史丹利百得 (SWK) 2026 Q1 法說會逐字稿

Welcome to the Stanley Black & Decker first quarter earnings call. My name is Shannon and I’ll be your operator for today’s call. (Operator Instructions) Please note that this conference is now recorded.

歡迎參加 Stanley Black & Decker 第一季財報電話會議。我是 Shannon，將擔任今天會議的接線員。(接線員指示) 請注意，本次電話會議現已錄音。

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

現在我將把電話交給投資人關係副總裁 Michael Wherley。Wherley 先生，您可以開始了。

Good morning, everyone, and thanks for joining us for our first quarter earnings call. With us today are Chris Nelson, President and CEO; and Patrick Hallinan, Executive Vice President, CFO and Chief Administrative Officer.

各位早安，感謝各位參加我們的第一季財報電話會議。今天與會者包括總裁暨執行長 Chris Nelson，以及執行副總裁、財務長兼首席行政官 Patrick Hallinan。

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.

我們今天稍早發布的財報新聞稿，以及我們將引用的補充簡報，皆可在我們網站的投資人關係（IR）專區取得。今天網路直播的重播也將於美東時間上午 11:00 左右開始提供。

This morning, Chris and Pat will review our first quarter results, along with our updated outlook for 2026, followed by a Q&A session.

今天上午，Chris 與 Pat 將回顧我們第一季的業績表現，以及我們對 2026 年的最新展望，隨後進行問答。

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.

在今天的電話會議中，我們將根據目前觀點發表若干前瞻性陳述。此類陳述係基於對未來事件的假設，該等假設未必準確，因此涉及風險與不確定性。

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 filings.

因此，實際結果可能與我們今天所做的任何前瞻性陳述存在重大差異。請參閱我們隨新聞稿一併提交之 8-K 以及我們最近的《1934 年證券交易法》（'34 Act）申報文件中的警示性聲明。

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

此外，我們在會議中也可能提及非 GAAP 財務衡量指標。有關與相關 GAAP 財務衡量指標之調節表及其他資訊，請參閱補充簡報附錄及對應的新聞稿，皆可於我們網站取得。

I will 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暨執行長 Chris Nelson。

Thank you, Michael, and thank you all for joining us today. I am pleased to report that Stanley Black & Decker delivered a solid start to the year, outperforming our expectations on the top and bottom lines in the first quarter as we demonstrated continued progress on our strategic priorities.

謝謝你，Michael，也感謝各位今天加入我們。我很高興向各位報告，Stanley Black & Decker 在今年有一個穩健的開局；第一季在營收與獲利（上、下線）方面皆優於我們的預期，並展現我們在策略優先事項上持續取得進展。

We are confident in our strategy and in the team's ability to continue to execute and deliver results. For the first quarter, revenue was up 3% overall and flat organically. This was ahead of our expectations, driven primarily by a well-executed outdoor products preseason.

我們對自身策略以及團隊持續執行並交付成果的能力充滿信心。第一季整體營收成長 3%，有機營收持平。此表現優於我們預期，主要由戶外產品旺季前備貨（preseason）執行到位所帶動。

Our adjusted gross margin rate of 30.2% was down 20 basis points year-over-year, essentially unchanged. Adjusted EBITDA margin of 9.2% was down by 50 basis points year-over-year, slightly ahead of our planning assumptions for the period.

我們調整後毛利率為 30.2%，年減 20 個基點，基本上持平。調整後 EBITDA 利潤率為 9.2%，年減 50 個基點，略優於我們對本期的規劃假設。

Adjusted earnings per share were $0.80, $0.20 ahead of the high end of our first quarter guidance range of $0.55 to $0.60. Pat will unpack this further later in the call. Additionally, on April 6, we announced the successful completion of the previously disclosed agreement to sell our Aerospace Fasteners business.

調整後每股盈餘為 0.80 美元，較我們第一季指引區間 0.55 至 0.60 美元的上緣高出 0.20 美元。Pat 稍後將在會議中進一步說明。此外，我們於 4 月 6 日宣布，已成功完成先前揭露之出售航太緊固件（Aerospace Fasteners）業務的協議。

This portfolio change is consistent with our strategy to focus on our core business and commitment to enhancing shareholder value. The vast majority of the approximately $1.6 billion of net proceeds have already been applied towards debt reduction.

此一投資組合調整符合我們聚焦核心業務並致力提升股東價值的策略。約 16 億美元淨收益中的絕大部分已用於降低負債。

We are now positioned with a stronger balance sheet and have unlocked the ability to deploy capital to accelerate shareholder value creation. We expect our capital allocation strategy to be biased towards share repurchases, which the Board has authorized.

我們目前的資產負債表更為強健，並已釋放可運用資本以加速創造股東價值的能力。我們預期資本配置策略將偏向股票回購，且董事會已授權。

Turning to our first quarter operating performance by segment. I'll start with Tools & Outdoor. First quarter revenue was approximately $3.3 billion, up 2% year-over-year. Organic revenue was down 1% as a 4% benefit from targeted pricing actions was more than offset by 5% of volume pressure.

接著按部門說明第一季營運表現。我先從工具與戶外（Tools & Outdoor）開始。第一季營收約 33 億美元，年增 2%。有機營收年減 1%；其中，精準定價措施帶來 4% 的正面效益，但被 5% 的銷量壓力所抵銷。

Currency was a 3% benefit in the quarter. As we discussed in February, our base case assumption was that top line volatility, especially within the North American retail channel, would persist through at least the first quarter.

本季匯率帶來 3% 的正面效益。如同我們在 2 月所討論的，我們的基本情境假設為：營收端的波動，尤其是北美零售通路，將至少持續到第一季。

Consistent with our expectations, competitors continued to take price and we honed our approach to promotions for select products. Also, as expected, our results this quarter reflected a decrease in volume, primarily driven by lower retail activity in North America.

符合我們的預期，競爭對手持續調價，而我們也針對特定產品精進促銷策略。同樣如預期，本季結果反映銷量下滑，主要由北美零售活動減弱所致。

This was partially offset by a strong initial sell-in for outdoor products as we approach the peak selling season. International growth and prioritized investment markets such as Eastern Europe, United Kingdom and Latin America was an encouraging outcome.

隨著接近銷售旺季，戶外產品在初期鋪貨（sell-in）表現強勁，部分抵銷了上述影響。國際市場成長，以及東歐、英國與拉丁美洲等優先投資市場的表現，令人鼓舞。

Additionally, increased sales generated by professional end user demand in the US commercial and industrial channel indicates that our growth investments are building momentum in the market. Tools & Outdoor first quarter adjusted segment margin was 8.7%, which was consistent with our plan.

此外，美國商用與工業通路中，來自專業終端使用者需求所帶動的銷售增加，顯示我們的成長投資正在市場上累積動能。工具與戶外部門第一季調整後部門利潤率為 8.7%，符合我們的計畫。

Now for additional context on the top line performance by product line in first quarter. Power tools organic revenue declined 2%, and hand tools, accessory and storage organic revenue declined 3%, which were both driven by factors consistent with the broader segment performance.

接著補充第一季按產品線的營收表現背景。電動工具有機營收下滑 2%；手工具、配件與收納有機營收下滑 3%；兩者皆由與整體部門表現一致的因素所驅動。

Outdoor organic revenue increased 1%, driven by encouraging preseason sales for spring 2026, particularly for ride-on and zero-turn mower offerings. While we are still in the early stages of the outdoor season, our performance thus far reflects strong execution by our team, including effective order fulfillment.

戶外產品有機營收成長 1%，主要受 2026 年春季旺季前銷售（preseason sales）表現令人鼓舞所帶動，尤其是乘坐式與零迴轉割草機（zero-turn mower）產品。雖然戶外季節仍在早期階段，但迄今的表現反映團隊執行力強，包括有效的訂單履約。

Now Tools & Outdoor performance by region. In North America, organic revenue declined 2%, reflecting trends we discussed for the overall segment.

接著說明工具與戶外按地區的表現。在北美，有機營收下滑 2%，反映我們對整體部門所討論的趨勢。

The US commercial and industrial channel delivered high single-digit organic growth, demonstrating a strong return on our targeted investments in brand activation for the professional end user. I'll talk more about this in a moment.

美國商用與工業通路有機營收達到高個位數成長，顯示我們針對專業終端使用者在品牌啟動（brand activation）方面的精準投資獲得強勁回報。我稍後會再多談一些。

Point-of-sale performance in the quarter was aligned with our expectations and broadly consistent with reported home improvement consumer credit card data. In Europe, organic revenue was up 1%.

本季銷售點（POS）表現符合我們預期，且大致與已公布的居家修繕消費者信用卡數據一致。在歐洲，有機營收成長 1%。

Growth in prioritized investment markets, including the United Kingdom and Eastern Europe, was partially offset by softer market conditions in other parts of the region. The rest of world organic revenue was flat, with double-digit growth in Latin America, offset by pockets of market softness in Asia and the Middle East.

英國與東歐等優先投資市場的成長，部分被該地區其他地區較疲弱的市場狀況所抵銷。世界其他地區有機營收持平；拉丁美洲呈現雙位數成長，但被亞洲與中東部分市場疲弱所抵銷。

Turning now to Engineered Fastening. First quarter revenue grew 10% on a reported basis and 7% organically. Revenue growth was comprised of a 6% volume increase, 1% higher pricing and a 3% currency tailwind.

