收入將與上季持平，因為價格上漲將被銷售壓力抵消，而銷售壓力則源自消費者 DIY 市場疲軟。第四季度，我們預計稅前利潤將持續成長，營運資本效率將因應收帳款的季節性減少和庫存的適度下降而提高，從而實現我們的自由現金流目標。預計第四季調整後每股收益約為 1.29 美元。

We remain optimistic about the long-term growth prospects for our industry and our business. The targets we laid out for you a year ago at our Capital Markets Day remain appropriate for the business and our focus, albeit delayed by roughly a year due to the impact of increased tariffs. Near term, we expect market conditions to remain dynamic and challenging. We will continue to respond decisively through targeted supply chain and SG&A adjustments, underscoring our commitment to meet the needs of our end users and customers while delivering financial result improvement. We continue to focus on enhancing the company's long-term earnings power and strengthening the balance sheet.

我們對所在產業和自身業務的長期成長前景依然保持樂觀。儘管由於關稅上漲的影響，目標的實現被推遲了大約一年，但我們一年前在資本市場日上為大家設定的目標仍然符合公司業務和我們的重點。短期內，我們預期市場狀況將保持動態變化和充滿挑戰。我們將繼續透過有針對性的供應鏈和銷售、一般及行政費用調整，果斷應對，彰顯我們致力於滿足終端用戶和客戶需求，同時實現財務業績改善的承諾。我們將繼續專注於提升公司的長期獲利能力和加強資產負債表。

Thank you. And I will now turn the call back to Chris.

謝謝。現在我將把電話轉回給克里斯。

Thank you, Pat. We are strengthening our operational resilience on a daily basis. Our disciplined data-driven approach empowers us to navigate evolving market conditions, seize emerging opportunities, and consistently deliver value to our stakeholders.

謝謝你，帕特。我們正在日復一日地加強營運韌性。我們嚴謹的數據驅動方法使我們能夠應對不斷變化的市場環境，抓住新興機遇，並持續為我們的利害關係人創造價值。

As Pat outlined, we are continuing to proactively manage factors within our control to facilitate the achievement and advancement of our goals. We believe our outlook for 2025 is balanced given the elevated levels of global uncertainty. We recognize the operating environment is challenging. And we are focused on creating significant value from our powerful brands and businesses to generate long-term revenue growth, margin expansion, cash generation, and shareholder return. We remain committed to driving towards the goals outlined during our November 2024 Capital Markets Day.

正如帕特所概述的那樣，我們將繼續積極主動地管理我們可控範圍內的各種因素，以促進我們目標的實現和推進。鑑於全球不確定性程度較高，我們認為對 2025 年的展望是平衡的。我們意識到當前的經營環境充滿挑戰。我們致力於透過我們強大的品牌和業務創造重大價值，以實現長期收入成長、利潤率擴大、現金流產生和股東回報。我們將繼續致力於實現我們在 2024 年 11 月資本市場日上所設定的目標。

I am confident that with the collective dedication of our talented team, and an unwavering commitment to supporting our customers and end users, Stanley Black & Decker will continue to set new standards for excellence in the years to come.

我相信，憑藉我們才華橫溢的團隊的共同奉獻，以及對支持客戶和最終用戶的堅定承諾，史丹利百得公司將在未來幾年繼續樹立卓越的新標準。

We are now ready for Q&A, Michael.

邁克爾，現在可以進入問答環節了。

Thank you, Chris. Shannon, you can begin the Q&A now.

謝謝你，克里斯。香農，你可以開始問答環節了。

(Operator Instructions) Tim Wojs, Baird.

（操作說明）蒂姆·沃伊斯，貝爾德。

Thanks for all the details. Just maybe on the volumes, I'm just curious how those performed relative to your expectations? And I guess if you could break down the volume between kind of what was impacted by tariffs and kind of what the, I guess, elasticity you saw in the quarter.

謝謝你提供的所有細節。或許可以談談銷售方面，我只是好奇這些銷售表現是否符合您的預期？我想，如果你能把銷售細分一下，看看哪些是受關稅影響的，哪些是本季出現的彈性效應。

And as you think about the next few quarters with price and volume, do you expect that kind of one-for-one trade-off to kind of continue with price and volume? Or do you think there could be some underlying improvement in that dynamic?