接著談工程緊固（Engineered Fastening）。第一季以報表口徑計算營收成長 10%，有機成長 7%。營收成長由 6% 的銷量增加、1% 的價格提升，以及 3% 的匯率順風所構成。

The Aerospace business continued its strong performance, achieving 31% organic growth in the quarter. The automotive business delivered 4% organic growth, outpacing the market, driven by strong North American demand and strength in global fastener systems for auto OEMs.

航太業務延續強勁表現，本季有機成長達 31%。汽車業務有機成長 4%，優於市場，主要受北美需求強勁以及面向汽車 OEM 的全球緊固系統業務表現強勢所帶動。

General industrial fasteners organic revenue declined low single digits. Adjusted segment margin for Engineered Fastening was 12% in the quarter. Year-over-year expansion of 190 basis points was primarily due to improved profitability in Aerospace and favorable automotive volume and mix.

一般工業緊固件有機營收下滑低個位數。工程緊固部門本季調整後部門利潤率為 12%。年增 190 個基點主要來自航太獲利能力改善，以及汽車業務有利的銷量與產品組合。

Overall, through disciplined execution, both the Tools & Outdoor and Engineered Fastening segments delivered revenue on a reported and organic basis that was better than expected despite the challenging operating environment.

整體而言，透過嚴謹的執行，儘管營運環境充滿挑戰，工具與戶外（Tools & Outdoor）以及工程緊固（Engineered Fastening）兩大事業部在報告基礎與有機基礎的營收表現均優於預期。

Segment margin rates were also in line with expectations this quarter through disciplined execution, operational cost improvements and targeted refinements to promotional strategies. We believe the results are evidence of the momentum we're building.

本季各事業部的利潤率也透過嚴謹執行、營運成本改善以及對促銷策略的精準調整，整體符合預期。我們相信，這些成果證明了我們正在建立的動能。

We have conviction in our strategy and are confident that we are taking the actions required to ensure sustainable growth and shareholder value creation into the future. Thank you to our team for maintaining their customer-centric approach and for advancing our vision of building a world-class branded industrial company.

我們對自身策略深具信心，並確信我們正採取必要行動，以確保未來的永續成長與股東價值創造。感謝我們的團隊持續維持以客戶為中心的作法，並推進我們打造世界級品牌工業公司的願景。

Our ambition is anchored by three core strategic imperatives, purposeful brand activation, operational excellence and accelerated innovation. I would like to share a few updates regarding how our efforts are taking root.

我們的企圖心以三項核心策略要務為基礎：有目的的品牌啟動、卓越營運，以及加速創新。我想分享幾項更新，說明我們的努力如何逐步落地生根。

Starting with DEWALT. You've heard us talk many times about safety as a core end user priority and value proposition of the products we deliver.

先從 DEWALT 開始。各位多次聽我們談到，安全是終端使用者的核心優先事項，也是我們所提供產品的重要價值主張。

Our Perform & Protect lineup is designed to provide product features to defend against dust inhalation, loss of torque control and tool vibration without sacrificing the performance that professional end users demand. DEWALT has over 200 Perform & Protect solutions that are attracting professional end users and converting them into users of the DEWALT platform.

我們的 Perform & Protect 產品系列旨在提供可防護粉塵吸入、扭力控制喪失以及工具震動等風險的產品特性，同時不犧牲專業終端使用者所要求的性能。DEWALT 擁有超過 200 項 Perform & Protect 解決方案，正吸引專業終端使用者，並促使其轉換為 DEWALT 平台的使用者。

These types of end user oriented solutions, combined with our ongoing investments to expand our field service and sales teams contributed to the strong commercial and industrial performance in the quarter, including professional contractors fully converting from competitor offerings to DEWALT cordless solutions and lead construction contractors outfitting large new project job sites with DEWALT.

這類以終端使用者為導向的解決方案，加上我們持續投資擴充現場服務與銷售團隊，促成本季商用與工業領域的強勁表現；其中包括專業承包商從競品全面轉換至 DEWALT 無線解決方案，以及大型總承包商在大型新專案工地全面配置 DEWALT 產品。

In addition, last quarter, we indicated that the STANLEY brand was positioned to return to growth in 2026. I'm pleased to share that our targeted investments are supporting new listings, largely driven by the initial phase of our product refresh and new product introductions.

此外，上季我們曾指出，STANLEY 品牌已具備在 2026 年重返成長的條件。我很高興分享，我們的重點投資正支持新增上架（new listings），主要由我們產品更新（refresh）的第一階段與新產品導入所帶動。

We are seeing green shoots and are on pace to return to growth with the STANLEY brand by midyear. Our expanded field team and trade specialists serving the professional end user are driving meaningful traction with our global channel partners, building demand as we grow together.

我們已看到初步回溫跡象（green shoots），並正按進度在年中前讓 STANLEY 品牌重返成長。我們擴編的前線團隊與服務專業終端使用者的通路／工種專家（trade specialists），正與全球通路夥伴形成實質進展，在共同成長的同時建立需求。

I will now pass the call to Pat to discuss progress on a few key performance metrics and to outline our 2026 guidance.

接下來我將把電話會議交給 Pat，請他說明幾項關鍵績效指標的進展，並概述我們對 2026 年的財測指引。

Thank you, Chris, and good morning to everyone joining us today. Before we jump into the guidance, let me start by providing a bit more detail on our adjusted EPS outperformance in the first quarter, which, as Chris noted, was $0.20 above the high end of our guidance range from February.

謝謝你，Chris，也向今天早上加入我們的各位問好。在進入指引之前，我先更詳細說明第一季調整後 EPS 優於預期的原因；如 Chris 所提，該數字較我們 2 月提供的指引區間上緣高出 0.20 美元。

Above-the-line operating outperformance made up about half of the outperformance, driven by Outdoor. The remainder of the outperformance came from below-the-line items, most of which didn't change our full year view on those items materially.

營業利益（線上項目，above-the-line）的超預期約占其中一半，主要由戶外（Outdoor）帶動。其餘的超預期來自營業利益以下（線下項目，below-the-line）的項目，而其中多數並未對我們對全年這些項目的看法造成重大改變。

For example, our forecasted first quarter tax rate was 30%, and that landed at 26% due to the timing of a discrete tax item. But we have not changed our view on the full year tax rate of 19%.

例如，我們原先預估第一季稅率為 30%，但由於一項一次性稅務項目的認列時點影響，實際落在 26%。不過，我們對全年 19% 的稅率預期並未改變。

Now let me walk you through our updated guidance and other assumptions for 2026. There are a few key updates embedded in this guidance you should be aware of. First, the CAM deal closed on the early side of the anticipated window.

接下來我將帶各位了解我們更新後的 2026 年指引以及其他假設。這份指引中包含幾項你們需要留意的關鍵更新。第一，CAM 交易的完成時間比原先預期的時間窗更早。

Practically, that resulted in us removing CAM's expected second quarter contribution from our guidance, that one quarter adjustment lowers our expected Engineered Fastening segment pretax profit by about $15 million, but it also lowers second quarter interest expense by a similar amount, meaning it has essentially no impact on second quarter or full year adjusted EPS guidance.

就實務面而言，這使我們將 CAM 原本預期在第二季的貢獻自指引中移除；這項單季調整會使我們預期的工程緊固（Engineered Fastening）事業部稅前利潤減少約 1,500 萬美元，但同時也會使第二季利息費用降低近似金額，因此對第二季或全年調整後 EPS 指引基本上沒有影響。

Second, there have been numerous tariff policy changes since our last earnings call, which prompted new assessments and assumptions. We expect that all-in, these tariff policy changes and our updated tariff assumptions equate to net tailwind for us this year on a gross basis compared to our assumptions at the beginning of the year.

第二，自上次財報電話會議以來，關稅政策出現多次變動，促使我們進行新的評估與假設更新。我們預期整體而言，這些關稅政策變動與我們更新後的關稅假設，相較於年初的假設，在毛利層面對我們今年將形成淨順風（net tailwind）。

In the near term, we have a temporary period of lower tariffs since the replacement Section 122 tariffs are lower than the former IEEPA tariffs.

短期來看，由於替代性的《第 122 條》（Section 122）關稅低於先前的 IEEPA 關稅，因此我們正處於一段暫時性的較低關稅期間。

Our base case assumption is that new Section 301 tariffs will be introduced at the same level as the old IEEPA tariffs, which means our underlying tariff costs would be virtually the same by August as they were prior to the Supreme Court ruling in February.

我們的基本情境假設是，新的《第 301 條》（Section 301）關稅將以與舊 IEEPA 關稅相同的水準推出；這意味著到 8 月時，我們的基礎關稅成本將幾乎回到 2 月最高法院裁決前的水準。

This is our current expectation, but that is subject to change as policy is finalized, and we will update our assumptions as appropriate. Third, since the start of the conflict in the Middle East, we have seen inflationary cost pressures in resins and freight.

這是我們目前的預期，但仍可能隨政策定案而變動；我們也會在適當時機更新相關假設。第三，自中東衝突爆發以來，我們在樹脂與運輸方面看到通膨性的成本壓力。

Last, we have also seen meaningful inflation in recent months in battery metals and tungsten, which is applied to the tips of our sawblades and drill bits for increased durability and heat resistance. We believe the combined impact from these inflationary pressures roughly offsets the benefit from the tariff tailwind in the year.