展望未來幾季的價格和銷量，您是否預期這種一對一的價格和銷量之間的權衡關係會持續下去？或者您認為這種動態可能存在一些潛在的改進空間？

Hey, Tim. This is Chris. Thanks for joining us. Yeah, I would say that our volumes were relatively in line with expectations. We started the quarter fairly strong, and there was a little bit of tapering towards the end of 3Q. But that really was more due, we believe, to -- as we had referenced in earlier conversations, a non-standard promotional window. And as we go into Q4, we actually will get back on a more normal promotional calendar. And we're actually very excited about the promotions we have for the holiday season, which, as you know, is important to our business.

嘿，提姆。這是克里斯。謝謝您的參與。是的，我認為我們的銷售量基本上符合預期。本季開局相當強勁，但在第三季末略有放緩。但我們認為，這實際上更多是由於——正如我們在之前的談話中提到的——非標準的促銷窗口造成的。進入第四季後，我們將恢復正常的促銷日程。我們對假期季節的促銷活動感到非常興奮，正如您所知，假期季節對我們的業務非常重要。

I'd say that we expect the environment to remain similar into Q4, and then we will continue to monitor and adjust as we go into the new year in 2026. But I'd say that while we see the environment, as Pat certainly mentioned, as challenging, it is relatively stable, and we're excited about the promotional calendar we have to close out the year and it's going to be important for us to monitor.

我認為我們預計第四季度市場環境將保持類似水平，然後我們將繼續觀察並調整，直到 2026 年新年到來。但我想說，雖然我們認為當前的環境（正如 Pat 所提到的）充滿挑戰，但它相對穩定，我們對年底的促銷活動安排感到興奮，密切關注這些安排對我們來說非常重要。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Maybe just my question would be around dialing into some of the profit levers in a bit more detail. So I think for the fourth quarter, you're assuming operating profit up a few tens of millions of dollars sequentially with flattish sales. And is that all really coming from this extra price increase?

我的問題或許是關於更詳細地探討一些獲利槓桿。所以我認為，對於第四季度，您假設營業利潤環比增長數千萬美元，而銷售額基本上持平。所有這些成本真的都來自這次額外的價格上漲嗎？

And then as you're thinking about 2026, it's only eight weeks away now, it seems like you won't get much help from volume based off the exit rate from this year. So maybe help us understand what are some of the main gross margin drivers you're most enthused about for 2026?

然後，當你考慮 2026 年時（現在距離 2026 年只有八週了），根據今年的退出率來看，交易量似乎不會為你帶來太多幫助。那麼，您能否幫我們了解一下，您最看好 2026 年哪些主要的毛利率驅動因素？

Thanks, Julian. Yeah. So operating profit for the fourth quarter is going to expand really two levers. We certainly expect to continue making progress on the gross margin front. We expect a fourth quarter gross margin around 33% could bounce around plus or minus 50 basis points, but that's certainly what we're targeting and tracking towards.

謝謝你，朱利安。是的。因此，第四季的營業利潤將主要透過兩個面向來成長。我們當然期望在毛利率方面繼續取得進展。我們預計第四季毛利率在 33% 左右，可能會有正負 50 個基點的波動，但這肯定是我們努力的目標，也是我們努力的方向。

And then one of the things we've been talking about all year is judiciously managing SG&A expense relative to the volume environment while still protecting growth investments. So while we're still targeting around $100 million of growth investments, and elsewhere in the business, we're really reducing SG&A expense quite considerably, almost to an equal amount this year in our '25 full-year income statement. And we'll probably, on a year-over-year basis, be down in SG&A, $40 million or so versus the same quarter last year.

然後，我們今年一直在討論的一件事是，如何在保持成長投資的同時，根據銷售環境謹慎地管理銷售、一般及行政費用。因此，儘管我們仍計劃在業務的其他方面投入約 1 億美元的成長資金，但我們確實大幅削減了銷售、一般及行政費用，在 2025 年全年損益表中，今年的支出幾乎與之前持平。與去年同期相比，我們的銷售、一般及行政費用可能會減少約 4,000 萬美元。

So the profit expansion in the fourth quarter is a mix of gross margin expansion and SG&A reduction. Those are the primary drivers in a quarter where, overall, our net sales line is roughly flat. So that's where you're getting this year.