最後，近幾個月我們也看到電池金屬與鎢出現顯著通膨；鎢被用於鋸片與鑽頭的刀尖，以提升耐用度與耐熱性。我們認為，這些通膨壓力的合計影響，大致抵消了今年關稅順風所帶來的效益。

Moving on to our actual guidance metrics. For 2026, we expect adjusted earnings per share to be in the range of $4.90 to $5.70, representing growth of 13% at the midpoint and remaining consistent with our original adjusted earnings guidance.

接著談我們實際的指引指標。2026 年，我們預期調整後每股盈餘將落在 4.90 至 5.70 美元區間；以中位數計算，成長 13%，並與我們原先的調整後盈餘指引一致。

We now anticipate total company revenue will be about flat compared to the last year, which is slightly lower than prior guidance because of the removal of CAM from the second quarter expectations.

我們目前預期公司整體營收將與去年大致持平；由於將 CAM 自第二季預期中移除，該預期較先前指引略低。

We still expect organic revenue to grow by a low single-digit percentage year-over-year. This outlook reflects on our focus in pivoting to growth and our confidence in seizing the share opportunities across our key markets.

我們仍預期有機營收將年增低個位數百分比。此展望反映我們將重心轉向成長的聚焦，以及我們對於在關鍵市場把握市占機會的信心。

We continue to expect 50 to 100 basis points of full year benefit from foreign exchange, which should predominantly land in the first half.

我們仍預期外匯將為全年帶來 50 至 100 個基點的助益，且主要將落在上半年。

Moving to gross margin expectations. We anticipate adjusted gross margins will expand by approximately 150 basis points year-over-year, consistent with prior guidance. This is supported by top line expansion, price, ongoing tariff mitigation efforts and continuous operational improvement.

接著看毛利率預期。我們預期調整後毛利率將年增約 150 個基點，與先前指引一致。此預期由營收成長、定價、持續的關稅緩解措施以及持續的營運改善所支撐。

We believe we are firmly on track to meet this target, and I will talk more about it on the next slide. We plan to continue growth investments in 2026 to further advance our robust innovation pipeline and fuel market activation, with the goal of enhancing brand health and accelerating organic growth.

我們相信我們正穩健地朝達成此目標前進，我會在下一張投影片進一步說明。我們計畫在 2026 年持續投入成長型投資，以進一步推進我們強健的創新產品管線並帶動市場啟動，目標是提升品牌健康度並加速有機成長。

We expect SG&A as a percentage of sales to remain around 22%. We will continue to manage SG&A thoughtfully, allocating capital to strategic investments that position the business for long-term growth.

我們預期 SG&A（銷售、一般及行政費用）占銷售額比重將維持在約 22%。我們將持續審慎管理 SG&A，將資本配置於能使業務具備長期成長定位的策略性投資。

Free cash flow is expected to be in the range of $500 million to $700 million, including projected taxes and fees associated with the CAM divestiture. Excluding such payments, free cash flow is expected to be in the range of $700 million to $900 million, consistent with our original guidance.

自由現金流預期將落在 5 億至 7 億美元區間，其中包含與 CAM 出售（divestiture）相關的預估稅款與費用。若排除上述支付，自由現金流預期將落在 7 億至 9 億美元區間，與我們原先指引一致。

Our free cash flow performance is expected to be accomplished through a disciplined and efficient approach to working capital management, progressing inventory towards prepandemic norms, while remaining attentive to our ongoing tariff mitigation and footprint optimization initiatives.

我們預期自由現金流表現將透過對營運資金管理採取嚴謹且高效率的方法來達成，使庫存逐步回到疫情前的常態水準，同時持續關注我們正在推進的關稅緩解與產能／據點（footprint）最佳化計畫。

We were pleased to deliver progress on inventory reduction in the first quarter. Looking at our segments, we are planning for organic revenue growth and segment margin expansion in both segments. Tools & Outdoor is still expected to deliver low single-digit organic growth in 2026, led by market share gains in what we anticipate will be a roughly flat market.

我們很高興在第一季於庫存削減方面取得進展。就我們的事業部門而言，我們正規劃兩個部門皆實現有機營收成長與部門利潤率擴張。工具與戶外（Tools & Outdoor）仍預期在2026年實現低個位數的有機成長，主要由市占率提升帶動；我們預期整體市場大致持平。

Organic revenue in the second quarter is expected to be up in a low single-digit range as our recent commercial efforts continue to gain traction and as we start lapping the promotional disruption that started in the second quarter last year.

第二季有機營收預期將以低個位數區間成長，因我們近期的商業推進持續發酵，且我們開始度過去年第二季促銷干擾所造成的比較基期影響。

Throughout the rest of 2026, we also expect to see sales trends improve from our new product launches and commercial initiatives, with a focus on outperforming the market.

在2026年其餘期間，我們也預期新產品上市與商業計畫將帶動銷售趨勢改善，並聚焦於跑贏市場。

Adjusted segment margin is expected to improve year-over-year, driven primarily by sustained pricing actions, tariff mitigation, operational excellence and thoughtful SG&A management.

調整後部門利潤率預期將年增，主要由持續的定價措施、關稅緩解、營運卓越，以及審慎的SG&A（銷售、一般及行政費用）管理所驅動。

Engineered Fastening is expected to grow low-single to mid-single digits organically, which is slightly lower than our prior guidance, reflecting just one quarter of contribution from CAM rather than the two in our original guidance.

工程緊固件（Engineered Fastening）預期有機成長為低個位數至中個位數，較我們先前指引略低，反映CAM僅貢獻一個季度，而非原先指引中的兩個季度。

Adjusted segment margin is expected to improve year-over-year, primarily due to continuous operating improvement and volume leverage. Turning to other 2026 assumptions. Our GAAP earnings guidance of $4.15 to $5.35 includes pretax non-GAAP adjustments ranging from $10 million to $65 million.

調整後部門利潤率預期將年增，主要受惠於持續的營運改善與規模效益（volume leverage）。接著談其他2026年假設。我們GAAP每股盈餘指引4.15至5.35美元，包含稅前非GAAP調整項，金額介於1,000萬至6,500萬美元。

This GAAP guidance is higher than prior guidance due to an expected $260 million to $280 million gain on the sale of our CAM business, which is largely offsetting charges that are primarily related to footprint actions.

此GAAP指引高於先前指引，原因是預期出售CAM業務將帶來2.60億至2.80億美元的收益，該收益在很大程度上抵銷了主要與產能/據點調整（footprint actions）相關的費用。

Our full year interest expense is now expected to be about $270 million, which accounts for three quarters without CAM and the resulting lower debt profile as well as lower interest in the first quarter.

我們目前預期全年利息費用約為2.70億美元，已反映少了CAM的三個季度及因此帶來較低的負債水位，以及第一季較低的利息支出。

Now for second quarter guidance. We anticipate net sales to be around $3.9 billion, down slightly year-over-year due to the sale of CAM, but up by a low single-digit percentage on an organic basis. Adjusted earnings per share are expected to be approximately $1.15 to $1.25.

接著是第二季指引。我們預期淨銷售額約為39億美元，因出售CAM而較去年同期略降，但以有機基礎計算將以低個位數百分比成長。調整後每股盈餘預期約為1.15至1.25美元。

In the second quarter, the benefits of pricing, tariff mitigation and productivity initiatives are expected to deliver an approximate 300 basis points year-over-year improvement on adjusted gross margin, offsetting the continued impact of volume deleverage from the second half of 2025.

第二季中，定價、關稅緩解與生產力提升計畫的效益，預期可帶來調整後毛利率約300個基點的年增改善，並抵銷2025年下半年以來銷量槓桿反向（volume deleverage）持續帶來的影響。

Additionally, our adjusted EPS for the quarter assumes a planned tax rate of approximately 20%. One additional comment to make on tariffs has to do with 232 tariffs, which were altered by a policy change on April 6.

此外，我們本季調整後EPS假設的規劃稅率約為20%。關於關稅還有一點補充，涉及232條款關稅，其政策於4月6日因政策變更而調整。

The way 232 tariff policies are applied is complex, and broad industry headlines are not always good barometers of our profit-and-loss impact.

232條款關稅政策的適用方式相當複雜，產業的廣泛新聞標題並不總是衡量其對我們損益表影響的良好指標。

Although there was much speculation in the market about our outsized exposure to these higher 232 rates, we assess the incremental headwind to be just $15 million on an annualized basis and less than $10 million for 2026.

儘管市場上對我們在較高232稅率下的曝險程度有許多揣測，然而我們評估其新增逆風按年化計算僅約1,500萬美元，且對2026年影響不到1,000萬美元。

But recall, the net of all the 2026 tariff changes, inclusive of 232 tariff changes, and our updated assumptions for the rest of the year, indicate that tariffs are going to provide a tailwind relative to our prior assumptions and will be offset by inflationary impacts caused by the war, battery metals and tungsten.