因此，第四季獲利成長是毛利率成長與銷售、管理及行政費用下降共同作用的結果。這些是本季淨銷售額整體持平的主要驅動因素。這就是你今年的計畫。

I'd say as we work into next year on gross margin, we're still, as an organization, very focused on our long-term objective of 35%-plus. And every day, we get up trying to solve the riddle of how to get there by the fourth quarter of next year, and that's still our objective. We'll be there thereabouts working on that, assuming the macro environment is kind of in line with where we are or better. Obviously, if there was a big recession, we might need to revisit that.

我認為，展望明年的毛利率，我們作為一個組織，仍然非常專注於實現 35% 以上的長期目標。每天，我們起床後都會努力解決如何在明年第四季實現這一目標的難題，而這仍然是我們的目標。我們將會在那附近進行這項工作，前提是宏觀環境與我們目前的狀況基本一致或更好。顯然，如果出現嚴重的經濟衰退，我們可能需要重新審視這個問題。

And the levers we're going to be pulling for next year, we're still going to be working strategic sourcing, in plant, continuous improvement, platforming is going to be starting to play a bigger role, and we still have some facility decisions ahead of us. So all of those levers are still in play for '26 and beyond. And they'll all be playing very significant roles. And as we mentioned, as we adjusted the outlook for the fourth quarter of this year, we went into the back half of this year with a bias to having some excess capacity in our plants to deal with the circumstances elasticity ended up being more favorable and to accommodate some of the global transitions of supply and we'll be having to kind of adjust for those types of costs, too, as we go into the early parts of '26.

明年我們將採取的措施包括：繼續推動策略採購、工廠內部持續改善、平台化將開始發揮更大的作用，我們還有一些設施方面的決策需要做出。所以，所有這些手段在 2026 年及以後仍然有效。他們都將扮演非常重要的角色。正如我們之前提到的，在調整今年第四季的展望時，我們傾向於在今年下半年保持工廠產能過剩，以應對彈性最終更加有利的情況，並適應一些全球供應轉型。進入 2026 年初，我們也必須對這些成本進行調整。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

And Chris, congratulations on -- I'm actually sitting on the [throne] right now, I guess, but congratulations. Maybe -- I think you mentioned going out with another price increase in the quarter. So can you just maybe mark-to-market somewhere you expect price to maybe come into the fourth quarter?

克里斯，恭喜你──其實我現在就坐在（王座）上，我想，但還是要恭喜你。或許吧——我記得你提到本季還會再提價。那麼，您能否根據您預期價格在第四季可能達到的水平，進行市值計價呢？

And maybe just give us a quick mark-to-market on -- I know it changes a lot, but on the tariff inflation, how you see it right now? And are you down in this 10% [sentinel] tariff reduction? And does that have an impact on 4Q?

或許可以為我們做一個簡單的市值估值——我知道情況變化很大，但就關稅通膨而言，您目前的看法如何？您是否也支持這項10%的[哨兵]關稅減免政策？那會對第四季產生影響嗎？

Thanks a lot, Nigel. Nice hearing from you. I'll start, and I'll let Pat wrap up. But I would say that the price increase -- the second price increase, as I mentioned in my remarks, we're in process right now, and it's going to be in that low single-digit realm that we talked about in previous conversations, and we're on track to that. And we're working with all our channel partners constructively to get that in place because our goal collectively is to make sure that we do everything and anything we can to minimize what the stress would be on our end users.

非常感謝，奈傑爾。很高興收到你的來信。我先開始，然後請帕特來總結。但我想說的是，正如我在演講中提到的，第二次提價正在進行中，漲幅將保持在我們之前討論過的個位數低位，我們正朝著這個目標努力。我們正在與所有通路合作夥伴進行建設性合作，以實現這一目標，因為我們的共同目標是確保我們盡一切努力，最大限度地減少最終用戶所承受的壓力。

And therefore, where our real emphasis is, is driving our production moves and mitigation to reduce our reliance on China imports for US consumption. We've been making significant progress there. We remain on pace to be below 10% by the end of the year and below -- at or below 5% by the end of 2026. We're making great progress there. And that's really the emphasis.

因此，我們真正的重點在於推動生產轉型和緩解措施，以減少美國消費對中國進口的依賴。我們在那方面取得了顯著進展。我們仍有望在今年年底前將失業率控制在 10% 以下，並在 2026 年底前控制在 5% 或以下。我們在那方面取得了很大進展。這才是重點。

So as it relates to the second part of your question, which would be the tariff exposure based on latest information. It really has no material impact. It's still right about the same area based on the changes that have come in 232s, combined with the reduction in China, it's kind of netted out. So we're right in that same ballpark. And as it relates to what that means for our mitigation efforts, we were basically, as I mentioned earlier, we were planning in the not-too-distant future to be largely absent from China as a source of supply for the US. So it really has minimal impact on our medium- to long-term strategies there.