但請記得，2026年所有關稅變動的淨影響（包含232條款關稅變動）以及我們對今年其餘期間的最新假設顯示，相較於先前假設，關稅將帶來順風，並將被戰爭、電池金屬與鎢所造成的通膨影響所抵銷。

Turning now to slide 8, let's take a step back and look at our expected implied first half and second half adjusted gross margin performance on a year-over-year basis in accordance with our full year and second quarter guidance.

現在翻到第8頁投影片，讓我們退一步，依據全年與第二季指引，從年對年角度檢視我們預期的上半年與下半年調整後毛利率表現（隱含值）。

We expect meaningful progress for each half of this year, with roughly 150 basis points of implied improvement in the first half and roughly 200 basis points of implied improvement in the second half.

我們預期今年上下半年都將取得顯著進展，上半年隱含改善約150個基點，下半年隱含改善約200個基點。

In the first quarter, we were essentially flat on AGM, down 20 basis points year-over-year due to the timing of the tariff cost realization and volume deleverage offsets we had anticipated and called out in February.

第一季我們的調整後毛利率（AGM）基本持平，年對年下降20個基點，原因是關稅成本認列時點，以及我們在2月已預期並指出的銷量槓桿反向抵銷效應。

As a reminder, we saw peak tariff expense and volume deleverage in the second half of 2025. The impact of both these elements rolls off our balance sheet and into our first half 2026 income statement.

提醒一下，我們在2025年下半年看到關稅費用與銷量槓桿反向達到高峰。這兩項因素的影響會從資產負債表逐步消退，並反映到2026年上半年的損益表中。

We expect tariff mitigation will make a bigger contribution to margin improvement as the year plays out as we continue to make progress on USMCA compliance and shifting production for our US tools business from China to North America.

隨著年度推進，我們預期關稅緩解對利潤率改善的貢獻將更大，因我們持續推進USMCA合規，並將美國工具業務的部分生產由中國轉移至北美。

Looking ahead, we remain fully committed to achieving adjusted gross margins of 35% plus, a long-standing objective that continues to guide our efforts and priorities. We anticipate reaching this milestone by the fourth quarter of 2026, and we continue to target 35% to 37% adjusted gross margin by the end of 2028, as we stated on our last earnings call.

展望未來，我們仍全力致力於達成35%以上的調整後毛利率，這是一項長期目標，持續引導我們的努力方向與優先事項。我們預期在2026年第四季達成此里程碑，並如同上次法說會所述，持續以2028年底達成35%至37%的調整後毛利率為目標。

The other important topic on this slide I want to cover is the debt reduction that resulted from our closing the CAM divestiture to Howmet Aerospace for $1.8 billion. This is not reflected in our first quarter financials because the deal closed on April 6, after the end of the first quarter.

本頁另一個我想說明的重要主題，是我們以18億美元將CAM剝離出售給Howmet Aerospace後所帶來的降債成果。由於交易於4月6日（第一季結束後）完成，因此未反映在第一季財報中。

However, this has dramatically improved our intra-quarter balance sheet and also provides us with a clear opportunity for a more flexible capital allocation approach.

然而，這已大幅改善我們季內的資產負債表狀況，並為我們提供更具彈性的資本配置方式之明確機會。

Net proceeds from the CAM transaction were approximately $1.57 billion, net of projected taxes and fees. We have used the vast majority of these proceeds to reduce debt in the second quarter.

CAM交易的淨收益約為15.7億美元，已扣除預估稅負與費用。我們已在第二季使用其中絕大部分資金來降低負債。

We said we would target 2.5 times net debt to adjusted EBITDA. The closing of CAM and our EBITDA growth focus will deliver this result. The only reason we aren't there today is due to normal seasonality of operational cash flows.

我們曾表示目標為淨負債對調整後EBITDA 2.5倍。CAM交易完成以及我們對EBITDA成長的聚焦將帶來此結果。目前尚未達成的唯一原因，是營運現金流的正常季節性。

But we are firmly on track to be at or around 2.5 times by year-end. Achieving this critical financial milestone provides us with greater capital allocation flexibility. We are now well positioned to respond to market dynamics, invest in growth and enhance shareholder value creation.

但我們確實正穩健朝著年底達到或接近2.5倍的目標前進。達成這項關鍵財務里程碑，將使我們在資本配置上更具彈性。我們也已具備良好條件以回應市場動態、投資成長並提升股東價值創造。

We remain committed to disciplined capital allocation and accelerating value creation for our shareholders, including funding organic growth, returning excess capital to shareholders efficiently, and if and when appropriate, considering bolt-on M&A, all the while we strive to maintain an investment-grade credit rating.

我們仍致力於紀律性的資本配置並加速為股東創造價值，包括資助有機成長、以有效率的方式將多餘資本回饋股東，以及在適當時機考慮補強型併購（bolt-on M&A）；同時我們也努力維持投資等級的信用評等。

In the near term, we are firmly focused on accelerating organic growth and using excess cash to opportunistically repurchase our shares.

短期內，我們將堅定聚焦於加速有機成長，並運用多餘現金把握時機回購自家股票。

The recent authorization from our Board of Directors for $500 million in share repurchases provides us with the flexibility to do so. In summary, 2026 is set to be another important year for our company.

董事會近期核准5億美元的股票回購額度，讓我們具備執行上的彈性。總結而言，2026年將是公司另一個重要年度。

With a strong foundation set, a sharpened portfolio, disciplined cost and capital allocation and a relentless focus on our customers, we are well positioned to deliver growth and create long-term value for our shareholders. Thank you, and I will now turn the call back to Chris.

在穩固基礎、精簡投資組合、紀律性的成本與資本配置，以及對客戶不懈聚焦之下，我們已具備良好條件以實現成長並為股東創造長期價值。謝謝，接下來我把電話交回給Chris。

Thank you, Pat. As you heard this morning, our success will be determined by how effectively we execute our strategy, which is firmly anchored by our three strategic imperatives, activating our brands with purpose, driving operational excellence and accelerating innovation.

謝謝你，Pat。如同各位今早所聽到的，我們的成功將取決於我們執行策略的有效程度；而該策略牢牢以三大策略要務為核心：以使命感啟動品牌、推動營運卓越，以及加速創新。

As Pat outlined, we are focused on continuing to proactively manage factors within our control to effectively navigate evolving market conditions. We remain committed to driving towards our near-term targets and long-term goals.

如 Pat 所概述，我們專注於持續主動管理我們可控範圍內的因素，以有效因應不斷演變的市場狀況。我們仍致力於推進近期目標與長期目標。

As we look ahead, I am energized by the opportunities that lie before us and I'm confident in our strategy and the team that is executing it. We are building on our hard-earned momentum to serve our end users, and we are now positioned to accelerate shareholder value creation.

展望未來，我對眼前的機會感到振奮，並對我們的策略以及正在執行該策略的團隊充滿信心。我們正延續來之不易的動能以服務終端使用者，且目前已具備加速為股東創造價值的有利位置。

We are now ready for Q&A, Michael.

我們現在準備進入問答環節，Michael。

Thanks, Chris. Operator, we can now start the Q&A.

謝謝，Chris。接線生，我們現在可以開始問答。

(Operator Instructions) Nigel Coe from Wolfe Research.

(接線生指示) 來自 Wolfe Research 的 Nigel Coe。

I'll try and keep the first one simple. I wondered, can you maybe just unpack for us the improvement in gross margin from first half and second half, about 4 points.

我先盡量把第一個問題問得簡單一點。我想請你們拆解一下上半年到下半年毛利率改善約 4 個百分點的原因。

I'm guessing there's a bit of CAM benefits, you mentioned tariffs, sorry, USMCA compliance. I think there's some productivity. Maybe just help us unpack that 4 point improvement.

我猜可能有一些 CAM 的效益，你們也提到關稅，抱歉，是 USMCA 合規。我想也有一些生產力提升。能否協助我們拆解這 4 個百分點的改善？

Yes. Nigel, great question. It's a long-term focus for us. So we have every intent on hitting it. And the good news when we talk about the third quarter in particular is we could see effectively that gross margin percentage already on our balance sheet.

是的。Nigel，問得很好。這一直是我們的長期重點。因此我們完全有意圖達成。而談到第三季、尤其是第三季的好消息是，我們基本上已經能在資產負債表上看到那個毛利率百分比。

And from here, the only things that could really change that is if sales change meaningfully down or there was some very big new spike in inflation. So I mean, we can see the 34-and-a-fraction percentage gross margin for the third quarter already in our balance sheet.

從現在起，真正可能改變它的因素只有：若銷售出現顯著下滑，或通膨出現非常大的新一波飆升。也就是說，我們已經能在資產負債表上看到第三季約 34 點多的毛利率。

And when you think of that stepping up from the first half to the back half, you're talking about really three big factors that go beyond normal seasonality of outdoor or the CAM issue that you mentioned, because these are really the ones that are going to sustain it and drive it long term, which is it's about 40% of the delta is net productivity benefits from our ongoing continuous improvement initiatives, another roughly similar amount from adjusting our fixed cost structure to the current volume environment that became apparent in the back half of last year after tariff pricing.

當你思考從上半年到下半年的提升時，真正有三個主要因素，超越了戶外業務的正常季節性或你提到的 CAM 議題，因為這些才是能夠支撐並長期推動毛利率的因素：其中約 40% 的差異來自我們持續推動的持續改善計畫所帶來的淨生產力效益；另外約相近的比例，來自在關稅定價之後、於去年下半年顯現的、我們將固定成本結構調整至符合目前出貨量環境。

And then the final portion, so about 20% of the delta, is just the ongoing tariff mitigation efforts. So three levers of continuous improvement, adjusting to the current volume environment and then the ongoing tariff mitigation drives us there.

最後一部分約占差異的 20%，就是持續的關稅緩解（mitigation）措施。因此，三個槓桿：持續改善、因應目前出貨量環境的調整，以及持續的關稅緩解，推動我們達成目標。

And we have every confidence we'd get there. And sustaining it will be continuing to keep our cost structure attuned to the volume environment and dealing with inflation as it plays out the balance of the year on however the war unfolds and however kind of battery metal situation unfolds.

我們非常有信心能做到。而要維持下去，就必須持續讓成本結構與出貨量環境保持一致，並因應今年剩餘期間通膨的走勢——取決於戰事如何發展，以及電池金屬供需情勢如何演變。

Okay. And just a quick follow-up on the tariffs. You made it very clear that the temporary benefit from IEEPA is offset by raw material inflation.

好的。再快速追問一下關稅。你們已非常清楚表示，IEEPA 帶來的暫時性利益會被原物料通膨抵銷。

But I'm just wondering if the, the IEEPA benefit seems like it could be quite material. So I'm just wondering if it does create some temporary benefits in the P&L during the year, then washes out, so is that washed in pretty much every quarter?

但我想確認的是，IEEPA 的利益看起來可能相當可觀。所以我想問，它是否會在年度內於損益表（P&L）上帶來一些暫時性好處，之後再消退？也就是說，這是否幾乎每一季都會反映進去？

Nigel, this is Chris. I'd say that if you look at the benefit that we see right now, it's, we think about it, as Pat outlined in the comments, as being a temporary benefit because we do expect the 301 to be reinstated at similar levels to IEEPA.

Nigel，我是 Chris。我會說，如果你看我們目前看到的利益，我們的看法——如 Pat 在評論中所說——是把它視為暫時性利益，因為我們預期 301 關稅會以與 IEEPA 類似的水準恢復。

And the assumptions that we have in for that intervening period, while all in with all the changes that were mentioned, are a net tailwind, they do offset some of the inflation that we're seeing right now not only in battery metals, but what we're experiencing due to higher, some higher input costs that we'd say are driven by the conflict in the Middle East.

而我們對於那段過渡期間的假設，在把所有提到的變動都納入後，整體而言是淨利多（tailwind）；它確實抵銷了我們目前看到的一部分通膨，不僅是電池金屬，還包括我們因中東衝突而面臨的一些較高投入成本。

So net-net, there is a bit of a tailwind, but the base assumption is that we are going to see a tariff environment that is roughly equivalent to what we left in IEEPA as when the 301s are put in.

因此，綜合來看確實有些許利多，但基本假設是：當 301 關稅重新上路時，我們將面對的關稅環境大致會與 IEEPA 期間結束時的水準相當。

Julian Mitchell from Barclays.

來自 Barclays 的 Julian Mitchell。

Just wanted to home in a little bit more on the Tools & Outdoor volume environment. The outdoor pickup, I suppose, is encouraging.

我想更聚焦一下 Tools & Outdoor 的出貨量環境。我想戶外業務的回升令人鼓舞。

Just wondered kind of what you thought underpin that and how you're expecting the T&O volumes to play out over the balance of the year given there's some market share efforts but also maybe a slightly more muted consumer demand backdrop in total?

想請問你們認為其背後的支撐因素是什麼？以及考量到你們有一些市占率的作為，但整體消費者需求背景可能稍微偏弱，你們預期今年剩餘期間 T&O 的出貨量會如何發展？

Yes. This is Chris, Julian. I'll start with outdoor and say that I'm very proud of the team and encouraged by the way that they were able to execute in our, what we would consider to be our preseason time frame. And the ability to fulfill orders, I think, positions us to be able to have a nice selling season.

是的。Julian，我是 Chris。我先談戶外業務：我對團隊感到非常自豪，也對他們在我們所認為的季前期間的執行表現感到鼓舞。而履行訂單的能力，我認為讓我們有條件迎來一個不錯的銷售季。

It remains yet to be seen which direction that selling season is going to be, but we think we're well positioned to be in a good position for whatever that selling season looks like.

至於這個銷售季會往哪個方向走仍有待觀察，但我們認為，無論銷售季呈現何種樣貌，我們都已處於有利位置。

So we could experience some upside if we see increased sell-through. Overall, in the Tools & Outdoor environment, what I would say, and I'll say that really we haven't seen any material changes to what we would say underlying demand to look like.

因此，如果我們看到更高的終端銷售（sell-through），就可能出現一些上行空間。整體而言，在 Tools & Outdoor 的環境中，我想說的是——其實我們並未看到我們所稱的基礎需求出現任何重大變化。

We did, last call, we talked about the fact that we expected to see an inflection in Q2, partially due to the previous year comps where we, where as you understand, we had disruption in normal promotional volumes and timing.

在上一次電話會議中，我們談到預期第二季會出現拐點，部分原因是去年同期的比較基期——如你所知，我們當時在正常促銷量與時點上出現了干擾。

So those coming on this year is going to be a net tailwind as we think about volume relative to last year, as well as the fact that when we talked about what we're going to do to hone some of our promotional strategies in those periods versus what we had in Q4, we expect those tailwinds to be kicking in in the second quarter.

因此，今年這些回歸正常，將成為相對於去年的淨利多，此外，當我們談到要在那些期間相較於第四季更精準地調整部分促銷策略時，我們預期這些利多會在第二季開始發酵。

And we're excited to see that they are on pace for performing as we would have expected them to. But the underlying demand, as we came into the year, we thought about it being relatively flattish, and we still see it as being relatively flattish.

我們也很高興看到，目前進度符合我們原先的預期表現。但就基礎需求而言，我們在年初的看法是相對持平（flattish），現在仍然認為相對持平。

But we feel good to be positioned from a relative basis year-over-year to be able to see the growth in quarters two and three that we had outlined as a part of our plan.

不過，從相對於去年同期的角度來看，我們很有信心目前的布局能支撐我們在第二季與第三季實現我們在計畫中所概述的成長。

That's great. And then just when we're thinking about price and cost movements, as you said, there's a lot sort of moving around in terms of costs within the year because of tariffs and your own price initiatives.

很好。接著談到價格與成本變動：如你所說，由於關稅以及你們自身的定價措施，年度內成本端有很多變動。

I suppose, any more color you could kind of give us on how you're thinking about that price net of cost delta in that gross margin guidance that you laid out on slide 8, as we go through the year? And how is the sort of elasticity on price to volume playing out year-to-date?

想請你們再多提供一些說明：在你們於第 8 頁投影片所提出的毛利率指引中，你們如何看待全年「價格扣除成本」的差額（price net of cost delta）？以及截至目前為止，價格對出貨量的彈性表現如何？

Yes, Julian, I would say we haven't really changed our viewpoint materially for the year on price. I mean as we've said on many calls in the past, we can have deltas of up to 100-percentage-points, or 100 basis points rather, in any given quarter on how promo mix dominates or not volume, and that can cause a 100 basis point swing in our reported pricing in a given quarter.

是的，Julian，我會說我們對今年價格面的看法並沒有實質改變。我的意思是，正如我們過去多次電話會議所說，在任何一個季度，因促銷組合（promo mix）是否主導出貨量的差異，我們的變動幅度可能高達 100 個基點（而不是 100 個百分點），這可能導致我們在某一季度所呈報的定價出現 100 個基點的波動。

But in terms of the price we plan to execute and the adjustment to promotions or select targeted opening price point, hasn't changed in any material fashion from the start of the year.

但就我們計畫執行的定價，以及對促銷的調整或選定具針對性的開盤價位而言，自年初以來並未在任何重大層面有所改變。

And I just would remind you, in this environment, most of the price we took, we obviously took last year to dollar-for-dollar offset estimated tariff costs. And then we would reclaim our margin relative to those tariff costs by tariff mitigation and that is still very much our game plan.

我也想提醒各位，在這樣的環境下，我們採取的大多數漲價，顯然是在去年為了逐美元對沖預估的關稅成本而做的。接著，我們會透過關稅緩解措施把相對於那些關稅成本的毛利拿回來，而這仍然非常符合我們的既定策略。

So the structure of everything stays the same for this year. As you heard, we have some tariff tailwinds, largely from 122s being lower than IEEPA's, and then we have some inflation from battery metals, tungsten and oil derivatives from the war.

因此，今年所有事情的架構都維持不變。如各位所聽到的，我們有一些關稅方面的順風，主要來自 122 條款的稅率低於 IEEPA；同時，我們也受到電池金屬、鎢以及因戰爭導致的油品衍生品帶來的一些通膨影響。

And those roughly offset in the year. Obviously, those things can change on us during this year because there's more trade talks going on this year and there's obviously still to see how the war plays out.

而這些在全年大致互相抵銷。當然，這些情況在今年可能會有所變化，因為今年還有更多貿易談判在進行，而且戰爭的走向也仍有待觀察。

And if and as those inflationary factors become more apparent in the back half or the middle of the year, we'll decide what that means for pricing in the latter part of the year or to set up 2027.