所以，關於您問題的第二部分，也就是根據最新資訊計算出的關稅風險敞口。它實際上沒有任何實質影響。根據 232 事件中發生的變化，再加上中國的減少，大致還是在同一區域內，兩者基本上抵消了。所以我們的觀點基本上一致。至於這對我們的緩解措施意味著什麼，正如我之前提到的，我們基本上計劃在不久的將來基本上不再依賴中國作為美國的供應來源。因此，它對我們在那裡的中長期策略幾乎沒有影響。

So I don't know, Pat, if you had anything else to add there?

所以，帕特，我不知道你還有什麼要補充的嗎？

Yeah. No, I think you covered most of it, Chris, I'd say, just to reiterate a few things Chris said, is our end game plan kind of end of '26 forward is to be below 5% US COGS from China. That's what drove our total mitigation strategy, both supply chain changes and pricing. And so given that this reduction in 10% of -- 10 percentage points to the China tariffs doesn't meaningfully change that outcome.

是的。不，克里斯，我覺得你已經涵蓋了大部分內容。我只想重申克里斯說的一些話，我們最終的計劃，也就是從 2026 年底開始，目標是將來自中國的美國銷售成本控制在 5% 以下。這就是我們制定全面緩解策略的根本原因，包括供應鏈變革和價格調整。因此，即使將對華關稅降低 10 個百分點，也不會對結果產生實質影響。

You asked a little bit of is there a fourth quarter benefit? It's probably in the ballpark of very low single-digit millions, given that it affects one quarter, and then you pretty much only get the LIFO portion of that. So for the fourth quarter, it's a very small amount. It's a slight help probably in the 5 to 10 range of each of the first two quarters of next year or thereabouts. But it's not a game changer long term. Certainly, any relief is welcome, but it's not a big magnitude item.

你問了一點第四季是否有收益的問題？考慮到它只影響一個季度，而且你基本上只能得到其中的後進先出部分，所以金額可能只有幾百萬。所以第四季的金額非常小。這可能對明年前兩季有所幫助，大概每季能提供 5 到 10% 的幫助。但從長遠來看，這並不會改變遊戲規則。當然，任何緩解措施都值得歡迎，但這並不是什麼大事。

Christopher Snyder, Morgan Stanley.

克里斯多福‧史奈德，摩根士丹利。

I wanted to ask about Tools & Outdoor top line. So price this quarter, I think you guys said 5%, but I thought the conversation on the Q2 conference call was for high single-digit price. Maybe that was more of a back half comment than a Q3 comment. So any color there would be appreciated.

我想諮詢一下工具和戶外用品的頂級產品線。所以，本季的價格，我想你們說的是 5%，但我認為在第二季電話會議上討論的價格是接近兩位數。也許這更像是對下半季的評論，而不是對第三季的評論。所以任何顏色都會很受歡迎。

And then also, Tools & Outdoor is calling for a better Q4 mark. It seems like maybe flat organic. Q3 was negative [2]. And now we have a more difficult comp into Q4. So can you just maybe talk about why that two-year stock will get better? I know price comes through, but we would think with the one-for-one offset that that would be accounted for on lower volumes. Thank you.

此外，《工具與戶外》雜誌也預測第四季業績會更好。看起來像是扁平的有機物。Q3結果為負[2].現在，第四季的競爭更加激烈了。那麼，您能否談談為什麼這支兩年後的股票會表現得更好？我知道價格會反映出來，但我們認為，透過一對一的抵消，這應該可以解釋銷售下降的問題。謝謝。

Yeah. So Chris, pricing can get confusing because obviously, it's a portion of all the work we're doing to mitigate tariffs. Obviously, there's a lot of supply changes in addition to that. But it's largely United States, Tools & Outdoor phenomena. So you're talking about taking considerable price on 60% of our business, not on 100% of our business.