而如果、以及當這些通膨因素在下半年或年中變得更明顯時，我們會決定這對今年後段的定價意味著什麼，或是如何為 2027 年做準備。

But right now, if you asked us, our 2026 price plan is consistent with our opening guidance and everything is playing out in accordance with that, and any inflationary factors from this year that affect the go-forward, we'll deal with in the back half of the year or the early part of '27?

但就目前而言，如果你問我們，我們 2026 年的定價計畫與我們期初的指引一致，而且一切都按此推進；至於今年任何會影響未來的通膨因素，我們會在下半年或 2027 年初再來處理？

Tim Wojs from Baird.

Baird 的 Tim Wojs。

Thanks for all the details. Maybe just to start out, Chris, you mentioned, I think you guys kind of went through the wall a little bit more with price than some of your competitors. And now some of those competitors seem to be kind of implementing more price as we're kind of coming through into 2026.

謝謝你們提供這麼多細節。也許先從這裡開始，Chris，你提到我想你們在價格上比一些競爭對手更「硬撐」了一點。而現在，隨著我們逐步進入 2026 年，一些競爭對手似乎也開始實施更多的漲價。

And I'm just kind of curious if you're starting to see any sort of shift on the ground in terms of how that's impacting just kind of your relative POS performance in those various categories.

我只是想了解，你們是否開始在第一線看到任何變化：這對你們在各個品類中的相對 POS 表現造成了什麼影響？

Yes. So as we talked about last call, we were seeing and we're expecting to see more competitive price movement in Q1, and we did, in fact, see that.

是的。所以如同我們在上次電話會議中談到的，我們在第一季預期會看到更多競爭性的價格動作，而我們確實看到了。

So I'd say that, combined with the actions that we had taken as we did the view of what we needed to surgically adjust in our promotional and kind of some of our pricing on more of our elastic items, we have seen what I'd say to be, for lack of a better term, more of an even playing field on pricing as the competitive dynamic has played out.

因此我會說，這一點再加上我們所採取的行動——也就是我們檢視了需要在促銷上做哪些精準調整，以及在一些較具價格彈性的品項上做部分定價調整——隨著競爭態勢的演變，我們看到（姑且這麼說）定價上更趨於公平的競爭環境。

In addition to that, as we have adjusted our pricing and promotions coming into the year, as you might imagine, we're tracking it SKU by SKU to understand the impact and is it in line with what we anticipated and what we modeled out.

此外，隨著我們在年初調整定價與促銷，如你所想像的，我們會逐一以 SKU 追蹤，了解其影響是否符合我們的預期與模型推估。

And to date, it has performed in that manner. So we're encouraged by what we're seeing going into Q2. Now I will say that the majority of those promotional repositionings do come in in Q2. So we're keeping a close eye on that.

截至目前為止，表現確實如同那樣。因此，對於進入第二季我們所看到的情況，我們感到鼓舞。不過我也要說，多數這些促銷重新定位的措施會在第二季落地。所以我們會密切關注。

And once again, we are going to see more promotional activity versus last year in that area. But right now, we are seeing it react as we anticipated.

再者，在那個領域，我們確實會看到相較去年更多的促銷活動。但就目前而言，我們看到的反應符合我們的預期。

And once again, to reiterate what Pat was talking about, that that would be, that we're confident in being along the lines of where our guidance was on price with the understanding that it could vary a little bit quarter-to-quarter based upon promotional uptake.

同樣地，再次重申 Pat 剛才提到的：我們有信心價格走勢大致會落在我們指引所預期的範圍內，但也理解它可能會因促銷承接情況而在季度之間略有波動。

Okay, great. No, that's really helpful. And then just I had a follow-up just on CRAFTSMAN. I think there's plans to do a bigger relaunch of that product later this year.

好的，很好。不，這真的很有幫助。接著我還有一個關於 CRAFTSMAN 的追問。我想今年稍晚有計畫對該產品做一次更大型的重新上市。

I was just kind of curious about the timing and kind of if that could have a more material impact on sales and margins.

我只是想了解一下時程，以及這是否可能對銷售與毛利帶來更實質的影響。

Yes, it's a great question here. So the way we have kind of scripted out has been that, obviously, going back several years, we started really putting investments and dollars behind the brand health and the go-to-market and sell-through in the DEWALT brand.

是的，這是個很好的問題。所以我們的規劃方式是這樣：顯然回顧過去幾年，我們開始在 DEWALT 品牌的品牌健康度、上市策略（go-to-market）以及終端銷售（sell-through）上投入更多資源與資金。

And we continue to see and are very encouraged by what we're seeing there, particularly in the professional channels, as I think we referenced that we've seen, and where we saw last quarter high single-digit sales in our professional North America construction and industrial channel, which is very encouraging.

而我們持續看到、也對目前的表現感到非常鼓舞，特別是在專業通路；如同我們提到的，我們在北美專業建築與工業通路上，上季看到高個位數的銷售成長，這非常令人振奮。

Next from there, what we have, and we highlighted this a little bit in the prepared remarks, is that we have been working over the past couple of years to also refresh the lineup in the STANLEY brand, which we have started by launching our measuring and layout SKUs.

接下來，我們也在事先準備的發言中稍微提到：過去幾年我們也一直在推動 STANLEY 品牌產品線的更新，我們先從推出量測與放樣（layout）相關的 SKU 開始。

And we'll continue to see this year more on the V20 platform coming out in the STANLEY brand. So we're in a position, we're encouraged by what we're seeing there as well as the dedicated selling resources we put in place in Europe, that we're in a place where we expect to, as scheduled, inflect into growth by mid-year.

而今年我們也會在 STANLEY 品牌下看到更多 V20 平台的新品推出。因此，結合我們在歐洲配置的專屬銷售資源，我們也對那邊的進展感到鼓舞；我們預期將如期在年中左右轉為成長。

CRAFTSMAN is the one that we were spending a lot of time repositioning the cost on it from a platform perspective. And we've been now launching, we have one of our largest-ever launch, NPD launch cycles this year for the CRAFTSMAN brand since we've owned it.

CRAFTSMAN 則是我們花了很多時間，從平台角度去重新定位其成本結構的品牌。而我們現在也正在推出——今年對 CRAFTSMAN 品牌而言，是自我們收購以來規模最大之一的新品開發（NPD）上市週期。

And we expect by year-end to have a lot of that in market and see the benefit in, by the end of the year going into 2027 as we move into growth on the CRAFTSMAN brand.

我們預期到年底時，會有相當多產品已在市場上架，並在年底、以及進入 2027 年時看到效益，因為我們將推動 CRAFTSMAN 品牌回到成長。

So yes, you I guess I answered more than you asked, but that's how we've been thinking about it for our core brands and that we should see that CRAFTSMAN momentum by year-end and certainly going into 2027.

所以是的，我想我回答得比你問的還多，但這就是我們對核心品牌的思考方式；我們應該會在年底看到 CRAFTSMAN 的動能，並且在進入 2027 年時更為明顯。

Sam Reid from Wells Fargo.

Wells Fargo 的 Sam Reid。

I just wanted to maybe drill a little bit deeper on the status of your USMCA tariff initiatives, and then also maybe just talk through kind of the status of the China tariff mitigation as well?

我想再更深入了解一下你們 USMCA 關稅相關措施的進度，另外也想請你們談談中國關稅緩解的進展狀況？

I'll take that one, I guess. So if I think of USMCA, we had talked about how we wanted to make sure that we were getting towards or exceeding the industrial averages for what USMCA qualifications look like.

我來回答這題吧。如果我先談 USMCA，我們之前提過，我們希望確保我們在 USMCA 資格認定上的水準，能夠接近或超過產業平均。

As we had talked about at the beginning of this, I guess, early last year, we were well below average with roughly 1/3 of our products USMCA qualified. We've been making tremendous progress there and are a little bit ahead of pace on those activities.

如同我們在一開始談到的——我想是去年年初——當時我們遠低於平均水準，約只有三分之一的產品符合 USMCA 資格。我們在這方面取得了非常大的進展，而且相關工作進度略微超前。

And we will certainly expect to be at or exceeding that average in the not-too-distant future. So we're on pace to a little ahead on the USMCA front.

而且我們當然預期在不久的將來就能達到或超過該平均水準。所以在 USMCA 方面，我們進度符合計畫、甚至略為超前。

And then just to reiterate, we had stated that we intend to be less than 5% of our sales in the US coming from China-sourced product by the end of the year, and we are as well on pace for that.

另外再重申一次，我們曾表示，我們的目標是在年底前，讓美國銷售中來自中國來源產品的占比降到 5% 以下，而我們目前也正按計畫推進。

And we, even with all the changes that we've seen and modifications in tariff policy with IEEPA, 122s, et cetera, we have continued on the same path of the strategy that we had initially laid out, which was to, first and foremost, take care of our customers, making sure that we have availability, and then to make sure that we are able to, through operational moves and leveraging our global footprint, continue to mitigate the cost of those tariffs to ensure that we are driving towards a margin position that allows us to continue to invest in the innovation and brand health that we need to be successful.