是的。所以克里斯，定價可能會讓人困惑，因為很明顯，它是我們為減輕關稅影響而做的所有工作的一部分。顯然，除此之外，供應方面也有很多變化。但這主要是一種美國工具和戶外用品產業的現象。所以你的意思是，你要為我們 60% 的業務付出相當大的代價，而不是為我們 100% 的業務付出代價。

So you're accurate in understanding that our pricing, ultimately, when we get through the second round of price increases, but even the pricing we've already taken is in the high single-digit range. It's probably going to across our US product lines be in that high single to maybe even in the low double digit depending on the SKU you're looking at. But again, when you take basically 60% of that, you're getting into a mid-single-digit global viewpoint on pricing, both global for T&O and global for total Stanley Black & Decker.

所以你的理解是正確的，我們的定價最終會在第二輪漲價之後，但即使是我們已經採取的定價，也都在個位數的高位範圍內。根據您查看的 SKU 不同，我們美國產品線的漲幅可能會達到個位數甚至兩位數。但再說一遍，當你把其中的 60% 都算進去時，你就得到了一個中等個位數的全球定價視角，無論是 T&O 的全球定價還是 Stanley Black & Decker 整體的全球定價。

So if you look at our outlook and planning assumption information, we've been referencing on an enterprise-wide basis, expecting mid-single digits US T&O high single digits or above. And that's exactly what we're seeing. So it's a lot of hard work by our team and a lot of hard work with our channel partners to do it thoughtfully, but we're getting the price we expected. And you saw in the pricing reconciliation for the third quarter, it was 5 percentage points, and that's right in the ZIP code we expected.

因此，如果您查看我們的展望和規劃假設信息，我們一直以企業整體為基礎進行參考，預計美國運輸和運營成本將達到個位數中段或以上。而這正是我們所看到的。所以，這凝聚了我們團隊和通路夥伴的大量心血，我們才得以周全考慮，最終獲得了預期的價格。您在第三季的價格核對錶中可以看到，價格變動幅度為 5 個百分點，這與我們預期的郵遞區號區域完全一致。

Obviously, we're taking a second round of pricing in the fourth quarter, but we're also going to be running back to kind of a more normal promotional cadence. So I would expect the reconciliation for the fourth quarter to be in a similar ZIP code. It can kind of move up or down from that 5 based on promotional mix to relative sales.

顯然，我們將在第四季進行第二輪定價，同時我們也會恢復到更正常的促銷節奏。因此，我預計第四季的對帳結果也會在類似的郵遞區號範圍內。它可能會根據促銷組合和相對銷售額在 5 的基礎上上下波動。

In terms of the growth cadence for the quarter and the year, for the full year, enterprise-wide, we're expecting net sales for the full year, enterprise-wide on an organic basis to be flat to down 1%, probably more likely towards the lower end of that range. And for T&O for the quarter, we're also kind of expecting flat to down at 1%-ish. And again, probably towards the lower end of that range. So that's going to have an enterprise where T&O for the quarter and the year is down somewhere between 0 -- flat to down 1%, closer to that down 1%, and you're going to have SCF up about 2 percentage points on the year, and that's what's going to drive the overall enterprise to the enterprise expectation.

就本季和全年的成長節奏而言，我們預計全年企業整體淨銷售額（以有機成長計算）將持平或下降 1%，可能更可能接近該範圍的下限。對於本季的運輸和運營，我們也預計基本持平或下降 1% 左右。而且，可能更接近該範圍的下限。因此，企業季度和年度的 T&O 將下降 0% 到 1%，接近下降 1%，而 SCF 將同比增長約 2 個百分點，這將推動整個企業達到預期目標。

Michael Rehaut, JPMorgan.

Michael Rehaut，摩根大通。

I wanted to focus on -- without really getting into guidance for next year, focus on some of the actions you've taken this past year and how they might impact '26? And in particular, just thinking of, number one, the carryover impact kind of like from an annualized perspective on what the cost reduction that you're on track to do the $2 billion by the end of this year. What impact, on a fully annualized basis, would that have to benefit 2026 as well as the movement of supply chain with the China footprint reduction that would ostensibly -- as that comes down throughout the year, I would figure have some type of -- also some type of benefit to cost. Thank you.

我想重點談談——不涉及明年的具體指導，而是談談你在過去一年裡採取的一些行動，以及這些行動可能會對2026年產生怎樣的影響？尤其要考慮到，第一，從年度角度來看，成本削減的結轉影響，你們預計在今年年底前實現 20 億美元的成本削減目標。從全年來看，這將對 2026 年以及供應鏈的轉移產生怎樣的影響？隨著中國業務規模的減少，供應鏈的轉移表面上會——隨著全年業務規模的減少——我認為也會對成本產生某種程度的影響。謝謝。

Yeah, Mike, it's a fair question. We certainly are going to be looking at how this quarter plays out from consumer confidence, consumer engagement and volume perspective before we're going to feel like talking about '26 guidance is appropriate.