而我們，即使在我們所看到的所有變化以及在 IEEPA、122s 等關稅政策上的調整之下，仍然持續沿著我們最初擬定的策略路徑前進；也就是，第一且最重要的是照顧好我們的客戶，確保供應可得性；接著，透過營運上的調整並運用我們的全球佈局，持續緩解這些關稅帶來的成本，以確保我們朝向一個能讓我們持續投資於創新與品牌健康、並取得成功所需的毛利率水準邁進。

And we've been, I give great kudos to the team for the way that they have been working tirelessly to ensure that those projects move on pace or ahead of pace that we expected. So we feel good about where we are there.

而且我們一直以來——我必須高度肯定團隊，他們不知疲倦地工作，確保這些專案以我們預期的進度、甚至超前進度推進。因此我們對目前的進展感到很有信心。

Jonathan Matuszewski from Jefferies.

Jefferies 的 Jonathan Matuszewski。

This is Andres on for Jonathan. First, you called out stronger outdoor sell-in ahead of the spring season and higher conversion in the pro channel. Can you expand on what's driving those trends and the sustainability of outdoor demand from here?

我是代替 Jonathan 的 Andres。首先，你提到在春季旺季前，戶外產品的 sell-in 較強，以及專業通路的轉換率更高。你能否進一步說明是什麼在推動這些趨勢，以及從現在起戶外需求的可持續性？

Well, I think that from an outdoor perspective, we have a channel where people are optimistic about seeing good season. Inventories were at a level where people were making sure, we're in a position to want to be in a good position to have the proper inventory for when the selling season came.

我想就戶外業務而言，我們所處的通路對於會迎來一個好季節抱持樂觀。庫存水位也在一個讓大家確保——也就是希望在銷售季到來時，能處於具備適當庫存的良好狀態。

And our team was able to produce and execute and fulfill those orders in a timely fashion. We're at the very, very beginning of the key outdoor season, so we'll see how it plays out. But we are in a position to take advantage of any upside that the market may offer.

而我們的團隊也能夠生產、執行並及時履行這些訂單。我們才剛剛進入關鍵的戶外旺季初期，所以還要看後續發展。但我們已經處於一個能夠把握市場可能帶來任何上行機會的位置。

And I think that's the best thing we could hope for at this point. So once again, congratulations to the outdoor team and what they've been able to accomplish.

我認為在這個時間點，這就是我們所能期待的最佳狀態。所以再次恭喜戶外團隊以及他們所達成的成果。

Now what we've been able to see in the growth in the professional channels, both in the US and in rest of world, and we referenced, and I did earlier, the high single-digit growth in the US commercial and industrial channel, that's really been driven by a multiyear strategy for us to invest in the workflows that we need, with the products that we need for those key trades that we're focused on.

至於我們在專業通路（無論在美國或世界其他地區）所看到的成長——我們也提到過，我先前也提過，美國商用與工業通路有高個位數成長——這主要是由我們一項多年策略所驅動：投資於我們所需要的工作流程，以及我們針對重點工種所聚焦、所需的產品。

And we've been, we continue to round out that product offering. And I referenced a lot of what we're seeing with the momentum in our Perform & Protect product line in the DEWALT brand. And then we continue to invest in our go-to-market and our service and sales force around the world.

而且我們也持續完善該產品組合。我也提到，我們在 DEWALT 品牌的 Perform & Protect 產品線上看到的動能相當強。同時，我們也持續在全球投資我們的 go-to-market，以及服務與銷售團隊。

And I think that the combination of those two things as well as the activity level that we see in the professional channels bode well for us to be able to continue to grow, we believe, above market rates with, in those professional segments and particularly with the DEWALT brand.

我認為這兩者的結合，再加上我們在專業通路看到的活動水準，都讓我們有很好的條件能夠持續成長；我們相信在這些專業細分市場中，特別是 DEWALT 品牌，能以高於市場的速度成長。

Joe Ritchie from Goldman Sachs.

Goldman Sachs 的 Joe Ritchie。

This is Aanvi on for Joe. I wanted to spend one minute on like the CAM divestiture. Recognize there's been some shift in the guide because of the timing on the close. So if I understand it right, it's $15 million as a net impact for the year.

我是代替 Joe 的 Aanvi。我想花一分鐘談一下 CAM 的剝離（divestiture）。我理解由於交割時間點的關係，指引有一些變動。所以如果我理解正確，全年淨影響是 1,500 萬美元。

Can you help me understand what, you said that it would not have a significant impact on Q2. So just any puts and takes around the interest offset as well as the profit for the second quarter and the year?

你能否協助我理解：你提到它對第二季不會有顯著影響。所以就利息抵銷以及第二季與全年的獲利而言，有哪些增減因素（puts and takes）？

Yes. When we gave initial guidance for the year, obviously, we had the uncertainty of the specific timing of the CAM transaction.

是的。當我們給出今年最初的指引時，顯然我們對 CAM 交易的具體時間點仍有不確定性。

And so we indicated at the start of the year that every quarter that CAM is in our results, it's roughly $110 million to $120 million of net sales and roughly $10 million to $20 million of pretax profit. And the year played out very much in line with that.

因此我們在年初指出，CAM 每納入我們的業績一個季度，大約會貢獻 1.10 億到 1.20 億美元的淨銷售額，以及約 1,000 萬到 2,000 萬美元的稅前利潤。而今年的實際進展基本上與此非常一致。

So taking CAM out of the second quarter for virtually all but a day of the second quarter resulted in roughly $110 million net sales reduction and roughly a $15 million pretax operating profit reduction. But as we indicated in the call, there is a reduction in second quarter interest expense that's roughly equivalent to that.

因此，第二季幾乎整季（除了第二季的一天之外）都將 CAM 排除在外，導致淨銷售額約減少 1.10 億美元，稅前營業利潤約減少 1,500 萬美元。但如同我們在電話會議中所說，第二季的利息費用也相應下降，幅度大致與此相當。

And so those things, the loss of contribution relative to the loss of interest expense, roughly offset each other on a pretax basis, and that leaves the quarter and the year unaffected.

因此，從稅前基礎來看，貢獻的減少與利息費用的減少大致互相抵銷，這使得該季度與全年整體不受影響。

Obviously, the CAM transaction provides net proceeds of just below $1.6 billion, which we use towards debt paydown in the quarter.

當然，CAM 交易帶來的淨收益略低於 16 億美元，我們在本季度用於償還債務。

And so you'll see, all else equal, our leverage being down by that amount in the second quarter. Also some working capital will come out. CAM was a pretty working capital intensive business, but that was expected in our year-end results anyway.

因此，在其他條件不變下，你會看到我們的槓桿水準在第二季因該金額而下降。另外也會釋放一些營運資金。CAM 是一個相當吃營運資金的業務，但這原本就已反映在我們的年終結果預期之中。

And so those are really the big puts and takes. There's kind of no other big puts and takes on that. And what was uncertain at the beginning of the year is, would that happen inside of '26, and when. And obviously, we know the answer to that now.

所以這些就是主要的增減因素。除此之外，基本上沒有其他重大的增減因素。而年初不確定的是：這是否會在 2026 年內發生，以及會在何時發生。而現在我們顯然已經知道答案了。

Got it, that's helpful. And just as a follow-on, since you've been talking about the impact from CAM as well as the OPG gas walk together.

了解，這很有幫助。再追問一下，既然你一直在談 CAM 的影響，以及 OPG 的汽油 walk 一起談。

If you could like provide some color on what, why this change [is instated], what it really means? And I know you've quantified it as well, but anything we should keep in mind for the quarter, in particular?

你能否補充一些背景：為什麼會實施這項變更，它實際上代表什麼？我知道你也已經量化了，但就本季度而言，特別是我們應該留意哪些事項？

Yes. Well, you're referring to for select gas walk-behind product in outdoor. We transitioned to a full manufacturer on our own model to certain products being licensed, and that's how we provide those to our channel partners to have a full rounded-out product offering.

是的。你指的是戶外品類中部分汽油 walk-behind 產品。我們從完全由我們自行製造的模式，轉為對某些產品採取授權（licensed）方式，並以此提供給通路夥伴，以形成更完整的產品組合。

That really occurs the back third of this year. So it has very little to do with this spring summer selling season. It has more to do with kind of the end of that season and how the early parts of '27 play out.

這主要發生在今年的後三分之一期間。因此它與今年春夏銷售季的關聯非常小。它更多關乎該季節的尾聲，以及 2027 年初期的發展情況。

And as we recall, that's really a change on the top line of a couple of hundred million dollars that net-net is accretive on the bottom line. And that's a project plan that's ongoing and is tracking as we expect at this point. So there's no real big changes to that.

如我們回顧，這基本上是營收端約數億美元的變動，但淨額而言對獲利端是增益（accretive）的。而這是一個持續推進的專案計畫，目前的進度符合我們此刻的預期。所以在這方面沒有任何重大的變化。

And we called out that along with CAM at the beginning of the year just because they were things that we anticipated would really change our reported versus our organic sales in the third and fourth quarter of this year.

我們在年初把它和 CAM 一起提出，只是因為我們預期這些事項會在今年第三、第四季，對我們的「報告銷售」相對於「有機銷售」造成顯著變化。

And that's the only reason we talked about them together, is the impact they had on reported versus organic sales for the back half of the year.

而我們把它們放在一起談的唯一原因，就是它們對下半年報告銷售與有機銷售之間差異的影響。

Brett Linzey from Mizuho.