是的，麥克，這確實是個好問題。我們肯定會從消費者信心、消費者參與度和銷售等方面觀察本季的走勢，然後再考慮是否適合談論 2026 年的業績指引。

But anchor stones to '26, kind of no matter the macro are going to be making gross margin progression and managing SG&A thoughtfully. So we're working game plans for '26 that have us around 35%-ish in the fourth quarter. We're going to be finishing this full year on like a 31%-ish basis. So the full year '26, we're going to obviously be targeting something very much in between those 2 points of 31% and 35%.

但無論宏觀經濟情勢如何，2026 年的基石都將是提高毛利率和認真管理銷售、一般及行政費用。所以我們正在製定 2026 年的比賽計劃，預計第四季能達到 35% 左右。今年我們大概能以31%左右的完成率完成全年目標。因此，2026 年全年，我們的目標顯然是介於 31% 和 35% 這兩個百分點之間。

And as I mentioned to the questions Julian was asking, all the levers are still in play. We're going to need to be generating in terms of gross productivity next year, somewhere in the $350 million, $400 million range. That's going to be our rough focus point, again, irrespective of the macro, to continue marching on that gross margin path. And then we're going to be working on mitigation path of getting $200 million to $300 million of tariff expense out of the system via, whether that's shifting product out of China and/or increasing USMCA compliance.

正如我之前在回答朱利安提出的問題時提到的那樣，所有可能的手段仍然有效。明年我們的總產值需要達到 3.5 億美元到 4 億美元之間。無論宏觀經濟情勢如何，這仍將是我們的大致關注點，即繼續朝著毛利率目標邁進。然後，我們將努力尋找緩解途徑，透過各種方式（例如將產品從中國轉移出去和/或提高對美墨加協定的遵守程度）將 2 億至 3 億美元的關稅支出從系統中消除。

So those are our focus areas. Those are levers that we're pulling, and we'll continue to kind of manage SG&A in that 21-ish in a fraction range, again, working to generate growth investments while tightening up the cost structure elsewhere.

這些就是我們的重點領域。這些都是我們正在採取的措施，我們將繼續把銷售、一般及行政費用控制在 21 美元左右的範圍內，同時努力創造成長投資，並在其他方面收緊成本結構。

Adam Baumgarten, Vertical Research Partners.

Adam Baumgarten，Vertical Research Partners。

Just curious how you think your North America power and hand tools volumes compared to the market in the third quarter?

我很好奇您認為貴公司第三季在北美地區的電動和手動工具銷售與市場相比如何？

Adam, so I think we're relatively in line with market. I'd say a couple of things. We know DEWALT continues to grow year over year in the absolute terms, and I think that that would be pacing the market. We've been seeing more signs of progress staying in line with market levels, with our other two core brands.

亞當，所以我認為我們與市場基本一致。我想說幾點。我們知道，DEWALT 的銷售額每年都在持續成長，我認為這將引領市場。我們看到，我們的另外兩個核心品牌也取得了更多進展，與市場水平保持一致。

And I think the important thing to understand is that in the short term, with the amount of change that has happened with various responses to tariff policy, pricing as well as promotional calendars, there's just -- there's been a lot of volatility in the market. We're going to keep on monitoring and see how things progress, not only as we wrap this year, but go into the next year into 2026. But I'd say we have been relatively in line with what we think the market would be and I'd say, exceeding what we think the market is with our DEWALT brand.

我認為需要理解的重要一點是，短期內，由於關稅政策、定價以及促銷日程等方面的各種變化，市場波動性很大。我們將繼續監測並觀察事態發展，不僅在今年結束之際，而且在明年甚至 2026 年也是如此。但我認為，我們基本上符合我們對市場的預期，就我們的 DEWALT 品牌而言，我認為我們甚至超越了我們對市場的預期。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

There's a lot of moving pieces with housing policy for the current administration. I was hoping you could talk to how you see Stanley Black & Decker as a potential beneficiary of some of these proposals to catalyze and unlock dormant housing supply in the future?

對本屆政府而言，房屋政策涉及許多變數。我希望您能談談您認為史丹利百得公司將如何從這些旨在促進和釋放未來閒置住房供應的提案中受益？

Thanks a lot, Jonathan. Nice hearing from you. Let me start by just saying that we understand that -- and we would say that we don't see any real near-term catalyst right now for that market. So we're focused on making sure we control what we control. We're excited about what we're doing.