Mizuho 的 Brett Linzey。

My question is just regarding the pro and the tradesmen replacement cycle on battery platforms. I've always thought about that as really a five to six year churn, but curious what you see as a life cycle there.

我的問題是關於專業用戶與技工在電池平台上的汰換週期。我一直認為那大概是 5 到 6 年的更替，但想了解你們看到的產品生命週期是什麼樣子。

And then how are you seeing the next pro replacement cycle setting up for some of those pandemic units starting to churn? And then anything from an innovation standpoint that's maybe activating some of that demand and what the milestones might look like internally there?

那麼，您如何看待接下來針對部分疫情期間購買、如今開始進入汰換的專業用機種，其下一輪汰換週期會如何展開？另外，從創新角度來看，是否有什麼正在啟動部分需求的因素，以及內部里程碑大概會是什麼樣子？

Yes. It's a good question. I would say, honestly, we think about the replacement cycle as being a little bit more applicable in more of the DIY segment in being that kind of time frame that you're talking about.

是的。這是個好問題。老實說，我們認為「汰換週期」這個概念更適用於 DIY（自己動手）細分市場，也就是您提到的那種時間框架。

Because the reality is that the professionals, they have such a high intensity of use and that it's usually accelerated and not as applicable for that time frame, as well as the fact that often they are going to kind of tool up all-in for a new job site as they go job site to job sites.

因為現實是，專業用戶的使用強度非常高，因此汰換通常會加速進行，並不太符合那個時間框架；此外，他們往往會在進入新工地時一次性把工具配齊，並在不同工地之間移動。

So what we have seen is that the strength that we see in certain areas in the commercial and industrial world, specifically with data centers, we see great demand there on our battery platforms to support the growth going forward.

因此，我們看到在商用與工業領域的某些區塊仍然很強勁，特別是資料中心；我們在電池平台方面看到非常好的需求，以支援未來的成長。

Now as it pertains to what we see in the DIY, we think that that is kind of behind us from a, what could have been seen as a pull-ahead of volume that needed to needed to shake out over time. I think that's behind us.

至於 DIY 方面，我們認為先前那種可被視為「提前拉貨」的量，原本需要隨時間消化、回歸正常的情況，基本上已經過去了。我認為那已經在我們身後了。

And what we're seeing from the DIY world is more of an overall effect of the depressed consumer and lower-than-average kind of project and renovation and repair work going on.

而我們在 DIY 市場看到的，更多是整體上受消費者疲弱影響，以及低於平均水準的專案、翻新與維修活動。

As far as what we see for the products that we have been making sure that we drive in order to continue to build out that battery platform, there's really a couple of things that we've been doing, is, one, working with each one of our core battery platforms at the 20 volt XR level, FLEXVOLT, and then launching POWERSHIFT so that we have then three core platforms that we can build around in the professional segment.

就我們為了持續擴展電池平台而推動的產品而言，主要有幾件事：第一，我們持續深耕各個核心電池平台，包括 20 伏 XR 等級、FLEXVOLT，並推出 POWERSHIFT，如此一來在專業細分市場就有三個核心平台可供我們圍繞建構。

And then making sure that we are really building out all of the tools that each key trade could need and would want to optimize and make them more efficient and safer as a part of their workflow.

第二，確保我們真正把各個關鍵工種可能需要、也想要的所有工具都建構完整，讓他們在工作流程中能更最佳化、更有效率且更安全。

So we've been making sure that we not only drive and optimize those three core platforms, but then also the tools around them to ensure that we take advantage of what we see as a really strong installed base for our professional batteries and tools around the globe.

因此，我們不僅推動並最佳化這三個核心平台，也同步完善其周邊工具，確保能充分利用我們在全球專業電池與工具所擁有、我們認為非常強大的裝機基礎。

Chris Snyder from Morgan Stanley.

摩根士丹利的 Chris Snyder。

I wanted to ask about the competitive environment. It sounds like some of the competitors took price action in Q1. But I guess, do you see any changes in the competitive environment as we look into the back half of the year?

我想問一下競爭環境。聽起來有些競爭對手在第一季採取了價格動作。不過我想請教，展望下半年，您是否看到競爭環境有任何變化？

And the reason I ask is because it seems like while you guys are seeing a tailwind or a tariff offset from the move from IEEPA to 122, I would imagine a lot of the Asian competitors in the market are seeing even a more significant tariff offset on that rollback.

我之所以這麼問，是因為看起來你們因為從 IEEPA 轉到 122，會有一個順風或關稅抵銷效果；但我猜市場上許多亞洲競爭對手，因為那次回調，可能享受到更顯著的關稅抵銷。

So just wondering, what does that mean to you guys around potential price competition in the back half of the year?

所以想請問，這對你們下半年可能出現的價格競爭意味著什麼？

I think there's a couple of things in there. Once again, our calculus and baseline would say that we think that the 301s are going to largely replace IEEPA.

我認為這裡面有幾個點。再一次，我們的推算與基準假設是，我們認為 301 條款的關稅將在很大程度上取代 IEEPA。

So in the back half of the year, we're not anticipating there being a significant change in the environment, as one. So I think that that would be kind of more of a steady type of environment as a result. So that's kind of anything that would happen in the near term would be temporary in nature.

因此在下半年，我們不預期環境會出現顯著變化，這是第一點。所以我認為結果會是相對穩定的環境。因此，任何短期內可能發生的事情，本質上都會是暫時性的。

And as we look at the combination of our strategies and how it stacks up versus our competitors and what we have for our global footprint and how we're driving towards really high percentages of USMCA qualified product, which have a much lower tariff exposure, we believe that we are at parity to probably mildly advantaged as we think about going forward in that environment as well.

再者，當我們看我們的策略組合、與競爭對手相比的相對位置、我們的全球佈局，以及我們如何推動更高比例的 USMCA 合格產品（其關稅曝險低得多），我們相信在那樣的環境下，整體而言我們大致處於同等水準，甚至可能略有優勢。

So what you did reference, which I think is important to note, is we have seen the pricing environment play out more in line with what we thought it would.

另外，您提到的一點我認為很重要：我們確實看到定價環境的演變，基本上更符合我們原先的預期。

And we did see those moves in Q1 in the competitive set that I think is important as we move into Q2 and the strategies that we said that we're going to be following to make sure that we see the opportunity for us to pivot towards growth in Q2 and Q3.

而且我們也確實在第一季看到競爭組合中的那些動作；我認為這在我們進入第二季、以及我們所說將採取的策略時很重要，因為我們要確保能把握機會，在第二季與第三季轉向成長。

Rob Wertheimer with Melius Research.

Melius Research 的 Rob Wertheimer。

It seems like the overall consumer trend is stability in the world feels a little bit more unstable. So I wonder if you could comment on trends through April for Europe and the US, just to see if that has continued.

看起來整體消費者趨勢是穩定，但世界感覺更不穩定了。所以我想請你們評論一下歐洲與美國在四月的趨勢，看看這種情況是否仍在延續。

Yes, Rob, we, obviously, we can't start talking about the end of Q2 as we just wrapped up Q1. But I would say what we've experienced through the end of the first quarter, is consistent with the back half of last year, which, as you hint, in a really challenging global macro backdrop, I would say the pro and the consumer hanging in better than one might expect.

是的，Rob，我們當然不能在剛結束第一季的情況下就開始談第二季末的狀況。但我會說，我們截至第一季末的體驗，與去年下半年一致；正如你所暗示的，在非常具挑戰性的全球總體環境下，我會說專業端與消費端的表現都比人們可能預期的更能撐住。

Obviously, there's been softness in the back half of last year as tariff pricing went into effect and volumes adjusted to that pricing around a one-to-one elasticity, and that continued into the back half, or the front half of this year.

顯然，去年下半年在關稅定價生效、以及銷量依照該定價以接近一比一的彈性進行調整後，出現了疲弱；而這種情況也延續到今年上半年。

And our outlook anticipates that while the buyers will continue to be challenged, they kind of hang in there where they've been the last three quarters. And that's what our outlook is based upon.

而我們的展望預期，雖然買方仍將面臨挑戰，但他們大致會維持在過去三個季度左右的水準。我們的展望就是以此為基礎。

We'll see as the war plays out if that changes. And if it changes, we'll adjust to the upside any production that we need to produce if the consumer heals up a bit.

我們會觀察戰爭的發展是否會改變這一點。如果有變化，而消費者狀況好轉一些，我們會向上調整需要生產的產量。

And if the consumer ticks down a bit, we'll be mindful of managing our total cost structure while preserving the long-term investments we want to grow the business and pivot towards growth.

如果消費者再下滑一些，我們會留意管理整體成本結構，同時保留我們希望用來推動業務成長、並轉向成長所需的長期投資。

But I would say your characterization is where our guidance is, which is, in a challenging world, kind of buyers being relatively steady where they've been in the last three or so quarters.

但我會說，你的描述與我們的指引一致：在一個充滿挑戰的世界裡，買方大致相對穩定，維持在過去三個季度左右的水準。

That is all the time that we have for Q&A. 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.

我們的問答時間就到這裡。再次感謝各位今天撥冗參與本次電話會議。若您還有任何進一步問題，請直接與我聯繫。祝各位有美好的一天。

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。感謝各位的參與。您現在可以中斷連線。