非常感謝，喬納森。很高興收到你的來信。首先我想說的是，我們理解這一點——而且我們認為目前來看，該市場近期內沒有任何真正的催化劑。所以我們專注於確保我們控制好我們能夠控制的事情。我們對自己正在做的事情感到興奮。

We're excited the progress we're making in our margin expansion and our product line expansions. And we'll continue driving towards that. And for lack of a better term, we're going to continue to improve based on the actions that we take, on the things that we control, and that's what we're concentrating on. And I think that excited about the progress we've been making, and we expect to continue to make along those lines as we go into 2026.

我們對利潤率提升和產品線擴張的進展感到興奮。我們將繼續朝著這個目標努力。簡單來說，我們將繼續根據我們採取的行動，根據我們能夠控制的事情來改進，而這正是我們關注的重點。我認為我們對取得的進展感到興奮，並期待在 2026 年繼續沿著這條道路前進。

As it relates to any release of momentum in the housing market, whether it be new construction or repair and remodel, we certainly believe that we are very well positioned to be a beneficiary of that. We certainly serve those markets and serve those trades with very high share positions, and we have been using this time of, what I would say is a little bit more of a retrenchment of that market, to invest heavily to make sure that we are there with those end users, with those contractors and with that industry to be building the relationships and building the innovation so that as that does unlock, that we will be there to certainly be a beneficiary of it and probably more than our fair share.

就房屋市場的任何動能釋放而言，無論是新建房屋還是維修和改造，我們都堅信我們處於非常有利的位置，能夠從中受益。我們當然服務於這些市場，並在這些交易中佔據非常高的份額。我們利用這段市場略微收縮的時期，進行大量投資，以確保我們與終端用戶、承包商和行業保持聯繫，建立關係，推動創新，以便在市場復甦時，我們能夠從中受益，而且很可能獲得遠超我們應得的份額。

Joe O'Dea, Wells Fargo.

喬‧奧迪亞，富國銀行。

You gave some helpful color on China and US supply exposure there and what you expect on that trajectory. Any perspective on USMCA compliance and the path that you're on there? And then along with that, just on the 4Q pricing that you talked about being kind of in process, for how much of the quarter would you expect that price to be flowing through the P&L, the incremental price that you're in process on now?

您就中國和美國的供應鏈風險敞口以及您對該趨勢的預期提供了一些有益的見解。您對遵守美墨加協定以及您目前採取的措施有何看法？此外，關於您所提及的正在進行中的第四季度定價，您預計該價格（即您目前正在製定的增量價格）將在本季度的多長時間內計入損益表？

I'll start with USMCA, and then I'll turn it over to Pat for the pricing question. So USMCA, and I think I stated this on our last call that we -- we are making significant progress. It's a big part of our mitigation efforts. And as we -- as we've talked about our strategy from the very outset on managing the tariffs, we're going to support our customers, we are going to mitigate our operations, we're going to price where necessary, and we're going to maintain our communications with the administration.

我先講講美墨加協定，然後把定價問題交給帕特來解答。所以，正如我在上次通話中所說，USMCA（美墨加協定）——我們正在取得重大進展。這是我們緩解措施的重要組成部分。正如我們從一開始就討論過的應對關稅的策略，我們將支持我們的客戶，我們將減輕我們的營運壓力，我們將在必要時調整價格，並且我們將繼續與政府保持溝通。

We certainly priced for what we believe our end state mitigation was going to look like as we went out of 2026. So it's all hands on deck to get us towards that end because that's a big part of what our mitigation and margin journey is all a part of.

我們當然是根據我們認為到 2026 年末，我們的最終緩解措施將會是什麼樣子來定價的。所以，我們需要全員參與，朝著這個目標努力，因為這是我們緩解風險和提高利潤率的重要一步。

As it relates specifically to USMCA, we're making progress, and we see no structural roadblocks to us being at or around, what I would say is the average for industrials that look like us, and we'll be there over the medium term. So we're making great progress, and we see a good opportunity there to make sure that we can continue to have the products that our end users need at the prices that they can afford.

就美墨加協定而言，我們正在取得進展，我們認為沒有結構性障礙能夠使我們達到或接近與我們類似的工業企業的平均水平，中期內我們將達到這個水平。因此，我們取得了很大的進展，我們看到了一個很好的機會，可以確保我們能夠繼續以終端用戶能夠負擔得起的價格提供他們所需的產品。

Yeah. And Joe, relative to fourth-quarter pricing, a fair number of those discussions with channel partners have been completed, and those pricing actions are starting to go underway. We would expect the balance of them to be completed here in the early part of November. And so I kind of think of it as, for the most part, two of the three months of the quarter, and we feel like we're tracking on that. And with all the variables we're managing in this quarter within our planning assumption, we're comfortable with where we are on that front.

是的。喬，就第四季度定價而言，與通路合作夥伴的相當一部分討論已經完成，這些定價行動也開始實施。我們預計剩餘部分將於11月初完成。因此，我基本上把它看作是季度中三個月中的兩個月，我們感覺我們正朝著這個方向前進。考慮到本季度我們在計劃假設範圍內要應對的所有變量，我們對目前的情況感到滿意。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛集團。

Just the only question I have right now is really around inventory levels. It looks like you've reduced your inventories over the past year and also sequentially, how far above do you still think you are from an inventory perspective? And what's your expectation for reduction in 2026??

我現在唯一的問題就是庫存水準。看起來你們在過去一年以及前後一段時間內都減少了庫存，從庫存角度來看，你們認為目前的庫存水準比預期高出多少？你預計2026年降幅會是多少？

Yeah. Good questions, Joe. I mean, I think I'd raise it to the topic of cash and then come back to inventory because we still are in a delevering mode and very focused on generating cash. And obviously, we have work to do this quarter. And so we expect the gross margin improvement and the SG&A management I referenced earlier in the Q&A to drive profit expansion in the fourth quarter, and then we'll be pushing for over $500 million of working capital reduction in the quarter. That's both receivables and inventory.

是的。問得好，喬。我的意思是，我覺得應該先談談現金流問題，然後再回到庫存問題上來，因為我們目前仍處於去槓桿化階段，非常注重創造現金流。顯然，我們本季還有很多工作要做。因此，我們預計毛利率的提高以及我在問答環節前面提到的銷售、一般及行政費用管理將推動第四季度利潤增長，然後我們將在本季度努力減少超過 5 億美元的營運資本。這既包括應收帳款，也包括存貨。

I'd say this whole year, at least to this point in the year, we're a little bit heavier on inventory than we'd like to be, but that is understandable relative to all the supply chain moves we're doing. I mean, obviously, we're taking 15 percentage points of our US COGS and moving them out of China, that ends up requiring some inventory slack in the system, and that's part of our challenge.

我想說，至少從今年到現在來看，我們的庫存比我們希望的要高一些，但考慮到我們正在進行的所有供應鏈調整，這是可以理解的。我的意思是，很顯然，我們將美國銷售成本的 15 個百分點轉移到中國以外，最終需要係統中留出一些庫存餘裕，這也是我們面臨的挑戰之一。

I'd say for next year, we're probably targeting at least $200 million. We'd like to be better than that because I think our longer-term opportunity in a level at this revenue stage probably approaches $1 billion of working capital reduction. That's not just kind of on the margin thing, that's leveraging, platforming, and improving the way we do planning and a whole host of other things that drive inventory. But I still think that that's the opportunity that's out in front of us.

我認為明年我們的目標至少是 2 億美元。我們希望做得更好，因為我認為，在目前的營收水準下，我們長期的機會可能接近減少 10 億美元的營運資本。這不僅僅是邊緣化的事情，而是利用、平台化和改進我們的規劃方式以及其他一系列影響庫存的事情。但我仍然認為，這就是擺在我們面前的機會。

But with some of the tariff mitigation that's going to consume the first half to two-thirds of next year, I think a target in the $200 million to $300 million range closer to [$200 million] for next year is probably more appropriate.

但考慮到一些關稅緩解措施將耗費明年上半年到三分之二的時間，我認為明年2億至3億美元的目標可能會更接近2億美元。

I would now like to turn the call back over to Michael Wherley for closing remarks.

現在我謹將電話交還給麥可‧惠利，請他作總結發言。

Thank you, Shannon. We'd like to thank everyone again for their time and participation on today's call. If you have any further questions, please reach out to me directly. Have a good day.

謝謝你，香農。我們再次感謝大家抽出時間參加今天的電話會議。如果您還有其他問題，請直接與我聯絡。祝你有美好的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。